Quarterly report pursuant to Section 13 or 15(d)

Acquisitions

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Acquisitions
3 Months Ended
Mar. 31, 2018
Acquisitions [Abstract]  
ACQUISITIONS
11. ACQUISITIONS

 

The Company accounts for acquisitions in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed are recorded in the accompanying consolidated balance sheets at their estimated fair values, as of the acquisition date. For all acquisitions, the preliminary allocation of the purchase price was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period as valuations are finalized. The table below represents the allocation of the preliminary purchase price to the acquired net assets.

 

      Acquisition 1     Acquisition 2     Total  
  Inventory   $ 1,002,300     $ 389,800     $ 1,392,100  
  Prepaids and other current assets     30,200       -       30,200  
  Furniture and equipment     -       30,000       30,000  
  Goodwill     1,351,000       654,000       2,005,000  
  Total   $ 2,383,500     $ 1,073,800     $ 3,457,300