Acquisitions (Tables) - Elusys Therapeutics

6 Months Ended

Jun. 30, 2023

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 purchase consideration	$	42,853,685

The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed as of the closing date based on their respective fair values summarized below:

Purchase price allocation:
Cash and cash equivalents	$	5,719,899
Contract receivables		24,526,232
Prepaid expenses and other current assets		1,818,278
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		1,329,153
Total assets acquired		49,340,692
Accounts payable		(204,794)
Accrued expenses and other current liabilities		(5,155,363)
Operating lease obligations		(352,906)
Deferred income tax liability		(3,644,120)
Other liabilities		(1,002,904)
Total liabilities assumed		(10,360,087)
Net assets acquired and liabilities assumed		38,980,605
Goodwill		3,873,080
Total purchase consideration	$	42,853,685

Schedule of proforma operating results

	Three months ended		Six months ended
	June 30,		June 30,
	2022		2022
	(unaudited)		(unaudited)
Revenue	$	23,358,641	$	23,852,732
Net income (loss)	$	1,551,554	$	(8,276,775)
Net income (loss) per share, basic and diluted	$	0.06	$	(0.32)