BUSINESS COMBINATION (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

SCHEDULE OF PURCHASE PRICE ALLOCATION TO ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the final purchase price allocation to assets acquired and liabilities assumed (in thousands):

				Weighted Average
	Amount			Useful Life (in Years)
Total purchase consideration	$	21,611
Inventory	$	1,197
Other current assets		703
Operating lease right-of-use assets		234
Property and equipment, net		5,330
Intangible assets:
Acquired technology(1)		17,987			13
Order backlog		26			1
Contract liabilities		(1,178	)
Operating lease liabilities		(234	)
Deferred tax liabilities		(785	)
Total identifiable net assets	$	23,280
Bargain purchase gain(2)		(1,669	)

(1)

During the three months ended June 30, 2024, the Company recognized a $3.0 million impairment charge on certain identified intangible assets acquired in this business combination. See Note 7. Financial Statement Components.

(2)

The bargain purchase gain represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase consideration and is included in bargain purchase gain, net of tax in the condensed consolidated statements of operations. The bargain purchase gain was attributable to the negotiation process with Ibeo during its insolvency proceedings resulting in cash consideration paid being less than the fair value of the net assets acquired.