Quarterly report pursuant to Section 13 or 15(d)

Goodwill

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Goodwill
 9 Months Ended
Sep. 30, 2022
Goodwill [Abstract]  
Goodwill

Note 10 – Goodwill

 

The Company obtained the goodwill from various merge and acquisition events described in Note 1.

 

On September 4, 2022, the Company acquired 100% of the ownership of MEPA Labs Inc. (MEPA) with total consideration of $100,000. The fair value of MEPA at acquisition date was $-2,985,703. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was $3,085,703, which is recorded as goodwill.

 

As of September 30, 2022 and December 31, 2021, the goodwill were as follows:

 

    September 30,
2022		     December 31,
2021		  
    (Unaudited)        
Gross amount   $ 4,561,037     $ 1,475,334  
Accumulated impairment    
-
      
-
  
Net   $ 4,561,037     $ 1,457,334  

 

No impairment loss on goodwill were recognized for the nine-month period ended September 30, 2022 and for the year ended December 31, 2021.

 

Cash payment for the acquisition of subsidiary for the nine months ended September 30, 2022 and 2021 is as follows:

 

    Nine Months Ended
September 30,		  
    2022     2021  
    (Unaudited)     (Unaudited)  
             
Cash   $ 482,247     $
                -
  
Loan receivable     500,000      
-
  
Prepaid expenses and other current assets     252,792      
-
Property and equipment     218,042      
-
  
Deposits     5400      
-
  
Goodwill     3,085,703      
-
  
Accounts payable     11,075      
-
  
Loan payable     (4,324,000 )    
-
  
Other payable     (131,259 )    
    -
  
Total Cash paid for the acquisition of the subsidiary   $ 100,000     $
-