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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Schedule of preliminary purchase price of reflect |
(in thousands) |  | Consideration |
Cash consideration for Reflect stock |  | $ | 16,664 | (1)
Cash consideration for Retention Bonus Plan |  |  | 1,334 | (2)
Common stock issued to Reflect stockholders |  |  | 4,667 | (3)
Common stock issued to Retention Bonus Plan |  |  | 333 | (4)
Secured Promissory Note |  |  | 2,500 | (5)
Earnout liability |  |  | 10,862 | (6)
Total consideration |  |  | 36,360 |
Vendor deposit with the Company |  |  | (818 | )(7)
Cash acquired |  |  | (812 | )(8)
Net consideration transferred |  | $ | 34,730 |
Schedule of preliminary purchase price allocation |
(in thousands) |  | Total |
Accounts receivable |  | $ | 1,300 |
Inventory |  |  | 196 |
Prepaid expenses & other current assets |  |  | 666 |
Property and equipment |  |  | 96 |
Operating right of use assets |  |  | 493 |
Other assets |  |  | 36 |
Identified intangible assets: |  |  |  |
Definite-lived trade names |  |  | 960 |
Definite-lived Developed technology |  |  | 5,130 |
Definite-lived Customer relationships |  |  | 11,040 |
Definite-lived Noncompete agreements |  |  | 30 |
Goodwill |  |  | 18,569 |
Accounts payable |  |  | (96 | )
Accrued expenses |  |  | (277 | )
Customer deposits |  |  | (1,661 | )
Deferred revenues |  |  | (1,259 | )
Current maturities of operating leases |  |  | (277 | )
Long-term obligations under operating leases |  |  | (216 | )
Net consideration transferred |  | $ | 34,730 |
Schedule of preliminary valuation and amortization period of identifiable intangible assets |
(in thousands) |  | Preliminary Valuation |  |  | Amortization Period |
Identifiable definite-lived intangible assets: |  |  |  |  |  |  |
Trade names |  | $ | 960 |  |  | 5 years |
Developed technology |  |  | 5,130 |  |  | 10 years |
Noncompete |  |  | 30 |  |  | 2 years |
Customer relationships |  |  | 11,040 |  |  | 10 years |
Total |  | $ | 17,160 |  |  |  |
Schedule of unaudited pro forma |
(in thousands, except earnings per common share) |  | 2021 |
Net sales |  | $ | 30,680 |
Net income |  | $ | 799 |
Earnings per common share |  | $ | 0.06 |
Reflect Systems, Inc. (in thousands) |  | Three Months Ended September 30, 2021 |  |  | Nine Months Ended September 30, 2021 |
Net sales |  | $ | 2,966 |  |  | $ | 8,392 |
Net income/(loss) |  | $ | 947 |  |  | $ | 825 |

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