Business Combinations On October 15, 2018, we acquired substantially all of the assets, other than cash, of the United States operations of Micron Optics, Inc. ("MOI") for cash consideration of $5.5 million , of which $5.0 million was paid as of March 31, 2019 , with the remaining $0.5 million reflected in accrued liabilities. On March 1, 2019, we acquired the outstanding stock of General Photonics Corporation ("GP") for cash consideration of $19.0 million . Of the purchase price, $17.1 million was paid at closing and $1.9 million was placed into escrow for possible working capital adjustments to the purchase price and potential satisfaction of certain post-closing indemnification obligations. Additionally, we can become obligated to pay additional cash consideration of up to $1.0 million if certain revenue targets for the GP historical business are met for the twelve month period following the closing. We currently estimate the fair value of the contingent obligation to be $0.9 million . The purchase price is also subject to adjustment based upon the determination of final working capital as of the closing date compared to a target working capital valued specified in the stock purchase agreement. For the period from the closing of the acquisition through March 31, 2019 , we recognized revenue of $0.7 million and an operating loss of $0.2 million associated with the acquired operations of GP, as a result of $0.2 million in amortization expense for the acquired intangibles. We incurred $0.9 million of costs associated with the acquisition of GP during the three months ended March 31, 2019 , which are included in selling, general and administrative expenses in our consolidated statements of operations. For the three months ended March 31, 2019 , we recognized revenue of $2.7 million and operating income of $0.7 million associated with the acquired operations of MOI. We incurred $0.8 million of costs associated with the acquisition of MOI, previously included in our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on March 15, 2019. These acquisitions have been accounted for under the acquisition method of accounting in accordance with ASC 805. Under the acquisition method of accounting, the total estimated purchase consideration is allocated to the acquired tangible and intangible assets and assumed liabilities based on their estimated fair values as of the acquisition date. Any excess of the fair value of the acquisition consideration over the identifiable assets acquired and liabilities assumed is recognized as goodwill. We have completed a preliminary allocation of the purchase consideration with the assistance of a third-party valuation expert. The following allocation of the purchase consideration of each acquisition is subject to revision as additional information becomes known in the future. Preliminary Allocation MOI GP Accounts receivable $ 1,742,693 $ 1,520,950 Inventory 1,435,606 2,698,000 Other current assets 69,951 763,873 Property and equipment 996,460 286,000 Identifiable intangible assets 1,650,000 8,200,000 Goodwill 101,008 10,315,490 Accounts payable and accrued expenses (450,985 ) (3,880,063 ) Total purchase consideration $ 5,544,733 $ 19,904,250 The preliminary identifiable intangible assets and their estimated useful lives were as follows: Estimated Estimated Fair Value Useful Life MOI GP Developed technology 5 - 8 years $ 1,200,000 $ 7,200,000 In process research and development 7 years 200,000  Trade names and trademarks 3 years 150,000 400,000 Customer base 7 - 15 years 100,000 600,000 $ 1,650,000 $ 8,200,000 Developed technologies acquired primarily consist of MOI's technologies related to fiber optic sensing instruments, modules, and components and GP's technologies relating to the measurement and control of the polarization of light. The developed technologies were valued using the "multi-period excess earnings" method, under the income approach. The multi-period excess earnings method reflects the present value of the projected cash flows that are expected by the developed technologies less charges representing the contribution of other assets to those cash flows. Discount rates of 24.5% and 17% were used to discount the cash flows of MOI and GP, respectively, to present value. In process research and development represents the fair value of incomplete MOI research and development projects that had not reached technological feasibility as of the closing date of the acquisition. In the future, the fair value of each such project at the closing date of the acquisition will be either amortized or impaired depending on whether the project is completed or abandoned. The fair value of in process research and development was determined using the multi-period excess earnings method. A discount rate of 29.5% was used to discount the cash flows to the present value. Customer base represents the fair value of projected cash flows that will be derived from the sale of products to existing customers of MOI and GP as of the respective closing dates of their acquisitions. Customer relationships were valued using the "distributor" method, under the income approach. Under this premise, the margin of a distributor within the industry is deemed to be the margin attributable to customer relationships. This isolates the cash flows attributable to the customer relationships for which a market participant would be willing to pay. Discount rates of 24.5% and 16% were used to discount cash flows of MOI and GP, respectively, to present value. Trade names and trademarks are considered a type of guarantee of a certain level of quality or performance represented by the MOI and GP brands. Trade names and trademarks were valued using the "relief from royalty" method of the income approach. This method is based on the assumption that in lieu of ownership, a market participant would be willing to pay a royalty in order to exploit the related benefits of this asset. Discount rates of 17% and 16% were used to discount the cash flows of MOI and GP, respectively, to the present value. Goodwill represents the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed in connection with the acquisition. Goodwill generated from our business acquisitions was primarily attributable to expected synergies from future growth. Pro forma consolidated results of operations The following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the acquisitions of MOI and GP had been completed on January 1, 2018. The pro forma information includes adjustments to depreciation expense for property and equipment acquired, to amortize expense for the intangible assets acquired, and to eliminate the acquisition transaction expenses recognized in each period. Transaction-related expenses associated with the acquisition and excluded from the pro forma loss from continuing operations were $0.9 million and $0 for the three months ended March 31, 2019 and 2018 , respectively. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations or the combined business had the acquisitions of MOI and GP actually occurred on January 1, 2018, or the results of future operations of the combined business. For instance, planned or expected operational synergies following the acquisition are not reflected in the pro forma information. Consequently, actual results will differ from the unaudited pro forma information presented below. Three Months Ended March 31, 2019 2018 Revenue $ 16,862,410 $ 13,118,836 Income/(loss) from continuing operations $ 2,337,820 $ (343,496 )