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BUSINESS COMBINATION (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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