XML 36 R19.htm IDEA: XBRL DOCUMENT
v3.21.4

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 |

X
- References No definition available. + Details
Name: | us-gaap_AssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
Name: | us-gaap_AssetAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration