BUSINESS ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Purchase Price:
Cash	$	760,293
Fair market value of common stock issued (1,375,000 shares)		7,122,500
Total Purchase Price		7,882,793
Assets Acquired:
Accounts receivable		233,241
Inventory		211,105
Prepaid expenses		285,490
Machinery and equipment		168,721
Customer relationships		539,000
Trade names		1,156,000
Technology and know how		3,468,000
Total Assets Acquired:		6,061,557
Liabilities Assumed:
Accounts payable		(415,341	)
Deferred revenue		(491,702	)
Total Liabilities Assumed		(907,043	)
Net Assets Acquired		5,154,514
Excess Purchase Price "Goodwill"	$	2,728,279

The excess purchase price has been recorded as goodwill in the amount of $2,728,279. The estimated useful life of the identifiable intangible assets (see note 5) is seven to ten years. The goodwill is amortizable for tax purposes.

On September 28, 2021, SteriLumen, Inc. completed an Asset Purchase Agreement with the combined entities consisting of JJS Technologies, LLC (“JJS”), a Georgia limited liability company, and KES Science & Technology, Inc. (“KES”), a Georgia corporation.

The preliminary purchase price and related purchase price allocation (which are still in process and subject to change) are as follows:

Purchase Price:
Cash	$	4,299,900
Fair market value of common stock issued (300,000 shares)		1,959,000
Total Purchase Price		6,258,900
Assets Acquired:
Accounts receivable		527,120
Inventory		602,746
Prepaid expenses		10,995
Machinery and equipment		52,326
Trade names		914,000
Technology and know how		3,656,000
Total Assets Acquired:		5,763,187
Liabilities Assumed:
Accounts payable		(447,615	)
Total Liabilities Assumed		(447,615	)
Net Assets Acquired		5,315,572
Excess Purchase Price "Goodwill"	$	943,328