Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures (Tables)

v3.21.1
Acquisitions and Divestitures (Tables)
12 Months Ended
Dec. 31, 2020
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:

 

    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  
Schedule of 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 entire years ending December 31, 2020:

 

    Year Ended December 31, 2020     Year Ended December 31, 2019  
             
Revenues, net   $ 16,801,734     $ 13,197,684  
Cost of revenues     11,994,549       8,095,723  
Gross profit     4,807,185       5,101,961  
                 
Operating expenses:                
Selling, general and administrative     12,589,513       14,900,658  
Impairment     -       4,443,000  
Change in fair value of earnout     -       (520,000 )
Operating loss     (7,782,328 )     (13,721,697 )
                 
Other income (expense):                
Other income (expense)     1,615,016       (1,189,966 )
Loss before income taxes     (6,167,312 )     (14,911,663 )
Income tax expense (benefit)     19,197       (22,373
Net loss from continuing operations   $ (6,186,509 )   $ (14,889,290 )

TBD Safety, LLC [Member]  
Summary of the Aggregate Purchase Price Consideration Paid

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

 

    TBD Safety, LLC  
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  
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:

 

    TBD Safety, LLC  
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  
Uber Mom [Member]  
Summary of the Aggregate Purchase Price Consideration Paid

The following table summarizes the aggregate purchase price consideration paid for acquisitions during 2019:

 

    Uber Mom  
Cash paid   $ 52,352  
Fair value of issued common shares     98,613  
Purchase consideration   $ 150,965  
Summary of Preliminary Purchase Price Allocation of Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed during 2019 at the date of acquisition:

 

    Uber Mom  
Inventory   $ 52,352  
Goodwill     98,613  
Total assets acquired   $ 150,965