Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATONS (Tables)

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BUSINESS COMBINATONS (Tables)
 6 Months Ended
Jun. 30, 2022
Electric Blue Limited [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date of EB:

 

Preliminary Purchase Price Allocation      
       
Purchase Consideration:      
Cash   $ 12,651  
Common stock     2,852  
Contingent consideration     3,400  
         
Total Purchase Consideration   $ 18,903  
         
Less:        
Trade name     486  
Customer relationships     3,075  
Internally developed technology     504  
Non-compete     1,908  
Property and equipment     4,162  
Non-current portion of deferred revenue     (730 )
Debt-free net working capital deficit     (1,047 )
         
Fair Value of Identified Net Assets     8,358  
         
Remaining Unidentified Goodwill Value   $ 10,545  

 

Current assets:      
Cash   $ 1,291  
Restricted cash     8,103  
Accounts receivable     1,618  
Inventory     5,472  
Prepaid expenses and other current assets     508  
         
Total current assets   $ 3,417  
         
Less current liabilities:        
Accounts payable     647  
Current portion of lease liabilities     22  
Merger consideration payable     8,103  
Current portion of notes payable     611  
Deferred revenue     3,380  
Current portion of lease liability     -  
Accrued expenses and other current liabilities     3,184  
         
Total current liabilities   $ 4,464  
         
Debt free net working capital deficit   $ (1,047 )

 
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2022     2021     2022     2021  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Revenues   $ 13,203     $ 4,698     $ 23,439     $ 7,183  
Net loss   $ (23,591 )   $ (14,373 )   $ (39,542 )   $ (22,946 )
SemaConnect, Inc [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date of SemaConnect:

 

Preliminary Purchase Price Allocation        
         
Purchase Consideration:        
Cash   $ 46,136  
Deferred cash consideration    

40,600

  
Common stock     113,837  
         
Total Purchase Consideration   $ 200,573  
         
Less:        
Trade name     4,097  
Customer relationships     40,973  
Internally developed technology     2,049  
Non-compete     20,487  
Fixed Assets     614  
Other assets     449  
Right-of-use asset    

1,092

  
Lease liability, non-current portion    

(611

 )
Deferred revenue- non -current portion     (702 ) 
Debt-free net working capital     4,558  
Fair Value of Identified Net Assets     73,006  
         
Remaining Unidentified Goodwill Value   $ 127,567  
 
Current assets:      
Cash   $ 3,753  
Restricted cash     8,103  
Accounts receivable     5,515  
Inventory     5,472  
Prepaid expenses and other current assets     1,309  
         
Total current assets   $ 24,152  
         
Less current liabilities:        
Accounts payable     2,305  
Merger consideration payable     8,103  
Current portion of notes payable     186  
Deferred revenue     2,667  
Current portion of lease liability     481  
Accrued expenses and other current liabilities     5,842  
         
Total current liabilities   $ 19,594  
         
Debt free net working capital   $ 4,558  
 
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2022     2021     2022     2021  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Revenues   $ 15,751     $ 7,478     $ 30,225     $ 12,287  
Net loss   $ (26,844 )   $ (14,575 )   $ (45,552 )   $ (23,150 )