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Amerinac Holding Corp. – ‘10-K’ for 12/31/19 – ‘EX-101.INS’

On:  Monday, 3/30/20, at 9:15am ET   ·   For:  12/31/19   ·   Accession #:  1477932-20-1612   ·   File #:  0-30185

Previous ‘10-K’:  ‘10-K’ on 3/26/19 for 12/31/18   ·   Latest ‘10-K’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/30/20  Amerinac Holding Corp.            10-K       12/31/19   79:4.4M                                   Discount Edgar/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    486K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     25K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     25K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     22K 
57: R1          Document and Entity Information                     HTML     69K 
17: R2          Consolidated Balance Sheets                         HTML    119K 
43: R3          Consolidated Balance Sheets (Parenthetical)         HTML     30K 
68: R4          Consolidated Statements of Income                   HTML     76K 
60: R5          Consolidated Statements of Stockholders Equity      HTML     38K 
19: R6          Condensed Consolidated Statements of Cash Flows     HTML    112K 
44: R7          Summary of Business                                 HTML     26K 
66: R8          Summary of Significant Accounting Policies          HTML     70K 
61: R9          Concentrations                                      HTML     27K 
51: R10         Property, Land and Equipment                        HTML     31K 
79: R11         Accounts Payable and Accrued Expenses               HTML     30K 
32: R12         Goodwill and Intangible Assets                      HTML     25K 
24: R13         Leases                                              HTML     77K 
50: R14         Commitments and Contingencies                       HTML     28K 
78: R15         Long-Term Debt and Line of Credit                   HTML     58K 
31: R16         Segment Results                                     HTML     70K 
23: R17         Income Taxes                                        HTML     59K 
52: R18         Related Parties                                     HTML     28K 
77: R19         Revision of Prior Period Immaterial Misstatement    HTML     61K 
38: R20         Subsequent Events                                   HTML     43K 
12: R21         Summary of Significant Accounting Policies          HTML    125K 
                (Policies)                                                       
55: R22         Summary of Significant Accounting Policies          HTML     34K 
                (Tables)                                                         
65: R23         Property, Land and Equipment (Tables)               HTML     30K 
37: R24         Accounts Payable and Accrued Expenses (Tables)      HTML     29K 
11: R25         Goodwill and Intangible Assets (Tables)             HTML     24K 
54: R26         Leases (Tables)                                     HTML     82K 
64: R27         Long-Term Debt and Line of Credit (Tables)          HTML     37K 
36: R28         Segment Results (Tables)                            HTML     70K 
13: R29         Income Taxes (Tables)                               HTML     61K 
26: R30         Revision of Prior Period Immaterial Misstatement    HTML     61K 
                (Tables)                                                         
33: R31         Subsequent Events (Tables)                          HTML     32K 
74: R32         Summary of Significant Accounting Policies          HTML     30K 
                (Details)                                                        
48: R33         Summary of Significant Accounting Policies          HTML     31K 
                (Details 1)                                                      
27: R34         Summary of Significant Accounting Policies          HTML     35K 
                (Details Narrative)                                              
34: R35         Concentrations (Details Narrative)                  HTML     40K 
75: R36         Property, Land and Equipment (Details)              HTML     35K 
49: R37         Property, Land and Equipment (Details Narrative)    HTML     36K 
25: R38         Accounts Payable and Accrued Expenses (Details)     HTML     36K 
35: R39         Goodwill and Intangible Assets (Details)            HTML     25K 
15: R40         Goodwill and Intangible Assets (Details Narrative)  HTML     41K 
39: R41         Leases (Details)                                    HTML     33K 
70: R42         Leases (Details 1)                                  HTML     25K 
62: R43         Leases (Details 2)                                  HTML     32K 
16: R44         Leases (Details 3)                                  HTML     39K 
40: R45         Leases (Details 4)                                  HTML     35K 
71: R46         Leases (Details 5)                                  HTML     28K 
63: R47         Leases (Details 6)                                  HTML     39K 
14: R48         Leases (Details 7)                                  HTML     36K 
41: R49         Leases (Details 8)                                  HTML     25K 
30: R50         Leases (Details Narrative)                          HTML     31K 
21: R51         Commitments and Contingencies (Details Narrative)   HTML     25K 
47: R52         Long-Term Debt and Line of Credit (Details)         HTML     29K 
73: R53         Long-Term Debt and Line of Credit (Detail 1 )       HTML     32K 
29: R54         Long-Term Debt and Line of Credit (Details          HTML    120K 
                Narrative)                                                       
20: R55         Segment Results (Details)                           HTML     68K 
46: R56         Segment Results (Details 1)                         HTML     27K 
72: R57         Income Taxes (Details)                              HTML     45K 
28: R58         Income Taxes (Details 1)                            HTML     43K 
22: R59         Income Taxes (Details 2)                            HTML     39K 
59: R60         Income Taxes (Details Narrative)                    HTML     27K 
69: R61         Related Parties (Details Narrative)                 HTML     44K 
45: R62         Revision of Prior Period Immaterial Misstatement    HTML     45K 
                (Details)                                                        
18: R63         Revision of Prior Period Immaterial Misstatement    HTML     72K 
                (Details 1)                                                      
58: R64         Subsequent Events (Details)                         HTML     37K 
67: R65         Subsequent Events (Details 1)                       HTML     40K 
42: R66         Subsequent Events (Details Narrative)               HTML     56K 
56: XML         IDEA XML File -- Filing Summary                      XML    144K 
53: EXCEL       IDEA Workbook of Financial Reports                  XLSX     88K 
 5: EX-101.INS  XBRL Instance -- paos-20191231                       XML   1.15M 
 8: EX-101.CAL  XBRL Calculations -- paos-20191231_cal               XML     75K 
10: EX-101.DEF  XBRL Definitions -- paos-20191231_def                XML    498K 
 7: EX-101.LAB  XBRL Labels -- paos-20191231_lab                     XML    904K 
 9: EX-101.PRE  XBRL Presentations -- paos-20191231_pre              XML    833K 
 6: EX-101.SCH  XBRL Schema -- paos-20191231                         XSD    172K 
76: ZIP         XBRL Zipped Folder -- 0001477932-20-001612-xbrl      Zip    151K

‘EX-101.INS’   —   XBRL Instance — paos-20191231

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<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Amerinac Holding Corp. and Subsidiaries (the “Company”) distributes high-quality, predominantly domestically-manufactured, technically complex, nut and bolt products and a proprietary locking washer product that are used primarily for industrial/commercial applications that require a high level of certified and assured quality. Additionally, the Company manufactures specialty stainless steel, and related products for steel mills, steel forging operations, and various metal fabrication facilities.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s operations are carried out through its wholly-owned distribution subsidiary Creative Assembly Systems, Inc (“Creative Assembly” or “CAS”) and its wholly-owned manufacturing subsidiary, Prime Metals Acquisition LLC, a Delaware limited liability company (“PMAL”). Creative Assembly is a value-added distributor of proprietary and specialty fasteners primarily serving the heavy truck, automotive, transportation, and infrastructure industries.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL manufactures specialty ingot and electrode products which are supplied for investment castings, forging, ring rolling, and plate production. PMAL also manufactures shot products and master alloys which are sold to other melt shops, and provides manufacturing support services. The flexible manufacturing operations at PMAL enable the Company to offer a wide range of product grades in customer specific order quantities. The primary grade types include stainless steels, tool steels, nickel-based grades, cobalt based grades and some nonferrous alloys. The Company also offers toll conversion melting services.</p></div>
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<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Principles of Consolidation and Basis of Presentation</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts have been eliminated.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Use of Estimates</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates relate to the useful lives and impairment considerations of long-lived and intangible assets, reserves for inventory and accounts receivable, going concern considerations, discount rates in connection with right-of-use assets and the valuation of redeemable non-controlling interest.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Cash and Cash Equivalents</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For purposes of the consolidated statements of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. From time to time, cash balances may exceed the federal deposit insurance limits.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Accounts Receivable and Allowance for Doubtful Accounts</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accounts receivable are recorded net of provisions for doubtful accounts. The Company records an allowance for doubtful accounts to allow for any amounts that may not be recoverable. The amount of the allowance is based on an analysis of the Company’s prior collection experience, customer credit worthiness, and current economic trends. Based on management’s review of accounts receivable, the Company carries an allowance for doubtful accounts of $78,753 as of December 31, 2019 and 2018. The Company determines receivables to be past due based on the payment terms of original invoices. Interest is not typically charged on past due receivables. Accounts are written off against the allowance when deemed uncollectable.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Unbilled Services</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company recognizes revenue on its tolling services as those services are performed. Unbilled services represent the revenue recognized but not yet invoiced.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Inventory</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For the Company’s distribution subsidiary, Creative Assembly, inventories consist only of finished goods and are carried at the lower of cost on an average cost basis, or net realizable value. When necessary, management records an inventory reserve for estimated obsolescence or unmarketable inventory based upon the age of the respective part and the knowledge of future demand of inventory on hand as well as other market conditions and events. Management believes that the longer a part sits on the shelf the higher the likelihood that it will not sell in the future. This belief is not unique to the fastener industry. While management constantly assesses viability of a part within the customer base, it also believes that a reserve should be carried to reflect product that is aging out, as opposed to product that management identified based on a specific event. At the end of 2019, the Company had more than 4,000 unique part numbers on hand that had carrying value. Management believes that the two methods, specific identification and reserve based on age, to analyzing inventory will reflect the appropriate balance sheet value. As of December 31, 2019 and December 31, 2018, the inventory reserve for Creative Assembly was $86,211 and $68,160, respectively. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For the Company’s manufacturing subsidiary, PMAL, management believes volatility in the broader metal markets will have an impact on all aspects of raw material, work in process, and finished goods inventory. Management actively seeks to minimize inventory working capital, and increase inventory turns to eliminate any impacts from market fluctuations. As of December 31, 2019, the Company’s manufacturing subsidiary had more than 500 unique metal chemistries it produced, but keeps minimal finished inventory on hand.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For PMAL, inventories are carried at the lower of cost on an average cost basis, or net realizable value. When necessary, management records an inventory reserve for estimated obsolescence or unmarketable inventory based upon knowledge of future demand of inventory on hand as well other market conditions and events. As of December 31, 2019 and December 31, 2018, the inventory reserve for PMAL was $82,849.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s inventory consists of the following:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Raw Materials</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,614,029</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,133,311</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finished Goods</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,611,578</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,598,640</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Reserves</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(169,060</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(151,009</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,056,547</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,580,942</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Property, Land and Equipment</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Property, land and equipment are stated at cost less accumulated depreciation and amortization. The Company computes depreciation and amortization using the straight-line method over the estimated useful lives of the assets acquired as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Leasehold improvements</p></td> <td style="width:20%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">5 years **</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Furniture and fixtures</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">7 years</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Equipment and other</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">3-10 years</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Building</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">30 years</p></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">_____________ </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">** Shorter of life or lease term.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The carrying amount of all long-lived assets is evaluated periodically to determine whether adjustment to the useful life or to the unamortized balance is warranted. Such evaluation is based principally on the expected utilization of the long-lived assets.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income Taxes</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company provides for income taxes under ASC Topic 740-10. ASC Topic 740-10 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Temporary differences relate primarily to different accounting methods used for depreciation and amortization of property and equipment and goodwill.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">ASC Topic 740-10 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">ASC Topic 740-10 clarifies the accounting for uncertainty in income tax positions, as defined. It requires, among other matters, that the Company recognize in our consolidated financial statements, the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The Company analyzes the filing positions in all of the federal and state jurisdictions where the Company is required to file income tax returns, as well as all open tax years in these jurisdictions. As of December 31, 2019, the Company did not record any unrecognized tax benefits. The Company’s policy, if it had unrecognized benefits, is to recognize accrued interest and penalties related to unrecognized tax benefits as interest expense and other expense, respectively.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Revenue Recognition</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company accounts for revenue recognition in accordance with ASC Topic 606 (“ASC 606”). The core principle of ASC 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes; (1) Identifying contracts with customers, (2) Identifying performance obligations within those contracts, (3) Determining the transaction price, (4) Allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) Recognizing revenue when or as each performance obligation is satisfied.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Revenue primarily consists of sales of fasteners, specialty ingot products and master alloys and tolling services. We generate our revenue primarily from the sale of finished products and tolling services to customers, therefore, the significant majority of our contracts are short-term in nature and have a single performance obligation to deliver products or services, in which our performance obligation is satisfied when control of the product is transferred to the customer or the service is performed. Some contracts contain a combination of product sales and services which are distinct and accounted for as separate performance obligations. Our performance obligations for services are satisfied when the services are rendered within the arranged service period. Tolling revenue is recognized when the tolling service is completed.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Revenue is recognized when control transfers to our customers via shipment of products or delivery of services. Shipping and handling costs are considered fulfillment activities and as such are not accounted for as separate performance obligations. We measure revenue as the amount of consideration we expect to be entitled to receive in exchange for those goods or services, net of any variable considerations (e.g., rights to return product, sales incentives, others) and any taxes collected from customers and subsequently remitted to governmental authorities. The Company applied the practical expedient available under ASC 606 to disregard determining significant financing components if the good or serve is transferred and payment is received within one year.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">We estimate product returns based on historical experience and record them on a gross basis. Substantially all of Creative Assembly customer returns relate to products that are returned under warranty obligations underwritten by manufacturers. Substantially all of PMAL customer returns relate to products which do not meet customer requirements and are replaced by the Company.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">We occasionally receive advance payments to secure product to be delivered in future periods. These advance payments are recorded as deferred revenue, and revenue is recognized as our performance obligations are satisfied throughout the term of the applicable contract. We may also purchase metal on our customer’s behalf, sell the unprocessed metal to our customer, and then process and ship the material, charging a processing fee at the time of shipment. For these specific non-tolling arrangements in which we purchase metal for a customer, a single performance obligation exists, and as a result, amounts invoiced to our customers for the metal purchased on their behalf is recorded as deferred revenue until the metal is processed and shipped. The Company did not record any deferred revenue as of December 31, 2019 or December 31, 2018.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Fair Value Measurements</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In accordance with the authoritative guidance for fair value measurements and the fair value election for financial assets and financial liabilities, a fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy was established that draws a distinction between market participant assumptions based on the following:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="width:4%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">i) </p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">observable inputs such as quoted prices in active markets (Level 1)</p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">ii) </p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2)</p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">iii) </p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3).</p></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Fair Value of Financial Instruments</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, unbilled receivables, accounts payable and accrued liabilities approximate fair value because of the immediate or short-term maturity of the financial instruments.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company believes that its indebtedness approximates fair value based on current yields for debt instruments with similar terms.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Stock Based Compensation</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company accounts for stock-based awards to recipients in accordance with applicable accounting principles, which requires compensation expense related to share-based transactions, to be measured and recognized in the consolidated financial statements based on a grant date fair value over the requisite service period.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Long-Lived Assets Impairment</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. When it becomes apparent that indicators such as a significant decrease in the market value of the long-lived asset group or if material differences between operating results and the Company’s forecasted expectations occur, then an impairment analysis is performed.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">If indicators arise, an initial determination of recoverability is performed based on an estimate of the undiscounted future cash flows resulting from the use of the asset and its eventual disposition compared with the carrying value. If the carrying value of the asset group exceeds the undiscounted cash flows, a measurement of an impairment loss for long-lived assets is performed. The impairment charge is the excess of the carrying value of the asset group over the fair value, as determined utilizing appropriate valuation techniques.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Goodwill and Intangible Assets</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">We make estimates, assumptions, and judgments when valuing goodwill and other intangible assets such as customer lists in connection with the initial purchase price allocation of any acquired operations, as well as when evaluating the recoverability of our goodwill and other intangible assets on an ongoing basis. These estimates are based upon a number of factors, including historical experience, market conditions, and information obtained from the management of any acquired operations. Critical estimates in valuing certain intangible assets include, but are not limited to, historical and projected attrition rates, discount rates, anticipated growth in revenue from the acquired customers and acquired technology, and the expected use of the acquired assets. These factors are also considered in determining the useful life of acquired intangible assets. The amounts and useful lives assigned to identified intangible assets impact the amount and timing of future amortization expense. