0001683168-18-002308.txt : 20180814 0001683168-18-002308.hdr.sgml : 20180814 20180814160354 ACCESSION NUMBER: 0001683168-18-002308 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 75 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIVE VENTURES Inc CENTRAL INDEX KEY: 0001045742 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 850206668 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33937 FILM NUMBER: 181017314 BUSINESS ADDRESS: STREET 1: 325 EAST WARM SPRINGS ROAD STREET 2: SUITE 102 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: (702) 997-5968 MAIL ADDRESS: STREET 1: 325 EAST WARM SPRINGS ROAD STREET 2: SUITE 102 CITY: LAS VEGAS STATE: NV ZIP: 89119 FORMER COMPANY: FORMER CONFORMED NAME: LIVEDEAL INC DATE OF NAME CHANGE: 20070815 FORMER COMPANY: FORMER CONFORMED NAME: YP CORP DATE OF NAME CHANGE: 20040504 FORMER COMPANY: FORMER CONFORMED NAME: YP NET INC DATE OF NAME CHANGE: 19991112 10-Q 1 live_10q-063018.htm FORM 10-Q

 

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

___________

 

(Mark One)

 

☒ QUARTERLY Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2018

 

☐ TRANSITION Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from _____________ to _______________

 

Commission File Number 001-33937

 

Live Ventures Incorporated

(Exact name of registrant as specified in its charter)

  

Nevada

85-0206668

(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
   

325 E. Warm Springs Road, Suite 102

Las Vegas, Nevada

89119

(Address of principal executive offices) (Zip Code)

 

(702) 939-0231

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ☐ Accelerated filer   ☐
Non-accelerated filer  (do not check if a smaller reporting company)  ☐ Smaller reporting company   ☒
Emerging growth company  ☐    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

 

The number of shares of the issuer’s common stock, par value $.001 per share, outstanding as of August 14, 2018 was 1,960,059.

 

 

 

   

 

 

INDEX TO FORM 10-Q FILING

 

FOR THE QUARTER ENDED JUNE 30, 2018

 

TABLE OF CONTENTS

 

PART I

 

FINANCIAL INFORMATION

 

      Page
       
Item 1.   Financial Statements 3
       
    Condensed Consolidated Balance Sheets as of June 30, 2018 (Unaudited) and September 30, 2017 3
       
    Condensed Consolidated Statements of Income (Unaudited) for the Three months and Nine months ended June 30, 2018 and 2017 4
       
    Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine months ended June 30, 2018 and 2017 5
       
    Notes to the Condensed Consolidated Financial Statements (Unaudited) 6
       
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 33
       
Item 3.   Quantitative and Qualitative Disclosures about Market Risk 46
       
Item 4.   Controls and Procedures 46
       
    PART II  
       
    OTHER INFORMATION  
       
Item 1.   Legal Proceedings 48
       
Item 1A.   Risk Factors 48
       
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 48
       
Item 3.   Defaults upon Senior Securities 48
       
Item 4.   Mine Safety Disclosures 48
       
Item 5.   Other Information 48
       
Item 6.   Exhibits 49
       
  Signatures 50

 

 

 

 

 2 

 

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

LIVE VENTURES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS 

 

   June 30,   September 30, 
   2018   2017 
   (Unaudited)     
         
Assets          
Cash  $2,293,016   $3,972,539 
Trade receivables, net   13,418,871    10,636,925 
Inventories   43,797,720    34,501,801 
Prepaid expenses and other current assets   4,463,065    6,435,891 
Total current assets   63,972,672    55,547,156 
           
Property and equipment, net   28,244,258    22,817,860 
Restricted cash   750,000    – 
Deposits and other assets   1,087,313    77,520 
Deferred taxes   3,787,827    9,000,010 
Intangible assets, net   7,016,617    4,205,314 
Goodwill   36,946,735    36,946,735 
Total assets  $141,805,422   $128,594,595 
           
Liabilities and Stockholders' Equity          
Liabilities:          
Accounts payable  $11,595,214   $8,224,057 
Accrued liabilities   10,180,331    8,986,734 
Income taxes payable   350,217    351,689 
Current portion of long-term debt   14,087,636    48,877,536 
Current portion of related parties long-term debt   391,949    – 
Total current liabilities   36,605,347    66,440,016 
           
Long-term debt, net of current portion   59,914,025    26,570,271 
Long-term debt, related parties, net of current portion   5,425,765    2,000,000 
Other non-current obligations   357,345    – 
Total liabilities   102,302,482    95,010,287 
           
Commitments and contingencies          
           
Stockholders' equity:          
Series B convertible preferred stock, $0.001 par value, 1,000,000 shares authorized, 214,244 shares issued and outstanding at June 30, 2018 and September 30, 2017   214    214 
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 127,840 shares issued and 77,840 shares outstanding at June 30, 2018 127,840 shares issued and outstanding at September 30, 2017, with a liquidation preference of $0.30 per share outstanding   128    128 
Common stock, $0.001 par value, 10,000,000 shares authorized, 2,088,186 shares issued and 1,960,059 shares outstanding at June 30, 2018; 2,088,186 shares issued and 1,991,879 shares outstanding at September 30, 2017   2,088    2,088 
Paid in capital   63,605,148    63,157,178 
Treasury stock common 126,050 shares as of June 30, 2018 and 128,127 shares as of September 30, 2017   (1,401,912)   (999,584)
Treasury stock Series E preferred 50,000 shares as of June 30, 2018 and no shares as of September 30, 2017   (4,000)   – 
Accumulated deficit   (22,698,726)   (28,575,716)
Total stockholders' equity   39,502,940    33,584,308 
Total liabilities and stockholders' equity  $141,805,422   $128,594,595 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 3 

 

  

LIVE VENTURES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

   Three Months Ended June 30,   Nine Months Ended June 30, 
   2018   2017   2018   2017 
                 
Revenues  $54,662,057   $41,377,493   $147,210,049   $112,102,582 
Cost of revenues   35,847,839    24,383,596    92,349,240    65,988,083 
Gross profit   18,814,218    16,993,897    54,860,809    46,114,499 
                     
Operating expenses:                    
General and administrative expenses   13,374721    9,335,904    35,630,426    25,544,443 
Sales and marketing expenses   4,541,677    2,274,866    10,337,812    6,237,004 
Total operating expenses   17,916,398    11,610,770    45,968,238    31,781,447 
Operating income   897,820    5,383,127    8,892,571    14,333,052 
Other (expense) income:                    
Interest expense, net   (2,711,282)   (2,127,790)   (7,001,314)   (5,612,319)
Bargain purchase gain on acquisition   3,644,889    –    7,418,375    – 
Other income   70,805    12,652    254,175    197,814 
Total other (expense) income, net   1,004,412    (2,115,138)   671,236    (5,414,505)
Income before provision for income taxes   1,902,232    3,267,989    9,563,807    8,918,547 
Provision (benefit) for income taxes   (174,806)   1,139,946    3,685,941    3,521,265 
Net income  $2,077,038   $2,128,043   $5,877,866   $5,397,282 
                     
Earnings per share:                    
Basic  $1.05   $1.04   $2.98   $2.36 
Diluted  $0.56   $0.55   $1.56   $1.31 
                     
Weighted average common shares outstanding:                    
Basic   1,970,136    2,044,767    1,972,758    2,289,646 
Diluted   3,740,204    3,869,248    3,765,344    4,131,912 

  

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 4 

 

 

LIVE VENTURES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

   Nine Months Ended June 30, 
   2018   2017 
         
OPERATING ACTIVITIES:          
Net income  $5,877,866   $5,397,282 
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:          
Depreciation and amortization   4,524,397    3,112,786 
Gain on bargain purchase of acquisition   (7,418,375)   – 
Loss on disposal of property and equipment   4,615    55,703 
Charge off and amortization of debt issuance cost   930,695    157,158 
Stock based compensation expense   447,970    137,011 
Deferred rent   133,241    – 
Change in reserve for uncollectible accounts   148,714    (39,865)
Change in reserve for obsolete inventory   (45,470)   (771,971)
Change in deferred income taxes   3,612,623    3,020,553 
Changes in assets and liabilities:          
Trade receivables   (1,000,496)   (2,908,689)
Inventories   (1,806,167)   (1,760,954)
Prepaid expenses and other current assets   2,297,475    308,373 
Deposits and other assets   (5,952)   (57,755)
Accounts payable   1,981,807    495,296 
Accrued liabilities   27,215    (449,799)
Income taxes payable   (1,472)   318,144 
           
Net cash provided by operating activities   9,708,686    7,013,273 
           
INVESTING ACTIVITIES:          
Acquisition of business, net of cash acquired and seller financing provided   –    (47,310,900)
Purchase of intangible assets - software   (545,982)   (124,230)
Proceeds from the sale of property and equipment   10,000    37,920 
Purchases of property and equipment   (7,910,430)   (5,936,900)
           
Net cash used in investing activities   (8,446,412)   (53,334,110)
           
FINANCING ACTIVITIES:          
Net borrowings (payments) under revolver loans   1,302,148    17,152,852 
  Payments of debt issuance costs   (1,263,011)   (1,155,000)
Payment of series E preferred stock dividends   –    (959)
Purchase of series E preferred treasury stock   (4,000)   – 
Proceeds from issuance of notes payable   27,931,591    36,984,434 
Purchase of common treasury stock   (402,328)   (496,366)
Payments on related party notes payable   (158,628)   – 
Payments on notes payable   (30,347,569)   (2,659,967)
           
Net cash provided by (used in) financing activities   (2,941,797)   49,824,994 
           
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (1,679,523)   3,504,157 
           
CASH AND CASH EQUIVALENTS, beginning of period   3,972,539    770,895 
           
CASH AND CASH EQUIVALENTS, end of period  $2,293,016  $4,275,052 
           
Supplemental cash flow disclosures:          
Interest paid  $6,349,977   $4,340,486 
Income taxes paid  $328,500   $103,704 
Noncash financing and investing activities:          
Notes payable issued to sellers of Vintage Stock  $–   $10,000,000 
Due to sellers of ApplianceSmart, Inc. less liabilities assumed post acquisition  $4,598,205   $– 
Restated equipment deposit as a purchase of equipment in fiscal 2016  $–   $(1,816,855)
Conversion of accrued expense liability to series B preferred stock  $–   $2,800,000 
Conversion of accrued expense liabilities into common stock  $–   $584,500 
Accrued and unpaid dividends  $876   $479 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 5 

 

 

LIVE VENTURES INCORPORATED AND SUBSIDIARIES 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE NINE MONTHS ENDED JUNE 30, 2018 AND 2017

 

Note 1:       Background and Basis of Presentation

 

The accompanying condensed consolidated financial statements include the accounts of Live Ventures Incorporated, a Nevada corporation, and its subsidiaries (collectively, the “Company”). Commencing in fiscal year 2015, the Company began a strategic shift in its business plan away from providing online marketing solutions for small and medium sized business to acquiring profitable companies in various industries that have demonstrated a strong history of earnings power. The Company continues to actively develop, revise and evaluate its products, services and its marketing strategies in its businesses. The Company has three operating segments: Manufacturing, Retail and Online (our new name for the previously named Marketplace Platform segment) and Services. With Marquis Industries, Inc. (“Marquis”), the Company is engaged in the manufacture and sale of carpet and the sale of vinyl and wood floorcoverings. With Vintage Stock, Inc. (“Vintage Stock”), the Company is engaged in the sale of new and used movies, music, collectibles, comics, books, games, game systems and components. With ApplianceSmart, Inc. (“ApplianceSmart”), the Company is engaged in the sale of new major appliances through a chain of company-owned retail stores.

 

The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of the Company’s management, this interim information includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results of operations for three and nine months ended June 30, 2018 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2018. This financial information should be read in conjunction with the consolidated financial statements and related notes thereto as of September 30, 2017 and for the fiscal year then ended included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as amended, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 18, 2018 (the “2017 10-K”).

 

On November 22, 2016, the Company’s Board of Directors authorized a one-for-six (1:6) reverse stock split and a contemporaneous one-for-six (1:6) reduction in the number of authorized shares of common stock from 60,000,000 to 10,000,000 shares, to take effect for stockholders of record as of December 5, 2016. No fractional shares were issued. All share, option and warrant related information presented in these financial statements and accompanying footnotes has been retroactively adjusted to reflect the decreased number of shares resulting this reverse stock split.

 

Note 2:       Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The condensed consolidated financial statements represent the consolidated financial position, results of operations and cash flows of Live Ventures Incorporated and its wholly-owned subsidiaries. On July 6, 2015, the Company acquired 80% of Marquis Industries, Inc. and subsidiaries (“Marquis”). Effective November 30, 2015, the Company acquired the remaining 20% of Marquis. On November 3, 2016, the Company acquired 100% of Vintage Stock, Inc., a Missouri corporation (“Vintage Stock”), through its newly formed, wholly-owned subsidiary, Vintage Stock Affiliated Holdings LLC (“VSAH”). Effective December 30, 2017, the Company acquired 100% of ApplianceSmart through its newly formed, wholly-owned subsidiary, ApplianceSmart Holdings LLC (“ASH”). All intercompany transactions and balances have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

 6 

 

 

 

Significant estimates made in connection with the consolidated financial statements include the estimate of dilution and fees associated with billings, the estimated reserve for doubtful current and long-term trade and other receivables, sales return allowance, the estimated reserve for excess and obsolete inventory, estimated fair value and forfeiture rates for stock-based compensation, fair values in connection with the analysis of goodwill, other intangibles and long-lived assets for impairment, current portion of long-term debt, valuation allowance against deferred tax assets and estimated useful lives for intangible assets and property and equipment.

 

Financial Instruments

 

Financial instruments consist primarily of cash equivalents, trade and other receivables, advances to affiliates and obligations under accounts payable, accrued expenses and notes payable. The carrying amounts of cash equivalents, trade receivables and other receivables, accounts payable, accrued expenses and short-term notes payable approximate fair value because of the short maturity of these instruments. The fair value of the long-term debt is calculated based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements, unless quoted market prices were available (Level 2 inputs). The carrying amounts of long-term debt at June 30, 2018 and September 30, 2017 approximate fair value.

 

Cash and Restricted Cash

 

Cash and cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Restricted cash consists of balances on deposit, $750,000 as of June 30, 2018, pledged as collateral for a letter of credit. Fair value of cash equivalents and restricted cash approximates carrying value.

 

Trade Receivables

 

The Company grants trade credit to customers under credit terms that it believes are customary in the industry it operates and does not require collateral to support customer trade receivables. Some of the Company’s trade receivables are factored primarily through two factors. Factored trade receivables are sold without recourse for substantially all of the balance receivable for credit approved accounts. The factor purchases the trade receivables for the gross amount of the respective invoice(s), less factoring commissions, trade and cash discounts. The factor charges the Company a factoring commission for each trade account, which is between 0.75-1.00% of the gross amount of the invoice(s) factored on the date of the purchase, plus interest calculated at 3.25%-6% per annum. The minimum annual commission due the factor is $112,500 per contract year. Total commissions paid to factors were $231,761 and $210,961 for nine months ended June 30, 2018 and 2017, respectively. The total amount of trade receivables factored was $29,592,944 and $27,373,263 for the nine months ended June 30, 2018 and 2017, respectively.

 

Allowance for Doubtful Accounts

 

The Company maintains an allowance for doubtful accounts, which includes allowances for accounts and factored trade receivables, customer refunds, dilution and fees from local exchange carrier billing aggregators and other uncollectible accounts. The allowance for doubtful accounts is based upon historical bad debt experience and periodic evaluations of the aging and collectability of the trade receivables. This allowance is maintained at a level which the Company believes is sufficient to cover potential credit losses and trade receivables are only written off to bad debt expense as uncollectible after all reasonable collection efforts have been made. The Company has also purchased accounts receivable credit insurance to cover non-factored trade and other receivables which helps reduce potential losses due to doubtful accounts. At June 30, 2018 and September 30, 2017, the allowance for doubtful accounts was $1,239,937 and $1,091,223, respectively.

 

Inventories

 

Manufacturing Segment

 

Inventories are valued at the lower of the inventory’s cost (first in, first out basis (“FIFO”)) or market. Management compares the cost of inventory with its net realizable value and an allowance is made to write down inventory to net realizable value, if lower. Management also reviews inventory to determine if excess or obsolete inventory is present and a reserve is made to reduce the carrying value for inventory for such excess and or obsolete inventory. At June 30, 2018 and September 30, 2017, the reserve for obsolete inventory was $91,940.

 

 7 

 

 

Retail and Online Segment

 

Merchandise inventories are valued at the lower of cost or market using the average cost method which approximates FIFO. Under the average cost method, as new product is received from vendors, its current cost is added to the existing cost of product on-hand and this amount is re-averaged over the cumulative units in inventory available for sale. Pre-owned products traded in by customers are recorded as merchandise inventory for the amount of cash consideration or store credit less any premiums given to the customer. Management reviews the merchandise inventory to make required adjustments to reflect potential obsolescence or the lower of cost or market. In valuing merchandise inventory, management considers quantities on hand, recent sales, potential price protections, returns to vendors and other factors. Management’s ability to assess these factors is dependent upon forecasting customer demand and to provide a well-balanced merchandise assortment. Merchandise inventory valuation is adjusted based on anticipated physical inventory losses or shrinkage and actual losses resulting from periodic physical inventory counts. Merchandise inventory reserves as of June 30, 2018 and September 30, 2017 were $1,211,159 and $1,256,629, respectively.

 

Property and Equipment

 

Property and equipment are stated at cost less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of assets are capitalized. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation are removed from the related accounts and any gain or loss is reflected in operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful lives of building and improvements are three to forty years, transportation equipment is five to ten years, machinery and equipment are five to ten years, furnishings and fixtures are three to five years and office and computer equipment are three to five years. Depreciation expense was $1,335,174 and $976,296 for the three months ended June 30, 2018 and 2017, respectively. Depreciation expense was $3,562,368 and $2,677,039 for the nine months ended June 30, 2018 and 2017, respectively.

 

The Company periodically reviews our property and equipment when events or changes in circumstances indicate that their carrying amounts may not be recoverable or their depreciation or amortization periods should be accelerated. We assess recoverability based on several factors, including our intention with respect to our stores and those stores projected undiscounted cash flows. An impairment loss would be recognized for the amount by which the carrying amount of the assets exceeds their fair value, as approximated by the present value of their projected discounted cash flows.

 

Goodwill

 

The Company accounts for purchased goodwill and intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. Under ASC 350, purchased goodwill is not amortized; rather, they are tested for impairment on at least an annual basis. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of the business acquired.

 

We test goodwill annually on July 1 of each fiscal year or more frequently if events arise or circumstances change that indicate that goodwill may be impaired. The Company assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed using a two-step approach required by ASC 350 to determine whether a goodwill impairment exists.

  

The first step of the quantitative test is to compare the carrying amount of the reporting unit's assets to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying amount exceeds the fair value, then the second step is required to be completed, which involves allocating the fair value of the reporting unit to each asset and liability using the guidance in ASC 805 (“Business Combinations, Accounting for Identifiable Intangible Assets in a Business Combination”), with the excess being applied to goodwill. An impairment loss occurs if the amount of the recorded goodwill exceeds the implied goodwill. The determination of the fair value of our reporting units is based, among other things, on estimates of future operating performance of the reporting unit being valued. We are required to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments.

 

 

 

 8 

 

 

When performing the two-step quantitative impairment test, the Company's methodology includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company’s cost of capital, otherwise known as the discounted cash flow method (“DCF”). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses, and future technological changes. The Company also incorporates market multiples for comparable companies in determining the fair value of our reporting units. Any such impairment would be recognized in full in the reporting period in which it has been identified.

  

Intangible Assets

 

The Company’s intangible assets consist of customer relationship intangibles, trade names, licenses for the use of internet domain names, Universal Resource Locators, or URL’s, software, and marketing and technology related intangibles. Upon acquisition, critical estimates are made in valuing acquired intangible assets, which include but are not limited to: future expected cash flows from customer contracts, customer lists, and estimating cash flows from projects when completed; tradename and market position, as well as assumptions about the period of time that customer relationships will continue; and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from the assumptions used in determining the fair values. All intangible assets are capitalized at their original cost and amortized over their estimated useful lives as follows: domain name and marketing – 3 to 20 years; software – 3 to 5 years, customer relationships – 7 to 15 years. Intangible amortization expense is $486,060 and $113,245 for the three months ended June 30, 2018 and 2017, respectively. Intangible amortization expense is $962,029 and $435,747 for the nine months ended June 30, 2018 and 2017, respectively.

 

Revenue Recognition

 

Manufacturing Segment

 

The Manufacturing Segment derives revenue primarily from the sale of carpet products, including shipping and handling amounts, which are recognized when the following requirements have been met: (i) there is persuasive evidence of an arrangement, (ii) the sales transaction price is fixed or determinable, (iii) title, ownership and risk of loss have been transferred to the customer, (iv) allocation of sales price to specific performance obligations, and (v) performance obligations are satisfied. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. All direct costs are either paid and or accrued for in the period in which the sale is recorded.

 

Retail and Online Segment

 

The Retail and Online Segment derives revenue primarily from direct sales of entertainment and appliance products and services, including shipping and handling amounts, which are recognized when the following requirements have been met: (i) there is persuasive evidence of an arrangement, (ii) the sales transaction price is fixed or determinable, (iii) title or use rights, ownership and risk of loss have been transferred to the customer, (iv) allocation of sales price to specific performance obligations, and (v) performance obligations are satisfied. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. All direct costs are either paid and or accrued for in the period in which the sale is recorded.

 

Services Segment

 

The Services Segment recognizes revenue from directory subscription services as billed for and accepted by the customer. Directory services revenue is billed and recognized monthly for directory services subscribed. The Company has utilized outside billing companies to perform direct ACH withdrawals. For billings via ACH withdrawals, revenue is recognized when such billings are accepted by the customer. Customer refunds are recorded as an offset to gross Services Segment revenue.

 

Revenue for billings to certain customers that are billed directly by the Company and not through outside billing companies is recognized based on estimated future collections which are reasonably assured. The Company continuously reviews this estimate for reasonableness based on its collection experience. 

 

 

 

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Shipping and Handling

 

The Company classifies shipping and handling charged to customers as revenues and classifies costs relating to shipping and handling as cost of revenues.

  

Customer Liabilities

 

The Company establishes a liability upon the issuance of merchandise credits and the sale of gift cards. Breakage income related to gift cards which are no longer reportable under state escheatment laws for the three months ended June 30, 2018 and 2017, is expense of $53,225 and income of $25,092, respectively. For the nine months ended June 30, 2018, breakage income of $39,918, and the period of November 3, 2016 through June 30, 2017, breakage income of $98,183 is recorded in other income in our consolidated financial statements. No amounts were recorded for breakage for any period prior to November 3, 2016.

 

Fair Value Measurements

 

ASC Topic 820 (“Fair Value Measurements and Disclosures”) requires disclosure of the fair value of financial instruments held by the Company. ASC topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 – to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

Income Taxes

 

The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company's assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes in its Consolidated Statements of Income.

 

Significant management judgment is required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Company uses a two-step process to evaluate tax positions. The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Company in future periods.

 

Lease Accounting

 

The Company leases retail stores, warehouse facilities and office space. These assets and properties are generally leased under noncancelable agreements that expire at various dates through 2024 with various renewal options for additional periods. The agreements, which have been classified as operating leases, generally provide for minimum and, in some cases percentage rent and require us to pay all insurance, taxes and other maintenance costs. Leases with step rent provisions, escalation clauses or other lease concessions are accounted for on a straight-line basis over the lease term and includes “rent holidays” (periods in which we are not obligated to pay rent). Cash or lease incentives received upon entering into certain store leases (“tenant improvement allowances”) are recognized on a straight-line basis as a reduction to rent expense over the lease term. The Company records the unamortized portion of tenant improvement allowances as a part of deferred rent. The Company does not have leases with capital improvement funding. Percentage rentals are based on sales performance in excess of specified minimums at various stores and are accounted for in the period in which the amount of percentage rent can be accurately estimated.

 

 

 

 

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Stock-Based Compensation

 

The Company from time to time grants restricted stock awards and options to employees, non-employees and Company executives and directors. Such awards are valued based on the grant date fair-value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the vesting period.

  

Earnings Per Share

 

Earnings per share is calculated in accordance with ASC 260 (“Earnings Per share”). Under ASC 260 basic earnings per share is computed using the weighted average number of common shares outstanding during the period except that it does not include unvested restricted stock subject to cancellation. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of warrants, options, restricted shares and convertible preferred stock. The dilutive effect of outstanding restricted shares, options and warrants is reflected in diluted earnings per share by application of the treasury stock method. Convertible preferred stock is reflected on an if-converted basis.

 

Segment Reporting

 

ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a Company’s management organizes segments within the Company for making operating decisions and assessing performance. The Company determined it has three reportable segments (See Note 17).

 

Concentration of Credit Risk

 

The Company maintains cash balances at several banks in multiple states including, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Kansas, Missouri, Minnesota, Nevada, New Mexico, New York, Ohio, Oklahoma, Texas, and Utah. Accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution as of June 30, 2018. At times, balances may exceed federally insured limits.

 

Reclassifications

 

Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the previously reported net income or stockholders’ equity.

 

Recently Issued Accounting Pronouncements

 

ASU 2016-02, Leases (Topic 842). The standard requires a lessee to recognize a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term on the balance sheet. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements.

 

Note 3:       Comprehensive Income

 

Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized, including items like an unrealized holding gain or loss from available for sale securities and foreign currency translation gains or losses. For the Company, for three and nine months ended June 30, 2018 and 2017, net income does not differ from comprehensive income.

 

 

 

 

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Note 4:       Balance Sheet Detail Information

 

   June 30,   September 30, 
   2018   2017 
   (Unaudited)      
Trade receivables, current, net:          
Accounts receivable, current  $14,314,236   $11,383,576 
Less: Reserve for doubtful accounts   (895,365)   (746,651)
   $13,418,871   $10,636,925 
Trade receivables, long term, net:          
Accounts receivable, long term  $344,572   $344,572 
Less: Reserve for doubtful accounts   (344,572)   (344,572)
   $–   $– 
Total trade receivables, net:          
Gross trade receivables  $14,658,808   $11,728,148 
Less: Reserve for doubtful accounts   (1,239,937)   (1,091,223)
   $13,418,871   $10,636,925 
Components of reserve for doubtful accounts are as follows:          
           
Reserve for dilution and fees on amounts due from billing aggregators  $1,063,617   $1,063,617 
Reserve for customer refunds   856    978 
Reserve for trade receivables   175,464    26,628 
   $1,239,937   $1,091,223 
Inventory          
Raw materials  $9,848,607   $7,709,969 
Work in progress   1,220,457    987,689 
Finished goods   4,608,920    3,922,362 
Merchandise   29,422,835    23,230,350 
    45,100,819    35,850,370 
Less: Inventory reserves   (1,303,099)   (1,348,569)
   $43,797,720   $34,501,801 
Property and equipment, net:          
Building and improvements  $10,770,186   $8,090,797 
Transportation equipment   82,266    104,853 
Machinery and equipment   23,256,746    17,402,064 
Furnishings and fixtures   2,586,465    4,360,820 
Office, computer equipment and other   2,337,960    224,822 
    39,033,623    30,183,356 
Less: Accumulated depreciation   (10,789,365)   (7,365,496)
   $28,244,258   $22,817,860 
Intangible assets, net:          
Domain name and marketing related intangibles  $18,957   $18,957 
Lease intangibles   2,239,008    1,033,412 
Customer relationship intangibles   4,709,241    2,689,039 
Purchased software   2,193,947    1,595,977 
    9,161,153    5,337,385 
Less: Accumulated amortization   (2,144,536)   (1,132,071)
   $7,016,617   $4,205,314 
Accrued liabilities:          
Accrued payroll and bonuses  $2,603,171   $2,602,695 
Accrued sales and use taxes   530,278    824,206 
Accrued property taxes   239,866    – 
Accrued rent   90,677    502,617 
Deferred revenue   454,030    – 
Accrued gift card and escheatment liability   1,684,210    1,479,622 
Accrued interest payable   371,314    464,184 
Accrued accounts payable and bank overdrafts   3,604,422    1,367,539 
Accrued professional fees   149,178    – 
Customer deposits   192,812    182,052 
Accrued expenses - other   260,373    1,563,819 
   $10,180,331   $8,986,734 

 

 

 

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Note 5:        Acquisitions

 

Acquisition of Vintage Stock Inc.

