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Business Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Acquisition |
Summary of balance and activity of contingent consideration |
Beginning fair value of contingent liability, December 31, 2014 |  | $ | — |
Initial fair value of contingent consideration |  | 851,000 |
Period change in valuation |  | — |
Contingent liability balance, December 31, 2015 |  | 851,000 |
Period change in valuation |  | (294,342 | )
Payments |  | (658 | )
Contingent liability balance, December 31, 2016 |  | 556,000 |
Less: Current liability |  | 21,700 |
Non-current liability |  | $ | 534,300 |
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 |
Total Purchase Consideration |  | $ | 5,113,000 |
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 Liabilities |  | (122,000 | )
Customer Deposits |  | (475,000 | )
Total Assets Acquired and Liabilities Assumed |  | $ | 5,113,000 |
Schedule of unaudited pro forma combined results of operations |
|  | Pro Forma |
|  | Year Ended |
|  | December 31, 2015 |
|  | (unaudited) |
Net Sales |  | $ | 117,937,523 |
Income (Loss) from Operations |  | $ | (223,717 | )
Net Income (Loss) |  | $ | (381,360 | )
Basic & Diluted |  |  |
Loss per Common Share |  | $ | (0.14 | )

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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=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + 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://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=73530397&loc=d3e4845-128472 + Details
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