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Earnings per Common Share</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Basic earnings per share is calculated by dividing net profit attributable to common stockholders by the weighted average number of outstanding common shares during the year. Basic earnings per share excludes any dilutive effects of options, warrants and other stock-based compensation, which are included in diluted earnings per share. When a company is in a loss situation, all outstanding dilutive shares are excluded from the calculation of diluted earnings because their inclusion would be antidilutive; and the basic and fully diluted common shares outstanding are stated to be the same. There were no dilutive shares as of December 31, 2019 and 2018.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Redeemable Non-Controlling Interest</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Non-controlling interests that are not subject to redemption rights are classified in permanent equity. Redeemable non-controlling interests are classified outside of permanent equity on the consolidated balance sheets.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Reclassification of Prior Year Presentation</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Certain prior year amounts have been reclassified for consistency with the current period presentation. These include the presentation of the Company’s unbilled receivables. None of these reclassifications has had a material impact on the consolidated financial statements of the Company.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Recently Adopted Authoritative Pronouncements</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In February 2016, the Financial Accounting Standards Board (“FASB”) established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard is effective on January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. The Company adopted the new standard on January 1, 2019 and used the effective date as the date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard were not provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. The Company elects the ‘package of practical expedients’, which permits the Company not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. Under this elected package of practical expedients, the Company does not separate non-lease components from the lease component. Therefore, all lease and non-lease components are combined and accounted for as a single lease component. On adoption, the Company recognized additional operating lease liabilities of approximately $251,000 with ROU assets of approximately $242,000, net of a reclassification adjustment of deferred rent, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In June 2018, the FASB, issued ASU No. 2018-07 to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance expands the scope of ASC 718 to include share-based payments granted to nonemployees in exchange for goods or services used or consumed in an entity’s own operations and supersedes the guidance in ASC 505-50. The guidance is effective for public business entities in annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, including in an interim period for which financial statements have not been issued, but not before an entity adopts ASC 606. This was adopted on January 1, 2019 and did not have a material impact on the Company’s financial position and results of operations.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Recent Accounting Pronouncements</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods within those fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning December 15, 2022. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350), which includes provisions intended to simplify the test for goodwill impairment. The standard is effective for annual periods beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on its financial position and results of operations.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by removing the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation, (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments, and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers’ application of income tax related guidance for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The ASU is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted for public business entities for periods for which financial statements have not been issued. An entity that elects early adoption in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption should adopt all the amendments in the same period. The Company is still evaluating the impact of this ASU on the Company’s consolidated financial statements.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">There have been no other accounting pronouncements that have been issued but not yet implemented that the Company believes will materially impact the consolidated financial statements.</p></div>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Concentration of Credit Risk</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas principally within the United States. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. The Company does not require its customers to post collateral.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">At December 31, 2019, Remelt Sources, Inc., Universal Stainless & Alloys Products, AMG-Vanadium, PACCAR and Eastham Forge were 19.8%, 16.2%, 14.9%, 13.3% and 11.7% of total receivables, respectively. At December 31, 2018, Remelt Sources, Inc., AMG-Vanadium, PACCAR and Universal Stainless & Alloys Products receivables were 20.9%, 15%, 14% and 13% of total receivables, respectively.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For the year ending December 31, 2019, Remelt Sources, Inc., AMG-Vanadium, PACCAR and Universal Stainless & Alloys Products accounted for 20.3%, 17%, 16.7% and 11.1% of sales, respectively. For the year ending December 31, 2018, Remelt Sources, Inc., AMG-Vanadium, PACCAR, Ametek and Universal Stainless & Alloys Products accounted for 17.6%, 16.2%, 14%, 13.8% and 12.4% of sales, respectively.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">No other customers represented more than 10% of total sales in 2019 or 2018, or outstanding accounts receivable as of December 31, 2019 and 2018.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Concentration of Suppliers</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">No supplier represented more than 10% of product distributed for the year ending December 31, 2019. No supplier represented more than 10% of product distributed for the year ending December 31, 2018. Amounts owing to AVK outstanding at December 31, 2019 and 2018 represented 11.9% and 11.8% of accounts payable, respectively. For nearly all suppliers, the Company looks to have secondary supply outlets. However, manufacturing issues with any supplier could cause temporary disruptions to the Company.</p></div>
</us-gaap:ConcentrationRiskDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s 220,000 square foot facility is located at 101 Innovation Drive, Homer City, PA. The facility is located on approximately 38 acres and was purchased in 2007. The facility houses the manufacturing operations of PMAL. The useful life of the building is estimated to be 30 years. The useful life of the machinery and equipment is estimated to range from 3 to 10 years. Depreciation was $630,556 and $559,496 for the years ending December 31, 2019 and 2018, respectively.</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Land, buildings and improvements</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,419,779</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,419,779</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Equipment </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,974,047</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,463,829</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,393,826</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,883,608</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Less accumulated depreciation</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,388,982</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(758,425</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net property, land and equipment</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,004,844</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,125,183</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">As described in Note 9, the Company has $7,570,152 in notes secured against the property, plant and equipment.</p></div>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accounts payable and accrued expenses consists of the following as of December 31, 2019 and December 31, 2018:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accounts payable </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,839,425</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,060,269</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">40,455</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">35,805</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Salaries and bonus </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">357,976</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">116,930</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Other</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">46,000</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">62,007</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,283,856</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,275,011</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Information regarding our acquired intangible assets was as follows: </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Customer lists </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,990,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Goodwill </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">54,993</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The customer lists are estimated to have a useful life of 10 years. As of December 31, 2019, the value, net of amortization, of the customer list was $1,509,083. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">Amortization expense for the years ended December 31, 2019 through 2027 is $199,000 per year. For the years ended December 31, 2019 and 2018, $199,000 was amortized each year.</p></div>
</us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock>
<us-gaap:LeasesOfLesseeDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating Leases</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option will result in an economic penalty. All of the Company’s real estate leases are classified as operating leases.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Most real estate leases include one or more options to renew, with renewal terms that generally can extend the lease term for an additional four to five years. The exercise of lease renewal options is at the Company’s discretion. The Company evaluates renewal options at lease inception, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Leases recorded on the consolidated balance sheet consist of the following:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Leases</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Classification on the Balance Sheet</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td colspan="2" style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Assets</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td colspan="2" style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="width:35%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating lease ROU assets</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Right-of-use asset</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,092,253</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance lease ROU assets</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Property, land and equipment, net</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">153,307</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Liabilities</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Current</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating leases payable – short term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">255,533</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance leases payable – short term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">49,662</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Noncurrent</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating leases payable – net of current portion</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">877,899</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance leases payable – net of current portion</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">79,214</p></td> <td style="vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. The Company used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s weighted average remaining lease term and weighted average discount rate for operating leases as of December 31, 2019 are:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average remaining lease term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">49.3 months</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average discount rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5.63 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The components of lease expense, included in general and administrative expenses and interest expense on the consolidated statements of income, are as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Year</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Ended</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating lease cost:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating lease cost</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">238,449</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Finance lease cost:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Amortization of ROU assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">28,473</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,222</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total lease cost</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">373,717</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Supplemental disclosures of cash flow information related to leases for the year ended December 31, 2019 were as follows:</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Cash paid for operating lease obligations was $209,058. Operating lease asset obtained for operating lease obligation was $1,277,143, net of a reclassification adjustment of deferred rent of $9,625.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheets as of December 31, 2019:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2020</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">313,115</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2021</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">313,115</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2022</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">287,448</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2023</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">236,115</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2024</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">118,058</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total undiscounted future minimum lease payments</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,267,851</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Less: Imputed interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">134,419</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Present value of operating lease obligations</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,133,432</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company has two leased facilities, which are office, manufacturing and warehouse space. In some cases the Company is responsible for real estate taxes, utilities, and repairs under the terms of certain of the operating leases. Under the elected package of practical expedients, the Company does not separate non-lease components from the lease component. Therefore, all lease and non-lease components are combined and accounted for as single lease component. The lease on our facility in Texas expired in February 2019. In May 2019, we entered into a new lease for a new Texas facility that commenced on May 1, 2019 and recorded a right of use asset and corresponding lease liability in the second quarter of 2019.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Disclosures under ASC 840</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating lease expense was $113,300 for the year ending December 31, 2018.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The table below presents the future minimum repayments of operating lease obligations for the Company as of December 31, 2018. </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Operating </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>lease </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>obligations</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2019 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">84,067</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">77,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">77,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2022 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">57,750</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">295,817</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Finance and Capital Leases</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The below chart shows our obligations under finance and capital leases:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Finance Leases</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Capital Leases</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Obligations under finance and capital leases </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">128,876</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">156,793</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Less: current portion </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">49,662</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">43,435</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Long-term portion </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">79,214</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">113,358</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Future minimum repayments</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The table below presents the future minimum repayments of finance lease obligations for the Company as of December 31, 2019: </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Finance lease obligations</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>as of</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">54,981</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">53,661</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2022 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">26,178</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2023</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,786</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total future minimum repayments inclusive of interest </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">137,606</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total principal repayments</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">128,876</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The table below presents the future minimum repayments of capital lease obligations for the Company as of December 31, 2018: </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Capital lease</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>obligations as of</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">50,199</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">50,199</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">48,878</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2022 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21,396</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total future minimum repayments inclusive of interest </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">170,672</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13,879</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total principal repayments</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">156,793</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s weighted average remaining lease term and weighted average discount rate for finance leases as of December 31, 2019 are:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average remaining lease term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">31 months</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average discount rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5.00</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:LeasesOfLesseeDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">Employment Agreements</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On November 10, 2017, John Wachter was appointed Chief Executive Officer of the Company. In connection with his appointment, the Company and Mr. Wachter entered into a written employment agreement (the “Wachter Employment Agreement”) for an initial three-year term, which provides for the following compensation terms for Mr. Wachter. Pursuant to the Wachter Employment Agreement, Mr. Wachter will receive a base salary of $100,000 per year, subject to increase, but not decrease, at the discretion of the Board. Mr. Wachter is eligible for a cash and stock bonus equal to ten to twenty percent of the Company’s pre-tax profits over established pre-tax targets, at the end of each respective annual period.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In addition, the Wachter Employment Agreement also provides for certain payments and benefits in the event of a termination of his employment under specific circumstances. If, during the term of the Wachter Employment Agreement, his employment is terminated by the Company other than for “cause” or by Mr. Wachter for “good reason” (each as defined in the Wachter Employment Agreement), he would be entitled to (1) a lump sum payment equal to two times his base salary at the rate in effect immediately prior to the termination date, and (2) any unpaid portion of any cash bonus for the annual period preceding the annual period in which such termination occurs that was earned but not paid.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On November 10, 2017, William J. Golden was appointed Chief Financial Officer of the Company. Mr. Golden remains the Company’s General Counsel. In connection with his appointment, the Company and Mr. Golden entered into a written employment agreement (the “Golden Employment Agreement”) for an initial three-year term, which provides for the following compensation terms for Mr. Golden. Pursuant to the Golden Employment Agreement, Mr. Golden will receive a base salary of $100,000 per year, subject to increase, but not decrease, at the discretion of the Board. Mr. Golden is eligible for a cash and stock bonus equal to ten to twenty percent of the Company’s pre-tax profits over established pre-tax targets, at the end of each respective annual period. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In addition, the Golden Employment Agreement also provides for certain payments and benefits in the event of a termination of his employment under specific circumstances. If, during the term of the Golden Employment Agreement, his employment is terminated by the Company other than for “cause” or by Mr. Golden for “good reason” (each as defined in the Golden Employment Agreement), he would be entitled to (1) a lump sum payment equal to two times his base salary at the rate in effect immediately prior to the termination date, and (2) any unpaid portion of any cash bonus for the annual period preceding the annual period in which such termination occurs that was earned but not paid.