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ACQUISITION (Tables) | 6 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisition | The estimated fair value of the purchase price consideration consisted of the following:
($ in thousands) |
Closing cash consideration | $ | 36,854 |
Stock Consideration | 3,942 |
Fair value of total consideration transferred | $ | 40,796 |
The following table summarizes the preliminary fair value assigned to the assets acquired and liabilities assumed at the acquisition date of December 1, 2022.
($ in thousands) | Amount
Cash and cash equivalents | $ | 941 |
Accounts receivable | 2,415 |
Inventories | 1,865 |
Intangible assets | 13,222 |
Other assets | 472 |
Total identifiable assets acquired | 18,915 |
Accounts payable | (1,721) |
Tax liabilities | (1,983) |
Total liabilities assumed | (3,704) |
Total identifiable net assets | 15,211 |
Goodwill | 25,585 |
Fair value of total consideration transferred | $ | 40,796 |
The following table summarizes the total consideration paid for Yoke, total net assets acquired, identifiable assets and goodwill recognized at the acquisition date:
($ in thousands) | Amount
Consideration |
Cash | $ | 2,966 |
Contingent consideration arrangement | $ | 1,000 |
Fair value of total consideration transferred | $ | 3,966 |
Recognized amounts of identifiable assets |
Total net assets acquired | $ | 21 |
Identifiable intangible assets | $ | 1,235 |
Total identifiable net assets | $ | 1,256 |
Goodwill | $ | 2,710 |
Schedule of Pro Forma Operations Results |
|  | Three months ended December 31, |  | Six months ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  | $ | 64,614 |  |  | $ | 54,856 |  |  | $ | 127,450 |  |  | $ | 104,665 |
Net income (loss) |  | 1,357 |  |  | (1,393) |  |  | (7,640) |  |  | (5,526) |
The supplemental pro forma earnings for the three and six months ended December 31, 2022 were adjusted to exclude $2.8 million of acquisition related costs. The supplemental pro forma earnings for the six months ended December 31, 2021 were adjusted to include $2.8 million of acquisition related costs, the components of which were previously described.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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