3. ACQUISITION

9 Months Ended

Jun. 30, 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 nine months ended June 30, 2019 and 2018, respectively. 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 June 30,						For the Nine Months Ended June 30,
	2019			2018			2019			2018
Net revenues	$	9,909,452		$	9,539,539		$	28,265,202		$	24,888,433
Gross profit	$	1,894,454		$	1,913,693		$	4,508,340		$	4,691,379
Operating expenses		1,944,321			2,114,528			6,113,795			4,698,870
Operating income (loss)		(49,867	)		(200,835	)		(1,605,455	)		(7,491	)
Other income (expense), net		(54,195	)		434,960			(160,039	)		368,276
Income (loss) before income taxes		(104,062	)		234,125			(1,560,581	)		360,785
Benefit from income taxes		–			–			–			747,000
Net income (loss)	$	(104,062	)	$	234,125		$	(1,765,494	)	$	1,107,785
Earnings per share:
Basic	$	(0.01	)	$	0.02		$	(0.19	)	$	0.12
Diluted	$	(0.01	)	$	0.02		$	(0.19	)	$	0.12