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Business Combinations | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Business Combinations | Note 3 – Business Combinations On December 31, 2021, the Company completed its acquisition of Advanced Conceptions, Inc. (“ACI”) and Idaho Molecular Inc. (“IdMo”), which were related entities developing, with the Company, an at-home/point-of-care medical diagnostic device. Upon the completion of the acquisition, all outstanding ACI and Idaho Molecular common stock was exchanged for approximately 3.2 million shares of the Company’s common stock and contingent consideration that includes up to approximately 1.4 million shares and approximately 456,000 warrants to purchase shares of the Company’s common stock. The contingent consideration is based on the achievement of certain milestones, which include regulatory approval for identified products, as well as production and net revenue targets. The purchase consideration also includes a payable to a shareholder of ACI of $100,000. In connection with the acquisition, the Company incurred transaction costs of approximately $151,000, which is included in general and administrative expenses. Upon the completion of the acquisition, both ACI and IdMo became 100% wholly-owned subsidiaries of the Company. The fair value of assets acquired and liabilities assumed was based on a preliminary valuation, and our estimates and assumptions are subject to change within the measurement period. The primary area that remains preliminary relates to the evaluation of certain tax-related items and potential minor adjustments to the purchase consideration. The total purchase consideration was allocated to the assets acquired and liabilities assumed as set forth below: Schedule of Assets and Liabilities assumed
Fair value of common shares issued |  | $ | 25,160,223 |
Payable to shareholder |  |  | 100,000 |
Fair value of contingent shares |  |  | 8,684,669 |
Fair value of contingent warrants |  |  | 1,747,972 |
Total fair value of consideration transferred |  | $ | 35,692,864 |
Identifiable assets acquired and liabilities assumed |  |  |  |
Cash |  | $ | 1,196,243 |
Accounts receivable |  |  | 31,170 |
Prepaid expenses and other current assets |  |  | 70,321 |
Property and equipment |  |  | 408,173 |
Technology - In-process research and development |  |  | 26,101,000 |
Non-competition agreements |  |  | 1,094,000 |
Accounts payable and accrued other expenses |  |  | (1,069,274 | )
Deferred tax liability |  |  | (6,845,587 | )
Total identifiable net assets |  |  | 20,986,046 |
Goodwill |  |  | 14,706,818 |
Total |  | $ | 35,692,864 |
The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill generated from the acquisition is primarily attributable to assembled workforce and expected growth from future technologies, sales to future customers and buyer specific synergies. Goodwill will not be amortized but instead will be tested for impairment at least annually and more frequently if certain indicators of impairment are present. As a result of the structure of the transaction, the balance of goodwill is not amortizable for tax purposes. The in-process research and development is considered an indefinite-lived intangible until the completion or abandonment of the research and development activities. The non-competition agreements are being amortized over a range of 1.5 to 3 years. As the acquisition was completed on December 31, 2021, the acquired entities did not contribute to the net revenues or to the net income of the Company during the year ended December 31, 2021. Pro forma revenue and results of operations have not been presented because the historical results of ACI and IdMo are not material to the Company’s consolidated financial statements in any period presented.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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