XML 45 R28.htm IDEA: XBRL DOCUMENT v3.22.0.1
ACQUISITIONS (Tables)
12 Months Ended
Dec. 31, 2021
Chelsea Acquisition [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA INFORMATION

 

   Pro Forma 
   (Unaudited) 
   For the Year Ended 
   December 31, 
   2020 
Revenues  $4,723,815 
Restaurant operating expenses   5,440,040 
Total cost and expenses   14,650,196 
Loss from Operations   (9,926,382)
Philadelphia Acquisition [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA INFORMATION

 

   Pro Forma 
   (Unaudited) 
   For the Year Ended 
   December 31, 
   2020 
Revenues  $4,877,003 
Restaurant operating expenses   5,548,238 
Total cost and expenses   14,758,430 
Loss from Operations   (9,881,427)
Superfit Foods LLC [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA INFORMATION

 

   2021   2020 
   Pro Forma 
   (Unaudited) 
   For the Year Ended 
   December 31, 
   2021   2020 
Revenues  $10,857,136   $5,335,297 
Restaurant operating expenses   9,663,874    9,981,409 
Total cost and expenses   20,277,080    15,203,204 
Loss from Operations   (9,419,944)   (9,867,907)
SCHEDULE OF ASSETS ACQUIRED IN BUSINESS COMBINATIONS

The Company acquired the following assets as part of the purchase agreement, adjusted for purchase accounting adjustments to reflect our estimate of the fair value of the net assets acquired during the year ended December 31, 2021:

 

Furniture and equipment  $82,000 
Vehicles   55,000 
Tradename   45,000 
Customer list   140,000 
Domain name   125,000 
Proprietary Recipes   160,000 
Non-compete agreement   260,000 
Goodwill   258,000 
Total assets acquired  $1,125,000 
Pokemoto Acquisition [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA INFORMATION

 

   2021   2020 
   Pro Forma 
   (Unaudited) 
   For the Years Ended 
   December 31, 
   2021   2020 
Revenues  $11,646,468   $8,126,925 
Restaurant operating expenses   10,074,110    7,883,343 
Total cost and expenses   20,959,940    17,676,026 
Loss from Operations   (9,313,472)   (9,549,101)
SCHEDULE OF ASSETS ACQUIRED IN BUSINESS COMBINATIONS

The Company acquired the following assets as part of the purchase agreement, adjusted for purchase accounting adjustments to reflect our estimate of the fair value of the net assets acquired during the year ended December 31, 2021:

 

Purchase Price  $5,980,000 
      
Assets     
Cash  $1,184,610 
Accounts Receivables   - 
Inventory   19,500 
Property and Equipment   297,529 
Intangible assets, net   4,560,000 
Operating lease right-of-use assets, net   719,941 
Security deposits and other assets   35,580 
   $6,817,160 
Liabilities     
Accounts payable and accrued expenses  $296,224 
Other notes payable   1,462,453 
Deferred revenue   125,624 
Operating lease liability   751,258 
   $2,635,559 
      
Fair value of identifiable net assets acquired   4,181,601 
      
Goodwill  $1,798,399 
SCHEDULE OF INCREASE DECREASE IN GOODWILL

 

   Increase (Decrease) in Goodwill 
Assets     
Accounts Receivables  $(60,208)
Assets  $(60,208)
Liabilities     
Accounts payable and accrued expenses  $13,767 
Deferred revenue   2,208 
 Liabilities  $15,975 
      
Total increase in Goodwill  $76,183 
SCHEDULE OF IDENTIFIABLE INTANGIBLE ASSETS

Identifiable intangible assets acquired include the following:

 

   Fair Value   Weighted average amortization period 
         
Tradename  $175,000    5.00 
Franchise License   2,775,000    10.00 
Proprietary Recipes   1,130,000    7.00 
Non-Compete   480,000    2.00 
   $4,560,000    8.22