• Filing Date: 2016-11-15
  • Form Type: 10-Q/A
  • Description: Quarterly report (Amendment)
v3.5.0.2
3. ACQUISITIONS & GOODWILL
9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
ACQUISITIONS & GOODWILL

The following table presents details of the Company’s goodwill and intangible assets as of September 30, 2016 and December 31, 2015:

 

   The Power Company
USA, LLC
 
Balances at January 1, 2015:  $4,000,000 
Aggregate goodwill acquired    
Impairment losses    
Balances at December 31, 2015:    
Aggregate goodwill acquired    
Impairment losses    
Balances at September 30, 2016:  $4,000,000 

 

The Power Company USA, LLC Share Exchange

 

On February 28, 2013, the Company acquired 80% of the outstanding membership units of TPC, a deregulated power broker in Illinois for thirty million 30,000,000 shares of Premier’s common stock valued at $4,500,000. The total purchase price for TPC was allocated as follows:

 

Goodwill  $4,500,000 
Total assets acquired   4,500,000 
The purchase price consists of the following:     
Common Stock   4,500,000 
Total purchase price  $4,500,000 

 

The total amount of goodwill that is expected to be deductible for tax purposes is $4,500,000 and is amortized over 15 years. The total amortization expense for tax purposes for the nine months ended September 30, 2016 is $225,000.