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ACQUISITIONS (Tables) | 3 Months Ended
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Apr. 02, 2023
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition |
Accounts receivable |  | $ | 3,734 |
Prepaid expenses and other assets |  | 118 |
Property and equipment, net |  | 83 |
Right-of-use asset - operating leases |  | 1,528 |
Intangible assets |  | 13,484 |
Goodwill |  | 26,493 |
Current liabilities assumed | (1,787) |
Lease liability - operating leases |  | (1,528) |
Total net assets acquired |  | $ | 42,125 |
Cash |  | $ | 33,940 |
Hold back (included in Other current liabilities) |  | 1,000 |
Convertible Note |  | 4,368 |
Common stock |  | 3,351 |
Working capital adjustment (included in Other current assets) |  | (534) |
Total fair value of consideration transferred for acquired business |  | $ | 42,125 |
The allocation of the intangible assets is as follows (in thousands):
|  | Estimated Fair Value |  | Estimated Useful Lives
Covenants not to compete |  | $ | 50 |  |  | 5 years
Client partner list |  | 13,434 |  |  | 10 years
Total |  | $ | 13,484 |  |  |
Business Acquisition, Pro Forma Information | The Company estimates what would have been reported if the revenues and net income from continuing operations of the Horn Solutions acquisition had taken place on the first day of Fiscal 2022 (in thousands, except income per share):
|  |  |  |  | Thirteen Weeks Ended
|  |  |  |  | March 27, 2022
Revenues |  |  |  |  | $ | 76,494 |
Gross profit |  |  |  |  | $ | 27,186 |
Net Income |  |  |  |  | $ | 2,558 |
Income per share from continuing operations: |  |  |  |  |
Basic |  |  |  |  | $ | 0.25 |
Diluted |  |  |  |  | $ | 0.24 |

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