SilverSun Technologies, Inc. | 2013 | FY | 3

In June 2012, the Company’s wholly-owned subsidiary, SWK Technologies, Inc., acquired certain assets of HighTower Inc. for total consideration of $441,964 in cash and noncash assumption of deferred revenue obligation of $299,634. Based on an independent valuation, the purchase price was allocated to the tangible and identifiable intangible assets acquired and liabilities according to their respective estimated fair values. The following summarizes the purchase price allocation:

Current assets
 
$
38,736
 
Long-lived assets
   
26,794
 
Bargain purchase gain
   
(17,932
)
Intangible assets
   
694,000
 
Deferred maintenance liability
   
(299,634
)
         
Fair value of net assets acquired
 
$
459,896
 
         
Cash paid for acquisition
   
441,964
 
Bargain purchase gain
   
17,932
 
         
Total purchase price
 
$
459,896
 

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