Delaware | 001-34927 | 57-6218917 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Delaware | 001-34926 | 20-3812051 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company | o |
23.1 | |||
99.1 | |||
99.2 | |||
99.3 |
Date: April 19, 2018 | COMPASS DIVERSIFIED HOLDINGS | ||
By: | /s/ Ryan J. Faulkingham | ||
Ryan J. Faulkingham | |||
Regular Trustee |
Date: April 19, 2018 | COMPASS GROUP DIVERSIFIED HOLDINGS LLC | ||
By: | /s/ Ryan J. Faulkingham | ||
Ryan J. Faulkingham | |||
Chief Financial Officer |
Assets | |||||
2017 | |||||
Current Assets | |||||
Cash and cash equivalents | $ | 18,818,071 | |||
Accounts receivable, net | 16,384,368 | ||||
Inventory, net | 25,405,178 | ||||
Other current assets | 255,650 | ||||
Total current assets | 60,863,267 | ||||
Noncurrent Assets | |||||
Fixed assets, net of accumulated depreciation | 1,770,879 | ||||
Other assets | 31,588 | ||||
Total noncurrent assets | 1,802,467 | ||||
Total assets | $ | 62,665,734 | |||
Liabilities and Stockholders' Equity | |||||
Current Liabilities | |||||
Accounts Payable | $ | 4,268,748 | |||
Accrued liabilities | 1,931,277 | ||||
Line of Credit | 20,000,000 | ||||
Current portion of notes payable | 522,103 | ||||
Total current liabilities | 26,722,128 | ||||
Long Term Liabilities | |||||
Notes Payable | 421,388 | ||||
Total liabilities | 27,143,516 | ||||
Stockholders' Equity | |||||
Retained earnings | 36,079,176 | ||||
Accumulated other comprehensive income (loss) | (556,958 | ) | |||
Total stockholders' equity | 35,522,218 | ||||
Total liabilities and stockholders' equity | $ | 62,665,734 | |||
12 Months Ended February 28, 2017 | |||||
Operating Income | |||||
Sales, net | $ | 140,326,449 | |||
Cost of goods sold | (104,331,471 | ) | |||
Gross Profit | 35,994,978 | ||||
Operating Expenses | |||||
Design, selling, general and administrative expenses | 7,913,337 | ||||
Operating income | 28,081,641 | ||||
Other Income (Expense) | |||||
Interest (expense), net | (334,649 | ) | |||
Other income (expense) | 28,815 | ||||
Total other (expense) | (305,834 | ) | |||
Net income | 27,775,807 | ||||
Gain (loss) on foreign currency translation | 107,038 | ||||
Comprehensive income | $ | 27,882,845 |
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||
Balance at February 29, 2016 | $ | 26,307,972 | $ | (663,996 | ) | $ | 25,643,976 | |||||
Distributions | (18,004,603 | ) | — | (18,004,603 | ) | |||||||
Comprehensive income: | ||||||||||||
Net income | 27,775,807 | — | 27,775,807 | |||||||||
Foreign currency translation gain | — | 107,038 | 107,038 | |||||||||
Balance at February 28, 2017 | $ | 36,079,176 | $ | (556,958 | ) | $ | 35,522,218 |
12 Months Ended February 28, 2017 | ||||||
Operating Activities | ||||||
Net income | $ | 27,775,807 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | 662,267 | |||||
Chargeback reserve | 58,473 | |||||
Inventory reserve | 1,496,368 | |||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (8,690,733 | ) | ||||
Inventory | (9,452,105 | ) | ||||
Other assets | 115,426 | |||||
Accounts payable | 786,656 | |||||
Accrued liabilities | (201,028 | ) | ||||
Net cash provided by operating activities | 12,551,131 | |||||
Investing Activities | ||||||
Purchases of fixed assets | (221,817 | ) | ||||
Net cash used by investing activities | (221,817 | ) | ||||
Financing Activities | ||||||
Net change in line of credit | 12,000,000 | |||||
Repayment of notes payable | (507,742 | ) | ||||
Distributions to stockholders | (18,004,603 | ) | ||||
Net cash used by financing activities | (6,512,345 | ) | ||||
Effect of exchange rate changes on cash | 86,461 | |||||
Net change in cash and cash equivalents | 5,816,969 | |||||
Cash and cash equivalents at beginning of year | 12,914,641 | |||||
Cash and cash equivalents at end of year | $ | 18,818,071 | ||||
Supplemental Disclosures | ||||||
The Company paid $362,699 in interest for the period ended February 28, 2017. | ||||||
The Company paid no income taxes for the period ended February 28, 2017. |
2017 | ||||
Raw materials and supplies | $ | 4,191,754 | ||
Finished goods | 26,519,346 | |||
Allowance | (5,305,922 | ) | ||
$ | 25,405,178 |
2017 | ||||
Vendor Deposits | $ | 47,999 | ||
Deposits for equipment | 44,470 | |||
Prepaid expenses | 143,358 | |||
Input tax credits | 19,823 | |||
$ | 255,650 |
2017 | ||||
Vehicles | $ | 31,337 | ||
Equipment | 4,979,142 | |||
Furniture | 75,486 | |||
Software | 198,431 | |||
Leasehold improvements | 237,663 | |||
5,522,059 | ||||
Less accumulated depreciation | (3,751,180 | ) | ||
$ | 1,770,879 | |||
Year ending February 28, | ||||
2018 | $ | 522,103 | ||
2019 | 421,388 | |||
$ | 943,491 | |||
Year ending February 28 (29), | ||||
2018 | $ | 1,618,386 | ||
2019 | 1,639,702 | |||
2020 | 1,094,431 | |||
2021 | 667,138 | |||
$ | 5,019,657 |
2017 | |||||
Beginning balance | $ | (663,996 | ) | ||
Other comprehensive income | |||||
before reclassifications | 107,038 | ||||
Amounts reclassified from | |||||
accumulated other | |||||
comprehensive income | — | ||||
Net current period other | |||||
comprehensive income | 107,038 | ||||
Ending balance | $ | (556,958 | ) |
Rimports Inc. and Subsidiaries | |||
Table of Contents | |||
Page Number | |||
CONSOLIDATED FINANCIAL STATEMENTS | |||
Consolidated Balance Sheet as of November 30, 2017 (unaudited) | |||
Consolidated Statement of Operations and Comprehensive Income for the Nine Months Ended November 30, 2017 (unaudited) | |||
Consolidated Statement of Changes in Stockholders' Equity for the Nine Months Ended November 30, 2017 (unaudited) | |||
Consolidated Statement of Cash Flows for the Nine Months Ended November 30, 2017 (unaudited) | |||
Notes to Consolidated Financial Statements (unaudited) | |||
November 30, 2017 | |||||
ASSETS | (unaudited) | ||||
CURRENT ASSETS | |||||
Cash and Cash equivalents | $ | 35,358,492 | |||
Accounts receivable, net | 36,876,941 | ||||
Inventory, net | 23,053,994 | ||||
Other current assets | 486,497 | ||||
Total current assets | 95,775,924 | ||||
NON CURRENT Assets | |||||
Fixed assets, net of accumulated depreciation | 1,588,796 | ||||
Other assets | 40,482 | ||||
Total assets | $ | 97,405,202 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
CURRENT LIABILITIES | |||||
Accounts Payable | $ | 6,076,158 | |||
Accrued Liabilities | 3,022,304 | ||||
Line of credit | 30,000,000 | ||||
Current portion of notes payable | 533,362 | ||||
Total current liabilities | 39,631,824 | ||||
