Quarterly report pursuant to Section 13 or 15(d)

Aegis Contract and Related Asset Acquisition (Tables)

v3.23.2
Aegis Contract and Related Asset Acquisition (Tables)
6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
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  $ —