| 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 Envoy:
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 |
SCHEDULE
OF PROFORMA INFORMATION OF OPERATIONS
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
For the Three Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Revenues |
|
$ |
43,544 |
|
|
$ |
18,138 |
|
|
$ |
98,757 |
|
|
$ |
40,898 |
|
| Net loss |
|
$ |
(113,977 |
) |
|
$ |
(27,268 |
) |
|
$ |
(185,867 |
) |
|
$ |
(66,730 |
) |
|