Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Divestitures (Tables)

v3.21.2
Acquisitions and Divestitures (Tables)
9 Months Ended
Sep. 30, 2021
Business Acquisition [Line Items]  
Summary of Aggregate Purchase Price Consideration Paid

The following table summarizes the aggregate purchase price consideration paid for the acquisition of the asset:

 

    April 17, 2021  
       
Fair value of shares reserved for future issuance   $ 7,400,000  
Fair value of assumed notes payable     151,987  
Total     7,551,987  
Schedule of Business Combination of Assets and Liabilities

The table below shows the assets and liabilities that the Company was relieved of in the transaction:

 

 Schedule of Business Combination of Assets and Liabilities

   

February 17,

2020

 
Accounts payable     4,005,605  
Accrued Expenses     370,289  
Income Tax Payable     14,473  
Notes Payable     900,000  
Non-Controlling Interest     26,393  
Shares to be issued to Buyer     (405,000 )
Gain on divestiture   $ 4,911,760  
B T L [Member]  
Business Acquisition [Line Items]  
Schedule of Loss on Income Operations of Discontinued Operations

The table below shows the assets that the Company transferred to BTL and the components of the loss on discontinued operations:

 

 Schedule of Loss on Income Operations of Discontinued Operations

   

April 21,

2021

 
Cash received from buyer     2,529,565  
         
Accounts receivable     (293,005 )
Inventory     (665,522 )
Prepaid expenses     (160,666 )
Intangible assets     (5,540,952 )
Loss on divestiture     4,130,580  
Operating loss of discontinued operations     178,200  
Bankruptcy costs     803,320  
Loss on discontinued operations     5,112,100  
Lomotif [Member]  
Business Acquisition [Line Items]  
Summary of Aggregate Purchase Price Consideration Paid

    Lomotif  
Cash paid   $ 92,000,000  
Fair value of issued shares     8,882,500  
Issuance of debt selling shareholder*     8,000,000  
Fair value of conversion feature to selling shareholder*     882,500  
Purchase consideration   109,765,000  
Summary of Preliminary Purchase Price Allocation of Fair Values of the Assets Acquired and Liabilities Assumed

The Company believes that this combination will strengthen its future growth opportunities in digital media and content technologies. The Company accounted for this acquisition as a business combination under the acquisition method of accounting. The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed at the date of acquisition:

 

 

    Lomotif  
Cash and cash equivalents   $ 1,238,800  
Prepaid expenses and other current assets     247,458  
Property and equipment     91,007  
Intangible assets     143,237,848  
Total assets acquired     144,815,113  
         
Debt     5,567,794  
Accounts payable     706,531  
Accrued expenses and other liabilities     1,334,538  
Total liabilities assumed     7,608,863
Noncontrolling interest     (27,441,250 )
         
Total assets acquired, net     109,765,000