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Aquisitions
 12 Months Ended
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