Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATION (Tables)

v3.21.2
BUSINESS COMBINATION (Tables) - Blue Corner [Member]
6 Months Ended
Jun. 30, 2021
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date of Blue Corner:

 

Purchase price allocation        
         
Purchase Consideration:        
Cash   $

22,985,041

 
Common stock     790,292  
         
Total Purchase Consideration   $

23,775,333

 
         
Less:        
         
Fixed assets     1,229,291  
Trade name     342,744  
Customer relationships     1,800,013  
Favorable leases     291,697  
Internally developed technology     1,232,420  
Non-compete agreements     148,279  
Other liabilities     135,234  
Other assets     241,087  
Debt-free net working capital     590,471  
         
Fair Value of Identified Net Assets     6,011,236  
         
Remaining Unidentified Goodwill Value   $ 17,764,097  

 

Changes in the balance of identified intangible assets and goodwill reflected on the balance sheet are the result of the impact of the change in foreign currency exchange rates.

 

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

 

Current assets:      
Cash   $ 244,006  
Accounts receivable     2,594,894  
Prepaid expenses and other current assets     373,588  
Inventory     1,418,784  
         
Total current assets     4,631,272  
         
Less current liabilities:        
Accounts payable and accrued expenses     3,569,320  
Deferred revenue     471,481  
         
Total current liabilities     4,040,801  
         
Debt free net working capital   $ 590,471  
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

    2021     2020     2021     2020  
   

For the Three Months Ended

June 30,

   

For the Six Months Ended

June 30,

 
    2021     2020     2021     2020  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Revenues   $ 7,767,537     $ 2,806,588     $ 11,551,160     $ 4,643,681  
Net loss   $ (13,803,519 )   $ (3,495,978 )   $ (22,027,649 )   $ (7,183,939 )