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Merger Agreement with Mobile X Global, Inc. | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Merger Agreement with Mobile X Global, Inc. | Note 9. Merger Agreement with Mobile X Global, Inc. On June 10, 2022, Electro-Sensors, Inc. (“ELSE”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Mobile X Newco, Inc., a Delaware corporation, a wholly owned subsidiary of ELSE (the “Merger Sub”), and Mobile X Global, Inc., a Delaware corporation (“Mobile X”). Mobile X Global, Inc. is a new entrant in the global mobile industry founded by its CEO Peter Adderton. The Mobile X business plan is to launch a new mobile wireless brand called Mobile X in the United States, enabled by a network agreement with a major carrier. The merger was structured as a statutory reverse triangular merger under Delaware and Minnesota law, under which Merger Sub would be merged with and into Mobile X Global, Inc., with Mobile X Global, Inc. surviving the Merger and becoming a wholly owned subsidiary of ELSE. In connection with the Merger, ELSE would have reincorporated in Delaware, would have been re-named Mobile X Global, Inc., and would have operated both the new MobileX wireless business and the existing Electro-Sensors business. On January 30, 2023, the Company announced that it and Mobile X had jointly agreed to terminate the merger agreement. See Note 13. Subsequent Events for additional information.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 + Details
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