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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 28, 2020
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The preliminary acquisition has been allocated to the assets acquired and liabilities assumed as of the date of acquisition as follows:
Accounts receivable |  | $ | 6,731,260 |
Prepaid expenses and other assets |  | 520,587 |
Property and equipment, net |  | 296,309 |
Right-of-use asset - operating leases |  | 1,714,984 |
Intangible assets |  | 11,274,000 |
Goodwill (non-deductible for tax purposes) |  | 6,178,351 |
Current liabilities assumed |  | (2,409,551) |
Deferred income taxes, net |  | (910,501) |
Lease liability - operating leases |  | (1,714,984) |
Total net assets acquired |  | $ | 21,680,455 |
Cash |  | $ | 21,680,455 |
Total fair value of consideration transferred for acquired business |  | $ | 21,680,455 |
The preliminary allocation of the intangible assets is as follows:
|  | Estimated Fair Value |  | Estimated Useful Lives
Covenants not to compete |  | $ | 302,000 |  |  | 5 years
Trade name |  | 7,000,000 |  |  | Indefinite
Client partner list |  | 3,972,000 |  |  | 5 years
Total |  | $ | 11,274,000 |  |  |
Business Acquisition, Pro Forma Information | The Company estimates the revenues and net income for the periods below that would have been reported if the LJK and EdgeRock acquisitions had taken place on the first day of the Company's 2019 fiscal year would be as follows (dollars in thousands, except per share amounts):
|  | Thirteen Weeks Ended |  |  |  | Twenty-six Weeks Ended |  |
|  | June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
Revenues |  | $ | 62,606 |  |  | $ | 84,653 |  |  | $ | 139,782 |  |  | $ | 164,543 |
Gross profit |  | $ | 16,905 |  |  | $ | 24,733 |  |  | $ | 38,089 |  |  | $ | 47,323 |
Net (loss) income |  | $ | (4,829) |  |  | $ | 4,297 |  |  | $ | (3,544) |  |  | $ | 7,334 |
(Loss) Income per share: |  |  |  |  |  |  |  |
Basic |  | $ | (0.47) |  |  | $ | 0.42 |  |  | $ | (0.34) |  |  | $ | 0.72 |
Diluted |  | $ | (0.47) |  |  | $ | 0.41 |  |  | $ | (0.34) |  |  | $ | 0.71 |

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