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Acquisitions (Tables) | 12 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Purchase Price Allocation of Purchase of Acquired Identifiable Assets, Liabilities Assumed and Goodwill | The table below outlines the purchase price allocation of the purchase for Midwest Grinding to the acquired identifiable assets and liabilities assumed as of September 30, 2024 (in $000’s):
Total purchase price |  |  | $ | 1,000 |
Accounts payable |  |  | 1 |
Total consideration |  |  | 1,001 |
Accounts receivable |  |  | 152 |
Other current assets |  |  | 71 |
Property and equipment |  |  | 738 |
Intangible Assets |  |  |
Customer relationships |  | $ | 16 |  |
Trade names |  | 15 |  |
Non-compete agreement |  | 9 |  |
Intangible assets |  |  | 40 |
Total assets acquired |  |  | 1,001 |
Total goodwill |  |  | $ | — |
The fair value of the purchase price components was approximately $13.9, as detailed below (in $000's):
Purchase price |  | $ | 11,758 |
Fair value of contingent consideration |  | 2,000 |
Holdback |  | 122 |
Net purchase price |  | $ | 13,880 |
The table below outlines the purchase price allocation, as revised, for the purchase of Central Steel to the acquired identifiable assets, liabilities assumed and goodwill (in $000’s):
Total purchase price |  |  | $ | 13,880 |
Accounts payable |  |  | 464 |
Accrued liabilities |  |  | 969 |
Total liabilities assumed |  |  | 1,433 |
Total purchase price plus liabilities assumed |  |  | 15,313 |
Cash |  |  | 184 |
Accounts receivable |  |  | 2,418 |
Inventory |  |  | 2,171 |
Property and equipment |  |  | 5,034 |
Intangible assets |  |  |
Trade names |  | 400 |  |
Customer relationships |  | 900 |  |
Non-compete |  | 825 |  |
Subtotal intangible assets |  |  | 2,125 |
Other assets |  |  | 475 |
Total assets acquired |  |  | 12,407 |
Total goodwill |  |  | $ | 2,906 |
The fair value of the purchase price components was $1.4 million, as detailed below (in $000's):
Cash |  | $ | 1,034 |
Additional consideration |  | 89 |
Holdback |  | 300 |
Purchase price |  | $ | 1,423 |
The table below outlines the purchase price allocation of the purchase for CRO to the acquired identifiable assets, liabilities assumed and goodwill as of September 30, 2024 (in $000’s):
Total purchase price |  |  | $ | 1,423 |
Accounts payable |  |  | 770 |
Accrued liabilities |  |  | 1,298 |
Total liabilities assumed |  |  | 2,068 |
Total consideration |  |  | 3,491 |
Accounts receivable |  |  | 259 |
Inventory |  |  | 1,406 |
Property and equipment |  |  | 261 |
Intangible assets |  |  | 1,190 |
Other assets |  |  | 286 |
Total assets acquired |  |  | 3,402 |
Total goodwill |  |  | $ | 89 |
The fair value of the purchase price components outlined above was approximately $2.0 million, as detailed below (in $000's):
Cash |  | $ | 500 |
Deferred consideration |  | 1,200 |
Earnout |  | 301 |
Purchase price |  | $ | 2,001 |
The table below outlines the purchase price allocation of the purchase for Johnson to the acquired identifiable assets and liabilities assumed as of September 30, 2024 (in $000’s):
Total purchase price |  |  | $ | 2,001 |
Accounts payable |  |  | 1,017 |
Accrued liabilities |  |  | 1,141 |
Total liabilities assumed |  |  | 2,158 |
Total consideration |  |  | 4,159 |
Accounts receivable |  |  | 1,252 |
Inventory |  |  | 1,127 |
Property and equipment |  |  | 157 |
Intangible assets |  |  |
Customer relationships |  | $ | 1,301 |  |
Non-compete agreement |  | 306 |  |
Subtotal intangible assets |  |  | 1,607 |
Other assets |  |  | 16 |
Total assets acquired |  |  | 4,159 |
Total goodwill |  |  | $ | — |
The fair value of the purchase price components outlined above was $26.8 million due to fair value adjustments for the contingent consideration, cash acquired, and working capital adjustments, as detailed below (in $000's):
Purchase price |  | $ | 25,000 |
Fair value of earnout |  | 2,675 |
Cash from balance sheet |  | 1,602 |
Working capital adjustment |  | (2,500) |
Net purchase price |  | $ | 26,777 |
The table below outlines the purchase price allocation of the purchase for PMW to the acquired identifiable assets, liabilities assumed, and goodwill (in $000’s):
Net purchase price |  | $ | 26,777 |
Accounts payable |  | 10,788 |
Accrued liabilities |  | 5,771 |
Total liabilities assumed |  | 16,559 |
Total consideration |  | 43,336 |
Cash |  | 1,602 |
Accounts receivable |  | 12,613 |
Inventory |  | 6,390 |
Property, plant and equipment |  | 13,616 |
Intangible assets |  | 3,600 |
Other assets |  | 849 |
Total assets acquired |  | 38,670 |
Total goodwill |  | $ | 4,666 |
The table below outlines the purchase price allocation of the purchase for Flooring Liquidators to the acquired identifiable assets, liabilities assumed and goodwill (in $000’s):
Net purchase price |  |  | $ | 78,700 |
Accounts payable |  |  | 5,189 |
Accrued liabilities |  |  | 9,700 |
Debt |  |  | 60 |
Total liabilities assumed |  |  | 14,949 |
Total consideration |  |  | 93,649 |
Cash |  |  | 9,131 |
Accounts receivable |  |  | 4,824 |
Inventory |  |  | 19,402 |
Property, plant and equipment |  |  | 4,643 |
Intangible assets |  |  |
Trade names |  | 13,275 |  |
Customer relationships |  | 7,700 |  |
