XML 38 R29.htm IDEA: XBRL DOCUMENT
v3.23.1

ACQUISITIONS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Credit Loss [Abstract] |
SCHEDULE OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID | SCHEDULE OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID
|  | October 1, |
|  | 2022 |
215,000 non-voting preferred membership units of Forever 8 |  | $ | 7,300,000 |
Convertible promissory notes in an aggregate principal amount of $27.5 million |  |  | 24,500,000 |
Contingent consideration |  |  | 6,100,000 |
Total purchase price |  | $ | 37,900,000 |
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED | The Company believes that this combination will further strengthen its future growth opportunities. The Company accounted for this acquisition as a business combination under the acquisition method of accounting. The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed at the date of acquisition: SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED
|  | October 1, |
|  | 2022 |
Cash and cash equivalents |  | $ | 732,716 |
Accounts receivable, net |  |  | 561,569 |
Inventories |  |  | 7,464,823 |
Prepaid expenses and other assets |  |  | 116,857 |
Property and equipment |  |  | 2,146 |
Intangible assets |  |  | 19,000,000 |
Goodwill |  |  | 22,324,588 |
Total assets acquired |  |  | 50,202,699 |
Accounts payable and accrued expenses |  |  | 10,452,699 |
Debt |  |  | 1,850,000 |
Earnout |  |  | - |
Total liabilities assumed |  |  | 12,302,699 |
Total |  | $ | 37,900,000 |

X
- References No definition available. + Details
Name: | us-gaap_CreditLossAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration