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Acquisition
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Asset Acquisition [Abstract]    
ACQUISITION
M.ACquisition:

 

On August 24, 2020 the Company entered into an asset purchase agreement to acquire inventory, select fixed assets, and a customer list from Wildman Business Group, LLC (WBG). In accordance with Financial Accounting Standards Board (“FASB” ASC 805), “Business Combinations”, the acquisition method of accounting is used and recognition of the assets acquired is at fair value as of the acquisition dates. All acquisition costs are expensed as incurred. Amortization of the acquired customer list is straight-line for ten years.

 

The consideration paid has been allocated to the assets acquired based on their estimated fair values at the acquisition date. The estimate of fair values for tangible assets acquired were agreed to by both buyer and seller. The aggregate purchase price was $2,937,222. As of September 30, 2021, the asset has been impaired in the amount of $69,584.

 

Fair Value of Identifiable Assets Acquired:    
Inventory  $649,433 
Property and Equipment   34,099 
Intangible - Customer List   2,253,690 
   $2,937,222 
      
Consideration Paid:     
Cash  $521,174 
Note Payable - Wildman   162,358 
Wildman Contingent Earn-Out Liability   2,253,690 
   $2,937,222 
N.Aquisition:

 

On August 24, 2020, the Company entered into an asset purchase agreement to acquire inventory, select fixed assets, and a customer list from Wildman Business Group, LLC (WBG). In accordance with Financial Accounting Standards Board (“FASB” ASC 805), “Business Combinations”, the acquisition method of accounting is used and recognition of the assets acquired is at fair value as of the acquisition dates. All acquisition costs are expensed as incurred. The consideration paid has been allocated to the assets acquired based on their estimated fair values at the acquisition date. The estimate of fair values for tangible assets acquired were agreed to by both buyer and seller. The aggregate purchase price was $2,937,222. Amortization of the acquired customer list is straight-line for ten years.

 

Fair Value of Identifiable Assets Acquired:    
Inventory  $649,433 
Property and Equipment   34,099 
Intangible - Customer List   2,253,690 
   $2,937,222 
      
Consideration Paid:     
Cash  $521,174 
Note Payable - Wildman   162,358 
Wildman Contingent Earn-Out Liability   2,253,690 
   $2,937,222