Investor Relations
Financials
v3.19.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2019
Sep. 30, 2018
Assets    
Cash $ 2,416,540 $ 1,991,622
Trade receivables, net 11,225,403 13,839,422
Inventories, net 40,198,403 46,527,039
Income taxes receivable 134,789 248,702
Prepaid expenses and other current assets 2,824,563 3,308,017
Total current assets 56,799,698 65,914,802
Property and equipment, net 23,970,198 27,991,060
Restricted cash 0 750,447
Deposits and other assets 254,481 283,143
Deferred taxes 2,009,448 3,220,362
Intangible assets, net 5,709,983 6,665,847
Goodwill 36,946,735 36,946,735
Total assets 125,690,543 141,772,396
Liabilities:    
Accounts payable 12,358,201 14,588,355
Accrued liabilities 7,563,271 8,570,905
Current portion of long-term debt 8,598,026 13,958,355
Current portion of notes payable related parties 0 391,949
Total current liabilities 28,519,498 37,509,564
Long-term debt, net of current portion 48,802,227 58,805,468
Notes payable related parties, net of current portion 4,752,632 5,429,558
Other non-current obligations 1,205,882 579,217
Total Liabilities 83,280,239 102,323,807
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 2,088,186 shares issued and 1,860,282 shares outstanding at June 30, 2019; 2,088,186 shares issued and 1,945,247 shares outstanding at September 30, 2018 2,088 2,088
Paid in capital 63,764,138 63,654,335
Treasury stock (2,181,481) (1,550,011)
Accumulated deficit (19,170,783) (22,654,165)
Total stockholders' equity 42,410,304 39,448,589
Total liabilities and stockholders' equity 125,690,543 141,772,396
Series B convertible 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)

Source

v3.19.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenues $ 47,043,262 $ 54,662,057 $ 147,212,353 $ 147,210,049
Cost of revenues 27,797,162 35,847,839 89,978,026 92,349,240
Gross profit 19,246,100 18,814,218 57,234,327 54,860,809
Operating expenses:        
General and administrative expenses 12,191,394 13,374,721 37,885,740 35,630,426
Sales and marketing expenses 3,246,137 4,541,677 11,403,151 10,337,812
Total operating expenses 15,437,531 17,916,398 49,288,891 45,968,238
Operating income 3,808,569 897,820 7,945,436 8,892,571
Other (expense) income:        
Interest expense, net (1,604,622) (2,711,282) (4,793,352) (7,001,314)
Bargain purchase gain on acquisition 0 3,644,889 0 7,418,375
Other income (161,977) 70,805 1,663,088 254,175
Total other (expense) income, net (1,766,599) 1,004,412 (3,130,264) 671,236
Income before provision for income taxes 2,041,970 1,902,232 4,815,172 9,563,807
Provision for income taxes 561,627 (174,806) 1,330,914 3,685,941
Net income 1,480,343 2,077,038 3,484,258 5,877,866
Dividends declared - series B convertible preferred stock 0 0 0 0
Dividends declared - series E convertible preferred stock $ 292 $ 292 $ 876 $ 876
Dividends declared - common stock $ 0 $ 0 $ 0 $ 0
Earnings per share - basic 0.78 1.05 1.81 2.98
Earnings per share - diluted $ 0.41 $ 0.56 $ 0.95 $ 1.56
Weighted average common shares outstanding - basic 1,886,445 1,970,136 1,919,221 1,972,758
Weighted average common shares outstanding - diluted 3,625,630 3,740,204 3,663,016 3,765,344

Source

v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES:    
Net income $ 3,484,258 $ 5,877,866
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 4,132,142 4,524,397
Gain on Bargain purchase of acquisition 0 (7,418,375)
Gain or loss on disposal of property and equipment (1,407,223) 4,615
Amortization of debt issuance cost 299,100 930,695
Stock based compensation expense 109,803 447,970
Change in deferred rent 370,485 133,241
Change in reserve for uncollectible accounts (193,150) 148,714
Change in reserve for obsolete inventory (569,241) (45,470)
Change in restricted cash 750,447 0
Change in deferred income taxes 1,210,914 3,612,623
Change in other 256,180 0
Changes in assets and liabilities:    
Trade receivables 2,807,169 (1,000,496)
Inventories 6,897,877 (1,806,167)
Income taxes receivable 113,913 0
Prepaid expenses and other current assets 483,454 2,297,475
Deposits and other assets 28,662 (5,952)
Accounts payable (2,230,154) 1,981,807
Accrued liabilities (1,008,510) 27,215
Income taxes payable 0 (1,472)
Net cash provided by operating activities 15,536,126 9,708,686
INVESTING ACTIVITIES:    
Purchase of intangible assets (111,648) (545,982)
Proceeds from the sale of property and equipment 4,382,475 10,000
Purchases of property and equipment (2,019,020) (7,910,430)
Net cash provided by (used in) investing activities 2,251,807 (8,446,412)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans (5,446,384) 1,302,148
Purchase of series E preferred treasury stock 0 (4,000)
Payment of debt issuance costs (168,457) (1,263,011)
Proceeds from issuance of notes payable 0 27,931,591
Purchase of common treasury stock (631,470) (402,328)
Payments on related party notes payable (1,068,875) (158,628)
Payments on notes payable (10,047,829) (30,347,569)
Net cash used in financing activities (17,363,015) (2,941,797)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 424,918 (1,679,523)
CASH AND CASH EQUIVALENTS, beginning of period 1,991,622 3,972,539
CASH AND CASH EQUIVALENTS, end of period 2,416,540 2,293,016
Supplemental cash flow disclosures:    
Interest paid 4,437,166 6,349,977
Income taxes paid (refunded) 85,900 328,500
Noncash financing and investing activities:    
Due to sellers of ApplianceSmart, Inc. less liabilities assumed post acquisition 0 4,598,205
Accrued and unpaid dividends $ 876 $ 876

Source