Non-compete agreements |  | 1,625 |  |
Other |  | 49 |  |
Subtotal intangible assets |  |  | 22,649 |
Other |  |  | 2,581 |
Total assets acquired |  |  | 63,230 |
Total goodwill |  |  | $ | 30,419 |
Schedule of Asset Acquisition | The table below outlines the purchase price allocation of the purchase for Cal Coast to the acquired identifiable assets (in $000’s):
Property, plant and equipment |  | $ | 35 |
Intangible assets |  |
Customer relationships |  | 785 |
Trade name |  | 425 |
Non-compete agreement |  | 55 |
Total intangible assets |  | 1,265 |
Total assets acquired |  | $ | 1,300 |
Acquisition of Flooring Liquidators
Schedule of Disposal Groups, Including Discontinued Operations | The Company recognized a loss on deconsolidation of SW Financial's assets and liabilities of approximately $1.7 million, as detailed in the table below (in $000’s):
Accounts payable |  | $ | 242 |
Lease liabilities |  | 728 |
Total deconsolidation of liabilities |  | 970 |
Cash |  | 187 |
Accounts receivable |  | 130 |
Other current assets |  | 187 |
Intangible assets |  |
Customer Relationships |  | 1,348 |
Tradenames |  | 72 |
Subtotal Intangible Assets |  | 1,420 |
Right-of-use assets |  | 687 |
Other assets |  | 55 |
Total deconsolidation of assets |  | 2,666 |
Total loss on disposition |  | $ | (1,696) |
On May 24, 2024, CRO entered into an asset purchase agreement with the original seller of Johnson under which the original seller agreed to purchase certain assets and assume certain obligations acquired by CRO under the original asset purchase agreement. Consequently, CRO recorded a loss on disposition of Johnson’s assets and liabilities of approximately $0.3 million, as detailed in the table below (in $000's):
Accounts payable and accrued liabilities |  |  | $ | 475 |
Earnout |  |  | 307 |
Seller note |  |  | 1,230 |
Lease liabilities |  |  | 2,703 |
Total deconsolidation of liabilities |  |  | 4,715 |
Inventory |  |  | 613 |
Property and equipment |  |  | 206 |
ROU assets |  |  | 2,692 |
Intangible assets |  |  |
Customer relationships |  | 1,224 |  |
Non-compete agreement |  | 281 |  |
Subtotal intangible assets |  |  | 1,505 |
Total deconsolidation of assets |  |  | 5,016 |
Total loss on disposition |  |  | $ | (301) |
Schedule of Business Acquisitions, by Acquisition | The fair value the purchase price components outlined above was $78.7 million due to fair value adjustments for the Note and restricted stock, as detailed below (in $000's):
Purchase price |  | $ | 83,800 |
Fair value adjustment, sellers note |  | (3,300) |
Fair value adjustment, restricted stock |  | (1,800) |
Net purchase price |  | $ | 78,700 |
Schedule of Proforma Information for the Company | This proforma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition occurred on that date, nor does it purport to predict the results of operations for future periods (in $000’s).
Year Ended September 30, 2023 | As Reported |  | Adjustments |  | Proforma
| Live (1) |  | PMW (2) |  | Adjustments (3) |  | Total
Net revenue | $ | 355,171 |  |  | $ | 63,136 |  |  |  |  | $ | 418,307 |
Net income | $ | (102) |  |  | $ | 462 |  |  | $ | (2,623) |  |  | $ | (2,263) |
Earnings per basic common share | $ | (0.03) |  |  |  |  |  |  | $ | (0.72) |
Earnings per basic diluted share | $ | (0.03) |  |  |  |  |  |  | $ | (0.72) |
(1)Live for the year ended September 30, 2023. Includes PMW from July 20, 2023 through September 30, 2023. (2)PMW from October 1, 2022 through the acquisition date of July 19, 2023. (3)Reflects adjustments for (a) amortization expense of definite-lived intangible assets based on the preliminary fair value at the acquisition date, and (b) interest expense to include proforma interest expense that would have been incurred as a result of the acquisition financing obtained by the Company. This proforma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition occurred on that date, nor does it purport to predict the results of operations for future periods (in $000’s).
Year Ended September 30, 2023 | As Reported |  | Adjustments |  | Proforma
| Live (1) |  | Flooring Liquidators (2) |  | Adjustments (3) |  | Total
Net revenue | $ | 355,171 |  |  | $ | 37,702 |  |  |  |  | $ | 392,873 |
Net income | $ | (102) |  |  | $ | (1,033) |  |  | $ | (2,226) |  |  | $ | (3,361) |
Earnings per basic common share | $ | (0.03) |  |  |  |  |  |  | $ | (1.07) |
Earnings per basic diluted share | $ | (0.03) |  |  |  |  |  |  | $ | (1.07) |
(1)Live for the year ended September 30, 2023. Includes Flooring Liquidators from January 18, 2023 through September 30, 2023. (2)Flooring Liquidators for the period of October 1, 2022 through January 17, 2023. (3)Reflects adjustments for (a) amortization expense of definite-lived intangible assets based on the preliminary fair value at the acquisition date, (b) interest expense to include proforma interest expense that would have been incurred as a result of the acquisition financing obtained by the Company, and (c) Elimination of revenues and costs of revenues associated with sales between Flooring Liquidators and the Company prior to acquisition.

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
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