Business Combination Achieved in Stages (Tables)

3 Months Ended

Aug. 01, 2021

Schedule of Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations for the three-month periods ending August 1, 2021, and August 2, 2020, have been prepared as if this acquisition had occurred on April 29, 2019.

(dollars in thousands, except per share data)	August 1, 2021		August 2, 2020
Net Sales	$	83,047	$	64,761
Income from operations		3,318		2,017
Net income (loss)		2,250		(2,666	)
Net income (loss) per share - basic	$	0.18	$	(0.22	)
Net income (loss) per share - diluted	$	0.18	$	(0.22	)

Summary of Equity Method Investment

The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH:

(dollars in thousands)	August 2, 2020
total assets	$	3,668
total liabilities	$	149
total members’ equity	$	3,519

CIH [Member]

Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values:

(dollars in thousands)	Fair Value
Cash and cash equivalents	$	62
Accounts receivable		169
Inventory		31
Right of use assets		2,544
Equipment and leasehold improvements		846
Accounts payable		(155	)
Gain on bargain purchase		(819	)
	$	2,678