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Litigation</strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">The Company is subject to the possibility of claims and lawsuits arising in the normal course of business. In the opinion of management, the Company liability, if any, under existing claims, asserted or unasserted, would not have a material adverse effect on the Company’s consolidated financial position or results of operations.</p></div>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">SummitBridge Loans</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On August, 17, 2017, PMAL purchased substantially all of the assets of Prime Metals for $9.6 million in cash. To finance the purchase of the assets, PMAL entered into a credit agreement with SummitBridge National Investments V LLC (“Summit”) pursuant to which Summit made loans to PMAL: (1) a Term Loan in the amount of $4.5 million (“Summit Term Loan A”) and (2) a Term Loan in the amount of $3.5 million (“Summit Term Loan B”) (collectively, the “Summit Loans”). In addition, in consideration for Summit making the loans, PMAL issued membership interests representing 25% ownership of PMAL to an affiliate of Summit, SBN V PMA LLC (“SBN”) (the “SBN Membership Interests”). Pursuant to the terms of the Summit Loans and because PMAL repaid the Summit Loans within thirty-six (36) months of the origination of the Summit Loans, the SBN Membership Interests were reduced from 25% to 20% of PMAL as of September 1, 2018. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Summit Term Loan A accrued each month at either 17.5% interest per annum (with 12.5% payable monthly and 5.0% accruing to the outstanding balance of Term Loan A, payable at maturity) or 17.0% interest per annum, payable monthly. Summit Term Loan A had a Maturity date of August 17, 2020. Summit Term Loan A was secured against all of the assets of PMAL.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Summit Term Loan B accrued each month at either 17.5% interest per annum (with 14.0% payable monthly and 3.5% accruing to the outstanding balance of Term Loan B, payable at maturity) or 17.0% interest per annum, payable monthly. Term Loan B had a Maturity date of August 17, 2020. Summit Term Loan B was secured against all of the assets of PMAL.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL granted SBN a put right under the operating agreement for PMAL for the SBN Membership Interests. On August 31, 2018, the operating agreement for PMAL was amended to provide that on the earlier of November 30, 2021 or the date of a change in control of PMAL, SBN has the right but not the obligation to require PMAL to repurchase all of the SBN Membership Interests at market equity value (“Market Equity Value”). Market Equity Value shall be equal to the higher of (i) value of PMAL implied by a sale, (ii) 4.5 x EBITDA for the trailing twelve months plus cash, less all outstanding funded indebtedness or (iii) fair market value as determined by mutual agreement between PMAL and SBN, or failing that by an independent firm mutually agreed to. SBN has granted PMAL a call right under the operating agreement for PMAL for the SBN Membership Interests. On August 17, 2021, PMAL has the right but not the obligation to require SBN to sell all of the SBN Membership Interests at Market Equity Value.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company accounted for this in accordance with ASC 480-10-55-59, as a redeemable non-controlling interest. At acquisition $400,000 was recorded as SBN’s PMAL equity ownership. This amount, plus SBN’s pro rata net income allocation was reflected before stockholders’ equity as Redeemable Non-Controlling interest. Due to the SBN Membership Interests, Summit was considered a related party of the Company for the purposes of these consolidated financial statements. Pursuant to the terms of the Summit Loans and because PMAL repaid the Summit Loans within thirty-six (36) months of the origination of the Summit Loans, the SBN Membership Interests were reduced from 25% to 20% of PMAL as of September 1, 2018. SBN’s pro-rata net income allocation was made at a rate of 25% through August 31, 2018 and 20% commencing September 1, 2018 in accordance with the reduction in membership interests.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Effective July 1, 2019, the Company and SBN entered into a Membership Interest Redemption Agreement pursuant to which the Company purchased the remaining SBN Membership Interests from SBN for a purchase price of $3,000,000 cash. SBN also waived its share of income for all of 2019. The Company adjusted additional paid-in capital downward by $1,547,133, net of deferred taxes of $695,089, to reflect the difference between the purchase price and the balance sheet value of the non-controlling interests.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Membership Interest Redemption Agreement contains a look-back provision that entitles SBN to receive additional compensation in the event the Company sells PMAL or its assets in a subsequent transaction within three hundred and sixty-five (365) days following the repurchase. Such additional compensation would be equal to the difference between what SBN received in the repurchase and what the SBN Membership Interests would be worth at the subsequent transaction date. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The following table shows the value of the non-controlling interests (“NCI”) for the year ended December 31, 2019:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at January 1, 2019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">757,778</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL income from January 1, 2019 to June 30, 2019 attributable to NCI</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">313,951</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at June 30, 2019</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,071,729</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Purchase of NCI on July 1, 2019</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(757,778</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Transfer of PMAL income allocated to SBN to Amerinac Holding Corp.</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(313,951</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at December 31, 2019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The following table shows the value of the NCI for the year ended December 31, 2018:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at January 1, 2018</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">453,377</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL income from January 1, 2018 to December 31, 2018 attributable to NCI</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">490,235</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Reduction in NCI on September 1, 2018</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(185,834</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at December 31, 2018</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">757,778</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">PMAL Berkshire Loans</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On August 31, 2018, PMAL entered into a Loan and Security Agreement (the “PMAL Loan and Security Agreement”) with Berkshire Bank (“Berkshire Bank”) establishing: 1) a new revolving credit facility in an aggregate principal amount of up to $6.0 million (the “Berkshire Revolving Loan”), 2) a term loan in the amount of $3.5 million (“Berkshire Term Loan A”) and 3) a term loan in the amount of $1.5 million (“Berkshire Term Loan B”). Borrowings under the Berkshire Revolving Loan may be used to finance working capital and other general corporate purposes. The Berkshire Revolving Loan had a borrowing base of approximately $3.4 million on December 31, 2019 of which the Company had drawn $2,293,972.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On August 31, 2018, pursuant to the PMAL Loan and Security Agreement, PMAL used an amount of $7,678,814 under the Loan and Security Agreement to fully repay the Summit Loans. On August 16, 2019, the PMAL Loan and Security Agreement was amended to permit a one-time cash distribution of $1.5 million which was used to partially fund the Company’s repurchase of the SBN Membership Interests.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Borrowings under the Berkshire Revolving Loan bear interest at a rate equal to the Intercontinental Exchange Benchmark Administration Ltd. London Interbank Offered Rate (“ICE LIBOR”) rate plus 3.25%, which was 4.95% at December 31, 2019. Berkshire Term Loan A and Berkshire Term Loan B bear interest at ICE LIBOR rate plus 4.25%, which was 5.95% at December 31, 2019.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The outstanding principal amount of any borrowings under the Berkshire Revolving Loan will be due and payable on August 21, 2021, subject to an earlier maturity date upon an event of default (the “Revolving Credit Maturity Date”). Berkshire Term Loan A has a maturity date the earlier of (i) August 31, 2023 or (ii) the Revolving Credit Maturity Date. Berkshire Term Loan B has a maturity date the earlier of (i) August 31, 2023 or (ii) the Revolving Credit Maturity Date. The principal balance of Berkshire Term Loan A shall be paid in equal monthly installments of $41,667 commencing on October 1, 2018. Any unpaid principal and interest shall be due on the maturity date. The principal balance of Berkshire Term Loan B shall be paid in equal monthly installments of $8,334 commencing on October 1, 2018. Any unpaid principal and interest shall be due on the maturity date.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The PMAL Loan and Security Agreement contains usual and customary covenants for financings of this type, including, among other things: (i) requirements to deliver financial statements, other reports and notices; (ii) restrictions on indebtedness; (iii) restrictions on dividends, distributions and redemptions of equity and repayment of subordinated indebtedness; (iv) restrictions on liens; (v) restrictions on making certain payments; (vi) restrictions on investments; (vii) restrictions on asset dispositions and other fundamental changes; and (viii) restrictions on transactions with affiliates.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The PMAL Loan and Security Agreement contains certain financial covenants, including a cash flow coverage ratio and a tangible net worth requirement. Under the cash flow coverage covenant, PMAL shall maintain a quarterly cash flow coverage ratio of not less than 1.20 to 1.00. Under the tangible net worth covenant, PMAL shall maintain a tangible net worth of no less than $4.1 million. The tangible net worth amount required shall increase annually on each June 30 by 50% of PMAL’s prior year’s undistributed net income. As of December 31, 2019, PMAL was in compliance with the covenants contained within the PMAL Loan and Security Agreement.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The obligations of PMAL under the PMAL Loan and Security Agreement are secured by liens and security interests on all assets of PMAL. Amerinac is a secured guarantor of the PMAL Loan and Security Agreement, and has pledged its equity in PMAL.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The table below represents the future minimum repayments of the Berkshire Terms Loan A and Berkshire Term Loan B as of December 31, 2019.</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Term Loans Minimum Amortization</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">600,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,650,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,250,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Unamortized debt and financing cost</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(110,329</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total (net of unamortized debt and financing cost)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,139,671</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">As of December 31, 2019, the principal balance of Term Loan A was $2,875,000 and the principal balance of Term Loan B was $1,375,000. As of December 31, 2018, the principal balance of Term Loan A was $3,375,000 and the principal balance of Term Loan B was $1,475,000. The total amount of unamortized debt financing cost was $110,329 and $180,010 at December 31, 2019 and December 31, 2018, respectively. For the years ended December 31, 2019 and 2018, the Company amortized $69,681 and $29,035 in debt financing cost, respectively.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">CAS Berkshire Loan</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On July 15, 2019, CAS entered into a Loan and Security Agreement (the “CAS Loan and Security Agreement”) with Berkshire Bank establishing a new revolving credit facility in an aggregate principal amount of up to $6.0 million (the “CAS Revolving Loan”). Borrowings under the CAS Revolving Loan may be used to finance working capital and other general corporate purposes. The CAS Revolving Loan had a borrowing base of approximately $2.7 million on December 31, 2019 of which the Company had drawn $1,026,180. This amount is reflected net of an unamortized discount of $39,498 on the Company’s consolidated balance sheet. For the year ended December 31, 2019, the Company amortized $3,592 in debt financing cost.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On August 16, 2019, the CAS Loan and Security Agreement was amended to permit a one-time cash distribution of $1.5 million which was used to partially fund the Company’s repurchase of the SBN Membership Interests.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Borrowings under the CAS Revolving Loan bear interest at a rate equal to the ICE LIBOR rate plus 3.00%, which was 4.70% at December 31, 2019.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The outstanding principal amount of any borrowings under the CAS Revolving Loan will be due and payable on July 15, 2022, subject to an earlier maturity date upon an event of default. Any unpaid principal and interest shall be due on the maturity date.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The CAS Loan and Security Agreement contains usual and customary covenants for financings of this type, including, among other things: (i) requirements to deliver financial statements, other reports and notices; (ii) restrictions on indebtedness; (iii) restrictions on dividends, distributions and redemptions of equity and repayment of subordinated indebtedness; (iv) restrictions on liens; (v) restrictions on making certain payments; (vi) restrictions on investments; (vii) restrictions on asset dispositions and other fundamental changes; and (viii) restrictions on transactions with affiliates.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The CAS Loan and Security Agreement contains certain financial covenants, including a cash flow coverage ratio and a tangible net worth requirement covenant. Under the cash flow coverage covenant, CAS shall maintain a quarterly cash flow coverage ratio of not less than 1.20 to 1.00. Under the tangible net worth covenant, CAS shall maintain a tangible net worth of no less than $1.0 million, as amended on August 16, 2019. The tangible net worth amount required shall increase annually on each June 30 by 50% of CAS’s prior years undistributed net income. As of December 31, 2019, the Company was in compliance will all covenants under the CAS Loan and Security Agreement.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The obligations of CAS under the CAS Loan and Security Agreement are secured by liens and security interests on all assets of CAS. The Company is a secured guarantor of the CAS Loan and Security Agreement, and has pledged its equity in CAS.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">LIBOR Rate</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">To the extent that the PMAL Loan and Security Agreement and the CAS Loan and Security Agreement extend beyond 2021, the interest rates for these obligations might be subject to change based on recent regulatory changes. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">LIBOR, the London Interbank Offered Rate, is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. The interest rates for borrowings under the PMAL Loan and Security Agreement and the CAS Loan and Security Agreement are based on the ICE LIBOR rate. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On July 27, 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. It is unclear at that time whether LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is considering replacing U.S. dollar LIBOR with a new index calculated by short term repurchase agreements, backed by Treasury securities. The future of LIBOR at this time is uncertain. If LIBOR ceases to exist, we may need to renegotiate any agreements extending beyond 2021 that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with the new standard that is established, which may have an adverse effect on the Company.</p></div>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company manages its operations in two business segments which are defined as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="width:4%;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><span style="font-size:12pt">•</span></p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s Creative Assembly subsidiary, which includes all distribution of proprietary and specialty fasteners primarily serving the heavy truck, automotive, transportation, and infrastructure industries.</p></td></tr> <tr> <td></td> <td></td> <td></td></tr> <tr> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><span style="font-size:12pt">•</span></p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s PMAL subsidiary, which includes all our manufacturing of specialty ingot, electrode products, shot products, and master alloys in addition to toll conversion melting services.</p></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Segment information for the year ended December 31, 2019 is as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Creative </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Assembly </strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>PMAL</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net revenue</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">16,057,971</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">28,330,608</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Cost of goods sold</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13,275,133</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">23,380,457</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Gross profit</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,782,838</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,950,151</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating expenses:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,744,238</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,122,352</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Professional and consulting fees</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">73,206</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">232,312</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total operating expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,817,444</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,354,664</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before other income (expense)</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">965,394</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,595,487</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Below is the Segment reconciliation to total net income:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income from segments above</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,560,881</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Non-allocated expenses</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(516,352</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(511,622</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total non-allocated expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,027,974</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before provision for income taxes</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,532,907</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax expense </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(847,525</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net income attributable to Amerinac Holding Corp Shareholders</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,685,382</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Segment information for the year ended December 31, 2018 is as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Creative </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Assembly </strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>PMAL</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net revenue</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">11,702,014</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">31,452,408</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Cost of goods sold</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">9,406,969</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">26,002,985</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Gross profit</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,295,045</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,449,423</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating expenses:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,615,628</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,142,175</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Professional and consulting fees</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">73,006</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">234,126</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total operating expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,688,634</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,376,301</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before other income (expense)</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">606,411</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,073,122</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Below is the Segment reconciliation to total net income:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income from segments above</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,679,533</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Non-allocated expenses</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,176,469</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(412,262</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Other income (expense)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">82,712</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total non-allocated expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,506,019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before provision for income taxes and non-controlling interest</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,173,514</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax benefit </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">342,789</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Non-controlling interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(490,235</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net income attributable to Amerinac Holding Corp Shareholders</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,026,068</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Segment asset information as of December 31, 2019 and 2018 is listed below:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Assets</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">14,615,627</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">12,982,588</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Creative Assembly</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,498,560</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,526,530</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Corporate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">461,363</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">763,121</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Total assets </strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">20,575,550</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">18,272,239</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Significant components of the income tax provision are as follows: </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the years ended</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Current income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Federal</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">State</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(150,203</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(15,897</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total current income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(150,203</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(15,897</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Federal</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(509,858</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">358,686</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">State</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(187,464</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total deferred income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(697,322</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">358,686</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Total income tax (expense) benefit</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(847,525</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">342,789</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company has an accumulated deficit of approximately $6.4 million and there are approximately $2.5 million and $0.2 million of net operating losses available to be used against Federal and state taxable income, respectively, which are subject to certain Section 382 limitations as a result of the change in control in January 2015.