Acquisition of Tacit Knowledge Inc. (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of business acquisition, assets acquired and liabilities assumed

The Company’s preliminary allocation of the purchase price to the net tangible and intangible assets acquired and liabilities assumed is as follows (in thousands):

Fair market values
Current assets (including $2,967 of cash)	$	9,145
Property, plant and equipment	466
Customer relationships	11,737
Tradename	1,176
Goodwill	20,603
Total assets acquired	$	43,127
Accounts payable and accrued expenses	$	(3,675)
Deferred taxes	(2,500)
Total liabilities assumed	$	(6,175)
Purchase price allocation	$	36,952

Schedule of business acquisition, finite-lived intangibles

The preliminary fair value of identifiable intangible assets as of the date of acquisition is as follows:

(In thousands)	Fair Value		Useful Life	Amortization method
Customer relationships	$	11,737	12 years	Straight-line
Tacit tradename	1,176		4 years	Accelerated
Total identified intangible assets	$	12,913

Schedule of business acquisition, pro forma information

These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor are they necessarily an indication of future operating results.

	Nine Months Ended September 30,
(Unaudited)	2021		2020
Revenue	$	152,775	$	92,462
Net loss	$	(2,304)	$	(8,156)
Diluted loss per share	$	(0.04)	$	(0.19)