14. BUSINESS COMBINATIONS Business combinations are accounted for under the acquisition method of accounting in accordance with ASC No. 805, Business Combinations . Under the acquisition method, assets acquired and liabilities assumed are recorded at their estimated fair values. Goodwill is recorded to the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired less liabilities assumed at the date of acquisition. Two acquisitons were completed during 2018: Enertec Systems 2001 Ltd. (Enertec) and I. AM, Inc. (I. AM). The final accounting for the acquisition of Enertec was completed during 2018 whereas the initial accounting for the acquisition of I. AM is not yet complete and the Company is still performing procedures to determine the appropriate accounting. Acquisitions during 2018 Enertec Systems 2001 Ltd. On December 31, 2017, CooliSys entered into a share purchase agreement with Micronet Enertec Technologies, Inc. (MICT), a Delaware corporation, Enertec Management Ltd., an Israeli corporation and wholly owned subsidiary of MICT (EML and, together with MICT, the Seller Parties), and Enertec Systems 2001 Ltd. (Enertec), an Israeli corporation, pursuant to which Coolisys acquired Enertec (the Acquisition). Enertec is a manufacturer of specialized electronic systems for the military market. On May 23, 2018, Coolisys acquired Enertec for an aggregate cash purchase price of $4,850,099. I. AM, Inc. On May 23, 2018, DP Lending entered into and closed a securities purchase agreement with I. AM, David J. Krause and Deborah J. Krause. Pursuant to the securities purchase agreement, I. AM sold to DPL, 981 shares of common stock for a purchase price of $981, representing, upon the closing, 98.1% of I. AMs outstanding common stock. I. AM owns and operates the Prep Kitchen brand restaurants located in the San Diego area. I.AM owed DP Lending $1,715,330 in outstanding principal, pursuant to a loan and security agreement, between I. AM and DP Lending, which I. AM used to acquire the restaurants. The purchase agreement provides that, as I. AM repays the outstanding loan to DP Lending in accordance with the loan agreement, DP Lending will on a pro rata basis transfer shares of common stock of I. AM to David J. Krause, up to an aggregate of 471 shares. Components of the purchase price for acquisitions completed during the year ended December 31, 2018: Enertec I. AM Accounts receivable $ 3,184,227 $ 29,319 Inventories 1,343,053 40,581 Property and equipment 648,649 700,291 Trade name and trademark 2,094,741 520,000 Domain name and other intangible assets  90,000 Other assets 29,056 1,492 Accounts payable and accrued expenses (2,702,306 ) (103,961 ) Deferred tax liability (160,311 )  Notes payable (4,235,725 )  Accrued severance pay (131,811 )  Net assets assumed 69,573 1,277,722 Goodwill 4,780,526 265,252 Non-controlling interest  (33,242 ) Purchase price $ 4,850,099 $ 1,509,732 Acquisitions during 2017 Microphase Corporation On April 28, 2017, the Company entered into a share exchange agreement with Microphase; Microphase Holding Company LLC, a limited liability company organized under the laws of Connecticut (MHC), Ergul Family Limited Partnership, a partnership organized under the laws of Connecticut (EFLP) RCKJ Trust, a trust organized under the laws of New Jersey (RCKJ and with MHC and EFLP, the Significant Stockholders) and those additional persons who have executed the share exchange agreement (collectively, the Minority Stockholders and with the Significant Stockholders, the Stockholders). Upon the terms and subject to the conditions set forth in the share exchange agreement, the Company acquired 1,603,434 shares (the Subject Shares) of the issued and outstanding common stock of Microphase (the MPC Common Stock), from the Stockholders in exchange for the issuance by the Company of 92,122 shares of DPW common stock (Common Stock) and 378,776 shares of DPW Series D Preferred Stock (collectively, the Exchange Shares), which shares of DPW Series D Preferred Stock are convertible into an aggregate of 757,552 shares of Common Stock and warrants to purchase an aggregate of 50,000 shares of Common Stock. At the time of the closing of the acquisition the Exchange Shares constituted 56.4% of the outstanding equity interests of Microphase Corporation. The operating results of Microphase from the closing date of the acquisition, June 2, 2017, are included in the consolidated financial statements. At closing, the purchase price of the Companys 56.4% interest in Microphase was determined to be $1,451,040 comprised of the Exchange Shares, valued at $1,222,000 based on the closing price of the Companys common stock on June 2, 2017 of $9.40 per share, and the warrants, valued at $229,040. The Company computed the fair value of these warrants using the Black-Scholes option pricing model. The risk-free rate of 1.4% was derived from the U.S. Treasury yield curve, matching the warrants term, in effect at the measurement date. The volatility factor of 105.9% was determined based on the Companys historical stock prices. Power-Plus Technical Distributors On August 3, 2017, Coolisys entered into a Securities Purchase Agreement to acquire all the outstanding membership Interests of Power-Plus. Power-Plus is an industrial distributor of value-added power supply solutions, UPS systems, fans, filters, line cords, and other power-related components. On September 1, 2017, Coolisys completed the acquisition. Under the terms of the agreement, Coolisys Technologies acquired all the membership Interests of Power-Plus for a price of $850,000, which was reduced by certain debts of Power-Plus in the amount of $185,927. The purchase price of $664,073 was paid by (i) a two-year promissory note in the amount of $255,000 payable in 24 monthly installments; and (ii) cash at closing of $409,073 resulting in a net purchase price of $664,073. Components of the purchase price for acquisitions completed during the year ended December 31, 2017: Microphase Power-Plus Cash and cash equivalents $ 10,982 $ 31,411 Accounts receivable 438,456 235,358 Inventories 667,020 240,843 Prepaid expenses and other current assets 139,665 2,068 Restricted cash 100,000  Intangible assets 2,627,348 250,000 Property and equipment 406,432 22,925 Other investments 303,333  Deposits and loans 43,479  Accounts payable and accrued expenses (1,577,281 ) (388,746 ) Deferred tax liability (225,488 )  Revolving credit facility (879,666 ) (210,739 ) Notes payable (2,203,835 )  Notes payable, related parties (406,194 )  Convertible notes payable   Other current liabilities (219,685 )  Net (liabilities) assets assumed (775,434 ) 183,119 Goodwill 3,171,029 480,953 Non-controlling interest (944,555 )  Purchase price $ 1,451,040 $ 664,073 The following pro forma data for the years ended December 31, 2018 and 2017 summarizes the results of operations for the period indicated as if the Microphase, Power-Plus and Enertec acquisitions, which closed on June 2, 2017, September 1, 2017, and May 23, 2018, respectively, had been completed as of the beginning of each period presented. At the time of the acquisition, I. AM was not material to the Companys operations and has not been included in the pro forma data. The pro forma data gives effect to actual operating results prior to the acquisition. These pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred as of the beginning of each period presented or that may be obtained in future periods: For the Years Ended December 31, 2018 2017 Total Revenue $ 28,691,641 $ 20,807,590 Net loss $ (35,627,242 ) $ (16,877,041 ) Less: Net loss attributable to non-controlling interest 748,320 772,596 Net loss attributable to common stockholders $ (34,878,922 ) $ (16,104,445 ) Preferred deemed dividends (108,049 ) (584,182 ) Preferred dividends  (54,059 ) Loss available to common shareholders $ (34,986,971 ) $ (16,742,686 ) Basic and diluted net loss per common share $ (12.06 ) $ (26.85 ) Basic and diluted weighted average common shares outstanding 2,899,888 623,583 Comprehensive Loss Loss available to common shareholders $ (34,986,971 ) $ (16,742,686 ) Other comprehensive income (loss) Change in net foreign currency translation adjustments (377,823 ) 152,078 Net unrealized gain (loss) on securities available-for-sale (8,027,746 ) 5,171,743 Other comprehensive income (loss) (8,405,569 ) 5,323,821 Total Comprehensive loss $ (43,392,540 ) $ (11,418,865 )