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3. ACQUISITION (Tables) | 12 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Total purchase consideration | The acquisition date fair value of consideration transferred consisted of the following:
Cash at closing (1) |  | $ | 353,000 |
Value of Forward's common stock (2) |  |  | 370,000 |
Fair value of contingent earnout consideration (3) |  |  | 90,000 |
|  | $ | 813,000 |
| (1) | Cash paid by Forward at closing.
| (2) | Forward issued 300,000 shares of its common stock valued at $1.23 per share, which represents the August 17, 2020 closing price of $1.37 per share, less an estimated 10% reduction in fair value related to restrictions that limit their marketability for a period of six months.
| (3) | Fair value of the contingent consideration is measured using the Black-Scholes option pricing method. Contingent consideration is to be paid in cash only upon Kablooe meeting certain earnings milestones over a five-year period.
Assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on the acquisition date:
Cash |  | $ | 31,000 |
Accounts receivable |  |  | 96,000 |
Customer relationships (8 yr life) |  |  | 340,000 |
Trademark (15 yr life) |  |  | 110,000 |
Property and equipment |  |  | 9,000 |
Other assets |  |  | 9,000 |
Total identifiable assets acquired |  |  | 595,000 |
Accounts payable |  |  | (22,000 | )
Accrued liabilities |  |  | (135,000 | )
Deferred revenue |  |  | (46,000 | )
Debt |  |  | (170,000 | )
Total liabilities assumed |  |  | (373,000 | )
Net identifiable assets acquired |  |  | 222,000 |
Goodwill |  |  | 591,000 |
Net assets acquired |  | $ | 813,000 |

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- Definition Tabular disclosure of acquisition of assets or a business through noncash (or part noncash) transactions. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Disclosure may include the equity interest acquired, value of assets acquired, value of liabilities acquired, net monetary assets acquired, number of shares, warrants or options issued as consideration for a business or asset acquired and other information necessary to a fair presentation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4313-108586 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4304-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4332-108586 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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