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Business Combination (Tables)
6 Months Ended
Jun. 30, 2022
Business Acquisition [Line Items]  
Schedule of Preliminary Purchase Consideration

Preliminary purchase consideration consisted of the following:

 

 

 

 

Cash at settlement

 

$

53,000,000

 

 

Fair value of contingent consideration

 

 

36,140,407

 

 

Total

 

$

89,140,407

 

 

Schedule of Preliminary Allocation of Fair Value

The preliminary allocation of the fair value of the Sunosi acquisition is shown in table below:

 

Estimated fair value

 

 

Inventory

 

$

10,601,000

 

 

Other current assets

 

 

3,551,000

 

 

Developed technology

 

 

63,800,000

 

 

Goodwill

 

 

11,897,407

 

 

Accrued expenses and other current liabilities

 

 

(709,000

)

 

Total

 

$

89,140,407

 

 

Schedule of Unaudited Pro Forma Summary Presents Consolidated Information

The following unaudited pro forma summary presents consolidated information of the Company, including Sunosi, as if the business combination had occurred on January 1, 2021, the earliest period presented herein:
 

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

Net revenues

 

$

32,848,000

 

 

$

21,328,000

 

Net Loss

 

 

(108,332,000

)

 

 

(169,365,000

)