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Acquisition of ISP Optics Corporation (Tables) | 9 Months Ended
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Mar. 31, 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 Seller’s 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 |  | $ | 11,777,33 6 |
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 finalizing third-party valuations of certain intangible assets thus, the provisional measurements of intangible assets, goodwill and deferred income tax assets are subject to change. We finalized the working capital adjustment with the sellers in March 2017.
Cash |  | $ | 1,243,216 |
Accounts receivable |  |  | 1,108,980 |
Inventory |  |  | 1,134,628 |
Other Current assets |  |  | 153,450 |
Property and equipment |  |  | 4,546,402 |
Security deposit and other assets |  |  | 45,359 |
Identifiable intangibles |  |  | 11,235,000 |
Total identifiable assets acquired |  | $ | 19,467,035 |
Accounts payable |  |  | (554,050 | )
Accrued expenses and other payables |  |  | (133,974 | )
Other payables |  |  | (238,007 | )
Total liabilities assumed |  | $ | (926,031 | )
Net identifiable assets acquired |  |  | 18,541,004 |
Goodwill |  |  | 513,940 |
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 March 31, 2017 are as follows:
Revenue |  | $ | 4,096,286 |
Net income |  | $ | 1,014,923 |
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 nine months ending March 31, 2017 and 2016:
|  | Nine months ended |  |  | Nine months ended |
|  | March 31, 2017 |  |  | March 31, 2016 |
Revenue |  | $ | 25,491,276 |  |  | $ | 21,341,435 |
Net income |  | $ | 1,203,355 |  |  | $ | 1,025,228 |

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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=65885119&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=65885119&loc=d3e1392-128463 + Details
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