Annual report pursuant to Section 13 and 15(d)

The Business (Tables)

v3.21.2
The Business (Tables)
 12 Months Ended
Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Values of purchase consideration, assets acquired, and liabilities assumed from reverse-merger and merger

 

  C. Merger Agreement with Rotor Riot, LLC

 

  I. Purchase Price

 

Shares issued   $ 1,820,114  
Promissory note issued   $ 175,000  
Total Purchase Price   $ 1,995,114  

 

  II. Purchase Price Allocation

 

Assets Acquired    
Cash   $ 21,623  
Accounts receivable     28,500  
Other assets     3,853  
Inventory     127,411  
Trademark     20,000  
Brand name     578,000  
Customer relationships     39,000  
Goodwill     1,756,023  
Total assets acquired   $ 2,574,410  
         
Liabilities Assumed        
Accounts payable and accrued expenses   $ 171,651  
Notes payable     209,799  
Due to related party     197,846  
Total liabilities assumed     579,296  
Net assets acquired   $ 1,995,114  

 

  D. Fat Shark Acquisition

 

  I. Purchase Price

 

Shares issued   $ 6,351,076  
Promissory note issued     1,753,000  
Cash     250,000  
Total Purchase Price   $ 8,354,076  

 

  II. Purchase Price Allocation

 

Assets Acquired    
Cash   $ 201,632  
Accounts receivable     249,159  
Other assets     384,232  
Inventory     223,380  
Brand name     1,144,000  
Proprietary technology     272,000  
Non-compete agreement     16,000  
Goodwill     6,168,260  
Total assets acquired   $ 8,658,663  
         
Liabilities Assumed        
Accounts payable and accrued expenses   $ 279,393  
Customer deposits     25,194  
Total liabilities assumed     304,587  
Net assets acquired   $ 8,354,076