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17. SUBSEQUENT EVENTS | 3 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | The Company has analyzed its operations subsequent to December 31, 2020 to the date these unaudited condensed consolidated financial statements were issued, and with the rapid spread of COVID-19 around the world and the continuously evolving responses to the pandemic, we have witnessed the significant and growing negative impact of COVID-19 on the global economic and operating environment. To date, COVID-19 has mostly impacted our wholesale sales to third-party brick and mortar retailers, while E-commerce sales have increased. We continue to monitor the evolving situation carefully and its potential impacts on our financial condition, liquidity, operations, suppliers, industry and workforce. On January 8, 2021, our Board of Directors approved the 2021 Equity Compensation Plan (the “2021 Plan”) and recommended the approval of the 2021 Plan by our shareholders at our annual meeting to be held on March 12, 2021. The purpose of the 2021 Plan is to advance the interests of our Company by providing an incentive to attract, retain and motivate highly qualified and competent persons who are important to us and upon whose efforts and judgment the success of our company is largely dependent. The 2021 Plan reserves 5,000,000 shares of our common stock for issuance pursuant to the terms of the plan and also contains an annual evergreen increase. On January 13, 2021, the Company executed second tranche subscriptions agreements and funded the remaining $750,000 commitment into Adara Sponsor, LLC. Adara Sponsor, LLC continues to support efforts to raise capital into the blank check company, Adara. On February 8th, 2020 Adara (NYSE: ADRA.U) announced pricing of its $100 million initial public offering and that it will begin trading on the NYSE on February 9th, 2020. Our Board of Directors approved an award of 167,500 RSUs to 15 employees under our 2015 Plan, effective January 4, 2020. The Company accrued an expense of $494,125 in conjunction with the issuance of these RSUs and will amortize over the vesting schedule. On January 8, 2021 the Board of Directors approved the issuance of 80,000 stock options to three employees under our 2021 Plan, vesting over multi-year periods and subject to certain shareholder approval and vesting conditions. The Company accrued a $243,947 expense in conjunction with the issuance of these options and will amortize this over the vesting periods. On February 1, 2021, the Company converted its accounting and ERP from QuickBooks and Fishbowl to Oracle’s NetSuite.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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