XML 41 R27.htm IDEA: XBRL DOCUMENT
v3.22.1

Business Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The purchase price was 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: Schedule of Fair Value of Assets Acquired and Liabilities Assumed
|  | Total 2020 |  |  | 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 6) |  |  | 1,361,000 |  |  |  | 1,230,000 |  |  |  | 131,000 |
Assets |  |  | 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 |  |  |  | - |
Liabilities |  |  | 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 our consolidated results of operations, as if the acquisitions of Graphic Sciences and CEO Image had occurred on January 1, 2020. Schedule of Pro Forma Information
For the year ended December 31, 2020 |  | (unaudited) |
|  | December 31, 2020 |
Total revenues |  | $ | 9,686,354 |
Net loss |  | $ | (1,993,389 | )
Basic and diluted net loss per share |  | $ | (0.70 | )
The following tables present the amounts of revenue and earnings of the acquirees since the acquisition date included in the consolidated income statement for the reporting period.
|  | Year ended December 31, |
|  | 2021 |  |  | 2020 |
Graphic Sciences: |  |  |  |  |  |  |  |
Total revenues |  | $ | 7,995,600 |  |  | $ | 5,238,654 |
Net income |  | $ | 1,062,390 |  |  | $ | 645,042 |
|  | Year ended December 31, |
|  | 2021 |  |  | 2020 |
CEO Image: |  |  |  |  |  |  |  |
Total revenues |  | $ | 526,634 |  |  | $ | 375,863 |
Net income |  | $ | - | (a) |  | $ | - | (a)
(a) | Total earnings from the CEO Image acquisition are impracticable to disclose as they are not accounted for separately because its operations and financial reporting were merged with existing operations and financial reporting.

X
- 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 http://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 http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration