Business Combinations (Tables)

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Summary of Fair Value of GKBH's Assets and Liabilities at Acquisition Date and Resulting Goodwill

The following table summarizes the fair value of GKBH’s assets and liabilities at the acquisition date, and the resulting goodwill.

(in thousands)
Purchase price of 50% interest in GKBH	$	6,000
Acquisition-date fair value of previously held interest (Level 2)		4,286
Fair value of GKBH at acquisition date		10,286

(in thousands)
Cash	$	24
Accounts Receivable		96
Inventories		22
Prepaid and Other assets		118
Deposits		67
Property and equipment		745
Operating lease right-of use assets		3,851
Liabilities assumed		(4,135	)
Total identifiable net assets	$	788
Goodwill		9,498
	$	10,286

Unaudited Consolidated Pro Forma Results

The following table presents unaudited consolidated pro forma results as if the acquisition of GKBH had occurred on January 1, 2023.

	Three months ended June 30,				For the six months ended June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Revenue	$	53,860	$	48,413	$	106,449	$	94,104
Net income before taxes		2,075		7,678		2,828		12,590
Earnings per common share:
Basic	$	0.06	$	-	$	0.08	$	-
Diluted	$	0.06	$	-	$	0.08	$	-