XML 36 R26.htm IDEA: XBRL DOCUMENT v3.23.1
Acquisitions (Tables)
3 Months Ended
Mar. 31, 2023
Business Acquisition [Line Items]  
Schedule of Business Acquisition, Pro Forma Information These unaudited pro forma results of operations are based on the historical financial statements of each of the companies.
For the three months ended March 31, 2023
Revenues$12,583,985 
Net loss$(6,532,634)
Net loss per share - basic$(0.16)
For the three months ended March 31, 2022
Revenues$13,932,618 
Net loss$(961,653)
Net loss per share - basic$(0.05)
GTMR  
Business Acquisition [Line Items]  
Schedule of Assets and Liabilities Acquired
The following represents the preliminary assets and liabilities acquired in this acquisition:
Cash$475,000 
Accounts receivable other receivables1,380,203 
Income tax receivable155,449 
Prepaid expenses116,892 
Other asset17,182 
Furniture and equipment163,301 
Customer relationships2,426,000 
Tradenames517,000 
Backlog1,774,000 
Goodwill1,822,466 
Deferred tax liability(1,244,368)
Lease liability – operating lease(17,608)
Accounts payable and accrued expenses$(1,030,957)
Net assets acquired$6,554,560 
The consideration paid for GTMR was as follows:
Cash$470,233 
Due to Seller350,000 
Other consideration17,791 
Cash from factoring411,975 
Stock$5,304,561 
Total consideration paid$6,554,560 
LSG  
Business Acquisition [Line Items]  
Schedule of Assets and Liabilities Acquired
The following represents the assets and liabilities acquired in this acquisition:
Receivable from seller$413,609 
Due from employee/travel advance5,000 
Miscellaneous license2,394 
Customer relationships785,000 
Non-compete agreements10,000 
Backlog489,000 
Goodwill1,471,000 
Net assets acquired$3,176,003 
The consideration paid for the acquisition of LSG was as follows:
Common stock (600,000 shares issued May. 4, 2022)
$2,280,000 
Holdback shares (25,000 shares due six months after the closing date)
95,000 
Cash250,000 
Due to seller (cash)551,003 
$3,176,003