Converge Direct Acquisition (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Purchase Price Allocation

The following table summarizes the allocation of the purchase price of the assets acquired related to the acquisition as of the closing date:

Current assets	$	33,856,000
Fixed assets	233,000
Other non-current assets	4,340,000
Intangible assets	71,100,000
Goodwill	45,519,000
Current liabilities	(34,904,000)
Other non-current liabilities	(5,506,000)
Consideration	$	114,638,000

Schedule of Intangible Assets

The estimated fair values of the identifiable intangible assets acquired, estimated useful lives and related valuation methodology are as follows:

Intangible Assets:	Preliminary Fair Value		Life in Years	Discount Rate	Valuation Method
Customer relationships	$	53,600,000	10	17.8%	Income (MPEEM)
Technology	10,400,000		5	17.8%	Income (Relief-from-Royalty)
Tradename	7,100,000		10	18.8%	Income (Relief-from-Royalty)
	$	71,100,000

Schedule of Pro Forma Information

The following unaudited pro forma information presents the combined results of operations as if the acquisition of Converge had been completed on January 1, 2022.

	For the nine months ended
	September 30, 2022
Revenue	$	275,734,955
Cost of revenue	229,699,317
Gross profit	46,035,638
Operating expenses	(63,111,345)
Operating loss	(17,075,707)
Other expenses	(11,676,796)
Net loss	$	(28,752,503)