Quarterly report pursuant to Section 13 or 15(d)

NOTE 8: PRO FORMA FINANCIAL INFORMATION (Tables)

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NOTE 8: PRO FORMA FINANCIAL INFORMATION (Tables)
3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block] Based upon a valuation of tangible and intangible assets acquired, the Company has allocated the cost of the Acquisition to UEC’s net assets as follows (unaudited):

Tangible assets acquired:
       
               Cash:
 
$
92,590
 
               Accounts receivable and unbilled revenues
   
12,513,805
 
               Other current assets
   
854,776
 
               Property and equipment, net
   
1,010,321
 
Intangible assets
       
Customer list
   
7,400,000
 
Contracts in place (backlog)
   
2,100,000
 
Technology
   
3,200,000
 
Covenant not to compete.
   
400,000
 
Goodwill (intangibles that did not qualify for separate recognition)
   
15,105,680
 
Total asset value
   
42,677,172
 
Less: liabilities assumed
   
(4,754,927
)
Net fair value of assets acquired
 
$
37,922,245
 
Business Acquisition, Pro Forma Information [Table Text Block] In April 2014, the Company acquired UEC (the “Acquisition”). The following summary pro forma information includes the effects of the Acquisition on the operating results of the Company. The pro forma data for the quarter ended March 31, 2014 is presented as if the Acquisition had been completed on January 1, 2013. This pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the Acquisition taken place on January 1, 2013, nor do they purport to be indicative of the results of operations that will be obtained in the future.

   
March 31, 2014
 
Revenues
  $ 34,933,796  
Income – before income tax
  $ 3,359,155  
Net income
  $ 3,160,719  
Basic net income per share
  $ 0.16  
Diluted net income per share
  $ 0.16  
Weighted average number of shares used in computing basic net income per share
    19,572,668  
Weighted average number of shares used in computing diluted net income per share
    20,175,408