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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 28, 2019
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 Big 3 Precision 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 August 30, 2019:
Consideration |  |  |
Cash |  | $ | 338,714 |
Cash proceeds from debt |  |  | 80,817,039 |
|  | $ | 81,155,753 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |
Accounts receivable |  | $ | 13,649,937 |
Inventory |  |  | 3,240,382 |
Prepaid and other assets |  |  | 32,268 |
Property plant and equipment |  |  | 13,770,170 |
Other noncurrent assets |  |  | 1,337,337 |
Other intangible assets |  |  | 21,054,000 |
Current liabilities |  |  | (4,910,384 | )
Deferred revenue |  |  | (1,585,709 | )
Income tax payable |  |  | (2,039,117 | )
Note payable |  |  | (375,379 | )
Deferred tax liabilities |  |  | (7,114,732 | )
Total identifiable net assets |  |  | 37,058,773 |
Goodwill |  |  | 44,096,980 |
|  | $ | 81,155,753 |

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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=116869197&loc=d3e4845-128472 + Details
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