Acquisitions (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Schedule of Business Acquisition, Pro Forma Information |
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
($ in thousands except per share amounts) |
|
| Total revenue |
|
$ |
22,485 |
|
|
$ |
25,196 |
|
| Net loss |
|
$ |
(2,265 |
) |
|
$ |
(8,769 |
) |
| Net loss attributable to common shareholders |
|
$ |
(4,908 |
) |
|
$ |
(10,262 |
) |
| Net loss per common share |
|
$ |
(0.40 |
) |
|
$ |
(0.86 |
) |
|
| 2020 Acquisition [Member] |
|
| Summary of Total Consideration on Business Consideration |
A summary of the total consideration is as
follows:
CareCloud Purchase Price
| Cash |
|
$ |
11,852,526 |
|
| Preferred stock |
|
|
19,000,000 |
|
| Warrants |
|
|
300,000 |
|
| Contingent consideration |
|
|
1,050,000 |
|
| Total purchase price |
|
$ |
32,202,526 |
|
|
| Schedule of Assets Acquired and Liabilities Assumed |
The preliminary purchase price allocation for
CareCloud is summarized as follows:
| Accounts receivable |
|
$ |
2,298,716 |
|
| Prepaid expenses |
|
|
1,277,990 |
|
| Contract asset |
|
|
537,722 |
|
| Property and equipment |
|
|
402,970 |
|
| Operating lease right-of-use assets |
|
|
2,858,626 |
|
| Customer relationships |
|
|
5,300,000 |
|
| Trademark |
|
|
800,000 |
|
| Software |
|
|
4,700,000 |
|
| Goodwill |
|
|
25,718,078 |
|
| Other long term assets |
|
|
539,560 |
|
| Accounts payable |
|
|
(6,942,710 |
) |
| Accrued expenses |
|
|
(2,080,977 |
) |
| Current loan payable |
|
|
(79,655 |
) |
| Operating lease liability |
|
|
(2,858,544 |
) |
| Deferred revenue |
|
|
(269,250 |
) |
| Total preliminary purchase price allocation |
|
$ |
32,202,526 |
|
|
| 2019 Acquisition [Member] |
|
| Schedule of Assets Acquired and Liabilities Assumed |
The purchase price allocation for Etransmedia
was performed by the Company and is summarized as follows:
| Customer relationships |
|
$ |
856,000 |
|
| Accounts receivable |
|
|
547,377 |
|
| Contract asset |
|
|
139,169 |
|
| Operating lease right-of-use assets |
|
|
1,224,480 |
|
| Property and equipment |
|
|
91,277 |
|
| Goodwill |
|
|
39,901 |
|
| Operating lease liabilities |
|
|
(1,224,480 |
) |
| Accrued expenses |
|
|
(73,724 |
) |
| Total |
|
$ |
1,600,000 |
|
|