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Acquisition (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The purchase price allocation is based on estimates, assumptions and third-party valuations and the allocation for customer related intangible assets is preliminary subject to obtaining additional information. The aggregate purchase price and allocation was as follows (in thousands):

Purchase Price	Jack’s Flight Club
Cash paid	$	1,000
Promissory notes issued	10,931
Fair Value of Put/Call Option	183
	$	12,114
Allocation
Goodwill	$	13,054
Intangible assets
Customer relationships	3,500
Trade name	2,460
Non-compete agreements	660
Current assets acquired, including cash of $321	324
Current liabilities assumed	(40		)
Deferred revenue	(881		)
Deferred tax liabilities	(1,391		)
Non-controlling interest	(5,572		)
	$	12,114

Schedule of Goodwill

The following table summarizes the goodwill activity for the three months ended March 31, 2020 (in thousands):

Goodwill—January 1, 2020	$	—
Acquisition	13,054
Impairment	(2,110		)
Goodwill—March 31, 2020	$	10,944

Schedule of Intangible Assets

The following table represents the activities of intangible assets for the three months ended March 31, 2020 (in thousands):

	Fair Value
Intangible assets—January 1, 2020	$	—
Acquisition	6,620
Impairment of trade name	(810		)
Amortization of intangible assets with definite lives	(215		)
Intangible assets, net—March 31, 2020	$	5,595

The following table represents the fair value and estimated useful lives of intangible assets (in thousands):

	Fair Value				Estimated Life (Years)
Customer relationships	$	3,500			5
Trade name	2,460				indefinite
Non-compete agreements	660				4

Schedule of Expected Future Amortization Expense

Expected future amortization expense of acquired intangible assets as of March 31, 2020 is as follows (in thousands):

Years ending December 31,
2020 remainder	$	949
2021	1,215
2022	865
2023	515
2024	357
Thereafter	44
	$	3,945

Summary of Pro Forma Financial Information

The following table summarizes the pro forma financial information (in thousands):

	Three Months Ended
	March 31,				March 31,
	2020				2019
Revenues	$	20,448			$	29,665
Net income (loss)	$	(7,723	)		$	3,077

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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