Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures (Tables)

v3.22.1
Acquisitions and Divestitures (Tables)
12 Months Ended
Dec. 31, 2021
Business Acquisition [Line Items]  
Summary of the Aggregate Purchase Price Consideration Paid

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

 Summary of the Aggregate Purchase Price Consideration Paid

    April 17, 2021  
       
Fair value of shares reserved for future issuance and earn out shares   $ 7,400,000  
Fair value of assumed notes payable     151,987  
Total     7,551,987  
Summary of Preliminary Purchase Price Allocation of Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation of fair values of the assets acquired and liabilities assumed during 2020 at the date of acquisition:

 Summary of Preliminary Purchase Price Allocation of Fair Values of the Assets Acquired and Liabilities Assumed

    October 16, 2020  
Cash and cash equivalents   $ 180,489  
Accounts receivable     20,217  
Inventory     492,793  
Other current assets     346,095  
Goodwill     591,729  
Intangible assets     3,600,000  
Total assets acquired   $ 5,231,323  
Notes payable     62,500  
Current liabilities     573  
Total liabilities assumed     63,073  
Total net assets acquired     5,168,250  
Schedule of business acquisition, pro forma information

The following represents the unaudited pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the full years ending December 31, 2021 and 2020:

 

    2021     2020  
             
Revenues, net   $ 9,791,372     $ 12,016,305  
Cost of revenues     7,312,602       9,570,205  
Gross profit     2,478,770       2,446,100  
                 
Operating expenses:                
Selling, general and administrative     86,422,848       11,108,548  
Impairment     3,741,729       -  
Operating loss     (87,685,807 )     (8,662,448 )
                 
Other income (expense):                
Other income (expense)     (635,701,478 )     (3,297,316 )
Loss before income taxes     (723,387,285 )     (11,959,764 )
Income tax expense (benefit)     194,539       19,197  
Net loss from continuing operations     (723,581,824 )   $ (11,978,961 )
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  
BTL [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 Private Limited [Member]  
Business Acquisition [Line Items]  
Summary of the Aggregate Purchase Price Consideration Paid

The following table summarizes the aggregate purchase price consideration paid:

 Summary of the Aggregate Purchase Price Consideration Paid

    July 25, 2021  
Cash paid   $ 92,000,000  
Fair value of issued shares     8,882,500  
Issuance of debt to selling shareholder*     8,000,000  
Fair value of conversion feature to selling shareholder*     882,500  
Purchase consideration   $ 109,765,000  

 

* The full amount of $8,000,000 was converted into 2,750,000 shares of common stock of the Company on September 13, 2021.
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 purchase price allocation of fair values of the assets acquired and liabilities assumed at the date of acquisition:

 Summary of Preliminary Purchase Price Allocation of Fair Values of the Assets Acquired and Liabilities Assumed

 

    July 25, 2021  
Cash and cash equivalents   $ 1,238,800  
Prepaid expenses and other current assets     244,426  
Property and equipment     91,007  
Intangible assets     27,000,000  
Goodwill     116,188,021  
Total assets acquired     144,762,254  
         
Debt     4,650,000  
Accounts payable     918,665  
Accrued expenses and other liabilities     1,987,340  
Total liabilities assumed     7,556,004  
Noncontrolling interest     (27,441,250 )
         
Total assets acquired, net     109,765,000  
TBD Safety LLC [Member]  
Business Acquisition [Line Items]  
Summary of the Aggregate Purchase Price Consideration Paid

The following table summarizes the aggregate purchase price consideration paid for acquisitions during 2020:

 Summary of the Aggregate Purchase Price Consideration Paid

    October 16, 2020  
Fair value of issued common shares   $ 4,203,632  
Fair value of issued preferred shares     764,618  
Fair value of contingent consideration     200,000  
Purchase consideration   $ 5,168,250