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

ACQUISITIONS (Tables)

v3.25.1
ACQUISITIONS (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2024. The following pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2023.

 

   

Pro forma
year ended December 31,

2024

    Pro forma year ended December 31, 2023  
Revenue     67,887       262,991  
Net loss     16,274,815       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  
SCHEDULE OF FAIR VALUE OF THE ASSETS ACQUIRED

The purchase price was allocated based on the relative fair value of the assets acquired as follows:

 

Assets Acquired:   Fair Value  
S19J Pro Bitmain ASIC Miners   $ 102,812  
Natural Gas Power Plant     566,009  
Power Purchase Agreement     673,769  
Bitcoin Mining Facility and Infrastructure     171,116  
Fair value of assets acquired   $ 1,513,706