Oblong Industries Acquisition (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions

Pursuant to ASC 805, the purchase price of $18,862,000 was measured as the fair value of the consideration exchanged in the Acquisition as follows:

Series D Preferred Stock (1,686,659 shares at $11.15 per share)	$	18,811,000
Value of common stock options issued (107,845 at $0.47 per option)	$	51,000
Total purchase price	$	18,862,000

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Based on the purchase price allocation, the following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands):

Cash	$	2,194
Accounts receivable	1,962
Prepaid expenses and other current assets	719
Inventory	1,835
Property and equipment	1,221
Operating lease, right-of-use assets	3,376
Trade names	2,410
Distributor relationships	310
Developed technology	10,060
Other assets	194
Total assets acquired at fair value	$	24,281
Accounts payable	$	(296)
Operating lease liabilities	(3,578)
Deferred revenue	(2,231)
Debt	(5,509)
Other liabilities	(1,171)
Total liabilities assumed	$	(12,785)
Net assets acquired	$	11,496

Pro forma information

The Company's unaudited pro forma results for the year ended December 31, 2019 is summarized in the table below, assuming the Acquisition had occurred on January 1, 2019 (in thousands). These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which would have actually resulted had the acquisition occurred on January 1, 2019, nor to be indicative of future results of operations. These pro forma results include pro forma adjustments of $1,393,000 for the year ended December 31, 2019 related to the incremental amortization of Oblong Industries’ intangible assets recorded in connection with the Acquisition.

	Pro forma and unaudited (as if the acquisition of Oblong Industries had occurred on January 1, 2019)
	Year Ended December 31, 2019
Revenue
Oblong (formerly Glowpoint)	$	9,660
Oblong Industries	15,926
Total revenue	$	25,586
Net loss
Oblong	$	4,401
Oblong Industries	15,795
Pro forma net loss	$	20,196