| Schedule of Preliminary Allocation of Total Consideration of Assets Acquired and Liabilities Assumed |
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Initial estimate |
|
Revisions |
|
Revised estimate |
Inventories |
$ |
5,564,000 |
|
|
$ |
— |
|
|
$ |
5,564,000 |
|
Accounts receivable |
3,533,921 |
|
|
— |
|
|
3,533,921 |
|
Other current assets - production and maintenance supplies |
605,613 |
|
|
— |
|
|
605,613 |
|
Property, plant and equipment |
2,793,173 |
|
|
— |
|
|
2,793,173 |
|
Customer list intangible |
10,000,000 |
|
|
(496,000 |
) |
|
9,504,000 |
|
Goodwill |
7,043,534 |
|
|
714,094 |
|
|
7,757,628 |
|
Contingent consideration (earn-out liability) |
(6,148,230 |
) |
|
(218,094 |
) |
|
(6,366,324 |
) |
Accounts payable |
(1,400,009 |
) |
|
— |
|
|
(1,400,009 |
) |
Other liabilities |
(96,593 |
) |
|
— |
|
|
(96,593 |
) |
|
$ |
21,895,409 |
|
|
$ |
— |
|
|
$ |
21,895,409 |
|
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| Schedule of Pro-Forma and Results of Operations Since Acquisition |
ASTI's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
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Three Months Ended |
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Six Months Ended |
|
June 30, 2019 |
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|
June 30, 2019 |
|
Net sales |
$ |
8,557,027 |
|
|
$ |
18,070,247 |
|
Income before income taxes |
992,041 |
|
|
1,099,163 |
|
The unaudited pro-forma financial information is for information purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed on the date indicated above.
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Pro-Forma |
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Three Months Ended |
|
Six Months Ended |
|
June 30, 2018 |
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|
June 30, 2018 |
|
Pro-forma net sales |
$ |
81,083,582 |
|
|
$ |
148,090,359 |
|
Pro-forma net income |
$ |
3,776,621 |
|
|
$ |
6,984,743 |
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Earnings per share: |
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|
|
Basic |
$ |
0.43 |
|
|
$ |
0.80 |
|
Diluted |
$ |
0.42 |
|
|
$ |
0.79 |
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