 

On November 3, 2016 (the “Vintage Stock Closing Date”), the Company, through its newly formed, wholly-owned subsidiary, VSAH, entered into a series of agreements in connection with its purchase of Vintage Stock. Vintage Stock is a retailer that sells, buys and trades new and pre-owned movies, video games and music products, as well as ancillary products such as books, comics, toys and collectibles.

 

Total consideration paid of $57,653,698 was paid through a combination of (i) $8,000,000 of capital provided by the Company, (ii)debt financing provided by the TCB Revolver (as defined below) in the aggregate amount of approximately $12,000,000, and mezzanine financing from the Capitala Term Loan (as defined below) of approximately $30 million, and (iii) $10,000,000 of Company-issued subordinated acquisition notes payable to the sellers of Vintage Stock, all as more fully described in Note 8.

 

The table below summarizes our final purchase price allocation of the consideration paid to the respective fair values of the assets acquired and liabilities assumed in the Vintage Stock acquisition as of the Vintage Stock Closing Date. The Company finalized its estimates after it determined that it had obtained all necessary information that existed as of the Vintage Stock Acquisition Date related to these matters.

 

Cash and cash equivalents  $272,590 
Trade and other receivables   177,338 
Inventory   18,711,192 
Prepaid expenses and other current assets   814,201 
Property and equipment   4,859,676 
Intangible - leases   1,033,412 
Intangible - trade names   1,200,000 
Intangible - customer list   50,000 
Intangible - customer relationship   1,000,000 
Goodwill   36,946,735 
Notes payable   (542,074)
Accounts payable   (5,165,612)
Accrued expenses   (1,703,760)
   $57,653,698 

 

In connection with the purchase of Vintage Stock, we incurred bank fees of $15,000, appraisal fees of $20,497, legal fees of $192,339 and consulting fees of $119,774, totaling $347,610, all of which was recorded as general and administrative expense during the year ended September 30, 2017. Goodwill of $36,946,735 is the excess of total consideration less identifiable assets at fair value less debt assumed at fair value and is tax deductible. Goodwill is attributable to Vintage Stock’s management, assembled workforce, operating model, the number of stores, locations and competitive presence in each of its respective markets.

 

The operating results of Vintage Stock have been included in our consolidated financial statements beginning on November 3, 2016 and are reported in our Retail and Online segment.

 

The estimated fair value of the customer relationship intangible related to Vintage Stock was determined using the income approach, which discounts expected future cash flows to present value. The Company estimated the fair value of this intangible asset using the residual method and a present value discount rate of 17% or $1,000,000. Customer relationships relate to the Company’s ability to sell existing and future products. The Company is amortizing the Customer relationships intangible asset on a straight-line basis over an estimated life of 5 years.

 

 

 

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The estimated fair value of the trade names intangible that Vintage Stock uses – “Vintage Stock”, “EntertainMart” and “Movie Trading Company” was determined using a royalty income approach, which estimates an assumed royalty income stream and then discounts that expected future revenue or cash flow stream to present value. The Company estimated the fair value of this intangible asset using the residual method and a present value discount rate of 17%, or $1,200,000. Trade names relate to the Company’s awareness by consumers in the market place. The Company is amortizing the trade names intangible asset on a straight-line basis over an estimated life of 7 years.

 

The estimated fair value of the customer list intangible asset was determined using the cost approach, which estimates the cost to acquire each email address in the list. The Company estimated the fair value of this intangible asset to be $0.19 per acquired email address, less a discount 40% attributable to domain and trade names or a net cost per email address of $0.11 or approximately $50,000. The Company is amortizing the customer list intangible asset on a straight-line basis over an estimated life of 3 years.

 

Acquisition of ApplianceSmart Inc.

 

On December 30, 2017 (the “ApplianceSmart Closing Date”), the Company, through its newly formed, wholly-owned subsidiary, ApplianceSmart Affiliated Holdings LLC (“ASH”), entered into a series of agreements in connection with its purchase of ApplianceSmart. ApplianceSmart is a retailer engaged in the sale of new major appliances through a chain of company-owned retail stores.

 

Total consideration was $6,500,000, with no liabilities assumed by ASH. On December 30, 2017, ASH agreed to pay the $6,500,000 no later than March 31, 2018. Effective April 1, 2018, ASH issued an interest bearing promissory note the Seller, with interest at 5% per annum, with a three-year term in the original amount of $3,919,494 for the balance of the purchase price. Interest is payable monthly in arrears. Ten percent of the outstanding principal amount is due to be repaid annually on a quarterly basis, with any remainder due and payable on maturity, April 1, 2021. This promissory note is guaranteed by ApplianceSmart. The remaining $2,580,506 was paid in cash by ASH to the Seller. ASH may reborrow funds, and pay interest on such re-borrowings, from the Seller up to the Original Principal amount. On December 31, 2017, ASH offset certain liabilities and was provided certain assets from the Seller in the net amount of $1,901,796, against the amount due Seller. ASH and Seller agreed to the offset as if it were payment in cash against the purchase price. At June 30, 2018, the net amount owing to the Seller was $3,817,714 and is included in long term debt. See Note 8.

 

Net liabilities assumed by ASH on December 31, 2017:

 

Accounts payable  $1,374,647 
Accrued expenses   1,374,682 
Capital leases   29,631 
Credit card receivables   (255,301)
Cash   (621,863)
Total net liabilities assumed by ASH  $1,901,796 

 

The table below summarizes our final purchase price allocation of the consideration paid to the respective fair values of the assets acquired in the ApplianceSmart acquisition as of the ApplianceSmart Closing Date. The Company finalized its estimates after it determined that it had obtained all necessary information that existed as of the ApplianceSmart Acquisition Date related to these matters.

 

Trade Receivables  $1,930,164 
Inventory   7,444,282 
Prepaid expenses   69,347 
Refundable deposits   1,003,841 
Intangible asset - trade names   2,015,000 
Intangible asset - customer list   5,202 
Intangible asset - leases   1,205,596 
Restricted cash   750,000 
Property and equipment   1,094,503 
Deferred income tax   (1,599,560)
Bargain gain on acquisition   7,418,375 
   $(6,500,000)

 

The operating results of ApplianceSmart are included in our unaudited condensed consolidated financial statements beginning on December 31, 2017 and are reported in our Retail and Online Segment.

 

 

 

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The estimated fair value of the customer list intangible asset was determined using the cost approach, which estimates the cost to acquire each email address in the list. The Company estimated the fair value of this intangible asset to be $0.10 per acquired active contact information or approximately $5,202. The Company is amortizing the customer list intangible asset on a straight-line basis over an estimated life of 20 years.

 

The estimated fair value of the trade names intangible that ApplianceSmart uses – “ApplianceSmart” was determined using a royalty income approach, which estimates an assumed royalty income stream and then discounts that expected future revenue or cash flow stream to present value. The Company estimated the fair value of this intangible asset using the residual method and a present value discount rate of 18.6%, or $2,015,000. Trade name relates to the Company’s awareness by consumers in the market place. The Company is amortizing the trade name intangible asset on a straight-line basis over an estimated life of 20 years.

 

The estimated fair value of the lease assets that ApplianceSmart leases was determined comparing the existing leases assumed to current market rates within a three-mile radius of existing stores. These market rates were then compared to existing ApplianceSmart contracted lease rates over the remaining lease terms. If the lease contract began within six months of acquisition date or the square footage price difference was within 10% of the contracted lease rate, or the overall discounted cash flow effect of the difference was less than $150,000, the lease was excluded for intangible valuation purposes. The remaining leases that were included were then compared to market rates, with the differences discounted using a discount rate of 7.50% to determine the discounted present value of the lease intangibles. The Company is amortizing the lease intangibles on a straight-line basis over the remaining life of each lease ranging between two and ten years.

 

Note 6:       Intangibles

 

The Company’s intangible assets consist of customer relationship intangibles, trade names, licenses for the use of internet domain names, URL’s, software, and marketing and technology related intangibles. All such assets are capitalized at their original cost and amortized over their estimated useful lives as follows: domain name and marketing – 3 to 20 years; software – 3 to 5 years, customer relationships – 7 to 15 years; intangible lease assets – 2 to 10 years. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determined lives may be adjusted. Intangible amortization expense is $486,060 and $113,245 for the three months ended June 30, 2018 and 2017, respectively. Intangible amortization expense is $962,029 and $435,747 for the nine months ended June 30, 2018 and 2017, respectively.

 

The following table summarizes estimated future amortization expense related to intangible assets that have net balances as of June 30, 2018:

 

 2019   $1,461,929 
 2020    1,450,817 
 2021    1,321,300 
 2022    673,804 
 2023    381,806 
 Thereafter    1,726,961 
    $7,016,617 

 

Note 7:        Goodwill

 

Goodwill is not amortized, but rather is evaluated for impairment on July 1 annually or when indicators of a potential impairment are present. The annual evaluation for impairment of goodwill is based on valuation models that incorporate assumptions and internal projections of expected future cash flows and operating plans. We believe such assumptions are also comparable to those that would be used by other marketplace participants.

  

 

 

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Note 8:        Long Term Debt

 

Bank of America Revolver Loan

 

On July 6, 2015, Marquis entered into a $15 million revolving credit agreement with Bank of America Corporation (“BofA Revolver”). The BofA Revolver is a five-year, asset-based facility that is secured by substantially all of Marquis’ assets. Availability under the BofA Revolver is subject to a monthly borrowing base calculation.

 

Payment obligations under the BofA Revolver include monthly payments of interest and all outstanding principal and accrued interest thereon due in July 2020, which is when the BofA Revolver loan agreement terminates. The BofA Revolver is recorded as a currently liability due to a lockbox requirement, and a subjective acceleration clause as part of the agreement.

 

Borrowing availability under the BofA Revolver is limited to a borrowing base which allows Marquis to borrow up to 85% of eligible accounts receivable, plus the lesser of (i) $7,500,000; (ii) 65% of the value of eligible inventory; or (iii) 85% of the appraisal value of the eligible inventory. For purposes of clarity, the advance rate for inventory is 55.3% for raw materials, 0% for work-in-process and 70% for finished goods subject to eligibility, special reserves and advance limit. Letters of credit reduce the amount available to borrow under the BofA Revolver by an amount equal to the face value of the letters of credit.

 

As of February 22, 2017, Marquis’s ability to make prepayments against Marquis subordinated debt, including the related party loan with Isaac Capital Group, LLC (“ICG”)  and pay cash dividends is generally permitted if (i) excess availability under the BofA Revolver is more than $4 million, and has been for each of the 90 days preceding the requested distribution and (ii) excess availability under the BofA Revolver is more than $4 million, and the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is 2:1 or greater. Restrictions apply to our ability to make additional prepayments against Marquis subordinated debt and pay cash dividends if the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is less than 2:1 and excess availability under the BofA Revolver is less than $4 million at the time of payment or distribution. There is no restriction on dividends that can be taken by the Company so long as Marquis maintains $4 million of current availability at the time of the dividend or distribution. This translates to having no restriction on Net Income so long as the Company retains sufficient assets to establish $4 million of current availability and continues to meet the required fixed charge coverage ratio of 2:1 as stated above.

 

The BofA Revolver places certain restrictions and covenants on Marquis, including a limitation on asset sales, additional liens, investment, loans, guarantees, acquisitions, incurrence of additional indebtedness for Marquis to maintain a fixed charge coverage ratio of at least 1.05 to 1, tested as of the last day of each month for the twelve consecutive months ending on such day.

 

The BofA Revolver Loan bears interest at a variable rate based on a base rate plus a margin. The current base rate is the greater of (i) Bank of America prime rate, (ii) the current federal funds rate plus 0.50%, or (iii) 30-day LIBOR plus 1.00% plus the margin, which varies, depending on the fixed coverage ratio table below. Levels I – IV determine the interest rate to be charged Marquis which is based on the fixed charge coverage ratio achieved.

 

Level Fixed Charge Coverage Ratio Base Rate Revolver LIBOR Revolver Base Rate Term LIBOR Term Loans
I >2.00 to 1.00 0.50% 1.50% 0.75% 1.75%
II <2.00 to 1.00 but >1.50 to 1.00 0.75% 1.75% 1.00% 2.00%
III <1.50 to 1.00 but >1.20 to 1.00 1.00% 2.00% 1.25% 2.25%
IV <1.2 to 1.00 1.25% 2.25% 1.50% 2.50%

 

On October 20, 2016, Marquis and Bank of America agreed that Level IV interest rates would be applicable until October 20, 2017, and the Level would subsequently be adjusted up or down on a quarterly basis going forward based upon the above fixed coverage ratio achieved by Marquis.

  

The BofA Revolver provides for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with covenants, change in control of Marquis, a material representation or warranty made by us or the borrowers proving to be false in any material respect, certain bankruptcy, insolvency or receivership events affecting Marquis or its subsidiaries, defaults relating to certain other indebtedness, imposition of certain judgments and mergers or the liquidation of Marquis or certain of its subsidiaries. During the period of October 1, 2017 through June 30, 2018, Marquis cumulatively borrowed $69,661,042 and repaid $66,755,088 under the BofA Revolver. Our maximum borrowings outstanding during the same period were $8,530,509. Our weighted average interest rate on those outstanding borrowings for the period of October 1, 2017 through June 30, 2018 was 3.73%. As of June 30, 2018, total additional availability under the BofA Revolver was $7,170,515; with $7,756,769 outstanding, and outstanding standby letters of credit of $72,715.

 

 

 

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Real Estate Transaction

 

On June 14, 2016, Marquis entered into a transaction with Store Capital Acquisitions, LLC. The transaction included a sale-leaseback of land owned by Marquis and a loan secured by the improvements on such land. The total aggregate proceeds received from the sale of the land and the loan was $10,000,000, which consisted of $644,479 from the sale of the land and a note payable of $9,355,521. In connection with the transaction, Marquis entered into a lease with a 15-year term commencing on the closing of the transaction, which provides Marquis an option to extend the lease upon the expiration of its term. The initial annual lease rate is $59,614. The proceeds from this transaction were used to pay down the BofA Revolver and Term loans , and related party loan, as well as purchasing a building from the previous owners of Marquis that was not purchased in the July 2015 transaction. The note payable bears interest at 9.25% per annum, with principal and interest due monthly. The note payable matures June 13, 2056. For the first five years of the note payable, there is a pre-payment penalty of 5%, which declines by 1% for each year the loan remains un-paid. At the end of five years, there is no pre-payment penalty. In connection with the note payable, Marquis incurred $457,757 in transaction costs that are being recognized as a debt issuance cost that is being amortized and recorded as interest expense over the term of the note payable.

 

Kingston Diversified Holdings LLC Agreement ($2 Million Line of Credit)

 

On December 21, 2016, the Company and Kingston Diversified Holdings LLC (“Kingston”) entered into an agreement (the “December 21 Agreement”) modifying its then existing agreement between the parties. The December 21 Agreement, effective September 15, 2016, memorializes an October 2015 interim agreement to extend the maturity date of notes issued by Kingston to the Company (the “Kingston Notes”) by twelve months for 55,888 shares of the Company’s Series B Convertible Preferred Stock with a value on September 15, 2016 of $2,800,000, as a compromise between the parties in respect of certain of their respective rights and duties under the agreement. The December 21 Agreement also decreases the maximum principal amount of the Kingston Notes from $10,000,000 in principal amount to $2,000,000 in principal amount, and eliminates any and all actual, contingent, or other obligations of the Company to issue to Kingston any shares of the Company’s common stock, or to grant any rights, warrants, options, or other derivatives that are exercisable or convertible into shares of the Company’s common stock.

 

Kingston acknowledges that from the effective date through and including December 31, 2021, it shall not sell, transfer, assign, hypothecate, pledge, margin, hedge, trade, or otherwise obtain or attempt to obtain any economic value from any of the shares of Series B Preferred Stock or any shares into which they may be converted or from which they may be exchanged. As a result of the December 21 Agreement, the Company recorded $2,800,000 as an outstanding accrued liability as of September 30, 2016. As of June 30, 2018, and September 30, 2017, the Company had no borrowings on the Kingston line of credit. On December 29, 2016, the Company issued 55,888 shares of Series B Convertible Preferred Stock in settlement of the outstanding accrued liability due Kingston of $2,800,000.

 

Equipment Loans

 

On June 20, 2016 and August 5, 2016, Marquis entered into a transaction which provided for a master agreement and separate loan schedules (the “Equipment Loans”) with Banc of America Leasing & Capital, LLC which provided:

 

Note #1 is $5 million, secured by equipment. The Equipment Loan #1 is due September 23, 2021, payable in 59 monthly payments of $84,273 beginning September 23, 2016, with a final payment in the sum of $584,273, bearing interest at 3.8905% per annum.

  

Note #2 is $2,209,807, secured by equipment. The Equipment Loan #2 is due January 30, 2022, payable in 59 monthly payments of $34,768 beginning January 30, 2017, with a final payment in the sum of $476,729, bearing interest at 4.63% per annum.

  

Note #3 is $3,679,514, secured by equipment. The Equipment Loan #3 is due December 30, 2023, payable in 84 monthly payments of $51,658 beginning January 30, 2017, with a final payment due December 30, 2023, bearing interest rate at 4.7985% per annum.

 

Note #4 is $1,095,113, secured by equipment. The Equipment Loan #4 is due December 30, 2023, payable in 81 monthly payments of $15,901 beginning April 30, 2017, with final payment due December 30, 2023, bearing interest at 4.8907% per annum.

 

Note #5 is $3,931,591, secured by equipment. The Equipment Loan #5 is due December 28, 2024, payable in 84 monthly payments of $54,943 beginning January 28, 2018, with the final payment due December 28, 2024, bearing interest at 4.67% per annum.

 

 

 

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Texas Capital Bank Revolver Loan

 

On November 3, 2016, Vintage Stock entered into a $20 million credit agreement (as amended on January 23, 2017 and as further amended on September 20, 2017) with Texas Capital Bank (“TCB Revolver”). The TCB Revolver is a five-year, asset-based facility that is secured by substantially all of Vintage Stock’s assets. Availability under the TCB Revolver is subject to a monthly borrowing base calculation. On June 7, 2018, the credit agreement was amended reducing the maximum revolving facility to $12 million. The TCB Revolver matures November 3, 2020.

 

Payment obligations under the TCB Revolver include monthly payments of interest and all outstanding principal and accrued interest thereon due in November 2020, which is when the TCB Revolver loan agreement terminates. The TCB Revolver has been classified as a non-current liability due to the removal of the subjective acceleration clause as part of the credit agreement amendment on June 7, 2018.

 

Borrowing availability under the TCB Revolver is limited to a borrowing base which allows Vintage Stock to borrow up to 95% of the appraisal value of the inventory, plus 85% of eligible receivables, net of certain reserves. The borrowing base provides for borrowing up to 95% of the appraisal value for the period of November 4, 2016 through December 31, 2016, then 90% of the appraisal value during the fiscal months of January through September and 92.5% of the appraisal value during the fiscal months of October through December. Letters of credit reduce the amount available to borrow under the TCB Revolver by an amount equal to the face value of the letters of credit.

 

Vintage Stock’s ability to make prepayments against Vintage Stock subordinated debt including the Comvest Term Loan and pay cash dividends is generally permitted if (i) excess availability under the TCB Revolver is more than $2 million, and is projected to be within 12 months after such payment and (ii) excess availability under the TCB Revolver is more than $2 million, and the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is 1.2:1.0 or greater. Restrictions apply to our ability to make additional prepayments against Vintage Stock subordinated debt including the Comvest Term Loan and pay cash dividends if the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is less than 1.2:1.0 and excess availability under the TCB Revolver is less than $2 million at the time of payment or distribution. There is no restriction on dividends that can be taken by the Company so long as Vintage Stock maintains $2 million of current availability at the time of the dividend or distribution. This translates to having no restriction on Net Income so long as the Company retains sufficient assets to establish $2 million of current availability and continues to meet the required fixed charge coverage ratio of 1.2:1 as stated above.

 

The TCB Revolver places certain restrictions on Vintage Stock, including a limitation on asset sales, a limitation of 25 new leases in any fiscal year, additional liens, investment, loans, guarantees, acquisitions and incurrence of additional indebtedness.

 

The per annum interest rate under the TCB Revolver is variable and is equal to the one-month LIBOR rate for deposits in United States Dollars that appears on Thomson Reuters British Bankers Association LIBOR Rates Page (or the successor thereto) as of 11:00 a.m., London, England time, on the applicable determination date plus a margin of 2.25%, effective June 7, 2018.

  

The TCB Revolver provides for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with covenants, change in control of Vintage Stock, a material representation or warranty made by us or the borrowers proving to be false in any material respect, certain bankruptcy, insolvency or receivership events affecting Vintage Stock, defaults relating to certain other indebtedness, imposition of certain judgments and mergers or the liquidation of Vintage Stock. During the period of October 1, 2017 through June 30, 2018, Vintage Stock cumulatively borrowed $57,546,998 and repaid $59,150,804 under the TCB Revolver. Our maximum borrowings outstanding during the period of October 1, 2017 through June 30, 2018 was $16,077,915. Our weighted average interest rate on those outstanding borrowings for the period of October 1, 2017 through June 30, 2018 was 4.502899%. As of June 30, 2018, total additional availability under the TCB Revolver was $1,083,369, with $10,916,631 outstanding; and outstanding standby letters of credit of $0. In connection with the TCB Revolver, Vintage incurred $25,000 in transaction cost that is being recognized as debt issuance cost that is being amortized and recorded as interest expense over the term of the TCB Revolver.

 

Capitala Term Loan

 

On November 3, 2016, the Company, through VSAH, entered into a series of agreements in connection with its purchase of Vintage Stock. As a part of those agreements, VSAH and Vintage Stock (the “Term Loan Borrowers”) obtained $29,871,650 of mezzanine financing from the lenders (the “Term Loan Lenders”) as defined in the term loan agreement (the “Term Loan Agreement”) between the Term Loan Borrowers and Capitala Private Credit Fund V, L.P., in its capacity as lead arranger. Wilmington Trust, National Association, acts as administrative and collateral agent on behalf of the Term Loan Lenders (the “Term Loan Administrative Agent”).

 

 

 

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The term loans under the term loan agreement (collectively, the “Capitala Term Loan”) bear interest at the LIBO rate (as described below) or base rate, plus an applicable margin in each case. In their loan notice to the Term Loan Administrative Agent, the Term Loan Borrowers selected the LIBO rate for the initial term loans made under the term loan agreement on the Closing Date.

 

The interest rate for LIBO rate loans under the term loan agreement is equal to the sum of (a) the greater of (i) a rate per annum equal to (A) the offered rate for deposits in United States Dollars for the applicable interest period and for the amount of the applicable loan that is a LIBOR loan that appears on Bloomberg ICE LIBOR Screen (or any successor thereto) that displays an average ICE Benchmark Administration Limited Interest Settlement Rate for deposits in United States Dollars (for delivery on the first day of such interest period) with a term equivalent to such interest period, determined as of approximately 11:00 a.m. (London time) two business days prior to the first day of such interest period, divided by (B) the sum of one minus the daily average during such interest period of the aggregate maximum reserve requirement (expressed as a decimal) then imposed under Regulation D of the Federal Reserve Board for “Eurocurrency Liabilities” (as defined therein), and (ii) 0.50% per annum, plus (b) the sum of (i) 12.50% per annum in cash pay plus (ii) 3.00% per annum payable in kind by compounding such interest to the principal amount of the obligations under the Term Loan Agreement on each interest payment date.

 

The interest rate for base rate loans under the term loan agreement is equal to the sum of (a) the highest of (with a minimum of 1.50%) (i) the federal funds rate plus 0.50%, (ii) the prime rate, and (iii) the LIBO rate plus 1.00%, plus (b) the sum of (i) 11.50% per annum payable in cash plus (ii) 3.00% per annum payable in kind by compounding such interest to the principal amount of the obligations under the Term Loan Agreement on each interest payment date.

 

The Term Loans place certain restrictions and covenants on Vintage Stock, including a limitation on asset sales, additional liens, investment, loans, guarantees, acquisitions and incurrence of additional indebtedness for Vintage Stock. Vintage Stock is required to maintain a fixed charge coverage ratio of 1.3 for year ended September 30, 2017, 1.4 for year ended September 30, 2018 and 1.5 for all years thereafter. For years ended September 30, 2017 and thereafter, Vintage Stock is required to incur no more than $1.2 million in annual capital expenditures subject to certain cumulative quarter and year to date covenants. Vintage Stock is required to maintain a total leverage ratio of 3.25 for year ended September 30, 2017, 2.5 for year ended September 30, 2018 and 2.0 for all years thereafter. In addition, for quarter ended December 31, 2017, the total leverage ratio cannot exceed 3.0 and for quarters ended March 31, 2018 and June 30, 2018, the total leverage ratio cannot exceed 2.75.

  

The Capitala Term Loans provide for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with covenants, change in control of Vintage Stock, a material representation or warranty made by us or the borrowers proving to be false in any material respect, certain bankruptcy, insolvency or receivership events affecting Marquis or its subsidiaries, defaults relating to certain other indebtedness, imposition of certain judgments and mergers or the liquidation of Vintage Stock or certain of its subsidiaries.

 

The payment obligations under the Term Loan Agreement include (i) monthly payments of interest and (ii) principal installment payments in an amount equal to $725,000 due on March 31, June 30, September 30, and December 31 of each year, with the first such payment due on December 31, 2016. The outstanding principal amounts of the term loans and all accrued interest thereon under the Term Loan Agreement are due and payable in November 2021.

 

The Term Loan Borrowers may prepay the term loans under the term loan agreement from time to time, subject to the payment (with certain exceptions described below) of a prepayment premium of: (i) an amount equal to 2.0% of the principal amount of the term loan prepaid if prepaid during the period of time from and after the Closing Date up to the first anniversary of the Closing Date; (ii) 1.0% of the principal amount of the term loan prepaid if prepaid during the period of time from and after the first anniversary of the Closing Date up to the second anniversary of the Closing Date; and (iii) zero if prepaid from and after the second anniversary of the Closing Date.

 

 

 

 

 19 

 

 

The Term Loan Borrowers may make the following prepayments of the term loans under term loan agreement without being required to pay any prepayment premium:

 

  (i) an amount not to exceed $3 million of the term loans;

 

  (ii) in addition to any amount prepaid in respect of item (i), an additional amount not to exceed $1.45 million, but only if that additional amount is paid prior to the first anniversary of the Closing Date; and

 

  (iii) in addition to any amount prepaid in respect of item (i), an additional amount not to exceed the difference between $2.9 million and any amount prepaid in respect of item (ii), but only if that additional amount is paid from and after the first anniversary of the Closing Date but prior to the second anniversary of the Closing Date.

