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Acquisition (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table sets forth the preliminary allocation of the purchase price for TLA to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from TLA (in thousands):
Tangible net assets and liabilities: |
Cash | $ | 1,823 |
Accounts receivable | 159 |
Inventory | 5,364 |
Prepaid expenses and other current assets | 330 |
Property and equipment | 2,214 |
Other noncurrent assets | 245 |
Accounts payable | (1,590) |
Accrued salaries, wages, and employee benefits | (517) |
Other current liabilities | (3,960) |
Deferred revenue | (1,276) |
Deferred tax liability | (108) |
Unfavorable leasehold interest | (770) |
Total net assets | 1,914 |
Intangible assets: |
Trade name | 4,100 |
Total intangible assets | 4,100 |
Net assets acquired | 6,014 |
Purchase consideration | 24,745 |
Goodwill | $ | 18,731 |
Business Acquisition, Pro Forma Information | The following table summarizes certain of our supplemental pro forma financial information for the three months ended March 31, 2021 and 2020, as if the acquisition of TLA had occurred as of January 1, 2020. The unaudited pro forma financial information for the three months ended March 31, 2021 and 2020 reflects (i) the reduction in amortization expense based on fair value adjustments to the intangible assets acquired from TLA; (ii) the reduction in rent expense due to the amortization of unfavorable leasehold interest acquired from TLA; and (iii) the reversal of interest expense on TLA’s debt that was settled on the acquisition date. Transaction costs incurred by us and TLA were $0.9 million and $0.7 million, respectively, for the three months ended March 31, 2021.The unaudited pro forma financial information is for comparative purposes only and is not necessarily indicative of what would have occurred had the acquisition been made at that date or of results which may occur in the future (in thousands).
| Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
| As Reported | Pro Forma |  | As Reported | Pro Forma
Net revenues | $ | 42,680 |  | $ | 51,529 |  |  | $ | 31,774 |  | $ | 41,641 |
Net loss | $ | (4,997) |  | $ | (3,660) |  |  | $ | (2,409) |  | $ | (1,638) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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