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ACQUISITION-EUROPEAN OPERATIONS | 12 Months Ended
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Dec. 31, 2020
Acquisition european Operations [Abstract] |
ACQUISITION-EUROPEAN OPERATIONS |
10. | ACQUISITION-EUROPEAN OPERATIONS
The Company acquired 100% of Func Food Group, Oyj (“Func Food) on October 25, 2019 (“the Acquisition”). The Acquisition was structured as a purchase of all of Func Food’s equity shares and a restructuring of Func Food’s pre-existing debt. Total consideration was $27,060,701, which consisted of approximately $14,188,000 in cash, $8,357,000 of newly issued bonds (see note 13) and $4,516,000 related to the settlement of a pre-existing debt. In addition to the aforementioned bond issuance, the Company financed the acquisition by issuing new common shares. Func Food is a marketer and distributor of nutritional supplements, health food products and beverages, that support sport activities and healthy living and lifestyles in Finland, Sweden, and Norway. Func Food has been the Nordic distributor of Celsius products since 2015 and, as a result of the acquisition, the Company expects to further increase its Nordic market share by leveraging collaborations, revamping its marketing strategy and focusing on core products. It also expects to reduce costs through economies of scale. The Company recorded the acquisition in accordance with ASC Topic 805, pertaining to business combinations. The following table summarizes the consideration paid for Func Food and the amounts of the assets acquired at fair market value and liabilities assumed recognized at the Acquisition date.
Acquisition consideration |  |  |
Cash |  | $ | 14,188,056 |
Bonds payable |  |  | 8,356,958 |
Settlement of pre-existing debt |  |  | 4,515,687 |
Total consideration transferred |  |  | 27,060,701 |
Assets acquired and liabilities assumed |  |  |  |
Accounts receivable |  | $ | 1,300,468 |
Inventories |  |  | 2,161,067 |
Prepaid expenses and other current assets |  |  | 331,774 |
Property and equipment |  |  | 616 |
Right of use asset |  |  | 806,572 |
Other long-term assets |  |  | 101,413 |
Intangible assets-Customer relationships |  |  | 14,050,000 |
Intangible assets-Brands |  |  | 3,123,000 |
Accounts payable and accrued expenses |  |  | (3,489,080 | )
Lease liability Obligations |  |  | (817,041 | )
Other current liabilities |  |  | (927,088 | )
Total identifiable net assets |  | $ | 16,641,701 |
Goodwill |  | $ | 10,419,000 |
During the year ended December 31, 2020, goodwill increased by approximately $395,000 due to an additional liability that the Company assumed from the Func Food Acquisition. The additional liability consisted of charges related to an uncertain fiscal position reflected in a 2016 filing. This increase in liabilities and goodwill was recorded as a measurement period adjustment to the net assets acquired from the Func Food Acquisition. The additional liability is reflected in other current liabilities. The amounts of revenue and earnings of Func Food included in the Company’s consolidated statements of operations for the years ended December 31, 2020 and 2019 are as follows:
|  | Years ended |
|  | December 31, |
|  | 2020 |  |  | 2019 |
Revenue |  | $ | 33,727,441 |  |  | $ | 6,651,969 |
Earnings |  | $ | 4,459,555 |  |  | $ | 52,077 |

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