Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATION (Tables)

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BUSINESS COMBINATION (Tables) - Envoy Technologies, Inc. [Member]
 6 Months Ended
Jun. 30, 2023
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 Envoy:

 

   

Purchase Price Allocation

  
Purchase Consideration:        
Cash   $ 6,000  
Deferred cash consideration     6,782  
Common stock     18,118  
         
Total Purchase Consideration   $ 30,900  
         
Less:        
Trade name   $ 291  
Customer relationships     4,170  
Internally developed technology     334  
Property and equipment     1,802  
Other assets     52  
Notes payable- non current portion     (24 )
Lease liability- non current portion     (1,730 )
Net working capital deficit     (1,792 )
         
Fair Value of Identified Net Assets   $ 3,103  
         
Remaining Unidentified Goodwill Value   $ 27,797  
The components of net working capital deficit are as follows:

 

         
Current assets:        
Cash   $ 19  
Accounts receivable     391  
Prepaid expenses and other current assets     254  
         
Total current assets   $ 664  
         
Less current liabilities:        
Accounts payable   $ 853  
Current portion of lease liability     591  
Current portion of notes payable     7  
Deferred revenue     229  
Accrued expenses and other current liabilities     776  
         
Total current liabilities   $ 2,456  
         
Net working capital deficit   $ (1,792 )
 
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

    2023     2022     2023     2022  
   

For the Three Months Ended

June 30,

    

For the Six Months Ended

June 30,

  
    2023     2022     2023     2022  
                         
Revenues   $ 33,009     $ 12,275     $ 55,380     $ 22,760  
Net loss   $ (42,765 )   $ (23,780 )   $ (73,314 )   $ (39,758 )