5. Acquisition (Tables)
|
6 Months Ended |
Mar. 31, 2019 |
|---|
| ApplianceSmart Inc [Member] |
|
| Schedule of acquired assets and liabilities |
| Trade receivables |
|
$ |
1,805,545 |
|
| Inventory |
|
|
7,444,282 |
|
| Prepaid expenses |
|
|
69,347 |
|
| Refundable deposits |
|
|
1,003,841 |
|
| Intangible asset - trade names |
|
|
2,015,000 |
|
| Intangible asset - customer list |
|
|
5,202 |
|
| Intangible asset - leases |
|
|
1,205,596 |
|
| Restricted cash |
|
|
750,000 |
|
| Property and equipment |
|
|
1,094,503 |
|
| Deferred income tax |
|
|
(1,599,560 |
) |
| Bargain gain on acquisition |
|
|
(7,293,756 |
) |
| |
|
$ |
6,500,000 |
|
|
| Pro forma table related to acquisition |
| |
|
Proforma |
|
|
Actual |
|
|
Proforma |
|
|
Actual |
|
| |
|
Three months |
|
|
Three months |
|
|
Six months |
|
|
Unaudited |
|
| |
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Results through |
|
| |
|
March 31, 2018 |
|
|
March 31, 2018 |
|
|
March 31, 2018 |
|
|
March 31, 2018 |
|
| Net revenue |
|
$ |
11,191,842 |
|
|
$ |
11,191,842 |
|
|
$ |
22,512,817 |
|
|
$ |
11,260,516 |
|
| Gross profit |
|
|
3,449,105 |
|
|
|
3,449,105 |
|
|
|
4,561,178 |
|
|
|
3,468,305 |
|
| Operating income (loss) |
|
|
272,563 |
|
|
|
272,563 |
|
|
|
(1,782,413 |
) |
|
|
292,218 |
|
| Net income (loss) |
|
|
372,690 |
|
|
|
372,690 |
|
|
|
(1,717,082 |
) |
|
|
392,345 |
|
| Earnings (loss) per basic common share |
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
(0.87 |
) |
|
$ |
0.20 |
|
|
| ASH [Member] |
|
| Schedule of acquired assets and liabilities |
Net liabilities assumed by ASH on December
31, 2017:
| Accounts payable |
|
$ |
1,374,647 |
|
| Accrued expenses |
|
|
1,080,255 |
|
| Capital leases |
|
|
29,631 |
|
| Credit card receivables |
|
|
(255,301 |
) |
| Cash |
|
|
(621,863 |
) |
| Total net liabilities assumed by ASH |
|
$ |
1,607,369 |
|
|