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ACQUISITION OF COSMOFARM, LTD. | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
NOTE 3 - ACQUISITION OF COSMOFARM, LTD. | On December 19, 2018, the Company completed the acquisition pursuant to the Cosmofarm SPA acquiring 100% of the outstanding shares of Cosmofarm, a pharmaceutical wholesaler based in Athens, Greece. Cosmofarm is a fully licensed wholesaler of pharmaceutical products and its primary activity is the sourcing, procuring, and distributing branded and generic medicines, over-the-counter (OTC) pharmaceuticals, food supplements, and medical devices. At closing, the Company acquired 100% of Cosmofarm’s outstanding shares and in exchange for a non-interest-bearing promissory note, due in one-year, in the amount of €200,000 (the “Acquisition”). The Company recognized cash of $307,590 acquired in acquisition. The Company recognized the remaining Cosmofarm assets acquired and liabilities assumed based upon the fair value of such assets and liabilities measured as of the date of acquisition. The aggregate purchase price for Cosmofarm has been allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the acquired net assets represent non-capitalizable intangible assets, such Cosmofarm’s tradename and customer base. The remainder of the excess has been allocated to goodwill. The allocation of the purchase price of Cosmofarm as of December 19, 2018, is as follows:
|  | Allocation |
Current assets |  | $ | 6,882,286 |
Intangible assets |  |  | 213,790 |
Other assets |  |  | 1,519,345 |
Total assets acquired |  |  | 8,615,421 |
Liabilities assumed: |  |  |  |
Accounts payable and other current liabilities |  |  | 5,111,489 |
Advances from customers |  |  | 1,192,600 |
Line of credit |  |  | 1,900,388 |
Other liabilities |  |  | 232,729 |
Total liabilities assumed |  |  | 8,437,206 |
Net assets acquired |  |  | 178,215 |
Consideration: |  |  |  |
Promissory note |  |  | 227,912 |
Goodwill |  | $ | 49,697 |
The components of the acquired intangible assets were as follows:
|  | Amount |  |  | Useful Life (Years) |
Trademark |  | $ | 36,997 |  |  |  | 5 |
Customer base |  |  | 176,793 |  |  |  | 10 |
|  | $ | 213,790 |  |  |  | - |

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