| Schedule of Preliminary Allocation of Total Consideration of Assets Acquired and Liabilities Assumed |
The following table shows the initial estimate of value and revisions made during 2019:
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|
|
|
|
|
|
|
|
|
|
|
|
|
Initial estimate |
|
Revisions |
|
Final |
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 |
|
|
| 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 |
|
Nine Months Ended |
|
September 30, 2019 |
|
|
September 30, 2019 |
|
Net sales |
$ |
8,468,838 |
|
|
$ |
26,539,086 |
|
Income before income taxes |
901,562 |
|
|
2,000,725 |
|
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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|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2018 |
|
|
September 30, 2018 |
|
Pro-forma net sales |
$ |
87,303,802 |
|
|
$ |
235,394,161 |
|
Pro-forma net income |
$ |
5,506,194 |
|
|
$ |
12,490,937 |
|
Earnings per share: |
|
|
|
Basic |
$ |
0.62 |
|
|
$ |
1.42 |
|
Diluted |
$ |
0.62 |
|
|
$ |
1.41 |
|
|