Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES:    
Net income $ 1,428,573 $ 300,342
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 935,047 545,832
Amortization of debt issuance cost 40,136 4,954
Stock based compensation expense 1,443 91,227
Non-cash issuance of common stock for services 0 7,500
Provision for uncollectible accounts 66 3,353
Reserve for obsolete inventory 83,613 32,097
Change in deferred taxes 768,135 0
Changes in assets and liabilities:    
Accounts receivable 129,459 1,327,208
Prepaid expenses and other current assets 140,826 356,751
Inventories (1,318,562) 182,270
Deposits and other assets (55,565) 55
Accounts payable (221,388) 632,708
Accrued liabilities 1,246,047 (697,589)
Income tax payable 0 (52,020)
Net cash provided by operating activities 3,177,830 2,734,688
INVESTING ACTIVITIES:    
Acquisition of businesses, net of cash acquired and seller financing provided (47,310,900) 0
Purchases of property and equipment (3,052,298) (94,439)
Net cash used in investing activities (50,363,198) (94,439)
FINANCING ACTIVITIES:    
Net borrowings under revolver loans 14,056,099 540,354
Payments on debt issuance costs (1,155,000) 0
Payment for the purchase of the noncontrolling interest 0 (1,500,000)
Proceeds from issuance of notes payable 35,889,321 0
Payments on notes payable (789,194) (238,836)
Payments on notes payable, related party 0 (845,566)
Net cash provided by (used in) financing activities 48,001,226 (2,044,048)
INCREASE IN CASH AND CASH EQUIVALENTS 815,858 596,201
CASH AND CASH EQUIVALENTS, beginning of period 770,895 2,727,818
CASH AND CASH EQUIVALENTS, end of period 1,586,753 3,324,019
Supplemental cash flow disclosures:    
Interest paid 790,580 345,483
Income taxes paid 0 466,000
Noncash financing and investing activities:    
Notes payable issued to sellers of Vintage Stock 10,000,000 0
Restated equipment deposit as a purchase of equipment in fiscal 2016 (1,816,555) 0
Conversion of accrued expense liabilities into common stock 3,384,500 0
Accrued and unpaid dividends 479 480
Note payable issued for purchase of noncontrolling interest $ 0 $ 500,000