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BUSINESS COMBINATION (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Purchase price allocation |
Net Assets Identified | Fair Value
Intangibles | $ | 32,900,000 |
Goodwill | 140,287,000 |
Current Assets | 1,280,100 |
Non-Current Assets | 901,337 |
Deferred Tax Liabilities | (8,310,966) |
Accrued Expenses | (524,400) |
Other Liabilities | (1,171,739) |
Total Fair Value | $ | 165,361,332 |
Value conveyed |
Value Conveyed | Amount
Abacus Purchase Consideration | $ | 165,361,332 |
LMA Business Enterprise Value | $ | 366,388,668 |
Total Consideration | $ | 531,750,000 |
Intangible assets acquired | Intangible assets were comprised of the following:
Asset Type | Fair Value | Useful Life | Valuation Methodology
Customer Relationships-Agents | $ | 12,600,000 |  | 5 years | Multi-period excess earnings method
Customer Relationships-Financing Entities | 11,000,000 |  | 8 years | Multi-period excess earnings method
Internally Developed and Used Technology-APA | 1,600,000 |  | 2 years | Relief from royalty method
Internally Developed and Used Technology-Marketplace | 100,000 |  | 3 years | Replacement cost method
Trade Name | 900,000 |  | Indefinite | Relief from royalty method
Non-Compete Agreements | 4,000,000 |  | 2 years | With and without method
State Insurance Licenses | 2,700,000 |  | Indefinite | Replacement cost method
Total Fair Value | $ | 32,900,000 |  |  |
Pro forma financial information | The supplemental pro forma financial information in the table below summarizes the combined results of operations for the Business Combination as if the Companies were combined as of January 1, 2022. The unaudited supplemental pro forma financial information as presented below is for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combinations occurred as of the date indicated or what the results would be for any future periods.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 | 2022
Proforma revenue | $ | 21,120,930 |  |  | $ | 17,538,734 |  |  | $ | 55,890,580 |  | $ | 48,830,191 |
Proforma net income | 1,050,972 |  |  | 10,232,457 |  |  | 14,424,416 |  | 22,427,585 |

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