Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.22.2.2
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2022
Asset Acquisition [Line Items]  
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA INFORMATION

 

    2022     2021     2022     2021  
   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
    2022     2021     2022     2021  
    ($ in thousands, except per share amounts)  
Total revenue   $ 33,723     $ 38,304     $ 106,292     $ 119,929  
Net income   $ 1,128     $ 1,682     $ 5,195     $ 59  
Net loss attributable to common shareholders   $ (2,721 )   $ (1,960 )   $ (6,467 )   $ (10,349 )
Net loss per common share   $ (0.18 )   $ (0.13 )   $ (0.43 )   $ (0.72 )
Acquisition 2021 [Member] | Meridian Billing Management Co. [Member]  
Asset Acquisition [Line Items]  
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  
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 MedMatica. The following table summarizes the purchase price allocation.

 

    ($ 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