Quarterly report pursuant to Section 13 or 15(d)

Cancer Genetics, Inc. Merger (Tables)

v3.21.2
Cancer Genetics, Inc. Merger (Tables)
9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Preliminary Allocation of the Purchase Price Consideration

The following details the preliminary allocation of the purchase price consideration recorded on March 31, 2021, with adjustments recorded in the second and third quarters of 2021, and balances as of September 30, 2021.

 

    March 31,
2021
    Adjustments     September 30,
2021
 
Assets acquired:                        
Cash and equivalents   $ 30,163     $ -     $ 30,163  
Accounts receivable     705       -       705  
Other current assets     806       193       999  
Intangible assets     9,500       -       9,500  
Fixed assets     416       (256 )     160  
Goodwill     22,164       (79 )     22,085  
Long-term prepaid expenses and other assets     1,381       -       1,381  
Total assets acquired   $ 65,135     $ (142 )   $ 64,993  
                         
Liabilities assumed:                        
Accounts payable and accrued expenses   $ 2,670     $ 476     $ 3,146  
Current liabilities of discontinued operations     588       (144 )     444  
Obligations under operating leases     198       -       198  
Obligations under finance leases     106       -       106  
Deferred revenue     1,293       (114 )     1,179  
Income taxes payable     360       (360 )     -  
Total liabilities assumed   $ 5,215     $ (142 )   $ 5,073  
                         
Net assets acquired:   $ 59,920     $ -     $ 59,920  
Schedule of Proforma Financial Information

The following presents the unaudited pro forma combined financial information as if the Merger had occurred as of January 1, 2020:

 

                         
   

Three months ended
September, 30

    Nine months ended
September 30,
 
    2021     2020     2021     2020  
Total revenues   $ 1,506     $ 1,903     $ 5,294     $ 5,042  
Net loss     (4,461 )     (2,429 )     (10,777 )     (8,663 )
Pro forma loss per common share, basic and diluted     (0.15 )     (0.08 )     (0.37 )     (0.30 )
Pro forma weighted average number of common shares basic and diluted     28,985,924       28,891,329       28,977,601       28,848,369