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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of preliminary allocation of assets acquired and liabilities assumed | The following table presents the assets acquired and liabilities assumed at the date of the acquisitions:
|  | FMC NA |  | CRMS |  | LMS |  | CAS |  | Ryan Brothers |  | Exceptional |  | GMS |  | Total
Consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash consideration |  | $ | 4,000,000 |  |  | $ | 9,000,000 |  |  | $ | 302,450 |  |  | $ | 5,541,269 |  |  | $ | 7,422,252 |  |  | $ | 6,375,000 |  |  | $ | 20,338,789 |  |  | $ | 52,979,760 |
Stock consideration |  | 3,000,000 |  |  | 1,000,000 |  |  |  |  |  |  |  |  |  |  |  |  | 4,000,000 |
Due to seller |  | — |  |  | — |  |  | 11,279,201 |  |  | — |  |  | — |  |  | 6,000,000 |  |  | — |  |  | 17,279,201 |
Amounts held under an escrow account |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,333,333 |  |  | — |  |  | 1,333,333 |
Contingent liability |  | — |  |  | 15,822,190 |  |  | 2,475,540 |  |  | — |  |  | 4,000,000 |  |  | 1,080,000 |  |  | 3,000,000 |  |  | 26,377,730 |
Total consideration |  | $ | 7,000,000 |  |  | $ | 25,822,190 |  |  | $ | 14,057,191 |  |  | $ | 5,541,269 |  |  | $ | 11,422,252 |  |  | $ | 14,788,333 |  |  | $ | 23,338,789 |  |  | $ | 101,970,024 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 1,574,604 |  |  | $ | 5,404,660 |  |  | $ | 892,218 |  |  | $ | 620,548 |  |  | $ | 299,050 |  |  | $ | 1,005,453 |  |  | $ | 9,796,533 |
Accounts receivable |  | — |  |  | 2,033,533 |  |  | 623,635 |  |  | 7,002,325 |  |  | 5,844,494 |  |  | 3,785,490 |  |  | 3,975,160 |  |  | 23,264,637 |
Other current assets |  | — |  |  | 293,478 |  |  | 134,216 |  |  | 1,167,326 |  |  | 136,157 |  |  | — |  |  | 30,734 |  |  | 1,761,911 |
Property, plant and equipment |  | — |  |  | — |  |  | 519,391 |  |  | 4,548,956 |  |  | 2,125,134 |  |  | 2,450,900 |  |  | 4,092 |  |  | 9,648,473 |
Intangible assets |  | — |  |  | 15,930,000 |  |  | 2,419,600 |  |  | — |  |  | 387,550 |  |  | 125,000 |  |  | 10,305,000 |  |  | 29,167,150 |
Total identifiable assets acquired |  | — |  |  | 19,831,615 |  |  | 9,101,502 |  |  | 13,610,825 |  |  | 9,113,883 |  |  | 6,660,440 |  |  | 15,320,439 |  |  | 73,638,704 |
Accounts payable |  | — |  |  | 28,978 |  |  | 40,447 |  |  | 2,036,714 |  |  | 44,911 |  |  | — |  |  | 137,239 |  |  | 2,288,289 |
Due to seller |  | — |  |  | 2,448,460 |  |  | — |  |  | — |  |  | 5,844,494 |  |  | 4,084,540 |  |  | — |  |  | 12,377,494 |
Other current liabilities |  | — |  |  | 174,177 |  |  | 1,012,992 |  |  | 4,439,230 |  |  | 286,792 |  |  | — |  |  | 562,809 |  |  | 6,476,000 |
Total liabilities assumed |  | — |  |  | 2,651,615 |  |  | 1,053,439 |  |  | 6,475,944 |  |  | 6,176,197 |  |  | 4,084,540 |  |  | 700,048 |  |  | 21,141,783 |
Noncontrolling interests |  | 2,567,037 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,567,037 |
Goodwill |  | — |  |  | 8,642,190 |  |  | 6,009,128 |  |  | (1,593,612) |  |  | 8,484,566 |  |  | 12,212,433 |  |  | 8,718,398 |  |  | 42,473,103 |
Additional paid-in-capital |  | 4,432,963 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,432,963 |
Total purchase price |  | $ | 7,000,000 |  |  | $ | 25,822,190 |  |  | $ | 14,057,191 |  |  | $ | 5,541,269 |  |  | $ | 11,422,252 |  |  | $ | 14,788,333 |  |  | $ | 23,338,789 |  |  | $ | 101,970,024 |
Schedule of pro forma combined financial information | The following unaudited pro forma combined financial information for the fiscal years ended December 31, 2023, 2022 and 2021 gives effect to the acquisitions disclosed above as if they had occurred on January 1, 2021. The pro forma information is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company.
| 2023 |  | 2022 |  | 2021
Revenue | $ | 627,402,261 |  |  | $ | 539,522,587 |  |  | $ | 461,001,227 |
Net Income | 11,087,122 |  |  | 46,960,359 |  |  | 43,763,036 |

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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