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SEC Filings
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Section 16 Filings Only
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Purchase Price Allocation
The AirTight purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over the fair value of net assets acquired was allocated to goodwill. The goodwill acquired in the AirTight acquisition is not deductible for federal income tax purposes. The Company believes the fair values assigned to the AirTight assets acquired and liabilities assumed were based on reasonable assumptions. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed:
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Current Assets
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$ |
1,113,823 |
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Property, Plant and Equipment
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363,934 |
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Identifiable Intangible Assets
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1,700,000 |
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Goodwill
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2,283,827 |
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Current Liabilities
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(1,862,525 |
) |
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Other Liabilities
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(329,152 |
) |
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Total
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$ |
3,269,907 |
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The $150,000 contingency under the promissory note is not included in the above table and will be recorded when it is more likely than not that the agreed upon AirTight sales goals will be met. In connection with the allocation of the adjusted purchase price by Lapolla, $1,700,000 was attributed to Other Intangible Assets, of which $700,000 was assigned to trade names (15 year useful lives), $790,000 was assigned to the customer list (5 year useful life), and $210,000 was assigned to the Shareholder and sales force non-competes (5 year useful lives). The $2,283,827 of goodwill was assigned to the Foam segment.
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Prior SEC Filings are through the
SEC EDGAR SERVICE.
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