 

There are also various mandatory prepayment triggers under the Term Loan Agreement, including in respect of excess cash flow, dispositions, equity and debt issuances, extraordinary receipts, equity contributions, change in control, and failure to obtain required landlord consents. Our weighted average interest rate on our Capitala Term Loan outstanding borrowings for the period of October 1, 2017 through June 7, 2018 was 16.94%. In connection with the Capitala Term Loan, Vintage Stock incurred $1,088,000 in transaction cost that is being recognized as debt issuance cost that is being amortized and recorded as interest expense over the term of the Capitala Term Loan. On June 7, 2018, the Capitala Term Loan was paid in full, and the Company recorded as additional interest expense $742,000 of un-amortized debt issuance cost related to the Capitala Term Loan.

 

Sellers Subordinated Acquisition Note

 

In connection with the purchase of Vintage Stock, on November 3, 2016, VSAH and Vintage Stock entered into a seller financed mezzanine loan in the amount of $10 million with the previous owners of Vintage Stock. The Sellers Subordinated Acquisition Note bears interest at 8% per annum, with interest payable monthly in arrears. The Sellers Subordinated Acquisition Note matures five years and six months from November 3, 2016.

  

Comvest Term Loan

 

On June 7, 2018, Vintage Stock Affiliated Holdings LLC (“Holdings”) and Vintage Stock, Inc. (the “Borrower”), entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) by and among Borrower, Holdings, the lenders party thereto and Comvest Capital IV, L.P. (“Comvest”), as agent. The Credit Agreement provides for a $24,000,000 secured term loan (the “Term Loan”). The proceeds of the Term Loan, together with a cash equity contribution of approximately $4.0 million from the Company to the Borrower, will be used by the Borrower (i) to refinance and terminate the Borrower’s credit facility (the “Prior Credit Facility”) with Capitala Private Credit Fund and certain of its affiliates, as lenders, and Wilmington Trust National Association (the “Term Loan Administrative Agent”), as agent, (ii) to pay transaction costs, and (iii) for the Borrower’s working capital and other general corporate purposes. In connection with the closing of the refinancing transaction with Comvest, all defaults under the Prior Credit Facility were extinguished.

The Term Loan bears interest at the base or LIBOR rates (as described below) plus an applicable margin in each case. The applicable margin ranges from 8.00% to 9.50% per annum (subject to a LIBOR floor of 1.00%) and is determined based on the Borrower’s senior leverage ratio pricing grid. The applicable margin during the first six months following the June 7, 2018 closing is 9.50%.

The base rate under the Comvest Credit Agreement is equal to the greatest of (i) the per annum rate of interest which is identified as the “Prime Rate” and normally published in the Money Rates section of The Wall Street Journal (or, if such rate ceases to be so published, as quoted from such other generally available and recognizable source as Agent may select), (ii) the sum of the Federal Funds Rate plus one half percent (0.50%), (iii) the most recently used LIBO Rate and (iv) two percent (2.00%) per annum.

LIBOR rate is defined as the greater of (a) a rate per annum equal to the London interbank offered rate for deposits in Dollars for a period of one month and for the outstanding principal amount of the Term Loan as published in the “Money Rates” section of The Wall Street Journal (or another national publication selected by Agent if such rate is not so published), two Business Days prior to the first day of such one month period and (b) one percent (1.00%) per annum.

 

 20 

 

 

The Term Loan matures on May 26, 2023 and is subject to amortization of 12.5% (decreasing to 10% upon the Borrower’s senior leverage ratio being less than 1.50 times the Borrower’s EBITDA (as defined in the Credit Agreement)) of principal per annum payable in equal quarterly installments due on March 31, June 30, September 30, and December 31 of each year, with the first such payment due on June 30, 2018; plus, to the extent the Borrower generates excess cash flow (as defined in the Credit Agreement), a percent of such excess cash flow (ranging from 50% to 100%), all in accordance with the terms of the Credit Agreement.

Under the Credit Agreement, any and all mandatory prepayments arising from any voluntary act of the Borrower are subject to a prepayment premium, ranging from 5.00% of the principal amount prepaid plus a make-whole amount to 1.00%, depending on when the mandatory prepayment is made. There is no prepayment premium after June 7, 2021.

The Term Loan is secured by a pledge of substantially all of the assets of the Borrower and a pledge of the capital stock of the Borrower. In addition, the Company is guaranteeing (the “Sponsor Guaranty”) that portion of the Term Loan that results in the Borrower’s senior leverage ratio being greater than 2.30:1.00, and only for so long as such ratio exceeds 2.30:1.00. The Sponsor Guaranty terminates on the date that the Borrower’s senior leverage ratio is less than 2.30:1.00 for two consecutive fiscal quarters. 

The Term Loans place certain restrictions and covenants on Vintage Stock, including a limitation on asset sales, additional liens, investment, loans, guarantees, acquisitions and incurrence of additional indebtedness for Vintage Stock. Vintage Stock is required to maintain a minimum of $12,000,000 of EBITA on a trailing twelve months basis as measured quarterly starting June 30, 2018 through December 31, 2018. Beginning quarter ending March 31, 2019 and thereafter, Vintage Stock is required to maintain a minimum of $12,500,000 of EBITA on a trailing twelve months basis. So long at the Senior leverage ratio is greater than 2.0 to 1.0, Vintage Stock is required to spend no more than $1,000,000 on capital expenditures in fiscal year 2018, $1,500,000 in fiscal year 2019, $2,000,000 in fiscal year 2020, $1,750,000 in fiscal year 2021, and $1,500,000 in fiscal years 2022 and thereafter. Vintage Stock is required to maintain a declining maximum senior leverage ratio on a trailing twelve month basis beginning June 30, 2018 of 2.85:1.00, September 30, 2018 2.85:1.00, December 31, 2018 2.65:1.00, March 31, 2019 2.60:1.00, June 30, 2019 2.40:1.00, September 30, 2019 2.10:1.00, December 31, 2019 1.90:1.00, March 31, 2020 1.80:1.00, June 30, 2020 1.75:1.00 and September 30, 2020 and each fiscal quarter thereafter 1.50:1.00. Vintage Stock is required to maintain on a trailing twelve-month basis a minimum fixed charge ratio of less than 1.30:1.00 for quarters ending June 30, 2018, September 30, 2018 and December 31, 2018. For quarter ending March 31, 2019 1.10:1.00. For quarters ending June 30, 2019, September 30, 2019 and December 31, 2019 1.30:1.00. For quarter ending March 31, 2020 and each fiscal quarter thereafter 1.40:1.00. Vintage Stock may only open three new retail locations within a twelve-month period so long as the senior leverage ratio is 2.00:1.00 or more. If the senior leverage ratio is less than 2.00:1.00, Vintage Stock may only open no more than four new retail locations within a twelve-month period. At all times that the senior leverage ratio is greater than or equal to 1.50:1.00, Vintage Stock cannot have the same store sales percentage to be less than or equal to a negative 5.5 percent as of the last day of any fiscal quarter. Vintage Stock may cure both payment and financial covenant defaults through infusion of equity cures as determined by the Credit Agreement. EBITDA, senior leverage ratio, same store sales decline percentage and fixed charge ratio are terms defined within the Credit Agreement.

In connection with the Comvest Term Loan, Vintage Stock incurred $1,263,011 in transaction cost that is being recognized as debt issuance cost that is being amortized and recorded as interest expense over the term of the Comvest Term Loan.

Loan Covenant Compliance

 

We were in compliance with all covenants under our existing revolving and other loan agreements as of September 30, 2017 due to waivers granted by both Texas Capital Bank for the TCB Revolver and Capitala for the Capitala Term Loan. We are in compliance as of June 30, 2018 with all covenants under our existing revolving and other loan agreements.

 

 

 21 

 

 

Long-term debt as of June 30, 2018 and September 30, 2017 consisted of the following:

 

   June 30,
2018		   September 30,
2017		 
Bank of America Revolver Loan - variable interest rate based upon a base rate plus a margin, interest payable monthly, maturity date July 2020, secured by substantially all Marquis assets  $7,756,769   $4,850,815 
Texas Capital Bank Revolver Loan - variable interest rate based upon the one-month LIBOR rate plus a margin, interest payable monthly, maturity date November 2020, secured by substantially all Vintage Stock assets   10,916,634    12,520,437 
Note Payable Capitala Term Loan - variable interest rate based upon a base rate plus a margin,3% per annum interest payable in kind, with the balance of interest payable monthly in cash, principal due quarterly in the amount of $725,000, maturity date November 2021,note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets   –    28,310,505 
Note Payable Comvest Term Loan - variable interest rate based upon LIBOR rate plus a margin,interest payable monthly in cash, principal due quarterly March 31, June 30, September 30,December 31, subject to a variable amortization of principal, maturity date May 26, 2023 note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets   24,000,000    – 
Note Payable to the Sellers of Vintage Stock, interest at 8% per annum, with interest payable monthly, maturity date May 2022, note subordinate to both Texas Capital Bank Revolver and Capitala Term Loan, secured by Vintage Stock Assets   10,000,000    10,000,000 
Note #1 Payable to Banc of America Leasing & Capital LLC - interest at 3.8905% per annum,with interest and principal payable monthly in the amount of $84,273 for 59 months,beginning September 23, 2016, with a final payment due in the amount of $584,273,maturity date September 2021, secured by equipment   3,450,523    4,097,764 
Note #2 Payable to Banc of America Leasing & Capital LLC - interest at 4.63% per annum,with interest and principal payable monthly in the amount of $34,768 for 59 months,beginning January 30, 2017, with a final payment due in the amount of $476,729,maturity date January 2022, secured by equipment   1,721,642    1,969,954 
Note #3 Payable to Banc of America Leasing & Capital LLC - interest at 4.7985% per annum with interest and principal payable monthly in the amount of $51,658 for 84 months,beginning January 30, 2017, secured by equipment   2,991,416    3,341,642 
Note #4 Payable to Banc of America Leasing & Capital LLC - interest at 4.8907% per annum,with interest and principal payable monthly in the amount of $15,901 for 81 months,beginning April 30, 2017, secured by equipment.   918,559    1,025,782 
Note #5 Payable to Banc of America Leasing & Capital LLC - interest at 4.67% per annum,with interest and principal payable monthly in the amount of $54,943 for 84 months,beginning January 28, 2018, secured by equipment.   3,691,222    – 
Note Payable to Store Capital Acquisitions, LLC, - interest at 9.25% per annum, with interest and principal payable monthly in the amount of $73,970 for 480 months,beginning July 1, 2016, maturity date of June 2056, secured by Marquis land and buildings   9,309,038    9,328,208 
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 2.50%,with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets   –    174,757 
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 1.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets   –    249,766 
Note payable to individual, interest at 11% per annum, payable on a 90 day written notice, unsecured   206,529    206,529 
Note payable to individual, interest at 10% per annum,payable on a 90 day written notice, unsecured   500,000    500,000 
Note payable to individual, interest at 8.25% per annum,payable on a 120 day written demand notice, unsecured   225,000    225,000 
Total notes payable   75,687,332    76,801,159 
Less unamortized debt issuance costs   (1,685,671)   (1,353,352)
Net amount   74,001,661    75,447,807 
Less current portion   (14,087,636)   (48,877,536)
Long-term portion  $59,914,025   $26,570,271 

 

 

 

 

 22 

 

 

Future maturities of long-term debt at June 30, 2018 are as follows which does not include related party debt separately stated:

 

2019   $14,087,636 
2020    5,508,736 
2021    16,539,871 
2022    15,646,059 
2023    4,716,537 
Thereafter    19,188,493 
Total   $75,687,332 

  

Note 9:        Long Term Debt, Related Parties

 

Appliance Recycling Centers of America, Inc. Note

 

As previously announced by Live Ventures Incorporated (the “Company”), on December 30, 2017, ApplianceSmart Holdings LLC, a wholly-owned subsidiary of the Company (the “Purchaser”), entered into a Stock Purchase Agreement (the “Agreement”) with Appliance Recycling Centers of America, Inc. (the “Seller”) and ApplianceSmart, Inc. (“ApplianceSmart”), a subsidiary of the Seller. Pursuant to the Agreement, the Purchaser purchased (the “Transaction”) from the Seller all of the issued and outstanding shares of capital stock of ApplianceSmart in exchange for $6,500,000 (the “Purchase Price”). The Purchaser was required to deliver the Purchase Price, and a portion of the Purchase Price was delivered, to the Seller prior to March 31, 2018. Between March 31, 2018 and April 24, 2018, the Purchaser and the Seller negotiated in good faith the method of payment of the remaining outstanding balance of the Purchase Price.

 

On April 25, 2018, the Purchaser delivered to the Seller that certain Promissory Note (the “ApplianceSmart Note”) in the original principal amount of $3,919,494 (the “Original Principal Amount”), as such amount may be adjusted per the terms of the ApplianceSmart Note. The ApplianceSmart Note is effective as of April 1, 2018 and matures on April 1, 2021 (the “Maturity Date”). The ApplianceSmart Note bears interest at 5% per annum with interest payable monthly in arrears. Ten percent of the outstanding principal amount will be repaid annually on a quarterly basis, with the accrued and unpaid principal due on the Maturity Date. ApplianceSmart has agreed to guaranty repayment of the ApplianceSmart Note. The remaining $2,580,506 of the Purchase Price was paid in cash by the Purchaser to the Seller. The Purchaser may reborrow funds, and pay interest on such re-borrowings, from the Seller up to the Original Principal Amount. As of June 30, 2018, there was $3,817,714 outstanding on the Appliance Recycling Center of America, Inc. Note.

 

Isaac Capital Fund Note

 

In connection with the acquisition of Marquis by the Company, the Company entered into a mezzanine loan in the amount of up to $7,000,000 with Isaac Capital Fund (“ICF”), a private lender whose managing member is Jon Isaac, our President and Chief Executive Officer. The ICF mezzanine loan bears interest at 12.5% per annum with payment obligations of interest each month and all principal due in January 2021. As of June 30, 2018, and September 30, 2017, there was $2,000,000 outstanding on this mezzanine loan.

 

Long-term debt, related parties as of June 30, 2018 and September 30, 2017 consisted of the following:

 

   June 30,
2018		   September 30,
2017		 
         
Note Payable and revolving line of credit to the Sellers of ApplianceSmart, Inc., interest rate is 5% per annum, with interest payable monthly, maturity date April 1, 2021,10% of principal will be repaid annually on a quarterly basis, with accrued interest and principal due at maturity. ApplianceSmart may reborrow funds up to the Original Principal amount  $3,817,714   $– 
Note Payable to Isaac Capital Fund, interest rate is 12.5% per annum, with interest payable monthly, maturity date January 2021.   2,000,000    2,000,000 
Total notes payable - related parties   5,817,714    2,000,000 
Less unamortized debt issuance costs   –    – 
Net amount   5,817,714    2,000,000 
Less current portion   (391,949)   – 
Long-term portion  $5,425,765   $2,000,000 

 

 

 

 23 

 

 

Future maturities of long-term debt, related parties at June 30, 2018 are as follows:

 

2019   $391,949 
2020    391,948 
2021    391,948 
2022    4,641,869 
2023    –  
Thereafter    –  
Total   $5,817,714 

 

Note 10:       Stockholders’ Equity

 

Series B Convertible Preferred Stock

 

On December 27, 2016, the Company established a new series of preferred stock, Series B Convertible Preferred Stock. The shares, as a series, are entitled to dividends as declared by the board of directors in an amount equal to $1.00 (in the aggregate for all then-issued and outstanding shares of Series B Convertible Preferred Stock). The series does not have any redemption rights or Stock basis, except as otherwise required by the Nevada Revised Statutes. The series does not provide for any specific allocation of seats on the Board of Directors. At any time and from time to time, the shares of Series B Convertible Preferred Stock are convertible into shares of common stock at a ratio of one share of Series B Preferred Stock into five shares of common stock, subject to equitable adjustment in the event of forward stock splits and reverse stock splits.

 

The holders of shares of the Series B Convertible Stock have agreed not to sell transfer, assign, hypothecate, pledge, margin, hedge, trade, or otherwise obtain or attempt to obtain any economic value from any of such shares or any shares into which they may be converted (e.g., common stock) or for which they may be exchanged. This “lockup” agreement expires on December 31, 2021. Our Warrant Agreements with ICG have been amended to provide that the shares underlying those warrants are exercisable into shares of Series B Convertible Preferred Stock, which warrant shares are also subject to the same “lockup” agreement as the currently outstanding shares of Series B Convertible Preferred Stock.

 

During the nine months ended June 30, 2018, the Company did not issue any shares of Series B Convertible Preferred Stock.

 

During the nine months ended June 30, 2017, the Company issued:

 

55,888 shares of Series B Convertible Preferred Stock to Kingston Diversified Holdings LLC on December 29, 2016 to settle and pay for an outstanding accrued liability in the amount of $2,800,000. The 55,888 shares of Series B Convertible Preferred Stock issued are convertible at an exchange ratio of (five) shares of common stock for each share of Series B Convertible Preferred Stock, or 279,440 shares of common stock.

 

158,356 shares of Series B Convertible Preferred Stock were issued to ICG on December 27, 2016 in exchange for 791,758 shares of our common stock at an exchange ratio of five shares of common stock for each share of Series B Convertible Preferred Stock.

 

 

 

 

 

 24 

 

 

 

Series E Convertible Preferred Stock

 

As of June 30, 2018, there were 127,840 shares of Series E Convertible Preferred Stock and 77,840 shares outstanding. The shares accrue dividends at the rate of 5% per annum on the liquidation preference per share, payable quarterly from legally available funds. The shares carry a cash liquidation preference of $0.30 per share, plus any accrued but unpaid dividends. If such funds are not available, dividends shall continue to accumulate until they can be paid from legally available funds. Holders of the preferred shares are entitled, after two years from issuance, to convert them into shares of our common stock on a one-to-one basis together with payment of $85.50 per converted share. On November 18, 2017, the Company repurchased 50,000 shares of Series E Convertible Preferred Stock for an aggregate purchase price of $4,000.

 

Series E Convertible Preferred Stock Dividends

 

During the nine months ended June 30, 2018 and June 30, 2017, the Company accrued dividends of $876 and $1,438, respectively, payable to holders of Series E preferred stock. As of June 30, 2018, and September 30, 2017, unpaid dividends were $876 and $959, respectively.

 

Common Stock

 

On November 22, 2016, the Company’s board of directors authorized a one-for-six (1:6) reverse stock split and a contemporaneous one-for-six (1:6) reduction in the number of authorized shares of common stock from 60,000,000 to 10,000,000 shares, to take effect for stockholders of record as of December 5, 2016. No fractional shares were issued. All share, option and warrant related information presented in these financial statements and footnotes has been retroactively adjusted to reflect the decreased number of shares resulting in this action.

 

During the nine months ended June 30, 2018, the Company did not issue any shares of common stock.

 

During the nine months ended June 30, 2017, the Company issued:

 

58,333 shares of common stock to Novalk Apps S.A.S. on December 28, 2016 to settle and pay for an outstanding accrued liability in the amount of $584,500. The value was based on the market value of the Company’s common stock on the date of issuance.

 

2,284 shares of common stock to various holders of fractional shares of the Company’s common stock pursuant to the 1:6 stock split effective for stockholders of record on December 5, 2016. All fractional shares of the Company’s common stock were eliminated.

 

Treasury Stock

 

For the year ended September 30, 2017, the Company purchased a total of 96,307 shares of its common stock in the open market (treasury shares) over a two-year period, for $999,584. For the nine months ended June 30, 2018, the Company purchased 31,820 additional shares of its common stock in the open market (treasury shares) for $402,328. The Company accounted for the purchase of these treasury shares using the cost method. Treasury shares held by the Company as of June 30, 2018 are 128,127 common shares for a cost of $1,401,912.

 

2014 Omnibus Equity Incentive Plan

 

On January 7, 2014, our Board of Directors adopted the 2014 Omnibus Equity Incentive Plan (the “2014 Plan”), which authorizes issuance of distribution equivalent rights, incentive stock options, non-qualified stock options, performance stock, performance units, restricted ordinary shares, restricted stock units, stock appreciation rights, tandem stock appreciation rights and unrestricted ordinary shares to our directors, officer, employees, consultants and advisors. The Company has reserved up to 300,000 shares of common stock for issuance under the 2014 Plan. The Company’s stockholders approved the 2014 Plan on July 11, 2014.

 

 

 

 

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Note 11:        Warrants

 

The Company issued several notes in prior periods and converted them, resulting in the issuance of warrants. The following table summarizes information about the Company’s warrants at June 30, 2018:

 

 

   Number of Units
- Series B
Convertible
preferred
warrants		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term (in years)		   Intrinsic
Value		 
Outstanding at June 30, 2018   118,029   $20.80    1.60   $4,956,654 
Exercisable at June 30, 2018   118,029   $20.80    1.60   $4,956,654 

 

As of September 30, 2016, the Company had 590,146 common stock warrants outstanding with weighted average exercise price, weighted average remaining contractual term and intrinsic value of $4.14, 1.73 years and $4,307,493, respectively. On December 27, 2016, ICG and the Company agreed to amend and exchange the common stock warrants for warrants to purchase shares of Series B Convertible Preferred Stock, and the number of warrants held adjusted by an exchange ratio of 5:1 shares of common stock for shares of Series B Convertible Preferred Stock. ICG, the holder of the warrants outstanding, is not permitted to sell, transfer, assign, hypothecate, pledge, margin, hedge, trade or otherwise obtain or attempt to obtain any economic value from the shares of Series B Convertible Preferred Stock should the warrants be exercised prior to December 31, 2021.

 

Warrants for 10,914, 12,383, 54,396 and 17,857 shares of Series B Convertible Preferred Stock were set to expire on September 10, 2017, December 11, 2017, March 27, 2018 and March 28, 2018, respectively. On January 16, 2018, the Company memorialized an agreement reached prior to any of the warrants expiring, to extend the expiration date for two years, just prior to expiration for all warrants listed. Warrants outstanding and exercisable as of June 30, 2018 and September 30, 2017 reflect the time extended warrants in addition to 22,479 warrants for shares of Series B Convertible Preferred Stock with an original expiration date of December 3, 2019.

 

The exercise price for the Series B Convertible Preferred Stock warrants outstanding and exercisable at June 30, 2018 is as follows:

 

Series B Convertible Preferred  
Outstanding     Exercisable  
Number of     Exercise     Number of     Exercise  
Warrants     Price     Warrants     Price  
  54,396     $ 16.60       54,396     $ 16.60  
  17,857       16.80       17,857       16.80  
  12,383       24.30       12,383       24.30  
  33,393       28.50       33,393       28.50  
  118,029               118,029          

 

 

 

 

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Note 12:        Stock-Based Compensation

 

From time to time, the Company grants stock options and restricted stock awards to directors, officers and employees. These awards are valued at the grant date by determining the fair value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the requisite service period.

 

Stock Options

 

The following table summarizes stock option activity for the nine months ended June 30, 2018:

 

   Number of
shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining Contractual Life		   Intrinsic Value 
Outstanding at September 30, 2017   211,668   $13.19    3.47   $454,417 
Granted   20,000    32.24    10.00      
Exercised   –                
Forfeited   –                
Outstanding at June 30, 2018   231,668   $14.84    3.29   $471,458 
Exercisable at June 30, 2018   187,167   $11.75    2.33   $471,458 

 

The Company recognized compensation expense of $49,817 and $67,491 during the three months ended June 30, 2018 and 2017, respectively. The Company recognized compensation expense of $447,970 and $137,011 during the nine months ended June 30, 2018 and 2017, respectively, related to stock option and warrant extension awards granted to certain employees and officers based on the grant date fair value of the awards, net of estimated forfeitures.

  

At June 30, 2018, the Company has $335,992 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the company expects to recognize as compensation expense through October of 2022.

 

The exercise price for stock options outstanding and exercisable outstanding at June 30, 2018 is as follows:

 

Outstanding     Exercisable  
Number of     Exercise     Number of     Exercise  
Options     Price     Options     Price  
  31,250     $ 5.00       31,250     $ 5.00  
  25,000       7.50       25,000       7.50  
  31,250       10.00       31,250       10.00  
  4,167       10.86       4,167       10.86  
  4,167       10.86                  
  4,167       10.86                  
  4,167       10.86                  
  6,250       12.50       6,250       12.50  
  6,250       15.00       6,250       15.00  
  75,000       15.18       75,000       15.18  
  8,000       23.41       8,000       15.18  
  8,000       27.60                  
  8,000       31.74                  
  8,000       36.50                  
  8,000       41.98                  
  231,668               187,167          

 

 

 

 

 27 

 

  

The following table summarizes information about the Company’s non-vested shares outstanding as of June 30, 2018:

 

Non-vested Shares 

Number of

Shares

 

Weighted

Average

Grant-Date

Fair Value

Non-vested at September 30, 2017    36,668   $17.70 
Granted    20,000   $10.14 
Vested    (12,167)  $13.32 
Non-vested at June 30, 2018    44,501   $13.54 

 

Options were granted during fiscal 2017 and 2016, where the exercise price was less than the common stock price at the date of grant or where the exercise price was greater than the common stock price at the date of grant. There have been no options granted in fiscal 2018 to date. The assumptions used in calculating the fair value of stock options granted use the Black-Scholes option pricing model for options granted were as follows:

 

Risk-free interest rate   1.25%
Expected life of the options   5.0 to 10.0 years
Expected volatility   107%
Expected dividend yield   0%

  

Note 13:        Earnings Per Share

 

Net earnings per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average shares of common stock outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net earnings per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential shares of common stock consist of the additional shares of common stock issuable in respect of restricted share awards, stock options and convertible preferred stock. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

 

 

 

 

 

 28 

 

 

The following table presents the computation of basic and diluted net earnings per share:

 

   Three Months Ended June 30,   Nine Months Ended June 30, 
   2018   2017   2018   2017 
Basic                    
                     
Net income  $2,077,038   $2,128,043   $5,877,866   $5,397,282 
Less: preferred stock dividends   (292)   (479)   (876)   (1,438)
Net income applicable to common stock  $2,076,746   $2,127,564   $5,876,990   $5,395,844 
                     
Weighted average common shares outstanding   1,970,136    2,044,767    1,972,758    2,289,646 
                     
Basic earnings per share  $1.05   $1.04   $2.98   $2.36 
                     
                     
                     
Diluted                    
                     
Net income applicable to common stock  $2,076,746   $2,127,564   $5,876,990   $5,395,844 
Add: preferred stock dividends   292    479    876    1,438 
Net income applicable for diluted earnings per share  $2,077,038   $2,128,043   $5,877,866   $5,397,282 
                     
Weighted average common shares outstanding   1,962,039    2,044,767    1,983,719    2,289,646 
Add: Options   38,980    35,296    42,440    53,081 
Add: Series B Preferred Stock   1,071,200    1,071,200    1,071,200    1,071,200 
Add: Series B Preferred Stock Warrants   590,145    590,145    590,145    590,145 
Add: Series E Preferred Stock   77,840    127,840    77,840    127,840 
Assumed weighted average common shares outstanding   3,740,204    3,869,248    3,765,344    4,131,912 
                     
Diluted earnings per share  $0.56   $0.55   $1.56   $1.31 

 

There are 121,250 and 124,168 common stock options that are anti-dilutive that are not included in the three months ended June 30, 2018 and 2017, diluted earnings per share computations, respectively. There are 121,250 and 111,668 common stock options that are anti-dilutive that are not included in the nine months ended June 30, 2018 and 2017, diluted earnings per share computations, respectively.

