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MOONI AGREEMENT | 12 Months Ended
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Sep. 30, 2021
Mooni Agreement |
MOONI AGREEMENT | NOTE 19 MOONI AGREEMENT On January 29, 2019, the Company entered into a three-year Distribution Agreement (the “Agreement”) with Mooni International AB and its owner. In accordance with the Agreement, the Company: (i) was appointed as the exclusive distributor of Mooni's current and future products (including future products developed or offered by Mooni and/or the owner) in North America, (ii) subject to certain repayment requirements, paid a fee of $400,000 to Mooni, and (iii) was granted an option to purchase a controlling interest of Mooni at a valuation not to exceed $5 million which, if exercised, would be effective on the 12 month anniversary of the effective date of the Agreement. This option was not exercised and therefore expired. Additionally, Forward China, a company owned by Terence Wise, the Company's Chairman and Chief Executive Officer, was named the designated supplier under the Agreement. The Company generated revenues from this agreement of $198,000 and $263,000 in Fiscal 2021 and 2020, respectively. The current and long-term portions of the unamortized fee of $44,000 and $0, respectively, at September 30, 2021 and $133,000 and $45,000, respectively, at September 30, 2020, are included in prepaid and other current assets and other assets, respectively, in the accompanying consolidated balance sheets. Amortization of the cost in Fiscal 2021 and Fiscal 2020 was $133,000 and is included in sales and marketing expenses in the accompanying consolidated statements of operations.

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