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Business Combination (Brooklyn ImmunoTherapeutics, LLC) (10-K) | 12 Months Ended
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Dec. 31, 2019
Brooklyn Immunotherapeutics, LLC [Member] |
Business Combination | NOTE 4 BUSINESS COMBINATION On November 6, 2018, BITX entered into an Asset Purchase Agreement with IRX, whereby BITX acquired substantially all of the net assets of IRX. Under the Asset Purchase Agreement, BITX is also obligated to pay royalties based on future revenues to certain former shareholders of IRX. The estimated fair value of future royalty payments at the date of the Business Combination was $870,000, which is accounted for as contingent consideration and is reflected in other liabilities on the accompanying balance sheet. The fair value of the contingent consideration was estimated using the discounted cash flow method of the income approach. The aggregate consideration for the purchase of the IRX assets was $3,270,000, which consisted $2,400,000 equal to the fair value of the membership units issued to the former shareholders and debt holders of IRX and $870,000 equal to the fair value of contingent consideration. The following table details the allocation of the purchase price for the acquisition of BITX:
Cash |  | $ | 250,296 |
Restricted cash |  |  | 86,000 |
Prepaid expenses and other current assets |  |  | 19,998 |
Security deposits and other assets |  |  | 379,331 |
Laboratory equipment |  |  | 69,597 |
In process research and development |  |  | 6,860,000 |
Accounts payable and accrued expenses |  |  | (4,528,969 | )
Loans payable |  |  | (410,000 | )
Loans payable, related parties |  |  | (1,500,000 | )
Net fair value assigned to assets acquired and liabilities assumed |  |  | 1,226,253 |
Goodwill |  |  | 2,043,747 |
Total |  | $ | 3,270,000 |
The fair value of the in-process research and development was determined using the “relief-from-royalty” method of income approach. The purchase price in excess of the tangible and identifiable assets acquired, less liabilities assumed, is recognized as goodwill.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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