ACQUISITION OF SUMMIT INNOVATIONS, LLC (Tables) - Acquisition of Summit Innovations, LLC
|
9 Months Ended |
May 31, 2018 |
|---|
| Business Acquisition [Line Items] |
|
| Schedule of preliminary total purchase price |
| |
|
Shares |
|
|
Dollars |
|
| Company stock |
|
|
640,000 |
|
|
$ |
3,577,600 |
|
| Company stock held back |
|
|
640,000 |
|
|
|
3,577,600 |
|
| Contingent company stock consideration |
|
|
1,280,000 |
|
|
|
7,155,200 |
|
| Cash, net of cash received |
|
|
- |
|
|
|
945,218 |
|
| Cash held back |
|
|
- |
|
|
|
500,000 |
|
| Total purchase price |
|
|
2,560,000 |
|
|
$ |
15,755,618 |
|
|
| Schedule of allocation of the preliminary purchase price to the assets acquired and liabilities assumed |
| Accounts receivable |
|
$ |
470,670 |
|
| Prepaid expense and other current assets |
|
|
86,626 |
|
| Inventory |
|
|
237,000 |
|
| Property and equipment, net |
|
|
648,770 |
|
| Goodwill |
|
|
17,033,935 |
|
| Accounts payable |
|
|
(1,376,531 |
) |
| Accrued expenses |
|
|
(358,035 |
) |
| Notes payable |
|
|
(986,816 |
) |
| Total purchase price |
|
$ |
15,755,618 |
|
|
| Schedule of pro forma information |
| |
|
Three Months Ended |
|
|
Three Months Ended |
|
| |
|
May 31, 2018 |
|
|
May 31, 2017 |
|
| |
|
Unaudited |
|
|
Unaudited |
|
| Total revenues |
|
$ |
13,860,746 |
|
|
$ |
4,735,295 |
|
| Net income (loss) |
|
$ |
(2,778,867 |
) |
|
$ |
(83 |
) |
| Loss per share: |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.04 |
) |
|
$ |
(0.00 |
) |
| Diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.00 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended |
|
|
Nine Months Ended |
|
| |
|
May 31, 2018 |
|
|
May 31, 2017 |
|
| |
|
Unaudited |
|
|
Unaudited |
|
| Total revenues |
|
$ |
35,249,655 |
|
|
$ |
10,177,631 |
|
| Net income (loss) |
|
$ |
(4,285,427 |
) |
|
$ |
(157,747 |
) |
| Loss per share: |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.00 |
) |
| Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.00 |
) |
|