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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
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 |
The following table shows the initial estimate of value and revisions made during 2018:
| Initial |  |  |  |
| estimate |  | Revisions |  | Final
Inventories | $ | 2,746,000 |  |  | $ | — |  |  | 2,746,000 |
Accounts Receivable | 2,187,141 |  |  | — |  |  | 2,187,141 |
Other current assets - production and maintenance supplies | 746,729 |  |  | — |  |  | 746,729 |
Property, plant and equipment | 4,883,847 |  |  | — |  |  | 4,883,847 |
Customer list intangible | 1,424,000 |  |  | (251,000 | ) |  | 1,173,000 |
Goodwill | 3,545,467 |  |  | 251,000 |  |  | 3,796,467 |
Earn-out Liability | (3,800,298 | ) |  | — |  |  | (3,800,298 | )
Accounts payable | (1,051,239 | ) |  | — |  |  | (1,051,239 | )
Other liabilities | (303,366 | ) |  | — |  |  | (303,366 | )
| $ | 10,378,281 |  |  | $ | — |  |  | $ | 10,378,281 |
Schedule of Unaudited Pro Forma Financial Information | MUSA-Galvanized's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
| 2018
Net sales | $ | 11,876,733 |
Income before income taxes | 64,971 |
The unaudited pro-forma financial information is for information purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed on the date indicated above.
Pro-Forma (Unaudited)
| 2018 |  | 2017
Pro-forma net sales | $ | 292,793,331 |  |  | $ | 225,375,581 |
Pro-forma net income (loss) | $ | 11,920,277 |  |  | $ | 20,960 |
Earnings (loss) per share: |  |  |
Basic | $ | 1.35 |  |  | n/a |
Diluted | $ | 1.34 |  |  | n/a |

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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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