ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2024

ACQUISITION

Schedule of fair value of net assets acquired

In accordance with the acquisition method of accounting for a business combination, the purchase price of $38.8 million was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition as follows (in thousands, except share data):

Consideration transferred:
Common stock	$	29,101
Cash consideration		4,175
Settlement of preexisting relationships		5,538
Total consideration transferred	$	38,814
Assets acquired and liabilities assumed at fair value:
Cash and Cash Equivalents	$	622
Restricted Cash		1,000
Accounts Receivable		8,837
Prepaid Expenses and Other Assets		1,917
Property and Equipment		4,561
Intangible Assets		19,690
Operating Right of Use Asset		24,835
Accounts Payable and Accrued Expenses		(11,057)
Other Payables		(671)
Deferred and Contingent Consideration		(1,000)
Operating Lease Liabilities		(24,442)
Total identifiable net assets	$	24,292
Non-controlling interest		(4,112)
Fair value of net assets acquired less noncontrolling interests acquired	$	20,180
Goodwill		18,634
	$	38,814

Schedule of pro forma operating results of the company

		Unaudited Pro Forma
		Year ended December 31,
	2024		2023
Revenue	$	137,110	$	134,740
Net loss	$	(75,290)	$	(66,732)