Acquisitions

12 Months Ended

Dec. 31, 2021

Acquisitions [Abstract]

ACQUISITIONS

Note 2 — ACQUISITIONS 

On August 3, 2020, the Company acquired two mobile aesthetic laser companies, now known as Sensus Laser Aesthetic Solutions (“SLAS”), to complement and expand the Company’s offerings. The aggregate purchase price of $999 thousand was to be treated as compensation for post-acquisition services and to be recorded as compensation expense over the remaining service periods. The purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. A summary of the estimated fair values of the assets acquired and liabilities assumed is as follows:

(in thousands)

	Fair Value
Accounts receivable	$	39
Property and equipment		528
Finite-lived intangible assets:
Trade names		22
Customer relationships		87
Other liabilities assumed		(88	)
Bargain purchase gain	$	588

A bargain purchase gain results from an acquisition if the fair value of the purchase consideration paid in connection with such acquisition is less than the net fair value of the assets acquired and liabilities assumed. Accordingly, the Company recorded a bargain purchase gain of $588 thousand, which is included in other income on the consolidated statements of operations for the year ended December 31, 2020.

During the year ended December 31, 2021, the aggregate purchase price was reduced to $229 thousand due to the termination of a compensation arrangement with one of the parties. No further obligations are due to this party.

In April 2021, the Company sold to the terminated party certain property and equipment acquired in one of the acquisitions for approximately $257 thousand. During the year ended December 31, 2021, the Company recorded $88 thousand of impairment charges on intangible assets and $47 thousand for a loss on the sale of property and equipment associated with this transaction.

The Company does not expect to incur any additional impairment charges related to the acquisitions.