LONG-TERM LIABILITIES | |||||
Notes Payable | 19,897 | ||||
Total liabilities | 39,651,721 | ||||
STOCKHOLDERS' EQUITY | |||||
Retained Earnings | 58,125,611 | ||||
Accumulated other comprehensive income (loss) | (372,130 | ) | |||
Total stockholders' equity | 57,753,481 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 97,405,202 |
November 30, 2017 | |||||
(unaudited) | |||||
Net Sales | $ | 126,132,883 | |||
Cost of Sales | (91,198,270 | ) | |||
Gross Profit | 34,934,613 | ||||
Operating expenses: | |||||
Design, selling, general and administrative expenses | 6,557,419 | ||||
Operating income | 28,377,194 | ||||
Other Income (Expense) | |||||
Interest (expense), net | (317,155 | ) | |||
Other income (expense) | (10,000 | ) | |||
Total other (expense) | (327,155 | ) | |||
Net Income | 28,050,039 | ||||
Gain (loss) on foreign currency translation | 184,828 | ||||
Comprehensive income | $ | 28,234,867 |
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||
Balance at February 28, 2017 | $ | 36,079,176 | $ | (556,958 | ) | $ | 35,522,218 | |||||
Distributions | (6,003,604 | ) | — | (6,003,604 | ) | |||||||
Comprehensive Income: | ||||||||||||
Net income | 28,050,039 | — | 28,050,039 | |||||||||
Foreign currency translation loss | — | 184,828 | 184,828 | |||||||||
Balance at November 28, 2017 | $ | 58,125,611 | $ | (372,130 | ) | $ | 57,753,481 |
November 30, 2017 | ||||||
(unaudited) | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net Income | $ | 28,050,039 | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||
Depreciation and amortization | 479,458 | |||||
Chargeback reserve | 636,767 | |||||
Inventory reserve | 132,048 | |||||
Net changes in operating assets and liabilities | ||||||
Accounts receivable | (21,129,340 | ) | ||||
Inventories | 2,219,136 | |||||
Other assets | (239,741 | ) | ||||
Accounts payable | 1,807,410 | |||||
Accrued liabilities | 1,091,027 | |||||
Net cash from operating activities | 13,046,804 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Purchases of property, plant and equipment | (297,375 | ) | ||||
Net cash used in investing activities | (297,375 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Net change in line of credit | 10,000,000 | |||||
Repayment of notes payable | (390,232 | ) | ||||
Distributions to stockholders | (6,003,604 | ) | ||||
Net cash from financing activities | 3,606,164 | |||||
Effect of exchange rate changes on cash | 184,828 | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 16,355,593 | |||||
CASH AND CASH EQUIVALENTS - Beginning of period | 18,818,071 | |||||
CASH AND CASH EQUIVALENTS - End of period | $ | 35,358,492 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||
Cash paid for interest | $ | 346,852 |
November 30, | |||
Inventories Consist of the following: | 2017 | ||
Raw Materials | $ | 5,489,613 | |
Finished Goods | 22,980,488 | ||
Allowance | (5,416,107 | ) | |
Total | $ | 23,053,994 |
November 30, 2017 | |||
Vendor deposits | $ | 56,544 | |
Deposits for equipment | 33,585 | ||
Prepaid expenses | 362,080 | ||
Input tax credits | 34,288 | ||
Total | $ | 486,497 |
November 30, 2017 | |||
Vehicles | $ | 31,336 | |
Equipment | 5,241,722 | ||
