Investor Relations
Financials
v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Assets    
Cash $ 2,293,016 $ 3,972,539
Trade receivables, net 13,418,871 10,636,925
Inventories 43,797,720 34,501,801
Prepaid expenses and other current assets 4,463,065 6,435,891
Total current assets 63,972,672 55,547,156
Property and equipment, net 28,244,258 22,817,860
Restricted cash 750,000 0
Deposits and other assets 1,087,313 77,520
Deferred taxes 3,787,827 9,000,010
Intangible assets, net 7,016,617 4,205,314
Goodwill 36,946,735 36,946,735
Total assets 141,805,422 128,594,595
Liabilities:    
Accounts payable 11,595,214 8,224,057
Accrued liabilities 10,180,331 8,986,734
Income tax payable 350,217 351,689
Current portion of long-term debt 14,087,636 48,877,536
Current portion of related parties long-term debt 391,949 0
Total current liabilities 36,605,347 66,440,016
Long-term debt, net of current portion 59,914,025 26,570,271
Long-term debt, related parties, net of current portion 5,425,765 2,000,000
Other non-current obligations 357,345 0
Total Liabilities 102,302,482 95,010,287
Commitments and contingencies 0 0
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 2,088,186 shares issued and 1,960,059 shares outstanding at June 30, 2018; 2,088,186 shares issued and 1,991,879 shares outstanding at September 30, 2017 2,088 2,088
Paid in capital 63,605,148 63,157,178
Accumulated deficit (22,698,726) (28,575,716)
Total stockholders' equity 39,502,940 33,584,308
Total liabilities and stockholders' equity 141,805,422 128,594,595
Common Stock    
Stockholders' equity:    
Treasury stock (1,401,912) (999,584)
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock 214 214
Series E Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock 128 128
Treasury stock $ (4,000) $ 0

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenues $ 54,662,057 $ 41,377,493 $ 147,210,049 $ 112,102,582
Cost of revenues 35,847,839 24,383,596 92,349,240 65,988,083
Gross profit 18,814,218 16,993,897 54,860,809 46,114,499
Operating expenses:        
General and administrative expenses 13,374,721 9,335,904 35,630,426 25,544,443
Sales and marketing expenses 4,541,677 2,274,866 10,337,812 6,237,004
Total operating expenses 17,916,398 11,610,770 45,968,238 31,781,447
Operating income 897,820 5,383,127 8,892,571 14,333,052
Other (expense) income:        
Interest expense, net (2,711,282) (2,127,790) (7,001,314) (5,612,319)
Bargain purchase gain on acquisition 3,644,889 0 7,418,375 0
Other income 70,805 12,652 254,175 197,814
Total other (expense) income, net 1,004,412 (2,115,138) 671,236 (5,414,505)
Income before provision for income taxes 1,902,232 3,267,989 9,563,807 8,918,547
Provision (benefit) for income taxes (174,806) 1,139,946 3,685,941 3,521,265
Net income $ 2,077,038 $ 2,128,043 $ 5,877,866 $ 5,397,282
Earnings per share - basic $ 1.05 $ 1.04 $ 2.98 $ 2.36
Earnings per share - diluted $ 0.56 $ 0.55 $ 1.56 $ 1.31
Weighted average common shares outstanding - basic 1,970,136 2,044,767 1,972,758 2,289,646
Weighted average common shares outstanding - diluted 3,740,204 3,869,248 3,765,344 4,131,912

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES:    
Net income $ 5,877,866 $ 5,397,282
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 4,524,397 3,112,786
Gain on Bargain purchase of acquisition (7,418,375) 0
Loss on disposal of property and equipment 4,615 55,703
Charge off and amortization of debt issuance cost 930,695 157,158
Stock based compensation expense 447,970 137,011
Deferred rent 133,241 0
Change in reserve for uncollectible accounts 148,714 (39,865)
Change in reserve for obsolete inventory (45,470) (771,971)
Change in deferred income taxes 3,612,623 3,020,553
Changes in assets and liabilities:    
Trade receivables (1,000,496) (2,908,689)
Inventories (1,806,167) (1,760,954)
Prepaid expenses and other current assets 2,297,475 308,373
Deposits and other assets (5,952) (57,755)
Accounts payable 1,981,807 495,296
Accrued liabilities 27,215 (449,799)
Income tax payable (1,472) 318,144
Net cash provided by operating activities 9,708,686 7,013,273
INVESTING ACTIVITIES:    
Acquisition of businesses, net of cash acquired and seller financing provided 0 (47,310,900)
Purchase of intangible assets - Software (545,982) (124,230)
Proceeds from the sale of property and equipment 10,000 37,920
Purchases of property and equipment (7,910,430) (5,936,900)
Net cash used in investing activities (8,446,412) (53,334,110)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans 1,302,148 17,152,852
Payments on debt issuance costs (1,263,011) (1,155,000)
Payment of series E preferred stock dividends 0 (959)
Purchase of series E preferred treasury stock (4,000) 0
Proceeds from issuance of notes payable 27,931,591 36,984,434
Purchase of common treasury stock (402,328) (496,366)
Payments on related party notes payable (158,628) 0
Payments on notes payable (30,347,569) (2,659,967)
Net cash provided by (used in) financing activities (2,941,797) 49,824,994
DECREASE IN CASH AND CASH EQUIVALENTS (1,679,523) 3,504,157
CASH AND CASH EQUIVALENTS, beginning of period 3,972,539 770,895
CASH AND CASH EQUIVALENTS, end of period 2,293,016 4,275,052
Supplemental cash flow disclosures:    
Interest paid 6,349,977 4,340,486
Income taxes paid 328,500 103,704
Noncash financing and investing activities:    
Notes payable issued to sellers of Vintage Stock 0 10,000,000
Due to sellers of ApplianceSmart, Inc. less liabilities assumed post acquisition 4,598,205 0
Restated equipment deposit as a purchase of equipment 0 (1,816,855)
Conversion of accrued expense liability to Series B preferred stock 0 2,800,000
Conversion of accrued expense liabilities into common stock 0 584,500
Accrued and unpaid dividends $ 876 $ 479

Source