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Business Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The purchase price has been preliminarily allocated to assets acquired and liabilities assumed based on the estimated fair value of such assets and liabilities at the date of acquisitions as follows:
|  | Total |  |  | March 2, 2020 |  |  | April 21, 2020 |
Assets acquired: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 17,269 |  |  | $ | 17,269 |  |  | $ | - |
Accounts receivable |  |  | 1,122,737 |  |  |  | 1,071,770 |  |  |  | 50,967 |
Accounts receivable, unbilled |  |  | 276,023 |  |  |  | 276,023 |  |  |  | - |
Parts and supplies |  |  | 91,396 |  |  |  | 91,396 |  |  |  | - |
Prepaid expenses |  |  | 73,116 |  |  |  | 73,116 |  |  |  | - |
Other current assets |  |  | 5,954 |  |  |  | 5,954 |  |  |  | - |
Right of use assets |  |  | 2,885,618 |  |  |  | 2,885,618 |  |  |  | - |
Property and equipment |  |  | 735,885 |  |  |  | 732,372 |  |  |  | 3,513 |
Intangible assets (see Note 7) |  |  | 1,361,000 |  |  |  | 1,230,000 |  |  |  | 131,000 |
|  |  | 6,568,998 |  |  |  | 6,383,518 |  |  |  | 185,480 |
Liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 168,749 |  |  |  | 129,622 |  |  |  | 39,127 |
Accrued expenses |  |  | 162,426 |  |  |  | 155,949 |  |  |  | 6,477 |
Lease liabilities |  |  | 2,947,684 |  |  |  | 2,947,684 |  |  |  | - |
Federal and state taxes payable |  |  | 168,900 |  |  |  | 168,900 |  |  |  | - |
Deferred revenue |  |  | 198,659 |  |  |  | 39,186 |  |  |  | 159,473 |
Deferred tax liabilities - Net |  |  | 149,900 |  |  |  | 149,900 |  |  |  | - |
|  |  | 3,796,318 |  |  |  | 3,591,241 |  |  |  | 205,077 |
Total identifiable net assets/(liabilities) |  |  | 2,772,680 |  |  |  | 2,792,277 |  |  |  | (19,597 | )
Purchase price |  |  | 5,095,567 |  |  |  | 4,592,453 |  |  |  | 503,114 |
Goodwill - Excess of purchase price over fair value of net assets acquired |  | $ | 2,322,887 |  |  | $ | 1,800,176 |  |  | $ | 522,711 |
Schedule of Pro Forma Information | The following unaudited pro forma information presents a summary of the consolidated results of operations for the Company as if the acquisitions of Graphic Sciences and CEO Image had occurred on January 1, 2019.
|  | For the Three months ended |
|  | (unaudited) |  |  | (unaudited) |
|  | September 30, 2020 |  |  | September 30, 2019 |
Total revenues |  | $ | 2,511,282 |  |  | $ | 2,931,250 |
Net income (loss) |  | $ | 155,673 |  |  | $ | (324,174 | )
Basic and diluted net income (loss) per share |  | $ | 0.06 |  |  | $ | (0.12 | )
|  | For the Nine months ended |
|  | (unaudited) |  |  | (unaudited) |
|  | September 30, 2020 |  |  | September 30, 2019 |
Total revenues |  | $ | 6,990,549 |  |  | $ | 7,716,421 |
Net loss |  | $ | (566,082 | ) |  | $ | (1,031,326 | )
Basic and diluted net loss per share |  | $ | (0.20 | ) |  | $ | (0.37 | )
The unaudited pro forma consolidated results are based on the Company’s historical financial statements and those of Graphic Sciences and CEO Image and do not necessarily indicate the results of operations that would have resulted had the acquisition actually been completed at the beginning of the applicable period presented. The pro forma financial information assumes that the companies were combined as of January 1, 2019. The following table presents the amounts of revenue and earnings of the acquirees since the acquisition date included in the condensed consolidated income statement for the reporting period.
For the three months ended September 30, 2020 |  | Graphic Sciences |  |  | CEO Image |
Total revenues |  | $ | 1,660,775 |  |  | $ | 155,414 |
Net income |  | $ | 239,555 |  |  | $ | (a) |
For the nine months ended September 30, 2020 |  | Graphic Sciences |  |  | CEO Image |
Total revenues |  | $ | 3,409,193 |  |  | $ | 219,934 |
Net income |  | $ | 380,881 |  |  | $ | (a) |
| (a) | Total earnings from the CEO Image acquisition is impracticable to disclose as the operations were merged with existing operations and not accounted for separately.

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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 http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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