Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS (Tables)

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ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
SUMMARY OF TOTAL CONSIDERATION ON BUSINESS CONSIDERATION

A summary of the total consideration is as follows:

 

medSR Purchase Price

 

    ($ in thousands)  
Cash   $ 12,261  
Amounts held in escrow     1,571  
Contingent consideration     5,605  
Total purchase price   $ 19,437  
    ($ in thousands)  
Cash   $ 11,864  
Preferred stock     5,000  
Warrants     4,770  
Total purchase price   $ 21,634  
 
    ($ 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 purchase price allocation for medSR is summarized as follows:

 

    ($ in thousands)  
Accounts receivable   $ 2,696  
Receivable from seller     227  
Prepaid expenses     102  
Unbilled receivables     2,491  
Property and equipment     84  
Customer relationships     3,100  
Acquired backlog     490  
Goodwill     11,931  
Accounts payable     (539 )
Accrued expenses & compensation     (1,125 )
Deferred revenue     (20 )
Total purchase price allocation   $ 19,437  
    ($ 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 purchase price allocation   $ 21,634  
 
    ($ 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  
 
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA INFORMATION

 

             
    Year Ended December 31,  
    2021     2020  
    ($ in thousands except per share amounts)  
Total revenue   $ 157,390     $ 136,652  
Net income (loss)   $ 5,667     $ (14,407 )
Net loss attributable to common shareholders   $ (8,385 )   $ (28,991 )
Net loss per common share   $ (0.58 )   $ (2.29 )