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">A reconciliation of the statutory tax rate to the effective tax rate is as follows: </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the years ended</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Expected federal statutory rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Increase (decrease) in taxes resulting from:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">State and local income taxes, net of federal benefit</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.9</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Permanent differences</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.1</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">11.8</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Change in valuation allowance</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">% </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(56.6</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)%</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Other</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(0.6</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7.1</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Effective income tax rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">33.5</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(15.8</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)%</p></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s deferred tax assets and liability relates to a temporary timing difference in long-term assets, with the deferred tax asset for December 31, 2019 and 2018 consisting of: </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The components of the net deferred income tax assets as of December 31, 2019 and 2018 are as follows:</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred income tax assets:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net operating loss carryforwards</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">789,650</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">881,778</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Bonus accruals</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">59,830</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">29,870</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Section 754 assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">153,218</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Inventory reserves</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">52,409</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">43,793</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total deferred income tax assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,055,107</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">955,441</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Valuation allowance</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(258,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(258,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">796,377</p></td> <td></td> <td></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">696,711</p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred income tax liability - depreciation and amortization</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(439,924</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(338,025</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net deferred tax assets</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">356,453</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">358,686</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">There were no significant uncertain tax positions taken, or expected to be taken, in a tax return that would be determined to be an unrecognized tax benefit taken or expected to be taken in a tax return that should have been recorded in the Company’s consolidated financial statements for the year ended December 31, 2019. Additionally, there were no interest or penalties outstanding as of or for each of the years ended December 31, 2019 and 2018.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The federal and state tax returns for the years ending December 31, 2016, 2017, and 2018 have been filed, but are still open to examination.</p></div>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">Board and Executive Compensation</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Compensation Committee adopted a 2017-2019 Amerinac Holding Corp. Executive Bonus Plan (the “Executive Bonus Plan”), which is subject to and governed by the terms of the 2017 Amerinac Holding Corp. 2017 Equity Incentive Plan (the “2017 Equity Plan”). The 2017 Equity Plan provides for an aggregate of 100,000 shares of common stock to be available for awards. Certain key employees will participate in the Executive Bonus Plan. The Executive Bonus Plan is designed to (i) offer variable compensation primarily in equity of the Company if executives achieve annual target growth amounts and (ii) align the incentives of executives and shareholders.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company will fund the annual corporate bonus pool with no more than 20% of the excess, if any, of the Company’s yearly earnings before taxes minus a threshold amount. For 2018 and 2019, the threshold amounts were $1,250,000 and $1,750,000, respectively.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Pursuant to the Executive Bonus Plan, awards are paid out in a mix of cash and equity, with no less than 60% of corporate bonus pool to be in the form of newly issued restricted common stock, subject to the discretion of the Compensation Committee of the Board. All awards will be subject to threshold performance and high-water marks.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company issued 7,500 shares pursuant to the Executive Bonus Plan to Mr. Wachter on December 31, 2018, valued at $300,000 for bonus accrued in 2017. The Company issued 7,500 shares pursuant to the Executive Bonus Plan to Mr. Golden on December 31, 2018, valued at $300,000 for bonus accrued in 2017.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">As of December, 31, 2018, the Company had accrued $103,000 in bonus for Mssrs. Wachter and Golden. On March 25, 2019, the Board authorized the payment of these bonuses to be in cash and the bonuses were paid on April 12, 2019.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">As of December, 31, 2019, the Company had accrued $193,000 in bonus for Mssrs. Wachter and Golden. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">In addition, the Company issued 625 shares to both Mr. Lamb and Mr. Garruto at the conclusion of their first year of service on the Board of Directors on December 31, 2018 pursuant to their independent director agreements, valued at $25,000 each. In return for their service during the 2019 term, they are each set to receive $25,000 in stock during 2020, which has been accrued for as of December 31, 2019. On December 27, 2019, Mssrs. Lamb and Garruto were re-elected to the Board for an additional 1-year term under the same terms.</p></div>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<paos:RevisionOfPriorPeriodImmaterialMisstatementDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">During the three and nine months ended September 30, 2019 (third quarter of 2019), the Company incorrectly recorded the deferred tax benefit resulting from the repurchase of the NCI discussed in Note 9, as well as the related current income tax provision. As such the Company has revised these amounts to accurately reflect the transactions.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The tables below present the impact of the revision in the Company’s unaudited condensed consolidated financial statements:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the Three Months Ended September 30, 2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Previously Reported</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Adjustments</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Revised</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><em>Unaudited Condensed Consolidated Statement of Income:</em></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax expense</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(535,431</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(345,364</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">31,866</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">221,933</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income attributable to Amerinac Holding Corp shareholders</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">345,817</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">535,884</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Basic and diluted earnings per share applicable to common stock holders:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Earnings per share</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1.10</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.61</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1.71</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the Nine Months Ended September 30, 2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Previously Reported</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Adjustments</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Revised</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><em>Unaudited Condensed Consolidated Statement of Income:</em></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax expense</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(996,951</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(806,884</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,362,664</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,552,731</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income attributable to Amerinac Holding Corp shareholders</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,362,664</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,552,731</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Basic and diluted earnings per share applicable to common stock holders:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Earnings per share</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4.34</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.61</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4.95</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>September 30, 2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Previously Reported</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Adjustment</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Revised</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><em>Unaudited Condensed Consolidated Balance Sheet</em></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred tax asset</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total other assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,830,901</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,262,468</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">20,617,728</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21,049,295</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income taxes payable</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">402,802</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(203,775</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">199,027</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total current liabilities</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,233,827</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(203,775</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,030,052</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred tax liability</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">249,814</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(249,814</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total long-term liabilities</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,957,201</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(249,814</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,707,387</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total liabilities</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13,191,028</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(453,589</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">12,737,439</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Additional paid-in capital</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">14,141,377</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">695,089</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">14,836,466</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accumulated deficit</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(6,714,990</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(6,524,923</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total stockholders’ equity</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,426,700</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">885,156</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,311,856</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:RevisionOfPriorPeriodImmaterialMisstatementDisclosureTextBlock>
<us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">SummitBridge National Investments VI LLC Purchase and Sale Agreement and Business Combination</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">On March 20, 2020 (the “Effective Date”), USAC Ross LLC (“USAC Ross”) and USAC WA LLC (“USAC WA”), both wholly owned Delaware limited liability company subsidiaries of the Company entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) by and among SummitBridge National Investments VI LLC (“SummitBridge VI”) and ABTV, in its capacity as court-appointed receiver ordered by the Court of Common Pleas of Chester County, Pennsylvania on March 6, 2020 in the Matter of SummitBridge National Investments VI LLC v. Advanced Metals Group, LLC et al., Case No. 2020-02461-MJ. USAC Ross and USAC WA were formed as wholly-owned single member limited liability companies by the Company on March 3, 2020 and had no operations prior to this transaction.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Pursuant to the Purchase and Sale Agreement, USAC Ross purchased all the personal property of Advanced Metals Group, LLC, Advanced Aluminum Castings, LLC, Advanced Iron Castings, LLC, Ross Aluminum Castings, LLC, US Castings, LLC, PFRE Properties, LLC, BFRE Properties, LLC, Oberdorfer, LLC, Mabry Acquisition Company Ltd., MFRE Properties Ltd., USCRE Properties, LLC and RCRE, LLC (collectively, the “Debtors”) located in the State of Ohio, in addition to real property owned by RCRE, LLC in the State of Ohio. Pursuant to the Purchase and Sale Agreement, USAC WA purchased all of the personal property of the Debtors located in the State of Washington, in addition to real property owned by USCRE, Properties, LLC in the State Washington. The purchase price paid by USAC Ross and USAC WA was $6,167,000. The acquisition will be accounted for as a business combination. As of the date of the issuance of the Company’s consolidated financial statements, the Company has not completed the purchase price allocation.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Prior to the transaction, the Debtors were precision aluminum castings manufacturers located in Ohio and Washington. The Debtors offered multiple casting processes as well as in-house heat treating, machining, powder coating and non-destructive testing. The Debtor’s products are used in defense, aerospace, heavy truck, marine and commercial applications. The Debtors were ITAR, AS9100, NADCAP and ISO 9001 certified.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">To finance the purchase of the assets, on the Effective Date, USAC Ross and USAC WA entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with SummitBridge VI pursuant to which SummitBridge VI made a two year term loan in the amount of $6,167,000 to USAC Ross and USAC WA (the “USAC Term Loan”).</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The USAC Term Loan has a maturity date of March 20, 2022. The USAC Term Loan will begin amortizing on the thirteenth (13) month following the Effective Date pursuant to a seven (7) year amortization schedule with the balance due on the maturity date. The USAC Term Loan is secured against all of the assets of USAC Ross and USAC WA. The USAC Term Loan may be prepaid in whole or in part at any time without any fee, charge or penalty.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The USAC Term Loan bears an interest rate of 9% interest per annum, payable monthly, beginning the first (1) month after the Effective Date. On the 16-month anniversary of the Effective Date, the interest rate on the USAC Term Loan will increase to 15% interest per annum, payable monthly. If the USAC Term Loan is prepaid in full on or before the nine (9) month anniversary of the Effective Date, the principal amount will be reduced by $500,000. If the USAC Term Loan is prepaid in full on or before the ten (10) month anniversary of the Effective Date, the principal amount will be reduced by $400,000. If the USAC Term Loan is prepaid in full on or before the eleven (11) month anniversary of the Effective Date, the principal amount will be reduced by $300,000. If the USAC Term Loan is prepaid in full before the twelve (12) month anniversary of the Effective Date, the principal amount will be reduced by $200,000. If the USAC Term Loan is prepaid in full on or before the sixteen (16) month anniversary of the Effective Date, the principal amount will be reduced by $100,000.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company has guaranteed payment of the USAC Term Loan pursuant to a guaranty agreement made by the Company as of the Effective Date.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Loan and Security Agreement also contains customary covenants, representations and warranties of the parties, including, among others (1) the grant by USAC Ross and USAC WA to SummitBridge VI of a security interest on all of the assets of USAC Ross and USAC WA, and (2) an unconditional and irrevocable guaranty by the Company of the performance by USAC Ross and USAC WA of the obligations under the Loan and Security Agreement. In addition, until all amounts under the USAC Term Loan are paid in full, USAC Ross and USAC WA have agreed to comply with certain financial covenants that require USAC Ross and USAC WA to meet pre-established financial ratios.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The foregoing summary of the Purchase and Sale Agreement, Loan and Security Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in their entirety by, the full text of such agreements.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The following unaudited pro forma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2019, nor is the financial information indicative of the results of future operations. The following table represents the unaudited consolidated pro forma results of operations for the year ended December 31, 2019 as if the acquisition had occurred on January 1, 2019.</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Twelve </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Months </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Ended</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Pro Forma</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net sales</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">64,290,764</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating expenses</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,621,707</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before taxes</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,128,358</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net income</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,280,833</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The following table represents the unaudited consolidated pro forma balance sheet information for the year ended December 31, 2019 as if the acquisition had occurred on January 1, 2019.</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <div style="MARGIN: 0px; text-align:justify;"> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="text-align:center;margin:0px;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:top;"> <p style="text-align:justify;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px"><strong>Pro Forma</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px">Accounts receivable - net</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px">5,518,783</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px">Inventories - net</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px">11,196,416</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px">Property, land and equipment - net</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px">11,697,297</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px">Total assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px">32,743,357</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px">Total liabilities</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in;Font:10pt Times New Roman;padding:0px">27,584,962</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table></div> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">COVID-19</span></strong></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s operations may be affected by the recent and ongoing outbreak of the coronavirus disease 2019 (COVID-19) which in March 2020, was declared a pandemic by the World Health Organization. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on the Company’s financial position, operations and cash flows. Possible areas that may be affected include, but are not limited to, disruption to the Company’s customers and revenue, labor workforce, unavailability of products and supplies used in operations, and the decline in value of assets held by the Company, including, inventories, property and equipment, accounts receivable and unbilled receivables.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong><span style="text-decoration:underline">Stock Repurchase</span></strong><span style="text-decoration:underline"> </span></p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">In the first quarter of 2020, the Company purchased 2,000 shares of common stock of the Company from a shareholder for the price of $65.00 per share of common stock. The shares were subsequently cancelled.</p></div>
</us-gaap:ScheduleOfSubsequentEventsTextBlock>
<us-gaap:ConsolidationPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts have been eliminated.</p></div>
</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates relate to the useful lives and impairment considerations of long-lived and intangible assets, reserves for inventory and accounts receivable, going concern considerations, discount rates in connection with right-of-use assets and the valuation of redeemable non-controlling interest.</div>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For purposes of the consolidated statements of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. From time to time, cash balances may exceed the federal deposit insurance limits.</p></div>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:ReceivablesPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accounts receivable are recorded net of provisions for doubtful accounts. The Company records an allowance for doubtful accounts to allow for any amounts that may not be recoverable. The amount of the allowance is based on an analysis of the Company’s prior collection experience, customer credit worthiness, and current economic trends. Based on management’s review of accounts receivable, the Company carries an allowance for doubtful accounts of $78,753 as of December 31, 2019 and 2018. The Company determines receivables to be past due based on the payment terms of original invoices. Interest is not typically charged on past due receivables. Accounts are written off against the allowance when deemed uncollectable.</p></div>
</us-gaap:ReceivablesPolicyTextBlock>
<paos:UnbilledServicesPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company recognizes revenue on its tolling services as those services are performed. Unbilled services represent the revenue recognized but not yet invoiced.</p></div>
</paos:UnbilledServicesPolicyTextBlock>
<us-gaap:InventoryPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For the Company’s distribution subsidiary, Creative Assembly, inventories consist only of finished goods and are carried at the lower of cost on an average cost basis, or net realizable value. When necessary, management records an inventory reserve for estimated obsolescence or unmarketable inventory based upon the age of the respective part and the knowledge of future demand of inventory on hand as well as other market conditions and events. Management believes that the longer a part sits on the shelf the higher the likelihood that it will not sell in the future. This belief is not unique to the fastener industry. While management constantly assesses viability of a part within the customer base, it also believes that a reserve should be carried to reflect product that is aging out, as opposed to product that management identified based on a specific event. At the end of 2019, the Company had more than 4,000 unique part numbers on hand that had carrying value. Management believes that the two methods, specific identification and reserve based on age, to analyzing inventory will reflect the appropriate balance sheet value. As of December 31, 2019 and December 31, 2018, the inventory reserve for Creative Assembly was $86,211 and $68,160, respectively. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For the Company’s manufacturing subsidiary, PMAL, management believes volatility in the broader metal markets will have an impact on all aspects of raw material, work in process, and finished goods inventory. Management actively seeks to minimize inventory working capital, and increase inventory turns to eliminate any impacts from market fluctuations. As of December 31, 2019, the Company’s manufacturing subsidiary had more than 500 unique metal chemistries it produced, but keeps minimal finished inventory on hand.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">For PMAL, inventories are carried at the lower of cost on an average cost basis, or net realizable value. When necessary, management records an inventory reserve for estimated obsolescence or unmarketable inventory based upon knowledge of future demand of inventory on hand as well other market conditions and events. As of December 31, 2019 and December 31, 2018, the inventory reserve for PMAL was $82,849.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company’s inventory consists of the following:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Raw Materials</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,614,029</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,133,311</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finished Goods</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,611,578</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,598,640</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Reserves</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(169,060</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(151,009</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,056,547</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,580,942</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:InventoryPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Property, land and equipment are stated at cost less accumulated depreciation and amortization. The Company computes depreciation and amortization using the straight-line method over the estimated useful lives of the assets acquired as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Leasehold improvements</p></td> <td style="width:20%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">5 years **</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Furniture and fixtures</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">7 years</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Equipment and other</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">3-10 years</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Building</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">30 years</p></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">_____________ </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">** Shorter of life or lease term.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The carrying amount of all long-lived assets is evaluated periodically to determine whether adjustment to the useful life or to the unamortized balance is warranted. Such evaluation is based principally on the expected utilization of the long-lived assets.</p></div>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company provides for income taxes under ASC Topic 740-10. ASC Topic 740-10 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Temporary differences relate primarily to different accounting methods used for depreciation and amortization of property and equipment and goodwill.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">ASC Topic 740-10 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">ASC Topic 740-10 clarifies the accounting for uncertainty in income tax positions, as defined. It requires, among other matters, that the Company recognize in our consolidated financial statements, the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The Company analyzes the filing positions in all of the federal and state jurisdictions where the Company is required to file income tax returns, as well as all open tax years in these jurisdictions. As of December 31, 2019, the Company did not record any unrecognized tax benefits. The Company’s policy, if it had unrecognized benefits, is to recognize accrued interest and penalties related to unrecognized tax benefits as interest expense and other expense, respectively.</p></div>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The Company accounts for revenue recognition in accordance with ASC Topic 606 (“ASC 606”). The core principle of ASC 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes; (1) Identifying contracts with customers, (2) Identifying performance obligations within those contracts, (3) Determining the transaction price, (4) Allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) Recognizing revenue when or as each performance obligation is satisfied.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Revenue primarily consists of sales of fasteners, specialty ingot products and master alloys and tolling services. We generate our revenue primarily from the sale of finished products and tolling services to customers, therefore, the significant majority of our contracts are short-term in nature and have a single performance obligation to deliver products or services, in which our performance obligation is satisfied when control of the product is transferred to the customer or the service is performed. Some contracts contain a combination of product sales and services which are distinct and accounted for as separate performance obligations. Our performance obligations for services are satisfied when the services are rendered within the arranged service period. Tolling revenue is recognized when the tolling service is completed.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Revenue is recognized when control transfers to our customers via shipment of products or delivery of services. Shipping and handling costs are considered fulfillment activities and as such are not accounted for as separate performance obligations. We measure revenue as the amount of consideration we expect to be entitled to receive in exchange for those goods or services, net of any variable considerations (e.g., rights to return product, sales incentives, others) and any taxes collected from customers and subsequently remitted to governmental authorities. The Company applied the practical expedient available under ASC 606 to disregard determining significant financing components if the good or serve is transferred and payment is received within one year.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">We estimate product returns based on historical experience and record them on a gross basis. Substantially all of Creative Assembly customer returns relate to products that are returned under warranty obligations underwritten by manufacturers. Substantially all of PMAL customer returns relate to products which do not meet customer requirements and are replaced by the Company.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">We occasionally receive advance payments to secure product to be delivered in future periods. These advance payments are recorded as deferred revenue, and revenue is recognized as our performance obligations are satisfied throughout the term of the applicable contract. We may also purchase metal on our customer’s behalf, sell the unprocessed metal to our customer, and then process and ship the material, charging a processing fee at the time of shipment. For these specific non-tolling arrangements in which we purchase metal for a customer, a single performance obligation exists, and as a result, amounts invoiced to our customers for the metal purchased on their behalf is recorded as deferred revenue until the metal is processed and shipped. The Company did not record any deferred revenue as of December 31, 2019 or December 31, 2018.</p></div>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In accordance with the authoritative guidance for fair value measurements and the fair value election for financial assets and financial liabilities, a fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy was established that draws a distinction between market participant assumptions based on the following:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="width:4%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">i) </p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">observable inputs such as quoted prices in active markets (Level 1)</p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">ii) </p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2)</p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">iii) </p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3).</p></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.</p></div>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, unbilled receivables, accounts payable and accrued liabilities approximate fair value because of the immediate or short-term maturity of the financial instruments.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">The Company believes that its indebtedness approximates fair value based on current yields for debt instruments with similar terms.</p></div>
</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px">The Company accounts for stock-based awards to recipients in accordance with applicable accounting principles, which requires compensation expense related to share-based transactions, to be measured and recognized in the consolidated financial statements based on a grant date fair value over the requisite service period.</p></div>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. When it becomes apparent that indicators such as a significant decrease in the market value of the long-lived asset group or if material differences between operating results and the Company’s forecasted expectations occur, then an impairment analysis is performed.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">If indicators arise, an initial determination of recoverability is performed based on an estimate of the undiscounted future cash flows resulting from the use of the asset and its eventual disposition compared with the carrying value. If the carrying value of the asset group exceeds the undiscounted cash flows, a measurement of an impairment loss for long-lived assets is performed. The impairment charge is the excess of the carrying value of the asset group over the fair value, as determined utilizing appropriate valuation techniques.</p></div>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">We make estimates, assumptions, and judgments when valuing goodwill and other intangible assets such as customer lists in connection with the initial purchase price allocation of any acquired operations, as well as when evaluating the recoverability of our goodwill and other intangible assets on an ongoing basis. These estimates are based upon a number of factors, including historical experience, market conditions, and information obtained from the management of any acquired operations. Critical estimates in valuing certain intangible assets include, but are not limited to, historical and projected attrition rates, discount rates, anticipated growth in revenue from the acquired customers and acquired technology, and the expected use of the acquired assets. These factors are also considered in determining the useful life of acquired intangible assets. The amounts and useful lives assigned to identified intangible assets impact the amount and timing of future amortization expense.</p></div>
</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Basic earnings per share is calculated by dividing net profit attributable to common stockholders by the weighted average number of outstanding common shares during the year. Basic earnings per share excludes any dilutive effects of options, warrants and other stock-based compensation, which are included in diluted earnings per share. When a company is in a loss situation, all outstanding dilutive shares are excluded from the calculation of diluted earnings because their inclusion would be antidilutive; and the basic and fully diluted common shares outstanding are stated to be the same. There were no dilutive shares as of December 31, 2019 and 2018.</p></div>
</us-gaap:EarningsPerSharePolicyTextBlock>
<paos:RedeemableNonControllingInterestPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Non-controlling interests that are not subject to redemption rights are classified in permanent equity. Redeemable non-controlling interests are classified outside of permanent equity on the consolidated balance sheets.</p></div>
</paos:RedeemableNonControllingInterestPolicyTextBlock>
<us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Certain prior year amounts have been reclassified for consistency with the current period presentation. These include the presentation of the Company’s unbilled receivables. None of these reclassifications has had a material impact on the consolidated financial statements of the Company.</p></div>
</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
<paos:RecentlyAdoptedAuthoritativePronouncementsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In February 2016, the Financial Accounting Standards Board (“FASB”) established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard is effective on January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. The Company adopted the new standard on January 1, 2019 and used the effective date as the date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard were not provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. The Company elects the ‘package of practical expedients’, which permits the Company not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. Under this elected package of practical expedients, the Company does not separate non-lease components from the lease component. Therefore, all lease and non-lease components are combined and accounted for as a single lease component. On adoption, the Company recognized additional operating lease liabilities of approximately $251,000 with ROU assets of approximately $242,000, net of a reclassification adjustment of deferred rent, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">In June 2018, the FASB, issued ASU No. 2018-07 to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance expands the scope of ASC 718 to include share-based payments granted to nonemployees in exchange for goods or services used or consumed in an entity’s own operations and supersedes the guidance in ASC 505-50. The guidance is effective for public business entities in annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, including in an interim period for which financial statements have not been issued, but not before an entity adopts ASC 606. This was adopted on January 1, 2019 and did not have a material impact on the Company’s financial position and results of operations.</p></div>
</paos:RecentlyAdoptedAuthoritativePronouncementsPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods within those fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning December 15, 2022. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350), which includes provisions intended to simplify the test for goodwill impairment. The standard is effective for annual periods beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on its financial position and results of operations.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by removing the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation, (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments, and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers’ application of income tax related guidance for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The ASU is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted for public business entities for periods for which financial statements have not been issued. An entity that elects early adoption in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption should adopt all the amendments in the same period. The Company is still evaluating the impact of this ASU on the Company’s consolidated financial statements.</p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px">There have been no other accounting pronouncements that have been issued but not yet implemented that the Company believes will materially impact the consolidated financial statements.</p></div>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Raw Materials</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,614,029</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,133,311</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finished Goods</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,611,578</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,598,640</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Reserves</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(169,060</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(151,009</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,056,547</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,580,942</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<paos:EstimatedUsefulLivesOfAssetsTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Leasehold improvements</p></td> <td style="width:20%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">5 years **</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Furniture and fixtures</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">7 years</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Equipment and other</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">3-10 years</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Building</p></td> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">30 years</p></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:EstimatedUsefulLivesOfAssetsTableTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Land, buildings and improvements</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,419,779</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,419,779</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Equipment </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,974,047</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,463,829</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,393,826</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,883,608</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Less accumulated depreciation</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,388,982</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(758,425</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net property, land and equipment</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,004,844</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,125,183</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accounts payable </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,839,425</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,060,269</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">40,455</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">35,805</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Salaries and bonus </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">357,976</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">116,930</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Other</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">46,000</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">62,007</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,283,856</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,275,011</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Customer lists </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,990,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Goodwill </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">54,993</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock>
<us-gaap:OperatingLeaseLeaseIncomeTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Leases</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Classification on the Balance Sheet</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td colspan="2" style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Assets</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td colspan="2" style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="width:35%;vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating lease ROU assets</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Right-of-use asset</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,092,253</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance lease ROU assets</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Property, land and equipment, net</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">153,307</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Liabilities</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Current</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating leases payable – short term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">255,533</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance leases payable – short term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">49,662</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Noncurrent</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating leases payable – net of current portion</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">877,899</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Finance leases payable – net of current portion</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">79,214</p></td> <td style="vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:OperatingLeaseLeaseIncomeTableTextBlock>
