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ACQUISITION-EUROPEAN OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2020
Acquisition european Operations [Abstract]  
Schedule of assets acquired at fair market value and liabilities

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  
Schedule of pro-forma consolidated results of operations

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