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Acquisition (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation

The purchase price allocation is based on estimates, assumptions and third-party valuations. 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—March 31, 2020			(2,110)
Goodwill—March 31, 2020			$	10,944

Schedule of Intangible Assets

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

The following table represents the activities of intangible assets for the nine months ended September 30, 2021 (in thousands):

			Fair Value
Intangible assets—January 1, 2020			$	—
Acquisition			6,620
Impairment of trade name			(810)
Amortization of intangible assets with definite lives			(1,276)
Intangible assets- December 31, 2020			4,534
Amortization of intangible assets with definite lives			(284)
Intangible assets- March 31, 2021			4,250
Amortization of intangible assets with definite lives			(275)
Intangible assets- June 30, 2021			3,975
Amortization of intangible assets with definite lives			(275)
Intangible assets- September 30, 2021			$	3,700

Schedule of Expected Future Amortization Expense

Expected future amortization expense of acquired intangible assets as of September 30, 2021 is as follows (in thousands):

Years ending December 31,
2021 remainder			$	274
2022			875
2023			641
2024			250
2025			10
			$	2,050

Summary of Pro Forma Financial Information

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

			Three Months Ended						Nine Months Ended
			September 30, 2020						September 30, 2020
Revenues			$	13,787					$	41,239
Net loss			$	(1,226)					$	(15,247)

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
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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- Definition

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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