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Acquisitions
6 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
On December 18, 2017, the Company completed a purchase of a 40.0% interest in Criticality, a North Carolina-based industrial hemp company that was engaged in CBD extraction and other applications for industrial hemp in accordance with a pilot program authorized under the federal Agriculture Act of 2014 and applicable North Carolina law. On April 22, 2020, the Company acquired the remaining 60.0% of the equity in Criticality in exchange for consideration consisting of $5,000 cash and $7,450 for the settlement of the Company's note receivable from Criticality, subject to certain post-closing adjustments.

The acquisition of Criticality was a business combination achieved in stages, which required the Company to remeasure its previously held equity interest in Criticality at its acquisition date fair value. This remeasurement resulted in a loss of
approximately $2,667 being recorded in other income (expense), net within the condensed consolidated statements of operations for the five months ended August 31, 2020. The assets and liabilities were recorded at their fair value.

Following the acquisition, the Company recorded certain post-closing purchase price adjustments. The intent of the acquisition was to allow the Company to expand its industrial hemp production and product portfolio. The following summarizes the fair values of the assets acquired and liabilities assumed as of April 22, 2020:

Cash and cash equivalents$195 
Accounts receivable1,528 
Advances to suppliers1,043 
Inventories3,823 
Other current assets181 
Property, plant, and equipment5,060 
Goodwill6,120 
Total assets acquired17,950 
Accounts payable1,654 
Notes payable7,450 
Other current liabilities513 
Total liabilities9,617 
Fair value of equity interest$8,333 

The following summarizes the revenue, operating loss, and net loss for Criticality as well as the resulting impact to basic and diluted (loss) earnings per share:

 Successor  Predecessor
One month ended September 30, 2020 Two months ended August 31, 2020
Revenue— 
Operating loss(1,131)(2,326)
Net loss(1,170)(2,408)
Impact to (loss) earnings per share:
 Basic(0.05)(0.24)
 Diluted(0.05)(0.24)
SuccessorPredecessor
One month ended September 30, 2020Five months ended August 31, 2020
Revenue— 
Operating loss(1,131)(3,117)
Net loss(1,170)(3,317)
Impact to (loss) earnings per share:
Basic(0.05)(0.33)
Diluted(0.05)(0.33)
In December 2020, the Company commenced actions to exit operations of the industrial hemp businesses, including the production and sale of products containing extracts of industrial hemp, including CBD products, by Criticality.