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NOTE 4 - ACQUISITION
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
NOTE 4 - ACQUISITION

NOTE 4 - ACQUISITION

 

IoT Labs

 

On April 15, 2020, we entered into a Company Acquisition Agreement (the “Agreement”) with Francisco Bunt regarding the acquisition of 51% of the shares in IoT Labs, whose principal business activity is the sale of Short Messages (SMS) between USA and Mexico, for $180,000.

 

The following table summarizes the identifiable assets acquired and liabilities assumed upon acquisition of IoT Labs and the calculation of goodwill:

         
Total purchase price  $180,000 
Cash   135,781 
Other current assets   953 
Property and equipment   34,075 
Intangible asset   21,875 
Total identifiable assets   192,684 
Accounts payable   (100)
Total liabilities assumed   (100)
Net assets   192,584 
Non-controlling interest   94,366 
Total net assets   98,218 
Goodwill  $81,782 

 

Unaudited combined proforma results of operations for the year ended December 31, 2020 as though the Company acquired IoT Labs on January 1, 2020, are set forth below:

         
   December 31,
   2020
Revenues  $55,784,168 
Cost of revenues   54,631,017 
Gross profit   1,153,151 
      
Operating expenses   4,224,903 
Operating loss   (3,071,752)
      
Other expense   (3,487,315)
Net Loss  $(6,559,067)