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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2020
Summary of Pro Forma Financial Information | Pro Forma Financial Information (Unaudited) The supplemental condensed consolidated results of the Company on an unaudited pro forma basis give effect to the TriSource, APS and Ventanex acquisitions as if the transactions had occurred on January 1, 2019. The unaudited pro forma information reflects adjustments for the issuance of the Company’s common stock, debt incurred in connection with the transactions, the impact of the fair value of intangible assets acquired and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. In addition, the pro forma earnings exclude acquisition-related costs.
|  | Pro Forma Three Months Ended June 30, 2020 |  |  | Pro Forma Six Months Ended June 30, 2020 |  |  | Pro Forma Three Months Ended June 30, 2019 |  |  | Pro Forma Six Months Ended June 30, 2019 |
Revenue |  | $ | 36,500,525 |  |  | $ | 78,256,837 |  |  | $ | 29,582,615 |  |  | $ | 63,916,655 |
Net loss |  |  | (16,486,773 | ) |  |  | (21,071,965 | ) |  |  | (7,140,070 | ) |  |  | (15,068,420 | )
Net loss attributable to non-controlling interests |  |  | (3,885,984 | ) |  |  | (6,084,209 | ) |  |  | (3,528,354 | ) |  |  | (6,148,671 | )
Net loss attributable to the Company |  |  | (12,600,789 | ) |  |  | (14,987,756 | ) |  |  | (3,611,716 | ) |  |  | (8,919,749 | )
Loss per Class A share - basic and diluted |  | $ | (0.30 | ) |  | $ | (0.38 | ) |  | $ | (0.09 | ) |  | $ | (0.22 | )
APS Payments |
Summary of Preliminary Purchase Consideration | The following summarizes the preliminary purchase consideration paid to the selling members of APS:
Cash consideration |  | $ | 30,465,454 |
Contingent consideration (1) |  |  | 18,580,549 |
Total purchase price |  | $ | 49,046,003 |
(1) | Reflects the fair value of APS Earnout, to be paid to the selling members of APS, pursuant to the asset purchase agreement between APS and Repay Holdings, LLC (“APS Purchase Agreement”). The selling members of APS will have the contingent earnout right to receive a payment of up to $30.0 million in three separate payments, dependent on the achievement of certain growth targets, as defined in the APS Purchase Agreement, for the period commencing on October 12, 2019 and ending on December 31, 2020. On April 6, 2020, the Company paid the first APS Earnout payment of $14.3 million. As of June 30, 2020, the remaining APS Earnout was adjusted to $5.0 million, net of the first payment, which resulted in a $0.7 million adjustment included in the change in fair value of contingent consideration in the unaudited interim consolidated statement of operations for the three and six months ended June 30, 2020.
Summary of Preliminary Purchase Allocation | The preliminary purchase price allocation is as follows:
Cash and cash equivalents |  | $ | - |
Accounts receivable |  |  | 1,963,177 |
Prepaid expenses and other current assets |  |  | 67,158 |
Total current assets |  |  | 2,030,335 |
Property, plant and equipment, net |  |  | 159,553 |
Restricted cash |  |  | 549,978 |
Identifiable intangible assets |  |  | 21,500,000 |
Total identifiable assets acquired |  |  | 24,239,866 |
Accounts payable |  |  | (1,101,706 | )
Accrued expenses |  |  | (19,018 | )
Net identifiable assets acquired |  |  | 23,119,142 |
Goodwill |  |  | 25,926,861 |
Total purchase price |  | $ | 49,046,003 |
Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives | The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:
|  | Fair Value |  |  | Useful life
Identifiable intangible assets |  | (in millions) |  |  | (in years)
Non-compete agreements |  | $ | 0.5 |  |  | 5
Trade names |  |  | 0.5 |  |  | Indefinite
Merchant relationships |  |  | 20.5 |  |  | 9
|  | $ | 21.5 |  |  |
Ventanex |
Summary of Preliminary Purchase Consideration | The following summarizes the preliminary purchase consideration paid to the selling members of Ventanex:
Cash consideration |  | $ | 36,000,000 |
Contingent consideration (1) |  |  | 10,800,000 |
Total purchase price |  | $ | 46,800,000 |
(1) | Reflects the fair value of the Ventanex Earnout Payment, the contingent consideration to be paid to the selling members of Ventanex, pursuant to the Ventanex Purchase Agreement as of February 10, 2020. The selling partners of Ventanex will have the contingent earn-out right to receive a payment of up to $14.0 million dependent upon the Gross Profit, as defined in the Ventanex Purchase Agreement, for the years ended December 31, 2020 and 2021.
Summary of Preliminary Purchase Allocation | The preliminary purchase price allocation is as follows:
Cash and cash equivalents |  | $ | 50,663 |
Accounts receivable |  |  | 1,376,539 |
Prepaid expenses and other current assets |  |  | 180,514 |
Total current assets |  |  | 1,607,716 |
Property, plant and equipment, net |  |  | 137,833 |
Restricted cash |  |  | 428,313 |
Identifiable intangible assets |  |  | 29,690,000 |
Total identifiable assets acquired |  |  | 31,863,862 |
Accounts payable |  |  | (152,035 | )
Accrued expenses |  |  | (373,159 | )
Net identifiable assets acquired |  |  | 31,338,668 |
Goodwill |  |  | 15,461,332 |
Total purchase price |  | $ | 46,800,000 |
Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives | The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:
|  | Fair Value |  |  | Useful life
Identifiable intangible assets |  | (in millions) |  |  | (in years)
Non-compete agreements |  | $ | 0.1 |  |  | 5
Trade names |  |  | 0.5 |  |  | Indefinite
Developed technology |  |  | 4.4 |  |  | 3
Merchant relationships |  |  | 24.7 |  |  | 10
|  | $ | 29.7 |  |  |

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