3. ACQUISITION

6 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

ACQUISITION

NOTE 3                ACQUISITION

On January 18, 2018, the Company acquired Intelligent Product Solutions, Inc. ("IPS"). The details of the acquisition are included in our Annual Report on Form 10-K.

Pro Forma Impact

The following unaudited pro forma consolidated financial information has been prepared to illustrate the effects of the acquisition of IPS as if the acquisition occurred on October 1, 2017.

These unaudited pro forma condensed consolidated financial statements are for informational purposes only to provide comparative consolidated financial results for the three and six months ended March 31, 2019 and 2018. They do not purport to indicate the results that would actually have been obtained had the acquisition actually been completed on October 1, 2017.

	For the Three Months Ended March 31,				For the Six Months Ended March 31,
	2019		2018		2019		2018
Net revenues	$	8,172,467	$	12,663,467	$	18,355,750	$	22,572,330
Gross profit	$	1,310,845	$	2,757,927	$	2,613,886	$	4,783,883
Operating expenses		2,385,906		2,637,832		4,169,474		4,451,418
Operating income (loss)		(1,075,061)		120,095		(1,555,588)		332,465
Other (expense), net		(55,844)		(60,837)		(105,844)		(134,219)
Income (loss) before income taxes		(1,130,905)		59,258		(1,661,432)		198,246
Provision for income taxes (expense)		-		745,991		-		744,874
Net income	$	(1,130,905)	$	805,249	$	(1,661,432)	$	943,120
Earnings per share:
Basic	$	(0.12)	$	0.09	$	(0.17)	$	0.10
Diluted	$	(0.12)	$	0.09	$	(0.17)	$	0.10