Acquisition of ISP Optics Corporation (Tables)

3 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Schedule of acquisition-date fair value of the consideration transferred

The Acquisition Date fair value of the consideration transferred totaled approximately $19.1 million, which consisted of the following:

Cash Purchase Price	$	12,000,000
Cash acquired		1,243,216
Tax payable assumed debt		(200,477	)
Fair value of Sellers’ Note		6,327,208
Working capital adjustment		(315,003	)
Total purchase price	$	19,054,944
Sellers Note issued at fair value		(6,327,208	)
Premininary working capital adjustment		(760,822	)
Adjustment to beginning cash		(163,878	)
Adjustment to beginning assumed debt		(25,700	)
Cash paid at Acquisition Date	$	11,777,336

Summary of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date:

Cash	$	1,243,216
Accounts receivable		1,108,980
Inventory		1,134,628
Other Current assets		153,450
Property and equipment		4,666,634
Security deposit and other assets		45,359
Identifiable intangibles		11,069,000
Total identifiable assets acquired	$	19,421,267
Accounts payable		(554,050	)
Accrued expenses and other payables		(133,974	)
Other payables		(146,324	)
Deferred tax liability		(5,386,880	)
Total liabilities assumed	$	(6,221,228	)
Net identifiable assets acquired		13,200,039
Goodwill		5,854,905
Net assets acquired	$	19,054,944

Schedule of pro forma consolidated income statement

The following represents unaudited pro forma consolidated information as if ISP had been included in our consolidated results for the three months ending September 30, 2016:

	Three months ended September 30, 2016
Revenue	$	7,839,799
Net income	$	368,521