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ACQUISITIONS (Tables) - L.J. Kushner & Associates, L.L.C. | 12 Months Ended
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Dec. 29, 2019
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary allocation is as follows:
Accounts receivable |  | $ | 187,000 |
Prepaid expenses and other assets |  | 14,000 |
Intangible assets |  | 4,249,430 |
Goodwill |  | 7,211,090 |
Total net assets acquired |  | $ | 11,661,520 |
Cash |  | $ | 7,500,000 |
Hold back (included in Other current liabilities) |  | 1,000,000 |
Common stock |  | 1,000,000 |
Fair value of contingent consideration |  | 2,161,520 |
Total fair value of consideration transferred for acquired business |  | $ | 11,661,520 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary allocation of the intangible assets is as follows:
|  | Estimated Fair Value |  | Estimated Useful Lives
Covenants not to compete |  | $ | 500,000 |  |  | 5 years
Trade name |  | 3,000,000 |  |  | Indefinite
Client partner list |  | 749,430 |  |  | 5 years
Total |  | $ | 4,249,430 |  |  |
Business Acquisition, Pro Forma Information | The Company estimates that the revenues and net income for the period below that would have been reported if the LJK acquisition had taken place on the first day of Fiscal 2018 would be as follows (dollars in thousands, except per share amounts):
|  | 2019 |  | 2018
Revenues |  | $ | 297,362 |  |  | $ | 290,195 |
Gross profit |  | $ | 83,730 |  |  | $ | 79,927 |
Net income |  | $ | 14,089 |  |  | $ | 18,329 |
Net income per share: |  |  |  |  |
Basic |  | $ | 1.38 |  |  | $ | 1.91 |
Diluted |  | $ | 1.36 |  |  | $ | 1.87 |

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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/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 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + 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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