Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.21.2
ACQUISITIONS (Tables)
9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
SCHEDULE OF FAIR VALUE OF ASSETS ASSUMED AND LIABILITIES ACQUIRED

 

Assets Acquired:                
Cash   $ 229,000          
Accounts receivable     207,000     $ 436,000  
Liabilities Assumed:                
Current liabilities     (241,000 )        
Long-term liabilities     (90,000 )     (331,000 )
Intangible assets             1,419,000  
Goodwill             3,426,000  
Purchase Price           $ 4,950,000  
SCHEDULE OF AMORTIZATION EXPENSE FOR FUTURE PERIODS FOR INTANGIBLE ASSETS

 

Year ending   Amortization  
2021 remaining (remaining 3 months)   $ 416,000  
2022     1,466,000  
2023     1,464,000  
2024     395,000  
2025 and thereafter     186,000  
Total amortization   $ 3,927,000  
SCHEDULE OF PRO FORMA STATEMENTS OF OPERATIONS

The following unaudited pro forma statement of operations present the Company’s pro forma results of operations for the three and nine months ended September 30, 2020, to give effect to the acquisition of SoloFire as if it had occurred on January 1, 2020.

 

   

Three Months Ended

September 30, 2020

   

Nine Months Ended

September 30, 2020

 
    (Proforma,
unaudited)
    (Proforma,
unaudited)
 
SaaS recurring subscription revenue   $ 1,661,000     $ 4,511,000  
Other digital     360,000       1,166,000  
Welcome kits and fulfilment     836,000       2,277,000  
Shipping     186,000       614,000  
Total revenue     3,043,000       8,568,000  
                 
Cost of revenue     1,344,000       3,661,000  
                 
Gross margin     1,699,000       4,907,000  
                 
Operating expenses     (9,771,000 )     (21,615,000 )
                 
Other income, net     574,000       3,550,000  
                 
Net loss     (7,498,000 )     (13,158,000 )
                 
Deemed dividends to Series A stockholders     -       (3,951,000 )
                 
Net loss attributed to common stockholders   $ (7,498,000 )   $ (17,109,000 )
SCHEDULE OF RESULTS OF OPERATION OF SUBSIDIARY

Pursuant to the provisions of ASC 805, the following results of operations of Verb Acquisition subsequent to the acquisition date included in the consolidated statement of operations for the reporting period:

 

   

Three Months Ended

September 30, 2020

   

Nine Months
Ended

September 30, 2020

 
Revenue   $ 276,000     $ 795,000  
Cost of revenue     (65,000 )     (184,000 )
Operating expenses     (897,000 )     (1,474,000 )
Other income/ (expense)     -       -  
Net loss   $ (686,000 )   $ (863,000 )