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Acquisition of Trident Manufacturing (Policies)
 3 Months Ended
Mar. 31, 2014
Policies  
Acquisition of Trident Manufacturing

Acquisition of Trident Manufacturing

 

On March 15, 2013, we entered into an Agreement and Plan of Acquisition with Trident Manufacturing, Inc., a Utah corporation, (“Trident”), and the shareholders of Trident, to acquire 100% of the issued and outstanding common stock shares of Trident. Trident is a full-service electronics manufacturing service company with a 16,000 sq. ft. manufacturing facility based in Salt Lake City, Utah and has been servicing the industrial, aerospace, military, instrumentation, and medical markets since 2005.

 

On March 20, 2013, we completed the acquisition of Trident whereby we acquired 100% of the issued and outstanding common stock shares of Trident and all its operational assets in exchange for 1,600,000 shares of our restricted shares of common stock. As a result of the acquisition, Trident has become a wholly-owned subsidiary of Probe Manufacturing, Inc.  As a result we recognized $420,673 in goodwill.

 

The allocation of the purchase price and adjustment to stockholders’ equity is summarized in the tables below:

 

 

 

 

Net book value of the company's net assets acquired  

 

 

 

 

 

 Cash

     $                                      4,472 

 Inventory-net

                                          19,254 

 Accounts Receivable-net

                                       195,146 

 Other Assets

                                          46,620 

 Accounts payable and accrued expenses

                                      (361,055)

 Notes payable

                                      (167,416)

 Net Assets Acquired

     $                              (262,978)

 

Adjustments to Stockholders equity

 

 

 Reduction Opening balance Equity

     $                               (18,419)

 

 

Adjustment to accumulated deficit

                                     281,397 

 

 Equity adjustment from acquisition

     $                             262,978