ACQUISITION (Tables)

3 Months Ended

Mar. 31, 2020

ACQUISITION

Schedule of estimated purchase price of fair value of cash paid contingent consideration

	Total
Cash paid at closing	$	3,518,000
Fair value of contingent consideration		64,000
Total estimated purchase price	$	3,582,000

Schedule of purchase price allocation

The following table presents purchase price allocation:

Accounts receivable	$	218,000
Inventories		630,000
Machinery, equipment and vehicle		1,437,000
Customer relationships		995,000
Trademarks and trade names		54,000
Non-compete agreements		95,000
Liabilities assumed		(131,000)
Goodwill		284,000
Total estimated purchase price	$	3,582,000

Schedule of intangible assets useful lives subject to amortization

The intangible assets subject to amortization will be amortized over 15 years for tax purposes. For financial reporting purposes their respective useful lives have been determined as follows:

Customer relationships	10 years
Non-Compete agreements	4 years
Trademarks and trade names	indefinite

Schedule of unaudited pro-forma combined financial information

	For the Three-Month Period Ended
	March 31, 2019
Revenue	$	15,063,000
Net income	$	109,000
Earnings per share – basic and diluted	$	0.03