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ACQUISITIONS (Tables) | 6 Months Ended
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Jul. 02, 2023
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The purchase price has been allocated to the assets acquired and liabilities assumed as of the date of acquisition as follows (in thousands):
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 |  | 1,000 |
Convertible note |  | 4,368 |
Common stock |  | 3,351 |
Working capital adjustment |  | (534) |
Total fair value of consideration transferred for acquired business |  | $ | 42,125 |
The preliminary purchase price has been allocated to the assets acquired and liabilities assumed as of the date of acquisition as follows (in thousands):
Accounts receivable |  | $ | 3,452 |
Property and equipment, net |  | 170 |
Right-of-use asset - operating lease |  | 141 |
Intangible assets |  | 11,315 |
Goodwill |  | 2,879 |
Current liabilities assumed |  | (2,471) |
Lease liabilities - operating leases | (141) |
Total net assets acquired |  | $ | 15,345 |
Cash |  | $ | 6,800 |
Hold back, working capital* |  | $ | 350 |
Hold back, indemnities* |  | $ | 850 |
Working capital adjustment* |  | $ | 677 |
Fair value of contingent consideration |  | $ | 6,668 |
Total fair value of consideration transferred for acquired business |  | $ | 15,345 |
*Included in Other current liabilities |  |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | 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 |  |  |
The allocation of the intangible assets is as follows (in thousands):
|  | Estimated Fair Value |  | Estimated Useful Lives
Covenants not to compete |  | $ | 298 |  |  | 5 years
Client partner list |  | 11,017 |  |  | 10 years
Total |  | $ | 11,315 |  |  |
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 and Arroyo Consulting acquisition had taken place on the first day of Fiscal 2022 (in thousands, except income per share):
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
| #SHEET! | #SHEET! |  | #SHEET! | June 26, 2022
Revenues | $ | 82,428 |  | $ | 86,696 |  |  | $ | 162,919 |  | $ | 166,219 |
Gross profit | $ | 30,026 |  | $ | 30,678 |  |  | $ | 58,527 |  | $ | 58,772 |
Net income (loss) | $ | 2,755 |  | $ | 4,751 |  |  | $ | (12,933) |  | $ | 7,004 |
Income (loss) per share from continuing operations: |  |  |  |  |
Basic | $ | 0.26 |  | $ | 0.45 |  |  | $ | (1.21) |  | $ | 0.67 |
Diluted | $ | 0.26 |  | $ | 0.45 |  |  | $ | (1.21) |  | $ | 0.67 |

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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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