| Schedule of Recognized Identified 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 |
|
459,597 |
|
| Deferred revenue |
|
(123,974) |
|
| 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 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 |
|
|
| Schedule of Business Acquisition, Pro Forma Information |
The following table summarizes selected unaudited pro forma condensed consolidated income statements for the three and nine months ended September 30, 2021 and 2020 as if both the AZ Clinics Purchase and the NC Clinics Purchase in 2021 had been completed on January 1, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2020 |
|
2021 |
|
2020 |
| Revenues, net |
|
$ |
16,241,551 |
|
|
$ |
59,369,874 |
|
|
$ |
43,972,250 |
|
| Net income |
|
1,599,294 |
|
|
6,605,749 |
|
|
2,437,978 |
|
The Company’s condensed consolidated income statements for the three and nine months ended September 30, 2021 include net revenue and net income of the acquired clinics in Arizona and North Carolina as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2021 |
|
2021 |
| Revenues, net |
|
$ |
938,103 |
|
|
$ |
1,944,837 |
|
| Net income |
|
$ |
163,546 |
|
|
$ |
477,263 |
|
|