• Filing Date: 2019-11-15
  • Form Type: 10-Q/A
  • Description: Quarterly report (Amendment)
v3.19.3
ACQUISITION (Tables)
9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
Purchase price allocation

The table below shows the final breakdown related to the Secure Education acquisition (dollars in thousands):

 

Cash paid   $ 100  
Common stock issued     163  
Warrants issued at $5.44     66  
Warrants issued at $6.53     57  
Total consideration     386  
Less intangible assets and intellectual property     (386 )
Net goodwill recorded   $ -  

 

The table below shows the breakdown related to the final purchase price allocation for the OpenALPR Technology acquisition (dollars in thousands):

 

Assets acquired   $ 415  
Liabilities acquired     (388 )
Net assets acquired     27  
Less intangible assets     7,436  
Consideration paid (see below)     (12,397 )
Net Goodwill recorded   $ 4,934  
         
Cash consideration   $ 7,000  
Notes payable     5,000  
Common stock consideration     397  
Total acquisition consideration   $ 12,397  

 

Pro-forma financial information
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2019     2018     2019     2018  
    (Dollars in thousands, except per share data)     (Dollars in thousands, except per share data)  
Revenues from continuing operations   $ 4,983     $ 6,352     $ 15,853     $ 16,472  
Net loss from continuing operations     (3,456 )     (104 )     (10,170 )     (2,817 )
Basic and diluted loss per share   $ (0.19 )   $ (0.03 )   $ (0.56 )   $ (0.24 )
Basic and diluted number of shares     19,878,518       15,142,362       19,761,363       15,124,030