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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Acquisitions

Identifiable assets acquired and liabilities assumed

Cash		$	17,691,242
Accounts receivable		$	12,292,830
Workers' compensation deposit			7,200,000
Franchise agreements			11,034,000
Customer lists			1,690,000
Other current assets			109,773
Workers' compensation claims liability			(4,890,930	)
Accrued payroll			(2,100,000	)
Current liabilities			(663,430	)
Other liabilities			(2,021,832	)
Bargain purchase			(4,959,169	)
Purchase price allocation		$	17,691,242

Proforma information

		Three months ended								Six months ended
		June 30, 2021				June 30, 2020				June 30, 2021				June 30, 2020
Royalty revenue		$	5,450,506			$	3,415,026			$	9,520,013			$	8,289,286
Net income			2,855,503				1,450,309				3,852,613				3,023,473
Basic earnings per share		$	0.21			$	0.11			$	0.28			$	0.22
Basic weighted average shares outstanding			13,611,207				13,547,950				13,607,009				13,540,599
Diluted earnings per share		$	0.21			$	0.11			$	0.28			$	0.22
Diluted weighted average shares outstanding			13,863,924				13,549,727				13,834,013				13,542,758

Estimated fair value

Cash		$	11,122,911
Franchise agreements			10,886,178
Notes receivable			236,733
Purchase price allocation		$	11,122,911

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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

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+ References

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-Name Accounting Standards Codification
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