Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Acquisition (Tables)

v3.19.1
Goodwill and Acquisition (Tables)
3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Summary of Consideration Paid and Amounts of Identified Assets Acquired and Liabilities Assumed

The following table summarizes the approximate consideration paid and the amounts of the identified assets acquired and liabilities assumed at the acquisition date:

 

 

 

January 16, 2019

 

 

Total purchase price

 

$

5,089,400

 

 

 

 

 

 

 

 

Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:

 

 

 

 

 

Cash

 

 

51,300

 

 

Prepaid and other current assets

 

 

5,200

 

 

Profit on purchased policies

 

 

14,600

 

 

Property, plant and equipment

 

 

17,100

 

 

Accounts payable

 

 

(5,100

)

 

Accrued expenses and other liabilities

 

 

(62,686

)

 

Income taxes

 

 

(28,500

)

 

Deferred revenue

 

 

(9,300

)

 

Debt

 

 

(703,000

)

 

Preliminary estimate of the fair value of assets and liabilities assumed

 

 

(720,386

)

 

 

 

 

 

 

 

Goodwill

 

$

5,809,786

 

 

Summary of Results of Operations for IIU

Results of Operations for IIU for the three months ended March 31, 2019 and 2018:

 

 

 

March 31, 2019

(Unaudited)

 

March 31, 2018 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net commission revenue

 

$

113,336

 

$

140,360

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

Staff costs & payroll

 

 

29,843

 

 

84,016

 

 

Professional fees

 

 

23,015

 

 

11,603

 

 

Selling, general and administrative

 

 

28,074

 

 

40,993

 

 

Depreciation and amortization

 

 

1,255

 

 

495

 

 

Other

 

 

5,959

 

 

3,338

 

 

Operating expense

 

 

88,146

 

 

140,445

 

 

Interest expense

 

 

(6,755

)

 

-

 

 

Investment loss

 

 

-

 

 

(77,667

)

 

Income tax benefit

 

 

14,226

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

32,661

 

$

(77,752

)