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3. Acquisition of ChizComm Entities (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Total purchase consideration | The following table summarizes the fair value of the purchase price consideration paid to acquire ChizComm:
|  | Amount |
Cash consideration at closing |  | $ | 8,500,000 |
Equity consideration at closing |  |  | 3,527,027 |
Fair value of Earn-Out shares |  |  | 7,210,000 |
Total |  | $ | 19,237,027 |
Assets acquired and liabilities assumed | The preliminary purchase price allocation was based upon an estimate of the fair value of the assets acquired and the liabilities assumed by the Company in connection with the acquisition of ChizComm, as follows:
Cash |  | $ | 711,123 |
Accounts Receivable |  |  | 6,150,919 |
Prepaids Expenses |  |  | 56,594 |
Lease Deposits |  |  | 12,390 |
Fixed assets |  |  | 147,689 |
Trade Name |  |  | 3,430,000 |
Customer Relationships |  |  | 6,140,000 |
Non-Compete Agreements |  |  | 60,000 |
Goodwill |  |  | 9,607,027 |
Accounts Payable and Accrued Expenses |  |  | (7,006,350 | )
Payroll Tax Liability |  |  | (72,365 | )
Total Consideration |  | $ | 19,237,027 |
Supplemental Pro Forma Information | Supplemental proforma information as follows:
|  | Three Months Ended |
|  | March 31, 2021 |  |  | March 31, 2020 |
Total Revenues |  |  | 2,416,563 |  |  |  | 5,669,748 |
Net Loss Applicable to Common Shareholders |  |  | (76,885,359 | ) |  |  | (7,681,019 | )
Net Loss per Common Share (Basic and Diluted) |  | $ | (0.27 | ) |  | $ | (0.30 | )
Weighted Average Shares Outstanding (Basic and Diluted) |  |  | 287,217,911 |  |  |  | 25,466,121 |

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- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(4) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of acquisition of assets or a business through noncash (or part noncash) transactions. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Disclosure may include the equity interest acquired, value of assets acquired, value of liabilities acquired, net monetary assets acquired, number of shares, warrants or options issued as consideration for a business or asset acquired and other information necessary to a fair presentation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4313-108586 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4304-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4332-108586 + Details
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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=123413009&loc=d3e4845-128472 + Details
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