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ACQUISITION OF EMPIRE (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
SCHEDULE OF BUSINESS ACQUISITION | The fair value of the assets acquired and liabilities assumed are based on a valuation report prepared by an independent specialist in conjunction with the Company’s fiscal year 2021 audit on October 1, 2021 and on subsequent measurement adjustments as of December 31, 2021. Based upon the purchase price allocation, the following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition: SCHEDULE OF BUSINESS ACQUISITION
Assets acquired: |  |  |
Cash |  | $ | 141,027 |
Deposits |  |  | 1,150 |
Notes receivable – related party |  |  | 1,515,778 |
Property and equipment, net |  |  | 3,224,337 |
Right of use and other assets |  |  | 3,585,961 |
Licenses |  |  | 21,274,000 |
Intellectual Property |  |  | 3,036,000 |
Customer Base |  |  | 2,239,000 |
Goodwill |  |  | 2,499,753 |
Total assets acquired at fair value |  |  | 37,517,006 |
Liabilities assumed: |  |  |  |
Accounts payable |  |  | 845,349 |
Advances and environmental remediation liabilities |  |  | 4,143,816 |
Note payable |  |  | 5,684,662 |
Other liabilities |  |  | 3,729,219 |
Total liabilities assumed |  |  | 14,403,046 |
Net assets acquired |  |  | 23,114,000 |
Purchase consideration paid: |  |  |  |
Common stock |  |  | 18,414,000 |
Promissory Note |  |  | 3,700,000 |
Promissory Note |  |  | 1,000,000 |
Total purchase consideration paid |  | $ | 23,114,000 |
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA | The following unaudited pro forma condensed consolidated results of operations have been prepared as if the acquisition of Empire had occurred as of the beginning of the following period: SCHEDULE OF BUSINESS ACQUISITION PRO FORMA
|  | Three Months Ended June 30, 2021 |  |  | Six Months Ended June 30, 2021 |
Net Revenues |  | $ | 6,877,441 |  |  | $ | 12,822,927 |
Net Income (Loss) Available to Common Shareholders |  | $ | 24,972,274 |  |  | $ | (21,308,629 | )
Net Basic Earnings (Loss) per Share |  | $ | 5.33 |  |  | $ | (4.55 | )
Net Diluted Earnings (Loss) per Share |  | $ | 4.40 |  |  | $ | (4.55 | )

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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