 

Note 14:        Related Party Transactions

 

In connection with its purchase of Marquis, Marquis entered into a mezzanine loan in the amount of up to $7,000,000 with ICF. The ICF mezzanine loan bears interest at a rate of 12.5% per annum with payment obligations of interest each month and all principal due in January 2021. As of June 30, 2018, and September 30, 2017, respectively, there was $2,000,000 outstanding on this mezzanine loan. During the three months ended June 30, 2018 and 2017, the Company recognized total interest expense of $63,194, associated with the ICF notes. During the nine months ended June 30, 2018 and 2017, we recognized total interest expense of $189,583, associated with the ICF notes.

  

Customer Connexx LLC, a wholly-owned subsidiary of Appliance Recycling Centers of America, Inc. (“ARCA”), rents approximately 9,879 square feet of office space from the Company at its Las Vegas office which totals 11,100 square feet. ARCA paid the Company $29,929 in rent and other common area reimbursed expenses for the three months ended June 30, 2018. ARCA paid the Company $149,336 in rent and other common area reimbursed expenses for the nine months ended June 30, 2018. Tony Isaac, a member of the Board of Directors of the Company and Virland Johnson, Chief Financial Officer of the Company, are Chief Executive Officer and Board of Directors member and Chief Financial Officer of ARCA, respectively.

 

Warrants for 10,914, 12,383, 54,396 and 17,857 shares of Series B Convertible Preferred Stock were set to expire on September 10, 2017, December 11, 2017, March 27, 2018 and March 28, 2018, respectively. On January 16, 2018, the Company memorialized an agreement reached prior to any of the warrants expiring, to extend the expiration date for two years, just prior to expiration for all warrants listed. Warrants outstanding and exercisable as of June 30, 2018 and September 30, 2017 reflect the time extended warrants in addition to 22,479 warrants for shares of Series B Convertible Preferred Stock with an original expiration date of December 3, 2019.

 

 

 

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On December 30, 2017, ASH, a wholly owned subsidiary of the Company, entered into a Stock Purchase Agreement (the “Agreement”) with ARCA and ApplianceSmart, a subsidiary of ARCA. Pursuant to the Agreement, the Purchaser purchased from ARCA all of the issued and outstanding shares of capital stock (the “Stock”) of ApplianceSmart in exchange for $6,500,000 (the “Purchase Price”). Effective April 1, 2018, ASH issued an interest-bearing promissory note, with interest at 5% per annum, with a three-year term in the original amount of $3,919,494 for the balance of the purchase price. ApplianceSmart paid ARCA transition services fees of $67,500 and $135,000 for the three months and nine months ended June 30, 2018.

 

In connection with the acquisition of Vintage Stock on November 3, 2016, Rodney Spriggs, President of Vintage Stock, holds a 41.134752% interest in the $10,000,000 Seller Subordinated Acquisition Note payable by VSAH. The terms of payment are interest only, payable monthly on the 1st of each month, until maturity 5 years and 6 months from the date of the note – November 3, 2016. Interest paid to Mr. Spriggs for the three months ended June 30, 2018 and 2017, was $84,098 and $84,098, respectively. Interest paid to Mr. Spriggs for the nine months ended June 30, 2018 and 2017, was $249,552 and $191,049, respectively. Interest unpaid and accrued as of June 30, 2018 and September 30, 2017 is $27,423 and $27,423, respectively.

 

Also see Note 5, 8, 9, 10 and 11.

 

Note 15:        Commitments and Contingencies

 

Litigation

 

The Company is involved in various claims and lawsuits arising in the normal course of business. These proceedings could result in fines, penalties, compensatory or treble dames or non-monetary relief. The nature of legal proceedings is such that the Company cannot assure the outcome of any particular matter, and an unfavorable ruling or development could have a materially adverse effect on our consolidated financial position, results of operations and cash flows in the period which a ruling or settlement occurs. However, based on information available to the Company’s management to date, the Company’s management does not expect that the outcome of any matter pending against us is likely to have a materially adverse effect on the Company’s consolidated financial position as of June 30, 2018, results of operations, cash flows or liquidity of the Company.

 

Note 16:        Income Taxes

 

The income tax rate for the nine months ended June 30, 2018 and June 30, 2017 were 38.3% and 39.5%, respectively. The effective income tax rate differs from the U.S. federal statuary rate primarily due to state taxes, extraordinary gains, and certain non-deductible expenses. As of June 30, 2018, and June 30, 2017 the Company had no uncertain tax positions. The Company is subject to taxation and files income tax returns in the U.S., and various state jurisdictions. The Company is subject to audit for U.S. purposes for the current and prior three years; and for state purposes the current and prior four years. The Company has net operating loss carry-forwards of approximately $29.5 million for U.S. income tax purposes, these net operating loss carryforwards are subject to IRC Section 382 limitations and can be carried forward indefinitely.

 

During the first quarter, the Company revised its estimated annual effective rate to reflect a change in the federal statutory rate from 34% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective as of January 1, 2018, which requires the Company to use a blended rate for the annual period. As a result, the blended federal statutory rate for the year is 24.53%. In addition, we recognized a tax expense in our tax provision for the period related to adjusting our deferred tax balance to reflect the new corporate tax rate. As a result, income tax expense reported for the six months was adjusted to reflect the effects of the change in tax law and resulted in an increase in income tax expense of approximately $2.3 million for the nine-month period ended June 30, 2018.

 

 

 

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Note 17:        Segment Reporting

 

The Company operates in three segments which are characterized as: (1) Manufacturing, (2) Retail and Online, and (3) Services. The Manufacturing Segment consists of Marquis Industries, the Retail and Online segment consists of Vintage Stock, ApplianceSmart, Modern Everyday and LiveDeal.com, and the Services segment consists of the directory services business.

 

The following tables summarize segment information for the three and nine months ended June 30, 2018 and 2017:

 

   Three Months Ended June 30,   Nine Months Ended June 30, 
   2018   2017   2018   2017 
                 
Revenues                    
Retail and Online  $29,705,192   $19,267,959   $82,182,175   $54,020,215 
Manufacturing   24,773,123    21,898,645    64,460,280    57,429,871 
Services   183,742    210,889    567,594    652,496 
   $54,662,057   $41,377,493   $147,210,049   $112,102,582 
                     
Gross profit                    
Retail and Online  $12,141,262   $10,953,602   $38,133,949   $30,105,864 
Manufacturing   6,498,207    5,839,412    16,187,021    15,388,787 
Services   174,749    200,883    539,839    619,848 
   $18,814,218   $16,993,897   $54,860,809   $46,114,499 
                     
Operating income (loss)                    
Retail and Online  $(1,978,657)  $2,268,438   $2,644,667   $6,547,564 
Manufacturing   2,703,380    2,915,516    5,710,457    7,168,164 
Services   173,097    199,173    537,447    617,324 
   $897,820   $5,383,127   $8,892,571   $14,333,052 
                     
Depreciation and amortization                    
Retail and Online  $988,169   $329,416   $2,106,133   $884,522 
Manufacturing   833,064    760,125    2,418,264    2,228,264 
Services   –    –    –    – 
   $1,821,233   $1,089,541   $4,524,397   $3,112,786 
                     
Interest expenses                    
Retail and Online  $2,223,285   $1,600,589   $5,594,983   $4,283,015 
Manufacturing   487,997    527,201    1,406,331    1,329,304 
Services   –    –    –    – 
   $2,711,282   $2,127,790   $7,001,314   $5,612,319 
                     
Net income before provision for income taxes                    
Retail and Online  $(503,861)  $797,504   $4,710,315   $2,842,206 
Manufacturing   2,232,996    2,175,749    4,316,045    5,363,455 
Services   173,097    294,736    537,447    712,886 
   $1,902,232   $3,267,989   $9,563,807   $8,918,547 

 

 

 

 

 31 

 

 

   As of
June 30,
2018		   As of
September 30,
2017		 
         
Total assets          
Retail and Online  $88,761,358   $81,703,371 
Manufacturing   52,942,685    46,783,429 
Services   101,379    107,795 
   $141,805,422   $128,594,595 
           
Goodwill and intangible assets          
Retail and Online  $43,612,119   $40,778,865 
Manufacturing   351,233    373,184 
Services   –    – 
   $43,963,352   $41,152,049 

 

 

Note 18:        Subsequent Events

 

None. 

 

 

 

 

 

 

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ITEM 2.          MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

For a description of our significant accounting policies and an understanding of the significant factors that influenced our performance during the three and nine months ended June 30, 2018, this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (hereafter referred to as “MD&A”) should be read in conjunction with the condensed consolidated financial statements, including the related notes, appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as our 2017 Form 10-K.

 

Note about Forward-Looking Statements

 

This Quarterly Report on Form 10-Q includes statements that constitute “forward-looking statements.” These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “intends,” “plans,” “expects,” or “anticipates,” and do not reflect historical facts.

 

Specific forward-looking statements contained in this portion of the Quarterly Report include, but are not limited to (i) statements that are based on current projections and expectations about the markets in which we operate, (ii) statements about current projections and expectations of general economic conditions, (iii) statements about specific industry projections and expectations of economic activity, (iv) statements relating to our future operations and prospects, (v) statements about future results and future performance, (vi) statements that the cash on hand and additional cash generated from operations together with potential sources of cash through issuance of debt or equity will provide the company with sufficient liquidity for the next 12 months; and (vii) statements that the outcome of pending legal proceedings will not have a material adverse effect on business, financial position and results of operations, cash flow or liquidity.

 

Forward-looking statements involve risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Factors and risks that could affect our results, future performance and capital requirements and cause them to materially differ from those contained in the forward-looking statements include those identified in our 2017 Form 10-K under Item 1A “Risk Factors”, as well as other factors that we are currently unable to identify or quantify, but that may exist in the future.

 

In addition, the foregoing factors may generally affect our business, results of operations and financial position. Forward-looking statements speak only as of the date the statements were made. We do not undertake and specifically decline any obligation to update any forward-looking statements. Any information contained on our website www.live-ventures.com or any other websites referenced in this Quarterly Report are not part of this Quarterly Report.

 

Our Company

 

Live Ventures Incorporated is a holding company for diversified businesses, which, together with our subsidiaries, we refer to as the “Company”, “Live Ventures”, “we”, “us” or “our.” We acquire and operate profitable companies in various industries that have demonstrated a strong history of earnings power. We currently have three segments to our business, Manufacturing, Retail and Online, and Services.

 

Under the Live Ventures brand, we seek opportunities to acquire profitable and well-managed companies. We work closely with third parties to help us identify target companies that fit within the criteria we have established for opportunities.

 

Our principal offices are located at 325 E. Warm Springs Road, Suite 102, Las Vegas, Nevada 89119, our telephone number is (702) 939-0231, and our corporate website (which does not form part of this report) is located at www.live-ventures.com. Our common stock trades on the NASDAQ Capital Market under the symbol “LIVE”.

 

 

 

 33 

 

   

Manufacturing Segment

 

Marquis Industries

 

Our Manufacturing segment is composed of Marquis Affiliated Holdings LLC and wholly-owned subsidiaries (“Marquis”). Marquis is a leading carpet manufacturer and a manufacturer of innovative yarn products, as well as a reseller of hard surface flooring products. Over the last decade, Marquis has been an innovator and leader in the value-oriented polyester carpet sector, which is currently the market’s fastest-growing fiber category. We focus on the residential, niche commercial, and hospitality end-markets and serve over 2,000 customers.

 

Since commencing operations in 1995, Marquis has built a strong reputation for outstanding value, styling, and customer service. Its innovation has yielded products and technologies that differentiate its brands in the flooring marketplace. Marquis’s state-of-the-art operations enable high quality products, unique customization, and exceptionally short lead-times. Marquis utilizes its state-of-the-art yarn extrusion capacity to market monofilament textured yarn products to the artificial turf industry.

 

Retail and Online Segment

 

Our Retail and Online Segment is composed of Vintage Stock Affiliated Holdings LLC and wholly-owned subsidiaries (“Vintage”), Appliancesmart Holdings LLC and its wholly-owned subsidiary (“Appliancesmart”), Modern Everyday, Inc. (“MEI”) and LiveDeal Inc. (“LiveDeal”).

 

Vintage Stock

 

On November 3, 2016, Live Ventures through its wholly-owned subsidiary Vintage Stock Affiliated Holdings LLC, acquired 100% of Vintage Stock (collectively “Vintage Stock”). Vintage Stock is an award-winning specialty entertainment retailer with 58 storefronts across the Midwest and Southwest. Vintage Stock enjoys a wide customer base comprised of electronic entertainment enthusiasts, avid collectors, female gamers, children, seniors and more. Vintage Stock offers a large selection of entertainment products including new and pre-owned movies, video games and music products, as well as ancillary products such as books, comics, toys and collectibles all available in a single location. With its integrated buy-sell-trade business model, Vintage Stock buys, sells and trades new and pre-owned movies, music, video games, electronics and collectibles through 33 Vintage Stock, 3 V-Stock, 13 Movie Trading company and 9 EntertainMart retail locations strategically positioned across Texas, Idaho, Oklahoma, Kansas, Missouri, Colorado, Illinois, Arkansas, Utah and New Mexico. In addition to offering a wide array of products, Vintage Stock also offers services to customers, such as rentals, special orders, disc and video game hardware repair and more. Vintage Stock’s “Cooler Than Cash” program rewards loyal customers. When Vintage Stock customers bring in items to sell, the customer has two options: (i) sell their pre-owned products for cash or (ii) opt for store credit and receive a fifty percent bonus.

 

ApplianceSmart

 

On December 30, 2017, the Company, through its newly formed, wholly-owned subsidiary, Appliancesmart Holdings LLC, entered into a series of agreements in connection with its purchase of Appliancesmart. Appliancesmart is engaged in the sale of new major appliances through a chain of company-owned retail stores. Appliancesmart is a leading appliance dealer in Minnesota, Ohio, Georgia and Texas with 17 stores. Appliancesmart sells leading brands such as Whirlpool, General Electric, Frigidaire, LG and Samsung.

 

Modern Everyday

 

Modern Everyday, Inc. (“MEI”) was a specialty retailer offering consumers a selection of products that range from home, kitchen and dining products, apparel and sporting goods to children's toys and beauty products. Some of MEI’s products remain available for sale on amazon.com. The Company has decided not to invest additional funds in this line of business and is in the process of selling the remaining inventory. 

 

 

 

 34 

 

 

LiveDeal

 

LiveDeal Inc. operates LiveDeal.com, a real time “deal engine” connecting restaurants with consumers. LiveDeal.com provides marketing solutions to restaurants to boost customer awareness and merchant visibility on the internet. The marketing solutions that LiveDeal.com provides have not provided any revenue to date. The Company is evaluating possibilities for using the LiveDeal.com deal engine for alternative marketing purposes.

 

Services Segment

 

Telco

 

Telco Billing Inc. (“Telco”) provides legacy services primarily under our InstantProfile ® line of directory listing services. We no longer accept new customers under our legacy service offerings.

 

Critical Accounting Policies

 

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and do not include all disclosures required under GAAP for complete financial statements. Preparation of these statements requires us to make judgments and estimates. Some accounting policies have a significant and material impact on amounts reported in these financial statements. Estimates and assumptions are based on management's experience and other information available prior to the issuance of our financial statements. Our actual realized results may differ materially from management’s initial estimates as reported. For a summary of significant accounting policies and the means by which we develop estimates thereon, see (“Part 1, Item 1 of this 10-Q report – Financial Statements - Notes to unaudited condensed consolidated financial statements Note 2 – summary of significant accounting policies), which are an integral component of this filing.

 

Results of Operations Three Months Ended June 30, 2018 and 2017

 

The following table sets forth certain statement of income items and as a percentage of revenue, for the periods indicated:

 

 

   Three Months Ended June 30, 2018   Three Months Ended June 30, 2017 
       % of Total Revenue       % of Total Revenue 
Statement of Income Data:                
Revenue  $54,662,057    100.0%   $41,377,493    100.0% 
Cost of Revenue   35,847,839    65.6%    24,383,596    58.9% 
Gross Profit   18,814,218    34.4%    16,993,897    41.1% 
General and Administrative Expense   13,374,721    24.5%    9,335,904    22.6% 
Selling and Marketing Expense   4,541,677    8.3%    2,274,866    5.5% 
Operating Income   897,820    1.6%    5,383,127    13.0% 
Interest Expense, net   (2,711,282)   -5.0%    (2,127,790)   -5.1% 
Bargain Purchase Gain on Acquisition   3,644,889    6.7%    –    0.0% 
Other Income   70,805    0.1%    12,652    0.0% 
Net Income before Income Taxes   1,902,232    3.5%    3,267,989    7.9% 
Provision for Income Taxes   (174,806)   -0.3%    1,139,946    2.8% 
Net Income  $2,077,038    3.8%   $2,128,043    5.1% 

 

 

 

 

 

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The following tables set forth revenues for key product categories, percentages of total revenue and gross profits earned by key product category and gross profit percent as compared to revenues for each key product category indicated:

 

  

Three Months Ended

June 30, 2018

  

Three Months Ended

June 30, 2017

 
   Net Revenue   % of Total Revenue   Net Revenue   % of Total Revenue 
Revenue                
Used Movies, Music, Games and Other  $10,072,323    18.4%   $11,538,897    27.9% 
New Movies, Music, Games and Other   6,738,302    12.3%    7,407,257    17.9% 
Rentals, Concessions and Other   1,272,099    2.3%    312,878    0.8% 
Retail Appliance Boxed Sales   7,615,797    13.9%    –    0.0% 
Retail Appliance UnBoxed Sales   3,158,719    5.8%    –    0.0% 
Retail Appliance Delivery, Warranty and Other   847,950    1.6%    –    0.0% 
Kitchen and Home Products   –    0.0%    8,927    0.0% 
Carpets   16,520,435    30.2%    15,356,111    37.1% 
Hard Surface Products   6,323,491    11.6%    4,696,210    11.3% 
Synthetic Turf Products   1,929,198    3.5%    1,846,324    4.5% 
Directory Services   183,743    0.3%    210,889    0.5% 
Total Revenue  $54,662,067    100.0%   $41,377,493    100.0% 

 

 

  

Three Months Ended

June 30, 2018

  

Three Months Ended

June 30, 2017

 
   Gross Profit   Gross Profit %   Gross Profit   Gross Profit % 
                     
Gross Profit                    
Used Movies, Music, Games and Other  $7,819,418    77.6%   $8,965,104    77.7% 
New Movies, Music, Games and Other   1,542,971    22.9%    1,911,963    25.8% 
Rentals, Concessions and Other   689,708    54.2%    203,494    65.0% 
Retail Appliance Boxed Sales   811,026    10.6%    –      
Retail Appliance UnBoxed Sales   1,496,828    47.4%    –      
Retail Appliance Delivery, Warranty and Other   (218,692)   -25.8%    –      
New Kitchen and Home Products   –         (126,959)   -1422.2% 
Carpets   4,677,755    28.3%    4,514,597    29.4% 
Hard Surface Products   1,554,752    24.6%    1,002,955    21.4% 
Synthetic Turf Products   265,702    13.8%    321,860    17.4% 
Directory Services   174,750    95.1%    200,883    95.3% 
Total Gross Profit  $18,814,218    34.4%   $16,993,897    41.1% 

 

Revenue

 

Revenue increased $13,284,564, or 32.1% for the three months ended June 30, 2018 as compared to the three months ended June 30, 2017.

 

The increase in revenue was primarily attributable to the following:

 

Revenue from our new acquisition of Appliancesmart – Retail Appliance Boxed Sales $7,615,797, Retail Appliance UnBoxed Sales $3,158,719 and Retail Appliance Delivery, Warranty and Other $847,950.

 

Revenue increased in the following categories as compared to the prior year period:

 

Rentals, Concessions and Other $959,221 or 306.6%.

 

Carpets increased $1,164,324 or 7.6%.

 

 

 

 

 

 36 

 

 

Hard Surface Products increased $1,627,281 or 34.7%

 

Synthetic Turf Products increased $82,874 or 4.5%

 

The revenue increases were partially offset by the following decreases in revenue as compared to the prior year period:

 

Used Movies, Music, Games and Other decreased $1,466,574 or 12.7%.

 

New Movies, Music, Games and Other decreased $668,955 or 9.0%

 

Kitchen and Home Products decreased $8,927 or 100%, and Directory Services decreased $27,146 or 12.9%

  

Cost of Revenue

 

Cost of revenue increased $11,464,243, or 47.0% for the three months ended June 30, 2018 as compared to the three months ended June 30, 2017, primarily because of the change in revenue discussed above as well as the changes in gross profit discussed below.

 

Gross Profit

 

Gross profit increased $1,820,321 or 10.7%, for the three months ended June 30, 2018 as compared to the three months ended June 30, 2017.

 

The increase in gross profit was primarily attributable to the following:

 

Gross profits from our acquisition of Appliancesmart – Retail Appliance Boxed Sales $811,026 or 10.6% gross profit margin after purchase price allocation adjustments, Retail appliance UnBoxed Sales $1,496,828 after purchase price allocation adjustments or 47.4% gross profit margin and Retail Appliance Delivery, Warranty and Other a margin loss of $218,692.

 

Gross profit increased in the following categories as compared to the prior year period:

 

Rentals, Concession and Other increased $486,214, or 238.9%. Gross profit margin decreased to 54.2% from 65.0%.

 

Carpets increased $163,158 or 3.6%. Gross profit margin decreased to 28.3% from 29.4%.

 

Hard Surface Products increased $551,797 or 55.0%. Gross profit margin increased to 24.6% from 21.4%.

 

New Kitchen and Home Products increased $126,959 or 100.0%.

 

Gross profit increases were partially offset by the following decreases in gross profit as compared to the prior year period.

 

Used Movies, Music, Games and Other decreased $1,145,686, or 12.8%. Gross profit margin decreased slightly to 77.6% from 77.7%.

 

New Movies, Music, Games and Other decreased $368,992 or 19.3%. New Movies, Music, Games and Other gross profit margin decreased to 22.9% from 25.8%.

 

Synthetic Turf Products decreased $56,158 or 17.4%. Synthetic Turf Products gross profit margin decreased from 17.4% to 13.8%.

 

Directory Services decreased $26,133 or 13.0%. Directory Services gross profit margin decreased slightly to 95.1% from 95.3%.

 

 

 

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General and Administrative Expense

 

General and Administrative expense increased $4,038,817 or 43.3%, for the three months ended June 30, 2018 as compared to the three months ended June 30, 2017. The increase in general and administrative expense was primarily attributable to general and administrative expense from our new acquisition Appliancesmart of $3,237,147.

 

Selling and Marketing Expense

 

Selling and marketing expense increased $2,266,811 or 99.6%, for the three months ended June 30, 2018 as compared to the three months ended June 30, 2017. The increase in selling and marketing expense was primarily attributable an increase from our new acquisition Appliancesmart of $2,140,659.

 

Operating Income

 

Because of the factors described above, operating income of $897,820 for the three months ended June 30, 2018, represented a decrease of $4,485,307 over the comparable prior year period of $5,383,127, or 83.3%.

 

Interest Expense, net

 

Interest expense net increased $583,492 or 27.4%, for the three months ended June 30, 2018 as compared to the three months ended June 30, 2017 primarily due to the Comvest financing and payoff of the Capitala Term Note, the Company recorded $742,000 of un-amortized debt issuance cost as interest expense. During the quarter, the Company continued to pay down of debt for the financing related to the acquisition of Vintage Stock as more fully discussed in Notes 5 and 8 of the unaudited condensed consolidated financial statements reducing interest expense.

 

Other Income and Expense

 

Other income and expense increased $3,703,042 for the three months ended June 30, 2018 as compared to the three months ended June 30, 2017. Additional bargain purchase gain associated with the ApplianceSmart Inc. acquisition was recognized in the quarter of $3,644,889 due to completing the final purchase price allocation.

 

Provision for Income Taxes

 

Benefit for income taxes was $174,806, for the three months ended June 30, 2018 as compared to a provision for income taxes of $1,139,946 for the three months ended June 30, 2017.

 

Net Income

 

The factors described above led to net income of $2,077,038 for the three months ended June 30, 2018, or a 2.4% decrease from net income of $2,128,043 for the three months ended June 30, 2017.

 

 

 

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Results of Operations Nine Months Ended June 30, 2018 and 2017

 

The following table sets forth certain statement of income items and as a percentage of revenue, for the periods indicated:

 

   Nine Months Ended   Nine Months Ended 
   June 30, 2018   June 30, 2017 
   Net Revenue   % of Total Revenue   Net Revenue   % of Total Revenue 
Statement of Income Data:                
Revenue  $147,210,049    100.0%   $112,102,582    100.0% 
Cost of Revenue   92,349,240    62.7%    65,988,083    58.9% 
Gross Profit   54,860,809    37.3%    46,114,499    41.1% 
General and Administrative Expense   35,630,426    24.2%    25,544,443    22.8% 
Selling and Marketing Expense   10,337,812    7.0%    6,237,004    5.6% 
Operating Income   8,892,571    6.0%    14,333,052    12.8% 
Interest Expense, net   (7,001,314)   -4.8%    (5,612,319)   -5.0% 
Bargain Purchase Gain on Acquisition   7,418,375    5.0%    –    0.0% 
Other Income   254,175    0.2%    197,814    0.2% 
Net Income before Income Taxes   9,563,807    6.5%    8,918,547    8.0% 
Provision for Income Taxes   3,685,941    2.5%    3,521,265    3.1% 
Net Income  $5,877,866    4.0%   $5,397,282    4.8% 

 

The following tables set forth revenues for key product categories, percentages of total revenue and gross profits earned by key product category and gross profit percent as compared to revenues for each key product category indicated:

 

   Nine Months Ended   Nine Months Ended 
   June 30, 2018   June 30, 2017 
   Net   % of   Net   % of Total 
   Revenue   Total Revenue   Revenue   Total Revenue 
Revenue                
Used Movies, Music, Games and Other  $32,928,269    22.4%   $30,649,693    27.3% 
New Movies, Music, Games and Other   24,498,907    16.6%    22,431,088    20.0% 
Rentals, Concessions and Other   1,872,014    1.3%    810,530    0.7% 
Retail Appliance Boxed Sales   15,357,486    10.4%    –    0.0% 
Retail Appliance UnBoxed Sales   6,215,171    4.2%    –    0.0% 
Retail Appliance Delivery, Warranty and Other   1,310,326    0.9%    –    0.0% 
Kitchen and Home Products   –    0.0%    128,904    0.1% 
Carpets   43,245,710    29.4%    41,918,688    37.4% 
Hard Surface Products   17,101,815    11.6%    11,164,743    10.0% 
Synthetic Turf Products   4,112,756    2.8%    4,346,440    3.9% 
Directory Services   567,595    0.4%    652,496    0.6% 
Total Revenue  $147,210,049    100.0%   $112,102,582    100.0% 

 

 

 

 

 

 39 

 

 

Revenue

 

Revenue increased $35,107,467, or 31.3% for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017.

