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ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2025
ACQUISITIONS  
Summary of estimated fair value tangible and intangible assets acquired and liabilities assumed on acquisition

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(in thousands)

    

Balance at September 27, 2024

Assets purchased:

 

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Cash

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$

284

Accounts receivable, net

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357

Other assets

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15

Customer relationships (1)

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5,100

Goodwill (2)

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2,682

Total assets purchased

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8,438

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Liabilities assumed:

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Accounts payable and accrued liabilities

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362

Deferred revenue

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1,071

Total liabilities assumed

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1,433

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Net assets acquired

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7,005

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Consideration:

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Cash paid

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3,407

Note payable (3)

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2,348

Contingent consideration liability (4)

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1,250

Total consideration

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$

7,005

(1)Represents an acquired intangible asset that will be amortized on a straight-line basis over its estimated useful life of 8 years.
(2)Goodwill represents the excess of purchase price over the estimated fair value of net tangible and intangible assets acquired. The amount of goodwill expected to be deductible for tax purposes is $2,682,000. Goodwill primarily relates to the expected synergies from combining operations of the Company and ADA Site Compliance and the value of the acquired workforce.
(3)Represents the fair value of the Note Payable in the aggregate principal amount of $2,400,000.
(4)The fair value of the ADA Site Compliance contingent consideration liability was determined using the Monte-Carlo simulation. The key assumptions used in the Monte-Carlo simulation were as follows: ARR and NRR metrics for the earn-out period, NRR discount rate of 7.5%, ARR discount rate of 6.5%, expected NRR volatility of 12.5%, expected ARR volatility of 7.5%, risk-free rate of 3.9%, buyer specific counterparty credit risk of 14.25%, and discount period of 1.62 years.
Summary of unaudited pro forma results of operations

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Pro Forma Combined Financials (unaudited)

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Three months ended September 30, 

    

Nine months ended September 30, 

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(in thousands)

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2025

    

2024

    

2025

    

2024

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Revenue

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$

10,227

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$

9,471

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$

29,817

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$

27,127

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Net loss attributed to common shareholders

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(554)

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(660)

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(1,992)

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(1,994)

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