Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Sale of Business The gain amounted to $107.2 million as follows:
(in thousands)
Gross cash consideration from buyer $ 180,000 
Less working capital adjustment paid in cash (584)
Net proceeds from buyer 179,416 
Transaction costs incurred (5,383)
Assets sold:
Intangible assets (62,158)
Other assets sold, net of obligations assumed (716)
Goodwill assigned to business sale (2,683)
Other intangible assets (1,237)
Pre-tax gain on sale of business $ 107,239 
The following unaudited pro forma information is provided for the business (the RentPayment component) that was sold under the Agreement, excluding the gain recognized on the sale transaction:

Year Ended December 31,
(in thousands) 2020 2019
Revenues $ 12,042  $ 11,694 
Income from operations (1)
$ 1,825  $ 2,275 
Net income (2) (3)
$ 1,725  $ 2,218 
Net income attributable to the stockholders of Priority Technology Holdings, Inc. (4)
$ 1,725  $ 2,218 
Income per common share for stockholders of Priority Technology Holdings, Inc. - Basic and Diluted (4)
$ 0.03  $ 0.03 

(1) Historical financial results are not being reported as discontinued operations.
(2) Does not reflect interest expense on the borrowings used to acquire the YapStone assets in March 2019.
(3) Pro forma income tax expense based on the following consolidated effective tax rates of Priority Technology Holdings, Inc.: 5.5% and 2.5% for the years ended December 31, 2020 and 2019, respectively. These rates exclude the effect of the $107.2 million net gain on the sale recognized during the year ended December 31, 2020.
(4) Prior to the September 2020 sale transaction that resulted in the gain on the sale, no earnings or losses of the PRET LLC were attributable to the NCIs of PRET.