Annual report pursuant to Section 13 and 15(d)

BUSINESS COMBINATIONS (Tables)

v3.24.1
BUSINESS COMBINATIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Envoy Technologies, Inc. [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

 SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

    Purchase Price Allocation
(Preliminary)		     Measurement Period Adjustments     Purchase Price Allocation
(As Revised)		  
Purchase Consideration:                        
Cash   $ 6,000     $ -     $ 6,000  
Deferred cash consideration     6,782       -       6,782  
Common stock     18,118       -       18,118  
                         
Total Purchase Consideration   $ 30,900     $ -     $ 30,900  
                         
Less:                        
Trade name   $ 291     $ (125 )   $ 166  
Customer relationships     4,170       (2,245 )     1,925  
Internally developed technology     334       (159 )     175  
Non-compete agreements     -       11       11  
Property and equipment     1,802       -       1,802  
Other assets     52       -       52  
Notes payable- non current portion     (24 )     -       (24 )
Lease liability- non current portion     (1,730 )     -       (1,730 )
Debt-free net working capital deficit     (1,792 )     197       (1,595 )
                         
Fair Value of Identified Net Assets   $ 3,103     $ (2,321 )   $ 782  
                         
Remaining Unidentified Goodwill Value   $ 27,797     $ 2,321     $ 30,118  
The components of debt free net working capital deficit are as follows:

 

    Purchase Price Allocation
(Preliminary)		     Measurement Period Adjustments     Purchase Price Allocation
(As Revised)		  
Current assets:                        
Cash   $ 19     $ -     $ 19  
Accounts receivable     391       -       391  
Prepaid expenses and other current assets     254       -       254  
                         
Total current assets   $ 664     $ -     $ 664  
                         
Less current liabilities:                        
Accounts payable   $ 853     $ -     $ 853  
Current portion of lease liability     591       -       591  
Current portion of notes payable     7       -       7  
Deferred revenue     229       -       229  
Accrued expenses and other current liabilities     776       (197 )     579  
                         
Total current liabilities   $ 2,456     $ (197 )   $ 2,259  
                         
Net working capital deficit   $ (1,792 )   $ 197     $ (1,595 )
 
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

    2023     2022  
    For the Years Ended
December 31,		  
    2023     2022  
    (Unaudited)     (Unaudited)  
Revenues   $ 140,765     $ 64,509  
Net loss   $ (204,949 )   $ (96,358 )
Sema Connect, Inc [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

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

         
    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   $ 1,831  
Customer relationships     15,055  
Internally developed technology     3,607  
Non-compete agreements     241  
Property and equipment     614  
Right of use asset     1,092  
Other assets     449  
Deferred revenue- non current portion     (702 )
Lease liability- non current portion     (611 )
Debt-free net working capital     4,558  
         
Fair Value of Identified Net Assets   $ 26,134  
         
Remaining Unidentified Goodwill Value   $ 174,439  

The components of debt free net working capital are as follows:

 

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 lease liability     481  
Current portion of notes payable     186  
Deferred revenue     2,677  
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 Years Ended
December 31,		  
    2022     2021  
    (Unaudited)     (Unaudited)  
Revenues   $ 70,078     $ 33,390  
Net loss   $ (102,444 )   $ (69,012 )

Electric Blue Limited [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

                 
    For the Years Ended
December 31,		  
    2022     2021  
    (Unaudited)     (Unaudited)  
Revenues   $ 62,002     $ 25,076  
Net loss   $ (92,705 )   $ (60,076 )

SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

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

         
Preliminary purchase price allocation      
    Purchase Price Allocation  
Purchase Consideration:        
Cash   $ 12,651  
Common stock     2,852  
Contingent consideration     3,814  
         
Total Purchase Consideration   $ 19,317  
         
Less:        
Trade name   $ 500  
Customer relationships     4,856  
Internally developed technology     515  
Non-compete agreements     1,992  
Property and equipment     4,325  
Deferred revenue- non current portion     (2,689 )
Debt-free net working capital deficit     (625 )
         
Fair Value of Identified Net Assets   $ 8,874  
         
Remaining Unidentified Goodwill Value   $ 10,443  

 

The components of debt free net working capital are as follows:

 

    Purchase Price Allocation  
Current assets:        
Cash   $ 1,291  
Accounts receivable     1,618  
Prepaid expenses and other current assets     508  
         
Total current assets   $ 3,417  
         
Less current liabilities:        
Accounts payable   $ 647  
Current portion of lease liabilities     22  
Current portion of notes payable     611  
Accrued expenses and other current liabilities     2,762  
         
Total current liabilities   $ 4,042  
         
Debt free net working capital deficit   $ (625 )

 
Blue Corner [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

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

Purchase price allocation

 

Purchase Consideration:      
Cash   $ 22,985  
Common stock     790  
         
Total Purchase Consideration   $ 23,775  
         
Less:        
         
Fixed assets     1,322  
Trade name     343  
Customer relationships     1,800  
Favorable leases     292  
Internally developed technology     1,233  
Non-compete agreements     148  
Other liabilities     (144 )
Other assets     283  
Debt-free net working capital deficit     (529 )
         
Fair Value of Identified Net Assets     4,748  
         
Remaining Unidentified Goodwill Value   $ 19,027  

  
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

    For the Year Ended
December 31,		  
    2021     2020  
    (Unaudited)     (Unaudited)  
Revenues   $ 23,882     $ 10,771  
Net loss   $ (55,942 )   $ (20,255 )