Company: FORA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001140361-25-042313
Chunk: 15

Company: Forian Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 15
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 Kyber’s ordinary course liabilities. The Assignment Agreement also contains a customary post-closing working capital adjustment, which was resolved without material impact to the Transaction. All outstanding Class B Units of Kyber were cancelled prior to the closing of the Kyber Transaction and no consideration was paid to the Class B Unit holders.

   In accordance with ASC 805, the Company has been considered the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Company has recorded the assets, including the acquired identified intangible assets, and liabilities assumed in the Kyber Transaction at their fair values at the date of acquisition. Any excess of the fair value of the net assets acquired over the purchase price has been recorded as a bargain purchase gain.

   The Company obtained control of Kyber for no consideration other than the assumption of certain normal course working capital liabilities. The Company recorded a gain on bargain purchase upon completion of the transaction. The bargain purchase was a result of the Sellers’ plan to wind down and terminate Kyber’s operations if a sale was not completed by October 31, 2024, due to a previous change in ownership.

   During the measurement period of up to one year from the Kyber Acquisition Date, the Company may record adjustments identified, if any, to the acquisition-date fair values of assets acquired and liabilities assumed with the corresponding offset to gain on bargain purchase. Upon the conclusion of the measurement period, no such adjustments were recorded.

   The following table summarizes the fair values of the assets acquired and liabilities assumed on the Kyber Acquisition Date: 

      Description

      Purchase Price

      Purchase price
     
    $ —  

      Total consideration transferred
     
     $ —  

  16
  

                As of October 31, 2024      Estimated Useful Life (Years)       Assets acquired                 Cash    $1,415,696           Accounts receivables from customers, net     767,052           Prepaid expenses and other assets     109,934           Due from seller     67,443           Customer relationship intangible     1,011,000    6      Trademarks     215,000    9      Total assets acquired     3,586,125                         Liabilities assumed                 Accrued expenses     321,735           Deferred revenue