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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 29, 2018
BUSINESS ACQUISITIONS [Abstract] |
Intangible Assets | In connection with the above acquisition, the Company recorded the following intangible assets:
Asset Class/Description |  | Amount |  |  | Weighted-average Life in Years |
Patents, technology, and licenses |  |  |  |  |  |
Customer relationships |  | $ | 689,675 |  |  |  | 8.3 |
Intellectual property |  |  | 586,762 |  |  |  | 8.3 |
Non-compete agreements |  |  | 52,570 |  |  |  | 8.3 |
|  | $ | 1,329,007 |  |  |  | 8.3 |
Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Velvac and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date, as well as the fair value at the acquisition date. At April 3, 2017:
Consideration |  |  |
Cash |  | $ | 4,078,000 |
Debt |  |  | 36,000,000 |
Contingent consideration arrangement |  |  | 2,070,000 |
|  | $ | 42,148,000 |
Recognized amounts of identifiable assets acquired and liabilities assumed at fair value |  |  |  |
Accounts receivable |  | $ | 6,063,429 |
Inventory |  |  | 12,992,377 |
Prepaid and other assets |  |  | 494,617 |
Property plant and equipment |  |  | 3,911,767 |
Other noncurrent assets |  |  | 366,401 |
Other intangible assets |  |  | 11,560,000 |
Current liabilities |  |  | (7,720,591 | )
Deferred tax liabilities |  |  | (2,860,946 | )
Total identifiable net assets |  |  | 24,807,054 |
Goodwill |  |  | 17,340,946 |
|  | $ | 42,148,000 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- 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=84161108&loc=d3e4845-128472 + Details
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