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3. Acquisition of ChizComm Entities (Tables)
 3 Months Ended
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