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Acquisition of ISP Optics Corporation (Tables)
 6 Months Ended
Dec. 31, 2016
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     (215,847 )
Fair value of Sellers’ Note     6,455,559  
Working capital adjustment     (422,269 )
Total purchase price   $ 19,060,659  
Sellers Note issued at fair value     (6,455,559 )
Preliminary working capital adjustment     (653,556 )
Adjustment to beginning cash   $ (163,878 )
Adjustment to beginning assumed debt     (10,330 )
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. The Company is in the process of obtaining third-party valuations of certain intangible assets and finalizing the working capital adjustment with the sellers; thus, the provisional measurements of intangible assets, goodwill and deferred income tax assets are subject to change.

 

 Cash   $ 1,243,216  
 Accounts receivable     1,069,369  
 Inventory     1,135,946  
 Other Current assets     105,806  
 Property and equipment     4,546,402  
 Security deposit and other assets     45,359  
 Identifiable intangibles     10,759,000  
Total identifiable assets acquired   $ 18,905,098  
         
 Accounts payable     (553,747 )
 Accrued expenses and other payables     (34,147 )
 Other payables     (484,297 )
Total liabilities assumed   $ (1,072,191 )
Net identifiable assets acquired     17,832,907  
 Goodwill     1,227,752  
 Net assets acquired   $ 19,060,659  

 
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 (loss) from the Acquisition Date to the period ending December 31, 2016 are as follows:

 

Revenue  $533,569 
Net income  $20,592 

 
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 six months ending December 31, 2016 and 2015:

 

   Six months ended   Six months ended 
   December 31, 2016   December 31, 2015 
Revenue  $17,001,233   $14,403,914 
Net income  $2,150,254   $616,610