| 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:
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED
| 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 |
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 |
) |
|