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Business Acquisitions (Tables)
 12 Months Ended
Dec. 31, 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 Twelve months ended  
    (unaudited)     (unaudited)  
    December 31, 2020     December 31, 2019  
Total revenues   $ 9,686,354     $ 10,324,486  
                 
Net loss   $ (1,993,389 )   $ (1,565,961 )
                 
Basic and diluted net loss per share   $ (0.70 )   $ (0.56 )

 

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 consolidated income statement for the reporting period.

 

For the twelve months ended December 31, 2020   Graphic Sciences     CEO Image  
Total revenues   $ 5,238,654     $ 375,863  
                 
Net income   $ 645,042     $ (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.