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Acquisition | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Acquisitions |
| 2. | Acquisition
On March 9, 2020, the Company entered into an asset purchase agreement with Petametrics Inc., dba LiftIgniter, a Delaware corporation (“LiftIgniter”), where it purchased substantially all the assets, including the intellectual property and excluding certain accounts receivable, and assumed certain liabilities. The purchase price consisted of: (1) a cash payment of $184,087 on February 19, 2020, in connection with the repayment of all outstanding indebtedness, (2) at closing, a cash payment of $131,202, (3) collections of certain accounts receivable, (4) on the first anniversary date of the closing, the issuance of restricted stock units for an aggregate of up to 312,500 shares of the Company’s common stock (of which 256,661 shares of the Company’s common stock were issued during the three months ended March 31, 2021 and 55,839 are to be issued), and (5) on the second anniversary date of the closing, the issuance of restricted stock units for an aggregate of up to 312,500 shares of the Company’s common stock. The composition of the purchase price is as follows:
Cash |  | $ | 315,289 |
Indemnity restricted stock units for shares of common stock |  |  | 500,000 |
Total purchase consideration |  | $ | 815,289 |
The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing date of the acquisition based upon their respective fair values as summarized below:
Accounts receivable |  | $ | 37,908 |
Developed technology |  |  | 917,762 |
Accounts payable |  |  | (53,494 | )
Unearned revenue |  |  | (86,887 | )
Net assets acquired |  | $ | 815,289 |
The useful life for the developed technology is three years (3.0 years).

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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