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v3.22.2.2

Acquisitions (Tables) | 12 Months Ended
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Jun. 30, 2022
Business Acquisition [Line Items] |
Schedule of supplemental pro forma results of operations |
|  | For the year ended June 30,
(in thousands) |  | 2022 (Unaudited) |  | 2021 (Unaudited)
Revenues |  | $ | 284,392 |  |  | $ | 278,323 |
Net income |  |  | 6,018 |  |  |  | 11,496 |
Consolidated Laundry Equipment [Member] |
Business Acquisition [Line Items] |
Schedule of purchase price | The CLK Acquisition was treated for accounting purposes as a purchase of CLK using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration paid in the CLK Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands):
Purchase price consideration: |  |
Cash consideration, net of cash acquired(a) |  | $ | 3,346 |
Stock consideration(b) |  |  | 3,840 |
Total purchase price consideration, net of cash acquired |  | $ | 7,186 |
(a) Includes $4.5 million paid net of $1.2 million of cash acquired. (b) Calculated as 179,087 shares of the Company’s common stock, multiplied by $21.44, the closing price of the Company’s common stock on the closing date.
Schedule of allocation of purchase price consideration |
Allocation of purchase price consideration: |  |
Accounts receivable |  | $ | 1,322 |
Inventories |  |  | 2,074 |
Vendor Deposits |  |  | 170 |
Other assets |  |  | 835 |
Equipment and improvements |  |  | 841 |
Intangible assets |  |  | 1,700 |
Accounts payable and accrued expenses |  |  | (948 | )
Accrued employee expenses |  |  | (62 | )
Customer deposits |  |  | (689 | )
Deferred tax liabilities |  |  | (622 | )
Total identifiable net assets |  |  | 4,621 |
Goodwill |  |  | 2,565 |
Total |  | $ | 7,186 |
Clean Designs, Inc. [Member] |
Business Acquisition [Line Items] |
Schedule of purchase price |
Purchase price consideration: |  |
Cash consideration |  | $ | 5,366 |
Total purchase price consideration |  | $ | 5,366 |
Schedule of allocation of purchase price consideration |
Allocation of purchase price consideration: |  |
Accounts receivable |  | $ | 920 |
Inventories |  |  | 1,286 |
Other assets |  |  | 161 |
Equipment and improvements |  |  | 770 |
Intangible assets |  |  | 1,580 |
Accounts payable and accrued expenses |  |  | (1,357 | )
Accrued employee expenses |  |  | (72 | )
Customer deposits |  |  | (336 | )
Total identifiable net assets |  |  | 2,952 |
Goodwill |  |  | 2,414 |
Total |  | $ | 5,366 |
Yankee Equipment Systems, Inc [Member] |
Business Acquisition [Line Items] |
Schedule of purchase price | The YES Acquisition was treated for accounting purposes as a purchase of YES using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the YES Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the identifiable assets acquired being allocated to goodwill. The computation of the purchase price consideration and the allocation of the consideration to the net assets acquired are presented in the following tables (in thousands):
Purchase price consideration: |  |
Cash consideration, net of cash acquired(a) |  | $ | 4,475 |
Stock consideration(b) |  |  | 8,521 |
Total purchase price consideration, net of cash acquired |  | $ | 12,996 |
(a) Includes $5.3 million paid net of $792,000 of cash acquired. (b) Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date.
Schedule of allocation of purchase price consideration |
Allocation of purchase price consideration: |  |
Accounts receivable |  | $ | 1,482 |
Inventory |  |  | 1,591 |
Other assets |  |  | 1,812 |
Equipment and improvements |  |  | 1,844 |
Intangible assets |  |  | 3,800 |
Accounts payable and accrued expenses |  |  | (1,901 | )
Accrued employee expenses |  |  | (534 | )
Customer deposits |  |  | (525 | )
Deferred tax liabilities |  |  | (887 | )
Assumption of debt |  |  | (916 | )
Total identifiable net assets |  |  | 5,766 |
Goodwill |  |  | 7,230 |
Total |  | $ | 12,996 |

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