BUSINESS ACQUISITIONS

6 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

BUSINESS ACQUISITIONS

NOTE 7 – BUSINESS ACQUISITIONS

Club Fitness, LLC

On April 1, 2021, the Company entered into an agreement for the acquisition of 100% of the equity interest in Club Fitness LLC. The purchase price was $125,000 in cash. The acquisition closed in April 2021. 

Consideration
Cash	$	125,000
Fair values of identifiable net assets:
Property & equipment:
Gym equipment	$	76,689
Intangible assets:
Customer relationships		46,311
Total fair value of identifiable net assets	$	125,000

The Company analyzed the acquisition under applicable guidance and determined that the acquisition should be accounted for as a business combination. The fair value of the net identifiable assets consisted of gym equipment of $76,689. The Company assigned a fair value of $46,311 in intangible assets – customer relationships. The intangible assets – customer relationships are being amortized over their estimated life, currently expected to be three years.