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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Acquisition [Line Items] |
Schedule of Sources and Uses of Funds from Acquisition |
Pro-Forma (Unaudited)
| 2017 |  | 2016
Pro-forma revenues | $ | 206,071,634 |  |  | $ | 161,591,159 |
Pro-forma net income (loss) | 1,441,258 |  |  | (9,730,841 | )
Earnings (loss) per share: |  |  |
Basic | 0.17 |  |  | (1.12 | )
Diluted | 0.17 |  |  | (1.12 | )
A summary of sources and uses of proceeds for the acquisition is as follows:
Sources of funds: |
Borrowings from revolving line of credit | $ | 14,953,513 |
Total sources of funds | $ | 14,953,513 |
Uses of funds: |  |
Acquisition of MUSA Stainless assets | $ | 14,953,513 |
Total uses of funds | $ | 14,953,513 |
Schedule of fair value of the assets acquired and liabilities assumed | The following table shows the initial estimate of value and revisions made during 2017:
| Initial |  |  |  |
| estimate |  | Revisions |  | Final
Inventories | $ | 5,434,000 |  |  | $ | — |  |  | $ | 5,434,000 |
Other current assets - production and maintenance supplies | 1,548,701 |  |  | — |  |  | 1,548,701 |
Equipment | 7,576,733 |  |  | — |  |  | 7,576,733 |
Customer list intangible | 992,000 |  |  | — |  |  | 992,000 |
Goodwill | 3,589,342 |  |  | 1,059,453 |  |  | 4,648,795 |
Earn-out liability | (3,604,330 | ) |  | (1,059,453 | ) |  | (4,663,783 | )
Other liabilities assumed | (582,933 | ) |  | — |  |  | (582,933 | )
| $ | 14,953,513 |  |  | $ | — |  |  | $ | 14,953,513 |
Unaudited pro forma financial information |

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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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