Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.21.1
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2020
Acquisitions  
Summary of preliminary purchase price allocation and estimated fair value

The purchase price allocation for Panoptes is preliminary pending completion of the fair value analysis of acquired assets and liabilities:

 

 

 

 

 

 

    

Panoptes

Current Assets (1)

 

$

410,863

In-Process R&D

 

 

5,624,100

Goodwill

 

 

1,958,711

Property, Plant and Equipment

 

 

2,042

Accounts Payable and Other Liabilities

 

 

(87,777)

Deferred Tax Liability

 

 

(351,507)

Contingent Consideration

 

 

(3,632,950)

Assumed Liabilities

 

 

(312,852)

Total Purchase Price

 

$

3,610,630


(1)Current Assets include cash, receivables, and prepaid expenses of $333,860,  $73,368, and $3,635, respectively.

Schedule of Proforma disclosure for Panoptes acquisition

The following table includes the pro forma results for the years ended December 31, 2020 and 2019 of the combined companies as though the Panoptes Acquisition had been completed as of the beginning of the period presented.

 

 

 

 

 

 

 

 

 

 

Year Ended

 

Year Ended

 

 

December 31, 2020

 

December 31, 2019

 

    

(unaudited)

    

(unaudited)

Revenues

 

$

558,063

 

$

2,799,475

Operating Expenses

 

 

9,842,685

 

 

11,206,998

Net Loss

 

$

(9,172,201)

 

$

(8,762,314)