| Asset Acquisition |
The following table summarizes the consideration paid for the Aegis acquisition and the fair value of assets acquired and contract-related liabilities assumed as the acquisition date:
|
|
|
|
|
|
| Consideration Paid: |
|
| Cash |
$ |
170,000 |
|
| Accounts receivable credit issued |
300,000 |
|
| Account payable |
111,178 |
|
| Contingent consideration |
1,442,462 |
|
| Total fair value of consideration transferred |
2,023,639 |
|
|
|
| Identifiable assets acquired and liabilities assumed: |
|
| Assets acquired |
|
| Property, plant and equipment |
170,000 |
|
| Inventory |
411,178 |
|
| Identifiable intangible asset - customer contracts |
1,591,327 |
|
|
2,172,505 |
|
| Acquired contract-related liabilities assumed |
|
| Deferred maintenance reserve |
(871,856) |
|
|
(871,856) |
|
| Net identifiable assets acquired |
1,300,649 |
|
| Excess of cost over fair value of net assets acquired (Goodwill) |
$ |
722,991 |
|
The following table summarizes the contract-related liabilities assumed as of:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
| Acquisition liabilities, current |
|
|
|
| Contingent consideration |
$ |
164,357 |
|
|
$ |
— |
|
| Deferred maintenance reserve |
484,884 |
|
|
— |
|
|
649,241 |
|
|
— |
|
| Acquisition liabilities, long-term |
|
|
|
| Contingent consideration |
1,278,105 |
|
|
— |
|
| Deferred maintenance reserve |
365,462 |
|
|
— |
|
|
$ |
1,643,567 |
|
|
$ |
— |
|
|