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Acquisition of iNewswirecom LLC (Tables) | 9 Months Ended
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Sep. 30, 2023
Acquisition of iNewswirecom LLC |
Schedule of fair value consideration transferred for the Acquisition |
Consideration transferred: |  |  |
Cash payment |  | $ | 18,000 |
Secured promissory note |  |  | 22,000 |
Shares of Issuer Direct common stock based on closing market price prior to the Acquisition |  |  | 3,892 |
Net working capital adjustment and other costs paid on behalf of Seller, net of cash |  |  | (350 | )
Total consideration transferred |  | $ | 43,542 |
|  | As Originally Reported |  |  | Measurement Period Adjustment |  |  | As Adjusted |
Final allocation of tangible and intangible assets and liabilities: |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 16,122 |  |  | $ | (571 | ) |  | $ | 15,551 |
Trademarks/Tradenames |  |  | 27,500 |  |  |  | — |  |  |  | 27,500 |
Technology |  |  | 2,520 |  |  |  | — |  |  |  | 2,520 |
Customer relationships |  |  | 580 |  |  |  | — |  |  |  | 580 |
Net liabilities assumed |  |  | (3,180 | ) |  |  | 571 |  |  |  | (2,609 | )
Total amount allocated |  | $ | 43,542 |  |  | $ | — |  |  | $ | 43,542 |
Net liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 37 |  |  | $ | — |  |  | $ | 37 |
Accounts Receivable |  |  | 90 |  |  |  | 253 |  |  |  | 343 |
Other Current Assets |  |  | 14 |  |  |  | — |  |  |  | 14 |
Accounts Payable |  |  | (645 | ) |  |  | — |  |  |  | (645 | )
Accrued Expenses |  |  | (226 | ) |  |  | — |  |  |  | (226 | )
Deferred Revenue |  |  | (1,775 | ) |  |  | 318 |  |  |  | (1,457 | )
Deferred tax liability |  |  | (675 | ) |  |  | — |  |  |  | (675 | )
|  | $ | (3,180 | ) |  | $ | 571 |  |  | $ | (2,609 | )
Schedule of of the results of operations |
in $000’s, except per share amounts |  |  |  |  |  |
|  | Three months ended September 30, 2022 |  |  | Nine months ended September 30, 2022 |
Revenues |  | $ | 7,890 |  |  | $ | 25,533 |
Net income |  |  | 41 |  |  |  | 1,143 |
Basic earnings per share |  |  | 0.01 |  |  |  | 0.29 |
Diluted earnings per share |  |  | 0.01 |  |  |  | 0.29 |

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