Quarterly report pursuant to Section 13 or 15(d)

Business Combination (Tables)

v3.20.2
Business Combination (Tables)
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed

The aggregate preliminary purchase price was allocated to the assets acquired and liabilities assumed as follows:

 

Purchase Consideration:        
Cash   $ 1  
Contingent consideration     245,000  
Assumed liabilities     87,860  
         
Total Purchase Consideration   $ 332,861  
         
Less:        
Right of use assets     597,812  
Non-current portion of lease liabilities     (370,698 )
Debt-free net working capital deficit     (145,910 ) 
         
Fair Value of Identified Net Assets     81,204  
         
Remaining Unidentified Goodwill Value   $ 251,657  

 

The components of debt free net working capital are as follows:

 

Current assets:        
Cash   $ 3,379  
Accounts receivable     372,599  
Prepaid expenses and other current assets     103,633  
         
Total current assets   $ 479,611  
         
Less current liabilities:        
Accounts payable     337,648  
Current portion of lease liabilities     227,114  
Accrued expenses and other current liabilities     60,759  
         
Total current liabilities   $ 625,521  
         
Debt free net working capital deficit   $ (145,910 ) 
Schedule of Proforma Information of Operations

The pro forma results are not indicative of (i) the results of operations that would have occurred had the operations of this acquisition actually occurred at the beginning of fiscal year 2019 or (ii) future results of operations.

 

    For the Nine Months Ended
September 30,		  
    2020     2019  
             
Revenues   $ 4,107,080     $ 2,453,530  
Net loss   $ (11,915,295 )   $ (9,826,476 )