Investor Relations
Financials
v3.19.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2019
Sep. 30, 2018
Assets    
Cash $ 3,292,440 $ 1,991,622
Trade receivables, net 12,407,550 13,839,422
Inventories, net 43,429,090 46,527,039
Income taxes receivable 305,048 248,702
Prepaid expenses and other current assets 2,936,435 3,308,017
Total current assets 62,370,563 65,914,802
Property and equipment, net 23,897,940 27,991,060
Restricted cash 0 750,447
Deposits and other assets 260,196 283,143
Deferred taxes 2,531,075 3,220,362
Intangible assets, net 5,841,152 6,665,847
Goodwill 36,946,735 36,946,735
Total assets 131,847,661 141,772,396
Liabilities:    
Accounts payable 11,631,904 14,588,355
Accrued liabilities 8,860,475 8,570,905
Current portion of long-term debt 12,284,002 13,958,355
Current portion of notes payable related parties 0 391,949
Total current liabilities 32,776,381 37,509,564
Long-term debt, net of current portion 51,312,213 58,805,468
Notes payable related parties, net of current portion 5,721,507 5,429,558
Other non-current obligations 828,901 579,217
Total Liabilities 90,639,002 102,323,807
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 2,088,186 shares issued and 1,901,900 shares outstanding at March 31, 2019; 2,088,186 shares issued and 1,945,247 shares outstanding at September 30, 2018 2,088 2,088
Paid in capital 63,732,536 63,654,335
Treasury stock (1,871,473) (1,550,011)
Accumulated deficit (20,650,834) (22,654,165)
Total stockholders' equity 41,208,659 39,448,589
Total liabilities and stockholders' equity 131,847,661 141,772,396
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)

Source

v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]        
Revenues $ 46,973,151 $ 52,179,928 $ 100,169,091 $ 92,547,992
Cost of revenues 28,322,002 32,529,227 62,180,864 56,501,401
Gross profit 18,651,149 19,650,701 37,988,227 36,046,591
Operating expenses:        
General and administrative expenses 12,793,674 11,856,575 25,694,346 22,255,705
Sales and marketing expenses 3,811,100 3,720,163 8,157,014 5,796,135
Total operating expenses 16,604,774 15,576,738 33,851,360 28,051,840
Operating income 2,046,375 4,073,963 4,136,867 7,994,751
Other (expense) income:        
Interest expense, net (1,535,997) (1,821,720) (3,188,730) (4,290,032)
Bargain purchase gain on acquisition 0 0 0 3,773,486
Other income 164,954 106,286 1,825,065 183,370
Total other (expense) income, net (1,371,043) (1,715,434) (1,363,665) (333,176)
Income before provision for income taxes 675,332 2,358,529 2,773,202 7,661,575
Provision for income taxes 201,926 435,256 769,287 3,860,747
Net income 473,406 1,923,273 2,003,915 3,800,828
Dividends declared - series B convertible preferred stock 0 0 0 0
Dividends declared - series E convertible preferred stock $ 292 $ 292 $ 584 $ 584
Dividends declared - common stock $ 0 $ 0 $ 0 $ 0
Earnings per share - basic 0.25 0.98 1.03 1.93
Earnings per share - diluted $ 0.13 $ 0.5 $ 0.53 $ 1.01
Weighted average common shares outstanding - basic 1,925,972 1,970,136 1,935,610 1,972,758
Weighted average common shares outstanding - diluted 3,667,412 3,811,672 3,746,084 3,756,114

Source

v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES:    
Net income $ 2,003,915 $ 3,800,828
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 2,974,189 2,703,164
Non-cash asset retirements 104,185 0
Gain on Bargain purchase of acquisition 0 (3,773,486)
Loss on disposal of property and equipment (1,507,479) 14,158
Amortization of debt issuance cost 193,288 117,024
Stock based compensation expense 78,201 140,185
Deferred rent 17,343 0
Change in reserve for uncollectible accounts 391,264 9,907
Change in reserve for obsolete inventory (613,646) 36,353
Change in deferred income taxes 689,287 3,807,451
Change in other 232,341 0
Changes in assets and liabilities:    
Trade receivables 1,040,608 (115,768)
Inventories 3,711,595 (2,641,360)
Income taxes receivable (56,346) 0
Prepaid expenses and other current assets 371,582 2,418,461
Deposits and other assets 22,947 831
Accounts payable (2,956,451) 343,499
Accrued liabilities 288,986 193,781
Income taxes payable 0 (13,920)
Net cash provided by operating activities 6,985,809 7,041,108
INVESTING ACTIVITIES:    
Purchase of intangible assets (66,854) (397,204)
Proceeds from the sale of property and equipment 4,377,249 10,000
Purchases of property and equipment (963,475) (6,526,110)
Net cash provided by (used in) investing activities 3,346,920 (6,913,314)
FINANCING ACTIVITIES:    
Net payments under revolver loans (2,515,997) (775,668)
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 (321,462) (377,447)
Payment of debt issuance costs (118,457) 0
Payments on related party notes payable (100,000) 0
Payments on notes payable (6,726,442) (3,839,798)
Net cash used in financing activities (9,782,358) (1,065,322)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 550,371 (937,528)
Restricted Cash, beginning of period 750,447 0
Unrestricted cash and cash equivalents, beginning of period 1,991,622 3,972,539
TOTAL CASH AND CASH EQUIVALENTS, beginning of period 2,742,069 3,972,539
Restricted Cash, end of period 0 535,747
Unrestricted cash and cash equivalents, end of period 3,292,440 2,499,264
TOTAL CASH AND CASH EQUIVALENTS, end of period 3,292,440 3,035,011
Supplemental cash flow disclosures:    
Interest paid 2,953,160 3,638,625
Income taxes paid (refunded) 90,572 0
Noncash financing and investing activities:    
Due to sellers of ApplianceSmart, Inc. less liabilities assumed post acquisition 0 4,598,205
Accrued and unpaid dividends $ 584 $ 584

Source