XML 50 R29.htm IDEA: XBRL DOCUMENT v3.25.1

Acquisition of Card Cash (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the fair value of the purchase consideration to the fair value of tangible assets, identifiable intangible assets, and assumed liabilities of CardCash on the date of acquisition:

 Schedule of Fair Value of Assets Acquired and Liabilities Assumed

		Fair Value
Fair value of consideration:
Cash		$	750,000
Notes payable ($750,000 due December 30, 2024; $750,000 due December 30, 2025)			1,500,000
Common stock (6,108,007 shares of common stock at $4.00 per share)			24,432,000
Total purchase price		$	26,682,000
Allocation of the consideration to the fair value of assets acquired and liabilities assumed:
Cash		$	2,061,265
Accounts receivable			1,582,635
Inventories			4,152,273
Prepaids, deposits, and other			220,385
Property and equipment, net			2,563,312
Accounts payable and accrued liabilities			(2,068,154	)
Line of credit			(6,737,385	)
Deferred tax liability			(1,800,000	)
Net tangible assets			(25,669	)
Intangible assets:
Developed technology			2,600,000
Trade name			2,400,000
Customer relationships			1,700,000
Net identifiable intangible assets			6,700,000
Goodwill			20,007,669
Fair value of net asset acquired		$	26,682,000

Schedule of Pro Forma Statements of Operations

 Schedule of Pro Forma Statements of Operations

		Year Ended December 31, 2023
		(Proforma, unaudited)
Sales		$	89,307,460
Net loss		$	(9,122,246	)
Net loss per share		$	(0.41	)

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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ 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
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration