Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 29, 2019 | Nov. 05, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 29, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-36704 | |
Entity Registrant Name | BG STAFFING, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0656684 | |
Entity Address, Address Line One | 5850 Granite Parkway, Suite 730 | |
Entity Address, City or Town | Plano | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75024 | |
City Area Code | 972 | |
Local Phone Number | 692-2400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | BGSF | |
Security Exchange Name | NYSEAMER | |
Entity Common Stock, Shares Outstanding | 10,242,114 | |
Entity Central Index Key | 0001474903 | |
Current Fiscal Year End Date | --12-29 | |
Amendment Flag | false | |
Document Fiscal Year Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 29, 2019 | Dec. 30, 2018 |
Current assets | ||
Accounts receivable (net of allowance for doubtful accounts of $468,233 at 2019 and 2018) | $ 40,399,213 | $ 37,606,721 |
Prepaid expenses | 1,709,978 | 984,219 |
Other current assets | 38,933 | 22,733 |
Total current assets | 42,148,124 | 38,613,673 |
Property and equipment, net | 3,099,489 | 2,556,992 |
Other assets | ||
Deposits | 3,700,754 | 3,209,419 |
Deferred income taxes, net | 4,408,099 | 4,870,997 |
Right-of-use asset - operating leases | 4,113,793 | 0 |
Intangible assets, net | 30,539,442 | 33,034,173 |
Goodwill | 17,983,549 | 17,983,549 |
Total other assets | 60,745,637 | 59,098,138 |
Total assets | 105,993,250 | 100,268,803 |
Current liabilities | ||
Long-term debt, current portion (net of deferred finance fees of $-0- and $44,920 for 2019 and 2018, respectively) | 0 | 4,242,580 |
Accrued interest | 203,620 | 308,547 |
Accounts payable | 140,541 | 146,257 |
Accrued expenses | 11,992,541 | 10,411,374 |
Accrued workers’ compensation | 447,650 | 530,980 |
Contingent consideration, current portion | 0 | 2,363,512 |
Lease liability, current portion | 1,271,711 | 0 |
Income taxes payable | 279,607 | 55,841 |
Total current liabilities | 14,335,670 | 18,059,091 |
Line of credit (net of deferred finance fees of $357,528 and $571,782 for 2019 and 2018, respectively) | 20,196,123 | 10,078,507 |
Long-term debt, less current portion (net of deferred finance fees of $-0- and $65,850 for 2019 and 2018, respectively) | 0 | 5,767,650 |
Lease liability, less current portion | 3,875,349 | 0 |
Other long-term liabilities | 0 | 661,542 |
Total liabilities | 38,407,142 | 34,566,790 |
Commitments and contingencies | ||
Preferred stock, $0.01 par value per share, 500,000 shares authorized, -0- shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value per share; 19,500,000 shares authorized, 10,242,114 and 10,227,247 shares issued and outstanding for 2019 and 2018, respectively, net of treasury stock, at cost, 1,004 and 828 shares for 2019 and 2018, respectively | 75,103 | 78,246 |
Additional paid in capital | 58,416,884 | 57,624,379 |
Retained earnings | 9,094,121 | 7,999,388 |
Total stockholders’ equity | 67,586,108 | 65,702,013 |
Total liabilities and stockholders’ equity | $ 105,993,250 | $ 100,268,803 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Sep. 29, 2019 | Dec. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 468,233 | $ 468,233 |
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 19,500,000 | 19,500,000 |
Common stock, shares issued (in shares) | 10,242,114 | 10,227,247 |
Common stock, shares outstanding (in shares) | 10,242,114 | 10,227,247 |
Treasury Stock, Common, Shares | 828 | |
Deferred finance costs, line of credit arrangements, net | $ 357,528 | $ 571,782 |
Deferred finance costs, current | 0 | 44,920 |
Deferred finance costs, noncurrent | $ 0 | $ 65,850 |
Treasury stock (in shares) | 828 | 828 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Revenues | $ 79,364,306 | $ 77,062,137 | $ 221,998,263 | $ 214,863,045 |
Gross profit | 22,176,622 | 21,373,025 | 61,478,096 | 57,875,235 |
Selling, general and administrative expenses | 14,502,757 | 14,022,464 | 42,361,018 | 38,530,315 |
Gain on contingent consideration | 0 | (988,303) | 0 | (2,160,307) |
Depreciation and amortization | 1,196,753 | 1,247,537 | 3,632,500 | 3,801,425 |
Operating income | 6,477,112 | 7,091,327 | 15,484,578 | 17,703,802 |
Loss on extinguishment of debt | (540,705) | 0 | 540,705 | 0 |
Interest expense, net | 395,448 | 661,683 | 1,244,795 | 2,274,575 |
Income before income taxes | 5,540,959 | 6,429,644 | 13,699,078 | 15,429,227 |
Income tax expense | 1,333,789 | 1,368,258 | 3,194,055 | 2,732,386 |
Net income (loss) | $ 4,207,170 | $ 5,061,386 | $ 10,505,023 | $ 12,696,841 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.41 | $ 0.50 | $ 1.03 | $ 1.36 |
Diluted (in dollars per share) | $ 0.41 | $ 0.49 | $ 1.01 | $ 1.32 |
Weighted-average shares outstanding: | ||||
Basic (shares) | 10,239,126 | 10,109,791 | 10,233,725 | 9,368,840 |
Diluted (shares) | 10,343,673 | 10,342,559 | 10,365,871 | 9,638,616 |
Cash dividends declared per common share | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.85 |
Service | ||||
Revenues | $ 79,364,306 | $ 77,062,137 | $ 221,998,263 | $ 214,863,045 |
Cost of services | $ 57,187,684 | $ 55,689,112 | $ 160,520,167 | $ 156,987,810 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Total | Preferred Stock | Common Stock | Treasury Stock Amount | Additional Paid in Capital | Retained Earnings |
Stockholders’ equity, beginning balance at Dec. 31, 2017 | $ 39,134,679 | $ 0 | $ 87,594 | $ 0 | $ 37,675,329 | $ 1,371,756 |
Stockholders’ equity, beginning balance (in shares) at Dec. 31, 2017 | 8,759,376 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 67,029 | 67,029 | ||||
Exercise of common stock options and warrants (in shares) | 4,589 | |||||
Exercise of common stock options and warrants | (7,500) | $ 46 | (7,546) | |||
Cash dividend declared | (2,189,844) | (2,189,844) | ||||
Net income (loss) | 2,465,571 | 2,465,571 | ||||
Stockholders’ equity, ending balance at Apr. 01, 2018 | 39,469,935 | 0 | $ 87,640 | 0 | 37,734,812 | 1,647,483 |
Stockholders’ equity, ending balance (in shares) at Apr. 01, 2018 | 8,763,965 | |||||
Stockholders’ equity, beginning balance at Dec. 31, 2017 | 39,134,679 | 0 | $ 87,594 | 0 | 37,675,329 | 1,371,756 |
Stockholders’ equity, beginning balance (in shares) at Dec. 31, 2017 | 8,759,376 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Option cancellation agreement | 3,335,169 | |||||
Net income (loss) | 12,696,841 | |||||
Stockholders’ equity, ending balance at Sep. 30, 2018 | 62,854,432 | 0 | $ 101,579 | (24,027) | 56,563,068 | 6,213,812 |
Stockholders’ equity, ending balance (in shares) at Sep. 30, 2018 | 10,157,877 | |||||
Stockholders’ equity, beginning balance at Apr. 01, 2018 | 39,469,935 | 0 | $ 87,640 | 0 | 37,734,812 | 1,647,483 |
Stockholders’ equity, beginning balance (in shares) at Apr. 01, 2018 | 8,763,965 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 47,807 | 47,807 | ||||
Issuance of shares, net of offering costs (in shares) | 1,293,750 | |||||
Issuance of shares, net of offering costs | 21,386,013 | $ 12,938 | 21,373,075 | |||
Exercise of common stock options and warrants (in shares) | 31,314 | |||||
Exercise of common stock options and warrants | 11,069 | $ 312 | 10,757 | |||
Option cancellation agreement | (3,335,169) | (3,335,169) | ||||
Cash dividend declared | (2,638,232) | (2,638,232) | ||||
Net income (loss) | 5,169,884 | 5,169,884 | ||||
Stockholders’ equity, ending balance at Jul. 01, 2018 | 60,111,307 | 0 | $ 100,890 | 0 | 55,831,282 | 4,179,135 |
Stockholders’ equity, ending balance (in shares) at Jul. 01, 2018 | 10,089,029 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 758,350 | 758,350 | ||||
Issuance of shares, net of offering costs (in shares) | 0 | |||||
Issuance of shares, net of offering costs | (25,875) | $ 0 | (25,875) | |||
Issuance of restricted shares, net of 828 shares of treasury stock (shares) | 41,172 | |||||
Issuance of restricted shares, net of 828 shares of treasury stock | (24,027) | $ 412 | (24,027) | (412) | ||
Exercise of common stock options and warrants (in shares) | 27,676 | |||||
Exercise of common stock options and warrants | 0 | $ 277 | (277) | |||
Cash dividend declared | (3,026,709) | (3,026,709) | ||||
Net income (loss) | 5,061,386 | 5,061,386 | ||||
Stockholders’ equity, ending balance at Sep. 30, 2018 | 62,854,432 | 0 | $ 101,579 | (24,027) | 56,563,068 | 6,213,812 |
Stockholders’ equity, ending balance (in shares) at Sep. 30, 2018 | 10,157,877 | |||||
Stockholders’ equity, beginning balance at Dec. 30, 2018 | 65,702,013 | 0 | $ 102,273 | (24,027) | 57,624,379 | 7,999,388 |
Stockholders’ equity, beginning balance (in shares) at Dec. 30, 2018 | 10,227,247 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 320,084 | 320,084 | ||||
Cancellation of restricted shares (in shares) | (2,250) | |||||
Cancellation of restricted shares | 0 | $ (23) | 23 | |||
Exercise of common stock options and warrants (in shares) | 4,916 | |||||
Exercise of common stock options and warrants | 0 | $ 49 | (49) | |||
Change in accounting principal - operating leases | (200,607) | (200,607) | ||||
Cash dividend declared | (3,068,847) | (3,068,847) | ||||
Net income (loss) | 2,496,024 | 2,496,024 | ||||
Stockholders’ equity, ending balance at Mar. 31, 2019 | 65,248,667 | 0 | $ 102,299 | (24,027) | 57,944,437 | 7,225,958 |
Stockholders’ equity, ending balance (in shares) at Mar. 31, 2019 | 10,229,913 | |||||
Stockholders’ equity, beginning balance at Dec. 30, 2018 | 65,702,013 | 0 | $ 102,273 | (24,027) | 57,624,379 | 7,999,388 |
Stockholders’ equity, beginning balance (in shares) at Dec. 30, 2018 | 10,227,247 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Option cancellation agreement | 0 | |||||
Net income (loss) | 10,505,023 | |||||
Stockholders’ equity, ending balance at Sep. 29, 2019 | 67,586,108 | 0 | $ 102,421 | (27,318) | 58,416,884 | 9,094,121 |
Stockholders’ equity, ending balance (in shares) at Sep. 29, 2019 | 10,242,114 | |||||
Stockholders’ equity, beginning balance at Mar. 31, 2019 | 65,248,667 | 0 | $ 102,299 | (24,027) | 57,944,437 | 7,225,958 |
Stockholders’ equity, beginning balance (in shares) at Mar. 31, 2019 | 10,229,913 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 186,629 | 186,629 | ||||
Exercise of common stock options and warrants (in shares) | 4,805 | |||||
Exercise of common stock options and warrants | 0 | $ 48 | (48) | |||
Cash dividend declared | (3,068,974) | (3,068,974) | ||||
Net income (loss) | 3,801,829 | 3,801,829 | ||||
Stockholders’ equity, ending balance at Jun. 30, 2019 | 66,168,151 | 0 | $ 102,347 | (24,027) | 58,131,018 | 7,958,813 |
Stockholders’ equity, ending balance (in shares) at Jun. 30, 2019 | 10,234,718 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 244,450 | 244,450 | ||||
Exercise of common stock options and warrants (in shares) | 7,396 | |||||
Exercise of common stock options and warrants | 38,199 | $ 74 | (3,291) | 41,416 | ||
Cash dividend declared | (3,071,862) | (3,071,862) | ||||
Net income (loss) | 4,207,170 | 4,207,170 | ||||
Stockholders’ equity, ending balance at Sep. 29, 2019 | $ 67,586,108 | $ 0 | $ 102,421 | $ (27,318) | $ 58,416,884 | $ 9,094,121 |
Stockholders’ equity, ending balance (in shares) at Sep. 29, 2019 | 10,242,114 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - Parenthetical - shares | Sep. 29, 2019 | Dec. 30, 2018 | Sep. 30, 2018 |
Statement of Stockholders' Equity [Abstract] | |||
Treasury stock (in shares) | 828 | 828 | 828 |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 10,505,023 | $ 12,696,841 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 608,119 | 545,751 |
Amortization | 3,024,381 | 3,255,674 |
Loss on disposal of property and equipment | (6,954) | (15,554) |
Loss on extinguishment of debt | 540,705 | 0 |
Contingent consideration adjustment | 0 | 2,160,307 |
Amortization of deferred financing fees | 154,127 | 382,025 |
Interest expense on earn out payable | 110,903 | 515,932 |
Provision for doubtful accounts | 6,065 | 39,389 |
Stock-based compensation | 751,163 | 873,186 |
Deferred income taxes | 462,898 | 1,085,142 |
Net changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | (2,798,557) | (3,022,783) |
Prepaid expenses | (725,759) | (391,795) |
Other current assets | (16,200) | (565,821) |
Deposits | (491,333) | (287,636) |
Accrued interest | (104,927) | 18,190 |
Accounts payable | (5,716) | (1,648,529) |
Accrued expenses | 1,830,278 | 180,308 |
Accrued workers’ compensation | (83,330) | (161,956) |
Other current liabilities | 0 | (87,552) |
Accrued taxes | 223,766 | 217,437 |
Operating leases | (33,612) | 0 |
Other long-term liabilities | 0 | (118,062) |
Net cash provided by operating activities | 13,964,948 | 11,380,988 |
Cash flows from investing activities | ||
Capital expenditures | (1,534,016) | (681,333) |
Net cash used in investing activities | (1,534,016) | (681,333) |
Cash flows from financing activities | ||
Net borrowings (payments) under line of credit | 9,891,079 | (7,670,117) |
Principal payments on long-term debt | (10,121,000) | (12,847,750) |
Payments of dividends | (9,209,683) | (7,854,785) |
Option cancellation agreement | 0 | (3,335,169) |
Contingent consideration paid | (2,672,000) | (327,996) |
Issuance of shares under the 2013 Long-Term Incentive Plan and Form S-3 registration statement, net of exercises | 38,199 | 21,339,680 |
Deferred financing costs | (357,527) | (3,518) |
Net cash used in financing activities | (12,430,932) | (10,699,655) |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Supplemental cash flow information: | ||
Cash paid for interest | 1,003,190 | 1,396,182 |
Cash paid for taxes, net of refunds | 2,462,325 | 1,378,890 |
Non-cash transactions: | ||
Leasehold improvements funded by landlord incentives | $ 0 | $ 366,202 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS BG Staffing, Inc. is a national provider of temporary staffing services that operates, along with its wholly owned subsidiaries BG Staffing, LLC, B G Staff Services Inc., BG Personnel, LP, BG Finance and Accounting, Inc., BG California IT Staffing, Inc., BG California Multifamily Staffing, Inc., and BG California Finance & Accounting Staffing, Inc. (collectively, the “Company”), primarily within the United States of America in three industry segments: Real Estate, Professional, and Light Industrial. The Real Estate segment provides office and maintenance field talent to various apartment communities and commercial buildings, in 30 states, via property management companies responsible for the apartment communities' and commercial buildings' day-to-day operations. The Professional segment provides skilled field talent on a nationwide basis for information technology ("IT") and finance and accounting client partner projects. The Light Industrial segment provides field talent primarily to logistics, distribution, and call center client partners needing a flexible workforce in Illinois, Wisconsin, New Mexico, Texas, Tennessee and Mississippi. Our business experiences seasonal fluctuations. Our quarterly operating results are affected by the number of billing days in a quarter, as well as the seasonality of our client partners’ business. Demand for our Real Estate staffing services increase in the second and is highest during the third quarter of the year due to the increased turns in multifamily units during the summer months when schools are not in session. Demand for our Light Industrial staffing services increases during the third quarter of the year and peaks in the fourth quarter due to increases in the demand for holiday help. Overall demand can be affected by adverse weather conditions in the winter months as well as fluctuations in client partner demand. In addition, our cost of services typically increases in the first quarter primarily due to the reset of payroll taxes. The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States (“GAAP”), pursuant to the applicable rules and regulations of the SEC. The information furnished herein reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year or any other future period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, management of the Company believes, to the best of its knowledge, that the disclosures herein are adequate to make the information presented not misleading. The Company has determined that there were no subsequent events that would require disclosure or adjustments to the accompanying consolidated financial statements through the date the financial statements were issued. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the fiscal year ended December 30, 2018 , included in its Annual Report on Form 10-K. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 29, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. Fiscal Periods The Company has a 52/53 week fiscal year. Fiscal periods for the consolidated financial statements included herein are as of September 29, 2019 and December 30, 2018 , and include the thirteen and thirty-nine week periods ended September 29, 2019 and September 30, 2018 , referred to herein as Fiscal 2019 and 2018 , respectively. Reclassifications Certain reclassifications have been made to the 2018 financial statements to conform with the 2019 presentation. Management Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include goodwill, intangible assets and contingent consideration obligations related to acquisitions. Additionally, the valuation of share-based compensation option expense uses a model based upon interest rates, stock prices, maturity estimates, volatility and other factors. The Company believes these estimates and assumptions are reliable. However, these estimates and assumptions may change in the future based on actual experience as well as market conditions. Financial Instruments The Company uses fair value measurements in areas that include, but are not limited to, the allocation of purchase price consideration to tangible and identifiable intangible assets and contingent consideration. The carrying values of cash and cash equivalents, accounts receivables, prepaid expenses, accounts payable, accrued liabilities, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of bank debt approximates fair value due to the variable nature of the interest rates under the credit agreement with BMO Harris Bank, N.A. (“BMO”) that provided for a revolving credit facility and term loan and current rates available to the Company for debt with similar terms and risk. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Concentration of Credit Risk Concentration of credit risk is limited due to the Company's diverse client partner base and their dispersion across many different industries and geographic locations nationwide. No single client partner accounted for more than 10% of the Company’s accounts receivable as of September 29, 2019 and December 30, 2018 or revenue for the thirty-nine week periods ended September 29, 2019 and September 30, 2018 . Geographic revenue in excess of 10% of the Company's consolidated revenue in Fiscal 2019 and the related percentage for Fiscal 2018 was generated in the following areas: Thirty-nine Weeks Ended September 29, September 30, Maryland 10 % 11 % Tennessee 16 % 14 % Texas 29 % 29 % Consequently, weakness in economic conditions in these regions could have a material adverse effect on the Company’s financial position and results of future operations. Accounts Receivable The Company extends credit to its client partners in the normal course of business. Accounts receivable represents unpaid balances due from client partners. The Company maintains an allowance for doubtful accounts for expected losses resulting from client partners’ non-payment of balances due to the Company. The Company’s determination of the allowance for uncollectible amounts is based on management’s judgments and assumptions, including general economic conditions, portfolio composition, prior loss experience, evaluation of credit risk related to certain individual client partners and the Company’s ongoing examination process. Receivables are written off after they are deemed to be uncollectible after all reasonable means of collection have been exhausted. Recoveries of receivables previously written off are recorded when received. Changes in the allowance for doubtful accounts are as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, 2019 September 30, 2018 Beginning balance $ 468,233 $ 473,573 $ 468,233 $ 473,573 Provision for (recovery of) doubtful accounts, net 34,667 21,514 6,065 39,389 Amounts written off, net (34,667 ) (21,514 ) (6,065 ) (39,389 ) Ending balance $ 468,233 $ 473,573 $ 468,233 $ 473,573 Property and Equipment Property and equipment are stated net of accumulated depreciation and amortization of $2.7 million and $2.1 million at September 29, 2019 and December 30, 2018 , respectively. Deposits The Company maintains guaranteed costs policies for workers' compensation coverage in Texas, Washington, and Ohio and minimal loss retention coverage for team members and field talent in the Light Industrial segment and other non-Texas employees. Under these policies, the Company is required to maintain refundable deposits of $3.4 million and $2.9 million , which are included in Deposits in the accompanying consolidated balance sheets as of September 29, 2019 and December 30, 2018 , respectively. Long-Lived Assets The Company reviews its long-lived assets, primarily fixed assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company looks primarily to the undiscounted future cash flows in its assessment of whether or not long-lived assets have been impaired. There were no impairments during Fiscal 2019 or Fiscal 2018 . Leases The Company leases all their office space through operating leases, which expire at various dates through 2025 . Many of the lease agreements obligate the Company to pay real estate taxes, insurance and certain maintenance costs, which are accounted for separately. Certain of the Company’s lease arrangements contain renewal provisions from 1 to 10 years, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet as right-of-use assets and lease liabilities for the lease term. Right of use lease assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at lease commencement date. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in Selling, general and administrative expenses. Intangible Assets The Company holds intangible assets with indefinite and finite lives. Intangible assets with indefinite useful lives are not amortized. Intangible assets with finite useful lives are amortized over their respective estimated useful lives, ranging from three to ten years, based on a pattern in which the economic benefit of the respective intangible asset is realized. Identifiable intangible assets recognized in conjunction with acquisitions are recorded at fair value. Significant unobservable inputs are used to determine the fair value of the identifiable intangible assets based on the income approach valuation model whereby the present worth and anticipated future benefits of the identifiable intangible assets are discounted back to their net present value. The Company capitalizes purchased software and internal payroll costs directly incurred in the modification of software for internal use. Software maintenance and training costs are expensed in the period incurred. The Company evaluates the recoverability of intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. The Company annually evaluates the remaining useful lives of all intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. Goodwill Goodwill is not amortized, but instead is evaluated at the reporting unit level for impairment annually at the end of each fiscal year, or more frequently, if conditions indicate an earlier review is necessary. If the Company has determined that it is more likely than not that the fair value for one or more reporting units is greater than their carrying value, the Company may use a qualitative assessment for the annual impairment test. Deferred Financing Fees Deferred financing fees are amortized using the effective interest method over the term of the respective loans. Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. Contingent Consideration The Company had obligations, to be paid in cash, related to its acquisitions if certain operating and financial goals were met. The fair value of this contingent consideration is determined using expected cash flows and present value technique. The fair value calculation of the expected future payments uses a discount rate commensurate with the risks of the expected cash flow. The resulting discount is amortized as interest expense over the outstanding period using the effective interest method. Revenue Recognition The Company derives its revenues from three segments: Real Estate, Professional, and Light Industrial. The Company provides temporary staffing and permanent placement services. Revenues are recognized when promised services are delivered to client partners, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues as presented on the consolidated statements of operations represent services rendered to client partners less sales adjustments and allowances. Reimbursements, including those related to out-of-pocket expenses, are also included in revenues, and the related amounts of reimbursable expenses are included in cost of services. The Company records revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified field talent, (ii) has the discretion to select the field talent and establish their price and duties and (iii) bears the risk for services that are not fully paid for by client partners. Temporary staffing revenues - Field talent revenues from contracts with client partners are recognized in the amount to which the Company has a right to invoice, when the services are rendered by the Company’s field talent. Permanent placement staffing revenues - Permanent placement staffing revenues are recognized when employment candidates start their permanent employment. The Company estimates the effect of permanent placement candidates who do not remain with its client partners through the guarantee period (generally 90 days) based on historical experience. Allowances, recorded as a liability, are established to estimate these losses. Fees to client partners are generally calculated as a percentage of the new worker’s annual compensation. No fees for permanent placement services are charged to employment candidates. Refer to Note 11 for disaggregated revenues by segment. Payment terms in our contracts vary by the type and location of our client partner and the services offered. The term between invoicing and when payment is due is not significant. There were no unsatisfied performance obligations as of September 29, 2019 . There were no revenues recognized during the thirty-nine week period ended September 29, 2019 related to performance obligations satisfied or partially satisfied in previous periods. There are no contract costs capitalized. The Company did not recognize any contract impairments during the thirty-nine week period ended September 29, 2019 . Share-Based Compensation The Company recognizes compensation expense in selling, general and administrative expenses over the service period for options or restricted stock that are expected to vest and records adjustments to compensation expense at the end of the service period if actual forfeitures differ from original estimates. Earnings Per Share Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period adjusted to reflect potentially dilutive securities. Antidilutive shares are excluded from the calculation of earnings per share. The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the respective periods: Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, September 30, Weighted-average number of common shares outstanding: 10,239,126 10,109,791 10,233,725 9,368,840 Effect of dilutive securities: Stock options and restricted stock 69,684 181,012 90,853 227,846 Warrants 34,863 51,756 41,293 41,930 Weighted-average number of diluted common shares outstanding 10,343,673 10,342,559 10,365,871 9,638,616 Stock options and restricted stock 306,750 175,000 306,750 175,000 Warrants — — — — Antidilutive shares 306,750 175,000 306,750 175,000 Income Taxes The effective tax rates of 24.1% and 23.3% for the thirteen and thirty-nine week periods ended September 29, 2019 , respectively, and 21.3% and 17.7% for the thirteen and thirty-nine week periods ended September 30, 2018 , respectively, were primarily due to state taxes, the Work Opportunity Tax Credit, and the deductibility in Fiscal 2018 related to the Option Cancellation Agreement for tax purposes. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts are classified as noncurrent in the consolidated balance sheets. Deferred tax assets are also recognized for net operating loss and tax credit carryovers. The overall change in deferred tax assets and liabilities for the period measures the deferred tax expense or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to tax expense in the period of enactment. When appropriate, the Company records a valuation allowance against net deferred tax assets to offset future tax benefits that may not be realized. In determining whether a valuation allowance is appropriate, the Company considers whether it is more likely than not that all or some portion of our deferred tax assets will not be realized, based in part upon management’s judgments regarding future events and past operating results. The Company recognizes any penalties when necessary as part of Selling, general and administrative expenses. Goodwill is deductible for tax purposes. The Company follows the guidance of Accounting Standards Codification ("ASC") Topic 740, Accounting for Uncertainty in Income Taxes. ASC Topic 740 prescribes a more-likely-than-not measurement methodology to reflect the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses, which amends how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, which applies to trade accounts receivable and the calculation of the allowance for uncollectible accounts receivable. The new standard will become effective for the Company for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this accounting guidance will have on the consolidated financial statements. Since the Company currently uses an expected losses from customers method, the Company does not anticipate the adoption of ASU 2016-13 will have a material impact on the Company's financial condition or results of operations. In January 2017, the FASB issued ASU No. 2017-04 Intangibles-Goodwill and Other Simplifying the Test for Goodwill Impairment, which provides guidance to simplify the subsequent measurement of goodwill by eliminating the Step 2 procedure from the goodwill impairment test. The new guidance is effective for the Company beginning with the fourth quarter of 2020. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on the Company's financial condition or results of operations. |
LEASES
LEASES | 9 Months Ended |
Sep. 29, 2019 | |
Leases [Abstract] | |
Leases | LEASES At September 29, 2019 , the weighted average remaining lease term and weighted average discount rate for operating leases was 4.2 years and 5.6% , respectively. The Company's future operating lease obligations that have not yet commenced are immaterial. For the thirteen week period ended September 29, 2019 , the Company's cash paid for operating leases was $405,332 , and operating lease and short-term lease costs were $399,828 and $187,934 , respectively. For the thirty-nine week period ended September 29, 2019 , the Company's cash paid for operating leases was $1,215,848 , and operating lease and short-term lease costs were $1,138,542 and $532,621 , respectively. The undiscounted annual future minimum lease payments consist of the following at: September 29, 2019 $ 1,614,555 2020 1,409,909 2021 1,390,554 2022 1,120,340 2023 657,095 Thereafter 301,203 Total lease payments 6,493,656 Interest (1,346,596 ) Present value of lease liabilities $ 5,147,060 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets are stated net of accumulated amortization of $43.3 million and $40.3 million at September 29, 2019 and December 30, 2018 , respectively. Amortization expense for the fiscal years are comprised of following: Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, September 30, Client partner lists $ 881,525 $ 944,093 $ 2,671,149 $ 2,937,716 Covenant not to compete 39,936 42,250 124,436 167,000 Acquisition intangibles 921,461 986,343 2,795,585 3,104,716 Computer software - amortization expense 71,019 66,553 228,796 150,958 Amortization expense 992,480 1,052,896 3,024,381 3,255,674 Computer software - selling, general and administrative expense 19,490 — 44,382 — Total expense $ 1,011,970 $ 1,052,896 $ 3,068,763 $ 3,255,674 |
ACCRUED PAYROLL AND EXPENSES AN
ACCRUED PAYROLL AND EXPENSES AND CONTINGENT CONSIDERATION | 9 Months Ended |
Sep. 29, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Payable And Expenses And Contingent Consideration | ACCRUED PAYROLL AND EXPENSES Accrued payroll and expenses consist of the following at: September 29, December 30, Field talent payroll $ 6,074,655 $ 4,236,534 Field talent payroll related 1,618,702 1,402,926 Accrued bonuses and commissions 2,012,793 1,673,130 Other 2,286,391 3,098,784 Accrued payroll and expenses $ 11,992,541 $ 10,411,374 |
DEBT
DEBT | 9 Months Ended |
Sep. 29, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT On July 16, 2019, the Company entered into a Credit Agreement (the “Credit Agreement”), maturing July 16, 2024, with BMO, as lead administrative agent, lender, letters of credit issuer, and swing line lender. The Credit Agreement provides for a revolving credit facility (the “Revolving Facility”) permitting the Company to borrow funds from time to time in an aggregate amount up to $35 million . The Credit Agreement also provides for a term loan commitment (the “Term Loan”) permitting the Company to borrow funds from time to time in an aggregate amount not to exceed $30 million . The Company may from time to time, with a maximum of two , request an increase in the aggregate Term Loan by $40 million , with minimum increases of $10 million . The Company’s obligations under the Credit Agreement are secured by a first priority security interest in substantially all tangible and intangible property of the Company and its subsidiaries. The Credit Agreement bears interest either at the Base Rate plus the Applicable Margin or LIBOR plus the Applicable Margin (as such terms are defined in the Credit Agreement). The Company also pays an unused commitment fee on the daily average unused amount of Revolving Facility and Term Loan. The Credit Agreement contains customary affirmative covenants and negative covenants. The Company is subject to a maximum Leverage Ratio and a minimum Fixed Charge Coverage Ratio as defined in the Credit Agreement. The Company was in compliance with these covenants as of September 29, 2019 . The Company borrowed $20 million under the Revolving Facility to pay off existing indebtedness of the Company under the Amended Credit Agreement (as defined below) and such agreement (and related ancillary documentation) was terminated on July 16, 2019 in connection with such repayment. The Company recognized a loss on extinguishment of debt of approximately $0.5 million related to the unamortized deferred finance fees. In April 2017, the Company entered into an Amended and Restated Credit Agreement (the “Amended Credit Agreement”) with TCB with an aggregate commitment of $55.0 million . The Amended Credit Agreement provided for a revolving credit facility (the “Revolving Facility with TCB”), permitting the Company to borrow funds from time to time in an aggregate amount equal to the lesser of the borrowing base amount, which was 85% of eligible accounts receivable, and $35.0 million and also provided for a term loan (the “Term Loan with TCB”) in the amount of $20.0 million with principal payable quarterly, based on an annual percentage of the original principal amount as defined in the Amended Credit Agreement. The Revolving Facility with TCB and Term Loan with TCB bore interest either at the Base Rate plus the Applicable Margin or LIBOR plus the Applicable Margin (as such terms were defined in the Amended Credit Agreement). All interest and commitment fees were paid quarterly. Additionally, the Company paid an unused commitment fee on the unfunded portion of the Revolving Facility. The Company’s obligations under the Amended Credit Agreement were secured by a first priority security interest in substantially all tangible and intangible property of the Company and its subsidiaries. Line of Credit At September 29, 2019 and December 30, 2018 , $20.6 million and $10.7 million , respectively, was outstanding on the revolving facilities. Average daily balance for the thirteen week periods ended September 29, 2019 and September 30, 2018 was $21.0 million and $13.3 million , respectively. Average daily balance for the thirty-nine week periods ended September 29, 2019 and September 30, 2018 was $15.3 million and $17.1 million , respectively. Borrowings under the revolving facilities consisted of and bore interest at: September 29, December 30, Base Rate $ 2,053,651 5.50 % $ 650,289 6.50 % LIBOR 8,500,000 3.67 % 5,000,000 5.16 % LIBOR 10,000,000 3.66 % 5,000,000 5.16 % Total $ 20,553,651 $ 10,650,289 Long-Term Debt Long-term debt consists of and bore interest at: September 29, December 30, Base Rate $ — — % $ 1,121,000 6.50 % LIBOR — — % 6,500,000 5.41 % LIBOR — — % 2,500,000 5.41 % Long-term debt $ — $ 10,121,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The accounting standard for fair value measurements defines fair value, and establishes a market-based framework or hierarchy for measuring fair value. The standard is applicable whenever assets and liabilities are measured at fair value. The fair value hierarchy established prioritizes the inputs used in valuation techniques into three levels as follows: Level 1 - Observable inputs - quoted prices in active markets for identical assets and liabilities; Level 2 - Observable inputs other than the quoted prices in active markets for identical assets and liabilities - includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, and amounts derived from valuation models where all significant inputs are observable in active markets, for substantially the full term of the financial instrument; and Level 3 - Unobservable inputs - includes amounts derived from valuation models where one or more significant inputs are unobservable and require us to develop relevant assumptions. The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy: Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy September 29, December 30, Contingent consideration, net Contingent consideration, net - current and long-term Level 3 $ — $ 2,363,512 The changes in the Level 3 fair value measurements from December 30, 2018 to September 29, 2019 relates to the $2.7 million in payments, which included $0.2 million in an extension of the Zycron acquisition covenant not to compete intangible asset, and $0.1 million in accretion. The key inputs in determining the fair value of the contingent consideration as of September 29, 2019 and December 30, 2018 include management's estimates of future sales volumes and EBITDA. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES The Company is engaged from time to time in legal matters and proceedings arising out of its normal course of business. The Company establishes a liability related to its legal proceedings and claims when it has determined that it is probable that the Company has incurred a liability and the related amount can be reasonably estimated. If the Company determines that an obligation is reasonably possible, the Company will, if material, disclose the nature of the loss contingency and the estimated range of possible loss, or include a statement that no estimate of the loss can be made. The Company is not currently a party to any material litigation; however, in the ordinary course of our business the Company is periodically threatened with or named as a defendant in various lawsuits or actions. The principal risks that the Company insures against, subject to and upon the terms and conditions of various insurance policies, are workers’ compensation, general liability, automobile liability, property damage, professional liability, employment practices, fiduciary liability, fidelity losses and director and officer liability. Under the Company's bylaws, the Company’s directors and officers are indemnified against certain liabilities arising out of the performance of their duties to the Company. The Company also has an insurance policy for our directors and officers to insure them against liabilities arising from the performance of their positions with the Company or its subsidiaries. The Company has also entered into indemnification agreements with its directors and certain officers. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 29, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION Stock Options and Restricted Stock For the thirteen week periods ended September 29, 2019 and September 30, 2018 , the Company recognized $0.2 million and $0.8 million of compensation expense related to stock awards, respectively. For the thirty-nine week periods ended September 29, 2019 and September 30, 2018 , the Company recognized $0.8 million and $0.9 million of compensation expense related to stock awards, respectively. Unamortized share-based compensation expense as of September 29, 2019 amounted to $2.0 million which is expected to be recognized over the next 3.0 years. A summary of stock option and restricted stock activity is presented as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Total Intrinsic Value of Awards (in thousands) Awards outstanding at December 30, 2018 526,985 $ 16.49 7.7 $ 2,932 Granted 138,750 $ 21.49 Exercised (47,790 ) $ 10.19 Forfeited / Canceled (34,700 ) $ 14.39 Awards outstanding at September 29, 2019 583,245 $ 18.32 7.8 $ 2,109 Awards exercisable at December 30, 2018 238,085 $ 13.96 7.2 $ 1,684 Awards exercisable at September 29, 2019 295,045 $ 16.37 7.1 $ 1,379 Number of Weighted Average Grant Date Fair Value Nonvested outstanding at December 30, 2018 288,900 $ 8.34 Nonvested outstanding at September 29, 2019 288,200 $ 7.73 For the thirty-nine week period ended September 29, 2019 , the Company issued 16,694 shares of common stock upon the cashless exercise of 38,614 stock options. Included in awards outstanding are 27,000 shares of restricted stock issued in August 2018, at a grant date price per share of $28.61 . For the thirteen and thirty-nine week period ended September 29, 2019 , the Company recognized $0.1 million and $0.2 million of compensation expense related to restricted stock, respectively. Warrant Activity For the thirteen and thirty-nine week periods ended September 29, 2019 and September 30, 2018 , the Company did not recognize compensation cost related to warrants. There was no unamortized stock compensation expense to be recognized as of September 29, 2019 . A summary of warrant activity is presented as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Total Intrinsic Value of Options (in thousands) Warrants outstanding at December 30, 2018 93,216 $ 11.59 1.3 $ 805 Exercised (1,020 ) $ 14.86 Warrants outstanding at September 29, 2019 92,196 $ 11.56 0.8 $ 703 Warrants exercisable at December 30, 2018 93,216 $ 11.59 1.3 $ 805 Warrants exercisable at September 29, 2019 92,196 $ 11.56 0.8 $ 703 There were no nonvested warrants outstanding at September 29, 2019 and December 30, 2018 . For the thirty-nine week period ended September 29, 2019 , the Company issued 423 shares of common stock upon the cashless exercise of 1,020 warrants. |
TEAM MEMBER BENEFIT PLAN
TEAM MEMBER BENEFIT PLAN | 9 Months Ended |
Sep. 29, 2019 | |
Retirement Benefits [Abstract] | |
Team Member Benefit Plan | BENEFIT PLAN The Company provides a defined contribution plan (the “401(k) Plan”) for the benefit of its eligible team members and field talent. The 401(k) Plan allows participants to make contributions subject to applicable statutory limitations. The Company matches participants contributions 100% up to the first 3% and 50% of the next 2% of a team member or field talent’s compensation. The Company contributed $0.3 million and $0.3 million to the 401(k) Plan for the thirteen week periods ended September 29, 2019 and September 30, 2018 , respectively. The Company contributed $0.9 million and $0.8 million to the 401(k) Plan for the thirty-nine week periods ended September 29, 2019 and September 30, 2018 , respectively. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 29, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS The Company operates within three industry segments: Real Estate, Professional, and Light Industrial. The Real Estate segment provides office and maintenance field talent to various apartment communities and commercial buildings via property management companies responsible for the apartment communities' and commercial buildings' day-to-day operations. The Professional segment provides skilled field talent on a nationwide basis for IT and finance and accounting client partner projects. The Light Industrial segment provides field talent primarily to logistics, distribution, and call center client partners needing a flexible workforce. Segment operating income includes all revenue and cost of services, direct selling expenses, depreciation and amortization expense and excludes all general and administrative (corporate) expenses. Assets of corporate include cash, unallocated prepaid expenses, deferred tax assets, and other assets. The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results for the periods indicated: Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, September 30, Revenue: Real Estate $ 29,470,693 $ 26,531,283 $ 73,043,258 $ 65,864,097 Professional 31,506,017 29,171,990 93,421,017 90,394,110 Light Industrial 18,387,596 21,358,864 55,533,988 58,604,838 Total $ 79,364,306 $ 77,062,137 $ 221,998,263 $ 214,863,045 Depreciation: Real Estate $ 50,957 $ 44,784 $ 140,490 $ 125,820 Professional 82,201 74,488 251,152 190,952 Light Industrial 23,663 23,446 73,673 76,372 Corporate 47,452 51,923 142,804 152,607 Total $ 204,273 $ 194,641 $ 608,119 $ 545,751 Amortization: Professional $ 986,274 $ 1,047,510 $ 3,005,618 $ 3,132,372 Light Industrial — — — 110,251 Corporate 6,206 5,386 18,763 13,051 Total $ 992,480 $ 1,052,896 $ 3,024,381 $ 3,255,674 Operating income: Real Estate $ 5,523,769 $ 4,958,373 $ 12,464,689 $ 11,285,951 Professional 2,144,549 2,143,426 6,190,331 6,499,285 Light Industrial 1,174,142 1,560,895 3,514,758 3,948,874 Corporate - selling (131,389 ) (212,877 ) (399,370 ) (541,467 ) Corporate - general and administrative (2,233,959 ) (2,346,793 ) (6,285,830 ) (5,649,148 ) Corporate - gain on contingent consideration — 988,303 — 2,160,307 Total $ 6,477,112 $ 7,091,327 $ 15,484,578 $ 17,703,802 Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, 2019 September 30, 2018 Capital expenditures: Real Estate $ 204,442 $ 37,681 $ 244,321 $ 114,990 Professional 77,809 121,170 474,668 382,925 Light Industrial 76,103 44,018 83,734 87,990 Corporate 501,910 25,945 731,293 95,428 Total $ 860,264 $ 228,814 $ 1,534,016 $ 681,333 September 29, December 30, Total Assets: Real Estate $ 19,341,023 $ 12,647,505 Professional 61,100,018 62,403,104 Light Industrial 18,765,095 18,992,392 Corporate 6,787,114 6,225,802 Total $ 105,993,250 $ 100,268,803 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 29, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Dividend On October 29, 2019 , the Company's board of directors declared a cash dividend in the amount of $0.30 per share of common stock to be paid on November 18, 2019 to all shareholders of record as of the close of business on November 11, 2019 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 29, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. |
Fiscal Year | Fiscal Periods The Company has a 52/53 week fiscal year. Fiscal periods for the consolidated financial statements included herein are as of September 29, 2019 and December 30, 2018 , and include the thirteen and thirty-nine week periods ended September 29, 2019 and September 30, 2018 |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2018 financial statements to conform with the 2019 presentation. |
Management Estimates | Management Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include goodwill, intangible assets and contingent consideration obligations related to acquisitions. Additionally, the valuation of share-based compensation option expense uses a model based upon interest rates, stock prices, maturity estimates, volatility and other factors. The Company believes these estimates and assumptions are reliable. However, these estimates and assumptions may change in the future based on actual experience as well as market conditions. |
Financial Instruments | Financial Instruments The Company uses fair value measurements in areas that include, but are not limited to, the allocation of purchase price consideration to tangible and identifiable intangible assets and contingent consideration. The carrying values of cash and cash equivalents, accounts receivables, prepaid expenses, accounts payable, accrued liabilities, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of bank debt approximates fair value due to the variable nature of the interest rates under the credit agreement with BMO Harris Bank, N.A. (“BMO”) that provided for a revolving credit facility and term loan and current rates available to the Company for debt with similar terms and risk. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. |
Accounts Receivable | Accounts Receivable The Company extends credit to its client partners in the normal course of business. Accounts receivable represents unpaid balances due from client partners. The Company maintains an allowance for doubtful accounts for expected losses resulting from client partners’ non-payment of balances due to the Company. The Company’s determination of the allowance for uncollectible amounts is based on management’s judgments and assumptions, including general economic conditions, portfolio composition, prior loss experience, evaluation of credit risk related to certain individual client partners and the Company’s ongoing examination process. Receivables are written off after they are deemed to be uncollectible after all reasonable means of collection have been exhausted. Recoveries of receivables previously written off are recorded when received. |
Property and Equipment | Property and Equipment Property and equipment are stated net of accumulated depreciation and amortization of $2.7 million and $2.1 million at September 29, 2019 and December 30, 2018 |
Deposits | Deposits The Company maintains guaranteed costs policies for workers' compensation coverage in Texas, Washington, and Ohio and minimal loss retention coverage for team members and field talent in the Light Industrial segment and other non-Texas employees. Under these policies, the Company is required to maintain refundable deposits of $3.4 million and $2.9 million , which are included in Deposits in the accompanying consolidated balance sheets as of September 29, 2019 and December 30, 2018 , respectively. |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets, primarily fixed assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company looks primarily to the undiscounted future cash flows in its assessment of whether or not long-lived assets have been impaired. There were no impairments during Fiscal 2019 or Fiscal 2018 . |
Leases | Leases The Company leases all their office space through operating leases, which expire at various dates through 2025 . Many of the lease agreements obligate the Company to pay real estate taxes, insurance and certain maintenance costs, which are accounted for separately. Certain of the Company’s lease arrangements contain renewal provisions from 1 to 10 years, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet as right-of-use assets and lease liabilities for the lease term. |
Intangible Assets | Intangible Assets The Company holds intangible assets with indefinite and finite lives. Intangible assets with indefinite useful lives are not amortized. Intangible assets with finite useful lives are amortized over their respective estimated useful lives, ranging from three to ten years, based on a pattern in which the economic benefit of the respective intangible asset is realized. Identifiable intangible assets recognized in conjunction with acquisitions are recorded at fair value. Significant unobservable inputs are used to determine the fair value of the identifiable intangible assets based on the income approach valuation model whereby the present worth and anticipated future benefits of the identifiable intangible assets are discounted back to their net present value. The Company capitalizes purchased software and internal payroll costs directly incurred in the modification of software for internal use. Software maintenance and training costs are expensed in the period incurred. The Company evaluates the recoverability of intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. The Company annually evaluates the remaining useful lives of all intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. |
Goodwill | Goodwill Goodwill is not amortized, but instead is evaluated at the reporting unit level for impairment annually at the end of each fiscal year, or more frequently, if conditions indicate an earlier review is necessary. If the Company has determined that it is more likely than not that the fair value for one or more reporting units is greater than their carrying value, the Company may use a qualitative assessment for the annual impairment test. |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees are amortized using the effective interest method over the term of the respective loans. Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. |
Contingent Consideration | Contingent Consideration The Company had obligations, to be paid in cash, related to its acquisitions if certain operating and financial goals were met. The fair value of this contingent consideration is determined using expected cash flows and present value technique. The fair value calculation of the expected future payments uses a discount rate commensurate with the risks of the expected cash flow. The resulting discount is amortized as interest expense over the outstanding period using the effective interest method. |
Revenue Recognition | Revenue Recognition The Company derives its revenues from three segments: Real Estate, Professional, and Light Industrial. The Company provides temporary staffing and permanent placement services. Revenues are recognized when promised services are delivered to client partners, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues as presented on the consolidated statements of operations represent services rendered to client partners less sales adjustments and allowances. Reimbursements, including those related to out-of-pocket expenses, are also included in revenues, and the related amounts of reimbursable expenses are included in cost of services. The Company records revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified field talent, (ii) has the discretion to select the field talent and establish their price and duties and (iii) bears the risk for services that are not fully paid for by client partners. Temporary staffing revenues - Field talent revenues from contracts with client partners are recognized in the amount to which the Company has a right to invoice, when the services are rendered by the Company’s field talent. Permanent placement staffing revenues - Permanent placement staffing revenues are recognized when employment candidates start their permanent employment. The Company estimates the effect of permanent placement candidates who do not remain with its client partners through the guarantee period (generally 90 days) based on historical experience. Allowances, recorded as a liability, are established to estimate these losses. Fees to client partners are generally calculated as a percentage of the new worker’s annual compensation. No fees for permanent placement services are charged to employment candidates. |
Share-based Compensation | Share-Based Compensation The Company recognizes compensation expense in selling, general and administrative expenses over the service period for options or restricted stock that are expected to vest and records adjustments to compensation expense at the end of the service period if actual forfeitures differ from original estimates. |
Earnings Per Share | Earnings Per Share Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period adjusted to reflect potentially dilutive securities. Antidilutive shares are excluded from the calculation of earnings per share. |
Income Taxes | Income Taxes The effective tax rates of 24.1% and 23.3% for the thirteen and thirty-nine week periods ended September 29, 2019 , respectively, and 21.3% and 17.7% for the thirteen and thirty-nine week periods ended September 30, 2018 , respectively, were primarily due to state taxes, the Work Opportunity Tax Credit, and the deductibility in Fiscal 2018 related to the Option Cancellation Agreement for tax purposes. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts are classified as noncurrent in the consolidated balance sheets. Deferred tax assets are also recognized for net operating loss and tax credit carryovers. The overall change in deferred tax assets and liabilities for the period measures the deferred tax expense or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to tax expense in the period of enactment. When appropriate, the Company records a valuation allowance against net deferred tax assets to offset future tax benefits that may not be realized. In determining whether a valuation allowance is appropriate, the Company considers whether it is more likely than not that all or some portion of our deferred tax assets will not be realized, based in part upon management’s judgments regarding future events and past operating results. The Company recognizes any penalties when necessary as part of Selling, general and administrative expenses. Goodwill is deductible for tax purposes. The Company follows the guidance of Accounting Standards Codification ("ASC") Topic 740, Accounting for Uncertainty in Income Taxes. ASC Topic 740 prescribes a more-likely-than-not measurement methodology to reflect the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses, which amends how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, which applies to trade accounts receivable and the calculation of the allowance for uncollectible accounts receivable. The new standard will become effective for the Company for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this accounting guidance will have on the consolidated financial statements. Since the Company currently uses an expected losses from customers method, the Company does not anticipate the adoption of ASU 2016-13 will have a material impact on the Company's financial condition or results of operations. In January 2017, the FASB issued ASU No. 2017-04 Intangibles-Goodwill and Other Simplifying the Test for Goodwill Impairment, which provides guidance to simplify the subsequent measurement of goodwill by eliminating the Step 2 procedure from the goodwill impairment test. The new guidance is effective for the Company beginning with the fourth quarter of 2020. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on the Company's financial condition or results of operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Accounting Policies [Abstract] | |
Revenue from External Customers by Geographic Areas | Geographic revenue in excess of 10% of the Company's consolidated revenue in Fiscal 2019 and the related percentage for Fiscal 2018 was generated in the following areas: Thirty-nine Weeks Ended September 29, September 30, Maryland 10 % 11 % Tennessee 16 % 14 % Texas 29 % 29 % |
Summary of Valuation Allowance | Changes in the allowance for doubtful accounts are as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, 2019 September 30, 2018 Beginning balance $ 468,233 $ 473,573 $ 468,233 $ 473,573 Provision for (recovery of) doubtful accounts, net 34,667 21,514 6,065 39,389 Amounts written off, net (34,667 ) (21,514 ) (6,065 ) (39,389 ) Ending balance $ 468,233 $ 473,573 $ 468,233 $ 473,573 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the respective periods: Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, September 30, Weighted-average number of common shares outstanding: 10,239,126 10,109,791 10,233,725 9,368,840 Effect of dilutive securities: Stock options and restricted stock 69,684 181,012 90,853 227,846 Warrants 34,863 51,756 41,293 41,930 Weighted-average number of diluted common shares outstanding 10,343,673 10,342,559 10,365,871 9,638,616 Stock options and restricted stock 306,750 175,000 306,750 175,000 Warrants — — — — Antidilutive shares 306,750 175,000 306,750 175,000 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The undiscounted annual future minimum lease payments consist of the following at: September 29, 2019 $ 1,614,555 2020 1,409,909 2021 1,390,554 2022 1,120,340 2023 657,095 Thereafter 301,203 Total lease payments 6,493,656 Interest (1,346,596 ) Present value of lease liabilities $ 5,147,060 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, September 30, Client partner lists $ 881,525 $ 944,093 $ 2,671,149 $ 2,937,716 Covenant not to compete 39,936 42,250 124,436 167,000 Acquisition intangibles 921,461 986,343 2,795,585 3,104,716 Computer software - amortization expense 71,019 66,553 228,796 150,958 Amortization expense 992,480 1,052,896 3,024,381 3,255,674 Computer software - selling, general and administrative expense 19,490 — 44,382 — Total expense $ 1,011,970 $ 1,052,896 $ 3,068,763 $ 3,255,674 |
ACCRUED PAYROLL AND EXPENSES _2
ACCRUED PAYROLL AND EXPENSES AND CONTINGENT CONSIDERATION (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued payroll and expenses consist of the following at: September 29, December 30, Field talent payroll $ 6,074,655 $ 4,236,534 Field talent payroll related 1,618,702 1,402,926 Accrued bonuses and commissions 2,012,793 1,673,130 Other 2,286,391 3,098,784 Accrued payroll and expenses $ 11,992,541 $ 10,411,374 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | Borrowings under the revolving facilities consisted of and bore interest at: September 29, December 30, Base Rate $ 2,053,651 5.50 % $ 650,289 6.50 % LIBOR 8,500,000 3.67 % 5,000,000 5.16 % LIBOR 10,000,000 3.66 % 5,000,000 5.16 % Total $ 20,553,651 $ 10,650,289 |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy: Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy September 29, December 30, Contingent consideration, net Contingent consideration, net - current and long-term Level 3 $ — $ 2,363,512 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Stock options and restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Activity | A summary of stock option and restricted stock activity is presented as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Total Intrinsic Value of Awards (in thousands) Awards outstanding at December 30, 2018 526,985 $ 16.49 7.7 $ 2,932 Granted 138,750 $ 21.49 Exercised (47,790 ) $ 10.19 Forfeited / Canceled (34,700 ) $ 14.39 Awards outstanding at September 29, 2019 583,245 $ 18.32 7.8 $ 2,109 Awards exercisable at December 30, 2018 238,085 $ 13.96 7.2 $ 1,684 Awards exercisable at September 29, 2019 295,045 $ 16.37 7.1 $ 1,379 |
