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Acquisition of ISP Optics Corporation (Tables) | 6 Months Ended
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Dec. 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 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 pro forma consolidated income statement | The following represents unaudited pro forma consolidated information as if ISP had been included in our consolidated results for the six months ended December 31, 2016:
|  | Six months ended December 31, 2016 |
Revenue |  | $ | 17,001,233 |
Net income |  | $ | 1,431,529 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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=79982066&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=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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