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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of purchase price | The table below represents the allocation of the purchase price to the acquired net assets during the six months ended June 30, 2021.
| Agron |  | Aquarius |  | 55 Hydro |  | Charcoir |  | San Diego Hydro |
Inventory | $ | — |  |  | $ | 957 |  |  | $ | 780 |  |  | $ | 839 |  |  | $ | 1,400 |  |
Prepaids and other current assets | 29 |  |  | 12 |  |  | 29 |  |  | 534 |  |  | 36 |  |
Furniture and equipment | 46 |  |  | 63 |  |  | 50 |  |  | — |  |  | 315 |  |
Liabilities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Operating lease right to use asset | 87 |  |  | — |  |  | 853 |  |  | — |  |  | 970 |  |
Operating lease liability | (87) |  |  | — |  |  | (853) |  |  | — |  |  | (970) |  |
Customer relationships | 832 |  |  | 339 |  |  | 809 |  |  | 5,712 |  |  | 605 |  |
Trade name | 1,530 |  |  | 485 |  |  | 870 |  |  | 1,099 |  |  | 1,192 |  |
Non-compete | 139 |  |  | — |  |  | 26 |  |  | — |  |  | 6 |  |
Intellectual property | — |  |  | — |  |  | — |  |  | 2,065 |  |  | — |  |
Goodwill | 8,673 |  |  | 1,702 |  |  | 3,915 |  |  | 6,119 |  |  | 5,728 |  |
Total | $ | 11,249 |  |  | $ | 3,558 |  |  | $ | 6,479 |  |  | $ | 16,368 |  |  | $ | 9,282 |  |
|  | Grow Warehouse |  | Grow Depot Maine |  | Indoor Garden |  | Down River Hydro |  | Harvest |  | Total
Inventory |  | $ | 2,448 |  |  | $ | 326 |  |  | $ | 372 |  |  | $ | 824 |  |  | $ | 1,204 |  |  | $ | 9,150 |
Prepaids and other current assets |  | 30 |  |  | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 683 |
Furniture and equipment |  | 250 |  |  | 25 |  |  | 94 |  |  | 50 |  | 100 |  |  | 993 |
Liabilities |  | (169) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (169) |
Operating lease right to use asset |  | 94 |  |  | 91 |  |  | 129 |  |  | — |  |  | — |  |  | 2,224 |
Operating lease liability |  | (94) |  |  | (91) |  |  | (129) |  |  | — |  |  | — |  |  | (2,224) |
Customer relationships |  | 1,256 |  |  | 549 |  |  | 210 |  |  | 634 |  |  | 1,016 |  |  | 11,962 |
Trade name |  | 2,748 |  |  | 344 |  |  | 353 |  |  | 698 |  |  | 1,392 |  |  | 10,711 |
Non-compete |  | 94 |  |  | 36 |  |  | 2 |  |  | 16 |  |  | — |  |  | 319 |
Intellectual property |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,065 |
Goodwill |  | 11,122 |  |  | 866 |  |  | 661 |  |  | 2,126 |  |  | 4,606 |  |  | 45,518 |
Total |  | 17,779 |  |  | 2,149 |  |  | 1,692 |  |  | $ | 4,351 |  |  | $ | 8,325 |  |  | $ | 81,232 |
The table below represents the consideration paid for the net assets acquired in business combinations.
| Agron |  | Aquarius |  | 55 Hydro |  | Charcoir |  | San Diego Hydro
Cash | $ | 5,973 |  |  | $ | 2,331 |  |  | $ | 5,347 |  |  | $ | 9,902 |  |  | $ | 4,751 |
Common stock | 5,276 |  |  | 1,227 |  |  | 1,132 |  |  | 6,466 |  |  | 4,531 |
Total | $ | 11,249 |  |  | $ | 3,558 |  |  | $ | 6,479 |  |  | $ | 16,368 |  |  | $ | 9,282 |
| Grow Warehouse |  | Grow Depot Maine |  | Indoor Garden |  | Down River Hydro |  | Harvest |  | Total
Cash | $ | 8,100 |  |  | $ | 1,738 |  |  | $ | 1,165 |  |  | $ | 3,177 |  |  | $ | 5,561 |  |  | $ | 48,045 |
Common stock | 9,679 |  |  | 411 |  |  | 527 |  |  | 1,174 |  |  | 2,764 |  |  | 33,187 |
Total | $ | 17,779 |  |  | $ | 2,149 |  |  | $ | 1,692 |  |  | $ | 4,351 |  |  | $ | 8,325 |  |  | $ | 81,232 |
The table below represents the allocation of the purchase price to the acquired net assets during the six months ended June 30, 2020.
