Quarterly report pursuant to Section 13 or 15(d)

Aegis Contract and Related Asset Acquisition (Tables)

Aegis Contract and Related Asset Acquisition (Tables)
9 Months Ended
Sep. 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 91,048 
Contingent consideration 1,442,462 
Total fair value of consideration transferred 2,003,510 
Identifiable assets acquired and liabilities assumed:
Assets acquired
Property, plant and equipment 170,000 
Inventory 391,048 
Identifiable intangible asset - customer contracts 1,591,327 
Acquired contract-related liabilities assumed
Deferred maintenance reserve (871,856)
Net identifiable assets acquired 1,280,519 
Excess of cost over fair value of net assets acquired (Goodwill) $ 722,991 
The following table summarizes the contract-related liabilities assumed as of September 30, 2023:

September 30, 2023
Acquisition liabilities, current
Contingent consideration $ 205,246 
Deferred maintenance reserve 570,745 
Acquisition liabilities, long-term
Contingent consideration 1,206,077 
Deferred maintenance reserve 279,600 
$ 1,485,677