Subsequent Events
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12 Months Ended | ||
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Mar. 31, 2014
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Subsequent Events |
The Stock Purchase Agreement (the “SPA”) to acquire DT EMEA and DT Ignite from Logia Group, Ltd. (“Sellers”) entitled the Sellers to receive certain contingent purchase consideration (“Contingent Consideration”) upon achieving certain milestones. Should all milestones have been achieved, the Contingent Consideration would have been $1,000 payable in cash and shares of stock of the Company. As of March 31, 2014, the Company has recorded the fair value of the Contingent Consideration in Long Term Debt of $1,000, net of a discount of $762. On April 28, 2014, the Company and the Sellers entered into an agreement (“Logia Settlement Agreement”) to settle and resolve certain disputes surrounding the Contingent Consideration, among other claims related to the SPA. The Logia Settlement Agreement absolves or relieves the company of any and all Contingent Consideration under the SPA. In consideration for the release of all claims, the Company agreed to deposit an additional amount of common stock into escrow along with the other common stock issued at closing, and to release all common stock from escrow on pre-arranged dates through February 1, 2016. Additionally, the Company shall pay the Sellers an additional $60, payable at the Company’s election either in cash or shares valued by both parties at $4.00 per share. |
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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