Annual report pursuant to Section 13 and 15(d)

3. Acquisition of subsidiaries (Tables)

v3.22.1
3. Acquisition of subsidiaries (Tables)
12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
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 )