Acquisitions (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Schedule of Unreviewed Pro Forma Financial Information |
The pro forma information does not give effect to
any estimated and potential cost savings or other operating efficiencies that could result from the acquisitions:
| |
|
Pro forma twelve months ended December 31 |
|
| |
|
2019 |
|
| Revenues |
|
$ |
5,219,301 |
|
| Cost of revenues |
|
|
2,845,331 |
|
| Gross profit |
|
|
2,373,970 |
|
| |
|
|
|
|
| Operating expenses |
|
$ |
5,799,715 |
|
| Operating losses |
|
$ |
(9,204,291 |
) |
| |
|
|
|
|
| Net Loss |
|
$ |
(12,630,036 |
) |
| |
|
|
|
|
| Earnings Per Share |
|
$ |
(0.47 |
) |
|
| Red Wire Group, LLC. [Member] |
|
| Schedule of Assets and Net Liabilities Acquired |
The following table summarizes the provisional purchase
price allocations relating to the RWG acquisition:
| |
|
Preliminary |
|
| |
|
Purchase Price |
|
| |
|
Allocation |
|
| Cash and cash equivalents |
|
$ |
10 |
|
| Inventory |
|
|
48,000 |
|
| Fixed assets, net |
|
|
58,110 |
|
| Goodwill |
|
|
480,381 |
|
| Accounts payable and accrued liabilities |
|
|
(136,501 |
) |
| Net assets acquired |
|
$ |
450,000 |
|
|
| Rune NYC, LLC [Member] |
|
| Schedule of Assets and Net Liabilities Acquired |
The following table summarizes the provisional purchase
price allocations relating to the Rune acquisition:
| |
|
Preliminary |
|
| |
|
Purchase Price |
|
| |
|
Allocation |
|
| Cash and cash equivalents |
|
$ |
12,914 |
|
| Accounts receivable, net |
|
|
23,506 |
|
| Other current assets |
|
|
9,750 |
|
| Goodwill |
|
|
394,440 |
|
| Accounts payable and accrued liabilities |
|
|
(29,487 |
) |
| Non-controlling interest |
|
|
(30,834 |
) |
| Net assets acquired |
|
$ |
380,289 |
|
|
| Bluwire Group, LLC [Member] |
|
| Schedule of Assets and Net Liabilities Acquired |
The following table summarizes the provisional purchase
price allocations relating to the Bluwire acquisition:
| |
|
Preliminary |
|
| |
|
Purchase Price |
|
| |
|
Allocation |
|
| Cash and cash equivalents |
|
$ |
51,530 |
|
| Accounts receivable, net |
|
|
62,333 |
|
| Inventory |
|
|
212,777 |
|
| Other assets |
|
|
179,100 |
|
| Fixed assets, net |
|
|
271,449 |
|
| Security deposit |
|
|
59,800 |
|
| Goodwill |
|
|
623,072 |
|
| Accounts payable and accrued liabilities |
|
|
(736,468 |
) |
| Due to stockholders |
|
|
(395,674 |
) |
| Non-controlling interest |
|
|
(127,919 |
) |
| Net assets acquired |
|
$ |
200,000 |
|
|
| Social Decay, LLC [Member] |
|
| Schedule of Assets and Net Liabilities Acquired |
The following table summarizes the provisional purchase
price allocations relating to the Social Sunday acquisition:
| |
|
Preliminary |
|
| |
|
Purchase Price |
|
| |
|
Allocation |
|
| Cash and cash equivalents |
|
$ |
3,418 |
|
| Accounts receivable, net |
|
|
13,189 |
|
| Inventory |
|
|
55,211 |
|
| Fixed assets, net |
|
|
20,529 |
|
| Goodwill |
|
|
473,784 |
|
| Accounts payable and accrued liabilities |
|
|
(356,131 |
) |
| Net assets acquired |
|
$ |
210,000 |
|
|