Acquisition of subsidiaries (Details) |
Dec. 31, 2021
USD ($)
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Consideration | |
Cash | $ 50,000 |
100,000,000 shares of common stock at fair market value | 410,000 |
Total purchase consideration | 460,000 |
Recognized amounts of identifiable assets acquired and liabilities assumed | |
Cash | 60,324 |
Other Current assets | 198,133 |
Property, plant and equipment | 130,234 |
Right of use asset | 1,772,560 |
Intangibles | 1,789,903 |
Total assets | 3,951,154 |
Less: liabilities assumed | |
Current liabilities assumed | (50,040) |
Advances | (1,140,985) |
Operating lease liabilities assumed | (1,836,151) |
Imputed Deferred taxation on identifiable intangible acquired | (310,645) |
Total liabilities | (3,337,821) |
Net identifiable assets acquired and liabilities assumed | 613,333 |
Fair value of non-controlling interest | (153,333) |
Total | $ 460,000 |
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- Definition This element represents the fair value of the noncontrolling interest in the acquiree at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of assets acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions, acquired at the acquisition date. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of other assets expected to be realized or consumed before one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities due within one year or within the normal operating cycle, if longer, assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount recognized as of the acquisition date for the identifiable assets acquired in excess of (less than) the aggregate liabilities assumed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of property, plant, and equipment recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount recognized as of the acquisition date for the assets, including goodwill, in excess of (less than) the aggregate liabilities assumed, less the noncontrolling interest in the acquiree. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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