16. During the quarter ended June 29, 2019 the Company completed three different asset purchase transactions, acquiring the assets of four operating businesses. On May 20, 2019 the Company acquired the assets of Serenity and Fastrac, both based in Colorado Springs, Colorado, using available cash reserves. Serenity is a proprietary sliding door system providing superior sound attenuation, sold primarily into healthcare markets across the country. Fastrac is a leading supplier of commercial doors and hardware to healthcare and hospitality customers across the country. Serenity continues to operate as a stand-alone business while Fastrac operations were consolidated with the Companys existing portfolio company, McKinney Door and Hardware, which has similar operations. The results of the acquisition of Serenity and Fastrac are included in the Companys Consolidated Financial Statements from the date of acquisition. Both companies are included in the Door segment for reporting purposes. On June 3, 2019 the Company acquired the assets of American Wheatley HVAC and Global Flow Products (together GFP), based in Broken Arrow, Oklahoma using available cash reserves. GFP sells American Wheatley HVAC branded products, including a broad line of ASME pressure vessels, custom fabricated products, valves, strainers and other hydronic accessories to commercial HVAC customers. The results of the acquisition of GFP are included in the Companys Consolidated Financial Statements from the date of acquisition. GFP is included in the HVAC segment for reporting purposes. These two transactions are not considered material individually. However, they are considered material in the aggregate. The total purchase price paid for these transactions was $12,685,000, subject to a traditional post-closing working capital adjustment currently estimated to be $778,000, with approximately $12,163,000 paid in cash at closing. The Company will pay additional contingent consideration, if earned, in the form of an earn out amount pursuant to the terms of earn out agreements in amounts of up to $4,300,000, the payment of which is subject to certain conditions and the successful achievement of gross profit growth targets for the acquired businesses following the closing of the transactions over a period of twenty-four (24) to thirty-six (36) months. Approximately $1,300,000 has been accrued based on estimated fair values of these earn out agreements. We acquired trade receivables of $1,787,000, inventory of $1,269,000, property and equipment of $2,530,000, other assets of $250,000, intangibles of $4,302,000 and goodwill of $3,675,000 and retained liabilities of $1,128,000. The current value assigned to trade receivables represents anticipated fair market value. These values are managements current estimates of fair value and may change as additional information becomes available over the next several months. The working capital adjustment has not been finalized on either transaction and work continues on final valuation of the fair value of assets and liabilities including receivables, inventory, fixed assets, intangibles, goodwill and accounts payable. Transaction costs, included in Selling and administrative expenses on the Condensed Consolidated Statements of Operations for the three and nine month periods ended September 28, 2019, were $66,000 and $1,177,000, respectively. On June 17, 2019 the Company acquired the assets of Inovate, a supplier of commercial and residential dryer and HVAC venting systems and components. The total purchase price for the net assets acquired was $11,505,000, including a post-closing working capital adjustment of $84,000, with approximately $11,050,000 paid in cash at closing, using available cash reserves. The Company will pay additional contingent consideration, if earned, in the form of an earn out amount pursuant to the terms of an earn out agreement in an amount of up to $1,250,000, the payment of which is subject to certain conditions and the successful achievement of gross profit growth targets for the acquired business following the closing of the transaction over a period of twelve (12) months. Approximately $240,000 has been accrued based on an estimated fair value of this earn out agreement. The results of the acquisition of Inovate are included in the Companys Consolidated Financial Statements from the date of acquisition. Transaction costs included in Selling and administrative expense on the Condensed Consolidated Statement of Operations for the three and nine months ended September 28, 2019 were $39,000 and $515,000, respectively. In accordance with GAAP, the total purchase price has been allocated to the tangible and intangible net assets acquired based on managements preliminary estimates of their fair values and may change as additional information becomes available over the next several months. The working capital adjustment was finalized although work continues on final valuation of the fair value of assets and liabilities including receivables, inventory, fixed assets, intangibles, goodwill and accounts payable. The condensed balance sheet of Inovate at the acquisition date was as follows: Purchase price $ 11,505 Accounts receivable, net 1,448 Other tangible assets 578 Intangible assets 8,808 Accounts payable and accrued expenses (665) Total identifiable net assets 10,169 Goodwill $ 1,336 Accounts receivable are valued at anticipated fair market value and are not materially different from contracted value. The following table presents selected unaudited pro forma information for the Company assuming the acquisition of Inovate had occurred as of December 31, 2017. This pro forma information does not purport to represent what the Companys actual results would have been if the acquisition had occurred as of the date indicated or what such results would be for any future periods. Three Months ended Nine Months ended SEPTEMBER 28, SEPTEMBER 29, SEPTEMBER 28, SEPTEMBER 29, 2019 2018 2019 2018 Revenue $ 31,987 $ 27,407 $ 87,575 $ 83,573 Pre-tax (loss) income from continuing operations $ (27,983) $ (669) $ (19,706) $ (6,074) Basic and diluted (loss) earnings per share: From continuing operations $ (11.85) $ (0.28) $ (8.34) $ (2.53) Average shares outstanding 1,712 1,698 1,712 1,697 Per ASC 805, the chart below summaries the comparative financial statements for revenue and earnings as if all the acquisitions occurred at the beginning of the respective period. Three Months ended Nine Months ended SEPTEMBER 28, SEPTEMBER 29, SEPTEMBER 28, SEPTEMBER 29, 2019 2018 2019 2018 Revenue $ 31,987 $ 30,982 $ 96,751 $ 92,170 Pre-tax (loss) income from continuing operations $ (27,983) $ 75 $ (17,526) $ (4,026) Revenue of the acquired companies increased total revenue by 24.3% in the third quarter of 2019. The impact of the acquired companies on earnings for the current year quarter was not material. Total goodwill added to the Consolidated Balance Sheet due to acquisition activity during the second quarter of 2019 was $5,011,000. The goodwill is attributable to the skills and technical talent of the established work force at each of the acquired businesses and synergies expected to be achieved from integrating the individual acquired business operations in to the Companys existing consolidated business portfolio. This amount is attributable to the HVAC and Door segments in the amounts of $2,817,000 and $2,194,000, respectively. The goodwill amounts are not final and are subject to change as additional information is obtained over the coming months. Additionally, goodwill deductible for tax purposes is still being determined.