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ACQUISITIONS (Tables) | 12 Months Ended
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Jan. 01, 2023
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The acquisition has been allocated to the assets acquired and liabilities assumed as of the date of acquisition as follows:
Accounts receivable |  | $ | 345,121 |
Prepaid expenses and other assets |  | 3,626 |
Property plant and equipment, net |  | 5,101 |
Intangible assets |  | 3,347,970 |
Goodwill |  | 2,089,823 |
Liabilities Assumed |  | (73,708) |
Total net assets acquired |  | $ | 5,717,933 |
Cash |  | 3,791,210 |
Fair value of contingent consideration |  | 1,926,723 |
Total fair value of consideration transferred for acquired business |  | $ | 5,717,933 |
The purchase price has been allocated to the assets acquired and liabilities assumed as of the date of acquisition as follows:
Accounts receivable |  | $ | 3,733,515 |
Prepaid expenses and other assets |  | 117,767 |
Property and equipment |  | 83,234 |
Right-of-use asset - operating leases |  | 1,528,073 |
Intangible assets |  | 13,926,585 |
Goodwill |  | 26,051,018 |
Current liabilities assumed |  | (1,786,715) |
Lease liability - operating leases |  | (1,528,073) |
Total net assets acquired |  | $ | 42,125,404 |
Cash |  | $ | 33,940,000 |
Hold back (included in Other current liabilities) |  | 1,000,000 |
Convertible Note |  | 4,368,000 |
Common stock |  | 3,351,000 |
Working capital adjustment |  | (533,596) |
Total fair value of consideration transferred for acquired business |  | $ | 42,125,404 |
Allocation of Intangible Assets | The allocation of the intangible assets is as follows:
|  | Estimated Fair Value |  | Estimated Useful Lives
Covenants not to compete |  | $ | 37,800 |  |  | 5 years
Trade name |  | 1,420,000 |  |  | Indefinite
Client partner list |  | 1,890,170 |  |  | 10 years
Total |  | $ | 3,347,970 |  |  |
The allocation of the intangible assets is as follows:
|  | Estimated Fair Value |  | Estimated Useful Lives
Covenants not to compete |  | $ | 50,000 |  |  | 5 years
Client partner list |  | 13,876,585 |  |  | 10 years
Total |  | $ | 13,926,585 |  |  |
Business Acquisition, Pro Forma Information | The Company estimates the revenues and net income from continuing operations for the periods below that would have been reported if the Momentum and Horn Solutions acquisitions had taken place on the first day of the Company's Fiscal 2021 would be as follows (dollars in thousands, except per share amounts):
|  | 2022 |  | 2021
Revenues |  | $ | 326,798 |  |  | $ | 262,398 |
Gross profit |  | $ | 116,781 |  |  | $ | 91,073 |
Net income |  | $ | 11,106 |  |  | $ | 8,997 |
Net income per share: |  |  |  |
Basic |  | $ | 1.06 |  |  | $ | 0.87 |
Diluted |  | $ | 1.05 |  |  | $ | 0.86 |

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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