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Acquisition of ISP Optics Corporation (Tables) | 12 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Schedule of acquisition-date fair value of the consideration transferred |
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 |
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 pro forma consolidated income statement |
Revenue |  | $ | 8,009,349 |
Net income |  | $ | 981,125 |
|  | Year Ended June 30, 2017 |
Revenue – pro forma |  | $ | 34,498,656 |
Net income – pro forma |  | $ | 2,647,533 |

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