Annual report pursuant to Section 13 and 15(d)

Aegis Contract and Related Asset Acquisition (Tables)

v3.24.1
Aegis Contract and Related Asset Acquisition (Tables)
 12 Months Ended
Dec. 31, 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 due to Aegis 91,048 
Contingent consideration 1,256,656 
Total fair value of consideration transferred 1,817,704 
Identifiable assets acquired and liabilities assumed:
Assets acquired
Property, plant and equipment 170,000 
Inventory 391,048 
Identifiable intangible asset - customer contracts 1,772,659 
2,333,707 
Acquired contract-related liabilities assumed
Deferred maintenance reserve (853,271)
Net identifiable assets acquired 1,480,436 
Excess of cost over fair value of net assets acquired (Goodwill) $ 337,268 
The following table summarizes the contract-related liabilities assumed as of December 31, 2023:
December 31, 2023
Acquisition liabilities, current
Contingent consideration $ 200,639 
Deferred maintenance reserve 644,724 
845,363 
Acquisition liabilities, long-term
Contingent consideration 994,743 
Deferred maintenance reserve 187,036 
$ 1,181,779