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5. Acquisitions (Tables) | 12 Months Ended
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Sep. 30, 2016
Marquis Industries, Inc. [Member] |
Purchase price allocation |
|  | (Restated) Total |  |
Cash and cash equivalents |  | $ | 496,944 |  |
Accounts receivable |  |  | 7,262,188 |  |
Inventory |  |  | 11,717,113 |  |
Prepaid and other current assets |  |  | 1,518,430 |  |
Property and equipment |  |  | 16,392,695 |  |
Intangible - customer relationships |  |  | 439,039 |  |
Bargain purchase gain (1) |  |  | (1,499,345 | ) |
Deferred taxes (1) |  |  | (3,074,623 | ) |
Accounts payable |  |  | (4,139,830 | ) |
Accrued expenses |  |  | (433,989 | ) |
Non-controlling interest (2) |  |  | (2,000,000 | ) |
|  | $ | 26,678,622 |  | (3)
______________
| (1) | – see note 4
| (2) | – non-controlling interest was valued at the price paid by the Company when it subsequently purchased the remaining 20% of Marquis.
| (3) | - includes $4,800,000 of cash, $6,495,825 from a mezzanine loan from Isaac Capital fund, and $15,382,797 from Bank of America Term and Revolver Loan.
Statement of income and expense related to acquisition |
|  | (Restated) |
Depreciation expense |  | $ | 227,654 |
Amortization expense |  |  | 6,117 |
Cost of revenue |  |  | 1,080,051 |
Bargain purchase gain on acquisition |  |  | 1,499,345 |
Vintage Stock Inc [Member] |
Purchase price allocation |
Cash and cash equivalents |  | $ | 272,590 |
Trade and other receivables |  |  | 177,338 |
Inventory |  |  | 18,711,192 |
Prepaid expenses and other current assets |  |  | 814,201 |
Property and equipment |  |  | 4,859,676 |
Intangible - leases |  |  | 1,033,412 |
Intangible - trade names |  |  | 1,200,000 |
Intangible - customer list |  |  | 50,000 |
Intangible - customer relationship |  |  | 1,000,000 |
Goodwill |  |  | 36,946,735 |
Notes payable |  |  | (542,074 | )
Accounts payable |  |  | (5,165,612 | )
Accrued expenses |  |  | (1,703,760 | )
|  | $ | 57,653,698 |
Pro forma table related to acquisition |
|  |  | Year Ended September 30, 2017 |  |  | Year Ended September 30, 2016 |
Net revenue |  | $ | 76,133,061 |  |  | $ | 65,493,122 |
Gross profit |  |  | 43,735,263 |  |  |  | 37,482,534 |
Operating income |  |  | 11,167,940 |  |  |  | 11,674,745 |
Net income |  |  | 5,517,942 |  |  |  | 3,285,387 |
Earnings per basic common share |  | $ | 2.50 |  |  | $ | 1.17 |

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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 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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