Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATIONS AND ASSET PURCHASES (Tables)

v3.23.1
BUSINESS COMBINATIONS AND ASSET PURCHASES (Tables)
 3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Summary of preliminary allocation of business acquisition A summary of the preliminary of 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 (5)
    Net cash consideration 2,995 
  Common stock 2,994 
  Promissory note 4,569 
    Total fair value of consideration $ 10,558 
Fair value of assets acquired and (liabilities assumed):
Property and equipment $ 800 
Intangible assets:
Tradename and trademarks 1,060 
Licenses and customer base 4,773 
Goodwill 3,925 
Fair value of net assets acquired $ 10,558 
A summary of the final allocation of the 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 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:
Tradename 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 
Business Acquisition, Pro Forma Information The pro forma financial results for the year ended December 31, 2022 giving effect to the Kind Acquisition as if it had occurred at January 1, 2021 are as follows (unaudited, in thousands):
Revenue $ 136,078 
Net income $ 15,823