 

The increase in revenue was primarily attributable to the following:

 

   Nine Months Ended   Nine Months Ended 
   June 30, 2018   June 30, 2017 
   Gross   Gross   Gross   Gross 
   Profit   Profit %   Profit   Profit % 
Gross Profit                    
Used Movies, Music, Games and Other  $25,617,429    77.8%   $23,798,787    77.6% 
New Movies, Music, Games and Other   5,890,637    24.0%    5,897,796    26.3% 
Rentals, Concessions and Other   1,068,407    57.1%    493,160    60.8% 
Retail Appliance Boxed Sales   2,473,367    16.1%    –      
Retail Appliance UnBoxed Sales   2,698,188    43.4%    –      
Retail Appliance Delivery, Warranty and Other   385,919    29.5%    –      
New Kitchen and Home Products   –         (83,879)   -65.1% 
Carpets   11,652,047    26.9%    12,000,954    28.6% 
Hard Surface Products   4,284,236    25.1%    2,390,197    21.4% 
Synthetic Turf Products   250,739    6.1%    997,636    23.0% 
Directory Services   539,840    95.1%    619,848    95.0% 
Total Gross Profit  $54,860,809    37.3%   $46,114,499    41.1% 

 

Revenue from our new acquisition Appliancesmart for the short period of December 31, 2017 through June 30, 2018 – Retail Appliance Box Sales $15,357,486, Retail Appliance UnBoxed Sales $6,215,171 and Retail Appliance Delivery, Warranty and Other $1,310,326. 

 

Revenue increased in the following categories as compared to the prior year period:

 

Used Movies, Music, Games and Other increased $2,278,576 or 7.4%, New Movies, Music, Games and Other increased $2,067,819 or 9.2%, Rentals, Concessions and Other increased $1,061,484 or 131.0%. Please note that Vintage Stock was acquired November 3, 2016. The prior year results are not a full nine months of revenue.

 

Carpets increased $1,327,022 or 3.2%

 

Hard Surface Products increased $5,937,072 or 53.2%

 

The revenue increases were partially offset by the following decreases in revenue as compared to the prior year period:

 

Synthetic Turf Products decreased $233,684 or 5.4%

 

Kitchen and Home Products decreased $128,904 or 100.0%

 

Directory Services decreased $84,901 or 13.0%

 

 

 

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Cost of Revenue

 

Cost of revenue increased $26,361,157, or 39.9% for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017, primarily because of the change in revenue discussed above as well as the changes in gross profit discussed below.

  

Gross Profit

 

Gross profit increased $8,746,310 or 19.0%, for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017.

 

The increase in gross profit was primarily attributable to the following:

 

The gross profits provided by our Appliancesmart acquisition;

 

Retail Appliance Boxed Sales $2,473,367 or 16.1% gross profit margin.

Retail Appliance UnBoxed Sales $2,698,188 or 43.4% gross profit margin.

Retail Appliance Delivery, Warranty and Other $385,919 or 29.5% gross profit margin.

 

Gross profit increased in the following categories as compared to the prior year period:

 

Used Movies, Music, Games and Other increased $1,818,642 or 7.6%. Used Movies, Music, Games and Other gross profit margin increased slightly to 77.8% from 77.6%.

 

Rentals, Concessions and Other $575,247 or 116.6%. Rentals, Concessions and Other gross profit margin decreased to 57.1% from 60.8%.

 

Hard Surface Products increased $1,894,039 or 79.2%. Hard Surface Products gross profit increased to 25.1% from 21.4%.

 

Gross profit increases were partially offset by the following decreases in gross profit as compared to the prior year period.

 

New Movies, Music, Games and Other decreased by $7,159 or 0.1%. New Movies, Music, Games and Other gross profit margin decreased to 24.0% from 26.3%.

 

New Kitchen and Home Products increased $83,879 or 100.0%.

 

Carpets decreased $348,907 or 2.9%. Carpets gross profit margin decreased to 26.9% from 28.6%.

 

Synthetic Turf Products decreased $746,897 or 74.9%.

 

Directory Services gross profit decreased $80,008 or 12.9%. Directory Services gross profit margin increased to 95.1% from 95.0%

 

General and Administrative Expense

 

General and Administrative expense increased $10,085,983 or 39.5%, for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017. The increase in general and administrative expense was primarily attributable to an increase from our new acquisition ApplianceSmart of $4,907,629.

 

Selling and Marketing Expense

 

Selling and marketing expense increased $4,100,808 or 65.7%, for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017. The increase in selling and marketing expense was primarily attributable to an increase from our new acquisition ApplianceSmart of $3,552,428.

 

Operating Income

 

Because of the factors described above, operating income of $8,892,571 for the nine months ended June 30, 2018, represented a decrease of $5,440,481, or 38.0% over the comparable prior year period of $14,333,052.

 

 

 

 

 41 

 

 

Interest Expense, net

 

Interest expense net increased $1,388,995 or 24.7%, for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017 primarily due to increased borrowing and the recording of $742,000 of un-amortized debt issuance cost related to the Capitala Term Loan payoff.

   

Other Income and Expense

 

Other income and expense increased $7,474,736, for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017. The increase in other income and expense was primarily the result of the bargain purchase gain on acquisition of Appliancesmart of $7,418,375.

 

Provision for Income Taxes

 

Provision for income taxes increased $164,676, for the nine months ended June 30, 2018 as compared to the nine months ended June 30, 2017.

 

Net Income

 

The factors described above led to net income of $5,877,866 for the nine months ended June 30, 2018, or a 8.9% increase in net income of $5,397,282 for the nine months ended June 30, 2017.

 

Segment Performance

 

We report our business in the following segments: Retail and Online, Manufacturing and Services. We identified these segments based on a combination of business type, customers serviced and how we divide management responsibility. Our revenues and profits are driven through our physical stores, e-commerce, individual sales reps and our internet services.

 

Operating income by operating segment, is defined as income before net interest expense, other income and expense, provision for income taxes and income attributable to non-controlling interest.

 

   Three Months Ended June 30, 2018
Segments in $		   Three Months Ended June 30, 2017
Segments in $		 
   Retail &               Retail &             
   Online   Manufacturing   Services   Total   Online   Manufacturing   Services   Total 
                                 
Revenue  $29,705,192   $24,773,123   $183,742   $54,662,057   $19,267,959   $21,898,645   $210,889   $41,377,493 
Cost of Revenue   17,563,930    18,274,916    8,993    35,847,839    8,314,357    16,059,233    10,006    24,383,596 
Gross Profit   12,141,262    6,498,207    174,749    18,814,218    10,953,602    5,839,412    200,883    16,993,897 
General and Administrative Expense   11,732,687    1,640,384    1,650    13,374,721    8,320,919    1,013,275    1,710    9,335,904 
Selling and Marketing Expense   2,387,232    2,154,443    2    4,541,677    364,245    1,910,621    –    2,274,866 
Operating Income (Loss)  $(1,978,657)  $2,703,380   $173,097   $897,820   $2,268,438   $2,915,516   $199,173   $5,383,127 

 

 

   Three Months Ended June 30, 2018
Segments in $		   Three Months Ended June 30, 2017
Segments in $		 
   Retail &               Retail &             
   Online   Manufacturing   Services   Total   Online   Manufacturing   Services   Total 
                                 
Revenue   100.0%    100.0%    100.0%    100.0%    100.0%    100.0%    100.0%    100.0% 
Cost of Revenue   59.1%    73.8%    4.9%    65.6%    43.2%    73.3%    4.7%    58.9% 
Gross Profit   40.9%    26.2%    95.1%    34.4%    56.8%    26.7%    95.3%    41.1% 
General and Administrative Expense   39.5%    6.6%    0.9%    24.5%    43.2%    4.6%    0.8%    22.6% 
Selling and Marketing Expense   8.0%    8.7%    0.0%    8.3%    1.9%    8.7%    0.0%    5.5% 
Operating Income (Loss)   -6.7%    10.9%    94.2%    1.6%    11.8%    13.3%    94.4%    13.0% 

 

 

 

 42 

 

 

Retail and Online Segment

 

Segment results for Retail and Online include Vintage, Modern Everyday and LiveDeal. Revenue for the three months ended June 30, 2018 increased $10,437,233, or 54.2%, as compared to the prior year period, as a result of the acquisition of the Appliancesmart business on December 30, 2017 which provided $7,615,797 of Retail Appliance Box Sales, $3,158,719 of Retail Appliance UnBox Sales and $847,950 of Retail Appliance Delivery, Warranty and Other revenue, $959,221 or 306.6% of Movie Rental, concession and other revenue; partially offset by a decrease in New kitchen and home products revenue of $8,927, or 100.0% from the prior year period, $1,466,574 of Used movies, music, games and other revenue or 12.7% and $668,955 or 9.0% of New movies, music, games and other revenue.

 

Cost of revenue for the three months ended June 30, 2018 increased $9,249,573, or 111.2%, because of the Appliancesmart business which had cost of revenue for Retail Appliances Boxed of $6,804,771, $1,661,891 for Retail Appliances UnBoxed, Retail Appliance Delivery, Warranty and Other of $1,066,642 partially offset by a decrease in cost of revenue for New movies, music, games and other of $299,963 and Used Movies, Music, Games and Other $320,888 and Kitchen and home products of $135,886.

 

Operating income for the three months ended June 30, 2018 decreased $4,247,095, because of increased gross profit of $1,187,660, offset by an increase in general and administrative expense of $3,411,768, and an increase in selling and marketing expense of $2,022,987.

 

Manufacturing Segment

 

Segment results for Manufacturing include Marquis, which is our carpet, hard surface and synthetic turf products business. Revenue for the three months ended June 30, 2018 increased $2,874,478, or 13.1%, as compared to the prior year period, because of increased sales of hard surface products of $1,627,281, carpets of $1,164,324 and Synthetic turf products of $82,874. Cost of revenue for the three months ended June 30, 2018 increased $2,215,683, or 13.8%, as compared to the prior year period, because of an increase in cost of revenue for synthetic turf products of $139,032, hard surface products of $1,075,484 and carpets of $1,001,166. Operating income for the three months ended June 30, 2018 decreased $212,136, or 7.3%, as compared to the prior year period, because of an increase in gross profit of $658,795, an increase in general and administrative expense of $627,109 and an increase in selling and marketing expense of $243,822.

 

Services Segment

 

Segment results for Services include Telco results, which is our directory services business. Revenues for the three months ended June 30, 2018 decreased $27,147, or 12.9%, as compared to the prior year period, because of decreasing renewals. Operating earnings for the three months ended June 30, 2018 decreased $26,076, or 13.1% compared to the prior year period, primarily due to decreased renewal revenues. We expect revenue and operating income from this segment to continue to decrease in the future. We are no longer accepting new customers in our directory services business.

 

   Nine Months Ended June 30, 2018
Segments in $		   Nine Months Ended June 30, 2017
Segments in $		 
   Retail &               Retail &             
   Online   Manufacturing   Services   Total   Online   Manufacturing   Services   Total 
                                 
Revenue  $82,182,175   $64,460,280   $567,594   $147,210,049   $54,020,215   $57,429,871   $652,496   $112,102,582 
Cost of Revenue   44,048,226    48,273,259    27,755    92,349,240    23,914,351    42,041,084    32,648    65,988,083 
Gross Profit   38,133,949    16,187,021    539,839    54,860,809    30,105,864    15,388,787    619,848    46,114,499 
General and Administrative Expense   31,244,208    4,383,829    2,389    35,630,426    22,588,786    2,953,133    2,524    25,544,443 
Selling and Marketing Expense   4,245,074    6,092,735    3    10,337,812    969,514    5,267,490    –    6,237,004 
Operating Income  $2,644,667   $5,710,457   $537,447   $8,892,571   $6,547,564   $7,168,164   $617,324   $14,333,052 

  

 

   Nine Months Ended June 30, 2018
Segments in % of Revenue		   Nine Months Ended June 30, 2017
Segments in % of Revenue		 
   Retail &               Retail &             
   Online   Manufacturing   Services   Total   Online   Manufacturing   Services   Total 
                                 
Revenue   100.0%    100.0%    100.0%    100.0%    100.0%    100.0%    100.0%    100.0% 
Cost of Revenue   53.6%    74.9%    4.9%    62.7%    44.3%    73.2%    5.0%    58.9% 
Gross Profit   46.4%    25.1%    95.1%    37.3%    55.7%    26.8%    95.0%    41.1% 
General and Administrative Expense   38.0%    6.8%    0.4%    24.2%    41.8%    5.1%    0.4%    22.8% 
Selling and Marketing Expense   5.2%    9.5%    0.0%    7.0%    1.8%    9.2%    0.0%    5.6% 
Operating Income   3.2%    8.9%    94.7%    6.0%    12.1%    12.5%    94.6%    12.8% 

 

 

 43 

 

 

Retail and Online Segment

 

Segment results for Retail and Online include Vintage, Modern Everyday and LiveDeal. Revenue for the nine months ended June 30, 2018 increased $28,161,960, or 52.1%, as compared to the prior year period, as a result of the acquisition of the Appliancesmart business on December 30, 2017 which provided $15,357,486 of Retail Appliance Boxed Sales, $6,215,171 of Retail Appliance UnBoxed Sales and $1,310,326 of Retail Appliance Delivery, Warranty and Other; $2,278,576 of Used movies, music, games and other revenue; $2,067,819 of New movies, music, games and other revenue; $1,061,484 of Movie Rental, concession and other revenue; partially offset by a decrease in New kitchen and home products revenue of $128,904, or 100.0% from the prior year period.

 

Cost of revenue for the nine months ended June 30, 2018 increased $20,133,875, or 84.2%, because of the Appliancesmart business which had cost of revenue for Retail Appliance Boxed Sales $12,884,119, Retail Unboxed Sales of $3,516,983 and Retail Appliance Delivery, Warranty and Other of $924,407; Used movies, music, games and other of $459,934, New movies, music, games and other of $2,074,978; Movie Rental, concession and other of $486,237; partially offset by a decrease in cost of revenue for New Kitchen and home products of $212,783, or 100.0% from the prior year period.

 

Operating income for the nine months ended June 30, 2018 decreased $3,902,897, because of increased gross profit of $8,028,085, offset by an increase in general and administrative expense of $8,655,422, and an increase in selling and marketing expense of $3,275,560.

 

Manufacturing Segment

 

Segment results for Manufacturing include Marquis, which is our carpet, hard surface and synthetic turf products business. Revenue for the nine months ended June 30, 2018 increased $7,030,409, or 12.2%, as compared to the prior year period, because of increased sales of hard surface products of $5,937,072, carpet products of $1,327,022, partially offset by a decrease in synthetic turf products of $233,684. Cost of revenue for the nine months ended June 30, 2018 increased $6,232,175, or 14.8%, as compared to the prior year period, because of an increase in the cost of revenue of synthetic turf products of $513,213, hard surface products of $4,043,033 and of carpets of $1,675,929. Operating income for the nine months ended June 30, 2018 decreased $1,457,707, or 20.3%, as compared to the prior year period, because of an increase in gross profit of $798,234 offset by an increase in general and administrative expense of $1,430,696 and an increase in selling and marketing expense of $825,245.

  

Services Segment

 

Segment results for Services include Telco results, which is our directory services business. Revenues for the nine months ended June 30, 2018 decreased $84,902, or 13.0%, as compared to the prior year period, because of decreasing renewals. Operating earnings for the nine months ended June 30, 2018 decreased $79,877, or 12.9%, compared to the prior year period, primarily due to decreased renewal revenues. We expect revenue and operating income from this segment to continue to decrease in the future. We are no longer accepting new customers in our directory services business.

 

Liquidity and Capital Resources

 

Overview

 

Based on our current operating plans, we believe that available cash balances, cash generated from our operating activities and funds available under the BofA Revolver and the TCB Revolver, together will provide sufficient liquidity to fund our operations, pay our scheduled loan payments, fund our continued investments in store openings and remodeling activities, continue to repurchase shares and pay dividends on our series E preferred shares as declared by the Board of Directors, for at least the next 12 months.

 

We have two asset-based revolver lines of credit (a) the Bank of America Revolver Loan (“BofA Revolver”) utilized by Marquis and (b) the Texas Capital Bank Revolver Loan (“TCB Revolver”) utilized by Vintage Stock.

 

As of June 30, 2018, we had total cash on hand of $2,293,016 and an additional $7,170,515 of available borrowing under the BofA Revolver and an additional $1,083,369 of available borrowing under the TCB Revolver. As we continue to pursue acquisitions and other strategic transactions to expand and grow our business, we regularly monitor capital market conditions and may raise additional funds through borrowings or public or private sales of debt or equity securities. The amount, nature and timing of any borrowings or sales of debt or equity securities will depend on our operating performance and other circumstances, our then-current commitments and obligations, the amount, nature and timing of our capital requirements, any limitations imposed by our current credit arrangements and overall market conditions.

 

 

 

 44 

 

 

Cash Flows

 

During the nine months ended June 30, 2018, cash provided by operations was $9,708,686, compared to $7,013,273 during the nine months ended June 30, 2017. The increase in cash provided by operations of $2,695,413 as compared to the prior period; was primarily due to an increase in net income of $480,584, an increase in depreciation and amortization expense of $1,411,611, a decrease due to the bargain purchase gain of Appliancesmart of $7,418,375, an decrease due to loss on sale of equipment of $51,088, an increase to the change in deferred income taxes primarily related to the change in corporate tax rates of $592,070, an increase in non-cash expenses of $2,132,817, and an increase in cash provided by operations for working capital purposes of $5,547,794.

 

Some of the significant changes in cash provided by or used by operations for working capital purposes, as compared to the prior year period include:

 

Cash provided by a decrease in prepaid expenses and other current assets of $1,989,102 was the primary result of financing deposits initially placed with equipment manufacturers from Banc of America Leasing & Capital LLC upon receiving and putting into service certain new equipment at Marquis.

 

Cash provided by a decrease in accounts receivable of $1,908,193 due to increased collections at Marquis and ApplianceSmart.

 

Cash provided by an increase in accounts payable by $1,486,511 at Marquis, Vintage and Appliancesmart.

 

Cash used in investing activities was $8,446,412 and $53,334,110 for the nine months ended June 30, 2018 and June 30, 2017, respectively. The $44,887,698 decrease in cash used in investing activities, as compared to the prior period, is primarily attributable to the acquisition of Vintage Stock for $47,310,900 of consideration given, net of cash acquired, including the $10,000,000 of seller financing provided; partially offset by the increase in purchase and placement into service of new equipment of $1,973,530, primarily for Marquis; the increase in purchases of intangible assets – software of $421,752, and the decrease in the proceeds from the sale of equipment of $27,920.

 

Cash used by financing activities was $2,941,797 and provided by financing activities of $49,824,994 for the nine months ended June 30, 2018 and June 30, 2017, respectively. The $52,766,791 decrease in cash provided, as compared to the prior period, was attributable to decreased net borrowings on our two revolver loans of $15,850,704; a decrease in the proceeds from notes payable of $9,052,843 primarily attributable to the acquisition of Vintage Stock, an increase in debt issuance costs of $108,011, a decrease in series A preferred stock dividends of $959, an increase in payments of notes payable of $27,687,602, an increase in payments on related party notes payable of $158,628, a decrease in purchase of common treasury stock of $94,038, and an increase in the purchase of series E preferred treasury stock of $4,000.

 

Sources of Liquidity

 

We utilize cash on hand and cash generated from operations and have funds available to us under our two revolving loan facilities (BofA Revolver and TCB Revolver) to cover normal and seasonal fluctuations in cash flows and to support our various growth initiatives. Our cash and cash equivalents are carried at cost and consist primarily of demand deposits with commercial banks.

 

BofA Revolver

 

Marquis may borrow funds for operations under the BofA Revolver subject to availability as described in Note 8 to the unaudited condensed consolidated financial statements. At June 30, 2018 and September 30, 2017, we had $7,170,515 and $9,691,672 of additional borrowing availability on the BofA Revolver, respectively. Maximum borrowing under the BofA Revolver is $15 million. A total of approximately $72,715 of letters of credit was outstanding at June 30, 2018 and September 30, 2017. The weighted average interest rate for the period of October 1, 2017 through June 30, 2018 was 3.73%. We borrowed $69,661,042 and repaid $66,755,088 on the BofA Revolver during the nine months ended June 30, 2018, resulting in an outstanding balance on the BofA Revolver of $7,756,769 and $4,850,815 at June 30, 2018 and September 30, 2017, respectively.

 

TCB Revolver

 

Vintage Stock may borrow funds for operations under the TCB Revolver, subject to availability as described in Note 8 to the unaudited condensed consolidated financial statements. On June 30, 2018 and September 30, 2017, we had $1,083,369 and $6,214,324, of additional borrowing availability on the TCB Revolver, respectively. Maximum borrowing under the TCB Revolver has been reduced to $12,000,000. No letters of credit were outstanding at any time during the period of October 1, 2017 through June 30, 2018. The weighted average interest rate for the period of October 1, 2017 through June 30, 2018 was 4.502899%. We borrowed $57,546,998 and repaid $59,150,804 on the TCB Revolver during the period of October 1, 2017 through June 30, 2018, resulting in an outstanding balance on the TCB Revolver of $10,916,631 and $12,520,437 at June 30, 2018 and September 30, 2017, respectively.

 

 

 

 45 

 

 

Future Sources of Cash; New Acquisitions, Products and Services

 

We may require additional debt financing and or capital to finance new acquisitions, refinance existing indebtedness or other strategic investments in our business. Other sources of financing may include stock issuances and additional loans; or other forms of financing. Any financing obtained may further dilute or otherwise impair the ownership interest of our existing stockholders.

 

Off-Balance Sheet Arrangements

 

At June 30, 2018, we had no off-balance sheet arrangements, commitments or guarantees that require additional disclosure or measurement.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As of June 30, 2018, we did not participate in any market risk-sensitive commodity instruments for which fair value disclosure would be required. We believe we are not subject in any material way to other forms of market risk, such as foreign currency exchange risk, foreign customer purchases or commodity price risk.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure control and Procedures. We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of period covered in this report, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Management has concluded that adequate definition and documentation of existing accounting processes, internal controls and the testing thereof are not in place to be deemed adequate and reliable. The Company and its management are working to remediate these deficiencies in our financial reporting.

  

Changes in Internal Control over Financial Reporting. There were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2018, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

Management’s Report on Internal Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Our management assessed the effectiveness of our internal control over financial reporting as of June 30, 2018. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 2013 regarding Internal Control – Integrated Framework. Based on our assessment using those criteria, our management concluded that our internal control over financial reporting was not effective as of June 30, 2018. Our assessment found the following material weaknesses. Management’s assessment concluded that it has the following material weaknesses: (a) lack of sufficient controls around the financial reporting process; (b) lack of proper segregation of duties within the financial reporting process; (c) lack of adequate controls surrounding management’s review of the income tax provision process; (d) lack of controls surrounding the assessment of certain cash flow and balance sheet classifications; and (e) lack of sufficient controls around the process for business combinations.

 

 

 

 46 

 

 

The Company is evaluating the material weaknesses and developing a plan of remediation to strengthen our overall internal control over accounting for business combinations, income tax provision process, the financial reporting process, the assessment of certain cash flow and balance sheet classifications and segregation of duties. The remediation plan will include the following actions: implement additional monitoring controls through revising and formalize the income tax review processes, enhance the formality and rigor of review and reconciliation procedures, and hire resources with specific tax, business combinations and financial accounting expertise whereby there can be effective segregation of duties. The Company is committed to maintaining a strong internal control environment and believes that these remediation efforts will represent significant improvements in our controls and processes. The Company has started to implement these steps, however, some of these steps will take time to be fully integrated and confirmed to be effective and sustainable. Additional controls may also be required over time. Until the remediation steps set forth above are fully implemented and tested, the material weakness described above will continue to exist.

 

The Company’s management, including the Company’s CEO and CFO, does not expect that the Company’s disclosure controls and procedures or the Company’s internal control over financial reporting will prevent or detect all error and all fraud. A control system, regardless of how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be met. These inherent limitations include the following: judgements in decision-making can be faulty, and control and process breakdowns can occur because of simple errors or mistakes, controls can be circumvented by individuals, acting alone or in collusion with each other, or by management override, the design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

 

 

 

 

 

 

 

 

 

 

 

 47 

 

 

PART II – OTHER INFORMATION

 

ITEM 1.           Legal Proceedings

 

On February 21, 2018, the Company received a subpoena from the Securities and Exchange Commission (“SEC”) and a letter from the SEC stating that it is conducting an investigation. The subpoena requests documents and information concerning, among other things requesting documents and information concerning, among other things, the restatement of the Company’s financial statements for the quarterly periods ended December 31, 2016, March 31, 2017, and June 30, 2017, the acquisition of Marquis Industries, Inc., Vintage Stock, Inc., and ApplianceSmart, Inc., and the change in auditors. The letter from the SEC states that “this inquiry does not mean that the SEC has concluded that the Company or any of its officers and directors has broken the law or that the SEC has a negative opinion of any person, entity, or security.”  The Company is cooperating with the SEC in its investigation.

 

We are involved in various claims and lawsuits arising in the normal course of business. The ultimate results of claims and litigation cannot be predicted with certainty. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or cash flows.

 

ITEM 1A.          Risk Factors

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 2.           Unregistered Sales of Equity Securities and Use of Proceeds

 

On February 20, 2018, the Company announced a $10.0 million common stock repurchase program. Below are the purchases during the nine months ended June 30, 2018:

 

Period  Number of
Shares		   Average
Purchase Price
Paid		   Number of
Share
Purchases as
Part of a
Publicly
Announced
Plan or
Program		   Maximum Amount
that May be Purchased
Under the Announced
Plan or Program		 
                  $10,000,000 
March 2018   10,000   $12.79    10,000   $9,971,945 
April 2018   2,077   $11.98    2,077   $9,947,064 
Totals   12,077         12,077      

 

 

ITEM 3.           Defaults Upon Senior Securities

 

None.

 

ITEM 4.           Mine Safety Disclosures

 

None.

 

ITEM 5.           Other Information

 

None.

 

 48 

 

 

 

ITEM 6. EXHIBITS

 

The following exhibits are filed with or incorporated by reference into this Quarterly Report.

