Annual report pursuant to Section 13 and 15(d)

Business Acquisitions (Tables)

v3.23.1
Business Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed
Based on the preliminary valuation, the total consideration of $12.7 million, which is net of $1.6 million in cash acquired and $0.3 million anticipated to be paid back to the Company from the Escrow Amount, has been allocated to assets acquired and liabilities assumed based on their respective fair values as follows (in thousands):
Account Amount
Short term investments $ 1,800 
Accounts receivable 222 
Inventory 82 
Prepaid and other current assets 379 
Definite-lived intangible assets 10,990 
Total assets acquired 13,473 
Accounts payable (805)
Accrued expenses and other current liabilities (43)
Deferred revenue (2,391)
Note payable (81)
Deferred tax liability (1,925)
Total liabilities assumed (5,245)
Net identifiable assets acquired 8,228 
Goodwill 4,446 
Total consideration, net of cash acquired (1) $ 12,674 
(1)
Net of $1.6 million cash acquired and $0.3 million anticipated amounts due back to the Company from the escrow account.
Schedule of Intangible Assets Acquisition
The intangible assets preliminarily identified in conjunction with the Nebula Acquisition are as follows (in thousands):
  Gross Carrying Value Estimated Useful
Life (in years)
Trade names $ 5,550  15
Proprietary intellectual property 4,260  5
Customer relationships 1,180  1
Total $ 10,990 
Schedule of Pro-forma Results
The following table summarizes, on a pro forma basis, the combined results of the Company as though the Nebula Acquisition had occurred as of January 1, 2021. These pro forma results are not necessarily indicative of the actual consolidated results had the acquisition occurred as of that date or of the future consolidated operating results for any period. Pro forma results are (in thousands):
  For the year ended
  December 31, 2021
Revenue, net $ 81,164 
Net income (loss) $ 6,135