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TICKETSMARTER ACQUISITION (Tables)

3 Months Ended

Mar. 31, 2022

Business Acquisition [Line Items]

SCHEDULE OF COMPONENTS OF IDENTIFIABLE INTANGIBLE ASSETS ACQUIRED AND ESTIMATED USEFUL LIVES

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives in years as of the date of acquisition:

SCHEDULE OF COMPONENTS OF IDENTIFIABLE INTANGIBLE ASSETS ACQUIRED AND ESTIMATED USEFUL LIVES 

		Cost				Amortization through March 31, 2022				Estimated useful life
Identifiable intangible assets:
Trademarks		$	600,000			$	—			indefinite
Sponsorship agreement network			5,600,000				653,333			5 years
Search engine optimization/content			600,000				87,500			4 years
		$	6,800,000			$	740,833

Ticket Smarter Acquisition [Member]

Business Acquisition [Line Items]

SCHEDULE OF PRELIMINARY FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED ACQUISITION

 SCHEDULE OF PRELIMINARY FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED ACQUISITION

		Preliminary purchase price allocation
		As allocated				As allocated
Description		September 30, 2021				December 31, 2021
Assets acquired:
Tangible assets acquired, including $51,432 of cash acquired		$	7,139,930			$	5,748,291
Identifiable intangible assets acquired			—				6,800,000
Goodwill			11,839,308				5,886,547
Liabilities assumed			(5,128,964	)			(5,128,964	)
Net assets acquired and liabilities assumed		$	13,850,274			$	13,305,874
Consideration:
Cash paid at TicketSmarter Acquisition date		$	8,413,240			$	8,413,240
Common stock issued as consideration for TicketSmarter Acquisition at date of acquisition			990,360				990,360
Contingent consideration earn-out agreement			4,244,400				3,700,000
Cash paid at closing to escrow amount			500,000				500,000
Cash retained from escrow amount pursuant to settlement of working capital target			(297,726	)			(297,726	)
Total TicketSmarter Acquisition purchase price		$	13,850,274			$	13,305,874

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- Definition

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- Definition

Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472

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