Note 4. 832 Acquisition

On June 21, 2021, the Company acquired all the equity interests of 832. This acquisition is consistent with the Company’s strategy of expanding its blockchain business. The purchase price consisted of 300,000 shares of common stock valued at $2.0 million at time of purchase.

This business combination has been accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date.

The purchase price recognized in our financial statements consisted of the following (amounts in thousands):

The Company’s final purchase price allocation is as follows (amounts in thousands):

The goodwill recorded reflects the value to the Company of entry into blockchain technology.

The operations of 832 are included in the consolidated statement of operations as of June 21, 2021. During the year ended January 31, 2022, the Company recorded revenue of $0.1 million and no net income related to 832.