Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.21.2
ACQUISITIONS (Tables)
6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of purchase price
The table below represents the allocation of the purchase price to the acquired net assets during the six months ended June 30, 2021.
 

  Agron Aquarius 55 Hydro Charcoir San Diego Hydro
Inventory $ —  $ 957  $ 780  $ 839  $ 1,400 
Prepaids and other current assets 29  12  29  534  36 
Furniture and equipment 46  63  50  —  315 
Liabilities —  —  —  —  — 
Operating lease right to use asset 87  —  853  —  970 
Operating lease liability (87) —  (853) —  (970)
Customer relationships 832  339  809  5,712  605 
Trade name 1,530  485  870  1,099  1,192 
Non-compete 139  —  26  — 
Intellectual property —  —  —  2,065  — 
Goodwill 8,673  1,702  3,915  6,119  5,728 
Total $ 11,249  $ 3,558  $ 6,479  $ 16,368  $ 9,282 
 
  Grow Warehouse Grow Depot Maine Indoor Garden Down River Hydro Harvest Total
Inventory $ 2,448  $ 326  $ 372  $ 824  $ 1,204  $ 9,150 
Prepaids and other current assets 30  —  683 
Furniture and equipment 250  25  94  50 100  993 
Liabilities (169) —  —  —  —  (169)
Operating lease right to use asset 94  91  129  —  —  2,224 
Operating lease liability (94) (91) (129) —  —  (2,224)
Customer relationships 1,256  549  210  634  1,016  11,962 
Trade name 2,748  344  353  698  1,392  10,711 
Non-compete 94  36  16  —  319 
Intellectual property —  —  —  —  —  2,065 
Goodwill 11,122  866  661  2,126  4,606  45,518 
Total 17,779  2,149  1,692  $ 4,351  $ 8,325  $ 81,232 
The table below represents the consideration paid for the net assets acquired in business combinations.
 
  Agron Aquarius 55 Hydro Charcoir San Diego Hydro
Cash $ 5,973  $ 2,331  $ 5,347  $ 9,902  $ 4,751 
Common stock 5,276  1,227  1,132  6,466  4,531 
Total $ 11,249  $ 3,558  $ 6,479  $ 16,368  $ 9,282 
  

  Grow Warehouse Grow
Depot Maine
Indoor Garden Down River Hydro Harvest Total
Cash $ 8,100  $ 1,738  $ 1,165  $ 3,177  $ 5,561  $ 48,045 
Common stock 9,679  411  527  1,174  2,764  33,187 
Total $ 17,779  $ 2,149  $ 1,692  $ 4,351  $ 8,325  $ 81,232 
The table below represents the allocation of the purchase price to the acquired net assets during the six months ended June 30, 2020.
 
  H2O Hydroponics LLC Health & Harvest LLC Total
Inventory $ 498  $ 1,054  $ 1,552 
Prepaids and other current assets — 
Furniture and equipment 50  51  101 
Right to use asset 902  192  1,094 
Lease liability (902) (192) (1,094)
Customer relationships 150  255  405 
Trade name 234  357  591 
Non-compete 43  49 
Goodwill 1,008  1,130  2,138 
Total $ 1,987  $ 2,853  $ 4,840 
The table below represents the consideration paid for the net assets acquired in business combinations.
 
  H2O Hydroponics LLC Health & Harvest LLC Total
Cash $ 1,282  $ 1,750  $ 3,032 
Common stock 705  1,103  1,808 
Total $ 1,987  $ 2,853  $ 4,840 
Schedule of revenue and earnings included in consolidated income statement
The following table discloses the date of the acquisitions noted above and the revenue and earnings included in the consolidated income statement for the period ended June 30, 2021.
 
  Agron Aquarius 55 Hydro Charcoir San Diego Hydro
Acquisition date
3/19/2021 3/15/2021 3/15/2021 3/12/2021 2/22/2021
Revenue $ 6,105  $ 2,684  $ 2,222  $ 1,880  $ 3,446 
Net Income $ 324  $ 365  $ 314  $ 518  $ 547 
 
 
  Grow Warehouse Grow Depot Maine Indoor Garden Down River Hydro Harvest Total
Acquisition date
2/15/2021 2/1/2021 1/25/2021 4/19/2021 5/24/21
Revenue $ 6,753  $ 2,779  $ 2,308  $ 1,200  $ 1,489  $ 5,986 
Net Income $ 1,297  $ 555  $ 433  $ 176  $ 268  $ 905 
The following table discloses the date of the acquisitions noted above and the revenue and earnings included in the consolidated income statement from the date of acquisition to the period ended June 30, 2020.
 
  H2O Hydroponics LLC Health & Harvest LLC Total
Acquisition date 6/26/20 2/26/2020
Revenue $ 227  $ 2,300  $ 2,527 
Earnings $ 28  $ 462  $ 490 
Schedule of proforma consolidated income statement
The following represents the pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the entire period for the quarter ended June 30, 2021 and 2020.
 
Three Months Ended Six Months Ended
  June 30, 2021
(Unaudited)
June 30, 2021
(Unaudited)
Revenue $ 130,504  $ 229,599 
Net income $ 12,446  $ 19,849 


Three Months Ended Six Months Ended
  June 30, 2020
(Unaudited)
June 30, 2020
(Unaudited)
Revenue $ 40,501  $ 90,126 
Net income $ 1,849  $ 2,352 
The following represents the pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the entire period for the six months ended June 30, 2020 and 2019.
 
Pro forma consolidated income statement:
 
Three Months Ended Six Months Ended
  June 30, 2019 June 30, 2019
Revenue $ 21,759  $ 37,122 
Earnings $ 1,149  $ 1,465