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BUSINESS COMBINATIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following tables summarize the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed (in thousands) at acquisition date:

Merger ConsiderationFair Value ( in thousands)
Cash consideration at closing$97,116 
Equity consideration at closing146,314
Contingent earn-out600
Total$244,030 
Purchase price allocation
Cash and cash equivalents$951 
Accounts receivable823 
Inventory1,539 
Fixed assets226 
Other assets5 
Intangible assets110,100 
Goodwill157,699 
Total assets acquired$271,343 
Liabilities assumed:
Interest bearing debt16
Other current liabilities2,749
Deferred tax liabilities24,548
Total liabilities acquired27,313 
Estimated fair value of net assets acquired$244,030 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The fair values of the identifiable intangible assets acquired at the date of Acquisition are as follows (in thousands):

Intangible AssetFair ValueAmortization MethodUseful Life
Trade Names$900 Straight line2 years
Developed Technology49,100 Straight line4 years
Patents33,900 Straight line15 years
Customer Relationships24,300 Straight line10 years
Non-Competition Agreements1,900 Straight line5 years
$110,100 
Schedule of Business Acquisition, Pro Forma Information
The following unaudited pro forma financial information presented in the table below is provided for illustrative purposes only and is based on the historical financial statements of the Company and presents the Company’s results as if the business combination had occurred as of January 1, 2022 (in thousands):

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31,
2022
Revenue$48,615 
Net income (loss)$72,279 
Basic net income (loss) per share$0.54 
Diluted net income (loss) per share$0.50