Annual report pursuant to Section 13 and 15(d)

Acquisition of Mobile Tint LLC (Tables)

v3.23.1
Acquisition of Mobile Tint LLC (Tables)
12 Months Ended
Dec. 31, 2022
Acquisition of Mobile Tint LLC [Abstract]  
Schedule of fair value of the assets acquired and liabilities assumed
    Total  
Assets acquired:      
Cash   $ 288,901  
Accounts receivable, net     59,726  
Inventory     68,019  
Prepaid expenses and other     6,091  
Contract assets     32,699  
Property and equipment     140,211  
Right of use asset     253,433  
Intangible assets     352,516  
Goodwill     350,491  
Total assets acquired at fair value     1,552,087  
Less: total liabilities assumed:        
Notes payable     95,013  
Accounts payable     65,728  
Accrued expenses     159,262  
Customer deposit     110,000  
Lease liability     253,433  
Noncontrolling interest     173,730  
Total liabilities assumed     857,166  
Net assets acquired   $ 694,921  
Purchase consideration paid:        
Fair value of common shares issued   $ 694,921  
Total purchase consideration paid   $ 694,921  

 

Schedule of unaudited pro forma consolidated results of operations
    For the Year Ended
December 31,
2021
 
Net Revenues   $ 2,168,863  
Net Loss   $ (7,128,027 )
Net Loss per Share   $ (0.03 )