v3.23.1
ACQUISITION (Tables)
 12 Months Ended
Dec. 31, 2022
Summary of the purchase price consideration
The following table summarizes the purchase price consideration in connection with the Modcloth Acquisition as of December 1, 2022 (amounts in thousands):
 
Total cash consideration
    $ 1,500  
Settlement of
pre-existing
relationship (a)
      5,415  
    
 
 
  
Total consideration
      6,915  
Fair value of previously held equity interest
      1,920  
    
 
 
  
Total
      8,835  
Schedule of fair value of identifiable intangible assets and useful lives
The fair value of Modcloths’s identifiable intangible assets and useful lives are as follows (amounts in thousands, except years):
 
    
Fair Value
     
Useful Life (Years)
  
Trade name
      4,610        10  
    
 
 
           
Total identifiable intangible assets
   
$
4,610
 
         
    
 
 
           
Beta Brand [Member]  
Summary of finalized fair value of assets and assumed liabilities The following table summarizes the finalized fair value of the assets and assumed liabilities (in thousands):
 
    
As of
December 2, 2021
  
Acquired assets
         
Inventory
    $ 2,408  
Other current assets
      741  
Property and equipment
      26  
Internal-use
software and website
      348  
Intangible assets
         
Customer relationships
      2,538  
Developed technology
      748  
Trade name
      438  
Security Deposits
      19  
    
 
 
  
Total identifiable assets
   
$
7,266
 
Liabilities assumed
         
Accounts payable
    $ 151  
Deferred revenue
      3,224  
    
 
 
  
Total liabilities
   
$
3,375
 
Mod Cloth [Member]  
Summary of fair values of the assets acquired, liabilities assumed
The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and resulting goodwill in the Modcloth Acquisition as of December 1, 2022 (amounts in thousands):
 
    
As of
December 1, 2022
  
Acquired assets
         
Cash
    $ 3  
Accounts receivable, net
      25  
Inventory
      4,787  
Prepaid expenses and other current assets
      30  
Property and equipment, net
      108  
Right-of-use
asset, net
      895  
Other
non-current
asset
      80  
Intangible assets, net
      4,610  
Goodwill
      6,748  
    
 
 
  
Total acquired assets
   
$
17,286
 
Liabilities assumed
         
Accounts payable
    $ 5,544  
Accrued expenses and other liabilities
      2,908  
    
 
 
  
Total liabilities assumed
   
$
8,452