Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.20.1
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