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BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Proforma revenue		$	18,263,455			$	14,090,817			$	34,769,650			$	31,290,963
Proforma net income			6,432,047				4,589,315				13,373,444				11,788,486

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.

+ References

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