Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATION (Tables)

v3.24.3
BUSINESS COMBINATION (Tables)
9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
SCHEDULE OF UNAUDITED PRO FORMA INFORMATION

The acquired business did not contribute revenues or earnings to the Company for the period from August 16, 2024 to September 30, 2024. The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2023.

 

    Pro forma
nine months ended September 30, 2024
    Pro forma year ended December 31, 2023  
Revenue     41,315       262,991  
Net loss     13,407,164       11,740,635  
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the consideration transferred to acquire RCS and the amounts of identified assets acquired and liabilities assumed at the acquisition date.

 

         
Note payable forgiven     202,093  
Convertible debentures repaid on behalf of RCS     153,986  
Common shares     295,000  
Contingent consideration     79,000  
Previously invested equity     118,850  
Purchase price   $ 848,929  

 

 

    August 16, 2024  
Purchase price    

848,929

 
         

Assets acquired

       
In-process research and development     300,000  
Trademark     10,000  
Brand logo     10,000  
Web domain     10,000  
Customer list     138,000  
Device firmware and software     50,000  
Blueprints     20,000  
Fair value of identified net assets acquired     538,000  
Goodwill acquired on acquisition   $ 310,929