Acquisition

On November 14, 2019, the Company acquired Nutronics, Inc. (Nutronics), a private company, pursuant to the Stock Purchase Agreement between nLIGHT, Inc. and selling stockholders of Nutronics, Inc. and sellers as of that date. The total acquisition consideration consisted of $17.4 million in cash. Based in Longmont, Colorado, Nutronics is a leading developer of coherently combined lasers and beam control systems (BCS) for high-energy laser (HEL) systems serving the defense market.

The acquisition price was allocated to the tangible and identified intangible assets acquired and liabilities assumed as of the closing date of the acquisition based upon their respective fair values. The fair values assigned to assets acquired and liabilities assumed were based on management’s best estimates and assumptions as of the reporting date and are considered preliminary. During the three months ended March 31, 2020, updated information resulted in an increase to other liabilities acquired of $0.1 million and a corresponding adjustment to goodwill. The table below summarizes the assets acquired and liabilities assumed (in thousands):



		Valuation at
		March 31, 2020
Cash		$	33
Accounts receivable		635
Contract assets		456
Inventory		255
Other current assets		201
Property, plant and equipment		1,019
Security deposits		46
	Tangible assets acquired	2,645

Accounts payable		(278		)
Other liabilities		(577		)
Deferred revenue		(141		)
	Liabilities assumed	(996		)
	Total tangible assets acquired and liabilities assumed	1,649
Intangible assets		7,200
Goodwill		8,584
	Net assets acquired	$	17,433

The intangible assets as of the November 14, 2019 acquisition date were as follows (in thousands):



	Amount		Weighted-Average Useful Life (in years)
Development programs	$	7,200	3.1

Pro forma financial information has not been provided for the purchase as it was not material to the Company’s overall financial position.