| H2O Hydroponics LLC | Health & Harvest LLC | Total
Inventory | $ | 498 |  | $ | 1,054 |  | $ | 1,552 |
Prepaids and other current assets | 4 |  | — |  | 4 |
Furniture and equipment | 50 |  | 51 |  | 101 |
Right to use asset | 902 |  | 192 |  | 1,094 |
Lease liability | (902) |  | (192) |  | (1,094) |
Customer relationships | 150 |  | 255 |  | 405 |
Trade name | 234 |  | 357 |  | 591 |
Non-compete | 43 |  | 6 |  | 49 |
Goodwill | 1,008 |  | 1,130 |  | 2,138 |
Total | $ | 1,987 |  | $ | 2,853 |  | $ | 4,840 |
The table below represents the consideration paid for the net assets acquired in business combinations.
| H2O Hydroponics LLC | Health & Harvest LLC | Total
Cash | $ | 1,282 |  | $ | 1,750 |  | $ | 3,032 |
Common stock | 705 |  | 1,103 |  | 1,808 |
Total | $ | 1,987 |  | $ | 2,853 |  | $ | 4,840 |
Schedule of revenue and earnings included in consolidated income statement | The following table discloses the date of the acquisitions noted above and the revenue and earnings included in the consolidated income statement for the period ended June 30, 2021.
| Agron |  | Aquarius |  | 55 Hydro |  | Charcoir |  | San Diego Hydro |
Acquisition date | 3/19/2021 |  | 3/15/2021 |  | 3/15/2021 |  | 3/12/2021 |  | 2/22/2021 |
Revenue | $ | 6,105 |  |  | $ | 2,684 |  |  | $ | 2,222 |  |  | $ | 1,880 |  |  | $ | 3,446 |  |
Net Income | $ | 324 |  |  | $ | 365 |  |  | $ | 314 |  |  | $ | 518 |  |  | $ | 547 |  |
| Grow Warehouse |  | Grow Depot Maine |  | Indoor Garden |  | Down River Hydro |  | Harvest |  | Total
Acquisition date | 2/15/2021 |  | 2/1/2021 |  | 1/25/2021 |  | 4/19/2021 |  | 5/24/21 |  |
Revenue | $ | 6,753 |  |  | $ | 2,779 |  |  | $ | 2,308 |  |  | $ | 1,200 |  |  | $ | 1,489 |  |  | $ | 5,986 |
Net Income | $ | 1,297 |  |  | $ | 555 |  |  | $ | 433 |  |  | $ | 176 |  |  | $ | 268 |  |  | $ | 905 |
The following table discloses the date of the acquisitions noted above and the revenue and earnings included in the consolidated income statement from the date of acquisition to the period ended June 30, 2020.
| H2O Hydroponics LLC | Health & Harvest LLC | Total
Acquisition date | 6/26/20 | 2/26/2020 |
Revenue | $ | 227 |  | $ | 2,300 |  | $ | 2,527 |
Earnings | $ | 28 |  | $ | 462 |  | $ | 490 |
Schedule of proforma consolidated income statement | The following represents the pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the entire period for the quarter ended June 30, 2021 and 2020.
| Three Months Ended |  | Six Months Ended
| June 30, 2021 (Unaudited) |  | June 30, 2021 (Unaudited) |
Revenue | $ | 130,504 |  |  | $ | 229,599 |  |
Net income | $ | 12,446 |  |  | $ | 19,849 |  |
| Three Months Ended |  | Six Months Ended
| June 30, 2020 (Unaudited) |  | June 30, 2020 (Unaudited) |
Revenue | $ | 40,501 |  |  | $ | 90,126 |  |
Net income | $ | 1,849 |  |  | $ | 2,352 |  |
The following represents the pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the entire period for the six months ended June 30, 2020 and 2019. Pro forma consolidated income statement:
| Three Months Ended |  | Six Months Ended
| June 30, 2019 |  | June 30, 2019 |
Revenue | $ | 21,759 |  |  | $ | 37,122 |  |
Earnings | $ | 1,149 |  |  | $ | 1,465 |  |

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