Annual report pursuant to Section 13 and 15(d)

ACQUISITION OF SOLOFIRE (Tables)

v3.22.1
ACQUISITION OF SOLOFIRE (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
SCHEDULE OF FAIR VALUE OF ASSETS ASSUMED AND LIABILITIES ACQUIRED

 

      Dec 31,2021    
Cash   $ 229,000    
Accounts receivable     207,000    
Current liabilities     (241,000 )  
Long-term liabilities     (90,000 )  
Net tangible assets     105,000    
Intangible assets     1,418,000    
Goodwill     3,427,000    
Purchase price   $ 4,950,000    
SCHEDULE OF PRO FORMA STATEMENTS OF OPERATIONS

 

    2021     2020  
    Years Ended December 31,  
    2021     2020  
         

(Proforma,

unaudited)

  
SaaS recurring subscription revenue   $ 6,831,000     $ 6,077,000  
Other digital revenue     1,347,000       1,384,000  
Design, printing, fulfilment, and shipping     2,346,000       3,467,000  
Total revenue     10,524,000       10,928,000  
                 
Cost of revenue     4,504,000       4,980,000  
                 
Gross margin     6,020,000       5,948,000  
                 
Operating expenses     39,732,000       30,679,000  
                 
Other expense, net     (773,000 )     (218,000 )
                 
Loss before income tax provision     (34,485,000 )     (24,949,000 )
                 
Income tax provision     1,000       1,000  
                 
Net loss     (34,486,000 )     (24,950,000 )
                 
Deemed dividend to Series A preferred stockholders     (348,000 )     (3,951,000 )
                 
Net loss to common stockholders   $ (34,834,000 )   $ (28,901,000 )