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Aquisitions | 12 Months Ended
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Dec. 31, 2021
Acquisition [Abstract] |
AQUISITIONS |
| L. | Aquisitions:
Wildman 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. 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.
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 |
G.A.P. Acquisition On January 31, 2022, the Company closed on an asset purchase agreement to acquire inventory, select fixed assets, and a customer list from G.A.P. Promotions, LLC (“G.A.P.”). 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 $3,245,872.
Fair Value of Identifiable Assets Acquired: |  |  |
Inventory |  | $ | 91,096 |
Working Capital |  |  | 879,486 |
Intangible - Customer List |  |  | 2,275,290 |
|  | $ | 3,245,872 |
Consideration Paid: |  |  |  |
Cash |  | $ | 1,510,872 |
Restricted Stock |  |  | 100,000 |
G.A.P. Contingent Earn-Out Liability |  |  | 1,635,000 |
|  | $ | 3,245,872 |

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
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