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Acquisition of ISP Optics Corporation (Tables)
 12 Months Ended
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