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:

	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.