Annual report pursuant to Section 13 and 15(d)

Goodwill and Business Acquisition (Tables)

v3.24.1
Goodwill and Business Acquisition (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Business Acquisition [Abstract]  
Schedule of Consideration The following table summarizes the consideration paid for Airobotics and the preliminary 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 Warrants to purchase shares     -  
Total purchase price consideration   $ 5,962,628  
         
Estimated fair value of assets acquired:        
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  
Total estimated fair value of assets acquired     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  
Total estimated fair value of liabilities assumed     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)

Years Ended
December 31,

  
    2023     2022  
Revenue, net   $ 15,723,466     $ 2,874,232  
Net loss   $ (45,195,015 )   $ (85,966,141 )
Net Loss Per Share – basic and diluted   $ (0.86 )   $ (1.90 )
Schedule of Carrying Amount of Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022, are as follows:
    Ondas
Autonomous
Systems		  
Balance as of January 1, 2022   $ 45,026,583  
Impairment loss     (19,419,600 )
Balance as of December 31, 2022     25,606,983  
Goodwill acquired     2,144,938  
Balance as of December 31, 2023   $ 27,751,921