Quarterly report pursuant to Section 13 or 15(d)

5. Acquisition (Tables)

v3.19.2
5. Acquisition (Tables)
9 Months Ended
Jun. 30, 2019
ApplianceSmart Inc [Member]  
Schedule of acquired assets and liabilities
Trade receivables   $ 1,805,545  
Inventory     7,444,282  
Prepaid expenses     69,347  
Refundable deposits     1,003,841  
Intangible asset - trade names     2,015,000  
Intangible asset - customer list     5,202  
Intangible asset - leases     1,205,596  
Restricted cash     750,000  
Property and equipment     1,094,503  
Deferred income tax     (1,599,560 )
Bargain gain on acquisition     (7,293,756 )
    $ 6,500,000  
Pro forma table related to acquisition
    Proforma
Three months
Ended
    Actual
Unaudited
Three months ended
    Proforma
Nine Months Ended
    Actual
Unaudited
Results through
 
    June 30, 2018     June 30, 2018     June 30, 2018     June 30, 2018  
Net revenue   $ 11,622,469     $ 11,622,469     $ 34,135,286     $ 22,882,985  
Gross profit     2,089,169       2,089,169       6,650,347       5,557,474  
Operating income (loss)     (3,369,745 )     (3,369,745 )     (5,152,158 )     (3,077,526 )
Net income (loss)     4,157,638       4,157,638       2,440,556       4,549,983  
Earnings (loss) per basic common share   $ 2.12     $ 2.12     $ 1.24     $ 2.31  
ASH [Member]  
Schedule of acquired assets and liabilities

Net liabilities assumed by ASH on December 31, 2017:

 

Accounts payable   $ 1,374,647  
Accrued expenses     1,080,255  
Capital leases     29,631  
Credit card receivables     (255,301 )
Cash     (621,863 )
Total net liabilities assumed by ASH   $ 1,607,369