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Subsequent Event
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

Note 15 – Subsequent Event

 

On August 3, 2021, the Company entered into an asset purchase agreement to acquire certain assets of Glenoaks Farms Inc., a California corporation. Glen Oaks is engaged in the business of the manufacture, development, and sale of probiotic drinkable yogurt. Upon the closing of the transaction contemplated by the Purchase Agreement, the Company will acquire all of Seller's right, title and interest in, to and under certain assets and rights of Seller under certain of Seller’s agreements (collectively, the “Purchased Assets”), including the rights, and contracts with a co-manufacturer, to produce the Seller’s probiotic drinkable yogurt products and intellectual property related thereto. The purchase price to be paid by the Company as consideration for such assets is $5,800,000, subject to certain adjustments. The Company is not assuming any liabilities of Seller. The Purchase Agreement contains customary representations and warranties, covenants, and indemnities of the parties thereto, including restrictive covenants of the Seller and its affiliates with respect to non-competition, non-solicitation, and confidentiality obligations.