Investor Relations
Financials
v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Dec. 31, 2018
Sep. 30, 2018
Assets    
Cash $ 3,452,127 $ 1,991,622
Trade receivables, net 10,935,343 13,839,422
Inventories, net 42,516,250 46,527,039
Income taxes receivable 224,949 248,702
Prepaid expenses and other current assets 3,175,049 3,308,017
Total current assets 60,303,718 65,914,802
Property and equipment, net 24,488,962 27,991,060
Restricted cash 750,825 750,447
Deposits and other assets 267,875 283,143
Deferred taxes 2,693,001 3,220,362
Intangible assets, net 6,358,175 6,665,847
Goodwill 36,946,735 36,946,735
Total assets 131,809,291 141,772,396
Liabilities:    
Accounts payable 12,498,768 14,588,355
Accrued liabilities 9,465,610 8,570,905
Current portion of long-term debt 8,356,925 13,958,355
Current portion of notes payable related parties 0 391,949
Total current liabilities 30,321,303 37,509,564
Long-term debt, net of current portion 53,899,752 58,805,468
Notes payable related parties, net of current portion 5,821,507 5,429,558
Other non-current obligations 760,403 579,217
Total Liabilities 90,802,965 102,323,807
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 2,088,186 shares issued and 1,942,428 shares outstanding at December 31, 2018; 2,088,186 shares issued and 1,945,247 shares outstanding at September 30, 2018 2,088 2,088
Paid in capital 63,700,934 63,654,335
Treasury stock (1,569,090) (1,550,011)
Accumulated deficit (21,123,948) (22,654,165)
Total stockholders' equity 41,006,326 39,448,589
Total liabilities and stockholders' equity 131,809,291 141,772,396
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock 214 214
Series E Convertible Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock 128 128
Series E Treasury Stock [Member]    
Stockholders' equity:    
Treasury stock $ (4,000) $ (4,000)

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v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]    
Revenues $ 53,195,940 $ 40,368,064
Cost of revenues 33,858,862 23,972,174
Gross profit 19,337,078 16,395,890
Operating expenses:    
General and administrative expenses 12,900,672 10,399,130
Sales and marketing expenses 4,345,914 2,075,972
Total operating expenses 17,246,586 12,475,102
Operating income 2,090,492 3,920,788
Other (expense) income:    
Interest expense, net (1,652,733) (2,468,312)
Bargain purchase gain on acquisition 0 3,773,486
Other income 1,660,111 77,084
Total other (expense) income, net 7,378 1,382,258
Income before provision for income taxes 2,097,870 5,303,046
Provision for income taxes 567,361 3,425,491
Net income $ 1,530,509 $ 1,877,555
Earnings per share - basic $ 0.79 $ 0.95
Earnings per share - diluted $ 0.41 $ 0.50
Weighted average common shares outstanding - basic 1,945,247 1,975,380
Weighted average common shares outstanding - diluted 3,696,008 3,749,041

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v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES:    
Net income $ 1,530,509 $ 1,877,555
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 1,481,769 1,395,905
Gain on Bargain purchase of acquisition 0 (3,773,486)
Gain on disposal of property and equipment (1,507,479) (5,294)
Charge off and amortization of debt issuance cost 97,298 58,512
Stock based compensation expense 46,599 79,356
Deferred rent 11,985 0
Change in reserve for uncollectible accounts 66,575 14,697
Change in reserve for obsolete inventory 18,177 18,176
Change in deferred income taxes 527,361 3,410,641
Change in other 168,823 0
Changes in assets and liabilities:    
Trade receivables 2,837,504 2,987,973
Inventories 3,992,612 (1,238,904)
Income taxes receivable 23,753 (1,144)
Prepaid expenses and other current assets 132,968 3,262,722
Deposits and other assets 15,268 6,627
Accounts payable (2,089,587) (1,616,355)
Accrued liabilities 894,413 (172,832)
Net cash provided by operating activities 8,248,548 6,304,149
INVESTING ACTIVITIES:    
Purchase of intangible assets (46,225) (24,675)
Proceeds from the sale of property and equipment 4,377,249 17,998
Purchases of property and equipment (495,544) (5,323,308)
Net cash provided by (used in) investing activities 3,835,480 (5,329,985)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans (7,346,544) (5,071,969)
Purchase of series E preferred treasury stock 0 (4,000)
Proceeds from issuance of notes payable 0 3,931,591
Purchase of common treasury stock (19,079) (249,392)
Payments on related party notes payable 0 0
Payments on notes payable (3,257,900) (1,769,892)
Net cash used in financing activities (10,623,523) (3,163,662)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,460,505 (2,189,498)
CASH AND CASH EQUIVALENTS, beginning of period 1,991,622 3,972,539
CASH AND CASH EQUIVALENTS, end of period 3,452,127 1,783,041
Supplemental cash flow disclosures:    
Interest paid 1,457,547 1,802,658
Income taxes paid (refunded) 328 0
Noncash financing and investing activities:    
Due to sellers of ApplianceSmart, Inc. less liabilities assumed post acquisition 0 6,500,000
Accrued and unpaid dividends $ 292 $ 292

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