Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATION (Tables)

v3.22.1
BUSINESS COMBINATION (Tables)
3 Months Ended
Mar. 31, 2022
BUSINESS COMBINATION  
Tabular disclosure of Purchase consideration

Purchase consideration consisted of the following:

Cash paid at Closing

$

4,700

Receivable from VCN "effectively settled"

 

417

FV of common shares issued

 

6,599

FV of contingent consideration

 

12,159

$

23,874

Schedule of allocation of fair value of assets and liabilities acquired

    

Estimated fair value

($in thousands)

Cash and cash equivalents

$

837

Receivables

 

1,707

Property and equipment

 

216

In-process research and development intangible asset

 

21,703

Goodwill

 

5,765

Other assets

 

Deferred tax assets (liabilities), net

 

(3,699)

Accounts payable

 

(814)

Accrued expenses

 

(113)

Accrued employee benefits

 

(90)

Loan Payable-current

 

(67)

Other long-term liabilities

 

(1,570)

Total purchase consideration

$

23,875

Schedule of Pro Forma Consolidated Financial Information

The following unaudited pro forma consolidated financial information summarizes the results of operations for the periods indicated as if the VCN acquisition had been completed as of January 1, 2021.

Quarter Ended March 31,

(in thousands)

    

2022

    

2021

Net revenues

$

$

Net loss

$

(4,796)

$

(2,699)