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Acquisition of ISP Optics Corporation (Tables)
 9 Months Ended
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  $11,777,336 
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 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