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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2021
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 12 — SUBSEQUENT EVENTS

We have evaluated subsequent events occurring after December 31, 2021 and based on our evaluation we did not identify any events that would have required recognition or disclosure in these financial statements, except for the following.

We entered into lease agreement to occupy office space in New York City, New York, which commenced in January 2022. The lease agreement expires in December 2026 and provides for aggregate future lease payments totaling $1,020,000.

On March 9, 2022, we entered into a Stock Purchase Agreement (“Purchase Agreement”) to acquire all the outstanding equity interests of Bureau of Internet Accessibility Inc. (“BOIA”), a Delaware corporation which provides web accessibility services including audits, training, remediation and implementation support. The acquisition represents another step forward in strengthening our suite of products and services by adding additional capabilities for enterprise accessibility compliance. The aggregate cash purchase price paid at closing was $5,000,000, and is subject to net working capital and other customary adjustments. Additionally, the Purchase Agreement provides for contingent earn out payments in cash based on BOIA’s revenues for 2022 and 2023. Due to the timing of the BOIA acquisition relative to the date of this report, our initial accounting for the BOIA acquisition is incomplete. We have not completed our provisional valuation of net tangible and identifiable intangible assets acquired and liabilities assumed. We will recognize and disclose our provisional allocation of the purchase consideration in the fiscal quarter ending on March 31, 2022.