Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.22.2.2
ACQUISITIONS (Tables)
 6 Months Ended
Jun. 30, 2022
Business Combinations [Abstract]  
Schedule of fair value of assets acquired and liabilities
Below is a table that shows the fair value of assets acquired and liabilities assumed by the Company as a result of the 2021 transactions.
The purchase price allocation below for CCE is preliminary, as management is currently evaluating certain assumptions including working capital changes and tax impacts and may adjust the allocation in the subsequent period.
 
Assets
 
Agribody
Technologies, Inc.
as of April 15, 2021
 
 
Entira, Inc. as of
November 17, 2021
 
 
Camelina Company
Espana, S.L. as of
December 29, 2021
 
 
Total of
Acquisitions
 
Cash and cash equivalents
 
$
263,755
 
 
$
2,100
 
 
$
151,188
 
 
$
417,043
 
Accounts receivable
 
 
-
 
 
 
-
 
 
 
414,554
 
 
 
414,554
 
Prepaid expense and other current assets
 
 
-
 
 
 
-
 
 
 
1,094,894
 
 
 
1,094,894
 
Property, plant, and equipment
 
 
185,445
 
 
 
33,000
 
 
 
598,619
 
 
 
817,064
 
Patents
 
 
3,450,000
 
 
 
-
 
 
 
-
 
 
 
3,450,000
 
Developed seed variant technology
 
 
-
 
 
 
-
 
 
 
5,679,500
 
 
 
5,679,500
 
Trade name
 
 
90,000
 
 
 
-
 
 
 
-
 
 
 
90,000
 
Goodwill
 
 
2,345,569
 
 
 
2,858,930
 
 
 
5,196,397
 
 
 
10,400,896
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
 
(344,277
)
 
 
(300,000
)
 
 
(2,714,142
)
 
 
(3,358,419
)
Long term liabilities
 
 
-
 
 
 
-
 
 
 
(619,293
)
 
 
(619,293
)
Deferred tax liabilities
 
 
(990,492
)
 
 
(130,723
)
 
 
(1,540,520
)
 
 
(2,661,735
)
Total fair value of net assets acquired
 
 
5,000,000
 
 
 
2,463,307
 
 
 
8,261,197
 
 
 
15,724,504
 
Less: Cash acquired
 
 
(263,755
)
 
 
(2,100
)
 
 
(151,188
)
 
 
(417,043
)
Total fair value of consideration transferred, net of cash acquired
 
$
4,736,245
 
 
$
2,461,207
 
 
$
8,110,009
 
 
$
15,307,461
 
 
During the six months ended June 30, 2022, we recorded adjustments to the preliminary fair value estimates of assets acquired and liabilities assumed for CCE as of the acquisition date as noted in the table below:
 
Assets
 
Preliminary
 
 
Adjustments
 
 
As adjusted
 
Cash and cash equivalents
 
$
151,188
 
 
$
-
 
 
$
151,188
 
Accounts receivable
 
 
1,094,894
 
 
 
(680,340
)
 
 
414,554
 
Prepaid expense and other current assets
 
 
1,094,894
 
 
 
-
 
 
 
1,094,894
 
Property, plant, and equipment
 
 
598,619
 
 
 
-
 
 
 
598,619
 
Patents
 
 
-
 
 
 
-
 
 
 
-
 
Developed seed variant technology
 
 
5,679,500
 
 
 
-
 
 
 
5,679,500
 
Trade name
 
 
-
 
 
 
-
 
 
 
-
 
Goodwill
 
 
3,572,941
 
 
 
1,623,456
 
 
 
5,196,397
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
 
(1,687,947
)
 
 
(1,026,195
)
 
 
(2,714,142
)
Long term liabilities
 
 
(619,293
)
 
 
-
 
 
 
(619,293
)
Deferred tax liabilities
 
 
(1,623,599
)
 
 
83,079
 
 
 
(1,540,520
)
Total fair value of net assets acquired
 
 
8,261,197
 
 
 
-
 
 
 
8,261,197
 
Less: Cash acquired
 
 
(151,188
)
 
 
-
 
 
 
(151,188
)
Total fair value of consideration transferred, net of cash acquired
 
$
8,110,009
 
 
$
-
 
 
$
8,110,009