v3.19.2

Acquisition of Unitron Assets | 6 Months Ended
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Jun. 30, 2019
Unitron Assets [Member] |
Acquisition | NOTE 20. Acquisition of Unitron Assets On August 17, 2018, the Company exercised an option to acquire the assets of a chain of seven retail electronics stores in the Dominican Republic referred to as the “Unitron Assets.” The Option Agreement, as amended, was issued on January 5, 2018 as part of the Company’s Merger with Cooltech. As required in the Option Agreement, upon exercise by the Company, the Cooltech shareholders at the date of the merger received 625,000 restricted shares of the Company’s common stock, which was recorded directly to stockholders’ equity. Consideration for the Unitron acquisition was comprised of $3,700,000 of previously advanced funds and the assumption of $868,000 of debt. The purchase price was allocated to the net assets acquired in the transaction as follows (in thousands):
Cash |  | $ | 18 |
Accounts receivable |  |  | 27 |
Inventory |  |  | 1,243 |
Other current assets |  |  | 601 |
Fixed assets |  |  | 332 |
Intangibles |  |  | 76 |
Goodwill |  |  | 4,399 |
Other assets |  |  | 41 |
Accounts payable |  |  | (2,169 | )
Notes payable |  |  | (868 | )
Total |  | $ | 3,700 |
For the period from August 17, 2018, the date of acquisition, through December 31, 2018, net sales and operating loss from the Dominican Republic entity included in the Company’s consolidated statement of operations amount to $1,607,000 and $204,000, respectively. On an unaudited pro forma basis, if the acquisition had occurred on January 1, 2018, the Company’s combined net sales and net loss from continuing operations for the year ended December 31, 2018 would have been $26,503,000 and $22,383,000, respectively.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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