Schedule of Nonvested Share Activity | Number of Weighted Average Grant Date Fair Value Nonvested outstanding at December 30, 2018 288,900 $ 8.34 Nonvested outstanding at September 29, 2019 288,200 $ 7.73 |
Warrant | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Activity | A summary of warrant activity is presented as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Total Intrinsic Value of Options (in thousands) Warrants outstanding at December 30, 2018 93,216 $ 11.59 1.3 $ 805 Exercised (1,020 ) $ 14.86 Warrants outstanding at September 29, 2019 92,196 $ 11.56 0.8 $ 703 Warrants exercisable at December 30, 2018 93,216 $ 11.59 1.3 $ 805 Warrants exercisable at September 29, 2019 92,196 $ 11.56 0.8 $ 703 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results for the periods indicated: Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, September 30, Revenue: Real Estate $ 29,470,693 $ 26,531,283 $ 73,043,258 $ 65,864,097 Professional 31,506,017 29,171,990 93,421,017 90,394,110 Light Industrial 18,387,596 21,358,864 55,533,988 58,604,838 Total $ 79,364,306 $ 77,062,137 $ 221,998,263 $ 214,863,045 Depreciation: Real Estate $ 50,957 $ 44,784 $ 140,490 $ 125,820 Professional 82,201 74,488 251,152 190,952 Light Industrial 23,663 23,446 73,673 76,372 Corporate 47,452 51,923 142,804 152,607 Total $ 204,273 $ 194,641 $ 608,119 $ 545,751 Amortization: Professional $ 986,274 $ 1,047,510 $ 3,005,618 $ 3,132,372 Light Industrial — — — 110,251 Corporate 6,206 5,386 18,763 13,051 Total $ 992,480 $ 1,052,896 $ 3,024,381 $ 3,255,674 Operating income: Real Estate $ 5,523,769 $ 4,958,373 $ 12,464,689 $ 11,285,951 Professional 2,144,549 2,143,426 6,190,331 6,499,285 Light Industrial 1,174,142 1,560,895 3,514,758 3,948,874 Corporate - selling (131,389 ) (212,877 ) (399,370 ) (541,467 ) Corporate - general and administrative (2,233,959 ) (2,346,793 ) (6,285,830 ) (5,649,148 ) Corporate - gain on contingent consideration — 988,303 — 2,160,307 Total $ 6,477,112 $ 7,091,327 $ 15,484,578 $ 17,703,802 Thirteen Weeks Ended Thirty-nine Weeks Ended September 29, September 30, September 29, 2019 September 30, 2018 Capital expenditures: Real Estate $ 204,442 $ 37,681 $ 244,321 $ 114,990 Professional 77,809 121,170 474,668 382,925 Light Industrial 76,103 44,018 83,734 87,990 Corporate 501,910 25,945 731,293 95,428 Total $ 860,264 $ 228,814 $ 1,534,016 $ 681,333 September 29, December 30, Total Assets: Real Estate $ 19,341,023 $ 12,647,505 Professional 61,100,018 62,403,104 Light Industrial 18,765,095 18,992,392 Corporate 6,787,114 6,225,802 Total $ 105,993,250 $ 100,268,803 |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) | 9 Months Ended |
Sep. 29, 2019segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Revenue, Major Customer [Line Items] | ||||
Effective income tax rate reconciliation, percent | 24.10% | 21.30% | 23.30% | 17.70% |
Sales Revenue, Net | Credit Concentration Risk | Maryland | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 10.00% | 11.00% | ||
Sales Revenue, Net | Credit Concentration Risk | Tennessee | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 16.00% | 14.00% | ||
Sales Revenue, Net | Credit Concentration Risk | Texas | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 29.00% | 29.00% | ||
Minimum | ||||
Revenue, Major Customer [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | ||
Maximum | ||||
Revenue, Major Customer [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes In The Allowance For Doubtful Accounts (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Beginning balance | $ 468,233 | $ 473,573 | ||
Provision for (recovery of) doubtful accounts, net | $ 34,667 | $ 21,514 | 6,065 | 39,389 |
Amounts written off, net | (34,667) | (21,514) | (6,065) | (39,389) |
Ending balance | $ 468,233 | $ 473,573 | $ 468,233 | $ 473,573 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019USD ($) | Sep. 30, 2018 | Sep. 29, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 30, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Effective income tax rate reconciliation, percent | 24.10% | 21.30% | 23.30% | 17.70% | |
Accumulated depreciation and amortization, property, plant, and equipment | $ 2,700,000 | $ 2,700,000 | $ 2,100,000 | ||
Deposit contracts, assets | 3,400,000 | 3,400,000 | 2,900,000 | ||
Impairment of long-lived assets | $ 0 | $ 0 | |||
Number of reportable segments | segment | 3 | ||||
Revenue, remaining performance obligation, amount | 0 | $ 0 | |||
Contract with customer, performance obligation satisfied in previous period | 0 | ||||
Capitalized contract cost, gross | 0 | 0 | |||
Capitalized contract cost, impairment loss | 0 | ||||
Right-of-use asset - operating leases | 4,113,793 | 4,113,793 | $ 0 | ||
Operating lease, liability | $ 5,147,060 | $ 5,147,060 | |||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | |||
Useful life | 3 years | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years | |||
Useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Schedule of Weighted Average Number of Shares, Diluted [Line Items] | ||||
Basic (shares) | 10,239,126 | 10,109,791 | 10,233,725 | 9,368,840 |
Effect of dilutive securities: | ||||
Weighted-average number of diluted common shares outstanding | 10,343,673 | 10,342,559 | 10,365,871 | 9,638,616 |
Antidilutive securities excluded from computation of earnings per share, amount | 306,750 | 175,000 | 306,750 | 175,000 |
Stock options and restricted stock | ||||
Effect of dilutive securities: | ||||
Stock options and restricted stock | 69,684 | 181,012 | 90,853 | 227,846 |
Antidilutive securities excluded from computation of earnings per share, amount | 306,750 | 175,000 | 306,750 | 175,000 |
Warrant | ||||
Effect of dilutive securities: | ||||
Warrants | 34,863 | 51,756 | 41,293 | 41,930 |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 0 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 3 Months Ended | 9 Months Ended |
Sep. 29, 2019USD ($) | Sep. 29, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term (years) | 4 years 2 months 12 days | 4 years 2 months 12 days |
Operating lease, weighted average discount rate, percent | 5.60% | 5.60% |
Operating lease, payments | $ 405,332 | $ 1,215,848 |
Operating lease, cost | 399,828 | 1,138,542 |
Short-term lease, cost | $ 187,934 | $ 532,621 |
LEASES - Undiscounted Annual Fu
LEASES - Undiscounted Annual Future Minimum Lease Payments (Details) | Sep. 29, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 1,614,555 |
2020 | 1,409,909 |
2021 | 1,390,554 |
2022 | 1,120,340 |
2023 | 657,095 |
Thereafter | 301,203 |
Total lease payments | 6,493,656 |
Interest | (1,346,596) |
Present value of lease liabilities | $ 5,147,060 |
INTANGIBLE ASSETS (Details Text
INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Millions | Sep. 29, 2019 | Dec. 30, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets, accumulated amortization | $ 43.3 | $ 40.3 |
INTANGIBLE ASSETS (Schedule of
INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | $ 921,461 | $ 986,343 | $ 2,795,585 | $ 3,104,716 |
Amortization of intangible assets | 992,480 | 1,052,896 | 3,024,381 | 3,255,674 |
Total expense | 1,011,970 | 1,052,896 | 3,068,763 | 3,255,674 |
Client partner lists | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | 881,525 | 944,093 | 2,671,149 | 2,937,716 |
Covenants not to compete | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | 39,936 | 42,250 | 124,436 | 167,000 |
Amortization Expense | Computer software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 71,019 | 66,553 | 228,796 | 150,958 |
Selling, General and Administrative Expenses | Computer software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 19,490 | $ 0 | $ 44,382 | $ 0 |
ACCRUED PAYROLL AND EXPENSES _3
ACCRUED PAYROLL AND EXPENSES AND CONTINGENT CONSIDERATION - Accrued Payroll and Expenses (Details) - USD ($) | Sep. 29, 2019 | Dec. 30, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Field talent payroll | $ 6,074,655 | $ 4,236,534 |
Field talent payroll related | 1,618,702 | 1,402,926 |
Accrued bonuses and commissions | 2,012,793 | 1,673,130 |
Other | 2,286,391 | 3,098,784 |
Accrued payroll and expenses | $ 11,992,541 | $ 10,411,374 |
DEBT (Details Textual)
DEBT (Details Textual) | Jul. 16, 2019USD ($)request | Apr. 03, 2017USD ($) | Sep. 29, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 29, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 30, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 540,705 | $ 0 | $ (540,705) | $ 0 | |||
Line of credit facility, average outstanding amount | 21,000,000 | $ 13,300,000 | 15,300,000 | $ 17,100,000 | |||
Texas Capital Bank, National Association (TCB) | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 500,000 | ||||||
Credit Agreement | BMO Harris Bank, N.A. | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, current borrowing capacity | 20,000,000 | ||||||
Credit Agreement | BMO Harris Bank, N.A. | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 35,000,000 | ||||||
Credit Agreement | Texas Capital Bank, National Association (TCB) | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term line of credit | $ 20,553,651 | $ 20,553,651 | $ 10,650,289 | ||||
Amended Credit Agreement | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 | ||||||
Line of credit facility, borrowing capacity, percentage | 85.00% | ||||||
Term Loan | Credit Agreement | BMO Harris Bank, N.A. | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 30,000,000 | ||||||
Number of requests to increase term loan | request | 2 | ||||||
Line of credit facility, maximum increase | $ 40,000,000 | ||||||
Line of credit facility, minimum increase | $ 10,000,000 | ||||||
Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 55,000,000 | ||||||
Senior Notes | Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 20,000,000 |
DEBT - Borrowings Under Revolvi
DEBT - Borrowings Under Revolving Facility (Details) - Credit Agreement - Texas Capital Bank, National Association (TCB) - Revolving Credit Facility - USD ($) | Sep. 29, 2019 | Dec. 30, 2018 |