<paos:ScheduleOfWeightedAverageDiscountRateForOperatingLeases contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average remaining lease term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">49.3 months</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average discount rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5.63 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfWeightedAverageDiscountRateForOperatingLeases>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2020</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">313,115</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2021</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">313,115</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2022</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">287,448</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2023</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">236,115</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">2024</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">118,058</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total undiscounted future minimum lease payments</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,267,851</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Less: Imputed interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">134,419</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Present value of operating lease obligations</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,133,432</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<paos:ScheduleOfLeaseExpenseTablesTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Year</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Ended</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating lease cost:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Operating lease cost</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">238,449</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Finance lease cost:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Amortization of ROU assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">28,473</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,222</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total lease cost</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">373,717</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfLeaseExpenseTablesTextBlock>
<paos:ScheduleOfFutureMinimumRepaymentsOfOperatingLeaseObligationsTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Operating </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>lease </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>obligations</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2019 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">84,067</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">77,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">77,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2022 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">57,750</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">295,817</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfFutureMinimumRepaymentsOfOperatingLeaseObligationsTableTextBlock>
<paos:FinanceAndCapitalLeasesTablesTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Finance Leases</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Capital Leases</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Obligations under finance and capital leases </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">128,876</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">156,793</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Less: current portion </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">49,662</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">43,435</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Long-term portion </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">79,214</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">113,358</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:FinanceAndCapitalLeasesTablesTextBlock>
<paos:ScheduleOfFutureMinimumRepaymentsOfFinanceLeaseObligationsTablesTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Finance lease obligations</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>as of</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">54,981</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">53,661</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2022 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">26,178</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2023</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,786</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total future minimum repayments inclusive of interest </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">137,606</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total principal repayments</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">128,876</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfFutureMinimumRepaymentsOfFinanceLeaseObligationsTablesTextBlock>
<paos:ScheduleOfFutureMinimumRepaymentsOfCapitalLeaseObligationsTablesTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Capital lease</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>obligations as of</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">50,199</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">50,199</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">48,878</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2022 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21,396</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total future minimum repayments inclusive of interest </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">170,672</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13,879</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total principal repayments</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">156,793</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfFutureMinimumRepaymentsOfCapitalLeaseObligationsTablesTextBlock>
<paos:ScheduleOfWeightedAverageDiscountRateForFinanceLeasesTablesTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average remaining lease term</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">31 months</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Weighted average discount rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5.00</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfWeightedAverageDiscountRateForFinanceLeasesTablesTextBlock>
<paos:ScheduleOfOfNoncontrollingInterestsTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The following table shows the value of the non-controlling interests (“NCI”) for the year ended December 31, 2019:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at January 1, 2019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">757,778</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL income from January 1, 2019 to June 30, 2019 attributable to NCI</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">313,951</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at June 30, 2019</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,071,729</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Purchase of NCI on July 1, 2019</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(757,778</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Transfer of PMAL income allocated to SBN to Amerinac Holding Corp.</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(313,951</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at December 31, 2019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The following table shows the value of the NCI for the year ended December 31, 2018:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at January 1, 2018</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">453,377</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL income from January 1, 2018 to December 31, 2018 attributable to NCI</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">490,235</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Reduction in NCI on September 1, 2018</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(185,834</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Value of NCI at December 31, 2018</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">757,778</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfOfNoncontrollingInterestsTableTextBlock>
<paos:RepaymentsOfBerkshireTermsLoanAndBerkshireTermLoanBTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Years ending December 31,</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Term Loans Minimum Amortization</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2020 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">600,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">2021 </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,650,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,250,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Unamortized debt and financing cost</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(110,329</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total (net of unamortized debt and financing cost)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,139,671</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:RepaymentsOfBerkshireTermsLoanAndBerkshireTermLoanBTableTextBlock>
<us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Segment information for the year ended December 31, 2019 is as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Creative </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Assembly </strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>PMAL</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net revenue</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">16,057,971</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">28,330,608</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Cost of goods sold</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13,275,133</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">23,380,457</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Gross profit</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,782,838</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,950,151</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating expenses:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,744,238</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,122,352</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Professional and consulting fees</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">73,206</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">232,312</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total operating expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,817,444</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,354,664</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before other income (expense)</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">965,394</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,595,487</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Below is the Segment reconciliation to total net income:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income from segments above</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,560,881</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Non-allocated expenses</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(516,352</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(511,622</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total non-allocated expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,027,974</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before provision for income taxes</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,532,907</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax expense </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(847,525</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net income attributable to Amerinac Holding Corp Shareholders</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,685,382</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Segment information for the year ended December 31, 2018 is as follows:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Creative </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Assembly </strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>PMAL</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net revenue</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">11,702,014</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">31,452,408</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Cost of goods sold</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">9,406,969</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">26,002,985</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Gross profit</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,295,045</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,449,423</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating expenses:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,615,628</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,142,175</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Professional and consulting fees</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">73,006</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">234,126</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total operating expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,688,634</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,376,301</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before other income (expense)</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">606,411</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,073,122</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Below is the Segment reconciliation to total net income:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income from segments above</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,679,533</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Non-allocated expenses</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Interest expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,176,469</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">General and administrative expense</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(412,262</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Other income (expense)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">82,712</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 22.5pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Total non-allocated expenses</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(1,506,019</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before provision for income taxes and non-controlling interest</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,173,514</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax benefit </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">342,789</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Non-controlling interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(490,235</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net income attributable to Amerinac Holding Corp Shareholders</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,026,068</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Segment asset information as of December 31, 2019 and 2018 is listed below:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Assets</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">PMAL</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">14,615,627</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">12,982,588</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Creative Assembly</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,498,560</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,526,530</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Corporate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">461,363</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">763,121</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Total assets </strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">20,575,550</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">18,272,239</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the years ended</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Current income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Federal</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">State</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(150,203</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(15,897</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total current income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(150,203</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(15,897</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">Federal</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(509,858</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">358,686</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt;text-align:justify;Font:10pt Times New Roman;padding:0px">State</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(187,464</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total deferred income tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(697,322</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">358,686</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Total income tax (expense) benefit</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(847,525</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">342,789</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the years ended</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Expected federal statutory rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Increase (decrease) in taxes resulting from:</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">State and local income taxes, net of federal benefit</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.9</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Permanent differences</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.1</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">11.8</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Change in valuation allowance</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">% </p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(56.6</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)%</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Other</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(0.6</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7.1</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Effective income tax rate</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">33.5</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">%</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(15.8</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)%</p></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred income tax assets:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net operating loss carryforwards</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">789,650</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">881,778</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Bonus accruals</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">59,830</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">29,870</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Section 754 assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">153,218</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Inventory reserves</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">52,409</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">43,793</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total deferred income tax assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,055,107</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">955,441</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Valuation allowance</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(258,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(258,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">796,377</p></td> <td></td> <td></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td> <p style="margin:0px;text-align:right;Font:10pt Times New Roman;padding:0px">696,711</p></td> <td> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred income tax liability - depreciation and amortization</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(439,924</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(338,025</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net deferred tax assets</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">356,453</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">358,686</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<srt:ScheduleOfCondensedFinancialStatementsTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">The tables below present the impact of the revision in the Company’s unaudited condensed consolidated financial statements:</p> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the Three Months Ended September 30, 2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Previously Reported</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Adjustments</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Revised</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><em>Unaudited Condensed Consolidated Statement of Income:</em></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax expense</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(535,431</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(345,364</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">31,866</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">221,933</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income attributable to Amerinac Holding Corp shareholders</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">345,817</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">535,884</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Basic and diluted earnings per share applicable to common stock holders:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Earnings per share</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1.10</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.61</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1.71</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>For the Nine Months Ended September 30, 2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Previously Reported</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Adjustments</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Revised</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><em>Unaudited Condensed Consolidated Statement of Income:</em></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income tax expense</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(996,951</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(806,884</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,362,664</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,552,731</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Net income attributable to Amerinac Holding Corp shareholders</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,362,664</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">1,552,731</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Basic and diluted earnings per share applicable to common stock holders:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Earnings per share</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4.34</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">0.61</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4.95</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>September 30, 2019</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Previously Reported</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Adjustment</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>As Revised</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><em>Unaudited Condensed Consolidated Balance Sheet</em></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred tax asset</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total other assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,830,901</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,262,468</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">20,617,728</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">431,567</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">21,049,295</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Income taxes payable</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">402,802</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(203,775</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">199,027</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total current liabilities</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,233,827</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(203,775</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,030,052</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Deferred tax liability</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">249,814</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(249,814</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total long-term liabilities</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,957,201</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(249,814</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">4,707,387</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total liabilities</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">13,191,028</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(453,589</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">12,737,439</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Additional paid-in capital</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">14,141,377</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">695,089</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">14,836,466</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accumulated deficit</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(6,714,990</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">190,067</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">(6,524,923</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total stockholders’ equity</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">7,426,700</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">885,156</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">8,311,856</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</srt:ScheduleOfCondensedFinancialStatementsTableTextBlock>
<paos:ScheduleOfUnauditedConsolidatedProFormaOperationsTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Twelve </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Months </strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>Ended</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Pro Forma</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net sales</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">64,290,764</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Operating expenses</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">6,621,707</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Income before taxes</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">3,128,358</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Net income</strong></p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">2,280,833</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfUnauditedConsolidatedProFormaOperationsTableTextBlock>
<paos:ScheduleOfUnauditedConsolidatedProFormaBalanceSheetTableTextBlock contextRef="From2019-01-01to2019-12-31">
<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>December 31,</strong></p> <p style="margin:0px;text-align:center;Font:10pt Times New Roman;padding:0px"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr> <td style="BORDER-BOTTOM: 1px solid;vertical-align:top;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px"><strong>Pro Forma</strong></p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Accounts receivable - net</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">5,518,783</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Inventories - net</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">11,196,416</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Property, land and equipment - net</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">11,697,297</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total assets</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">32,743,357</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px">Total liabilities</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px;text-align:justify;Font:10pt Times New Roman;padding:0px"> </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:justify;Font:10pt Times New Roman;padding:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in;text-align:right;Font:10pt Times New Roman;padding:0px">27,584,962</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="margin:0px;Font:10pt Times New Roman;padding:0px"> </p></div>
</paos:ScheduleOfUnauditedConsolidatedProFormaBalanceSheetTableTextBlock>
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<us-gaap:InventoryRawMaterials contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 2133311 </us-gaap:InventoryRawMaterials>
<us-gaap:InventoryFinishedGoods contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 4611578 </us-gaap:InventoryFinishedGoods>
<us-gaap:InventoryFinishedGoods contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 3598640 </us-gaap:InventoryFinishedGoods>
<us-gaap:InventoryLIFOReserve contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> -160060 </us-gaap:InventoryLIFOReserve>
<us-gaap:InventoryLIFOReserve contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> -151009 </us-gaap:InventoryLIFOReserve>
<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2019-01-01to2019-12-31_us-gaap_LeaseholdImprovementsMember"> 5 years </us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2019-01-01to2019-12-31_us-gaap_FurnitureAndFixturesMember"> 7 years </us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2019-01-01to2019-12-31_us-gaap_EquipmentMember_srt_MinimumMember"> 3 years </us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2019-01-01to2019-12-31_us-gaap_EquipmentMember_srt_MaximumMember"> 10 years </us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="From2019-01-01to2019-12-31_us-gaap_BuildingMember"> 30 years </us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 78753 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 78753 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:OperatingLeaseLiability contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 251000 </us-gaap:OperatingLeaseLiability>
<paos:UniquePartInHand contextRef="AsOf2019-12-31" unitRef="Integer" decimals="INF"> 4000 </paos:UniquePartInHand>
<us-gaap:OperatingLeaseRightOfUseAsset contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 242000 </us-gaap:OperatingLeaseRightOfUseAsset>
<us-gaap:InventoryValuationReserves contextRef="AsOf2019-12-31_paos_CreativeAssemblyMember" unitRef="USD" decimals="0"> 86211 </us-gaap:InventoryValuationReserves>
<us-gaap:InventoryValuationReserves contextRef="AsOf2018-12-31_paos_CreativeAssemblyMember" unitRef="USD" decimals="0"> 68160 </us-gaap:InventoryValuationReserves>
<us-gaap:InventoryValuationReserves contextRef="AsOf2019-12-31_paos_PMALMember" unitRef="USD" decimals="0"> 82849 </us-gaap:InventoryValuationReserves>
<us-gaap:InventoryValuationReserves contextRef="AsOf2018-12-31_paos_PMALMember" unitRef="USD" decimals="0"> 82849 </us-gaap:InventoryValuationReserves>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_paos_AmetekMember" unitRef="Pure" decimals="INF"> 0.138 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_paos_AMGVanadiumMember" unitRef="Pure" decimals="INF"> 0.17 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_paos_AMGVanadiumMember" unitRef="Pure" decimals="INF"> 0.162 </us-gaap:ConcentrationRiskPercentage1>
<paos:OutstandingAccountsReceivable contextRef="From2019-01-01to2019-12-31_paos_AMGVanadiumMember" unitRef="Pure" decimals="INF"> 0.149 </paos:OutstandingAccountsReceivable>
<paos:OutstandingAccountsReceivable contextRef="From2018-01-01to2018-12-31_paos_AMGVanadiumMember" unitRef="Pure" decimals="INF"> 0.15 </paos:OutstandingAccountsReceivable>
<paos:OutstandingAccountsReceivable contextRef="From2019-01-01to2019-12-31_paos_UniversalStainlessAndAlloyProductsMember" unitRef="Pure" decimals="INF"> 0.162 </paos:OutstandingAccountsReceivable>
<paos:OutstandingAccountsReceivable contextRef="From2018-01-01to2018-12-31_paos_UniversalStainlessAndAlloyProductsMember" unitRef="Pure" decimals="INF"> 0.13 </paos:OutstandingAccountsReceivable>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_paos_UniversalStainlessAndAlloyProductsMember" unitRef="Pure" decimals="INF"> 0.111 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_paos_UniversalStainlessAndAlloyProductsMember" unitRef="Pure" decimals="INF"> 0.124 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_paos_RemeltSourcesIncMember" unitRef="Pure" decimals="INF"> 0.203 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_paos_RemeltSourcesIncMember" unitRef="Pure" decimals="INF"> 0.176 </us-gaap:ConcentrationRiskPercentage1>
<paos:OutstandingAccountsReceivable contextRef="From2019-01-01to2019-12-31_paos_RemeltSourcesIncMember" unitRef="Pure" decimals="INF"> 0.198 </paos:OutstandingAccountsReceivable>
<paos:OutstandingAccountsReceivable contextRef="From2018-01-01to2018-12-31_paos_RemeltSourcesIncMember" unitRef="Pure" decimals="INF"> 0.209 </paos:OutstandingAccountsReceivable>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_paos_PACCARMember" unitRef="Pure" decimals="INF"> 0.167 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_paos_PACCARMember" unitRef="Pure" decimals="INF"> 0.14 </us-gaap:ConcentrationRiskPercentage1>
<paos:OutstandingAccountsReceivable contextRef="From2019-01-01to2019-12-31_paos_PACCARMember" unitRef="Pure" decimals="INF"> 0.133 </paos:OutstandingAccountsReceivable>
<paos:OutstandingAccountsReceivable contextRef="From2018-01-01to2018-12-31_paos_PACCARMember" unitRef="Pure" decimals="INF"> 0.14 </paos:OutstandingAccountsReceivable>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_srt_MaximumMember" unitRef="Pure" decimals="INF"> 0.1 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_srt_MaximumMember" unitRef="Pure" decimals="INF"> 0.1 </us-gaap:ConcentrationRiskPercentage1>
<paos:OutstandingAccountsReceivable contextRef="From2019-01-01to2019-12-31_srt_MaximumMember" unitRef="Pure" decimals="INF"> 0.1 </paos:OutstandingAccountsReceivable>
<paos:OutstandingAccountsReceivable contextRef="From2018-01-01to2018-12-31_srt_MaximumMember" unitRef="Pure" decimals="INF"> 0.1 </paos:OutstandingAccountsReceivable>
<paos:OutstandingAccountsPayablePercentage contextRef="From2019-01-01to2019-12-31_paos_AVKMember" unitRef="Pure" decimals="INF"> 0.119 </paos:OutstandingAccountsPayablePercentage>
<paos:OutstandingAccountsPayablePercentage contextRef="From2018-01-01to2018-12-31_paos_AVKMember" unitRef="Pure" decimals="INF"> 0.118 </paos:OutstandingAccountsPayablePercentage>
<paos:OutstandingAccountsReceivable contextRef="From2019-01-01to2019-12-31_paos_EasthamForgeMember" unitRef="Pure" decimals="INF"> 0.117 </paos:OutstandingAccountsReceivable>
<us-gaap:LandImprovements contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 3419779 </us-gaap:LandImprovements>
<us-gaap:LandImprovements contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 3419779 </us-gaap:LandImprovements>
<us-gaap:MachineryAndEquipmentGross contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 3974047 </us-gaap:MachineryAndEquipmentGross>
<us-gaap:MachineryAndEquipmentGross contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 3463829 </us-gaap:MachineryAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 7393826 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 6883608 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 1388982 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 758425 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AreaOfLand contextRef="AsOf2019-12-31" unitRef="sqft" decimals="INF"> 220000 </us-gaap:AreaOfLand>
<us-gaap:DepreciationDepletionAndAmortization contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 630556 </us-gaap:DepreciationDepletionAndAmortization>
<us-gaap:DepreciationDepletionAndAmortization contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 559496 </us-gaap:DepreciationDepletionAndAmortization>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2019-01-01to2019-12-31_us-gaap_MachineryAndEquipmentMember_srt_MaximumMember"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2019-01-01to2019-12-31_us-gaap_MachineryAndEquipmentMember_srt_MinimumMember"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2019-01-01to2019-12-31_us-gaap_BuildingMember"> P30Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:SecuredDebt contextRef="AsOf2019-12-31_us-gaap_PropertyPlantAndEquipmentMember" unitRef="USD" decimals="0"> 7570152 </us-gaap:SecuredDebt>
<us-gaap:AccountsPayableCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 2839425 </us-gaap:AccountsPayableCurrent>
<us-gaap:AccountsPayableCurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 3060269 </us-gaap:AccountsPayableCurrent>
<us-gaap:InterestPayableCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 40455 </us-gaap:InterestPayableCurrent>
<us-gaap:InterestPayableCurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 35805 </us-gaap:InterestPayableCurrent>
<us-gaap:AccruedSalariesCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 357976 </us-gaap:AccruedSalariesCurrent>
<us-gaap:AccruedSalariesCurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 116930 </us-gaap:AccruedSalariesCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 46000 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 62007 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 3283856 </us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent>
<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 3275011 </us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent>
<us-gaap:PaymentsToAcquireIntangibleAssets contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 1990000 </us-gaap:PaymentsToAcquireIntangibleAssets>
<us-gaap:GoodwillAcquiredDuringPeriod contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 54993 </us-gaap:GoodwillAcquiredDuringPeriod>
<paos:CustomerListEstimatedUsefulLife contextRef="From2019-01-01to2019-12-31"> P10Y </paos:CustomerListEstimatedUsefulLife>
<paos:CustomerListEstimatedUsefulLife contextRef="From2018-01-01to2018-12-31" xsi:nil="true"/>
<paos:CustomerListValue contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 1509083 </paos:CustomerListValue>
<paos:AmortizationExpenseDescription contextRef="From2019-01-01to2019-12-31"> Amortization expense for the years ended December 31, 2019 through 2027 is $199,000 per year. </paos:AmortizationExpenseDescription>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 199000 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 199000 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 199000 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 199000 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 199000 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive>
<us-gaap:AmortizationOfIntangibleAssets contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 199000 </us-gaap:AmortizationOfIntangibleAssets>
<us-gaap:AmortizationOfIntangibleAssets contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 199000 </us-gaap:AmortizationOfIntangibleAssets>
<paos:FinanceLeaseRouAssets contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 153307 </paos:FinanceLeaseRouAssets>
<paos:OperatingLeasesPayableShortTerm contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 255533 </paos:OperatingLeasesPayableShortTerm>
<paos:FinanceLeasesPayableShortTerm contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 49662 </paos:FinanceLeasesPayableShortTerm>
<paos:OperatingLeasesPayableNetOfCurrentPortion contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 877899 </paos:OperatingLeasesPayableNetOfCurrentPortion>
<paos:FinanceLeasesPayableNetOfCurrentPortion contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 79214 </paos:FinanceLeasesPayableNetOfCurrentPortion>
<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2019-12-31"> P49Y3M18D </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2019-12-31" unitRef="Pure" decimals="INF"> 0.0563 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
<us-gaap:OperatingLeaseCost contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 238449 </us-gaap:OperatingLeaseCost>
<us-gaap:FinanceLeaseRightOfUseAssetAmortization contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 28473 </us-gaap:FinanceLeaseRightOfUseAssetAmortization>
<us-gaap:FinanceLeaseInterestExpense contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 7222 </us-gaap:FinanceLeaseInterestExpense>
<us-gaap:LeaseCost contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 373717 </us-gaap:LeaseCost>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 313115 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 313115 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 287448 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>
<paos:OperatingLeasesFutureMinimumPaymentsDueInSixYears contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 236115 </paos:OperatingLeasesFutureMinimumPaymentsDueInSixYears>
<paos:OperatingLeasesFutureMinimumPaymentsDueInSevenYears contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 118058 </paos:OperatingLeasesFutureMinimumPaymentsDueInSevenYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDue contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 1267851 </us-gaap:OperatingLeasesFutureMinimumPaymentsDue>
<paos:ImputedInterest contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 134419 </paos:ImputedInterest>
<paos:PresentValueOfOperatingLeaseObligations contextRef="AsOf2019-12-31_paos_OperatingLeasesMember" unitRef="USD" decimals="0"> 1133432 </paos:PresentValueOfOperatingLeaseObligations>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 84067 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 77000 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 77000 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoAndThreeYears contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 57750 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoAndThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDue contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 295817 </us-gaap:OperatingLeasesFutureMinimumPaymentsDue>
<paos:ObligationsUnderFinanceAndCapitalLeases contextRef="AsOf2019-12-31_paos_FinanceLeasesMember" unitRef="USD" decimals="0"> 128876 </paos:ObligationsUnderFinanceAndCapitalLeases>
<paos:FinanceLeasesPayableShortTerm contextRef="AsOf2019-12-31_paos_FinanceLeasesMember" unitRef="USD" decimals="0"> 49662 </paos:FinanceLeasesPayableShortTerm>
<paos:FinanceLeasesPayableNetOfCurrentPortion contextRef="AsOf2019-12-31_paos_FinanceLeasesMember" unitRef="USD" decimals="0"> 79214 </paos:FinanceLeasesPayableNetOfCurrentPortion>
<paos:ObligationsUnderFinanceAndCapitalLeases contextRef="AsOf2019-12-31_paos_CapitalLeasesMember" unitRef="USD" xsi:nil="true"/>
<paos:ObligationsUnderFinanceAndCapitalLeases contextRef="AsOf2018-12-31_paos_CapitalLeasesMember" unitRef="USD" decimals="0"> 156793 </paos:ObligationsUnderFinanceAndCapitalLeases>
<paos:FinanceLeasesPayableShortTerm contextRef="AsOf2019-12-31_paos_CapitalLeasesMember" unitRef="USD" xsi:nil="true"/>
<paos:FinanceLeasesPayableShortTerm contextRef="AsOf2018-12-31_paos_CapitalLeasesMember" unitRef="USD" decimals="0"> 43435 </paos:FinanceLeasesPayableShortTerm>
<paos:FinanceLeasesPayableNetOfCurrentPortion contextRef="AsOf2019-12-31_paos_CapitalLeasesMember" unitRef="USD" xsi:nil="true"/>
<paos:FinanceLeasesPayableNetOfCurrentPortion contextRef="AsOf2018-12-31_paos_CapitalLeasesMember" unitRef="USD" decimals="0"> 113358 </paos:FinanceLeasesPayableNetOfCurrentPortion>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="AsOf2019-12-31_paos_FinanceLeaseObligationsMember" unitRef="USD" decimals="0"> 54981 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="AsOf2019-12-31_paos_FinanceLeaseObligationsMember" unitRef="USD" decimals="0"> 53661 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears contextRef="AsOf2019-12-31_paos_FinanceLeaseObligationsMember" unitRef="USD" decimals="0"> 26178 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears contextRef="AsOf2019-12-31_paos_FinanceLeaseObligationsMember" unitRef="USD" decimals="0"> 2786 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDue contextRef="AsOf2019-12-31_paos_FinanceLeaseObligationsMember" unitRef="USD" decimals="0"> 137606 </us-gaap:OperatingLeasesFutureMinimumPaymentsDue>
<paos:Interest contextRef="AsOf2019-12-31_paos_FinanceLeaseObligationsMember" unitRef="USD" decimals="0"> 8730 </paos:Interest>
<paos:TotalPrincipalRepayments contextRef="AsOf2019-12-31_paos_FinanceLeaseObligationsMember" unitRef="USD" decimals="0"> 128876 </paos:TotalPrincipalRepayments>
<us-gaap:CapitalLeasesFutureMinimumPaymentsDueCurrent contextRef="AsOf2018-12-31_us-gaap_CapitalLeaseObligationsMember" unitRef="USD" decimals="0"> 50199 </us-gaap:CapitalLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:CapitalLeasesFutureMinimumPaymentsDueInTwoYears contextRef="AsOf2018-12-31_us-gaap_CapitalLeaseObligationsMember" unitRef="USD" decimals="0"> 50199 </us-gaap:CapitalLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:CapitalLeasesFutureMinimumPaymentsDueInThreeYears contextRef="AsOf2018-12-31_us-gaap_CapitalLeaseObligationsMember" unitRef="USD" decimals="0"> 48878 </us-gaap:CapitalLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:CapitalLeasesFutureMinimumPaymentsDueInFourYears contextRef="AsOf2018-12-31_us-gaap_CapitalLeaseObligationsMember" unitRef="USD" decimals="0"> 21396 </us-gaap:CapitalLeasesFutureMinimumPaymentsDueInFourYears>
<us-gaap:CapitalLeasesFutureMinimumPaymentsDueThereafter contextRef="AsOf2018-12-31_us-gaap_CapitalLeaseObligationsMember" unitRef="USD" decimals="0"> 170672 </us-gaap:CapitalLeasesFutureMinimumPaymentsDueThereafter>
<paos:Interest contextRef="AsOf2018-12-31_us-gaap_CapitalLeaseObligationsMember" unitRef="USD" decimals="0"> 13879 </paos:Interest>
<us-gaap:CapitalLeasesFutureMinimumPaymentsDue contextRef="AsOf2018-12-31_us-gaap_CapitalLeaseObligationsMember" unitRef="USD" decimals="0"> 156793 </us-gaap:CapitalLeasesFutureMinimumPaymentsDue>
<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2019-12-31_paos_FinanceAndCapitalLeasesMember"> P31M </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2019-12-31_paos_FinanceAndCapitalLeasesMember" unitRef="Pure" decimals="INF"> 0.05 </us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent>
<us-gaap:OperatingLeasePayments contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 209058 </us-gaap:OperatingLeasePayments>
<paos:OperatingLeasesAssetObtainedInExchangeForOperatingLeaseObligation contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 1277143 </paos:OperatingLeasesAssetObtainedInExchangeForOperatingLeaseObligation>
<paos:OperatingLeasesAssetObtainedInExchangeForOperatingLeaseObligation contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:PriorPeriodReclassificationAdjustment contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> 9625 </us-gaap:PriorPeriodReclassificationAdjustment>
<us-gaap:DescriptionOfLessorLeasingArrangementsOperatingLeases contextRef="From2019-01-01to2019-12-31"> Most real estate leases include one or more options to renew, with renewal terms that generally can extend the lease term for an additional four to five years </us-gaap:DescriptionOfLessorLeasingArrangementsOperatingLeases>
