Acquisition of SimsonMaxwell (Details 1) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Cash | $ 4,902,157 | $ 3,467,938 |
| Inventory | 8,438,164 | 5,490,435 |
| Fixed assets | 50,981,318 | 58,150,856 |
| Accounts payable | (3,602,329) | (8,325,469) |
| Accrued expenses and other liabilities | (549,129) | $ (1,600,209) |
| Simmax Corp | ||
| Total Purchase Price | 7,779,217 | |
| Cash | 5,668,384 | |
| Accounts receivable | 7,559,748 | |
| Inventory | 5,819,612 | |
| Prepaid expenses | 288,032 | |
| Fixed assets | 1,816,730 | |
| 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 | (5,081,527) | |
| Total fair value of acquisition | $ 7,779,217 |
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- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value of the entity's equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The current portion of nonphysical assets, excluding financial assets, if these assets are classified into the current and noncurrent portions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expected credit loss for credit exposure on off-balance-sheet commitment, including but not limited to, loan commitment, standby letter of credit, financial guarantee not accounted for as insurance. Excludes off-balance sheet credit exposure accounted for as insurance and instrument accounted for under derivatives and hedging. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Gross amount of components used by the entity which are bought from another entity rather than produced by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate fair value as of the reporting date of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deposits held by the entity for a related party (entity, shareholder, employee). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Details
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