ACQUISITION (Tables)

6 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisition

The estimated fair value of the purchase price consideration consisted of the following:

($ in thousands)
Closing cash consideration	$	36,854
Stock Consideration	3,942
Fair value of total consideration transferred	$	40,796

The following table summarizes the preliminary fair value assigned to the assets acquired and liabilities assumed at the acquisition date of December 1, 2022.

($ in thousands)	Amount
Cash and cash equivalents	$	941
Accounts receivable	2,415
Inventories	1,865
Intangible assets	13,222
Other assets	472
Total identifiable assets acquired	18,915
Accounts payable	(1,721)
Tax liabilities	(1,983)
Total liabilities assumed	(3,704)
Total identifiable net assets	15,211
Goodwill	25,585
Fair value of total consideration transferred	$	40,796

The following table summarizes the total consideration paid for Yoke, total net assets acquired, identifiable assets and goodwill recognized at the acquisition date:

($ in thousands)	Amount
Consideration
Cash	$	2,966
Contingent consideration arrangement	$	1,000
Fair value of total consideration transferred	$	3,966
Recognized amounts of identifiable assets
Total net assets acquired	$	21
Identifiable intangible assets	$	1,235
Total identifiable net assets	$	1,256
Goodwill	$	2,710

Schedule of Pro Forma Operations Results

	Three months ended December 31,				Six months ended December 31,
(In thousands)	2022		2021		2022		2021
Revenues	$	64,614	$	54,856	$	127,450	$	104,665
Net income (loss)	1,357		(1,393)		(7,640)		(5,526)

The supplemental pro forma earnings for the three and six months ended December 31, 2022 were adjusted to exclude $2.8 million of acquisition related costs.

The supplemental pro forma earnings for the six months ended December 31, 2021 were adjusted to include $2.8 million of acquisition related costs, the components of which were previously described.