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Acquisitions (Tables)

9 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Fair Value Hierarchy

Based on the valuation inputs, the Company has recorded assets acquired and liabilities assumed according to the following fair value hierarchy:

Level 1			Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2			Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability.
Level 3			Unobservable inputs for the asset or liability

Summary of Total Consideration of the Acquisition

Under the terms of the Merger Agreement, total consideration in the acquisition consisted of the following as of the acquisition date (in thousands):

Base purchase price			$	32,700
Fair value of earnout			30,437
Net working capital true-up(1)			3,527
Closing cash			904
Closing indebtedness			(476)
Total purchase consideration			$	67,092

(1) The Company recorded a $0.1 million measurement period adjustment to the carrying amount of goodwill related to the net working capital true-up for the nine months ended March 31, 2021.

Under the terms of the Asset Purchase Agreement, the total consideration for the acquisition consisted of the following as of the acquisition date (in thousands):

Base purchase price			$	30,000
Net working capital true-up			(499)
Total Purchase Consideration			$	29,501

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

Description			Estimated Life			Amount
Cash and cash equivalents						$	955
Accounts receivable						8,220
Other current assets						459
Property and equipment, net						51
Accounts payable						(2,922)
Accrued expenses						(737)
Other current liabilities						(8)
Other liabilities						(1)
Net tangible assets acquired						6,017
Trade Name			5 years			2,680
Proprietary Software			2-5 years			1,042
Non-compete agreements			3 years			192
Customer relationships			7 years			16,069
Goodwill			Indefinite			41,092
Total intangible assets acquired						61,075
Net assets acquired						$	67,092

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

Description			Estimated Life			Amount
Accounts receivable						$	1,301
Total tangible assets acquired						1,301
Non-compete agreements			5 years			1,000
Vendor relationships			9 years			23,700
Goodwill			Indefinite			3,500
Total intangible assets acquired						28,200
Net Assets Acquired						$	29,501

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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.

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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.

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