Note 18. Subsequent Events

On March 1, 2021, the Company, through its wholly owned subsidiary IntelliAgent, LLC, acquired substantially all of the assets of the Naberly Solutions (“Naberly”) business for cash consideration of $2,665,000. The $165,000 due from Naberly to the Company as of December 31, 2020 was netted against the Company's purchase price payment made to Naberly at the acquisition closing. See Note 7 – Loan Receivable.

We believe the acquisition will help to expand and further develop our proprietary intelliAgent platform and improve operational effciency. Determination of the final fair value and purchase price allocation have not been completed as of the financial statement filing date. The Company has not presented unaudited pro forma combined results of operations as if Naberly was acquired as of the beginning of fiscal year 2019 because it it impracticable to do so. However, once the valuation and purchase price allocation are completed, the impact of such valuations might be material.