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BUSINESS COMBINATION (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED | The following table summarizes the preliminary purchase price allocation to assets acquired and liabilities assumed (in thousands): SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED
|  |  |  |  | Weighted Average |
|  | Amount |  |  | Useful Life (in years) |
Purchase consideration: |  |  |  |  |  |  |  |
Cash paid at closing(1) |  | $ | 8,245 |  |  |  |  |
Cash in escrow(2) |  |  | 3,263 |  |  |  |  |
Holdback amount(3) |  |  | 2,928 |  |  |  |  |
Advances to Ibeo(4) |  |  | 7,120 |  |  |  |  |
Total purchase consideration |  | $ | 21,556 |  |  |  |  |
Inventory |  | $ | 1,197 |  |  |  |  |
Other current assets |  |  | 703 |  |  |  |  |
Operating lease right-of-use asset |  |  | 234 |  |  |  |  |
Property and equipment, net |  |  | 5,330 |  |  |  |  |
Intangible assets: |  |  |  |  |  |  |  |
Acquired technology |  |  | 17,987 |  |  |  | 13 |
Order backlog |  |  | 26 |  |  |  | 1 |
Contract liabilities |  |  | (1,178 | ) |  |  |  |
Operating lease liabilities |  |  | (234 | ) |  |  |  |
Deferred tax liabilities |  |  | (803 | ) |  |  |  |
Total identifiable net assets |  | $ | 23,262 |  |  |  |  |
Bargain purchase gain(5) |  |  | (1,706 | ) |  |  |  |
| (1) | Represents $7.6 million in cash paid at closing and $0.7 million in cash paid shortly after close.
| (2) | Recorded as restricted cash and accrued liability to Ibeo in our condensed consolidated balance sheet. Pursuant to the terms of the Asset Purchase Agreement, $3.3 million will be withheld from the Purchase Price and held in escrow for a maximum period of 13 months post-Closing as partial security for potential claims arising out of or in connection with the Asset Purchase Agreement.
| (3) | Recorded in accrued liability to Ibeo in our condensed consolidated balance sheet. Payment of this amount is pending review of holdback from the sellers.
| (4) | Represents $4.1 million and $3.0 million in cash advanced to Ibeo in December 2022 and January 2023, respectively.
| (5) | The bargain purchase gain represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase consideration and is included in bargain purchase gain in the Condensed Consolidated Statement of Operations. The bargain purchase gain was attributable to the negotiation process with Ibeo during its insolvency proceedings resulting in cash consideration paid being less than the fair value of the net assets.
SCHEDULE OF BUSINESS ACQUISITION, PRO FORMA INFORMATION | The following table summarizes the unaudited pro forma results (in thousands): SCHEDULE OF BUSINESS ACQUISITION, PRO FORMA INFORMATION
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total revenue |  | $ | 1,047 |  |  |  | 63 |  |  |  | 2,707 |  |  |  | 5,580 |
Net loss |  |  | (23,469 | ) |  |  | (34,874 | ) |  |  | (60,506 | ) |  |  | (91,963 | )

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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