Investor Relations
Financials
v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Assets    
Cash and cash equivalents $ 2,499,264 $ 3,972,539
Trade receivables, net 10,992,786 10,636,925
Inventories 45,059,872 34,501,801
Prepaid expenses and other current assets 4,086,777 6,435,891
Total current assets 62,638,699 55,547,156
Property and equipment, net 27,601,553 22,817,860
Restricted cash 535,747 0
Deposits and other assets 281,530 77,520
Deferred taxes 5,192,559 9,000,010
Intangible assets, net 4,128,100 4,205,314
Goodwill 36,946,735 36,946,735
Total assets 137,324,923 128,594,595
Liabilities:    
Accounts payable 8,567,556 8,224,057
Accrued liabilities 14,395,352 8,986,734
Income tax payable 337,769 351,689
Current portion of long-term debt 45,824,329 48,877,536
Total current liabilities 69,125,006 66,440,016
Long-term debt, net of current portion 29,056,627 26,570,271
Note payable, related party 2,000,000 2,000,000
Total Liabilities 100,181,633 95,010,287
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 2,088,186 shares issued and 1,972,136 shares outstanding at December 31, 2017; 2,088,186 shares issued and 1,991,879 shares outstanding at September 30, 2017 2,088 2,088
Paid in capital 63,297,363 63,157,178
Treasury stock (4,000) 0
Accumulated deficit (24,775,472) (28,575,716)
Total stockholders' equity 37,143,290 33,584,308
Total liabilities and stockholders' equity 137,324,923 128,594,595
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock 214 214
Series E Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock 128 128
Treasury stock $ 4,000 $ 0

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]        
Revenues $ 52,179,928 $ 38,536,425 $ 92,547,992 $ 70,725,089
Cost of revenues 32,529,227 22,061,055 56,501,401 41,604,487
Gross profit 19,650,701 16,475,370 36,046,591 29,120,602
Operating expenses:        
General and administrative expenses 11,856,575 9,149,865 22,255,705 16,208,539
Sales and marketing expenses 3,720,163 2,054,648 5,796,135 3,962,138
Total operating expenses 15,576,738 11,204,513 28,051,840 20,170,677
Operating income 4,073,963 5,270,857 7,994,751 8,949,925
Other (expense) income:        
Interest expense, net (1,821,720) (2,035,053) (4,290,032) (3,484,529)
Bargain purchase gain on acquisition 0 0 3,773,486 0
Other income 106,286 143,272 183,370 185,162
Total other (expense) income, net (1,715,434) (1,891,781) (333,176) (3,299,367)
Income before provision for income taxes 2,358,529 3,379,076 7,661,575 5,650,558
Provision (benefit) for income taxes 435,256 1,538,410 3,860,747 2,381,319
Net income $ 1,923,273 $ 1,840,666 $ 3,800,828 $ 3,269,239
Earnings per share - basic $ 0.98 $ 0.89 $ 1.93 $ 1.61
Earnings per share - diluted $ 0.50 $ 0.47 $ 1.01 $ 0.84
Weighted average common shares outstanding - basic 1,970,136 2,058,064 1,972,758 2,029,023
Weighted average common shares outstanding - diluted 3,811,672 3,917,228 3,756,114 3,874,666

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES:    
Net income $ 3,800,828 $ 3,269,239
Adjustments to reconcile net income to net cash provided by (used in) operating activities, net of acquisition:    
Depreciation and amortization 2,703,164 2,023,245
Gain on Bargain purchase of acquisition (3,773,486) 0
Loss on disposal of property and equipment 14,158 0
Amortization of debt issuance cost 117,024 98,647
Stock based compensation expense 140,185 69,520
Change in reserve for uncollectible accounts 9,907 38,432
Change in reserve for obsolete inventory 36,353 155,266
Change in restricted cash 750,000 0
Change in deferred income taxes 3,807,451 1,869,295
Changes in assets and liabilities:    
Trade receivables (115,768) (1,019,852)
Inventories (2,641,360) (2,595,120)
Prepaid expenses and other current assets 2,418,461 632,410
Deposits and other assets 831 (57,755)
Accounts payable 343,499 (1,150,525)
Accrued liabilities (1,091,966) (373,633)
Income tax payable (13,920) 433,519
Net cash provided by operating activities 6,505,361 3,392,688
INVESTING ACTIVITIES:    
Acquisition of businesses, net of cash acquired and seller financing provided 0 (47,310,900)
Purchase of intangible assets - Software (397,204) (96,659)
Proceeds from the sale of property and equipment 10,000 0
Purchases of property and equipment (6,526,110) (5,283,507)
Net cash used in investing activities (6,913,314) (52,691,066)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans (775,668) 15,155,743
Payments on debt issuance costs 0 (1,155,000)
Payment of series E preferred stock dividends 0 (959)
Purchase of series E preferred treasury stock (4,000) 0
Proceeds from issuance of notes payable 3,931,591 36,984,434
Purchase of common treasury stock (377,447) 0
Payments on notes payable (3,839,798) (1,704,286)
Net cash provided by (used in) financing activities (1,065,322) 49,279,932
DECREASE IN CASH AND CASH EQUIVALENTS (1,473,275) (18,446)
CASH AND CASH EQUIVALENTS, beginning of period 3,972,539 770,895
CASH AND CASH EQUIVALENTS, end of period 2,499,264 752,449
Supplemental cash flow disclosures:    
Interest paid 3,638,625 2,547,563
Noncash financing and investing activities:    
Notes payable issued to sellers of Vintage Stock 0 10,000,000
Due to sellers of ApplianceSmart, Inc. less liabilities assumed post acquisition 4,598,205 0
Restated equipment deposit as a purchase of equipment 0 (1,816,855)
Conversion of accrued expense liabilities into common stock 0 3,384,500
Accrued and unpaid dividends $ 584 $ 959

Source