3. ACQUISITIONS The Fresh Diet The Fresh Diet Merger on August 15, 2014 was accounted for as an acquisition of an ongoing business in accordance with ASC Topic 805 - Business Combinations ( ASC 805 ), where the Company was treated as the acquirer and the acquired assets and assumed liabilities were recorded by the Company at their preliminary estimated fair values. The total purchase price of the assets acquired and assumed liabilities included; cash, inventory, accounts receivable, fixed assets, deposits and trade names and, accounts payable and notes payable. The acquisition date estimated fair value of the consideration transferred totaled $12,645,912, which consisted of the following: Cash $ 3,000,000 Common Stock   6,889,937 shares 9,645,912 Total purchase price $ 12,645,912 Tangible assets acquired $ 2,567,223 Liabilities assumed 11,035,724 Net tangible assets (8,468,501 ) Customer relationships 2,700,000 Tradenames 1,800,000 Goodwill 16,614,413 Total purchase price $ 12,645,912 The above estimated fair value of the intangible assets is based on a preliminary purchase price allocation prepared by management with the assistance of a third party valuation expert. As a result, during the preliminary purchase price allocation period, which may be up to one year from the business combination date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. After the preliminary purchase price allocation period, we record adjustments to assets acquired or liabilities assumed subsequent to the purchase price allocation period in our operating results in the period in which the adjustments were determined. During the six months ended June 30 2015, the Company paid the amount of $3,000,000 in cash to certain former shareholders of The Fresh Diet, and cancelled 3,110,063 shares of common stock with a value of $4,354,088; these shares were originally intended to be issued in the acquisition of The Fresh Diet. This resulted in a decrease in the value of The Fresh