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Business Divestiture (Tables) | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Assets and Liabilities Sold | The carrying values of the assets and liabilities of Ctrack South Africa sold in the transaction as of July 30, 2021, are summarized below:
(in thousands) |
Assets: |
Cash and cash equivalents | $ | 5,040 |
Accounts receivable, net | 3,505 |
Inventory | 3,821 |
Prepaid expenses and other | 370 |
Property, plant and equipment, net | 4,545 |
Rental assets, net | 2,448 |
Intangible assets, net | 11,278 |
Goodwill | 10,734 |
Total assets | 41,741 |
Accounts payable | 3,961 |
Accrued expenses and other liabilities | 1,107 |
Deferred tax liabilities, net | 3,647 |
Other long-term liabilities | 746 |
Total liabilities | 9,461 |
Net assets | $ | 32,280 |
Total consideration recognized was comprised of the following:
(in thousands) |
Initial purchase consideration received, upon close | $ | 36,566 |
Working capital adjustments (a) | 2,584 |
Total consideration recognized | $ | 39,150 |
(a) $2.2 million was received on October 29, 2021, and the remaining $0.4 million was offset with the Company’s existing accounts payable balance to Convergence. Net gain on sale is comprised of the following:
(in thousands) |
Total consideration recognized | $ | 39,150 |
Less: Book value of net assets sold | 32,280 |
Less: Release of cumulative foreign currency translation adjustments related to Ctrack South Africa | 1,608 |
Net gain on sale | $ | 5,262 |

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