Note 13 - Business Combinations

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Business Combination Disclosure [Text Block]

13. Business Combinations

Effective August 1, 2022, Omega acquired substantially all the assets of OTF. In accordance with ASC Topic 805, the Company has determined that the transaction should be accounted for as a business combination. The assets of OTF at the date of acquisition were as follows (in thousands):

Title files in progress	$	60
Property, plant, and equipment		53
Noncompetition agreement		372
Total assets acquired	$	485

The purchase price paid by Omega for the assets of OTF were as follows (in thousands):

Cash paid	$	2,300
Noncontrolling interest in Omega		185
Total consideration paid	$	2,485
Title files in progress	$	60
Fixed assets		53
Noncompetition agreement		372
Total assets acquired		485
Goodwill	$	2,000

The fair value of assets acquired and liabilities assumed represent the final allocation.

The following table presents the unaudited pro forma financial information as if OTF had been included in the Company’s financial results as of January 1, 2022, through the date of acquisition (in thousands):

	Three Months			Six Months
	Ended			Ended
	June 30,			June 30,
	2022			2022
Revenues	$	2,965		$	5,488
Net income	$	(350	)	$	(820	)