Line of Credit Facility [Line Items] | ||
Initial borrowing amount | $ 2,053,651 | $ 650,289 |
Debt Instrument, Interest Rate, Effective Percentage for Initial Borrowing Amount | 5.50% | 6.50% |
Second borrowing amount | $ 8,500,000 | $ 5,000,000 |
Debt Instrument, Interest Rate, Effective Percentage for Second Borrowing Amount | 3.67% | 5.16% |
Third borrowing amount | $ 10,000,000 | $ 5,000,000 |
Debt Instrument, Interest Rate, Effective Percentage for Third Borrowing Amount | 3.66% | 5.16% |
Total borrowing amount | $ 20,553,651 | $ 10,650,289 |
DEBT - Borrowing Under Term Loa
DEBT - Borrowing Under Term Loan (Details) - Texas Capital Bank, National Association (TCB) - Revolving Credit Facility - Credit Agreement - USD ($) | Sep. 29, 2019 | Dec. 30, 2018 |
Debt Instrument [Line Items] | ||
Long-Term Debt, Gross, Initial Borrowing | $ 0 | $ 1,121,000 |
Debt Instrument, Interest Rate, Effective Percentage for Initial Borrowing Amount | 0.00% | 6.50% |
Long-Term Debt, Gross, Second Borrowing Amount | $ 0 | $ 6,500,000 |
Debt Instrument, Interest Rate, Effective Percentage for Second Borrowing Amount | 0.00% | 5.41% |
Long-Term Debt, Gross, Third Borrowing Amount | $ 0 | $ 2,500,000 |
Debt Instrument, Interest Rate, Effective Percentage for Third Borrowing Amount | 0.00% | 5.41% |
Long-term debt, less current portion | $ 0 | $ 10,121,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 29, 2019 | Sep. 30, 2018 | Dec. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration paid | $ 2,672,000 | $ 327,996 | ||
Interest expense on earn out payable | 110,903 | $ 515,932 | ||
Fair Value, Inputs, Level 3 | Contingent Consideration | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | $ 0 | $ 0 | $ 2,363,512 | |
Covenants not to compete | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite-lived intangible assets, gross | $ 200,000 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | Dec. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options converted | 38,614 | ||||
Shares outstanding | 10,242,114 | 10,242,114 | 10,227,247 | ||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 200,000 | $ 800,000 | $ 800,000 | $ 900,000 | |
Unamortized stock compensation expense | 2,000,000 | $ 2,000,000 | |||
Unamortized stock compensation expense, recognition period | 3 years | ||||
Shares issued in period | 16,694 | ||||
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 100,000 | $ 200,000 | |||
Shares outstanding | 27,000 | 27,000 | |||
Granted (in dollars per share) | $ 28.61 | ||||
Stock options and restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options converted | 47,790 | ||||
Granted (in dollars per share) | $ 21.49 | ||||
Warrant | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 0 | $ 0 | |||
Non-option equity instruments, nonvested, number of shares | 0 | 0 | 0 | ||
Shares issued in period | 423 | ||||
Options converted | 1,020 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Stock Option and Restricted Stock Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 29, 2019USD ($)$ / sharesshares | Dec. 30, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Exercised (in shares) | (38,614) | |
Stock options and restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Beginning number of shares, outstanding (in shares) | 526,985 | |
Granted (in shares) | 138,750 | |
Exercised (in shares) | (47,790) | |
Forfeited / Canceled (in shares) | (34,700) | |
Number of shares, outstanding (in shares) | 583,245 | 526,985 |
Ending number of shares, options exercisable | 295,045 | 238,085 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Weighted Average Exercise Price [Roll Forward] | ||
Beginning balance of options outstanding (in dollars per share) | $ / shares | $ 16.49 | |
Granted (in dollars per share) | $ / shares | 21.49 | |
Exercised (in dollars per share) | $ / shares | 10.19 | |
Forfeited / Canceled (in dollars per share) | $ / shares | 14.39 | |
Ending balance of options outstanding (in dollars per share) | $ / shares | 18.32 | $ 16.49 |
Options exercisable at end of period | $ / shares | $ 16.37 | $ 13.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Roll Forward] | ||
Options outstanding, weighted average remaining contractual term | 7 years 9 months 18 days | 7 years 8 months 12 days |
Optons exercisable, weighted average remaining contractual term | 7 years 1 month 6 days | 7 years 2 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Roll Forward] | ||
Beginning balance, intrinsic value | $ | $ 2,932 | |
Ending value, intrinsic value | $ | 2,109 | $ 2,932 |
Options exercisable, aggregate intrinsic value | $ | $ 1,379 | $ 1,684 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested, number of shares | 288,200 | 288,900 |
Nonvested options, weighted average grant date fair value | $ / shares | $ 7.73 | $ 8.34 |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 29, 2019 | Dec. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Number of warrants, exercisable | 93,216 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Weighted Average Exercise Price [Roll Forward] | ||
Exercisable warrants, weighted average exercise price (in dollars per share) | $ 11.59 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Intrinsic Value [Roll Forward] | ||
Options converted | 38,614 | |
Warrant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in period | 423 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Number of warrants, outstanding, beginning balance (in shares) | 93,216 | |
Number of warrants, exercised (in shares) | 1,020 | |
Number of warrants, outstanding, ending balance (in shares) | 92,196 | 93,216 |
Number of warrants, exercisable | 92,196 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding warrants, weighted average exercise price, beginning balance (in dollars per share) | $ 11.59 | |
Outstanding warrants, weighted average exercise price (in dollars per share) | 14.86 | |
Outstanding warrants, weighted average exercise price, ending balance (in dollars per share) | 11.56 | $ 11.59 |
Exercisable warrants, weighted average exercise price (in dollars per share) | $ 11.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Warrants outstanding, weighted average remaining contractual life | 9 months 18 days | 1 year 3 months 18 days |
Exercisable warrants, weighted average remaining contractual life | 9 months 18 days | 1 year 3 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Intrinsic Value [Roll Forward] | ||
Outstanding warrants, intrinsic value, beginning balance | $ 805 | |
Outstanding warrants, intrinsic value, ending balance | 703 | $ 805 |
Exercisable warrants, intrinsic price | $ 703 | $ 805 |
Options converted | 1,020 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in period | 16,694 |
TEAM MEMBER BENEFIT PLAN (Detai
TEAM MEMBER BENEFIT PLAN (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, cost recognized | $ 0.3 | $ 0.3 | $ 0.9 | $ 0.8 |
First 3% Employee Compensation | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution, percent of match | 100.00% | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 3.00% | |||
Next 2% Employee Compensation | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 2.00% |
BUSINESS SEGMENTS (Details Text
BUSINESS SEGMENTS (Details Textual) | 9 Months Ended |
Sep. 29, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
BUSINESS SEGMENTS (Reconciliati
BUSINESS SEGMENTS (Reconciliation of Revenue and Operating Income) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | Dec. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 79,364,306 | $ 77,062,137 | $ 221,998,263 | $ 214,863,045 | |
Depreciation | 204,273 | 194,641 | 608,119 | 545,751 | |
Amortization | 992,480 | 1,052,896 | 3,024,381 | 3,255,674 | |
Operating income | 6,477,112 | 7,091,327 | 15,484,578 | 17,703,802 | |
Capital expenditures | 860,264 | 228,814 | 1,534,016 | 681,333 | |
Total assets | 105,993,250 | 105,993,250 | $ 100,268,803 | ||
Operating Segments | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 29,470,693 | 26,531,283 | 73,043,258 | 65,864,097 | |
Depreciation | 50,957 | 44,784 | 140,490 | 125,820 | |
Operating income | 5,523,769 | 4,958,373 | 12,464,689 | 11,285,951 | |
Capital expenditures | 204,442 | 37,681 | 244,321 | 114,990 | |
Total assets | 19,341,023 | 19,341,023 | 12,647,505 | ||
Operating Segments | Professional | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 31,506,017 | 29,171,990 | 93,421,017 | 90,394,110 | |
Depreciation | 82,201 | 74,488 | 251,152 | 190,952 | |
Amortization | 986,274 | 1,047,510 | 3,005,618 | 3,132,372 | |
Operating income | 2,144,549 | 2,143,426 | 6,190,331 | 6,499,285 | |
Capital expenditures | 77,809 | 121,170 | 474,668 | 382,925 | |
Total assets | 61,100,018 | 61,100,018 | 62,403,104 | ||
Operating Segments | Light Industrial | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 18,387,596 | 21,358,864 | 55,533,988 | 58,604,838 | |
Depreciation | 23,663 | 23,446 | 73,673 | 76,372 | |
Amortization | 0 | 0 | 0 | 110,251 | |
Operating income | 1,174,142 | 1,560,895 | 3,514,758 | 3,948,874 | |
Capital expenditures | 76,103 | 44,018 | 83,734 | 87,990 | |
Total assets | 18,765,095 | 18,765,095 | 18,992,392 | ||
Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation | 47,452 | 51,923 | 142,804 | 152,607 | |
Amortization | 6,206 | 5,386 | 18,763 | 13,051 | |
Capital expenditures | 501,910 | 25,945 | 731,293 | 95,428 | |
Total assets | 6,787,114 | 6,787,114 | $ 6,225,802 | ||
Corporate, Non-Segment | Selling and Marketing Expense | |||||
Segment Reporting Information [Line Items] | |||||
Operating income | (131,389) | (212,877) | (399,370) | (541,467) | |
Corporate, Non-Segment | General and Administrative Expense | |||||
Segment Reporting Information [Line Items] | |||||
Operating income | (2,233,959) | (2,346,793) | (6,285,830) | (5,649,148) | |
Corporate, Non-Segment | Contingent Consideration | |||||
Segment Reporting Information [Line Items] | |||||
Operating income | $ 0 | $ 988,303 | $ 0 | $ 2,160,307 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - $ / shares | Oct. 29, 2019 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 |
Subsequent Event [Line Items] | |||||
Cash dividends declared per common share | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.85 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividend payable date | Oct. 29, 2019 | ||||
Cash dividends declared per common share | $ 0.30 | ||||
Dividend declared date | Nov. 18, 2019 | ||||
Dividend payable date of record | Nov. 11, 2019 |