| Asset Acquisition |
The following table summarizes the consideration paid for the Aegis acquisitions and the fair value of assets acquired and contract-related liabilities assumed as of the respective acquisition date for each acquisition date along with the combined accounting result:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 1, 2023 |
|
February 1, 2024 |
|
Total |
| Consideration Paid: |
|
|
|
|
|
| Cash |
$ |
170,000 |
|
|
$ |
— |
|
|
$ |
170,000 |
|
| Accounts receivable credit issued |
300,000 |
|
|
— |
|
|
300,000 |
|
| Account payable due to Aegis |
91,048 |
|
|
— |
|
|
91,048 |
|
| Contingent consideration |
1,256,656 |
|
|
92,409 |
|
|
1,349,065 |
|
| Total fair value of consideration transferred |
1,817,704 |
|
|
92,409 |
|
|
1,910,113 |
|
| Identifiable assets acquired and liabilities assumed: |
|
|
|
|
|
| Assets acquired |
|
|
|
|
|
| Property, plant and equipment |
170,000 |
|
|
— |
|
|
170,000 |
|
| Inventory |
391,048 |
|
|
— |
|
|
391,048 |
|
| Identifiable intangible asset - customer contracts |
1,772,659 |
|
|
189,639 |
|
|
1,962,298 |
|
|
2,333,707 |
|
|
189,639 |
|
|
2,523,346 |
|
| Acquired contract-related liabilities assumed |
|
|
|
|
|
| Deferred maintenance reserve |
(853,271) |
|
|
— |
|
|
(853,271) |
|
|
|
|
|
|
|
| Net identifiable assets acquired |
1,480,436 |
|
|
189,639 |
|
|
1,670,075 |
|
| Excess of cost over fair value of net assets acquired (Goodwill) |
$ |
337,268 |
|
|
$ |
(97,230) |
|
|
$ |
240,038 |
|
The following table summarizes the contract-related liabilities assumed as of March 31, 2024 and December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
December 31, 2023 |
| Acquisition liabilities, current |
|
|
|
|
| Contingent consideration |
|
$ |
237,928 |
|
|
$ |
200,639 |
|
| Deferred maintenance reserve |
|
691,483 |
|
|
644,724 |
|
|
|
929,411 |
|
|
845,363 |
|
| Acquisition liabilities, long-term |
|
|
|
|
| Contingent consideration |
|
1,016,558 |
|
|
994,743 |
|
| Deferred maintenance reserve |
|
140,277 |
|
|
187,036 |
|
|
|
$ |
1,156,835 |
|
|
$ |
1,181,779 |
|
|