 

Exhibit

Number

   Exhibit Description     Form   File
Number		   Exhibit
Number		     Filing Date

 

3.1   Amended and Restated Articles of Incorporation     8-K   000-24217   3.1     08/15/07
3.2   Certificate of Change     8-K   001-333937   3.1     09/07/10
3.3   Certificate of Correction     8-K   001-333937   3.1     03/11/13
3.4   Certificate of Change     10-Q   001-333937   3.1     02/14/14
3.5   Articles of Merger     8-K   001-333937   3.1.4     10/08/15
3.6   Certificate of Change     8-K   001-333937   3.1.5     11/25/16
3.7   Certificate of Designation for Series B Convertible Preferred Stock filed with Secretary of State for the State of Nevada on December 23, 2016, and effective as of December 27, 2016     10-K   001-333937   3.1.6     12/29/16
3.8 * Bylaws of Live Ventures Incorporated                    
10.1   Second Amendment and Waiver to Term Loan Agreement     8-K   001-33937   10.1     03/16/18
10.2   Waiver Agreement     8-K   001-33937   10.2     03/16/18
10.3   Promissory Note     8-K   001-33937   10.1     04/26/18
10.4   Amended and Restated Credit Agreement     8-K   001-33937   10.1     06/11/18
10.5   Limited Guaranty     8-K   001-33937   10.2     06/11/18
10.6   Third Amendment to Loan Agreement     8-K   001-33937   10.3     06/11/18
10.7 * Consent and Sixth Amendment to Loan and Security Agreement dated June 5, 2018 among Marquis Affiliated Holdings LLC, Marquis Industries, Inc., Bank of America, N.A., and the other parties thereto                    
31.1 * Certification of the President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 202                    
31.2 * Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 202                    
32.1 * Certification of the President and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                    
32.2 * Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                    
Ex. 101.INS * XBRL Instance Document                    
Ex. 101.SCH * XBRL Taxonomy Extension Schema Document                    
Ex. 101.CAL * XBRL Taxonomy Extension Calculation Linkbase Document                    
Ex. 101.DEF * XBRL Taxonomy Extension Definition Linkbase Document                    
Ex. 101.LAB * XBRL Taxonomy Extension Label Linkbase Document                    
Ex. 101.PRE * XBRL Taxonomy Extension Presentation Linkbase Document                    

______________________________

 

*Filed herewith

 

 

 49 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Live Ventures Incorporated
   
   
Dated:   August 14, 2018 /s/ Jon Isaac
  President and Chief Executive Officer
  (Principal Executive Officer)
   
   
Dated:    August 14, 2018 /s/ Virland A Johnson
  Chief Financial Officer
  (Principal Financial Officer)

Dated:   August 14, 2018

 

 

 

 

 

 

 

 

 

 

 

 50 

 

 EX-3.8 2 live_10q-ex0308.htm BYLAWS

Exhibit 3.8

 

BYLAWS

OF

LIVE VENTURES INCORPORATED

a Nevada Corporation

 

ARTICLE 1

OFFICES

 

1.1           REGISTERED OFFICE. The registered office of the Corporation in the State of Nevada shall be in a county and city of the State of Nevada designated by the Board of Directors in accordance with applicable law.

 

1.2           OTHER OFFICES. The Corporation also may have offices at such other places both within and without the State of Nevada as the Board of Directors may from time to time determine or the business of the Corporation may require.

 

ARTICLE II

STOCKHOLDERS

 

2.1           STOCKHOLDER MEETINGS.

 

(a)     TIME AND PLACE OF MEETINGS. Meetings of the stockholders shall be held at such date and times and places, either within or without the State of Nevada, as may from time to time be fixed by the Board of Directors and stated in the notices or waivers of notice of such meetings.

 

(b)     ANNUAL MEETING. Annual meetings of stockholders shall be held at such date and time as the Board of Directors shall determine. At the annual meeting, stockholders shall elect a board of directors by plurality vote and transact such other business as properly may be brought before the annual meeting in accordance with Section 2.7 of this Article II.

 

(c)     SPECIAL MEETINGS. Special meetings of the stockholders of the Corporation may be called for any purpose or purposes at any time only by the Chairman of the Board, the Chief Executive Officer or the President. Business transacted at any special meeting of the stockholders shall be limited to the purposes stated in the notice of such meeting,

 

(d)     NOTICE OF MEETINGS. Except as otherwise provided by law, the Articles of Incorporation or these Bylaws, written notice of each meeting of the stockholders shall be given not less than ten days nor more than sixty days before the date of such meeting to each stockholder entitled to vote thereat, directed to such stockholder's address as it appears upon the stock ledger of the Corporation, such notice to specify the place; date, hour, and purpose or purposes of such meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, addressed to the stockholder at his address as it appears on the stock ledger of the Corporation. When a meeting of the stockholders is adjourned to another time and/or place, notice need not be given of such adjourned meeting if the time and place are announced at the meeting of the stockholders at which the adjournment is taken, unless the adjournment is for more than thirty days or unless after the adjournment a new record date is fixed for such adjourned meeting, in which event a notice of such adjourned meeting shall be given to each stockholder of record entitled to vote thereat. Notice of the time, place, and purpose of any meeting of the stockholders may be waived in writing either before or after such meeting and will be waived by any stockholder by such stockholder's attendance thereat in person or by proxy. Any stockholder so waiving notice of such a meeting shall be bound by the proceedings of any such meeting in all respects as if due notice thereof had been given.

 

 

 

 1 

 

 

(e)     QUORUM. Except as otherwise required by law; the Articles of Incorporation or these Bylaws, the holders of not less than a majority of the shares entitled to vote at any meeting of the stockholders, present in person or by proxy, shall constitute a quorum and the affirmative vote of the majority of such quorum shall be deemed the act of the stockholders. If a quorum shall fail to attend any meeting of the stockholders, the presiding officer of such meeting may adjourn such meeting from time to time to another place, date or time, without notice other than announcement at such meeting, until a quorum is present or represented. At such adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting of the stockholders as originally noticed. The foregoing notwithstanding if a notice of any adjourned special meeting of the stockholders is sent to all stockholders entitled to vote thereat, which states that such adjourned special meeting will be held with those present in person or by proxy constituting a quorum, then, except as otherwise required by law; those present at such adjourned special meeting of the stockholders shall constitute a quorum and all matters shall be determined by majority of the Votes cast at such special meeting.

 

2.2           DETERMINATION OF STOCKHOLDERS ENTITLED to NOTICE AND TO VOTE. To determine the stockholders entitled to notice of any meeting of the stockholders or to vote thereat, the Board of Directors may fix in advance a record date as provided in Article II, Section 2.8 of these Bylaws, or if no record date is fixed by the Board of Directors, a record date shall be determined as provided by law.

 

2.3           VOTING.

 

(a)     Except as otherwise required by law, the Article of Incorporation or these Bylaws, each stockholder present in person or by proxy at the meeting of the stockholders shall be entitled to one vote for each full share of stock registered in the name of such stockholder at the time fixed by the Board of Directors or by law at the record date of the determination of stockholders entitled to vote at such meeting.

 

(b)     Every stockholder entitled to vote at a meeting of the stockholders may do so either (i) in person or (ii) by one or more agents authorized by a written proxy executed by the person or such stockholder's duly authorized agent, whether by manual signature, typewriting, telegraphic transmission; or otherwise as permitted by law. No proxy shall be voted on after three years from its date, unless the proxy provides for a longer period.

 

(c)     Voting may be by voice or by ballot as the presiding officer of the meeting of the stockholders shall determine. On a vote ballot, each ballot shall be signed by the stockholder voting, or by such stocker's proxy, and shall state the number of shares voted.

 

(d)     Shares of the Corporation held by another corporation may be voted by such corporation's officer, agent, or proxy as its bylaws may prescribe, or in absence of such bylaw provision, by any other person designated by resolution of its board of directors, and such officer, agent; or other person so designated may vote such corporation's shares in the Corporation in person or by proxy appointed by him.

 

 

 

 

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(e)     Shares held by an administrator, executor, guardian, or conservator may be voted by such representative, either in person or by proxy, without a transfer of such shares into his name, Shares standing in the name of a trustee; other than a trustee in bankruptcy, may be voted by such representative, either in person or by proxy, but no such trustee shall be entitled to vote shares held by him without a transfer of such shares into his name.

 

(f)     Shares standing in the mime of a receiver; trustee in bankruptcy, or assignee for the benefit of creditors may be voted by such representative, either in person or by proxy. Shares held by or under the control of such a receiver or trustee may be voted by such receiver or trustee, either in person or by proxy, without the transfer thereof info his name if authority so to do be contained in an appropriate order of the court by which such receiver or trustee was appointed.

 

(g)     A stockholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred.

 

(h)     If shares stand in the names of two or more persons, whether fiduciaries, members of a partnership, joint tenants tenants in common, tenants by community property, or otherwise, or if two or more persons have the same fiduciary relationship respecting the same shares, unless the Corporation is given notice to the contrary and is furnished with a copy of the instrument or order appointing them or creating the relationship wherein it is so provided, their acts with respect to voting shall have the following effect: (1) if only one votes, his act binds; (2) if more than one votes, the act of majority so voting binds all; or (3) if more than one votes, but the vote is evenly split on any particular matter, each fraction may vote the shares in question proportionally.

 

(i)     Shares standing in the name of a married woman but not also standing in the name of her husband with such a designation of mutual relationship oh the certificate, may be voted and all rights incident thereto may be exercised in the same manner as if she were unmarried.

 

(j)     Shares of its own stock belonging to the Corporation or to another corporation; if a majority of the shares entitled to vote in the elections of directors and such other corporation is held, directly or indirectly, by the Corporation; shall neither be entitled to vote nor counted for quorum purposes.

 

(k)     Nothing in the Section shall be construed as limiting the right of the Corporation to vote its own stock held by it in a fiduciary capacity. In advance of or at any meeting of the stockholders, the Chairman of the Board of Directors may appoint one or more persons as inspectors of election (the "Inspectors") to act at such meeting. Such Inspectors shall take charge of the ballots at such meeting. After the balloting on any question, the Inspectors shall count the ballots cast and make a written report to the secretary of such meeting of the results. Subject to the direction of the Chairman of the Board of Directors, the duties of such Inspectors may further include without limitation: determining the number of shares outstanding and the voting power if each; the shares represented at the meeting; the existence of a quorum; the authenticity, validity and effect of proxies; receiving votes, ballots, or consents; hearing and determining all challenges and questions in any way arising in connection with the right to vote; counting and tabulating all votes of consents and determining when the polls shall dose; determining the result; and doing such acts as may be proper to conduct the election or vote with fairness to all stockholders. An inspector need not be a stockholder of the Corporation and any officer of the Corporation may be an Inspector on any question other than a vote for or against such officer's election to any position with the Corporation or any other questions in which such officer may be directly interested. If there are three or more Inspectors, the determination, report, or certificate of a majority of such Inspectors shall be effective as if unanimously made by all Inspectors.

 

 

 

 

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2.4            LIST OF STOCKHOLDERS. The officer who has charge of the stock ledger of the Corporation shall prepare and make available, at least 10 days or such other period of time as may be required by Federal, State, or other jurisdictional body whose rules and regulations govern the allotted time before every meeting of stockholders, a complete list of the stockholders entitled to vote thereat, arranged in either alphabetical order or by zip code, showing the address of and the number of shares registered in the names of each such stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to such meeting, either at a place within the city where such meeting is to be held and which place shall be specified in the notice of such meeting, or; if not so specified, at the place where such meeting is to be held. The list also shall be produced and kept at the time and place of the meeting of the stockholders during the whole time thereof, and may be inspected by any stockholder who is present.

 

2.5           ACTION BY WRITTEN CONSENT OF STOCKHOLDERS.

 

(a)     Subject to restrictions imposed by the Corporation's Articles of Incorporation or by applicable law, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice, and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation's Secretary. Prompt notice of the taking of the Corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the Corporation.

 

(b)     The Board of Directors may fix a record date for the determination of stockholders entitled to consent to corporate action in writing without a meeting, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors; and Which date shall not be more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date is set; the record date shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Secretary of the Corporation.

 

2.6          CONDUCT OF MEETINGS. The Chairman of the Board of Directors shall have fulland complete authority to determine the agenda, to set the procedures and order the conduct of meetings, all as deemed appropriate by such person in his sole discretion with due regard to the orderly conduct of business.

 

2.7           ACTION AT MEETING OF STOCKHOLDERS.

 

(a)      No business may be transacted at an annual meeting of stockholders. other than business that is either (i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (ii) otherwise properly brought before the annual meeting by or at the direction of the Board of Directors or (iii) otherwise properly brought before the annual meeting by any stockholder of the Corporation (A) who is a stockholder of record on the date of the giving of the notice provided for in this Section 2.7 and on the record date for the determination of stockholders entitled to Vote at such annual meeting and (B) who complies with the notice procedures set forth in this Section 2.7.

 

(b)      In addition to any other applicable requirements, for business properly to be brought before an annual meeting by the stockholder, such stockholder must have given timely notice thereof in proper .Written form to the Chairman of the Board of Directors, if any, the Chief Executive Officer, President, or the Secretary of the Corporation.

 

 

 

 

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(c)      To be timely, a stockholder's notice that includes a proposal for the Corporation's annual meeting must be received at the principal executive offices of the Corporation not less than 120 days before the date of the Corporation's proxy statement released to stockholders in connection with the previous year's annual meeting; provided, however, that in the event the Corporation did not hold an annual meeting the previous year or if the date of this year's annual meeting has been changed by more than 30 days from the date of the previous year’s meeting, then the deadline is a reasonable time before the Corporation begins to print and mail its proxy materials. For any stockholder's notice that includes a proposal for a meeting of stockholders other than a regularly scheduled annual meeting, the deadline is a reasonable time before the Corporation begins to print and mail its proxy materials. Notwithstanding any of the provisions contained herein, any notice that includes a proposal that seeks action by the Corporation's stockholders at any meeting will comply with the guidelines established by Regulation 14A of the Securities Exchange Act of 1934, as amended, to the extent such regulation is then applicable to the Corporation.

 

(d)     To be in proper written form, a stockholder's notice must set forth, as to each matter such stockholder proposes to bring before the annual meeting, (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name and record address of such stockholder, (iii) the class or series and number of shares of capital stock of the Corporation that are owned beneficially or of record by such stockholder, (iv) a description of all arrangements or understandings between such stockholder and any other person or persons (including their names) in connection with the proposal of such business by such stockholder and any material interest of such stockholder in such business, and (v) a representation that such stockholder intends to appear in person or by proxy at the annual meeting to bring such business before the meeting.

 

(e)      No business shall be conducted at the annual meeting of the stockholders except business brought before the annual meeting in accordance with the procedures set forth in this Section 2.7; provided, however, that, once business has been brought properly before the annual meeting in accordance with such procedures, nothing in this Section 2.7 may be deemed to preclude discussion by any stockholder of any such business. If the Chairman of an annual meeting determines that business was not brought properly before the annual meeting in accordance with the foregoing procedures, the chairman will declare to the meeting that the business was not brought properly before the meeting and such business will not be transacted.

 

(f)      Whenever all parties entitled to vote at any meeting consent either by a writing on the records of the meeting or filed with the Secretary, or by presence at such meeting and oral consent entered on the minutes, or by taking part in the deliberation at such meeting without objection, the doings of such meeting shall be as valid as if had at a meeting regularly called and noticed, and at such meeting any business may be transacted, which is not excepted from the written consent or to the consideration of which no objection for want of notice is made at the time, and if any meeting be irregular for want of notice or of such consent, provided a quorum was present at such meeting, the proceeding of said meeting may be ratified and approved and rendered likewise valid and the irregularity or defect therein waived by a writing signed by all parties having the right to vote at such meeting; and such consent or approval of stockholders may be by proxy or attorney, but all such proxies and powers of attorney must be in writing.

 

(g)     Whenever any notice whatever is required to be given under the provisions of Nevada law, of the Articles of Incorporation or of these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.

 

2.8           RECORD DATE.

 

(a)      In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights or entitlement to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days prior to the date of such meeting. If not fixed by the Board of Directors, the record date shall be determined as provided by law;

 

 

 

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(b)     A determination of stockholders of record entitled to notice of or to vote at a meeting of the stockholders shall apply to any adjournments of the meeting, unless the Board of Directors fixes a new record date for the adjourned meeting.

 

(c)     Holders of stock on the record date are entitled to notice and to vote or to receive the dividend, distribution or allotment of rights or to exercise the rights, as the case may be, notwithstanding any transfer of the shares set forth in the stock ledger of the Corporation after the record date, except as otherwise provided by agreement or by law, the Articles of Incorporation or these Bylaws.

 

2.9           INFORMALITIES AND IRREGULARITIES. All informalities or irregularities in any call or notice of a meeting of the stockholders or in the areas of credentials, proxies, quorums, voting; and similar matters, will be deemed waived if no objection is made at the meeting.

 

ARTICLE III

BOARD OF DIRECTORS

 

3.1          GENERAL POWERS. Unless otherwise restricted by law, the Articles of Incorporation or these Bylaws as to action which shall be authorized or approved by the stockholders, and subject to the duties of directors as prescribed by these Bylaws, all corporate powers shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be controlled by, the Board of Directors. The Board of Directors may delegate the management of the day-to-day operation of the business of the Corporation to a management company or other person, provided that the business and affairs of the Corporation will be managed, and all corporate powers shall be exercised, under the ultimate direction and responsibility of the Board of Directors.

 

3.2           ELECTION OF DIRECTORS.

 

(a) NUMBER, QUALIFICATION AND TERM OF OFFICE. The exact number of directors of the Corporation shall not be less than three or more than nine. The authorized number of directors may from time to time be increased or decreased by resolution of the directors of the Corporation amending this provision of the Bylaws in compliance with Section 8.5 of Article VIII. No reduction of the a authorized number of directors shall have the effect of removing any director prior to the expiration of his or her term in office. Beginning with the Corporation's annual meeting of stockholders to be held in 2016, the directors shall be elected for a term lasting until the next annual meeting of stockholders following their election, and until their successors are elected and qualified, subject to their earlier death, resignation, or removal from the Board of Directors.

 

(b) RESIGNATION. Any director may resign from the Board of Directors at any time by giving written notice to the Secretary of the Corporation. Any such resignation shall take effect at the time specified therein, or if the time when such resignation shall become effective shall not be so specified, then such resignation shall take effect immediately upon its receipt by the Secretary; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

 

(c)     VACANCIES. Vacancies and new directorships resulting from an increase in the authorized number of directors may be filled by a majority of the directors then in office, though less than a quorum, or by the sole remaining director. If no directors are in office, an election, may be held as provided by statue. A director elected to fill a vacancy shall be elected for the unexpired term of his or her predecessor in office. A directorship to be filled by reason of an increase in the number of directors may be filled by the Board of Directors for a term of office continuing only until the next annual meeting or the next election of one or more directors by the stockholders at a special meeting of stockholders called for that purpose. Any director may be removed from office only in accordance with the Articles of Incorporation.

 

3.3           MEETINGS OF THE BOARD OF DIRECTORS.

 

(a)      REGULAR MEETINGS. Regular meetings of the Board of Directors shall be held without notice at such time and place as shall from time to time be determined by the Board of Directors:

 

(i)       at such times as the Board of Directors shall from time to time by resolution determine; and

 

(ii)      one half-hour prior to any special meeting of the stockholders arid immediately following the adjournment of any annual or special meeting of the stockholders.

 

 

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(b)      SPECIAL MEETINGS.

 

(i)       Special meetings of the Board of Directors may be called by the Chairman of the Board, the Chief Executive Officer or the President, and will be called by the Secretary at the written request of two or more directors. Notice of the time and place of special meetings of the Board of Directors shall be given by the Secretary or an Assistant Secretary of the Corporation, or by any other officer authorized by the Board of Directors. Such notice shall be given to each director personally or by mail, messenger, telephone, telegraph, or electronic mail at such director's business, residence, or electronic address. Notice by mail shall be deposited in the United States mail, postage prepaid, not later than the fifth day prior to the date fixed for such special meeting. Notice by telephone, telegraph, or electronic mail shall be sent, and notice given personalty or by messenger shall be delivered, at least twenty-four hours prior to the time set for such special meeting. Notice of a special meeting of the Board of Directors need not contain a statement of the purpose of such special meeting.

 

(ii)      Whenever all parties entitled to vote at any meeting consent either by a writing on the records of the meeting or filed with the Secretary, or by presence at such meeting and oral consent entered on the minutes, or by taking part in the deliberations at such meeting without objection, the doings of such meetings shall be a valid as if they had occurred at a meeting regularly called and noticed, and at such meeting any business may be transacted, which is not excepted from the written consent or to the consideration of which no objection for want of notice is made at the time, and if any meeting be irregular for want of notice or such consent provided a quorum was present at such meeting, the proceedings of said meeting may be ratified and approved and rendered likewise valid and the irregularity or defect therein waived by a writing signed by all parties having the right to vote at such meeting; and such consent or approval of directors may be by proxy or attorney, but all such proxies and powers of attorney must be in writing.

 

(iii)     Whenever any notice whatsoever is required to be given under the provisions of Nevada law, of the Articles of Incorporation, or of these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent hereto.

 

(c)    ADJOURNED MEETINGS. A majority of directors present at any regular or special meeting of the Board of Directors or any committee thereof, whether or not constituting a quorum, may adjourn any meeting from time to time until a quorum is present or otherwise, however, notice of the time and place of holding any adjourned meeting shall be required as provided in Section 3.3(b) of these Bylaws.

 

(d)     PLACE OF MEETINGS. Meetings of the Board of Directors, both regular and special, may be held either within or without the State of Nevada.

 

(e)    PARTICIPATION BY TELEPHONE. Members of the Board of Directors or any committee may participate in any meeting of the Board of Directors or committee through the use of conference telephone or similar communications equipment, so long as all members participating in such meeting can hear one another, and such participation shall constitute presence in person at such meeting.

 

(f)    QUORUM. At all meetings of the Board of Directors or any committee thereof, a majority of the total number of directors of the entire then authorized Board of Directors or such committee shall constitute a quorum for the transaction of business and the act of a majority of the directors present at any such meeting at which there is a quorum shall be the act of the Board of Directors or any committee, except as may be otherwise specifically prohibited by law, the Articles of Incorporation or these Bylaws. A meeting of the Board of Directors or any committee at which a quorum initially is present may continue to transact business notwithstanding the withdrawal of directors so long as any action is approved by at least a majority of the required quorum for such meeting. Any action of a majority, although not at a regularly called meeting, and the record thereof, if assented to in writing by all of the other members of the Board of Directors, shall be as valid and effective in all respects as ff passed by the Board of Directors in a regular meeting.

 

(g)    WAIVER OF NOTICE. The transactions of any meeting of the Board of Directors or any committee, however called and noticed or wherever held, shall be as valid as though had at a meeting duly held after regular call and notice, if a quorum be present and if either before or after the meeting, each of the directors not present signs a written waiver of notice, or a consent to hold such meeting, or an approval of the minutes thereof. All such Waivers, consents, or approvals shall be filed with the corporate records or made a part of the minutes of the meeting.

 

 

 

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3.4            ACTION WITHOUT MEETING. Any action required or permitted to be taken by the Board of Directors at any meeting or at any meeting of a committee may be taken without a meeting if' all members of the Board of Directors or such committee consent in writing and the writing or writings are filed with the minutes of the proceedings of the Board of Directors or such committee.

 

3.5           COMPENSATION OF DIRECTOR. Unless otherwise restricted by law, the Articles of Incorporation, or these Bylaws, the Board of Directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as a director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor, Members of committees of the Board of Directors may be allowed like compensation for attending committee meetings.

 

3.6           COMMITTEES OF THE BOARD Of DIRECTORS.

 

(a) EXECUTIVE COMMITTEE. The Board of Directors may, by resolution adopted by a majority of the whole Board of Directors, name two or more of its members and General Counsel, or such other legal advisor as it deems appropriate; as an Executive Committee. Such Executive Committee will have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation while the Board of Directors is not in session, subject to such limitations as may be included in the Board of Director's resolution; provided, however, that such Executive Committee shall not have the authority of the Board of Directors in reference to the following matters: (1) the submission to stockholders of any action that requires the authorization or approval under applicable law; (2) the filing of vacancies on the Board of Directors or in any committee of the Board of Directors; (3) the amendment or repeal of these Bylaws, or the adoption of new bylaws; and (4) the fixing of compensation of directors for serving on the Board of Directors or on any Committee of the Board of Directors. A majority of those named to the Executive Committee will constitute a quorum and the Executive Committee may at any time act by the written consent of a quorum, thereof, although not formally convened.

 

(b)     OTHER COMMITTEES. The Board of Directors may from time to time, by resolution adopted by a majority of the whole Board of Directors, appoint other standing or temporary Committees consisting. of at least one current member of the Board of Directors, and such other individuals as the Board of Directors may determine. These Committees will be vested with such powers as the Board of Directors may include in its resolution; provided, however, that such Committees shall be restricted in their authority that all actions taken are subject to review and ratification by the Executive Committee and the Board of Directors. A majority of those named to any such Committees willconstitute a quorum and the Committee may at any time act by the written consent of a quorum thereof, although not formally convened.

 

(c)     MINUTES OF MEETINGS. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

 

3.7            INTERESTED DIRECTORS. In addition to the statutory and corporate common laws of Nevada, no contract or transaction between the Corporation and one or more if its directors or officers, or between the Corporation and any other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have ah financial interest, shall be void or voidable solely for this reason; or solely because the director or officer is present at or participates in the meeting of the Board of Directors or committee thereof, which authorizes the contract or transaction, or solely because his, her, or their votes are counted for such purpose if (i) the material facts. as to his, her, or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors and the Board of Directors in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or (ii) the material facts as to his, her, or their relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, end the contract or transaction is specifically approved in good faith by vote or the stockholders; or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved, or ratified, by the Board of Directors, a committee thereof, or the stockholders. Interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of the duly appointed Executive Committee, which authorizes the contract or transaction.

 

 

 

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ARTICLE IV

OFFICERS

 

4.1           OFFICERS.

 

(a)    NUMBER. The officers of the Corporation shall be chosen by the Board of Directors and sill include a Chairman of the Board of Directors (who must be a director as chosen by the Board of Directors), a President, Secretary, and a Treasurer, and may include Chief Officers and any number of Vice Presidents. The Board of Directors also may appoint one or more Assistant Secretaries or Assistant Treasurers and such other officers and agents with such powers and duties as it shall deem necessary. Any Vice President may be given such specific designation as may be determined from time to time by the Board of Directors. Any number of offices may be held by the same person, unless otherwise restricted by law, the Articles of Incorporation, or these Bylaws. The Board of Directors may delegate to any other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers.

 

(b)    ELECTION AND TERM OF OFFICE. The officers shall be elected annually by the Board of Directors at its regular meeting following the annual meeting of the stockholders and each officer shall hold office until the next annual election of officers and until such officer's successor is elected and qualified, or until such officer's death, resignation, or removal. Any officer may be removed at any time, with or without cause, by a vote of the majority of the whole Board of Directors or by an officer upon whom such power of removal may be conferred by the Board of Directors. Any vacancy occurring in any office may be filled by the Board of Directors.

 

(c)     SALARIES. The salaries of all officers of the Corporation shall be fixed by the Board of Directors or a committee thereof from time to time.

 

4.2          CHAIRMAN OF THE BOARD OF DIRECTORS. The Board of Directors will elect a Chairman to serve as a Non-Executive Officer of the Corporation. The Chairman will preside at all meetings of the Board of Directors and be vested with such other powers and duties as the Board may from time to time delegate to him.

 

4.3          CHIEF OFFICERS. The Board of Directors may elect a Chief Executive Officer, a Chief Financial Officer, and a Chief Operating Officer (collectively, the “Chief Officers”). The Chief Executive Officer shall be the presiding officer over all business affairs of the Corporation, subject only to the direction of the Board of Directors. The Chief Financial Officer of the Corporation shall be the presiding officer over the financial affairs of the Corporation, subject only to the direction of the Board of Directors and the Chief Executive Officer. The Chief Operation Officer of the Corporation shall be the presiding officer over the operational affairs of the Corporation, subject only to the direction of the Board of Directors and the Chief Executive Officer. Except as may otherwise be specifically provided in a resolution of the Board of Directors, the Chief Officers will be proper officers to sign on behalf of the Corporation any deed, bill of sale; assignment, option, mortgage, pledge, note, bond, evidence of indebtedness, application, consent (to service of process or other), agreement, indenture, or other instrument of any significant importance to the Corporation.

