20. DoubleVision Acquisition On July 24, 2014, the Company acquired all of the outstanding capital stock of DoubleVision, a provider of mobile media for clients looking to place advertisements in mobile devices based on real-time data. With this acquisition, the Company integrated DoubleVision s ability to provide real-time advertising in its mobile media market with our product offerings. The contractual price for the acquisition was $3,680,000 million by issuing 8,000,000 shares of the Company s common stock to DoubleVision s shareholders at an agreed-upon valuation of $0.41 per share, plus a cash payment of $400,000 to one of DoubleVision s creditors. In addition to the initial purchase price, the agreement called for $1,000,000 in contingent consideration based on the Company achieving $3,000,000 in media placement revenue in the twelve months ended July 31, 2014. At March 31, 2015, the Company recorded the additional $1,000,000 purchase price payable in anticipation of achieving the revenue milestone. As of March 31, 2015, the allocation of the purchase price to the assets acquired and liabilities assumed on the acquisition date was as follows: Cash and cash equivalents $ 10,102 Accounts receivable 43,574 Note receivable 10,000 Machinery and equipment 21,764 Software development costs 260,524 Security deposit 6,150 Goodwill 3,482,884 Accounts payable (154,998 ) Total purchase price $ 3,680,000 The following table summarizes the fair value of identifiable intangible assets acquired: Software development costs $ 260,524 Total intangible assets acquired, excluding goodwill $ 260,524 The excess of the fair value of the total consideration over the estimated fair value of the net assets was recorded as goodwill, which was primarily attributable to the synergies expected from combining the technologies, including complementary products that will enhance the Company s overall product portfolio, and the value of the workforce that became our employees following the closing of the acquisition. The goodwill recognized