Acquisitions (FY) (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2020 |
Dec. 31, 2019 |
| Halo Acquisition [Member] |
|
|
| Acquisitions [Abstract] |
|
|
| Assets and Liabilities Acquired |
The preliminary purchase price allocation is summarized as follows:
Dollars in thousands |
|
|
|
Total purchase price |
|
$ |
38,244 |
|
Assets |
|
|
|
|
Property and equipment |
|
|
260 |
|
Accounts receivable |
|
|
5,540 |
|
Inventories |
|
|
5,160 |
|
Intangible assets |
|
|
14,690 |
|
Other assets |
|
|
329 |
|
Total assets |
|
|
25,979 |
|
Liabilities |
|
|
|
|
Accounts payable |
|
|
4,628 |
|
Accrued liabilities |
|
|
1,553 |
|
Long term liability |
|
|
168 |
|
Total liabilities |
|
|
6,349 |
|
Net assets acquired |
|
|
19,630 |
|
Goodwill |
|
$ |
18,614 |
|
|
The preliminary purchase price allocation is summarized as follows:
Dollars in thousands |
|
|
|
Total purchase price |
|
$ |
38,244 |
|
Assets and liabilities acquired: |
|
|
|
|
Assets |
|
|
|
|
Property and equipment |
|
|
260 |
|
Accounts receivable |
|
|
5,540 |
|
Inventories |
|
|
5,160 |
|
Intangible assets |
|
|
14,690 |
|
Other assets |
|
|
329 |
|
Total assets |
|
|
25,979 |
|
Liabilities |
|
|
|
|
Accounts payable |
|
|
4,628 |
|
Accrued liabilities |
|
|
1,553 |
|
Long term liability |
|
|
168 |
|
Total liabilities |
|
|
6,349 |
|
Net assets acquired |
|
|
19,630 |
|
Goodwill |
|
$ |
18,614 |
|
|
| Pro Forma Information (Unaudited) |
|
The following pro forma results reflect only pro forma adjustments for additional interest expense to fund the Halo Acquisition, amortization of deferred financing costs related to short term loan and line of credit, reduction in interest expense associated with the repayment of the Halo debt on the Halo Acquisition Date, amortization of identifiable intangible assets associated with the Halo Acquisition, share-based compensation expense related to stock options granted and effects of adjustments made to carrying values of acquired assets and liabilities. However, pro forma results do not include any anticipated synergies from the acquisition of Halo and accordingly, are not necessarily indicative of the results that would have occurred if the Halo Acquisition had occurred on the dates indicated or that may result in the future.
Dollars in thousands |
|
Twelve Months ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
Net revenues |
|
$ |
48,152 |
|
|
$ |
51,388 |
|
| |
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders |
|
$ |
192,592 |
|
|
$ |
25,958 |
|
|
| TruPet, LLC [Member] |
|
|
| Acquisitions [Abstract] |
|
|
| Assets and Liabilities Acquired |
On May 6, 2019, the fair value of assets and liabilities acquired was:
Dollars in thousands |
|
Better Choice
Company |
|
|
Bona Vida |
|
|
Total |
|
Total purchase price |
|
$ |
37,949 |
|
|
$ |
108,620 |
|
|
$ |
146,569 |
|
Net Assets (Liabilities) Acquired: |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
7 |
|
|
|
384 |
|
|
|
391 |
|
Restricted cash |
|
|
— |
|
|
|
25 |
|
|
|
25 |
|
Accounts receivable |
|
|
— |
|
|
|
69 |
|
|
|
69 |
|
Inventories |
|
|
— |
|
|
|
95 |
|
|
|
95 |
|
Prepaid expenses and other current assets |
|
|
32 |
|
|
|
348 |
|
|
|
380 |
|
Intangible assets |
|
|
986 |
|
|
|
— |
|
|
|
986 |
|
Other assets |
|
|
— |
|
|
|
74 |
|
|
|
74 |
|
Total assets |
|
|
1,025 |
|
|
|
995 |
|
|
|
2,020 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant derivative liability |
|
|
(2,130 |
) |
|
|
— |
|
|
|
(2,130 |
) |
Accounts payable & accrued liabilities |
|
|
(544 |
) |
|
|
(153 |
) |
|
|
(697 |
) |
Total liabilities |
|
|
(2,674 |
) |
|
|
(153 |
) |
|
|
(2,827 |
) |
Net assets (liabilities) acquired |
|
|
(1,649 |
) |
|
|
842 |
|
|
|
(807 |
) |
Loss on acquisitions |
|
$ |
(39,598 |
) |
|
$ |
(107,778 |
) |
|
$ |
(147,376 |
) |
|
On May 6, 2019, the fair value of the following assets and liabilities were acquired resulting in the total loss of approximately $147.4 million:
Dollars in thousands |
|
Better Choice
Company
|
|
|
Bona Vida |
|
|
Total |
|
Total Purchase Price |
|
$ |
37,949 |
|
|
$ |
108,620 |
|
|
$ |
146,569 |
|
Net Assets (Liabilities) Acquired: |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
7 |
|
|
|
384 |
|
|
|
391 |
|
Restricted cash |
|
|
- |
|
|
|
25 |
|
|
|
25 |
|
Accounts receivable |
|
|
- |
|
|
|
69 |
|
|
|
69 |
|
Inventories |
|
|
- |
|
|
|
95 |
|
|
|
95 |
|
Prepaid expenses and other current assets |
|
|
32 |
|
|
|
348 |
|
|
|
380 |
|
Intangible assets |
|
|
986 |
|
|
|
- |
|
|
|
986 |
|
Other assets |
|
|
- |
|
|
|
74 |
|
|
|
74 |
|
Total Assets |
|
|
1,025 |
|
|
|
995 |
|
|
|
2,020 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant derivative liability |
|
|
(2,130 |
) |
|
|
- |
|
|
|
(2,130 |
) |
Accounts payable & accrued liabilities |
|
|
(544 |
) |
|
|
(153 |
) |
|
|
(697 |
) |
Total Liabilities |
|
|
(2,674 |
) |
|
|
(153 |
) |
|
|
(2,827 |
) |
Net Assets (Liabilities) Acquired |
|
|
(1,649 |
) |
|
|
842 |
|
|
|
(807 |
) |
Loss on Acquisitions |
|
$ |
(39,598 |
) |
|
$ |
(107,778 |
) |
|
$ |
(147,376 |
) |
|