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BUSINESS COMBINATION - Assets acquired and liabilities assumed on the acquisition date (Details) - Stadco | Aug. 25, 2021 USD ($)
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BUSINESS COMBINATION |
Total consideration transferred | $ 10,163,164
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Accounts receivable | 1,247,015
Inventory | 927,188
Other current assets | 4,323,593
Property, plant, and equipment and right of use assets | 15,074,273
Accounts payable, accrued expenses, and other current liabilities | (5,882,048)
Lease obligations | (6,701,286)
Net assets | 8,988,735
Goodwill | 1,174,429
Total consideration transferred | 10,163,164
Adjustments |
BUSINESS COMBINATION |
Total consideration transferred | 10,209,420
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Accounts receivable | 1,247,015
Inventory | 927,188
Other current assets | 5,417,254
Property, plant, and equipment and right of use assets | 15,971,761
Accounts payable, accrued expenses, and other current liabilities | (6,652,512)
Lease obligations | (6,701,286)
Net assets | 10,209,420
Total consideration transferred | 10,209,420
ERTC refundable credit |
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Other current assets | 1,093,661
Accounts payable, accrued expenses, and other current liabilities | (164,049)
Net assets | 929,612
Goodwill | (929,612)
Customer claim and warrant |
BUSINESS COMBINATION |
Total consideration transferred | 46,256
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Accounts payable, accrued expenses, and other current liabilities | (606,415)
Net assets | (606,415)
Goodwill | 652,671
Total consideration transferred | 46,256
Fixed Asset Valuation |
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Property, plant, and equipment and right of use assets | 897,488
Other |
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Net assets | 897,488
Goodwill | $ (897,488)

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- Definition Amount due from customers or clients for goods or services, including trade receivables, that have been delivered or sold in the normal course of business, and amounts due from others, including related parties expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer, acquired at the acquisition date. + 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 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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