Acquisition of ISP Optics Corporation (Tables)

12 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Schedule of acquisition-date fair value of the consideration transferred

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	)
Preliminary 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

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

Revenue	$	8,009,349
Net income	$	981,125

	Year Ended June 30, 2017
Revenue – pro forma	$	34,498,656
Net income – pro forma	$	2,647,533