| Summary of Assets Acquired and Liabilities Assumed at their Acquisition Date Fair Value |
The following table represents the allocation of the purchase consideration among Maestro’s assets acquired and liabilities assumed at their acquisition-date fair values:
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|
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|
|
December 31, 2022 |
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Adjustment |
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|
March 31, 2023 |
|
Purchase Price |
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|
|
|
|
|
|
|
|
Purchase Price |
|
$ |
19,900,000 |
|
|
|
|
|
$ |
19,900,000 |
|
|
|
|
|
|
|
|
|
|
|
Purchase Price Allocation |
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|
|
|
|
|
|
|
|
Cash |
|
$ |
17,081,602 |
|
|
|
|
|
$ |
17,081,602 |
|
Restricted cash |
|
|
16,306,547 |
|
|
|
|
|
|
16,306,547 |
|
Accounts receivable |
|
|
321,198 |
|
|
|
|
|
|
321,198 |
|
Unbilled receivable |
|
|
646,189 |
|
|
|
|
|
|
646,189 |
|
Prepaid expenses and other current assets |
|
|
1,751,371 |
|
|
|
|
|
|
1,751,371 |
|
Property and equipment |
|
|
921,680 |
|
|
|
|
|
|
921,680 |
|
Operating lease - right of use assets |
|
|
2,555,375 |
|
|
|
|
|
|
2,555,375 |
|
Goodwill |
|
|
3,454,143 |
|
|
|
35,970 |
|
|
|
3,490,113 |
|
Trademarks |
|
|
800,000 |
|
|
|
|
|
|
800,000 |
|
Customer relationships |
|
|
840,000 |
|
|
|
|
|
|
840,000 |
|
Security deposits |
|
|
1,240,889 |
|
|
|
|
|
|
1,240,889 |
|
Account payable |
|
|
(150,328 |
) |
|
|
|
|
|
(150,328 |
) |
Accrued expenses |
|
|
(4,554,280 |
) |
|
|
(35,970 |
) |
|
|
(4,590,250 |
) |
Accrued fiduciary obligations |
|
|
(16,306,547 |
) |
|
|
|
|
|
(16,306,547 |
) |
Operating lease liabilities |
|
|
(4,816,490 |
) |
|
|
|
|
|
(4,816,490 |
) |
Deferred revenue |
|
|
(191,349 |
) |
|
|
|
|
|
(191,349 |
) |
Total fair value of net assets acquired and liabilities assumed |
|
$ |
19,900,000 |
|
|
$ |
— |
|
|
$ |
19,900,000 |
|
|