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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The fair value of acquisition consideration and purchase price allocation were as follows:
Consideration paid: |  |
Cash |  | $ | 18,670 |
Credit bid - Settlement of DIP Facility |  | 37,700 |
Total Consideration |  | $ | 56,370 |
Assets acquired and liabilities assumed: |  |
Cash and cash equivalents |  | $ | 604 |
Accounts receivable |  | 421 |
Prepaid and other assets |  | 6,826 |
Operating lease right-of-use assets |  | 740 |
Property and equipment |  | 400 |
Other intangible assets |  | 17,350 |
Deferred income taxes |  | 227 |
Accounts payable |  | (9,731) |
Accrued expenses and other liabilities |  | (10,309) |
Deferred revenue |  | (95) |
Operating lease liabilities |  | (740) |
Note payable |  | (700) |
Net tangible assets acquired and assumed |  | 4,993 |
Goodwill |  | 56,028 |
Noncontrolling interest |  | (4,651) |
Total |  | $ | 56,370 |
The fair value of acquisition consideration and purchase price allocation were as follows:
Consideration paid: |  |
Cash |  | $ | 112,686 |
Fair value of seller financing |  | 54,000 |
Fair value of 2,400,000 RILYO shares issued in senior notes at $24.59 per share |  | 59,016 |
Fair value of 227,491 B. Riley common shares issued at $42.11 per share |  | 9,580 |
Fair value of 215,876 stock options attributable to service period prior to acquisition |  | 5,749 |
Fair value of deferred payments |  | 6,515 |
Total consideration |  | $ | 247,546 |
Assets acquired and liabilities assumed: |  |
Cash and cash equivalents |  | $ | 18,810 |
Accounts receivable |  | 91,039 |
Prepaid and other assets |  | 90,289 |
Right-of-use assets |  | 7,665 |
Property and equipment |  | 8,320 |
Other intangible assets |  | 89,000 |
Accounts payable |  | (54,553) |
Accrued expenses and other liabilities |  | (62,939) |
Deferred income taxes |  | (9,989) |
Contingent consideration |  | (2,212) |
Lease liability |  | (7,665) |
Net tangible assets acquired and liabilities assumed |  | 167,765 |
Goodwill |  | 79,781 |
Total |  | $ | 247,546 |
Schedule of acquired indefinite-lived intangible assets by major class | The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:
Category |  | Useful life |  | Fair Value
Customer relationships |  | 9 Years |  | $ | 10,300 |
Internally developed software and other intangibles |  | 8 Years |  | 3,950 |
Trademarks |  | 10 Years |  | 3,100 |
Total |  |  |  | $ | 17,350 |
The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:
Category |  | Useful life |  | Fair Value
Customer relationships |  | 9 years |  | $ | 50,000 |
Internally developed software and other intangibles |  | 1 to 3 years |  | 4,000 |
Tradenames |  | N/A |  | 35,000 |
Total |  |  |  | $ | 89,000 |
Business acquisition, pro forma information | The pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition of the equity investment had taken place at the beginning of the earliest period presented, nor does it intend to be a projection of future results.
|  | Pro Forma (unaudited)
|  | Year Ended December 31,
|  | 2023 |  | 2022
Revenues |  | $ | 1,643,600 |  |  | $ | 1,080,670 |
Net loss attributable to B. Riley Financial, Inc. |  | $ | (105,750) |  |  | $ | (168,970) |
Net loss attributable to common shareholders |  | $ | (113,807) |  |  | $ | (176,978) |
Basic loss per share |  | $ | (3.74) |  |  | $ | (5.84) |
Diluted loss per share |  | $ | (3.74) |  |  | $ | (5.84) |
Weighted average basic shares outstanding |  | 30,456,631 |  |  | 30,279,439 |
Weighted average diluted shares outstanding |  | 30,456,631 |  |  | 30,279,439 |
The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of Targus as if it had occurred on January 1, 2021.
|  | Pro Forma (unaudited)
|  | Year Ended December 31,
|  | 2022 |  |
Revenues |  | $ | 1,418,291 |  |  |
Net (loss) income |  | $ | (138,448) |  |  |
Net (loss) income attributable to B. Riley Financial, Inc. |  | $ | (141,683) |  |  |
Net (loss) income attributable to common shareholders |  | $ | (149,691) |  |  |

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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