XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 4 - Acquisitions (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2018
Notes Tables |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
Cash paid |  | $ | 2,826,189 |
Acquisition escrow liability |  |  | 185,250 |
Total consideration |  | $ | 3,011,439 |
Assets Acquired |  |  |  |
Cash and restricted cash acquired |  | $ | 579,644 |
Accounts receivable |  |  | 426,940 |
Fixed assets |  |  | 5,712 |
Intangible assets |  |  | 1,850,000 |
Goodwill |  |  | 2,603,688 |
Other assets |  |  | 54,520 |
Total assets acquired |  |  | 5,520,504 |
Liabilities assumed |  |  |  |
Accounts payable |  |  | 275,653 |
Accrued expenses and other liabilities |  |  | 315,817 |
Severance obligation |  |  | 397,558 |
Debt |  |  | 1,520,037 |
Total liabilities assumed |  |  | 2,509,065 |
Net assets acquired |  | $ | 3,011,439 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] |
|  | Fair Value |  |  | Useful Lives (in years) |
Technology |  | $ | 690,000 |  |  | 7 |
Customer relationships |  |  | 660,000 |  |  | 7 |
Trade name portfolio |  |  | 240,000 |  |  | 5 |
Non-compete agreements |  |  | 260,000 |  |  | 3 |
|  | $ | 1,850,000 |  |  |  |
Business Acquisition, Pro Forma Information [Table Text Block] |
|  | Three months ended |  |  | Six months ended |
|  | March 31, |  |  | March 31, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Net revenues |  | $ | 8,042,879 |  |  | $ | 6,034,248 |  |  | $ | 16,222,894 |  |  | $ | 9,474,427 |
Net income |  |  | 529,094 |  |  |  | 276,048 |  |  |  | (1,081,478 | ) |  |  | (788,438 | )
Basic and diluted earnings per share |  | $ | 0.02 |  |  | $ | 0.01 |  |  | $ | (0.03 | ) |  | $ | (0.02 | )
Business Acquisition, Reconciliation of Actual Net Revenue and Net Income to Pro Forma Net Revenue and Net Income [Table Text Block] |
|  | Three months ended March 31, |
|  | 2018 |  |  | 2017 |
|  | Net revenues |  |  | Net income |  |  | Net revenues |  |  | Net income |
LRAD actual results |  | $ | 7,453,794 |  |  | $ | 384,516 |  |  | $ | 5,742,391 |  |  | $ | 298,350 |
Genasys actual results |  |  | 589,085 |  |  |  | 89,727 |  |  |  | 291,857 |  |  |  | 79,067 |
Pro Forma adjustments |  |  | - |  |  |  | 54,851 |  |  |  | - |  |  |  | (101,369 | )
Pro forma results |  | $ | 8,042,879 |  |  | $ | 529,094 |  |  | $ | 6,034,248 |  |  | $ | 276,048 |
|  | Six months ended March 31, |
|  | 2018 |  |  | 2017 |
|  | Net revenues |  |  | Net income |  |  | Net revenues |  |  | Net income |
LRAD actual results |  | $ | 15,082,361 |  |  | $ | (1,298,736 | ) |  | $ | 8,683,726 |  |  | $ | (514,329 | )
Genasys actual results |  |  | 1,140,533 |  |  |  | 126,844 |  |  |  | 790,701 |  |  |  | (172,740 | )
Pro Forma adjustments |  |  | - |  |  |  | 90,414 |  |  |  | - |  |  |  | (101,369 | )
Pro forma results |  | $ | 16,222,894 |  |  | $ | (1,081,478 | ) |  | $ | 9,474,427 |  |  | $ | (788,438 | )
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] |
|  | Three months ended |  |  | Six months ended |
|  | March 31, |  |  | March 31, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Acquisition costs |  | $ | 151,313 |  |  | $ | - |  |  | $ | 196,329 |  |  | $ | - |
Depreciation and amortization costs |  |  | (81,881 | ) |  |  | (163,762 | ) |  |  | (81,881 | ) |  |  | (163,762 | )
Tax effect of adjustments |  |  | (14,581 | ) |  |  | 62,393 |  |  |  | (24,034 | ) |  |  | 62,393 |
Pro forma adjustmenst |  | $ | 54,851 |  |  | $ | (101,369 | ) |  | $ | 90,414 |  |  | $ | (101,369 | )

X
- Definition Tabular disclosure of the reconciliation of actual net revenue and net income to pro forma net revenue and net income related to a business acquisition. + References No definition available. + Details
Name: | lrad_BusinessAcquisitionReconciliationOfActualNetRevenueAndNetIncomeToProFormaNetRevenueAndNetIncomeTableTextBlock
Namespace Prefix: | lrad_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(4) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration