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2. Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Identifiable assets acquired and liabilities assumed |
Closing share price on July 15, 2019 |  | $ | 5.76 |
Common stock |  |  | 4,677,487 |
Stock consideration |  | $ | 26,942,325 |
Accounts receivable |  | $ | 10,480,907 |
Cash and cash equivalents |  |  | 5,376,543 |
Identifiable intangible assets |  |  | 17,015,857 |
Other current assets |  |  | 725,453 |
Property, plant and equipment, net |  |  | 281,186 |
Right-of-use asset |  |  | 1,642,695 |
Current liabilities |  |  | (3,124,081 | )
Lease liabilities |  |  | (1,624,461 | )
Deferred tax liability |  |  | (2,930,947 | )
Other liabilities |  |  | (900,827 | )
Purchase price allocation |  | $ | 26,942,325 |
Pro forma information |
|  | Year ended
|  | December 31, 2020 |  | December 31, 2019
Royalty revenue |  | $ | 12,792,793 |  |  | $ | 16,176,219 |
Net income |  |  | 5,359,414 |  |  |  | 5,090,045 |
Basic earnings per share |  | $ | 0.40 |  |  | $ | 0.38 |
Basic weighted average shares outstanding |  |  | 13,542,403 |  |  |  | 13,294,201 |
Diluted earnings per share |  | $ | 0.39 |  |  | $ | 0.38 |
Diluted weighted average shares outstanding |  |  | 13,654,128 |  |  |  | 13,294,736 |

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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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