Acquisition and Pro Forma Financial Information (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The table below summarizes preliminary estimated fair value of the assets acquired and the liabilities assumed at the effective acquisition date.

Consideration
Series B, preferred stock issued on February 28, 2022 (1,000,000 shares) (1)	$	700,000
Fair value of consideration transferred		700,000
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash		223,457
Accounts receivable		669,580
Inventory		208,431
Property and equipment		82,553
Operating lease - right-of-use asset		345,229
Total assets acquired		1,529,250
Accounts payable and accrued expenses		268,553
Contract liabilities (deferred revenue)		671,217
Loan payable - related party		321,705
Note payable - government – SBA		150,000
Notes payable		516,234
Operating lease liability		345,229
Total liabilities assumed		2,272,938
Total net liabilities assumed		(743,688	)
Goodwill in purchase of Smart Solution Technologies, Inc.	$	1,443,688

(1) Fair value of common stock was determined based upon the quoted closing trading price on date of issuance on as-converted basis to common stock.

Schedule of Business Acquisition Proforma Information

This proforma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the transactions been consummated as of that time:

	Year Ended
	December 31, 2021
Revenues	$	4,351,409
Net loss	$	(12,263,881	)
Loss per share – basic	$	(0.00	)
Loss per share – diluted	$	(0.00	)
Weighted average number of shares – basic		16,511,004,083
Weighted average number of shares – diluted		16,511,004,083

Schedule of Acquisition of Intangible Asset

The table below summarizes preliminary estimated fair value of the assets acquired at the effective acquisition date.

	EIC		iLED
Consideration
Series B, preferred stock (125,000 shares)	$	1,250,000	$	-
Series B, preferred stock (250,000 shares)		-		3,300,000
Warrants (50,000,000)		229,121		-
Fair value of consideration transferred	$	1,479,121	$	3,300,000
Recognized amounts of identifiable assets acquired:
Website		259,000		261,600
Tradename		505,600		2,157,800
Software		401,000		-
Total assets acquired		1,165,600		2,419,400
Goodwill	$	313,521	$	880,600

Schedule of Business Acquisition Proforma Related to Supplement Information

This proforma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the transactions been consummated as of that time:

	Year Ended
	December 31, 2021
Revenues	$	890,075
Net loss	$	(8,501,417	)