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v3.22.2.2

Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2022
PurePressure [Member] |
Business Combination (Tables) [Line Items] |
Schedule of components and the allocation of the purchase price |
(In thousands) |  |  |
Purchase price consideration |  |  |
Estimated closing proceeds |  | $ | 4,002 |
Transaction expenses |  |  | 80 |
Closing buyer shares |  |  | 1,904 |
Holdback buyer shares |  |  | 816 |
Earn-out consideration |  |  | 1,420 |
Estimated working capital adjustment |  |  | (255 | )
Fair value of total consideration transferred |  |  | 7,967 |
Total purchase price, net of cash acquired |  | $ | 7,401 |
Fair value allocation of purchase price |  |  |  |
Cash and cash equivalents |  | $ | 565 |
Accounts receivable |  |  | 511 |
Inventory |  |  | 2,130 |
Prepaid expenses and other current receivables |  |  | 55 |
Right - of-use assets, net |  |  | 304 |
Property and equipment, net |  |  | 177 |
Prepaid and refundable taxes |  |  | 194 |
Accounts payable, accrued expenses, and other current liabilities |  |  | (1,244 | )
Deferred revenue |  |  | (963 | )
Deferred tax liability |  |  | (237 | )
Finance lease liabilities, current |  |  | (36 | )
Finance lease liabilities, non-current |  |  | (35 | )
Operating lease liabilities, current |  |  | (112 | )
Operating lease liabilities, non-current |  |  | (192 | )
Acquired intangible assets |  |  | 2,462 |
Goodwill |  |  | 4,388 |
Total purchase price |  | $ | 7,967 |
(In thousands) |  |  |
Purchase price consideration |  |  |
Estimated closing proceeds |  | $ | 3,613 |
Indebtedness paid |  |  | 320 |
Transaction expenses |  |  | 115 |
Closing buyer shares |  |  | 2,211 |
Holdback buyer shares |  |  | 654 |
Earn-out consideration |  |  | 707 |
Estimated working capital adjustments |  |  | 330 |
Fair value of total consideration transferred |  |  | 7,950 |
Total purchase price, net of cash acquired |  | $ | 7,647 |
Fair value allocation of purchase price |  |  |  |
Cash and cash equivalents |  | $ | 303 |
Accounts receivable, net |  |  | 48 |
Inventory |  |  | 1,537 |
Property and equipment, net |  |  | 219 |
Right-of-use assets, net |  |  | 191 |
Prepaid expenses and other current receivables |  |  | 61 |
Other non-current assets |  |  | 16 |
Accounts payable and accrued expenses |  |  | (765 | )
Deferred revenue |  |  | (762 | )
Operating lease liabilities, current |  |  | (117 | )
Operating lease liabilities, non-current |  |  | (74 | )
Finance lease liabilities, current |  |  | (4 | )
Finance lease liabilities, non-current |  |  | (10 | )
Notes payable, current |  |  | (260 | )
Notes payable, non-current |  |  | (12 | )
Acquired intangible assets |  |  | 3,037 |
Goodwill |  |  | 4,542 |
Total purchase price |  | $ | 7,950 |
Precision and Cascade [Member] |
Business Combination (Tables) [Line Items] |
Schedule of components and the allocation of the purchase price |
(In thousands) |  |  |
Purchase price consideration |  |  |
Cash paid to Sinclair Members at the close |  | $ | 23,000 |
Cash contributed to escrow accounts at the close |  |  | 7,000 |
Cash paid for excess net working capital |  |  | 1,430 |
Stock issued at the close |  |  | 14,535 |
Fair value of contingent consideration to be achieved |  |  | 3,953 |
Fair value of total consideration transferred |  |  | 49,918 |
Total purchase price, net of cash acquired |  | $ | 48,630 |
Fair value allocation of purchase price |  |  |  |
Cash and cash equivalents |  | $ | 1,288 |
Accounts receivable |  |  | 897 |
Inventory |  |  | 6,761 |
Prepaid expenses and other current receivables |  |  | 1,736 |
Property and equipment, net |  |  | 970 |
Right-of-use assets, net |  |  | 730 |
Capitalized web costs, net |  |  | 2 |
Accounts payable and accrued expenses |  |  | (9,223 | )
Deferred revenue |  |  | (5,419 | )
Long-term debt |  |  | (1,961 | )
Operating lease liabilities, current |  |  | (392 | )
Operating lease liabilities, non-current |  |  | (362 | )
Acquired intangible assets |  |  | 9,889 |
Goodwill |  |  | 45,002 |
Total purchase price |  | $ | 49,918 |
Precision and Cascade [Member] |
Business Combination (Tables) [Line Items] |
Schedule of intangible assets consist of trade names, technology, non-compete agreements, and customer relationships |
(In thousands) |  | Asset Value |  |  | Useful Life
Identified intangible assets |  |  |  |  |
Trade names |  | $ | 317 |  |  | 5 years
Acquired developed technology |  |  | 1,432 |  |  | 8 years
Customer relationships |  |  | 713 |  |  | 6 years
Total identified intangible assets |  | $ | 2,462 |  |  |
(In thousands) |  | Asset Value |  |  | Useful Life
Identified intangible assets |  |  |  |  |
Trade names |  | $ | 1,260 |  |  | 6 to 7 years
Acquired developed technology |  |  | 3,818 |  |  | 5 years
Non-compete agreements |  |  | 1,202 |  |  | 5 years
Customer relationships |  |  | 3,609 |  |  | 7 to 8 years
Total identified intangible assets |  | $ | 9,889 |  |  |
(In thousands) |  | Asset Value |  |  | Useful Life
Identified intangible assets |  |  |  |  |
Trade name |  | $ | 227 |  |  | 5 years
Acquired developed technology |  |  | 1,093 |  |  | 8 years
Customer relationships |  |  | 1,717 |  |  | 5 years
Total identified intangible assets |  | $ | 3,037 |  |  |

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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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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