Annual report [Section 13 and 15(d), not S-K Item 405]

Aegis Contract and Related Asset Acquisition (Tables)

v3.25.1
Aegis Contract and Related Asset Acquisition (Tables)
12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 of the acquisition date:
Acquisitions
April 1, 2023 February 1, 2024 May 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  101,641  171,260  1,529,557 
Total fair value of consideration transferred 1,817,704  101,641  171,260  2,090,605 
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  184,587  267,877  2,225,123 
2,333,707  184,587  267,877  2,786,171 
Acquired contract-related liabilities assumed
Deferred maintenance reserve (853,271) —  —  (853,271)
Net identifiable assets acquired 1,480,436  184,587  267,877  1,932,900 
Excess of cost over fair value of net assets acquired (Goodwill) $ 337,268  $ (82,946) $ (96,617) $ 157,705 
The following table summarizes the contract-related liabilities assumed as of December 31, 2024:
December 31, 2024 December 31, 2023
Acquisition liabilities, current
Contingent consideration $ 328,350  $ 200,639 
Deferred maintenance reserve 574,202  644,724 
902,552  845,363 
Acquisition liabilities, long-term
Contingent consideration 1,008,760  994,743 
Deferred maintenance reserve —  187,036 
$ 1,008,760  $ 1,181,779