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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Acquisitions

Identifiable assets acquired and liabilities assumed

Cash		$	17,850,627
Accounts receivable		$	12,540,122
Workers' compensation deposit			7,200,000
Franchise agreements			11,034,000
Customer lists			1,690,000
Other current assets			100,578
Workers' compensation claims liability			(4,890,930	)
Accrued payroll			(2,100,000	)
Current liabilities			(740,163	)
Other liabilities			(2,021,833	)
Bargain purchase			(4,961,147	)
Purchase price allocation		$	17,850,627

Proforma information

		Three months ended								Nine months ended
		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Royalty revenue		$	6,540,125			$	4,107,668			$	16,060,138			$	12,396,954
Net income			3,192,570				2,409,593				7,045,183				5,433,066
Basic earnings per share		$	0.24			$	0.18			$	0.52			$	0.40
Basic weighted average shares outstanding			13,482,303				13,573,086				13,461,252				13,551,507
Diluted earnings per share		$	0.24			$	0.18			$	0.52			$	0.40
Diluted weighted average shares outstanding			13,621,938				13,574,863				13,587,585				13,553,619

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
-Topic 805
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