Quarterly report pursuant to Section 13 or 15(d)

Acquisition

v3.23.1
Acquisition
3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition

Note 3 – Acquisition

 

The Company acquired all the common stock of the HTS Group from Rennova on June 25, 2021, in exchange for Preferred Series A-1, B-1 and C-1 stock with a fair market value of $9,195,692. This acquisition has been accounted for as a reverse acquisition with the HTS Group being the accounting acquiror with the excess fair value of the purchase price over net asset fair value acquired treated as a reduction of additional paid in capital on the date of acquisition.

 

A summary of that purchase price is as follows:

 

      Dec 31, 2022       March 31, 2023  
Fair Value of Preferred Series A-1 Stock   $ 100       100  
Fair Value of Preferred Series B-1 Stock     9,086,396       9,086,396  
Fair Value of Preferred Series C-1 Stock     122,000       122,000  
Other     (12,804 )     (12,804 )
Total   $ 9,195,692       9,195,692