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Acquisition of Stability Inc. (Tables) | 9 Months Ended
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Sep. 30, 2016
Business Combinations [Abstract] |
Schedule of Acquisition of Stability Inc. | The actual purchase price has been preliminarily allocated as of September 30, 2016 (in thousands) and is subject to change:
Cash paid at closing |  | $ | 6,000 |
Working capital adjustment |  | (480 | )
Common stock issued (441,009 shares valued at $9.07 per share) |  | 3,346 |
Assumed debt |  | 1,771 |
Fair value of earn-out |  | 25,620 |
Total fair value of purchase price |  | $ | 36,257 |
Net assets acquired: |  |
Debt-free working capital |  | $ | 2,179 |
Other assets, net |  | 199 |
Property, plant and equipment |  | 1,375 |
Deferred tax liability |  | (8,268 | )
Subtotal |  | (4,515 | )
Intangible assets: |  |
Customer relationships |  | 6,090 |
Patents and know-how |  | 9,170 |
Trade names and trademarks |  | 830 |
Non compete agreements |  | 1,080 |
Licenses and permits |  | 690 |
Subtotal |  | 17,860 |
Goodwill |  | 22,912 |
Total Assets Purchased |  | $ | 36,257 |
Working capital and other assets were composed of the following (in thousands): |  |
Working capital |  |
Cash |  | $ | 140 |
Prepaid Expenses and other current assets |  | 100 |
Accounts receivable |  | 2,001 |
Federal and state taxes receivable |  | 28 |
Inventory |  | 8,725 |
Accounts payable and accrued expenses |  | (8,815 | )
Debt-free working capital |  | $ | 2,179 |
Current portion of long term debt |  | $ | (194 | )
Long-term debt |  | (560 | )
Line of Credit |  | (932 | )
Shareholder loan |  | (85 | )
Net working capital |  | $ | 408 |
Other assets: |  |
Other long term assets |  | $ | 199 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired | The intangible assets were assigned the following lives for amortization purposes:
|  | Estimated useful life (in years)
Intangible asset: |  |
Customer relationships |  | 12
Patents and know-how |  | 20
Trade name and Trademarks |  | Indefinite
Non compete agreements |  | 4
Licenses and permits |  | 2
Business Acquisition, Pro Forma Information | Unaudited pro forma information for the three and nine months ended September 30, 2016 and 2015 (in thousands) is as follows:
|  | Three months ended September 30, |  | Nine Months Ended September 30,
|  | 2016 | 2015 |  | 2016 | 2015
Revenue |  | $ | 64,429 |  | $ | 52,108 |  |  | $ | 175,687 |  | $ | 148,521 |
Net income |  | $ | 3,406 |  | $ | 4,253 |  |  | $ | 7,074 |  | $ | 12,227 |
Income per share, fully diluted |  | $ | 0.03 |  | $ | 0.04 |  |  | $ | 0.06 |  | $ | 0.11 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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