Business Combinations (Tables) - Worthington Aviation Parts, Inc

3 Months Ended

Jun. 30, 2019

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

Total consideration is summarized in the table below:

Earnest money	$	50,000
Cash consideration	3,300,000
Cash acquired	(24,301		)
Total consideration	$	3,325,699

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of May 4, 2018:

	May 4, 2018
ASSETS
Accounts receivable	$	1,929,120
Inventories	4,564,437
Other current assets	149,792
Property and equipment	391,892
Other assets	189,607
Intangible assets - tradename	138,000
Total assets	7,362,848
LIABILITIES
Accounts payable	1,289,150
Accrued expenses	175,222
Deferred tax liability	589,000
Total liabilities	2,053,372
Net assets acquired	$	5,309,476
Consideration paid	$	3,350,000
Less: Cash acquired	(24,301		)
Bargain purchase gain	$	1,983,777