| Schedule of Assets Acquired and Liabilities Assumed |
The allocation of the purchase price was as follows:
|
|
|
|
|
|
|
|
|
| Property and equipment |
|
$ |
4,928 |
|
| Operating lease right-of-use asset |
|
651,197 |
|
| Intangible assets |
|
1,579,500 |
|
| Total assets acquired |
|
2,235,625 |
|
| Goodwill |
|
459,599 |
|
| Deferred revenue |
|
(123,976) |
|
| Operating lease liability - current portion |
|
(49,303) |
|
| Operating lease liability - net of current portion |
|
(626,362) |
|
| Net purchase consideration |
|
$ |
1,895,583 |
|
The allocation of the purchase price for the six North Carolina clinics on April 1, 2021, was as follows:
|
|
|
|
|
|
|
|
|
| Property and equipment |
|
$ |
524,046 |
|
| Operating lease right-of-use asset |
|
865,813 |
|
| Intangible assets |
|
2,187,472 |
|
| Total assets acquired |
|
3,577,331 |
|
| Deferred revenue |
|
(244,998) |
|
| Operating lease liability - current portion |
|
(185,181) |
|
| Operating lease liability - net of current portion |
|
(637,565) |
|
| Net purchase consideration |
|
$ |
2,509,587 |
|
|
|
|
|
|
|
|
|
|
| Property and equipment |
|
$ |
252,631 |
|
| Operating lease right-of-use asset |
|
1,341,482 |
|
| Intangible assets |
|
1,092,341 |
|
| Total assets acquired |
|
2,686,454 |
|
| Deferred revenue |
|
(144,383) |
|
| Operating lease liability - current portion |
|
(135,784) |
|
| Operating lease liability - net of current portion |
|
(1,180,861) |
|
| Net purchase consideration |
|
$ |
1,225,426 |
|
|
| Schedule of Unaudited Pro Forma Information |
The following table summarizes selected unaudited pro forma consolidated income statements for the years ended December 31, 2021 and 2020, for all 2021 acquisitions, as if both the AZ Clinics Purchase (which has been accounted for as a business combination) and the NC Clinics Purchase (which has been accounted for as an asset purchase) in 2021 had been completed on January 1, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
| Revenues, net |
|
$ |
81,916,577 |
|
|
$ |
59,685,319 |
|
| Net income |
|
6,481,836 |
|
12,965,799 |
The Company’s consolidated income statements for the year ended December 31, 2021 include net revenue and net income of the acquired clinics in Arizona and North Carolina as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
| Revenues, net |
|
$ |
3,175,914 |
|
| Net income |
|
736,714 |
|