Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Business Acquisition [Line Items]

Summary of Allocation of Purchase Price for Acquired Identifiable Assets, Liabilities Assumed and Goodwill

The following table summarizes the consideration paid and the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.

Consideration:
Cash	$	4,000,000
Contingent consideration arrangement		1,000,000
Fair value of total consideration transferred	$	5,000,000
Recognized amounts of identifiable assets acquired and liabilities assumed:
Accounts receivable	$	429,267
Intangible assets		3,497,000
Current liabilities		(176,223	)
Total identifiable net assets acquired		3,750,044
Goodwill		1,249,956
Total	$	5,000,000

Antenna Plus

Business Acquisition [Line Items]

Summary of Allocation of Purchase Price for Acquired Identifiable Assets, Liabilities Assumed and Goodwill

The following table shows the allocation of the purchase price for Antenna Plus to the acquired identifiable assets, liabilities assumed and goodwill:

Consideration:
Cash	$	6,383,500
Working capital adjustments		(34,770	)
Fair value of total consideration transferred	$	6,348,730
Recognized amounts of identifiable assets acquired and liabilities assumed:
Accounts receivable	$	584,390
Inventory		432,770
Fixed assets		402,958
Intangible assets		2,600,000
Current liabilities		(121,879	)
Total identifiable net assets acquired		3,898,239
Goodwill		2,450,491
Total	$	6,348,730

Summary of Unaudited Pro Forma Information

The following unaudited pro forma financial information presents combined results of operations for each of the periods presented, as if Antenna Plus had been acquired as of the beginning of the fiscal year 2015.  The pro forma information includes adjustments to amortization and depreciation for intangible assets and property, plant and equipment acquired.  The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2015 or of the results of future operations of the combined business.  Consequently, actual results will differ from the unaudited pro forma information presented below:

	For the Year Ended December 31,
	2017		2016		2015
Pro forma sales	$	51,789,215	$	50,940,773	$	34,112,518
Pro forma income from operations	$	1,539,538	$	4,436,281	$	458,075
Pro forma net income	$	1,711,598	$	4,717,872	$	518,387