Description

Amount

Assets acquired:

Tangible assets acquired, consisting of acquired cash

$

13,957

Goodwill

1,200,000

Liabilities assumed consisting of a promissory note issued by the Selling shareholders
which was paid off at closing

162,552

Total assets acquired and liabilities assumed

1,376,509

Cash paid at Elite Acquisition date

1,026,509

Contingent consideration

350,000

Total Elite Acquisition purchase price

$

1,376,509