Furniture | 74,586 | ||
Software | 198,430 | ||
Leasehold improvements | 249,484 | ||
5,795,558 | |||
Less accumulated depreciation | (4,206,762 | ) | |
Total | $ | 1,588,796 |
Year ending November 30, | |||
2018 | $ | 533,362 | |
2019 | 19,897 | ||
Total | $ | 553,259 |
Year Ending November 30, | |||
2018 | $ | 2,389,405 | |
2019 | 2,584,376 | ||
2020 | 2,580,927 | ||
2021 | 2,073,399 | ||
Total | $ | 9,628,107 |
November 30, 2017 | |||
Foreign Currency | |||
Beginning Balance | $ | (556,958 | ) |
Other Comprehensive income before reclassifications | 184,828 | ||
Amounts reclassified from accumulated other comprehensive income | — | ||
Net current period other comprehensive income | 184,828 | ||
Ending Balance | $ | (372,130 | ) |
Compass Diversified Holdings as Reported | Foam Fabricators as Reported | Rimports as Reported | Pro Forma Adjustments | Pro Forma Combined Compass Diversified Holdings | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 39,885 | $ | 5,628 | $ | 35,358 | $ | — | $ | 80,871 | ||||||||||
Accounts receivable, net | 215,108 | 21,519 | 36,877 | — | 273,504 | |||||||||||||||
Inventories | 246,928 | 11,863 | 23,054 | 664 | (a) | 282,509 | ||||||||||||||
Prepaid expenses and other current assets | 24,897 | 2,326 | 487 | — | 27,710 | |||||||||||||||
Total current assets | 526,818 | 41,336 | 95,776 | 664 | 664,594 | |||||||||||||||
Property, plant and equipment, net | 173,081 | 7,800 | 1,589 | 15,555 | (a) | 198,025 | ||||||||||||||
Goodwill | 531,689 | — | — | 150,245 | (a) | 681,934 | ||||||||||||||
Intangible assets, net | 580,517 | — | — | 121,392 | (a) | 701,909 | ||||||||||||||
Other non-current assets | 8,198 | 467 | 40 | — | 8,705 | |||||||||||||||
Total assets | $ | 1,820,303 | $ | 49,603 | $ | 97,405 | $ | 287,856 | $ | 2,255,167 | ||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 84,538 | $ | 2,592 | $ | 6,076 | $ | — | $ | 93,206 | ||||||||||
Accrued expenses | 106,873 | 5,121 | 3,022 | — | 115,016 | |||||||||||||||
Due to related party | 7,796 | — | — | — | 7,796 | |||||||||||||||
Current portion, long-term debt | 5,685 | — | 30,000 | (30,000 | ) | (b) | 5,685 | |||||||||||||
Other current liabilities | 7,301 | — | 533 | 10,000 | (a) | 17,834 | ||||||||||||||
Total current liabilities | 212,193 | 7,713 | 39,631 | (20,000 | ) | 239,537 | ||||||||||||||
Deferred income taxes | 81,049 | — | — | — | 81,049 | |||||||||||||||
Long-term debt | 584,347 | — | — | 392,500 | (c) | 976,847 | ||||||||||||||
Other non-current liabilities | 16,715 | — | 20 | 15,000 | (a) | 31,735 | ||||||||||||||
Total liabilities | 894,304 | 7,713 | 39,651 | 387,500 | 1,321,455 | |||||||||||||||
Stockholders’ equity | ||||||||||||||||||||
Trust preferred shares, no par value | 96,417 | — | — | — | 96,417 | |||||||||||||||
Trust common shares, no par value | 924,680 | — | — | — | 924,680 | |||||||||||||||
Accumulated other comprehensive income (loss) | (2,573 | ) | 1,617 | (372 | ) | (1,245 | ) | (d) | (2,573 | ) | ||||||||||
Accumulated deficit | (145,316 | ) | 40,273 | 58,126 | (98,399 | ) | (e) | (145,316 | ) | |||||||||||
Total stockholders’ equity attributable to Holdings | 873,208 | 41,890 | 57,754 | (99,644 | ) | 873,208 | ||||||||||||||
