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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2015
ACQUISITIONS |
Summary of estimated fair values of assets acquired and liabilities assumed at acquisition date |
|  | July 1, 2015 |
Total Purchase Consideration: |  |  |  |
Cash |  | $ | 2,121,000 |
Loans to Seller |  |  | 2,141,000 |
Contingent Consideration |  |  | 851,000 |
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Total Purchase Consideration |  | $ | 5,113,000 |
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Assets Acquired and Liabilities Assumed: |  |  |  |
Cash |  | $ | 131,000 |
Accounts Receivable |  |  | 373,000 |
AR due to seller |  |  | (173,000 | )
Prepaid Expenses and Inventory |  |  | 35,000 |
Fixed Assets |  |  | 83,000 |
Trade Names |  |  | 814,000 |
Customer Relationship |  |  | 1,302,000 |
Goodwill |  |  | 3,208,000 |
Accounts Payable |  |  | (63,000 | )
Accrued Payroll, Benefits and Other Current Liab |  |  | (122,000 | )
Customer Deposits |  |  | (475,000 | )
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Total Assets Acquired and Liabilities Assumed |  | $ | 5,113,000 |
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Schedule of unaudited pro forma combined results of operations |
|  | Pro Forma Year Ended December 31, 2015 (unaudited) |  | Pro Forma Year Ended December 31, 2014 (unaudited) |
Net Sales |  | $ | 117,937,523 |  | $ | 116,713,447 |
Income (Loss) from Operations |  | $ | (223,717 | ) | $ | 1,225,499 |
Net Income (Loss) |  | $ | (381,360 | ) | $ | 611,100 |
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Basic & Diluted |  |  |  |  |  |  |
Income (loss) per Common Share |  | $ | (0.14 | ) | $ | 0.22 |
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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472 + Details
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