On May 16, 2023, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with HyreCar Inc., a Delaware corporation (the “Seller”). The Seller is a national carsharing marketplace for ridesharing, food, and package delivery via its proprietary technology platform. The company has established a leading presence in Mobility as a Service through individual vehicle owners, dealers, rental agencies, and OEMs that wish to participate in new mobility trends. Pursuant to the Asset Purchase Agreement, the Company has acquired substantially all of the assets owned, controlled or used by the Seller related to the operation of its peer-to-peer car sharing business and certain of the Seller’s liabilities (the “Assumed Liabilities”), as such terms are defined in the Asset Purchase Agreement, for an aggregate purchase price of $8.13 million, comprised of cash and certain credits for the Assumed Liabilities in this transaction ("the 2023 Business Combination").

The following table summarizes the fair values of assets acquired and liabilities assumed at the date of the acquisition (in thousands):


Consideration:
Cash (net of cash acquired)	$	7,826

Assets acquired and liabilities assumed:
Current assets (excluding cash)	$	1,232
Intangible assets		9,380
Assumed current liabilities		(3,604	)
Net assets acquired		7,008
Goodwill		818
Net assets acquired	$	7,826

The fair value of the identifiable intangible assets acquired include the following (in thousands):


	Fair Value		Estimated useful life
Customer relationships - car renters	$	6,720	1.4
Customer relationships - car owners		2,090	2.6
Developed technology		490	0.6
Tradename		80	0.6

All finite-lived intangible assets are amortized on a straight-line basis, which approximates the pattern in which the economic benefits of the intangible assets are consumed. Approximately $0.8 million of the acquired goodwill is expected to be deductible for tax purposes. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and is primarily attributable to intangible assets that do not qualify for separate recognition, including the assembled workforce of the acquired business, and expected synergies at the time of the acquisition.

The following unaudited pro forma financial information summarizes the results of operations for the Company as though the Business Combination had occurred on January 1, 2023. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisition taken place on the date indicated, or the future consolidated results of operations of the Company.


	Three months ended June 30, 2023			Six months ended June 30, 2023
Total revenue	$	23,554		$	45,117
Net loss	$	(33,968	)	$	(61,935	)