Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATION (Tables)

v3.21.2
BUSINESS COMBINATION (Tables)
6 Months Ended
Jun. 30, 2021
BUSINESS COMBINATIONS  
Schedule of components of purchase price consideration

Series B preferred stock

    

$

11,000,000

Promissory note payable

 

4,500,000

Purchase price consideration

$

15,500,000

Schedule of assets and liabilities acquired in business combination

    

Purchase Price

Allocation

Cash and cash equivalents

$

106,913

Accounts receivable, net

 

37,479

Due (to) from factor, net

 

(312,063)

Inventory

 

3,303,660

Prepaid expenses

 

165,856

Deposits

 

187,493

Property, equipment and software, net

 

1,215,748

Goodwill

 

6,479,218

Intangible assets

 

8,600,000

Accounts payable

 

(3,397,547)

Accrued expenses and other liabilities

 

(886,757)

Purchase price consideration

$

15,500,000

Schedule of fair value of purchase price consideration

Cash

    

$

500,000

Common stock

 

8,025,542

Contingent consideration

 

3,421,516

Purchase price consideration

$

11,947,058

Schedule of allocation of purchase price in regard to acquisition

Purchase Price

    

Allocation

Cash and cash equivalents

$

24,335

Accounts receivable, net

 

49,472

Inventory

 

77,159

Prepaid expenses

 

69,715

Deposits

 

4,415

Property, equipment and software, net

 

83,986

Goodwill

 

9,681,548

Intangible assets

 

3,936,030

Accounts payable

 

(51,927)

Accrued expenses and other liabilities

 

(107,957)

Deferred revenue

 

(269,848)

Due to related parties

 

(1,361)

Loan payable

 

(148,900)

Note payable - related party

 

(299,489)

Deferred tax liability

 

(1,100,120)

Purchase price consideration

$

11,947,058

Business acquisition Pro Forma information

    

Six Months Ended

June 30, 

2021

2020

Net revenues

$

2,392,195

$

6,683,132

Net loss

$

(14,099,782)

$

(6,686,352)

Net loss per common share

$

(4.60)

$

(10.07)