Acquisition (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Preliminary Purchase Price Allocation

As of March 31 2020, our fair value allocation of the assets acquired and liabilities assumed from Fairway Outdoor is considered preliminary and is subject to revision, which may result in adjustments to this allocation. An adjustment was made in the three-month period ended March 31, 2020 which resulted in an increase to both goodwill and the asset retirement obligation of less than $0.1 million. We continue to analyze inputs to the valuation models for all long term assets, including intangibles, as well as estimated asset retirement obligations. We expect to finalize these amounts during 2020. The allocations presented in the table below are based upon management’s estimate of the fair value using valuation techniques including income, cost and market approaches. The most significant asset acquired, property, plant and equipment, was valued using the cost approach. The preliminary purchase price allocation was as follows:

Cash consideration	$	43,108
Due from Seller		(106	)
Total Consideration	$	43,002

Accounts receivable	$	1,676
Other current assets		105
Property, plant and equipment		29,971
Operating lease, right-of-use assets		15,267
Goodwill		11,468
Intangibles (Note 4)		3,760
Deferred tax asset		1,040
Other assets		16
Assets Acquired	$	63,303
Accounts payable	$	73
Accrued expenses and other current liabilities		539
Current portion of operating lease liabilities		822
Operating lease liabilities, less current portion		12,320
Asset retirement obligations (Note 10)		5,634
Deferred revenue		760
Other noncurrent liabilities		153
Liabilities Assumed	$	20,301
Net Assets Acquired	$	43,002

Schedule of Pro Forma Financial Information

The following unaudited pro forma financial information for the Company gives effect to the Fairway Acquisition as if it had occurred on January 1, 2019. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisition occurred on such date or to project the Company’s results of operations for any future period.

	Three Months Ended March 31, 2019
Net revenues	$	11,470
Net loss attributable to common shareholders		40