 

4.4          PRESIDENT. The President, absent the election of a Chief Executive Officer, will supervise the business and affairs of the Corporation and the performance by all of its other officers, excluding Chief Officers, of their respective duties, subject to the control of the Board of Directors. Absent the election of a Chief Executive Officer by the Board of Directors, the President will be the Chief Executive Officer of the Corporation. Except as may otherwise be specifically provided in a resolution of the Board of Directors, the President will be a proper officer to sign on behalf of the Corporation any deed, bill of sale, assignment, option, mortgage, pledge, note, bond, evidence, of indebtedness, application, consent (to service of process or other), agreement, indenture or other instrument of any significant importance to the Corporation. The President may represent the Corporation at any meeting of the stockholders of any other Corporation in which this Corporation then holds shares, and may vote this Corporation's shares in such other corporation in person or by proxy appointed by him, provided that the Board of Directors may from time to time confer the foregoing authority upon any other person or persons. The President may designate any Vice President to perform any acts, on behalf of the Corporation, in his place.

 

4.5          VICE PRESIDENTS. One or more Vice Presidents may be elected by the Board of Directors each of whom (in the order designated by the Board of Directors) will be vested with all of the powers and charged with all of the duties (including those herein before specifically set forth) of the President in the event of his absence or disability. Each Vice President will perform such other duties as may from time to time be delegated or assigned to him/her by the Board of Directors, Chief Executive Officer, Chief Operating Officer, or the President, in that order.

 

 

 

 

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4.6          SECRETARY AND ASSISTANT SECRETARIES. The Secretary will keep the minutes of meetings of the stockholders, Board of Directors, and any Committee, and all unanimous written consents of the stockholders, Board of Directors, and any Committee of the Corporation, see that aH notices are duly given in accordance with the provisions of these Bylaws or as required by applicable law, be custodian of the corporate seal and corporate records, and, in general, perform a!I duties incident to his office, Except as may otherwise be specifically provided in a resolution of the Board of Directors, the Secretary and each Assistant Secretary will be a proper officer to take charge of the Corporation's stock ledger, and to compile the voting record; and to impress the Corporation's seal on any instrument signed by a duly authorized or empowered officer; and to attest to the same.

 

4.6           TREASURER. AND ASSISTANT TREASURERS. The Treasurer, absent the election of a Chief Financial Officer, shall serve as the Chief Financial Officer, maintain the financial records of the Corporation, and supervise all corporate reporting with any and all government agencies. The Treasurer will keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation, and will cause all money and other valuable effects to be deposited in the name and to the credit of the Corporation in such depositories, subject to withdrawal in such a manner as may be designated by the Board of Directors and the Chief Executive Officer. The Treasurer will render to the Chief Executive Officer, President, and to the Board of Directors (at the regular meetings of the Board of Directors or whenever they may require), an account of all his transactions as Treasurer, and of the financial condition of the Corporation.

 

ARTICLE V

INDEMNIFICATION AND INSURANCE

 

5.1          RIGHT TO INDEMNIFICATION. Subject to the terms and conditions of this Article V, each officer or director of the Corporation who was or is made a party or witness or is threatened to be made a party or witness to or is otherwise involved in any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact that he is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to the employee benefit plans (hereinafter "indemnitee"),whether the basis of such proceeding is alleged action or inaction in an official capacity while serving as a director, officer, employee, or agent shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the general corporate law of Nevada as set forth in Section ,78 et. seq. of the Nevada Revised Statutes ("GCL"), as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendments permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expenses, liability, and loss (including attorney's fees, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) reasonably incurred or .suffered by such indemnitee who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the indemnitee's heirs, executors, and administrators; provided, however, that, except as provided in Article V hereof with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such Indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation, The right to indemnification conferred in this Section shall include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition (hereinafter an "advancement of expenses"); provided, however, that if the GCL requires an advancement of expenses incurred by an indemnitee, such advancement of expenses shall be made only upon delivery to the Corporation of an undertaking in the form then required by GCL (if any), by or on behalf of such indemnitee, with respect to the repayment of amounts so advanced (hereinafter an "undertaking").

 

5.2           RIGHT TO INDEMNITEE TO BRING SUIT. If a claim under Section 5.1 of this Article V is not paid in full by the Corporation within sixty days after written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall be entitled to be paid also the expenses of prosecuting or defending such suit. In (i) any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) any suit by the Corporation to recover an advancement of express pursuant to the terms of an undertaking the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met the applicable standard of conduct set forth in the GCL Neither the failure of the Corporation (including the Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the GCL, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such suit brought by the Indemnitee, be a defense to such suit in any suit brought by the Indemnitee to enforce a right hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaken, the burden of proving that the Indemnitee is not entitled to be indemnified or to such advancement of expenses under this Section or otherwise shall be on the Corporation.

 

 

 

 

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5.3           SPECIFIC LIMITATIONS ON INDEMNIFICATION. Notwithstanding anything in this Article to the contrary, the Corporation shall not be obligated to make any payment to any indemnitee with respect to any proceeding (i) to the extent that payment is actually made to the indemnitee under any insurance policy, or is made to indemnitee by the Corporation or an affiliate thereof otherwise than pursuant to this Article, (ii) for any expense, liability, or loss in connection with a proceeding settled without the Corporation’s written consent, which consent, however, shall not be unreasonably withheld, (iii) for an accounting of profits made from the purchase of sale by the Indemnitee of the Corporation within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of any state statutory or common law, (iv) where the indemnitee acted in bad faith or with gross negligence, or (v) where prohibited by applicable law.

 

5.4          CONTRACT. The provisions of this Article shall be deemed to be a contract between the Corporation and each director and officer who serves in such capacity at any time while such Section is in effect, and any repeal or modification thereof shall not affect any rights or obligations then existing with respect to any state of facts then or theretofore existing or any action, suit, or proceeding theretofore or thereafter based in whole or in part upon any such state of facts.

 

5.5          PARTIAL INDEMNITY. If the indemnitee is entitled under any provision of this Article to indemnification by the Corporation for some or a portion of the expenses, liabilities, or losses incurred in connection with a proceeding but not, however, for the entire amount thereof, the Corporation shall nevertheless indemnify the indemnitee for the portion thereof to which the indemnitee is entitled. Moreover, notwithstanding any other provision of this Article, to the extent that the indemnitee has been successful on the merits or otherwise in defense of any or all claims relating in whole or in part to a proceeding or in defense of any issue or matter therein, including dismissal without prejudice, the indemnitee against all loss, expense, and liability incurred in connection with the portion of the proceeding with respect to which the indemnitee was successful on the merits or otherwise.

 

5.6           NON-EXCLUSIVITY OF RIGHTS. The rights to indemnification and to the advancement of expenses conferred in this Article shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, the Articles of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested directors, or otherwise.

 

5.7           INSURANCE. The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee, or agent of the Corporation or another corporation, partnership, joint venture, trust, or other enterprise against any expense, liability, or loss, Whether or not the Corporation would have the power to indemnify such person against such expense, liability, or loss under the GCL.

 

5.8           INDEMNIFICATION OF EMPLOYEES AND AGENTS OF THE CORPORATION. The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification and to the advancement of expenses to any employee or, agent of the Corporation to the fullest extent of the provisions of this Article with respect to the indemnification and advancement of expenses of directors and officers of the Corporation, or to such lesser extent as may be determined by the Board of Directors.

 

5.9          NOTICE BY INDEMNITEE AND DEFENSE OF CLAIM. The indemnitee shall promptly notify the Corporation in writing upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any matter, whether civil, criminal, administrative or investigative, but the omission so to notify the Corporation will not relieve it from any liability which it may have to the indemnitee if such omission does prejudice the Corporation's right of the Corporation will be relieved from liability only to the extent of such prejudice; nor will such omission relieve the Corporation from any liability which it may have to the indemnitee otherwise than under this Article V. With respect to any proceedings as to which the indemnitee notifies the Corporation of the commencement thereof:

 

(a)             The Corporation will be entitled to participate therein at its own expense; and

 

(b)            The Corporation will be entitled to assume the defense thereof, with counsel reasonably satisfactory to the indemnitee; provided, however, that the Corporation shall not be entitled to assume the defense of any proceeding (and this Section 5.9 shall be inapplicable to such proceeding) if the indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation and the indemnitee with respect to such proceeding. After notice from the Corporation to the indemnitee of its election to assume the defense thereof, the Corporation will not be liable to the indemnitee under this Article V for any expenses subsequently incurred by the indemnitee in connection with the defense thereof, other than reasonable cost of investigation or as otherwise provided below. The indemnitee shall have the right to employ his own counsel in such proceeding but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of the indemnitee unless:

 

(i)      The employment of counsel by the indemnitee has been authorized by the Corporation in writing;or

 

 

 

 

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(ii)      The Corporation shaft not have employed counsel to assume the defense in such proceeding or shall not have assumed such defense and be acting in connection therewith with reasonable diligence; in each of which cases the fees and expenses of such counsel shall be at the expense of the Corporation.

 

(c)             The Corporation shall not settle any proceeding in any manner which would impose any penalty or limitation on the indemnitee without the indemnitee's written consent; provided, however, that the indemnitee will not unreasonably withhold his consent to any proposed settlement.

 

ARTICLE VI

CERTIFICATES FOR SHARES AND THEiR TRANSFER

 

6.1          CERTIFICATES FOR SHARES. Unless otherwise provided by a resolution of the Board of Directors, the shares of the Corporation shall be represented by a certificate. The certificates of stock of the Corporation shall be numbered and shall be entered in the stock ledger of the Corporation as they are issued. They shall exhibit the holder's name and number of shares and shall be signed by or in the name of the Corporation by (a) the Chief Executive Officer, or the President and (b) the Secretary or any Assistant Secretary. Any or all of the signatures on a certificate may be by facsimile. In case any officer of the Corporation, transfer agent, or registrar who has signed, or whose facsimile signature has been placed upon such certificate shall have ceased to be such officer; transfer agent or registrar before such certificate is issued, such certificate may nevertheless be issued by the Corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issuance.

 

6.2           CLASSES OF STOCK.

 

(a) If the Corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences, and relative participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations, or restrictions of such preferences or rights shall be set forth in full or summarized on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock; provided, that except as otherwise provide in Section 78,195 (5} of the GCL in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences, and relative participating, optional, or other special rights of each class of stock or series thereof and the qualifications, limitations, or restrictions of such preferences or rights.

 

(b) Within a reasonable time after the issuance or transfer of uncertified stock, the Corporation shall send to the registered owner thereof a written notice containing the information required to be set forth or stated on certificates pursuant to applicable law (including Sections 78.195, 78.205, 78.255 and 78.242 of the GCL) or a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences, and relative participating, optional or other special rights of each class of stock or series thereof and the qualifications; limitations, or restrictions of such preferences or rights.

 

6.3           TRANSFER. Subject to applicable federal and state securities laws, upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorse or accompanied by proper evidence of succession 1 assignation, or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate; and record the transaction upon its stock ledger. Upon receipt of proper transfer instructions from the registered ,owner of uncertified shares, such uncertified shares shall be canceled, issuance of new equivalent certified shares or certified shares shall be made to the person entitled thereto, and the transaction shall be recorded upon the stock ledger of the Corporation.

 

6.4           RECORD OWNER. The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder hi fact thereof, and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Nevada.

 

6.5           LOST CERTIFICATES. The Board of Directors may direct a new certificate or certificates or uncertified shares to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of the fact by the person claiming the certificate of stock to be lost, stolen, or destroyed. When authorizing such issue of a new certificate or certificates or uncertified shares, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen, or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as the Board of Directors shall require to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen, or destroyed.

 

6.6          DIVIDENDS. In the event a dividend is declared, the stock transfer books will not be closed but a record on that date will be fixed by the Board of Directors, and only stockholders of record on that date shall be entitled to the dividend.

 

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ARTICLE VII

EMERGENCY PROVISIONS

 

7.1          GENERAL. THE PROVISIONS OF THIS ARTICLE VII WILL BE OPERATIVE ONLY DURING A NATIONAL EMERGENCY DECLARED BY THE PRESIDENT OF THE UNITED STATES OR THE PERSON PERFORMING THE PRESIDENT'S FUNCTIONS, OR IN THE EVENT OF A NUCLEAR, ATOMIC, OR OTHER ATTACK ON THE UNITED STATES OR A DISASTER MAKING IT IMPOSSIBLE OR IMPRACTICABLE FOR THE CORPORATION TO CONDUCT ITS BUSINESS WITHOUT RECOURSE TO THE PROVISIONS OF THIS ARTICLE VII. Said provisions in such event shall override all other Bylaws of the Corporation in conflict with any provisions of this Article VII, and shall remain operative so long as it remains impossible or impracticable to continue the business of the Corporation otherwise, but thereafter shall be inoperative; provided that all actions taken in good faith pursuant to such provisions shall thereafter remain in full force and effect unless and until revoked by action taken in accordance with the provisions of the Bylaws (other than those contained in this Article VII).

 

7.2          UNAVAILABLE DIRECTORS. All directors of the Corporation who are not available to perform their duties as directors by reason of physical or mental capacity or for any other reason or who are unwilling to perform their duties or whose whereabouts are unknown shall automatically cease to be directors, with like effect as if such persons had resigned as directors, so long as such unavailability continues.

 

7.3          AUTHORIZED NUMBER OF DIRECTORS. The authorized number of directors shall be the number of directors remaining after eliminating those who have ceased to be directors pursuant to Section 7.2 hereof, or the minimum number required by law, whichever number is greater, until such time: as the vacancy created thereby can be filed, or the applicable provisions of these Bylaws can be amended to reflect such change.

 

7.4          QUORUM. The number of directors necessary to constitute a quorum shall be one third of the authorized number of directors as specified in the foregoing Section 7.3, or such other minimum number as pursuant to the law or lawful decree then in force, is possible for the Bylaws of the Corporation to specify.

 

7.5           CREATION Of EMERGENCY COMMITTEE. in the event the number of directors remaining after eliminating those who have ceased to be directors pursuant to Section 7.2 of this Article VII is less than the minimum number of authorized directors required by law, then until the appointment of additional directors to make up such required minimum, an the powers and authorities, which the Board of Directors could by law delegate, including all powers and authorities which the Board of Directors could delegate to a committee, shall be automatically vested in an emergency committee (the "Emergency Committee"), and the Emergency Committee shall thereafter manage the affairs of the Corporation pursuant to such powers and authorities and shall have all such other powers and authorities as may by law or lawful decree be conferred on any person or body of persons during a period of emergency.

 

7.6            CONSTITUTION OF EMERGENCY COMMITTEE. The Emergency Committee shall consist of all the directors remaining after eliminating those who have ceased to be directors pursuant to Section 7.2 of this Article VII, provided that such remaining directors are not less than three in number (unless such a lesser number would otherwise be permissible under applicable law if no emergency existed). In the event such remaining directors are less than three in number (and such number is not otherwise permitted under applicable law), then the Emergency Committee shall consist of three persons, who shall the remaining director or directors plus either one or two officers or employees of the Corporation, as the remaining director or directors may in writing designate. ff there is no remaining director, the Emergency Committee shall consist of the three most senior officers of the Corporation who are available to serve, and if and to the extent such officers are not available, the most senior employees of the Corporation. Seniority shall be determined in accordance with any designation of seniority in the minutes of the proceedings of the Board of Directors, and in the absence of such designation, shall be determined by the highest rate of remuneration. In the event that there are no remaining directors and no officers or employees of the Corporation available, the Emergency Committee shall consist of three persons designated in writing by the stockholder owning the largest number of shares of record as of the date of the last record date.

 

7.7            POWERS OF EMERGENCY COMMITTEE. The Emergency Committee, once appointed, shall govern its own procedures and shall have power to increase the number of members thereof beyond the original number, and in the event of a vacancy or vacancies therein, arising at any time, the remaining member or members of the Emergency Committee shall have the power to fill such vacancy or vacancies. In the event at any time after its appointment; all members of the Emergency Committee shall die or resign or become unavailable to act for any reason whatsoever, a new Emergency Committee shall be appointed in accordance with the foregoing provisions of this Article VII.

 

7.8            DIRECTORS BECOMING AVAILABLE. Any person who has ceased to be a director pursuant to the provisions of Section 7.2 of this Article VII, and who thereafter becomes available to serve as a director shall automatically become a member of the Emergency Committee.

 

 

 

 

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7.9            ELECTION OF BOARD OF DIRECTORS. The Emergency Committee shall, as soon after its appointment as is practicable, take all requisite action to secure the election of a Board of Directors, and upon such election ail the powers and authorities of the Emergency Committee shall be vested therein, and the Emergency Committee shall thereafter cease.

 

7.10         TERMINATION OF BOARD OF DIRECTORS. In the event, after the appointment of an Emergency Committee, a sufficient number of persons who ceased to be directors pursuant to Section 7.2 of this Article VII become available to serve as directors, so that if they had not ceased to be directors as aforesaid, there would be enough directors to constitute the minimum number of directors required by law, then all such persons shall automatically be deemed to be reappointed as directors, the powers and authorities of the Emergency Committee shall again be vested in the Hoard of Directors, and the Emergency Committee shall thereafter cease.

 

ARTICLE VIII

MISCELLANEOUS

 

8.1           EXECUTION OF INSTRUMENTS. The Board of Directors may, in its discretion, determine the method and designate the signatory officer or officers, or other persons to execute any corporate instrument or document or to sign the corporate name without limitation, except where otherwise provided by law, the Articles of Incorporation, or these Bylaws. Such designation may be general or confined to specific instances.

 

8.2           VOTING OF SECURITIES OWNED BY THE CORPORATION. All stock and other securities of other corporations held by the Corporation shall be voted, and all proxies with respect thereto shall be executed by the person so authorized by resolution of the Board of Directors, or, in the absence of such authorization, by the Chairman of the Board.

 

8.3           Corporate Seal. A corporate seal shall not be requisite to the validity of any instrument executed by or on behalf of the Corporation,.

 

8.4           CONSTRUCTION AND DEFINITIONS. Unless the context requires otherwise the general provisions, rules of construction and definitions in the GCL and the Articles of Incorporation shall govern the construction of these Bylaws.

 

8.5           AMENDMENTS. These Bylaws may be altered, amended, or repealed by a majority vote of the Board of Directors or the stockholders.

 

8.6           DESCRIPTIVE HEADINGS. The descriptive headings of the paragraphs of these Bylaws are inserted for convenience only and shall not control or affect the meaning or construction of any provision hereof.

 

8.7           REFERENCE THERETO. Any reference herein made to the Corporation's Articles of Incorporation will be deemed to refer to its Articles of Incorporation arid all Amendments thereto as at any given time on file with the Nevada Secretary of State, together with any and all certificates theretofore filed by the Corporation with the Nevada Secretary of State pursuant to applicable law.

 

8.8            SENIORITY THEREOF. The Articles of Incorporation will ln all respects be considered senior and superior to these Bylaws, with any inconsistency to be resolved in favor of the Articles of Incorporation, and with these Bylaws to be deemed automatically amended from time to time to eliminate any such inconsistency which maythen exist.

 

8.9            NUMBER AND GENDER. Whenever used herein, the singular number shall include the plural and the singular, and the use of any gender shall be applicable to all genders.

 

 

 

 

 

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CERTIFICATE OF ADOPTION

 

The undersigned Secretary of the Corporation hereby certifies that the foregoing Bylaws of LIVE VENTURES INCORPORATED, a Nevada corporation (the "Corporation"), constitute the Bylaws of said Corporation, duly adopted and approved, pursuant to a resolution of the Board of Directors.

 

 

 

10/7/15        /s/ Jon Isaac                      
Date Corporate Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 EX-10.7 3 live_10q-ex1007.htm CONSENT AND SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

Exhibit 10.7

 

June 5, 2018

 

Marquis Affiliated Holdings LLC
Marquis Industries, Inc.

2743 Highway 76

Chatsworth, Georgia 30705
Attention: Timothy A. Bailey
Facsimile No.: (706) 695-2384

 

RE:     Consent and Sixth Amendment to Loan and Security Agreement (this "Agreement")

 

Ladies and Gentlemen:

 

Reference is made to that certain Loan and Security Agreement dated as of July 6, 2015 (as at any time amended, modified, restated or supplemented, the "Loan Agreement"), among MARQUIS AFFILIATED HOLDINGS LLC, a Delaware limited liability company ("Holdings"), MARQUIS INDUSTRIES, INC., a Georgia corporation, and successor by merger with A-O Industries, LLC, a Georgia limited liability company, Astro Carpet Mills, LLC, a Georgia limited liability company, Constellation Industries, LLC, a Georgia limited liability company, and S F Commercial Properties, LLC, a Georgia limited liability company ("Marquis", together with Holdings, collectively, "Borrowers" and each individually, a "Borrower"), and BANK OF AMERICA, N.A., a national banking association ("Lender").

 

Borrowers have informed Lender that Holdings intends to make a one-time Distribution to holders of its Equity Interests on or before June 8, 2018 in an aggregate amount not to exceed $4,000,000 (the "Sixth Amendment Distribution"). Distributions are not permitted under Section 10.2.4 of the Loan Agreement unless they constitute Upstream Payments, Permitted Tax Distributions or Permitted Non-Tax Distributions. The Sixth Amendment Distribution does not constitute an Upstream Payment, a Permitted Tax Distribution or a Permitted Non-Tax Distribution.

 

Borrowers have requested that Lender consent to the Sixth Amendment Distribution. Lender is willing to consent to the Sixth Amendment Distribution on the terms and subject to the conditions set forth below.

 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.           Consent to Sixth Amendment Distribution. Subject to the satisfaction of the conditions set forth in Section 2 hereof, each in form and substance satisfactory to Lender, Lender hereby consents to the Sixth Amendment Distribution and waives compliance with Section 10.2.4 of the Loan Agreement to the extent necessary to permit Borrowers to make the Sixth Amendment Distribution.

 

2.           Amendments to Loan Agreement. The Loan Agreement is hereby amended by deleting the definition of "Fixed Charges" set forth in Section 1.1 of the Loan Agreement in its entirety and by substituting in lieu thereof the following:

 

Fixed Charges: the sum of interest expense (other than payment-in-kind) and principal payments made on Borrowed Money, income taxes paid in cash and Distributions made (excluding (a) Upstream Payments, (b) Permitted Non-Tax Distributions, (c) Distributions made on or about the Closing Date that relate to transactions contemplated by the Marquis SPA Documents, as in effect on the Closing Date, and (d) except solely for purposes of calculating the pro forma Fixed Charge Coverage Ratio pursuant to clause (c) of the definition of Permitted Non-Tax Distribution, the Sixth Amendment Distribution).

 

 

 

   

 

Marquis Industries,Inc.

June 5, 2018

Page 2

 

 

3.         Conditions Precedent. The effectiveness of the consent contained in Section 1 hereof is subject to the satisfaction of each of the following conditions precedent, in form and substance satisfactory to Lender, unless satisfaction thereof is specifically waived in writing by Lender:

 

(a)          Lender shall have received a counterpart of this Amendment, duly executed by Borrowers;

 

(b)          Lender shall have received a secretary's certificate for each Borrower, in substantially the forms attached hereto;

 

(c)          No Default or Event of Default shall exist either before or after giving effect to the terms of this Agreement;

 

(d)          Availability, on the date of the Sixth Amendment Distribution, immediately after giving pro forma effect to the consummation of the Sixth Amendment Distribution (including any Loans made under the Loan Agreement to finance the Sixth Amendment Distribution) shall be greater than or equal to $4,000,000;

 

(e)         Prior to the consummation of the Sixth Amendment Distribution, Borrowers shall have obtained written consent to the Sixth Amendment Distribution from Mezzanine Lender, on substantially the same terms as set forth herein; and

 

(f)          Lender shall have received such other agreements, instruments and documents as Lender may reasonably request.

 

4.       Miscellaneous.

 

(a)          Each Borrower hereby ratifies and reaffirms the Obligations, the Loan Agreement, each of the other Loan Documents and all of such Borrower's covenants, duties, indebtedness and liabilities under the Loan Agreement and the other Loan Documents.

 

(b)          Each Borrower acknowledges and stipulates that the Loan Agreement and the other Loan Documents executed by such Borrower are legal, valid and binding obligations of such Borrower that are enforceable against such Borrower in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby waived by such Borrower); the security interests and liens granted by such Borrower in favor of Lender are duly perfected, first priority security interests and liens; and as of the close of business on June 4, 2018, (i) the unpaid principal amount of the Revolver Loans totaled $4,225,630.68, and (ii) outstanding Letters of Credit totaled $72,715.

 

(c)        Each Borrower represents and warrants to Lender, to induce Lender to enter into this Agreement, that no Default or Event of Default exists immediately prior to and immediately after giving effect to this Agreement, including, without limitation, pursuant to Section 11.1(f) due to any breach under (i) a certain guaranty from Marquis in favor of STORE CAPITAL ACQUISITIONS, LLC, a Delaware limited liability company ("STORE"), with respect to the obligations owing by MARQUIS REAL ESTATE HOLDINGS, LLC, a Delaware limited liability company ("SPE"), to STORE under certain lease and loan documentation to which SPE and STORE are parties from time to time, or (ii) certain lease documentation between Marquis and Banc of America Leasing & Capital, LLC, as in existence from time to time; the execution, delivery and performance of this Agreement have been duly authorized by all requisite corporate or limited liability company action on the part of such Borrower and this Agreement has been duly executed and delivered by such Borrower; and all of the representations and warranties made by such Borrower in the Loan Agreement are true and correct in all material respects on and as of the effective date of this Agreement (except for representations and warranties that expressly relate to an earlier date). This Agreement shall be part of the Loan Agreement and a breach of any representation, warranty or covenant herein shall constitute an Event of Default.

 

 

 

   

 

Marquis Industries,Inc.

June 5, 2018

Page 3

 

 

(d)        Except as otherwise expressly provided in this Agreement, nothing herein shall be deemed to amend or modify any provision of the Loan Agreement or any of the other Loan Documents, each of which shall remain in full force and effect. This Agreement is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Loan Agreement as herein modified shall continue in full force and effect.

 

(e)        This Agreement shall be effective when accepted by Lender (notice of which acceptance is hereby waived), whereupon this Agreement shall be a contract governed by and construed in accordance with the internal laws of the State of Georgia and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement may be executed in any number of counterparts and by different parties to this Agreement on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile or other electronic transmission shall be deemed to be an original signature hereto.

 

(f)        To the fullest extent permitted by Applicable Law, the parties hereto each hereby waives the right to trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this Agreement.

 

[Remainder of page intentionally left blank;
signatures appear on following pages.]

 

 

 

   

 

 

Marquis Industries,Inc.

June 5, 2018

Page 4

 

 

 

BORROWERS:

   
ATTEST: MARQUIS AFFILIATED HOLDINGS LLC
   
/s/ Tony Isaac By: /s/ John Isaac
Tony Isaac, Secretary Jon Isaac, President and Chief Executive Officer
   
   
[COMPANY SEAL]  
   
ATTEST: MARQUIS INDUSTRIES, INC.
   
