Annual report pursuant to Section 13 and 15(d)

BUSINESS COMBINATIONS AND ASSET PURCHASES (Tables)

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BUSINESS COMBINATIONS AND ASSET PURCHASES (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Preliminary Allocation of Business Acquisition A summary of the allocation of the Ermont Consideration to the acquired and identifiable intangible assets is as follows (in thousands):
Fair value of consideration transferred:
Cash consideration:
Cash paid $ 3,000 
Less cash acquired (13)
Net cash consideration 2,987 
Common stock 2,994 
Promissory note 4,569 
Total fair value of consideration $ 10,550 
Fair value of assets acquired:
Property and equipment $ 800 
Intangible assets:
Tradename and trademarks 1,063 
Customer base 4,642 
License 131 
Goodwill 3,914 
Fair value of net assets acquired $ 10,550 
A summary of the allocation of Kind Consideration to the acquired assets, identifiable intangible assets and certain assumed liabilities is as follows (in thousands):
Fair value of consideration transferred:
  Cash consideration:
    Cash paid at closing $ 10,128 
    Release of escrow 2,444 
    Severance paid from escrow 556 
    Less cash acquired (2,310)
      Net cash consideration 10,818 
  Note payable 5,634 
  Write-off of accounts receivable 658 
  Write-off of deferred accounts receivable 842 
        Total fair value of consideration transferred $ 17,952 
Fair value of assets acquired and (liabilities assumed):
  Current assets, net of cash acquired $ 5,047 
  Property and equipment 622 
  Intangible assets:
    Trade name and trademarks 2,041 
    Licenses and customer base 4,700 
    Non-compete agreements 42 
  Goodwill 6,011 
  Current liabilities (511)
        Fair value of net assets acquired $ 17,952 
Schedule of Pro Forma Information These unaudited pro forma results for the years ended December 31, 2023 and 2022 are as follows (in thousands):
Year ended December 31,
2023 2022
(unaudited)
Revenue $ 148,948  $ 139,857 
Net (loss) income $ (17,210) $ 6,292 
These unaudited pro forma results for the year ended December 31, 2022 are as follows (in thousands):
(unaudited)
Revenue $ 136,078 
Net income $ 15,823