Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2021
Schedule of Business Acquisition, Pro Forma Information
    Three Months Ended March 31, 2020  
    ($ in thousands except per share amounts)  
Total revenue   $ 33,416  
Net loss   $ (3,499 )
Net loss attributable to common shareholders   $ (6,849 )
Net loss per common share   $ (0.56 )
Meridian Billing Management Co [Member]  
Summary of Total Consideration on Business Consideration

A summary of the total consideration is as follows:

 

Meridian Purchase Price      
      ($ in thousands)  
Cash   $ 11,864  
Preferred stock     5,000  
Warrants     4,770  
Total purchase price   $ 21,634  
Schedule of Assets Acquired and Liabilities Assumed

The Company engaged a third-party valuation specialist to assist the Company in valuing the assets acquired and liabilities assumed from Meridian. The following table summarizes the preliminary purchase price allocation. The Company expects to finalize the purchase price allocation by the end of the second quarter of 2021 and is finalizing the projections and the valuation of the acquired assets and assumed liabilities. The preliminary purchase price allocation for Meridian is summarized as follows:

 

    ($ in thousands)  
Accounts receivable   $ 3,558  
Prepaid expenses     704  
Contract asset     881  
Property and equipment     426  
Operating lease right-of-use assets     2,776  
Customer relationships     12,900  
Technology     900  
Goodwill     13,789  
Accounts payable     (3,373 )
Accrued expenses & compensation     (3,932 )
Deferred revenue     (907 )
Operating lease liabilities     (6,025 )
Other current liabilities     (63 )
Total preliminary purchase price allocation   $ 21,634  
CareCloud Health, Inc. [Member]  
Summary of Total Consideration on Business Consideration

A summary of the total consideration is as follows:

 

CCH Purchase Price      
    ($ in thousands)  
Cash   $ 11,853  
Preferred stock     19,000  
Warrants     300  
Contingent consideration     1,000  
Total purchase price   $ 32,153  
Schedule of Assets Acquired and Liabilities Assumed

The Company engaged a third-party valuation specialist to assist the Company in valuing the assets acquired and liabilities assumed from CCH. The following table summarizes the purchase price allocation:

 

    ($ in thousands)  
Accounts receivable   $ 2,299  
Prepaid expenses     1,278  
Contract asset     538  
Property and equipment     403  
Operating lease right-of-use assets     2,859  
Customer relationships     8,000  
Trademark     800  
Software     4,800  
Goodwill     22,868  
Other long term assets     540  
Accounts payable     (6,943 )
Accrued expenses     (2,081 )
Current loan payable     (80 )
Operating lease liabilities     (2,859 )
Deferred revenue     (269 )
Total purchase price allocation   $ 32,153