| Summary of financial value of the consideration |
Cash consideration – August 6, 2021 |
|
$ |
7,958,159 |
|
Equity in earnings (losses) through October 18, 2021 |
|
|
(178,942 |
) |
|
|
|
|
|
Total value of consideration given – October 18, 2021 |
|
$ |
7,779,217 |
|
The preliminary fair values of assets acquired and liabilities assumed in connection with this acquisition are as follows:
Total Purchase Price |
|
$ |
7,779,217 |
|
|
|
|
|
|
Fair Value of Assets and Liabilities including the recognition of a 39.5% noncontrolling interest |
|
|
|
|
Cash |
|
$ |
5,668,384 |
|
Accounts receivable |
|
|
7,559,748 |
|
Inventory |
|
|
5,819,612 |
|
Prepaid expenses |
|
|
288,032 |
|
Fixed assets |
|
|
1,397,187 |
|
Identifiable intangible assets |
|
|
3,908,126 |
|
Accounts payable |
|
|
(5,475,967 |
) |
Accrued expenses and other liabilities |
|
|
(948,669 |
) |
Bank credit facility |
|
|
(4,007,971 |
) |
Related party liabilities - net |
|
|
(422,682 |
) |
Promissory notes payable |
|
|
(1,344,599 |
) |
Noncontrolling interest recognized at fair value acquisition |
|
|
(4,914,274 |
) |
Total fair value of acquisition |
|
|
7,526,927 |
|
|
|
|
|
|
Fair value of goodwill |
|
$ |
252,290 |
|
|