| Schedule of Preliminary Allocation of Total Consideration of Assets Acquired and Liabilities Assumed |
The table below summarizes the preliminary estimates of fair value of identifiable assets acquired and liabilities assumed in the Acquisition and the revisions made in the third quarter of 2022. These preliminary estimates of the fair value are subject to additional revisions, which may result in additional adjustments to the values presented below.
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
October 22, 2021 |
Revisions |
September 30, 2022 |
| Cash and cash equivalents |
$ |
1,533 |
|
|
$ |
1,533 |
|
Accounts receivable, net of allowance for credit losses of $118 |
5,358 |
|
|
5,358 |
|
| Inventories, net |
1,561 |
|
|
1,561 |
|
| Prepaid expenses and other current assets |
454 |
|
|
454 |
|
| Property, plant and equipment, net |
15,697 |
|
$ |
1,594 |
|
17,291 |
|
| Right of use asset, operating leases, net |
208 |
|
|
208 |
|
| Intangible assets, net |
5,750 |
|
|
5,750 |
|
| Total identifiable assets acquired |
$ |
30,561
|
|
$ |
1,594
|
|
$ |
32,155
|
|
|
|
|
|
| Accounts payable |
$ |
1,751 |
|
|
$ |
1,751 |
|
| Accrued expenses and other current liabilities |
1,622 |
|
|
1,622 |
|
| Current portion of operating lease liabilities |
51 |
|
|
51 |
|
| Current portion of finance lease liabilities |
215 |
|
|
215 |
|
| Deferred income taxes |
2,542 |
|
$ |
387 |
|
2,929 |
|
| Long-term portion of operating lease liabilities |
157 |
|
|
157 |
|
| Long-term portion of finance lease liabilities |
1,408 |
|
|
1,408 |
|
| Total identifiable liabilities assumed |
$ |
7,746
|
|
$ |
387
|
|
$ |
8,133
|
|
|
|
|
|
| Net identifiable assets acquired |
$ |
22,815 |
|
$ |
1,207 |
|
$ |
24,022 |
|
| Transaction price |
34,097 |
|
|
34,097 |
|
| Goodwill |
$ |
11,282
|
|
$ |
(1,207) |
|
$ |
10,075
|
|
|
| Schedule of Business Acquisitions, by Acquisition |
Total net sales and operating loss for DanChem for the three and nine months ended September 30, 2022 were as follows:
|
|
|
|
|
|
|
|
|
| (in thousands) |
Three Months Ended September 30, 2022 |
Nine Months Ended September 30, 2022 |
| Net sales |
$ |
8,306 |
|
$ |
24,167 |
|
| Operating loss |
$ |
(728) |
|
$ |
(286) |
|
|