|9 Months Ended|
Sep. 30, 2020
|Subsequent Events [Abstract]|
Note 13. Subsequent Events
On November 4, 2020, the Company entered into a definitive agreement to acquire 100% of the membership interests in LEEDS, LLC (“LEEDS”), a New Jersey-based technology company. The purchase consideration includes $15.0 million in cash, $2.0 million in issued stock and a contingent earnout payable in cash for up to $5.0 million based on LEEDS’ revenues generated over a period following the acquisition date. If the acquisition is completed, the Company will account for this acquisition as a business combination. The Company expects to use existing cash on hand to fund the acquisition.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef