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Contingent Earn-Out Liabilities | 9 Months Ended
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Sep. 30, 2023
Contingent Earn-Out Liabilities [Abstract] |
CONTINGENT EARN-OUT LIABILITIES |
| J. | contingent earn-out liabilities:
Wildman Acquisition In connection with the asset acquisition, as discussed in Note N, the customer list was purchased using a Contingent Earn-Out Calculation. The purchase price is equal to fifteen percent (15%) of the gross profit earned from the sale of product to the customer list for years 1 and thirty percent (30%) for years 2 and 3. Payments are due on the first anniversary date of the purchase and then quarterly thereafter. At September 30, 2023 and December 31, 2022, the current portion of the earn-out liability amounted to $151,441 and $742,874, respectively. At September 30, 2023 and December 31, 2022, the long-term portion of the earn-out liability amounted to zero. G.A.P. Acquisition In connection with the asset acquisition, as discussed in Note N, the customer list was purchased using a Contingent Earn-Out Calculation. The purchase price is equal to seventy percent (70%) of the gross profit over $1,500,000 earned from the sale of product to the customer list for years 1 and 2 in addition to fixed payments of $180,000 and $300,000 for years 1 and 2, respectively. Payments are due on the anniversary date of the purchase. At September 30, 2023 and December 31, 2022, the current portion of the earn-out liability amounted to $986,000 and $649,000, respectively. At September 30, 2023 and December 31, 2022, the long-term portion of the earn-out liability amounted to zero and $986,000, respectively. Trend Acquisition In connection with the asset acquisition, as discussed in Note N, the customer list was purchased using a Contingent Earn-Out Calculation. The purchase price is equal to forty percent (40%) of the gross profit over $800,000 earned from the sale of product to the customer list for years 1 through 4 in addition to fixed payments of $37,500 for years 1 and 2 and $25,000 for years 3 and 4, respectively. Payments are due on the anniversary date of the purchase. At September 30, 2023 and December 31, 2022, the current portion of the earn-out liability amounted to $420,500 and $155,000, respectively. At September 30, 2023 and December 31, 2022, the long-term portion of the earn-out liability amounted to $949,844 and $1,214,844, respectively. Premier Acquisition In connection with the asset acquisition, as discussed in Note N, the customer list was purchased using a Contingent Earn-Out Calculation. The purchase price is equal to forty-five percent (45%) of the gross profit over $350,000 earned from the sale of product to the customer list for years 1 through 3 in addition to fixed payments of $60,000 for year 1, $40,000 for year 2, and $30,000 for year 3. Payments are due on the anniversary date of the purchase. At September 30, 2023 and December 31, 2022, the current portion of the earn-out liability amounted to $262,500. At September 30, 2023 and December 31, 2022, the long-term portion of the earn-out liability amounted to $645,100. T R Miller Acquisition In connection with the asset acquisition, as discussed in Note N, the customer list was purchased using a Contingent Earn-Out Calculation. The purchase price is equal to forty-five percent (45%) of the gross profit over $4,000,000 earned from the sale of product to the customer list for years 1 through 4 in addition to a fixed payments of $400,000 for year 1, $300,000 for year 2, and $200,000 for years 3 and 4. Payments are due on the anniversary date of the purchase. At September 30, 2023 and December 31, 2022, the current portion of the earn-out liability amounted to $1,262,774 and zero, respectively. At September 30, 2023 and December 31, 2022, the long-term portion of the earn-out liability amounted to $3,288,321 and zero, respectively.

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