3. Acquisition of TNS, Inc. On January 4, 2019, the Company entered into a Stock Purchase Agreement (the "Purchase Agreement") with InterCloud Systems, Inc., a Delaware corporation ("InterCloud"). Pursuant to the terms of the Purchase Agreement, InterCloud agreed to sell, and the Company agreed to purchase, all of the issued and outstanding capital stock of TNS, Inc., an Illinois corporation ("TNS"). The Company closed and completed the acquisition on January 4, 2019. The purpose of the acquisition was to extend the Company's geographic reach to the Midwest area, as well as extend its client reach to end-users, such as multinational corporations, universities, school districts and other large organizations and enterprise clientele that have significant ongoing next generation network needs. The purchase price paid by the Company includes $980,000 in cash, paid at closing, and the issuance to InterCloud of a convertible promissory note in the aggregate principal amount of $620,000 (the "Note"). The Company has performed a valuation analysis of the fair market value of TNS' assets and liabilities. The fair value of the purchase consideration issued to the sellers of TNS was allocated to the net assets acquired. The Company accounted for the acquisition of TNS as the purchase of a business under GAAP under the acquisition method of accounting, the assets and liabilities acquired were recorded as of the acquisition date, at their respective fair values and consolidated with those of the Company. The excess of the aggregate fair value of the net tangible assets has been allocated to intangible assets, value of customer accounts and tradenames, and the remainder to goodwill. The purchase price allocation was based, in part, on management's knowledge of TNS' business. The following table summarizes the allocation of the purchase price as of the acquisition date: Purchase consideration Cash $ 980,000 Seller's note 665,000 Total purchase price $ 1,645,000 Allocation of purchase price Cash $ 38,407 Accounts receivable, net 65,166 Other assets 40,104 Contract assets 77,352 Customer lists 1,893,281 Tradenames 194,516 Goodwill 70,966 Accounts payable (275,331 ) Accrued expenses (459,461 ) Net assets acquired $ 1,645,000 The following table summarizes the Company's consolidated results of operations for the years ended December 31, 2019 and 2018, as well as pro forma consolidated results of operations as though the acquisition had occurred on January 1, 2018: Year ended December 31, 2019 Year ended December 31, 2018 As Reported Pro Forma As Reported Pro Forma Net sales $ 34,010,597 $ 34,010,597 $ 34,549,157 $ 40,251,424 Net loss attributable to common shareholders (6,322,330 ) (6,329,884 ) (1,847,380 ) (939,566 ) Loss per common share, basic and diluted: (52.98 ) (53.04 ) (177.12 ) (90.08 )