Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Acquisitions

Schedule of purchase price allocation

Aggregate consideration:
Cash consideration	$	3,000,000
Deferred cash consideration		2,000,000
Earn out		5,900,000
Additional earn out		4,735,000
Receivable consideration		22,318,685
Contract deferred consideration		4,900,000
Total estimated purchase consideration	$	42,853,685

Purchase price allocation:
Cash and cash equivalents	$	5,719,899
Contract receivables		24,526,232
Prepaid expenses and other current assets		1,905,490
Inventory		5,844,000
Intangible asset – definite-lived (Note 7)		9,700,000
Property and equipment		50,224
Operating lease right of use assets		352,906
Other assets		326,249
Total assets acquired		48,425,000
Accounts payable		(204,794)
Accrued expenses and other current liabilities		(5,155,363)
Operating lease obligations		(352,906)
Deferred income tax liability		(3,326,000)
Total liabilities assumed		(9,039,063)
Net assets acquired and liabilities assumed		39,385,937
Goodwill		3,467,748
Total estimated purchase consideration	$	42,853,685

Schedule of proforma operating results

The following table presents the pro forma operating results as if Elusys had been included in the Company’s Consolidated Statements of Operations and Comprehensive Loss as of January 1, 2021 (unaudited):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenue	$	29,347,513	$	44,237,698	$	29,892,585	$	46,834,404
Net loss		(1,296,510)		23,542,744		(21,282,125)		7,072,846
Net loss per share, basic and diluted		(0.05)		0.94		(0.83)		0.28