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Acquisition of ISP Optics Corporation (Tables) | 12 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Schedule of acquisition-date fair value of the consideration transferred | The Acquisition Date fair value of the consideration transferred totaled approximately $19.1 million, which consisted of the following:
Cash Purchase Price |  | $ | 12,000,000 |
Cash acquired |  |  | 1,243,216 |
Tax payable assumed debt |  |  | (200,477 | )
Fair value of Sellers' Note |  |  | 6,327,208 |
Working capital adjustment |  |  | (315,003 | )
Total purchase price |  | $ | 19,054,944 |
Sellers Note issued at fair value |  |  | (6,327,208 | )
Preliminary working capital adjustment |  |  | (760,822 | )
Adjustment to beginning cash |  |  | (163,878 | )
Adjustment to beginning assumed debt |  |  | (25,700 | )
Cash paid at Acquisition Date |  | $ | 11,777,336 |
Summary of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date:
Cash |  | $ | 1,243,216 |
Accounts receivable |  |  | 1,108,980 |
Inventory |  |  | 1,134,628 |
Other Current assets |  |  | 153,450 |
Property and equipment |  |  | 4,666,634 |
Security deposit and other assets |  |  | 45,359 |
Identifiable intangibles |  |  | 11,069,000 |
Total identifiable assets acquired |  | $ | 19,421,267 |
Accounts payable |  |  | (554,050 | )
Accrued expenses and other payables |  |  | (133,974 | )
Other payables |  |  | (146,324 | )
Deferred tax liability |  |  | (5,386,880 | )
Total liabilities assumed |  | $ | (6,221,228 | )
Net identifiable assets acquired |  |  | 13,200,039 |
Goodwill |  |  | 5,854,905 |
Net assets acquired |  | $ | 19,054,944 |
Schedule of revenue included in the Company's consolidated income statement from acquisition | The amounts of revenue and net income of ISP included in the Company’s consolidated statements of comprehensive income from the Acquisition Date to the period ending June 30, 2017 are as follows:
Revenue |  | $ | 8,009,349 |
Net income |  | $ | 981,125 |
Schedule of pro forma consolidated income statement | The following represents unaudited pro forma consolidated information as if ISP had been included in the consolidated results of the Company for the years ended June 30, 2017 and 2016:
| Year ended June 30, 2017 |  |  | Year ended June 30, 2016 |
Revenue – pro forma | $ | 34,498,656 |  |  | $ | 29,575,610 |
Net income – pro forma | $ | 2,647,533 |  |  | $ | 1,333,582 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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