Note 4 – Acquisition Obligations
In connection with the acquisitions of Wood, Sovereign, NIS and Boyd, the acquisition agreements provided for deferred fixed payments and contingent payments based on assets under management or revenues at specified future dates.
The acquisition agreement for Wood provided for contingent payments related to revenue and assets under management milestones during the three-year period after closing. In November 2011, the Company made the final payment to the sellers totaling $540,000 in cash based on Wood’s assets under management as of September 30, 2011. This contingent payment resulted in an additional $540,000 of goodwill in 2011.
There are no further fixed or contingent acquisition obligations related to the acquisitions.