v3.20.2

Acquisition of Cheshire Trafford (U.K.) Limited (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Fair Value of Purchase Consideration

Total fair value of the purchase consideration is as follows:

		Fair Value
Cash payment		$	175,710
Fair value of contingent consideration			284,298
Total Fair Value of Purchase Consideration		$	460,008

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

Below table depicts the allocation of fair value of the purchase consideration to the fair value of the net assets of Cheshire Trafford at the acquisition date:

Assets acquired		Fair Value
Cash		$	4,743
Accounts receivable – net			6,555
Intangibles – customer list			342,194
Goodwill			142,924
Property and equipment, net			614
			497,030
Liabilities assumed
Accounts payable and accrued liabilities			4,012
Due to director of Cheshire Trafford			33,010
			(37,022	)
Purchase consideration allocated		$	460,008

Schedule of Intangible Assets Net Book Value

This intangible asset is amortized on a straight-line basis over a life of 15 years which is the average service duration of a customer that has invested with Cheshire Trafford.

Estimated life of intangibles		15 years
Fair value of customer list intangible asset at date of acquisition		$	485,118
Fair value adjustment at December 31, 2018			(142,924	)
Adjusted fair value of customer list intangible asset at December 31, 2018		$	342,194
Amortization charge for 5 months ended December 31, 2018			(9,505	)
Net Book Value at December 31, 2018		$	332,689
Amortization charge for the period			(22,813	)
Net Book Value at December 31, 2019		$	309,876
Amortization charge for the period			(17,110	)
Net Book Value at September 30, 2020		$	292,766

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Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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