v3.21.2

BUSINESS ACQUISITIONS | 3 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
BUSINESS ACQUISITIONS | NOTE 7 – BUSINESS ACQUISITIONS Club Fitness, LLC On April 1, 2021, the Company entered into an agreement for the acquisition of 100% of the equity interest in Club Fitness LLC. The purchase price was $125,000 in cash. The acquisition closed in April 2021.
Business combination purchase allocation |  |  |  |
Consideration |  |  |  |
Cash |  | $ | 125,000 |
Fair values of identifiable net assets: |  |  |  |
Property & equipment: |  |  |  |
Gym equipment |  | $ | 76,689 |
Intangible assets: |  |  |  |
Customer relationships |  |  | 46,311 |
Total fair value of identifiable net assets |  | $ | 125,000 |
The Company analyzed the acquisition under applicable guidance and determined that the acquisition should be accounted for as a business combination. The fair value of the net identifiable assets consisted of gym equipment of $76,689. The Company assigned a fair value of $46,311 in intangible assets – customer relationships. The intangible assets – customer relationships are being amortized over their estimated life, currently expected to be three years.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: 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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