Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATION (Tables)

v3.22.1
BUSINESS COMBINATION (Tables)
3 Months Ended
Mar. 31, 2022
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following summarizes the purchase price allocation for the current and prior year acquisitions:

 

   

2021

Purchase

CTS

   

2021

Purchase

PSI

   

2022

Purchase

DTS

(Preliminary)

 
                         

Cash consideration

  $ -     $ 145,703     $ 500,000  

Note payable

    130,000       450,000       835,000  

Total purchase price

  $ 130,000     $ 595,703     $ 1,335,000  
                         
Customer list     130,000       695,641       1,335,000  

Total assets acquired

    130,000       695,641       1,335,000  
                         

Deferred revenue

    -       (99,938 )     -  

Contingent liability

    -       -       -  

Operating lease liability

    -       -       -  

Net assets acquired

  $ 130,000     $ 595,703     $ 1,335,000  

 

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma information does not purport to present what the Company’s actual results would have been had the acquisitions of CT-Solution, Inc. (“CTS”), acquired April 1, 2021, PeopleSense, Inc. (“PSI), acquired May 1, 2021, and DTS, acquired January 1, 2022. occurred on January 1, 2021, nor is the financial information indicative of the results of future operations. The following table represents the unaudited condensed consolidated pro forma results of operations for the three months ended March 31, 2022 and 2021 as if the acquisitions occurred on January 1, 2021. For the three months ended March 31, 2021, operating expenses have been increased for the amortization expense of expected definite lived intangible assets and interest on the notes payable.

 

Pro Forma

 

Three Months Ended

March 31, 2021

 

Net revenues

  $ 11,588,335  

Cost of revenues

    6,453,332  

Operating expenses

    4,509,952  

Income (loss) before taxes

    625,051  

Net income (loss)

    458,565  

Basic and diluted income (loss) per common share

  $ 0.10