v3.22.2.2

BUSINESS ACQUISITIONS | 12 Months Ended
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Mar. 31, 2022
Business Acquisitions |
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.
Schedule of 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. The Company analyzed the acquisition under applicable guidance and determined that the acquisition should be accounted for as a business combination. The intangible assets - licenses are being amortized over their estimated life, currently expected to be five years. On January 25, 2022, the Company entered into an agreement for the acquisition of 100% of the equity interest in Spartan Fitness, however, on August 2, 2022 both parties mutually agreed to terminate the acquisition/sale of Spartan Fitness. Consequently, the Company recorded stock compensation expense of $150,000 in connection with the issuance of 50,000 shares of B2Digital common stock. Also, the Company recorded $293,727 in management expense paid to Chris Conolley, the owner of Spartan Fitness.

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