| Acquisition of subsidiaries |
| |
|
Amount |
| Consideration |
|
|
|
| Cash |
|
$ |
6,000,000 |
|
1,265,823 shares of common stock at fair market value |
|
|
4,554,304 |
|
| Contingent purchase consideration |
|
|
24,716,957 |
|
| Total purchase consideration |
|
$ |
35,261,261 |
|
| Recognized amounts of identifiable assets acquired and liabilities assumed |
|
|
|
|
| Cash |
|
|
26,161 |
|
| Other Current assets |
|
$ |
151,284 |
|
| Property and equipment |
|
|
788 |
|
| Other non-current assets |
|
|
4,000 |
|
| Tradenames/Trademarks |
|
|
1,419,000 |
|
| Customer relationships |
|
|
7,275,000 |
|
| Non-compete agreements |
|
|
2,096,000 |
|
| |
|
$ |
10,972,233 |
|
| Less: liabilities assumed |
|
|
|
|
| Current liabilities assumed |
|
$ |
(264,135 |
) |
| Non-current liabilities assumed |
|
|
(205,320 |
) |
| Imputed Deferred taxation on identifiable intangible acquired |
|
|
(2,265,900 |
) |
| |
|
$ |
(2,735,355 |
) |
| Net identifiable assets acquired and liabilities assumed |
|
|
8,236,878 |
|
| Goodwill |
|
|
27,024,383 |
|
| Total purchase consideration |
|
$ |
35,261,261 |
|
|
| Acquisition Combined Earnings |
| Proforma Revenue and Earnings
|
|
Revenue |
|
Earnings |
| |
|
|
|
|
|
|
|
|
| Actual from July 15, 2021 to December 31, 2021 |
|
$ |
363,030 |
|
|
$ |
(398,279 |
) |
| |
|
|
|
|
|
|
|
|
| 2021 Supplemental pro forma from January 1, 2021 to December 31, 2021 |
|
$ |
45,957,894 |
|
|
$ |
(15,887,232 |
) |
| |
|
|
|
|
|
|
|
|
| 2020 Supplemental pro forma from January 1, 2020 to December 31, 2020 |
|
$ |
37,607,873 |
|
|
$ |
(11,491,873 |
) |
|