Quarterly report pursuant to Section 13 or 15(d)

Business Combinations and Asset Acquisitions (Tables)

v3.22.1
Business Combinations and Asset Acquisitions (Tables)
9 Months Ended
Sep. 25, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following tables summarize the fair values of consideration transferred and the fair values of identified assets acquired, and liabilities assumed at the date of acquisition:
Fair Value of Consideration Transferred
Cash 9,383,460 
Hold Back Liability 1,350,000 
Total Fair Value of Consideration Transferred $ 10,733,460 
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Cash 169,485 
Accounts receivable 1,100,533 
Other current assets 102,521 
Property and equipment 196,561 
Identifiable intangible assets
Customer relationships 2,470,000 
Backlog 280,000 
Trademark 1,450,000 
Recognized amounts of identifiable liabilities assumed
Accounts payable (473,353)
Accrued expenses (152,191)
Other liabilities (1,395,911)
Total identifiable net assets 3,747,645 
Goodwill 6,985,815 
The following tables summarize the fair value of consideration transferred and the fair value of identified assets acquired, and liabilities assumed at the date of acquisition:
Fair Value of Consideration Transferred
Cash $ 169,172,537 
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Cash 207,655 
Accounts receivable 8,501,810 
Inventories 9,075,049 
Property and equipment 7,802,720 
Other assets 29,280 
Identifiable intangible assets
Customer relationships 26,320,000 
Backlog 3,130,000 
Trademark 20,850,000 
Recognized amounts of identifiable liabilities assumed
Accounts payable (8,011,998)
Accrued expenses (571,375)
Other liabilities (887,271)
Total identifiable net assets 66,445,870 
Goodwill 102,726,667 
Business Acquisition, Pro Forma Information
The amounts of revenue and net income of ACT included in the results from the transaction date of August 31, 2021 through September 25, 2021 are as follows:
Periods from September 1, 2021 through September 25, 2021
Revenue $ 981,976 
Net Income
26,038 
The amounts of revenue and net income of DBCI included in the Consolidated Statements of Operations and Comprehensive Income from the transaction date of August 17, 2021 through September 25, 2021 are as follows:

Period from August 18, 2021 through September 25, 2021
Revenue $ 8,456,455 
Net Income
565,265 
The following unaudited pro forma information has been prepared as if the DBCI and ACT acquisitions had taken place on December 29, 2019. The Company prepared the table based on certain estimates and assumptions. These estimates and assumptions were made solely for the purposes of developing such unaudited pro forma information and have not been adjusted to provided period over period comparability.

Three Months Period Ended
Nine Months Period Ended
September 25, September 26, September 25, September 26,
2021 2020 2021 2020
Revenue $ 199,314,429  $ 160,977,239  $ 574,135,446  $ 468,372,347 
Net Income
17,097,308  19,848,627  35,272,653  43,221,338 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
Fair Value
Useful Lives
Customer Relationships
$ 2,470,000 
P15Y
Backlog
280,000 
P3M
Trade Name
1,450,000  Indefinite
Identifiable Intangible Assets
$ 4,200,000 
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:

Fair Value
Useful Lives
Customer Relationships
$ 26,320,000 
P15Y
Backlog
3,130,000 
P4M
Trade Name
20,850,000  Indefinite
Identifiable Intangible Assets
$ 50,300,000