Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.21.1
Acquisition (Tables)
 3 Months Ended
Mar. 31, 2021
Acquisition  
Summary of preliminary purchase price allocation and estimated fair value

 

 

 

 

 

    

Panoptes

Current Assets

 

$

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 Panoptes the three months ended March 31, 2020 of the combined companies as though the Panoptes Acquisition had been completed as of the beginning of the period presented.

 

 

 

 

 

 

    

Three Months Ended

 

 

 March 31, 2020

 

 

(unaudited)

Revenues

 

$

110,819

Operating Expenses

 

 

2,132,051

Net Loss

 

$

(2,003,053)