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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Schedule of Total Purchase Price | The total purchase price of the Share Exchange is as follows:
Number of shares of the combined company to be owned by American Electric stockholders | 1,466,092 |
Multiplied by the fair value per share of American Electric Common Stock | $ | 7.12 |
Cash | $ | 650,000 |
Purchase price | $ | 11,088,573 |
The total purchase price of the Diversenergy acquisition is as follows:
Number of shares issued to Diversenergy stockholders | 684,963 |
Multiplied by the fair value per share of Stabilis Common Stock | $ | 4.38 |
Cash | $ | 2,000,000 |
Purchase price | $ | 5,000,000 |
Schedule of Fair Value of Assets Acquired, Liabilities Assumed and Non Controlling Interests | The allocation of the purchase price for the acquired assets and liabilities of American Electric is as follows (in thousands):
Total purchase price | $ | 11,089 |
Current Assets | 3,611 |
Property, plant and equipment, net | 532 |
Investment in foreign joint venture | 9,333 |
Other noncurrent assets | 410 |
Total identifiable assets | 13,886 |
Accounts payable and other accrued expenses | (2,714) |
Accrued liabilities and other current liabilities | (138) |
Other Liabilities | (84) |
Total liabilities assumed | (2,936) |
Goodwill | $ | 139 |
The following table summarizes the allocation of the purchase price to the fair value of the respective assets and liabilities acquired (in thousands). The purchase price allocations are subject to change as additional information becomes available concerning the fair value and tax basis of the assets acquired and liabilities assumed. Any measurement period adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the date of acquisition.
Total purchase price | $ | 5,000 |
Current Assets | 164 |
Property, plant and equipment, net | 507 |
Other noncurrent assets | 114 |
Total identifiable assets | 785 |
Current liabilities | (99) |
Total liabilities assumed | (99) |
Goodwill | $ | 4,314 |
Schedule of Summarized Financial Information | The following table presents summarized results of operations of American Electric for the period from July 26, 2019 to December 31, 2019 and are included in the accompanying Consolidated Statement of Operations for the year ended December 31, 2019.
|  |  |  |  | July 27 - December 31, |  |
|  |  |  |  | 2019 |  |
Revenue |  |  |  |  | $ | 3,421 |  |  |
Income before income tax expense |  |  |  |  | 769 |  |  |
Net income from continuing operations |  |  |  |  | 691 |  |  |
The following table presents unaudited pro forma results of operations reflecting the acquisition of American Electric as if the acquisition had occurred as of January 1, 2019. This information has been compiled from current and historical financial statements and is not necessarily indicative of the results that actually would have been achieved had the transaction occurred at the beginning of the periods presented or that may be achieved in the future.
|  |  | Years Ended December 31,
|  |  | 2019
Revenue |  |  | $ | 50,898 |
Net loss |  |  | (7,389) |

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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 http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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