Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.19.2
Acquisition (Tables)
 6 Months Ended
May 31, 2019
Business Combinations [Abstract]  
Summary of Fair Value of Consideration
The following summarizes the fair value of the consideration of the Acquisition as of the purchase date:
 
Consideration
 
 
 
Cash
 
$
10,500,000
 
Cryo-Cell common stock
 
 
3,500,000
 
Cord blood inventory earnout
 
 
4,698,255
 
Consideration
 
$
18,698,255
 
Summary of Preliminary Allocation of Total Purchase Price
The following summarizes the preliminary allocation of the total purchase price for the Acquisition:
 
Accounts receivable
 
$
188,019
 
Inventory
 
 
16,037,957
 
Prepaid expenses
 
 
68,867
 
Property and equipment
 
 
568,407
 
Other asset - Tiahne capital stock
 
 
308,000
 
Brand
 
 
31,000
 
Customer relationships
 
 
960,000
 
Total identifiable net assets acquired
 
 
18,162,250
 
Less: Deferred revenue
 
 
(1,405,406
)
Goodwill
 
 
1,941,411
 
Total
 
$
18,698,255
 
Schedule of Unaudited Pro Forma Results
The following table provides the Company’s consolidated unaudited pro forma revenues, net income per basic and diluted common share had the results of the acquired businesses’ operations been included in its operations commencing on December 1, 2016, based on available information related to the respective operations. This proforma information presented is not necessarily indicative either of the combined results of operations that actually would have been realized by the Company had the acquisition been consummated at the beginning of the period for which the pro forma information is presented, or of future results, and does not account for any operation improvements to be made by the Company post-acquisition.
 
 
 
Three months ended

May 31, 2018
 
 
Six months ended

May 31, 2018
 
Revenue
 
$
7,610,357
 
 
$
14,293,369
 
Net income (loss)
 
$
(569,088
)
 
$
(4,049,426
)
Earnings (loss) per share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.07
)
 
$
(0.53
)
Diluted
 
$
(0.07
)
 
$
(0.53
)