Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.21.2
Acquisition (Tables)
6 Months Ended
Jun. 30, 2021
Acquisition  
Summary of 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.

12. Acquisition (continued)

Schedule of Proforma disclosure for Panoptes acquisition

The following tables includes the pro forma results for Panoptes the three- and six- month periods ending June 30, 2020 of the combined companies as though the Panoptes Acquisition had been completed as of the beginning of the period presented.

    

Three Months Ended

 

Six Months Ended

June 30, 2020

 

June 30, 2020

(unaudited)

 

(unaudited)

Revenues

$

1,722

$

112,541

Operating Expenses

 

2,004,966

 

4,137,017

Net Loss

$

(2,003,685)

$

(4,006,738)