Noncontrolling interest | 52,791 | — | — | — | 52,791 | |||||||||||||||
Total stockholders’ equity | 925,999 | 41,890 | 57,754 | (99,644 | ) | 925,999 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,820,303 | $ | 49,603 | $ | 97,405 | $ | 287,856 | $ | 2,255,167 |
(in thousands, except per share data) | Compass Diversified Holdings as Reported | Foam Fabricators as Reported | Rimports as Reported | Pro Forma Adjustments | Pro Forma Combined Compass Diversified Holdings | |||||||||||||||
Net sales | $ | 1,269,729 | $ | 126,389 | $ | 155,361 | $ | — | $ | 1,551,479 | ||||||||||
Cost of sales | 822,020 | 86,715 | 113,030 | 1,786 | (f) | 1,023,551 | ||||||||||||||
Gross profit | 447,709 | 39,674 | 42,331 | (1,786 | ) | 527,928 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative expense | 318,484 | 12,401 | 8,524 | — | 339,409 | |||||||||||||||
Management fees | 32,693 | — | — | 7,850 | (g) | 40,543 | ||||||||||||||
Amortization expense | 52,003 | — | — | 8,233 | (h) | 60,236 | ||||||||||||||
Impairment expense | 17,325 | — | — | — | 17,325 | |||||||||||||||
Operating income | 27,204 | 27,273 | 33,807 | (17,869 | ) | 70,415 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest expense, net | (27,623 | ) | (55 | ) | (449 | ) | (14,411 | ) | (i) | (42,538 | ) | |||||||||
Amortization of debt issuance cost | (4,002 | ) | — | — | — | (4,002 | ) | |||||||||||||
Gain on equity method investment | (5,620 | ) | — | — | — | (5,620 | ) | |||||||||||||
Other income (expense), net | 2,634 | — | 44 | — | 2,678 | |||||||||||||||
Income before income taxes | (7,407 | ) | 27,218 | 33,402 | (32,280 | ) | 20,933 | |||||||||||||
Provision for income taxes | (40,679 | ) | 1,172 | — | 8,160 | (j) | (31,347 | ) | ||||||||||||
Net income | 33,272 | 26,046 | 33,402 | (40,440 | ) | 52,280 | ||||||||||||||
Net income attributable to noncontrolling interest | 5,621 | — | — | — | 5,621 | |||||||||||||||
Net income (loss) attributable to Holdings | $ | 27,651 | $ | 26,046 | $ | 33,402 | $ | (40,440 | ) | $ | 46,659 | |||||||||
Basic and fully diluted loss per share attributable to Holdings | $ | (0.45 | ) | $ | (0.13 | ) | ||||||||||||||
Weighted average number of shares | 59,900 | 59,900 |
Foam Fabricators | Rimports | Total | ||||||||||
Inventory | $ | 664 | $ | — | $ | 664 | ||||||
Property, plant and equipment | 15,555 | — | 15,555 | |||||||||
Intangibles | 121,392 | — | 121,392 | |||||||||
Goodwill | 67,999 | 82,246 | 150,245 | |||||||||
$ | 205,610 | $ | 82,246 | $ | 287,856 | |||||||
Contingent consideration - current | $ | — | $ | 10,000 | $ | 10,000 | ||||||
Contingent consideration - long-term | — | 15,000 | 15,000 | |||||||||
$ | — | $ | 25,000 | $ | 25,000 |
Foam Fabricators | Rimports | Total | ||||||||||
Line of credit facility | $ | — | $ | (30,000 | ) | $ | (30,000 | ) |
Foam Fabricators | Rimports | Total | ||||||||||
Revolving credit facility | $ | 247,500 | $ | 145,000 | $ | 392,500 |
Foam Fabricators | Rimports | Total | ||||||||||
Accumulated other comprehensive income (loss) | $ | (1,617 | ) | $ | 372 | $ | (1,245 | ) |
Foam Fabricators | Rimports | Total | ||||||||||
Common stock | $ | (1 | ) | $ | — | |||||||
Additional paid in capital | (677 | ) | — | |||||||||
