BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 29, 2018

In connection with the above acquisition, the Company recorded the following intangible assets:

Asset Class/Description	Amount		Weighted-average Life in Years
Patents, technology, and licenses
Customer relationships	$	689,675		8.3
Intellectual property		586,762		8.3
Non-compete agreements		52,570		8.3
	$	1,329,007		8.3

Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Velvac and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date, as well as the fair value at the acquisition date.

At April 3, 2017:

Consideration
Cash	$	4,078,000
Debt		36,000,000
Contingent consideration arrangement		2,070,000
	$	42,148,000
Recognized amounts of identifiable assets acquired and liabilities assumed at fair value
Accounts receivable	$	6,063,429
Inventory		12,992,377
Prepaid and other assets		494,617
Property plant and equipment		3,911,767
Other noncurrent assets		366,401
Other intangible assets		11,560,000
Current liabilities		(7,720,591	)
Deferred tax liabilities		(2,860,946	)
Total identifiable net assets		24,807,054
Goodwill		17,340,946
	$	42,148,000