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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

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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

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-Name Accounting Standards Codification
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