Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION Pro-forma information (Tables)

v3.7.0.1
ACQUISITION Pro-forma information (Tables) - Marcegalia USA, Inc. [Member]
 3 Months Ended
Mar. 31, 2017
Business Acquisition [Line Items]  
Schedule of Sources and Uses of Funds from Acquisition [Table Text Block]
A summary of sources and uses of proceeds for the acquisition is as follows:
Sources of Funds:
 
Borrowings from revolving line of credit
$
14,953,513

Total sources of funds
$
14,953,513

 
 
Uses of Funds:
 
Acquisition of MUSA stainless manufacturing equipment and inventory
$
14,953,513

Total uses of funds
$
14,953,513

Business Acquisition, Pro Forma Information [Table Text Block]
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.
Pro-Forma (Unaudited)
 
Three Months Ended
 
Mar 31, 2017
 
Mar 31, 2016
Pro-forma revenues
$
47,128,000

 
$
41,473,000

Pro-forma net income (loss)
584,000

 
(1,543,000
)
Earnings (loss) per share:
 
 
 
   Basic
$
0.07

 
$
(0.18
)
   Diluted
$
0.07

 
$
(0.18
)
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The preliminary allocation of the total consideration paid to the fair value of the assets acquired and liabilities assumed as of February 28, 2017 is as follows:
Inventories
$
5,434,000

Other current assets - production and maintenance supplies
1,548,701

Property, plant and equipment
7,576,733

Customer list intangible
992,000

Goodwill
3,589,342

Contingent consideration
(3,604,330
)
Other liabilities assumed
(582,933
)
 
$
14,953,513