XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.20.2

ACQUISITIONS (Tables) | 9 Months Ended
--- | ---
Sep. 27, 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) |  | 6,155,585 |
Current liabilities assumed |  | (2,409,551) |
Deferred income taxes, net |  | (910,501) |
Lease liability - operating leases |  | (1,714,984) |
Total net assets acquired |  | $ | 21,657,689 |
Cash |  | $ | 21,657,689 |
Total fair value of consideration transferred for acquired business |  | $ | 21,657,689 |
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 |  | Thirty-nine Weeks Ended
|  | September 27, 2020 |  | September 29, 2019 |  | September 27, 2020 |  | September 29, 2019
Revenues |  | $ | 71,519 |  |  | $ | 90,334 |  |  | $ | 211,301 |  |  | $ | 254,877 |
Gross profit |  | $ | 19,712 |  |  | $ | 26,143 |  |  | $ | 57,801 |  |  | $ | 73,466 |
Net income (loss) |  | $ | 2,566 |  |  | $ | 4,720 |  |  | $ | (952) |  |  | $ | 12,184 |
Income (Loss) per share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.25 |  |  | $ | 0.46 |  |  | $ | (0.09) |  |  | $ | 1.19 |
Diluted |  | $ | 0.25 |  |  | $ | 0.46 |  |  | $ | (0.09) |  |  | $ | 1.18 |

X
- 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
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration