Business Combinations |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Business Combinations | |
| Business Combinations | Note 4 - Business Combinations
For comprehensive information regarding acquisitions completed in the fiscal year ended December 31, 2024, please refer to “Note 5 – Business Combinations” included in the Form 10-K.
Acquisition of GTG Financial, Inc.
In connection with the acquisition of GTG Financial completed on February 20, 2025, the Company was contractually obligated under the Stock Purchase Agreement to issue shares of common stock valued at approximately $1.29 million. The number of shares of common stock was determined based on the 7-day volume-weighted average price (“VWAP”) of the Company’s common stock as reported on Nasdaq prior to the closing date. Based on a VWAP of $1.84, the Company issued 700,055 shares on April 28, 2025, to satisfy this obligation. In accordance with ASC 505 Equity, equity-classified instruments are recorded at fair value on the date of issuance. As a result, the preliminary purchase price allocation, previously reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, was updated as of June 30, 2025, to reflect a measurement period adjustment of $835,866, resulting in a corresponding reduction to goodwill. |