ACQUISITION OF EMPIRE (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

SCHEDULE OF BUSINESS ACQUISITION

The fair value of the assets acquired and liabilities assumed are based on a valuation report prepared by an independent specialist in conjunction with the Company’s fiscal year 2021 audit on October 1, 2021 and on subsequent measurement adjustments as of December 31, 2021. Based upon the purchase price allocation, the following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:

Assets acquired:
Cash	$	141,027
Deposits		1,150
Notes receivable – related party		1,515,778
Property and equipment, net		3,224,337
Right of use and other assets		3,585,961
Licenses		21,274,000
Intellectual Property		3,036,000
Customer Base		2,239,000
Goodwill		2,499,753
Total assets acquired at fair value		37,517,006
Liabilities assumed:
Accounts payable		845,349
Advances and environmental remediation liabilities		4,143,816
Note payable		5,684,662
Other liabilities		3,729,219
Total liabilities assumed		14,403,046
Net assets acquired		23,114,000
Purchase consideration paid:
Common stock		18,414,000
Promissory Note		3,700,000
Promissory Note		1,000,000
Total purchase consideration paid	$	23,114,000

SCHEDULE OF BUSINESS ACQUISITION PRO FORMA

The following unaudited pro forma condensed consolidated results of operations have been prepared as if the acquisition of Empire had occurred as of the beginning of the following period:

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Net Revenues	$	6,877,441	$	12,822,927
Net Income (Loss) Available to Common Shareholders	$	24,972,274	$	(21,308,629	)
Net Basic Earnings (Loss) per Share	$	5.33	$	(4.55	)
Net Diluted Earnings (Loss) per Share	$	4.40	$	(4.55	)