v3.26.1
Acquisition of Siyata Mobile
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition of Siyata Mobile

 

15. Acquisition of Siyata Mobile

 

The total consideration transferred for accounting purposes was determined based on the fair value of the equity interests that Core Gaming would have been required to issue to the former shareholders of Siyata Mobile to provide them with the same percentage ownership interest in the combined entity that they received as a result of the merger. The fair value of Core Gaming’s outstanding equity interests immediately before the merger was $160,000,000, representing an 84.46% ownership interest in the combined entity post-merger. Consequently, the total fair value of the combined entity’s equity was derived as approximately $189,448,487. The implied fair value of the deemed consideration attributable to the former shareholders of Siyata Mobile was calculated based on the remaining 15.54% ownership interest, amounting to $29,448,487.

 

Goodwill arising from the transaction was calculated as the excess of the deemed consideration over the fair value of Siyata Mobile’s identifiable net assets acquired. As of the acquisition date, the fair value of Siyata Mobile’s net assets was $15,438,987. Accordingly, goodwill of $14,009,500 was recognized.

 

The following summarizes the identified assets acquired and liabilities assumed pursuant to the accounting acquiree as of October 3, 2025:

 

      
Cash   3,510,499 
Trade and other receivables   2,744,789 
Prepaid expenses   270,878 
Inventory   2,523,487 
Advance to suppliers   329,260 
Long term receivable   170,414 
Right of use assets   448,883 
Equipment   142,484 
Intangible Assets   10,067,545 
Total assets   20,208,239 
Loans to financial institutions   1,642,477 
Accounts payable and accrued liabilities   2,616,250 
Lease obligations   381,178 
Warrant and preferred share liability   100 
Long term lease liability   129,247 
Total liability   4,769,252 
Net assets   15,438,987 

 

  

Core AI Holdings, Inc. And Its Subsidiary

Notes to The Unaudited Condensed Interim Consolidated Financial Statements

As At And For The Three Month Period Ended March 31, 2026 and March 31, 2025