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Acquisition (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of Assets Acquired of Purchase Price

The preliminary purchase price is allocated as follows:

Description		Amount
Assets
Cash		$	1,049,462
Account receivables			1,025,615
Inventories			1,209,203
Prepaids			88,366
Fixed assets			191,208
Right-of-use assets			2,350,781
Other assets			88,998
Liabilities
Account payables			(723,043	)
Accrued liabilities			(721,483	)
Operating lease liabilities			(2,350,781	)
Other long-term liabilities			(5,457	)
Net assets			2,202,869
Goodwill			4,723,110
Purchase Price		$	6,925,979

Schedule of Pro Forma Information

The following proforma combines the results of the Echo Entities and the Company’s results of operations for the three months ended September 30, 2019 and 2018 as if they were combined the whole quarter:

		Proforma Combined				Proforma Combined
		For the Three Months Ended				For the Three Months Ended
		September 30, 2019				September 30, 2018
		(unaudited)				(unaudited)
Revenue		$	22,861,201			$	19,302,869
Income (loss) from continuing operations		$	1,035,475			$	(1,694,654	)
Net income (loss)		$	1,035,475			$	(1,694,654	)
Basic net income (loss) per common share		$	0.04			$	(0.06	)
Diluted net income (loss) per common share		$	0.04			$	(0.06	)

The following proforma combines the results of the Echo Entities and the Company’s results of operations for the nine months ended September 30, 2019 and 2018 as if they were combined the entire nine months:

		Proforma Combined				Proforma Combined
		For the Nine Months Ended				For the Nine Months Ended
		September 30, 2019				September 30, 2018
		(unaudited)				(unaudited)
Revenue		$	65,715,313			$	64,685,778
Income (loss) from continuing operations		$	1,130,482			$	1,633,124
Net income (loss)		$	1,130,482			$	1,633,124
Basic net income (loss) per common share		$	0.04			$	0.06
Diluted net income (loss) per common share		$	0.04			$	0.06

X

- 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/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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- References

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X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472

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