Retained earnings | (60,095 | ) | (58,126 | ) | ||||||||
Treasury stock | 20,500 | — | ||||||||||
Total Stockholders' equity | $ | (40,273 | ) | $ | (58,126 | ) | $ | (98,399 | ) |
Foam Fabricators | ||||
Depreciation expense | $ | 1,786 |
Foam Fabricators | Rimports | Total | ||||||||||
Capitalized Purchase Price | $ | 247,500 | $ | 145,000 | ||||||||
2 | % | 2 | % | |||||||||
Management fee | $ | 4,950 | $ | 2,900 | $ | 7,850 |
Foam Fabricators | ||||
Amortization expense | $ | 8,233 |
Foam Fabricators | Rimports | Total | ||||||||||
Historical interest expense | $ | (55 | ) | $ | (449 | ) | ||||||
Revolver borrowings | $ | 247,500 | $ | 145,000 | ||||||||
4.40 | % | 4.40 | % | |||||||||
10,890 | 6,380 | |||||||||||
Less: Commitment fee | 247,500 | 145,000 | ||||||||||
0.60 | % | 0.60 | % | |||||||||
1,485 | 870 | |||||||||||
Revised interest expense | $ | 9,405 | $ | 5,510 | ||||||||
Adjusted interest expense | $ | 9,350 | $ | 5,061 | $ | 14,411 |
Foam Fabricators | Rimports | Total | ||||||||||
Income tax expense | $ | — | $ | 8,160 | $ | 8,160 |
Three months ended | Nine months ended | Twelve months ended | ||||||||||
February 28, 2017 | November 30, 2017 | November 30, 2017 | ||||||||||
Net sales | $ | 29,228 | $ | 126,133 | $ | 155,361 | ||||||
Cost of goods sold | 21,832 | 91,198 | 113,030 | |||||||||
Gross profit | 7,396 | 34,935 | 42,331 | |||||||||
Operating expenses : | ||||||||||||
S,G&A | 1,967 | 6,557 | 8,524 | |||||||||
Operating income | 5,429 | 28,378 | 33,807 | |||||||||
Other income (expense) | 54 | (10 | ) | 44 | ||||||||
Interest expense | (132 | ) | (317 | ) | (449 | ) | ||||||
Income before income taxes | 5,351 | 28,051 | 33,402 | |||||||||
Income tax expense | — | — | — | |||||||||
Net income | $ | 5,351 | $ | 28,051 | $ | 33,402 | ||||||
Acquisition Consideration | ||||||||||||
Foam Fabricators | Rimports | Total | ||||||||||
Aggregate purchase price | $ | 247,500 | $ | 145,000 | ||||||||
Working capital adjustment | 1,967 | (4,021 | ) | |||||||||
Other adjustments | (1,212 | ) | (62 | ) | ||||||||
Cash acquired | 3,646 | 9,500 | ||||||||||
Total estimated purchase price | $ | 251,901 | $ | 150,417 | $ | 402,318 |
Foam Fabricators | Rimports | Total | ||||||||||
(in thousands) | ||||||||||||
Assets: | ||||||||||||
Cash | $ | 6,282 | $ | 10,025 | $ | 16,307 | ||||||
Accounts receivable | 19,058 | 21,431 | 40,489 | |||||||||
Inventory | 13,218 | 29,691 | 42,909 | |||||||||
Property, plant and equipment | 23,485 | 1,493 | 24,978 | |||||||||
Intangible assets | 121,992 | — | 121,992 | |||||||||
Goodwill | 70,889 | 120,732 | 191,621 | |||||||||
Other current and noncurrent assets | 2,945 | 1,079 | 4,024 | |||||||||
Total assets | 257,869 | 184,451 | 442,320 | |||||||||
Liabilities: | ||||||||||||
Current liabilities | 5,968 | 19,034 | 25,002 | |||||||||
Other liabilities | 115,033 | 15,000 | 130,033 | |||||||||
121,001 | 34,034 | 155,035 | ||||||||||
Net assets acquired | 136,868 | 150,417 | 287,285 | |||||||||
Intercompany loans | 115,033 | — | 115,033 | |||||||||
$ | 251,901 | $ | 150,417 | $ | 402,318 |
Intangible assets | Amount | Estimated Useful Life | |||||
Customer Relationships | $ | 117,177 | 15 | ||||
Tradename | 4,215 | 10 | |||||
$ | 121,392 |