Acquisition of TRAQ Pvt Ltd. (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisition

In accordance with ASC 805-20-50-4A, based on the book values which approximate fair values at the effective date of acquisition, the purchase price was recorded as follows:

Cash (including restricted cash of $185,399)	$	185,633
Accounts receivables, net		506,951
Prepaid expenses and other current assets		216,956
Right-of-use asset		576,566
Fixed assets		68,260
Customer relationships		448,800
Tradenames		49,799
Investment		42,248
Other assets		37,950
Accounts payable and accrued expenses		(173,197	)
Accrued payroll and related taxes		(325,629	)
Accrued duties and taxes		(66,765	)
Lease liability		(585,207	)
Deferred revenue		(3,618	)
Cash overdraft		(471,017	)
Debt – related parties		(61,273	)
Debt		(29,041	)
	$	417,416

Schedule of Proforma for Business Acquisition

The following table shows pro-forma results for the three months ended March 31, 2019 as if the acquisition had occurred on January 1, 2019. These unaudited pro forma results of operations are based on the historical financial statements and related notes of TRAQ Pvt Ltd. and the Company.

	For the Three months ended March 31, 2019
Revenues	$	320,658
Net income (loss)	$	(70,895)	)
Net income (loss) per share	$	(0.00)	)