| Schedule of Consideration Paid |
The following table summarizes the consideration paid for Airobotics
and the final allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the
acquisition date.
| Purchase price consideration |
|
|
|
| Common Stock – 2,844,291 Shares |
|
$ |
5,261,938 |
|
| Vested Stock Options – 773,244 Shares |
|
|
700,690 |
|
| Warrants – 586,440 Shares |
|
|
- |
|
| Total purchase price consideration |
|
$ |
5,962,628 |
|
| |
|
|
|
|
| Estimated fair value of assets: |
|
|
|
|
| Cash and cash equivalents and restricted cash |
|
$ |
1,049,454 |
|
| Accounts receivable |
|
|
112,245 |
|
| Inventory |
|
|
1,494,707 |
|
| Other current assets |
|
|
835,664 |
|
| Property and equipment |
|
|
3,015,602 |
|
| Right of use asset |
|
|
339,104 |
|
| Intangible assets |
|
|
5,977,926 |
|
| Other long-term assets |
|
|
62,851 |
|
| |
|
|
12,887,553 |
|
| |
|
|
|
|
| Estimated fair value of liabilities assumed: |
|
|
|
|
| Accounts payable |
|
|
969,242 |
|
| Customer Prepayments |
|
|
1,602,535 |
|
| Government grant liability |
|
|
1,783,403 |
|
| Other loans |
|
|
1,140,301 |
|
| Other payables |
|
|
1,156,057 |
|
| Lease liabilities |
|
|
385,450 |
|
| Loan from related party |
|
|
2,032,875 |
|
| |
|
|
9,069,863 |
|
| |
|
|
|
|
| Net Assets Acquired |
|
$ |
3,817,690 |
|
| |
|
|
|
|
| Goodwill |
|
$ |
2,144,938 |
|
|
| Schedule of Operating Results |
The pro forma results do not purport to represent what
the Company’s results of operations actually would have been if the transactions had occurred on January 1, 2022 or what the Company’s
operating results will be in future periods.
| |
|
(Unaudited)
Three months ended
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Revenue, net |
|
$ |
625,009 |
|
|
$ |
2,628,027 |
|
| Net loss |
|
$ |
(9,876,084 |
) |
|
$ |
(14,883,364 |
) |
| Basic Earnings Per Share |
|
$ |
(0.16 |
) |
|
$ |
(0.30 |
) |
| Diluted Earnings Per Share |
|
$ |
(0.16 |
) |
|
$ |
(0.30 |
) |
|
| Schedule of Carrying Amount of Goodwill |
The changes in the carrying amount of
goodwill for the three months ended March 31, 2024 and year ended December 31, 2023, are as follows:
| |
|
OAH |
|
| Balance as of January 1, 2023 |
|
$ |
25,606,983 |
|
| Goodwill acquired |
|
|
2,144,938 |
|
| Balance as of December 31, 2023 and March 31, 2024 |
|
$ |
27,751,921 |
|
|