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BUSINESS COMBINATION (Tables) | 9 Months Ended
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Sep. 30, 2022
BUSINESS COMBINATION [Abstract] |
Purchase Price Allocations | The following table summarizes the purchase price allocations relating to the Merger:
Total purchase price |  | $ | 18,454,784 |
Assets acquired: |  |  |  |
Cash |  |  | 1,310,977 |
Accounts receivable, net |  |  | 488,453 |
Prepaid expenses |  |  | 215,064 |
Contract assets |  |  | 20,128 |
Other assets |  |  | 450,000 |
Property and equipment |  |  | 146,559 |
Software Technology |  |  | 5,279,000 |
Trade Names and Trademarks |  |  | 386,000 |
Customer Relationships |  |  | 5,269,000 |
Right of use assets |  |  | 1,082,684 |
Deposits and other assets |  |  | 58,950 |
Total assets acquired |  | $ | 14,706,815 |
Liabilities assumed: |  |  |  |
Accounts payable |  | $ | 681,879 |
Accrued expenses |  |  | 1,972,663 |
Short-term lease liabilities |  |  | 295,364 |
Deferred revenues |  |  | 320,936 |
Warrant liability |  |  | 1,247,715 |
Notes payable and financing arrangements |  |  | 20,801 |
Other long-term liabilities |  |  | 812,045 |
Total liabilities assumed |  | $ | 5,351,403 |
Estimated fair value of net assets acquired: |  | $ | 9,355,412 |
Goodwill |  | $ | 9,099,372 |
Pro Forma Financial Information | The following table represents the revenue, net loss and loss per share effect of the acquired company, as reported on a pro forma basis as if the acquisition occurred on January 1, 2020. These pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods.
|  | For the Nine Months Ended September 30, |
Description |  | 2021 |
Revenues |  | $ | 13,139,261 |
Net loss |  | $ | (21,246,168 | )
Net loss per share: |  |  |  |
Basic and diluted-as pro forma (unaudited) |  | $ | (0.69 | )

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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