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ACQUISITIONS
 3 Months Ended
Dec. 31, 2015
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]
10.
ACQUISITIONS
 
Quarter Ended December 31, 2014
 
On October 30, 2014, a 51% owned subsidiary of the Company (“Robust”) acquired certain assets and liabilities of Robust Energy LLC for $200,000 in cash and 200,000 shares of its restricted common stock for a total purchase price of $3.6 million. The Company has also agreed to issue 50,000 shares of RCIHH common stock to the two principals of Robust Energy LLC if Robust has net income of at least $1 million during the 2015 calendar year. The principals entered into a Lock-Up Agreement with the Company in connection with the issuance by the Company of its shares of common stock as explained above, which will provide that none of the shares will be sold for a period of one year after the date of issuance and, thereafter, neither principal will sell more than 1/6th of their respective shares per month that they receive in connection herewith. Robust is an energy drink distributor, targeting the on premises bar and mixer market.
 
The following information summarizes the allocation of fair values assigned to the assets and liabilities at the purchase date.
 
(in thousands)
 
 
 
 
Inventory and accounts receivable
 
$
500
 
Equipment, furniture and fixtures
 
 
356
 
Definite-lived intangibles
 
 
4,931
 
Goodwill
 
 
5,326
 
Accounts payable
 
 
(1,482)
 
Notes payable
 
 
(963)
 
Deferred tax liability
 
 
(1,726)
 
Noncontrolling interest
 
 
(3,392)
 
Net assets
 
$
3,550
 
 
In accordance with GAAP, the Company recorded a gain of approximately $577,000 on the value of its earlier 15% investment in this company.