Quarterly report pursuant to Section 13 or 15(d)

3. Acquisition of ChizComm Entities (Tables)

v3.21.1
3. Acquisition of ChizComm Entities (Tables)
 3 Months Ended
Mar. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Total purchase consideration

The following table summarizes the fair value of the purchase price consideration paid to acquire ChizComm:

 

    Amount  
Cash consideration at closing   $ 8,500,000  
Equity consideration at closing     3,527,027  
Fair value of Earn-Out shares     7,210,000  
Total   $ 19,237,027  
Assets acquired and liabilities assumed

The preliminary purchase price allocation was based upon an estimate of the fair value of the assets acquired and the liabilities assumed by the Company in connection with the acquisition of ChizComm, as follows:

 

Cash   $ 711,123  
Accounts Receivable     6,150,919  
Prepaids Expenses     56,594  
Lease Deposits     12,390  
Fixed assets     147,689  
Trade Name     3,430,000  
Customer Relationships     6,140,000  
Non-Compete Agreements     60,000  
Goodwill     9,607,027  
Accounts Payable and Accrued Expenses     (7,006,350 )
Payroll Tax Liability     (72,365 )
         
Total Consideration   $ 19,237,027  

 
Supplemental Pro Forma Information

Supplemental proforma information as follows:

 

    Three Months Ended  
    March 31, 2021     March 31, 2020  
Total Revenues     2,416,563       5,669,748  
                 
Net Loss Applicable to Common Shareholders     (76,885,359 )     (7,681,019 )
                 
Net Loss per Common Share (Basic and Diluted)   $ (0.27 )   $ (0.30 )
Weighted Average Shares Outstanding (Basic and Diluted)     287,217,911       25,466,121