Annual report pursuant to Section 13 and 15(d)

Acquisition (Tables)

v3.19.3.a.u2
Acquisition (Tables)
 12 Months Ended
Sep. 30, 2019
ASH  
Schedule of Acquired Assets and Assumed Liabilities

Net liabilities assumed by ASH on December 31, 2017:

 

Accounts payable

 

$

1,374

 

Accrued expenses

 

 

1,080

 

Capital leases

 

 

30

 

Credit card receivables

 

 

(255

)

Cash

 

 

(622

)

Total net liabilities assumed by ASH

 

$

1,607

 
ApplianceSmart Inc  
Schedule of Acquired Assets and Assumed Liabilities

The table below summarizes our final purchase price allocation of the consideration paid to the respective fair values of the assets acquired in the ApplianceSmart acquisition as of the ApplianceSmart Closing Date. The Company finalized its estimates after it determined that it had obtained all necessary information that existed as of the ApplianceSmart Acquisition Date related to these matters.

 

Trade receivables

 

$

1,806

 

Inventory

 

 

7,444

 

Prepaid expenses

 

 

69

 

Refundable deposits

 

 

1,004

 

Intangible asset - trade names

 

 

2,015

 

Intangible asset - customer list

 

 

5

 

Intangible asset - leases

 

 

1,206

 

Restricted cash

 

 

750

 

Property and equipment

 

 

1,095

 

Deferred income tax

 

 

(1,600

)

Bargain gain on acquisition

 

 

(7,294

)

 

 

$

6,500

 
Summary of Unaudited Pro Forma Information

The unaudited pro forma information below presents statement of income data for the year ended September 30, 2018 compared to the actual results, adjusted for the bargain purchase gain associated with the transaction.

 

 

 

Year Ended September 30, 2018

 

 

 

Proforma

 

 

Actual

 

Net revenue

 

$

209,637

 

 

$

199,633

 

Gross profit

 

 

76,849

 

 

 

74,198

 

Operating income

 

 

8,791

 

 

 

10,800

 

Net income (loss)

 

 

(62

)

 

 

1,741

 

Income (loss) per basic common share

 

$

(0.03

)

 

$

0.89