<us-gaap:OperatingLeaseExpense contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:OperatingLeaseExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 113300 </us-gaap:OperatingLeaseExpense>
<us-gaap:SalariesWagesAndOfficersCompensation contextRef="From2017-11-01to2017-11-10_us-gaap_EmploymentContractsMember_paos_MrWachterMember" unitRef="USD" decimals="0"> 100000 </us-gaap:SalariesWagesAndOfficersCompensation>
<us-gaap:SalariesWagesAndOfficersCompensation contextRef="From2017-11-01to2017-11-10_us-gaap_EmploymentContractsMember_paos_MrGoldenMember" unitRef="USD" decimals="0"> 100000 </us-gaap:SalariesWagesAndOfficersCompensation>
<paos:PmalIncomeAttributableToNci contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<paos:PmalIncomeAttributableToNci contextRef="From2019-01-01to2019-06-30" unitRef="USD" decimals="0"> 313951 </paos:PmalIncomeAttributableToNci>
<paos:PmalIncomeAttributableToNci contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 490235 </paos:PmalIncomeAttributableToNci>
<paos:ValueOfNciAtJune302019 contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<paos:ValueOfNciAtJune302019 contextRef="From2019-01-01to2019-06-30" unitRef="USD" decimals="0"> 1071729 </paos:ValueOfNciAtJune302019>
<paos:ValueOfNciAtJune302019 contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 757778 </paos:ValueOfNciAtJune302019>
<paos:PurchaseOfNci contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> -757778 </paos:PurchaseOfNci>
<paos:TransferOfPmalIncomeAllocatedToSbnToAmerinacHoldingCorp contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="0"> -313951 </paos:TransferOfPmalIncomeAllocatedToSbnToAmerinacHoldingCorp>
<paos:ReductionInNciOnSeptember302018 contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<paos:ReductionInNciOnSeptember302018 contextRef="From2019-01-01to2019-06-30" unitRef="USD" decimals="0"> -185834 </paos:ReductionInNciOnSeptember302018>
<paos:ReductionInNciOnSeptember302018 contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> -185834 </paos:ReductionInNciOnSeptember302018>
<paos:OperatingLeasesFutureMinimumPaymentsDueYearOne contextRef="AsOf2019-12-31_paos_TermLoanMember" unitRef="USD" decimals="0"> 600000 </paos:OperatingLeasesFutureMinimumPaymentsDueYearOne>
<paos:OperatingLeasesFutureMinimumPaymentsDueYearTwo contextRef="AsOf2019-12-31_paos_TermLoanMember" unitRef="USD" decimals="0"> 3650000 </paos:OperatingLeasesFutureMinimumPaymentsDueYearTwo>
<us-gaap:Assets contextRef="AsOf2019-12-31_paos_TermLoanMember" unitRef="USD" decimals="0"> 4250000 </us-gaap:Assets>
<us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet contextRef="AsOf2019-12-31_paos_TermLoanMember" unitRef="USD" decimals="0"> -110329 </us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="AsOf2019-12-31_paos_TermLoanMember" unitRef="USD" decimals="0"> 4139671 </us-gaap:DeferredFinanceCostsNet>
<us-gaap:RepaymentsOfRelatedPartyDebt contextRef="From2019-08-01to2019-08-16" unitRef="USD" xsi:nil="true"/>
<us-gaap:RepaymentsOfRelatedPartyDebt contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<paos:UnamortizedDebtFinancingCost contextRef="AsOf2019-12-31_paos_CASBerkshireLoanMember" unitRef="USD" xsi:nil="true"/>
<paos:UnamortizedDebtFinancingCost contextRef="AsOf2018-12-31_paos_CASBerkshireLoanMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:AmortizationOfFinancingCosts contextRef="From2019-01-01to2019-12-31_paos_CASBerkshireLoanMember" unitRef="USD" decimals="0"> 3592 </us-gaap:AmortizationOfFinancingCosts>
<paos:BorrowedAmount contextRef="From2019-01-01to2019-12-31_paos_CASBerkshireLoanMember" unitRef="USD" xsi:nil="true"/>
<paos:BorrowedAmount contextRef="From2018-08-01to2018-08-31_paos_CASBerkshireLoanMember" unitRef="USD" xsi:nil="true"/>
<paos:CompanyDrawings contextRef="AsOf2019-12-31_paos_CASBerkshireLoanMember" unitRef="USD" decimals="0"> 1026180 </paos:CompanyDrawings>
<us-gaap:AmortizationOfDebtDiscountPremium contextRef="From2019-01-01to2019-12-31_paos_CASBerkshireLoanMember" unitRef="USD" decimals="0"> 39498 </us-gaap:AmortizationOfDebtDiscountPremium>
<paos:OneTimeCashDistribution contextRef="From2019-08-01to2019-08-16_paos_CASBerkshireLoanMember" unitRef="USD" decimals="0"> 1500000 </paos:OneTimeCashDistribution>
<paos:OneTimeCashDistribution contextRef="From2018-08-01to2018-08-31_paos_CASBerkshireLoanMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-08-01to2019-08-16_paos_CASBerkshireLoanMember"> Borrowings under the CAS Revolving Loan bear interest at a rate equal to the ICE LIBOR rate plus 3.00%, which was 5.11% </us-gaap:LineOfCreditFacilityInterestRateDescription>
<paos:DescriptionCashFlowCoverageRatio contextRef="From2019-08-01to2019-08-16_paos_CASBerkshireLoanMember"> CAS shall maintain a quarterly cash flow coverage ratio of not less than 1.20 to 1.00. Under the tangible net worth covenant, commencing with the fiscal quarter ending December 31, 2019, CAS shall maintain a tangible net worth of no less than $1.0 million, as amended on August 16, 2019. The tangible net worth amount required shall increase annually on each June 30 by 50% of CAS’s prior years undistributed net income. </paos:DescriptionCashFlowCoverageRatio>
<paos:BorrowingBase contextRef="AsOf2019-12-31_paos_CASBerkshireLoanMember" unitRef="USD" decimals="0"> 2700000 </paos:BorrowingBase>
<paos:BorrowedAmount contextRef="From2018-08-01to2018-08-31_us-gaap_BridgeLoanMember_paos_PMALMember" unitRef="USD" decimals="0"> 2293972 </paos:BorrowedAmount>
<paos:OneTimeCashDistribution contextRef="From2018-08-01to2018-08-31_us-gaap_BridgeLoanMember_paos_PMALMember" unitRef="USD" decimals="0"> 1500000 </paos:OneTimeCashDistribution>
<us-gaap:RedeemableNoncontrollingInterestEquityFairValue contextRef="AsOf2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember" unitRef="USD" decimals="0"> 400000 </us-gaap:RedeemableNoncontrollingInterestEquityFairValue>
<us-gaap:BusinessAcquisitionsPurchasePriceAllocationYearOfAcquisitionNetEffectOnIncome contextRef="From2017-08-01to2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember" unitRef="USD" decimals="0"> 9600000 </us-gaap:BusinessAcquisitionsPurchasePriceAllocationYearOfAcquisitionNetEffectOnIncome>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanBMember" unitRef="USD" decimals="0"> 1475000 </us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-12-31_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanBMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanBMember" unitRef="USD" decimals="0"> 4500000 </us-gaap:DebtInstrumentCarryingAmount>
<paos:InterestRateDescription contextRef="From2017-08-01to2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanBMember"> Summit Term Loan B accrued each month at either 17.5% interest per annum (with 14.0% payable monthly and 3.5% accruing to the outstanding balance of Term Loan B, payable at maturity) or 17.0% interest per annum, payable monthly. </paos:InterestRateDescription>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-08-01to2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanBMember"> 2020-08-17 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanAMember" unitRef="USD" decimals="0"> 3000000 </us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-12-31_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanAMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanAMember" unitRef="USD" decimals="0"> 3500000 </us-gaap:DebtInstrumentCarryingAmount>
<paos:InterestRateDescription contextRef="From2017-08-01to2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanAMember"> Summit Term Loan A accrued each month at either 17.5% interest per annum (with 12.5% payable monthly and 5.0% accruing to the outstanding balance of Term Loan A, payable at maturity) or 17.0% interest per annum, payable monthly. </paos:InterestRateDescription>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2017-08-01to2017-08-17_us-gaap_BridgeLoanMember_paos_PMALMember_paos_TermLoanAMember"> 2020-08-17 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_paos_TermLoanMember" unitRef="USD" decimals="0"> 2875000 </us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-12-31_paos_TermLoanMember" unitRef="USD" decimals="0"> 3375000 </us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_paos_TermLoanBMember" unitRef="USD" decimals="0"> 1375000 </us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-12-31_paos_TermLoanBMember" unitRef="USD" decimals="0"> 1475000 </us-gaap:DebtInstrumentCarryingAmount>
<paos:InterestRateDescription contextRef="From2019-01-01to2019-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireBankMember"> Borrowings under the Berkshire Revolving Loan bear interest at a rate equal to the Intercontinental Exchange Benchmark Administration Ltd. London Interbank Offered rate plus 3.25%, which was 5.36% </paos:InterestRateDescription>
<us-gaap:DebtInstrumentUnamortizedDiscount contextRef="AsOf2019-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireBankMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DebtInstrumentUnamortizedDiscount contextRef="AsOf2018-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireBankMember" unitRef="USD" xsi:nil="true"/>
<paos:UnamortizedDebtFinancingCost contextRef="AsOf2019-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAAndBMember" unitRef="USD" decimals="0"> 110329 </paos:UnamortizedDebtFinancingCost>
<paos:UnamortizedDebtFinancingCost contextRef="AsOf2018-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAAndBMember" unitRef="USD" decimals="0"> 180010 </paos:UnamortizedDebtFinancingCost>
<paos:AmortizedDebtFinancingCost contextRef="AsOf2019-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAAndBMember" unitRef="USD" decimals="0"> 69681 </paos:AmortizedDebtFinancingCost>
<paos:AmortizedDebtFinancingCost contextRef="AsOf2018-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAAndBMember" unitRef="USD" decimals="0"> 29035 </paos:AmortizedDebtFinancingCost>
<paos:InterestRateDescription contextRef="From2019-01-01to2019-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAAndBMember"> Berkshire Term Loan A and Berkshire Term Loan B bear interest at ICE LIBOR rate plus 4.25%, which was 6.36% </paos:InterestRateDescription>
<paos:DescriptionForCashFlowCoverageRatioUnderAgreement contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember"> PMAL shall maintain a quarterly cash flow coverage ratio of not less than 1.20 to 1.00 </paos:DescriptionForCashFlowCoverageRatioUnderAgreement>
<paos:DescriptionForTangibleNetWorthUnderAgreement contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember"> PMAL shall maintain a tangible net worth of no less than $3.1 million. On December 31, 2019, the tangible net worth requirement will increase to $4.1 million pursuant to the amendment executed on August 16, 2019. The tangible net worth amount required shall increase annually on each June 30 by 50% of PMAL’s prior year’s undistributed net income. </paos:DescriptionForTangibleNetWorthUnderAgreement>
<paos:AggregatePrincipalAmountOfRevolvingCredit contextRef="AsOf2019-12-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireBankMember_us-gaap_RevolvingCreditFacilityMember" unitRef="USD" xsi:nil="true"/>
<paos:AggregatePrincipalAmountOfRevolvingCredit contextRef="AsOf2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireBankMember_us-gaap_RevolvingCreditFacilityMember" unitRef="USD" decimals="0"> 6000000 </paos:AggregatePrincipalAmountOfRevolvingCredit>
<paos:AggregatePrincipalAmountOfRevolvingCredit contextRef="AsOf2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanBMember" unitRef="USD" decimals="0"> 1500000 </paos:AggregatePrincipalAmountOfRevolvingCredit>
<us-gaap:DebtInstrumentMaturityDateDescription contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanBMember"> Berkshire Term Loan B has a maturity date the earlier of (i) August 31, 2023 or (ii) the Revolving Credit Maturity Date. </us-gaap:DebtInstrumentMaturityDateDescription>
<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanBMember" unitRef="USD" decimals="0"> 8334 </us-gaap:DebtInstrumentPeriodicPayment>
<us-gaap:DebtInstrumentFrequencyOfPeriodicPayment contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanBMember"> Monthly </us-gaap:DebtInstrumentFrequencyOfPeriodicPayment>
<paos:AggregatePrincipalAmountOfRevolvingCredit contextRef="AsOf2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAMember" unitRef="USD" decimals="0"> 3500000 </paos:AggregatePrincipalAmountOfRevolvingCredit>
<us-gaap:DebtInstrumentMaturityDateDescription contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAMember"> Berkshire Term Loan A has a maturity date the earlier of (i) August 31, 2023 or (ii) the Revolving Credit Maturity Date. </us-gaap:DebtInstrumentMaturityDateDescription>
<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAMember" unitRef="USD" decimals="0"> 41667 </us-gaap:DebtInstrumentPeriodicPayment>
<us-gaap:DebtInstrumentFrequencyOfPeriodicPayment contextRef="From2018-08-01to2018-08-31_paos_LoanAndSecurityAgreementMember_paos_BerkshireTermLoanAMember"> Monthly </us-gaap:DebtInstrumentFrequencyOfPeriodicPayment>
<paos:RepaymentOfRelatedPartyDebtDescription contextRef="From2019-01-01to2019-12-31_us-gaap_BridgeLoanMember"> The terms of the Summit Loans and because PMAL repaid the Summit Loans within thirty-six (36) months of the origination of the Summit Loans, the SBN Membership Interests were reduced from 25% to 20% of PMAL as of September 1, 2018. </paos:RepaymentOfRelatedPartyDebtDescription>
<paos:PurchasePriceForMembershipInterest contextRef="From2019-01-01to2019-12-31_us-gaap_BridgeLoanMember" unitRef="USD" decimals="0"> 3000000 </paos:PurchasePriceForMembershipInterest>
<us-gaap:AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt contextRef="From2019-01-01to2019-12-31_us-gaap_BridgeLoanMember" unitRef="USD" decimals="0"> 1547133 </us-gaap:AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt>
<paos:AmountOfTransferedIncome contextRef="From2019-01-01to2019-12-31_us-gaap_BridgeLoanMember" unitRef="USD" decimals="0"> 313951 </paos:AmountOfTransferedIncome>
<paos:PurchaseOfMinorityInterest contextRef="From2019-01-01to2019-12-31_us-gaap_BridgeLoanMember" unitRef="USD" decimals="0"> -2242222 </paos:PurchaseOfMinorityInterest>
<us-gaap:DeferredTaxAssetsNetNoncurrent contextRef="AsOf2019-12-31_us-gaap_BridgeLoanMember" unitRef="USD" decimals="0"> 695089 </us-gaap:DeferredTaxAssetsNetNoncurrent>
<paos:DescriptionForProrataNetIncomeAllocation contextRef="From2018-08-01to2018-08-31_us-gaap_BridgeLoanMember_paos_SbnMember"> SBN's pro-rata net income allocation was made at a rate of 25% through August 31, 2018 and 20% commencing September 1, 2018 in accordance with the reduction in membership interests </paos:DescriptionForProrataNetIncomeAllocation>
<us-gaap:Revenues contextRef="From2019-01-01to2019-12-31_paos_CreativeAssemblyMember" unitRef="USD" decimals="0"> 16057971 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-01-01to2018-12-31_paos_CreativeAssemblyMember" unitRef="USD" decimals="0"> 11702014 </us-gaap:Revenues>
<us-gaap:CostOfRevenue contextRef="From2019-01-01to2019-12-31_paos_CreativeAssemblyMember" unitRef="USD" decimals="0"> 13275133 </us-gaap:CostOfRevenue>
<us-gaap:CostOfRevenue contextRef="From2018-01-01to2018-12-31_paos_CreativeAssemblyMember" unitRef="USD" decimals="0"> 9406969 </us-gaap:CostOfRevenue>
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<us-gaap:EarningsPerShareBasic contextRef="From2019-01-01to2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USDPShares" decimals="INF"> 4.34 </us-gaap:EarningsPerShareBasic>
<us-gaap:DeferredTaxAssetsNetNoncurrent contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherAssets contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 2830901 </us-gaap:OtherAssets>
<us-gaap:Assets contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 20617728 </us-gaap:Assets>
<us-gaap:TaxesPayableCurrent contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 402802 </us-gaap:TaxesPayableCurrent>
<us-gaap:LiabilitiesCurrent contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 8233827 </us-gaap:LiabilitiesCurrent>
<us-gaap:DeferredTaxLiabilities contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 249814 </us-gaap:DeferredTaxLiabilities>
<us-gaap:LiabilitiesNoncurrent contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 4957201 </us-gaap:LiabilitiesNoncurrent>
<us-gaap:Liabilities contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 13191028 </us-gaap:Liabilities>
<us-gaap:AdditionalPaidInCapital contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 14141377 </us-gaap:AdditionalPaidInCapital>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> -6714990 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:StockholdersEquity contextRef="AsOf2019-09-30_srt_ScenarioPreviouslyReportedMember" unitRef="USD" decimals="0"> 7426700 </us-gaap:StockholdersEquity>
<us-gaap:DeferredTaxAssetsNetNoncurrent contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 431567 </us-gaap:DeferredTaxAssetsNetNoncurrent>
<us-gaap:OtherAssets contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 3262468 </us-gaap:OtherAssets>
<us-gaap:Assets contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 21049295 </us-gaap:Assets>
<us-gaap:TaxesPayableCurrent contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 199027 </us-gaap:TaxesPayableCurrent>
<us-gaap:LiabilitiesCurrent contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 8030052 </us-gaap:LiabilitiesCurrent>
<us-gaap:DeferredTaxLiabilities contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:LiabilitiesNoncurrent contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 4707387 </us-gaap:LiabilitiesNoncurrent>
<us-gaap:Liabilities contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 12737439 </us-gaap:Liabilities>
<us-gaap:AdditionalPaidInCapital contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 14836466 </us-gaap:AdditionalPaidInCapital>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> -6524923 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:StockholdersEquity contextRef="AsOf2019-09-30_paos_RestatedMember" unitRef="USD" decimals="0"> 8311856 </us-gaap:StockholdersEquity>
<us-gaap:DeferredTaxAssetsNetNoncurrent contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> 431567 </us-gaap:DeferredTaxAssetsNetNoncurrent>
<us-gaap:OtherAssets contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> 431567 </us-gaap:OtherAssets>
<us-gaap:Assets contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> 431567 </us-gaap:Assets>
<us-gaap:TaxesPayableCurrent contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> -203775 </us-gaap:TaxesPayableCurrent>
<us-gaap:LiabilitiesCurrent contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> -203775 </us-gaap:LiabilitiesCurrent>
<us-gaap:DeferredTaxLiabilities contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> -249814 </us-gaap:DeferredTaxLiabilities>
<us-gaap:LiabilitiesNoncurrent contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> -249814 </us-gaap:LiabilitiesNoncurrent>
<us-gaap:Liabilities contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> -453589 </us-gaap:Liabilities>
<us-gaap:AdditionalPaidInCapital contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> 695089 </us-gaap:AdditionalPaidInCapital>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> 190067 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:StockholdersEquity contextRef="AsOf2019-09-30_srt_RestatementAdjustmentMember" unitRef="USD" decimals="0"> 885156 </us-gaap:StockholdersEquity>
<us-gaap:Revenues contextRef="From2019-01-01to2019-12-31_us-gaap_SubsequentEventMember_paos_AmerinacMember" unitRef="USD" decimals="0"> 64290764 </us-gaap:Revenues>
<us-gaap:OperatingExpenses contextRef="From2019-01-01to2019-12-31_us-gaap_SubsequentEventMember_paos_AmerinacMember" unitRef="USD" decimals="0"> 6621707 </us-gaap:OperatingExpenses>
<us-gaap:IncomeTaxExpenseBenefit contextRef="From2019-01-01to2019-12-31_us-gaap_SubsequentEventMember_paos_AmerinacMember" unitRef="USD" decimals="0"> 3128358 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_us-gaap_SubsequentEventMember_paos_AmerinacMember" unitRef="USD" decimals="0"> 2280833 </us-gaap:NetIncomeLoss>
<us-gaap:AccountsReceivableNet contextRef="AsOf2019-12-31_srt_ProFormaMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="0"> 5518783 </us-gaap:AccountsReceivableNet>
<us-gaap:InventoryNet contextRef="AsOf2019-12-31_srt_ProFormaMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="0"> 11196416 </us-gaap:InventoryNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2019-12-31_srt_ProFormaMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="0"> 11697297 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:Assets contextRef="AsOf2019-12-31_srt_ProFormaMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="0"> 32743357 </us-gaap:Assets>
<us-gaap:Liabilities contextRef="AsOf2019-12-31_srt_ProFormaMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="0"> 27584962 </us-gaap:Liabilities>
<us-gaap:StockRepurchasedDuringPeriodShares contextRef="From2019-01-01to2019-12-31_us-gaap_SubsequentEventMember_paos_ShareholderMember" unitRef="Shares" decimals="INF"> 2000 </us-gaap:StockRepurchasedDuringPeriodShares>
<paos:CommonStockSharesRepurchasedPricePerShare contextRef="AsOf2019-12-31_us-gaap_SubsequentEventMember_paos_ShareholderMember" unitRef="USDPShares" decimals="INF"> 65 </paos:CommonStockSharesRepurchasedPricePerShare>
<us-gaap:LongTermDebt contextRef="AsOf2019-12-31_paos_USACWAMember_paos_USACRossMember_paos_LoanAndSecurityAgreementMember_paos_SummitBridgeVIMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="0"> 6167000 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentTerm contextRef="From2019-01-01to2019-12-31_paos_USACWAMember_paos_USACRossMember_paos_LoanAndSecurityAgreementMember_paos_SummitBridgeVIMember_us-gaap_SubsequentEventMember"> P2Y0M0D </us-gaap:DebtInstrumentTerm>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2019-01-01to2019-12-31_paos_USACWAMember_paos_USACRossMember_paos_LoanAndSecurityAgreementMember_paos_SummitBridgeVIMember_us-gaap_SubsequentEventMember"> 2022-03-20 </us-gaap:DebtInstrumentMaturityDate>
<paos:DescriptionOfTermLoanAmortization contextRef="From2019-01-01to2019-12-31_paos_USACWAMember_paos_USACRossMember_paos_LoanAndSecurityAgreementMember_paos_SummitBridgeVIMember_us-gaap_SubsequentEventMember"> The USAC Term Loan will begin amortizing on the thirteenth (13) month following the Effective Date pursuant to a seven (7) year amortization schedule with the balance due on the maturity date. The USAC Term Loan is secured against all of the assets of USAC Ross and USAC WA. The USAC Term Loan may be prepaid in whole or in part at any time without any fee, charge or penalty. </paos:DescriptionOfTermLoanAmortization>
<us-gaap:DebtInstrumentInterestRateDuringPeriod contextRef="From2019-01-01to2019-12-31_paos_USACWAMember_paos_USACRossMember_paos_LoanAndSecurityAgreementMember_paos_SummitBridgeVIMember_us-gaap_SubsequentEventMember" unitRef="Pure" decimals="INF"> 0.09 </us-gaap:DebtInstrumentInterestRateDuringPeriod>
<us-gaap:ShortTermDebtInterestRateIncrease contextRef="From2019-01-01to2019-12-31_paos_USACWAMember_paos_USACRossMember_paos_LoanAndSecurityAgreementMember_paos_SummitBridgeVIMember_us-gaap_SubsequentEventMember" unitRef="Pure" decimals="INF"> 0.15 </us-gaap:ShortTermDebtInterestRateIncrease>
<us-gaap:DebtInstrumentDescription contextRef="From2019-01-01to2019-12-31_paos_USACWAMember_paos_USACRossMember_paos_LoanAndSecurityAgreementMember_paos_SummitBridgeVIMember_us-gaap_SubsequentEventMember"> If the USAC Term Loan is prepaid in full on or before the nine (9) month anniversary of the Effective Date, the principal amount will be reduced by $500,000. If the USAC Term Loan is prepaid in full on or before the ten (10) month anniversary of the Effective Date, the principal amount will be reduced by $400,000. If the USAC Term Loan is prepaid in full on or before the eleven (11) month anniversary of the Effective Date, the principal amount will be reduced by $300,000. If the USAC Term Loan is prepaid in full before the twelve (12) month anniversary of the Effective Date, the principal amount will be reduced by $200,000. If the USAC Term Loan is prepaid in full on or before the sixteen (16) month anniversary of the Effective Date, the principal amount will be reduced by $100,000. </us-gaap:DebtInstrumentDescription>
<us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts contextRef="AsOf2019-12-31_paos_PurchaseAndSaleAgreementMember_paos_USACWAMember_paos_USACRossMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="0"> 6167000 </us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts>
</xbrli:xbrl>

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