Note 3.Business Acquisition On January 5, 2015, the Company purchased 100% of the outstanding shares of Union Models Management Ltd. in London and renamed it Wilhelmina London Limited (London). The strategic acquisition of London establishes a footprint for the Company in Western Europe. It also serves as a base of operations to service the Companys European clients and as a new talent development office for European models and artists. The purchase price of $1,321 included $171 of discounted value of contingent consideration assuming London achieves certain performance benchmarks, due to the seller post-closing. The purchase price net of cash acquired was $453 of which $282 was paid at the time of the closing. The Company reduced the contingent consideration to $67 because London did not achieve the initial benchmark at December 31, 2015. As of September 30, 2016, the Company increased the contingent consideration by $30 based on Londons expectation of meeting its benchmark for 2016. The remaining $97 of contingent consideration is due on February 4, 2017. Under the purchase method of accounting, the purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed, based on the fair value of the assets and liabilities of London in accordance with ASC 805. The intangible assets acquired included intangible assets with finite lives, such as customer relationships and talent relationships, which are being amortized on a straight line basis over their estimated useful lives ranging from two to eight years. The remaining acquired intangible assets were allocated to non-amortizable goodwill. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of completion of the London transaction. (in thousands) Fair value of operating assets acquired: Cash $ 868 Accounts receivable 355 Other current assets 10 Equipment 15 Total operating assets acquired 1,248 Fair value of intangible assets acquired: Other intangible assets