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Acquisitions | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | 20) Acquisitions Rivera Funerals, Cremations and Memorial Gardens On December 21, 2021, the Company, through its wholly-owned subsidiary, Memorial Estates Inc., completed a business combination transaction with Rivera Funerals, Cremations and Memorial Gardens. The mortuaries and cemetery are located in New Mexico. Under the terms of the transaction, as set forth in the Asset Purchase Agreement, dated December 21, 2021, Memorial Estates Inc. paid a net purchase price of $10,693,395 for the business and assets of Rivera Funerals, Cremations and Memorial Gardens, subject to holdback amounts held by Memorial Estates, Inc. in the total amount of $1,120,000. Pursuant to the Asset Purchase Agreement, Memorial Estates, Inc. is to use $70,000 of the holdback amount to pay, perform and discharge when due, trade accounts payable of Rivera Funerals, Cremations and Memorial Gardens to third parties that remained unpaid. Unapplied portions of the remaining $1,050,000 holdback amount are to be released and paid by Memorial Estates Inc. in annual payments of up to $105,000 each, beginning on the first anniversary date of the closing date and continuing thereafter on the anniversary dates of the closing date. The estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition were as follows: Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed
Restricted assets (1) |  | $ | 618,006 |
Property and equipment (2) |  |  | 6,255,836 |
Cemetery land and improvements |  |  | 658,280 |
Goodwill |  |  | 1,338,763 |
Other (3) |  |  | 2,440,516 |
Total assets acquired |  |  | 11,311,401 |
Cemetery perpetual care obligation |  |  | (618,006 | )
Other liabilities - holdback |  |  | (1,120,000 | )
Total liabilities assumed |  |  | (1,738,006 | )
Fair value of net assets acquired/consideration paid |  | $ | 9,573,395 |
(1) |  | Includes $39,000 of cash and $579,006 of fixed maturity securities, available for sale, at estimated fair value which is a Level 2 asset in the fair value hierarchy
(2) |  | At estimated fair value which is a Level 3 asset in the fair value hierarchy
(3) |  | Including $2,310,000 of intangible assets
Rivera Funerals, Cremations and Memorial Gardens revenues and net earnings since the date of acquisition for the year ended December 31, 2021 were $137,386 and $14,892, respectively. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2021 and 2020 20) Acquisitions (Continued) Holbrook Mortuary On December 28, 2021, the Company, through its wholly-owned subsidiary, Memorial Mortuary Inc., completed a business combination transaction with Holbrook Mortuary located in Salt Lake City, Utah. Under the terms of the transaction, as set forth in the Asset Purchase Agreement, dated December 28, 2021, Memorial Mortuary Inc. paid a net purchase price of $3,051,747 for the business and assets of Holbrook Mortuary. The estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition were as follows: Estimated Fair Values of Assets Acquired and Liabilities Assumed
Property and equipment (1) |  | $ | 2,641,210 |
Goodwill |  |  | 395,432 |
Other |  |  | 15,105 |
Total assets acquired |  |  | 3,051,747 |
Fair value of net assets acquired/consideration paid |  | $ | 3,051,747 |
(1) |  | At estimated fair value which is a Level 3 asset in the fair value hierarchy
Holbrook Mortuary’s revenues and net loss since the date of acquisition for the year ended December 31, 2021 were $-0- and $(98,531), respectively. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2021 and 2020

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: 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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