6. BUSINESS ACQUISITION

9 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

BUSINESS ACQUISITION

6. BUSINESS ACQUISITION

On July 1, 2019 the Company acquired the operating assets of Ross Optical Industries, Inc. of El Paso, Texas, a supplier of custom and catalogue optical components sourced through an extensive network of worldwide specialized vendors and sold for industrial, military and medical applications. The acquisition had an effective date of June 1, 2019. All of Ross’ results of operations are included in our financial statements for the three- and nine-month periods ended March 31, 2020.

Consolidated unaudited actual and pro forma results of operations for the Company are presented below assuming that the acquisition of the Ross Optical division had occurred on July 1, 2018. Pro forma operating results include net adjustments resulting from the acquisition transaction.

	Three Months Ended March 31,					Nine Months Ended March 31,
	2020			2019		2020			2019
	(Actual)			(Pro Forma)		(Actual)			(Pro Forma)
Revenues	$	2,374,584		$	2,413,438	$	7,686,330		$	7,348,803
Net income (loss)		(466,130	)		75,430		(1,103,065	)		163,828
Income (loss) per share
Basic	$	(0.04	)	$	0.01	$	(0.09	)	$	0.01
Fully diluted	$	(0.04	)	$	0.01	$	(0.09	)	$	0.01

Pro forma financial information is not necessarily indicative of the Company’s actual results of operations if the acquisition had been completed at the date indicated, nor is it necessarily an indication of future operating results. Amounts do not include any operating efficiencies or cost saving that the Company believes may become achievable over time.