Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.8.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2017
Business Acquisition [Line Items]  
Schedule of Sources and Uses of Funds from Acquisition
Pro-Forma (Unaudited)
 
2017
 
2016
Pro-forma revenues
$
206,071,634

 
$
161,591,159

Pro-forma net income (loss)
1,441,258

 
(9,730,841
)
Earnings (loss) per share:
 
 
 
   Basic
0.17

 
(1.12
)
   Diluted
0.17

 
(1.12
)
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 assets
$
14,953,513

Total uses of funds
$
14,953,513

Schedule of fair value of the assets acquired and liabilities assumed
The following table shows the initial estimate of value and revisions made during 2017:
 
Initial
 
 
 
 
 
estimate
 
Revisions
 
Final
Inventories
$
5,434,000

 
$
—

 
$
5,434,000

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

 
—

 
1,548,701

Equipment
7,576,733

 
—

 
7,576,733

Customer list intangible
992,000

 
—

 
992,000

Goodwill
3,589,342

 
1,059,453

 
4,648,795

Earn-out liability
(3,604,330
)
 
(1,059,453
)
 
(4,663,783
)
Other liabilities assumed
(582,933
)
 
—

 
(582,933
)
 
$
14,953,513

 
$
—

 
$
14,953,513

Unaudited pro forma financial information