Quarterly report pursuant to Section 13 or 15(d)

Sysorex India Acquisition

Sysorex India Acquisition
6 Months Ended
Jun. 30, 2018
Sysorex India Acquisition [Abstract]  
Sysorex India Acquisition

Note 4 - Sysorex India Acquisition


Effective as of December 31, 2017, the Company acquired approximately 82.5% of the outstanding equity securities of Sysorex India from Sysorex Consulting, Inc. (“SCI”) pursuant to that certain Stock Purchase Agreement, dated as of December 31, 2017, by and among the Company, SCI and Sysorex India, in exchange for the assignment by the Company of $37,000 of outstanding receivables. 


The Company acquired Sysorex India to pursue sales and business development opportunities in India. In addition, the Company is looking to potentially expand its engineering and development teams in India. Sysorex India is in the business of IT Services including software application and development, QA and testing and GUI development.


The purchase price is allocated as follows (in thousands):      
Assets Acquired:      
Cash   $ 1  
Fixed assets     14  
Other assets     32  
Total Assets Acquired     47  
Liabilities Assumed:        
Other current liabilities     10  
Total Liabilities Assumed     10  
Total Purchase Price   $ 37