Post-effective amendment to a registration statement that is not immediately effective upon filing

Aquisitions

v3.22.1
Aquisitions
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Acquisition [Abstract]    
AQUISITIONS
L. Aquisitions:

 

Wildman Acquisition

 

On August 24, 2020, the Company entered into an asset purchase agreement to acquire inventory, select fixed assets, and a customer list from Wildman Business Group, LLC (WBG). In accordance with Financial Accounting Standards Board (“FASB” ASC 805), “Business Combinations”, the acquisition method of accounting is used and recognition of the assets acquired is at fair value as of the acquisition dates. All acquisition costs are expensed as incurred. The consideration paid has been allocated to the assets acquired based on their estimated fair values at the acquisition date. The estimate of fair values for tangible assets acquired were agreed to by both buyer and seller. The aggregate purchase price was $2,937,222.

 

Fair Value of Identifiable Assets Acquired:      
Inventory   $ 33  
Property and Equipment     34,099  
Intangible - Customer List     2,253,690  
    $ 2,937,222  
         
Consideration Paid:        
Cash   $ 521,174  
Note Payable - Wildman     162,358  
Wildman Contingent Earn-Out Liability     2,253,690  
    $ 2,937,222  

 

G.A.P. Acquisition

 

On January 31, 2022, the Company closed on an asset purchase agreement to acquire inventory, select fixed assets, and a customer list from G.A.P. Promotions, LLC (“G.A.P.”). In accordance with Financial Accounting Standards Board (“FASB” ASC 805), “Business Combinations”, the acquisition method of accounting is used and recognition of the assets acquired is at fair value as of the acquisition dates. All acquisition costs are expensed as incurred. The consideration paid has been allocated to the assets acquired based on their estimated fair values at the acquisition date. The estimate of fair values for tangible assets acquired were agreed to by both buyer and seller. The aggregate purchase price was $3,245,872.

Fair Value of Identifiable Assets Acquired:      
Inventory   $ 91,096  
Working Capital     879,486  
Intangible - Customer List     2,275,290  
    $ 3,245,872  
         
Consideration Paid:        
Cash   $ 1,510,872  
Restricted Stock     100,000  
G.A.P. Contingent Earn-Out Liability     1,635,000  
    $ 3,245,872  
N. Aquisition:

 

On August 24, 2020 the Company entered into an asset purchase agreement to acquire inventory, select fixed assets, and a customer list from Wildman Business Group, LLC (WBG). In accordance with Financial Accounting Standards Board (“FASB” ASC 805), “Business Combinations”, the acquisition method of accounting is used and recognition of the assets acquired is at fair value as of the acquisition dates. All acquisition costs are expensed as incurred. The consideration paid has been allocated to the assets acquired based on their estimated fair values at the acquisition date. The estimate of fair values for tangible assets acquired were agreed to by both buyer and seller. The aggregate purchase price was $2,937,222.

 

Fair Value of Identifiable Assets Acquired:      
Inventory   $ 649,433  
Property and Equipment     34,099  
Intangible - Customer List     2,253,690  
    $ 2,937,222  
         
Consideration Paid:        
Cash   $ 521,174  
Note Payable - Wildman     162,358  
Wildman Contingent Earn-Out Liability     2,253,690  
    $ 2,937,222