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Asset Purchase Agreement (Tables)
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Schedule of Merger Transaction Investment

Following the closing of the merger transaction, the Company’s investment in ECS consisted of the following:

 

Purchase Price      
Convertible note   $ 4,000,000  
Common stock     1,000,000  
Total purchase price   $ 5,000,000  
         
Allocation of purchase price        
Cash   $ 210,348  
Equipment     63,289  
Intangibles     4,903,876  
Accounts payable and accrued expenses     (177,513 )
Total allocation of purchase price   $ 5,000,000  

 

  (1) The 3,333,333 restricted shares of the Company’s Common Stock issued at closing of the merger transaction had a closing price of approximately $0.30 per share on the date of the transaction.
Schedule of Unaudited Pro-forma Combined Results of Operations

The following presents the unaudited pro-forma combined results of operations of the Company with the ECS Business as if the entities were combined on January 1, 2019.

 

    Year Ended  
    December 31, 2019  
Revenues   $ 59,064,637  
Net loss   $ (8,902,134 )
Net loss per share   $ (0.09 )
Weighted average number of shares outstanding     96,186,742