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ACQUISITION OF BOLLINGER MOTORS, INC. (Tables)

12 Months Ended

Sep. 30, 2022

ACQUISITION OF BOLLINGER MOTORS, INC.

Summary of fair value of the purchase price consideration

​

​	​	​
Cash consideration	$	75,000,000
Cash consideration- deferred	​	32,000,000
Stock consideration (book value of $41.2 million)	​	41,577,647
Total Consideration	$	148,577,647

Summary of allocation of fair value of assets acquired and liabilities assumed

​

​	​	​
Purchase Consideration	​	​
Cash and debt consideration	$	107,000,000
Stock consideration	​	41,577,647
Total consideration received for 60% of Bollinger	​	148,577,647
Noncontrolling interest (40%)	​	99,051,765
Consideration transferred including noncontrolling interest	$	247,629,412

​

​	​	​
Allocation of Purchase Consideration	​	​
Cash and restricted cash	$	77,238,086
Other current assets	​	867,112
Fixed assets	​	1,009,662
Goodwill	​	92,479,704

Intellectual property	​	58,304,612
Patents	​	32,391,186
Trademarks	​	1,075,048
Non-compete agreements	​	745,947
Other non-current assets	​	246,896
Accounts payable	​	(638,752)
Refundable deposits	​	(213,679)
Deferred tax liability	​	(14,882,782)
Other current liabilities	​	(993,628)
Estimated fair value of 100% of net assets acquired	$	247,629,412

Summary of acquired intangibles and method of amortization

​

​	​	​	​	​
Intangible Asset	​	Useful Life	​	Amortization Method
Intellectual property	​	10 years	​	Straight-line
Patents	​	10 years	​	Straight-line
Trademarks	​	10 years	​	Straight-line
Non-compete agreements	​	5 years	​	Straight-line

Summary of supplemental pro forma information

​

​	​	​	​	​
​	​	Year ended September 30,
​	​	2022	​	2021
Total Revenues	​	—	​	—
Net loss	​	(753,916,185)	​	(57,647,534)
​	​	​	​	​

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