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MOONI AGREEMENT | 9 Months Ended
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Jun. 30, 2021
Mooni Agreement |
MOONI AGREEMENT | NOTE 13 MOONI AGREEMENT On January 29, 2019, the Company entered into a three-year Distribution Agreement (the “Agreement”) with Mooni International AB (“Mooni”) 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 $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 have been 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 $459,000 since it began selling Mooni products in Fiscal 2020. The current and long-term portions of the unamortized fee of $78,000 and $0, respectively, at June 30, 2021 and $133,000 and $45,000, respectively, at September 30, 2020, are included in prepaid expenses and other current assets and other assets, respectively, in the accompanying condensed consolidated financial statements. Amortization of the cost for the three and nine months ended June 30, 2021 of $33,000 and $100,000, respectively, and for the three and nine months ended June 30, 2020 of $33,000 and $100,000, respectively, is included in sales and marketing expenses in the accompanying condensed consolidated statements of operations.

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