/s/ Rhonda Bailey By: /s/ Timothy A. Bailey
Rhonda Bailey,Secretary Timothy A. Bailey, Chief Executive Officer
   

 EX-31.1 4 live_10q-ex3101.htm CERTIFICATION

Exhibit 31.1

 

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Jon Isaac, certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 of Live Ventures Incorporated (the “registrant”);

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ Jon Isaac                  
Jon Isaac
President and Chief Executive Officer
(Principal Executive Officer)
 

 

Dated: August 14, 2018

 

 EX-31.2 5 live_10q-ex3102.htm CERTIFICATION

Exhibit 31.2

 

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Virland A. Johnson, certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 of Live Ventures Incorporated (the “registrant”);

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ Virland A. Johnson               
Virland A. Johnson

Chief Financial Officer

(Principal Financial Officer)

 

Dated: August 14, 2018

 

 EX-32.1 6 live_10q-ex3201.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Live Ventures Incorporated (the “Company”) on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jon Isaac, the President and Chief Executive Officer of the Company, to the best of my knowledge and belief, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.       The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

/s/ Jon Isaac                             

Jon Isaac

President and Chief Executive Officer

(Principal Executive Officer)

 

Dated: August 14, 2018

 

The certification set forth above is being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report as a separate disclosure document of the Company or the certifying officers.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 EX-32.2 7 live_10q-ex3202.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Live Ventures Incorporated (the “Company”) on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Virland A. Johnson, the Chief Financial Officer (Principal Financial Officer) of the Company, to the best of my knowledge and belief, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.       The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

/s/ Virland A. Johnson                   

Virland A. Johnson

Chief Financial Officer

(Principal Financial Officer)

 

Dated: August 14, 2018

 

The certification set forth above is being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report as a separate disclosure document of the Company or the certifying officers.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - shares
 9 Months Ended
Jun. 30, 2018
Aug. 14, 2018
OptionsToPurchaseSharesOfCommonStockMember    
Entity Registrant Name LIVE VENTURES Inc  
Entity Central Index Key 0001045742  
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   1,960,059
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Assets    
Cash $ 2,293,016 $ 3,972,539
Trade receivables, net 13,418,871 10,636,925
Inventories 43,797,720 34,501,801
Prepaid expenses and other current assets 4,463,065 6,435,891
Total current assets 63,972,672 55,547,156
Property and equipment, net 28,244,258 22,817,860
Restricted cash 750,000 0
Deposits and other assets 1,087,313 77,520
Deferred taxes 3,787,827 9,000,010
Intangible assets, net 7,016,617 4,205,314
Goodwill 36,946,735 36,946,735
Total assets 141,805,422 128,594,595
Liabilities:    
Accounts payable 11,595,214 8,224,057
Accrued liabilities 10,180,331 8,986,734
Income tax payable 350,217 351,689
Current portion of long-term debt 14,087,636 48,877,536
Current portion of related parties long-term debt 391,949 0
Total current liabilities 36,605,347 66,440,016
Long-term debt, net of current portion 59,914,025 26,570,271
Long-term debt, related parties, net of current portion 5,425,765 2,000,000
Other non-current obligations 357,345 0
Total Liabilities 102,302,482 95,010,287
Commitments and contingencies 0 0
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 2,088,186 shares issued and 1,960,059 shares outstanding at June 30, 2018; 2,088,186 shares issued and 1,991,879 shares outstanding at September 30, 2017 2,088 2,088
Paid in capital 63,605,148 63,157,178
Accumulated deficit (22,698,726) (28,575,716)
Total stockholders' equity 39,502,940 33,584,308
Total liabilities and stockholders' equity 141,805,422 128,594,595
Common Stock    
Stockholders' equity:    
Treasury stock (1,401,912) (999,584)
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
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2018
Sep. 30, 2017
Stockholders' equity:    
Common stock, par value $ .001 $ 0.001
Common stock, shares authorized 10,000,000 10,000,000
Common stock, shares issued 2,088,186 2,088,186
Common stock, shares outstanding 1,972,136 1,991,879
Common Stock    
Stockholders' equity:    
Treasury stock, shares 126,050 128,127
Series B Preferred Stock [Member]    
Stockholders' equity:    
Convertible preferred stock, par value $ .001 $ 0.001
Convertible preferred stock, shares authorized 1,000,000 1,000,000
Convertible preferred stock, issued 214,244 214,244
Convertible preferred stock, outstanding 214,244 214,244
Series E Preferred Stock [Member]    
Stockholders' equity:    
Convertible preferred stock, par value $ .001 $ 0.001
Convertible preferred stock, shares authorized 200,000 200,000
Convertible preferred stock, issued 127,840 127,840
Convertible preferred stock, outstanding 77,840 127,840
Convertible preferred stock, liquidation preference per share $ 0.30  
Treasury stock, shares 50,000 0
XML 17 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenues $ 54,662,057 $ 41,377,493 $ 147,210,049 $ 112,102,582
Cost of revenues 35,847,839 24,383,596 92,349,240 65,988,083
Gross profit 18,814,218 16,993,897 54,860,809 46,114,499
Operating expenses:        
General and administrative expenses 13,374,721 9,335,904 35,630,426 25,544,443
Sales and marketing expenses 4,541,677 2,274,866 10,337,812 6,237,004
Total operating expenses 17,916,398 11,610,770 45,968,238 31,781,447
Operating income 897,820 5,383,127 8,892,571 14,333,052
Other (expense) income:        
Interest expense, net (2,711,282) (2,127,790) (7,001,314) (5,612,319)
Bargain purchase gain on acquisition 3,644,889 0 7,418,375 0
Other income 70,805 12,652 254,175 197,814
Total other (expense) income, net 1,004,412 (2,115,138) 671,236 (5,414,505)
Income before provision for income taxes 1,902,232 3,267,989 9,563,807 8,918,547
Provision (benefit) for income taxes (174,806) 1,139,946 3,685,941 3,521,265
Net income $ 2,077,038 $ 2,128,043 $ 5,877,866 $ 5,397,282
Earnings per share - basic $ 1.05 $ 1.04 $ 2.98 $ 2.36
Earnings per share - diluted $ 0.56 $ 0.55 $ 1.56 $ 1.31
Weighted average common shares outstanding - basic 1,970,136 2,044,767 1,972,758 2,289,646
Weighted average common shares outstanding - diluted 3,740,204 3,869,248 3,765,344 4,131,912
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES:    
Net income $ 5,877,866 $ 5,397,282
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 4,524,397 3,112,786
Gain on Bargain purchase of acquisition (7,418,375) 0
Loss on disposal of property and equipment 4,615 55,703
Charge off and amortization of debt issuance cost 930,695 157,158
Stock based compensation expense 447,970 137,011
Deferred rent 133,241 0
Change in reserve for uncollectible accounts 148,714 (39,865)
Change in reserve for obsolete inventory (45,470) (771,971)
Change in deferred income taxes 3,612,623 3,020,553
Changes in assets and liabilities:    
Trade receivables (1,000,496) (2,908,689)
Inventories (1,806,167) (1,760,954)
Prepaid expenses and other current assets 2,297,475 308,373
Deposits and other assets (5,952) (57,755)
Accounts payable 1,981,807 495,296
Accrued liabilities 27,215 (449,799)
Income tax payable (1,472) 318,144
Net cash provided by operating activities 9,708,686 7,013,273
INVESTING ACTIVITIES:    
Acquisition of businesses, net of cash acquired and seller financing provided 0 (47,310,900)
Purchase of intangible assets - Software (545,982) (124,230)
Proceeds from the sale of property and equipment 10,000 37,920
Purchases of property and equipment (7,910,430) (5,936,900)
Net cash used in investing activities (8,446,412) (53,334,110)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans 1,302,148 17,152,852
Payments on debt issuance costs (1,263,011) (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 27,931,591 36,984,434
Purchase of common treasury stock (402,328) (496,366)
Payments on related party notes payable (158,628) 0
Payments on notes payable (30,347,569) (2,659,967)
Net cash provided by (used in) financing activities (2,941,797) 49,824,994
DECREASE IN CASH AND CASH EQUIVALENTS (1,679,523) 3,504,157
CASH AND CASH EQUIVALENTS, beginning of period 3,972,539 770,895
CASH AND CASH EQUIVALENTS, end of period 2,293,016 4,275,052
Supplemental cash flow disclosures:    
Interest paid 6,349,977 4,340,486
Income taxes paid 328,500 103,704
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 liability to Series B preferred stock 0 2,800,000
Conversion of accrued expense liabilities into common stock 0 584,500
Accrued and unpaid dividends $ 876 $ 479
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. Background and Basis of Presentation
 9 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and Basis of Presentation

Note 1:       Background and Basis of Presentation

 

The accompanying condensed consolidated financial statements include the accounts of Live Ventures Incorporated, a Nevada corporation, and its subsidiaries (collectively, the “Company”). Commencing in fiscal year 2015, the Company began a strategic shift in its business plan away from providing online marketing solutions for small and medium sized business to acquiring profitable companies in various industries that have demonstrated a strong history of earnings power. The Company continues to actively develop, revise and evaluate its products, services and its marketing strategies in its businesses. The Company has three operating segments: Manufacturing, Retail and Online (our new name for the previously named Marketplace Platform segment) and Services. With Marquis Industries, Inc. (“Marquis”), the Company is engaged in the manufacture and sale of carpet and the sale of vinyl and wood floorcoverings. With Vintage Stock, Inc. (“Vintage Stock”), the Company is engaged in the sale of new and used movies, music, collectibles, comics, books, games, game systems and components. With ApplianceSmart, Inc. (“ApplianceSmart”), the Company is engaged in the sale of new major appliances through a chain of company-owned retail stores.

 

The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of the Company’s management, this interim information includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results of operations for three and nine months ended June 30, 2018 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2018. This financial information should be read in conjunction with the consolidated financial statements and related notes thereto as of September 30, 2017 and for the fiscal year then ended included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as amended, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 18, 2018 (the “2017 10-K”).

 

On November 22, 2016, the Company’s Board of Directors authorized a one-for-six (1:6) reverse stock split and a contemporaneous one-for-six (1:6) reduction in the number of authorized shares of common stock from 60,000,000 to 10,000,000 shares, to take effect for stockholders of record as of December 5, 2016. No fractional shares were issued. All share, option and warrant related information presented in these financial statements and accompanying footnotes has been retroactively adjusted to reflect the decreased number of shares resulting this reverse stock split.
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2. Summary of Significant Accounting Policies
 9 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2:       Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The condensed consolidated financial statements represent the consolidated financial position, results of operations and cash flows of Live Ventures Incorporated and its wholly-owned subsidiaries. On July 6, 2015, the Company acquired 80% of Marquis Industries, Inc. and subsidiaries (“Marquis”). Effective November 30, 2015, the Company acquired the remaining 20% of Marquis. On November 3, 2016, the Company acquired 100% of Vintage Stock, Inc., a Missouri corporation (“Vintage Stock”), through its newly formed, wholly-owned subsidiary, Vintage Stock Affiliated Holdings LLC (“VSAH”). Effective December 30, 2017, the Company acquired 100% of ApplianceSmart through its newly formed, wholly-owned subsidiary, ApplianceSmart Holdings LLC (“ASH”). All intercompany transactions and balances have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Significant estimates made in connection with the consolidated financial statements include the estimate of dilution and fees associated with billings, the estimated reserve for doubtful current and long-term trade and other receivables, sales return allowance, the estimated reserve for excess and obsolete inventory, estimated fair value and forfeiture rates for stock-based compensation, fair values in connection with the analysis of goodwill, other intangibles and long-lived assets for impairment, current portion of long-term debt, valuation allowance against deferred tax assets and estimated useful lives for intangible assets and property and equipment.

 

Financial Instruments

 

Financial instruments consist primarily of cash equivalents, trade and other receivables, advances to affiliates and obligations under accounts payable, accrued expenses and notes payable. The carrying amounts of cash equivalents, trade receivables and other receivables, accounts payable, accrued expenses and short-term notes payable approximate fair value because of the short maturity of these instruments. The fair value of the long-term debt is calculated based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements, unless quoted market prices were available (Level 2 inputs). The carrying amounts of long-term debt at June 30, 2018 and September 30, 2017 approximate fair value.

 

Cash and Restricted Cash

 

Cash and cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Restricted cash consists of balances on deposit, $750,000 as of June 30, 2018, pledged as collateral for a letter of credit. Fair value of cash equivalents and restricted cash approximates carrying value.

 

Trade Receivables

 

The Company grants trade credit to customers under credit terms that it believes are customary in the industry it operates and does not require collateral to support customer trade receivables. Some of the Company’s trade receivables are factored primarily through two factors. Factored trade receivables are sold without recourse for substantially all of the balance receivable for credit approved accounts. The factor purchases the trade receivables for the gross amount of the respective invoice(s), less factoring commissions, trade and cash discounts. The factor charges the Company a factoring commission for each trade account, which is between 0.75-1.00% of the gross amount of the invoice(s) factored on the date of the purchase, plus interest calculated at 3.25%-6% per annum. The minimum annual commission due the factor is $112,500 per contract year. Total commissions paid to factors were $231,761 and $210,961 for nine months ended June 30, 2018 and 2017, respectively. The total amount of trade receivables factored was $29,592,944 and $27,373,263 for the nine months ended June 30, 2018 and 2017, respectively.

 

Allowance for Doubtful Accounts

 

The Company maintains an allowance for doubtful accounts, which includes allowances for accounts and factored trade receivables, customer refunds, dilution and fees from local exchange carrier billing aggregators and other uncollectible accounts. The allowance for doubtful accounts is based upon historical bad debt experience and periodic evaluations of the aging and collectability of the trade receivables. This allowance is maintained at a level which the Company believes is sufficient to cover potential credit losses and trade receivables are only written off to bad debt expense as uncollectible after all reasonable collection efforts have been made. The Company has also purchased accounts receivable credit insurance to cover non-factored trade and other receivables which helps reduce potential losses due to doubtful accounts. At June 30, 2018 and September 30, 2017, the allowance for doubtful accounts was $1,239,937 and $1,091,223, respectively.

 

Inventories

 

Manufacturing Segment

 

Inventories are valued at the lower of the inventory’s cost (first in, first out basis (“FIFO”)) or market. Management compares the cost of inventory with its net realizable value and an allowance is made to write down inventory to net realizable value, if lower. Management also reviews inventory to determine if excess or obsolete inventory is present and a reserve is made to reduce the carrying value for inventory for such excess and or obsolete inventory. At June 30, 2018 and September 30, 2017, the reserve for obsolete inventory was $91,940.

 

Retail and Online Segment

 

Merchandise inventories are valued at the lower of cost or market using the average cost method which approximates FIFO. Under the average cost method, as new product is received from vendors, its current cost is added to the existing cost of product on-hand and this amount is re-averaged over the cumulative units in inventory available for sale. Pre-owned products traded in by customers are recorded as merchandise inventory for the amount of cash consideration or store credit less any premiums given to the customer. Management reviews the merchandise inventory to make required adjustments to reflect potential obsolescence or the lower of cost or market. In valuing merchandise inventory, management considers quantities on hand, recent sales, potential price protections, returns to vendors and other factors. Management’s ability to assess these factors is dependent upon forecasting customer demand and to provide a well-balanced merchandise assortment. Merchandise inventory valuation is adjusted based on anticipated physical inventory losses or shrinkage and actual losses resulting from periodic physical inventory counts. Merchandise inventory reserves as of June 30, 2018 and September 30, 2017 were $1,211,159 and $1,256,629, respectively.

 

Property and Equipment

 

Property and equipment are stated at cost less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of assets are capitalized. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation are removed from the related accounts and any gain or loss is reflected in operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful lives of building and improvements are three to forty years, transportation equipment is five to ten years, machinery and equipment are five to ten years, furnishings and fixtures are three to five years and office and computer equipment are three to five years. Depreciation expense was $1,335,174 and $976,296 for the three months ended June 30, 2018 and 2017, respectively. Depreciation expense was $3,562,368 and $2,677,039 for the nine months ended June 30, 2018 and 2017, respectively.

 

The Company periodically reviews our property and equipment when events or changes in circumstances indicate that their carrying amounts may not be recoverable or their depreciation or amortization periods should be accelerated. We assess recoverability based on several factors, including our intention with respect to our stores and those stores projected undiscounted cash flows. An impairment loss would be recognized for the amount by which the carrying amount of the assets exceeds their fair value, as approximated by the present value of their projected discounted cash flows.

 

Goodwill

 

The Company accounts for purchased goodwill and intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. Under ASC 350, purchased goodwill is not amortized; rather, they are tested for impairment on at least an annual basis. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of the business acquired.

 

We test goodwill annually on July 1 of each fiscal year or more frequently if events arise or circumstances change that indicate that goodwill may be impaired. The Company assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed using a two-step approach required by ASC 350 to determine whether a goodwill impairment exists.

 

The first step of the quantitative test is to compare the carrying amount of the reporting unit's assets to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying amount exceeds the fair value, then the second step is required to be completed, which involves allocating the fair value of the reporting unit to each asset and liability using the guidance in ASC 805 (“Business Combinations, Accounting for Identifiable Intangible Assets in a Business Combination”), with the excess being applied to goodwill. An impairment loss occurs if the amount of the recorded goodwill exceeds the implied goodwill. The determination of the fair value of our reporting units is based, among other things, on estimates of future operating performance of the reporting unit being valued. We are required to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments.

 

When performing the two-step quantitative impairment test, the Company's methodology includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company’s cost of capital, otherwise known as the discounted cash flow method (“DCF”). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses, and future technological changes. The Company also incorporates market multiples for comparable companies in determining the fair value of our reporting units. Any such impairment would be recognized in full in the reporting period in which it has been identified.

  

Intangible Assets

 

The Company’s intangible assets consist of customer relationship intangibles, trade names, licenses for the use of internet domain names, Universal Resource Locators, or URL’s, software, and marketing and technology related intangibles. Upon acquisition, critical estimates are made in valuing acquired intangible assets, which include but are not limited to: future expected cash flows from customer contracts, customer lists, and estimating cash flows from projects when completed; tradename and market position, as well as assumptions about the period of time that customer relationships will continue; and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from the assumptions used in determining the fair values. All intangible assets are capitalized at their original cost and amortized over their estimated useful lives as follows: domain name and marketing – 3 to 20 years; software – 3 to 5 years, customer relationships – 7 to 15 years. Intangible amortization expense is $486,060 and $113,245 for the three months ended June 30, 2018 and 2017, respectively. Intangible amortization expense is $962,029 and $435,747 for the nine months ended June 30, 2018 and 2017, respectively.

 

Revenue Recognition

 

Manufacturing Segment

 

The Manufacturing Segment derives revenue primarily from the sale of carpet products, including shipping and handling amounts, which are recognized when the following requirements have been met: (i) there is persuasive evidence of an arrangement, (ii) the sales transaction price is fixed or determinable, (iii) title, ownership and risk of loss have been transferred to the customer, (iv) allocation of sales price to specific performance obligations, and (v) performance obligations are satisfied. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. All direct costs are either paid and or accrued for in the period in which the sale is recorded.

 

Retail and Online Segment

 

The Retail and Online Segment derives revenue primarily from direct sales of entertainment and appliance products and services, including shipping and handling amounts, which are recognized when the following requirements have been met: (i) there is persuasive evidence of an arrangement, (ii) the sales transaction price is fixed or determinable, (iii) title or use rights, ownership and risk of loss have been transferred to the customer, (iv) allocation of sales price to specific performance obligations, and (v) performance obligations are satisfied. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. All direct costs are either paid and or accrued for in the period in which the sale is recorded.

 

Services Segment

 

The Services Segment recognizes revenue from directory subscription services as billed for and accepted by the customer. Directory services revenue is billed and recognized monthly for directory services subscribed. The Company has utilized outside billing companies to perform direct ACH withdrawals. For billings via ACH withdrawals, revenue is recognized when such billings are accepted by the customer. Customer refunds are recorded as an offset to gross Services Segment revenue.

 

Revenue for billings to certain customers that are billed directly by the Company and not through outside billing companies is recognized based on estimated future collections which are reasonably assured. The Company continuously reviews this estimate for reasonableness based on its collection experience.

 

Shipping and Handling

 

The Company classifies shipping and handling charged to customers as revenues and classifies costs relating to shipping and handling as cost of revenues.

  

Customer Liabilities

 

The Company establishes a liability upon the issuance of merchandise credits and the sale of gift cards. Breakage income related to gift cards which are no longer reportable under state escheatment laws for the three months ended June 30, 2018 and 2017, is expense of $53,225 and income of $25,092, respectively. For the nine months ended June 30, 2018, breakage income of $39,918, and the period of November 3, 2016 through June 30, 2017, breakage income of $98,183 is recorded in other income in our consolidated financial statements. No amounts were recorded for breakage for any period prior to November 3, 2016.

 

Fair Value Measurements

 

ASC Topic 820 (“Fair Value Measurements and Disclosures”) requires disclosure of the fair value of financial instruments held by the Company. ASC topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 – to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

Income Taxes

 

The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company's assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes in its Consolidated Statements of Income.

 

Significant management judgment is required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Company uses a two-step process to evaluate tax positions. The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Company in future periods.

 

Lease Accounting

 

The Company leases retail stores, warehouse facilities and office space. These assets and properties are generally leased under noncancelable agreements that expire at various dates through 2024 with various renewal options for additional periods. The agreements, which have been classified as operating leases, generally provide for minimum and, in some cases percentage rent and require us to pay all insurance, taxes and other maintenance costs. Leases with step rent provisions, escalation clauses or other lease concessions are accounted for on a straight-line basis over the lease term and includes “rent holidays” (periods in which we are not obligated to pay rent). Cash or lease incentives received upon entering into certain store leases (“tenant improvement allowances”) are recognized on a straight-line basis as a reduction to rent expense over the lease term. The Company records the unamortized portion of tenant improvement allowances as a part of deferred rent. The Company does not have leases with capital improvement funding. Percentage rentals are based on sales performance in excess of specified minimums at various stores and are accounted for in the period in which the amount of percentage rent can be accurately estimated.

 

Stock-Based Compensation

 

The Company from time to time grants restricted stock awards and options to employees, non-employees and Company executives and directors. Such awards are valued based on the grant date fair-value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the vesting period.

  

Earnings Per Share

 

Earnings per share is calculated in accordance with ASC 260 (“Earnings Per share”). Under ASC 260 basic earnings per share is computed using the weighted average number of common shares outstanding during the period except that it does not include unvested restricted stock subject to cancellation. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of warrants, options, restricted shares and convertible preferred stock. The dilutive effect of outstanding restricted shares, options and warrants is reflected in diluted earnings per share by application of the treasury stock method. Convertible preferred stock is reflected on an if-converted basis.

 

Segment Reporting

 

ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a Company’s management organizes segments within the Company for making operating decisions and assessing performance. The Company determined it has three reportable segments (See Note 17).

 

Concentration of Credit Risk

 

The Company maintains cash balances at several banks in multiple states including, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Kansas, Missouri, Minnesota, Nevada, New Mexico, New York, Ohio, Oklahoma, Texas, and Utah. Accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution as of June 30, 2018. At times, balances may exceed federally insured limits.

 

Reclassifications

 

Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the previously reported net income or stockholders’ equity.

 

Recently Issued Accounting Pronouncements

 

ASU 2016-02, Leases (Topic 842). The standard requires a lessee to recognize a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term on the balance sheet. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements.
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3. Comprehensive Income
 9 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Comprehensive Income

Note 3:       Comprehensive Income

 

Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized, including items like an unrealized holding gain or loss from available for sale securities and foreign currency translation gains or losses. For the Company, for three and nine months ended June 30, 2018 and 2017, net income does not differ from comprehensive income.
XML 22 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. Balance Sheet Detail Information
 9 Months Ended
Jun. 30, 2018
Disclosure Text Block Supplement [Abstract]  
Balance Sheet Detail Information

Note 4:       Balance Sheet Detail Information

 

    June 30,   September 30,
    2018   2017
    (Unaudited)    
Trade receivables, current, net:                
Accounts receivable, current   $ 14,314,236     $ 11,383,576  
Less: Reserve for doubtful accounts     (895,365 )     (746,651 )
    $ 13,418,871     $ 10,636,925  
Trade receivables, long term, net:                
Accounts receivable, long term   $ 344,572     $ 344,572  
Less: Reserve for doubtful accounts     (344,572 )     (344,572 )
    $ —       $ —    
Total trade receivables, net:                
Gross trade receivables   $ 14,658,808     $ 11,728,148  
Less: Reserve for doubtful accounts     (1,239,937 )     (1,091,223 )
    $ 13,418,871     $ 10,636,925  
Components of reserve for doubtful accounts are as follows:                
                 
Reserve for dilution and fees on amounts due from billing aggregators   $ 1,063,617     $ 1,063,617  
Reserve for customer refunds     856       978  
Reserve for trade receivables     175,464       26,628  
    $ 1,239,937     $ 1,091,223  
Inventory                
Raw materials   $ 9,848,607     $ 7,709,969  
Work in progress     1,220,457       987,689  
Finished goods     4,608,920       3,922,362  
Merchandise     29,422,835       23,230,350  
      45,100,819       35,850,370  
Less: Inventory reserves     (1,303,099 )     (1,348,569 )
    $ 43,797,720     $ 34,501,801  
Property and equipment, net:                
Building and improvements   $ 10,770,186     $ 8,090,797  
Transportation equipment     82,266       104,853  
Machinery and equipment     23,256,746       17,402,064  
Furnishings and fixtures     2,586,465       4,360,820  
Office, computer equipment and other     2,337,960       224,822  
      39,033,623       30,183,356  
Less: Accumulated depreciation     (10,789,365 )     (7,365,496 )
    $ 28,244,258     $ 22,817,860  
Intangible assets, net:                
Domain name and marketing related intangibles   $ 18,957     $ 18,957  
Lease intangibles     2,239,008       1,033,412  
Customer relationship intangibles     4,709,241       2,689,039  
Purchased software     2,193,947       1,595,977  
      9,161,153       5,337,385  
Less:  Accumulated amortization     (2,144,536 )     (1,132,071 )
    $ 7,016,617     $ 4,205,314  
Accrued liabilities:                
Accrued payroll and bonuses   $ 2,603,171     $ 2,602,695  
Accrued sales and use taxes     530,278       824,206  
Accrued property taxes     239,866       —    
Accrued rent     90,677       502,617  
Deferred revenue     454,030       —    
Accrued gift card and escheatment liability     1,684,210       1,479,622  
Accrued interest payable     371,314       464,184  
Accrued accounts payable and bank overdrafts     3,604,422       1,367,539  
Accrued professional fees     149,178       —    
Customer deposits     192,812       182,052  
Accrued expenses - other     260,373       1,563,819  
    $ 10,180,331     $ 8,986,734  

 
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5. Acquisitions
 9 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Acquisitions

Note 5:        Acquisitions

 

Acquisition of Vintage Stock Inc.

 

On November 3, 2016 (the “Vintage Stock Closing Date”), the Company, through its newly formed, wholly-owned subsidiary, VSAH, entered into a series of agreements in connection with its purchase of Vintage Stock. Vintage Stock is a retailer that sells, buys and trades new and pre-owned movies, video games and music products, as well as ancillary products such as books, comics, toys and collectibles.

 

Total consideration paid of $57,653,698 was paid through a combination of (i) $8,000,000 of capital provided by the Company, (ii)debt financing provided by the TCB Revolver (as defined below) in the aggregate amount of approximately $12,000,000, and mezzanine financing from the Capitala Term Loan (as defined below) of approximately $30 million, and (iii) $10,000,000 of Company-issued subordinated acquisition notes payable to the sellers of Vintage Stock, all as more fully described in Note 8.

 

The table below summarizes our final purchase price allocation of the consideration paid to the respective fair values of the assets acquired and liabilities assumed in the Vintage Stock acquisition as of the Vintage Stock Closing Date. The Company finalized its estimates after it determined that it had obtained all necessary information that existed as of the Vintage Stock Acquisition Date related to these matters.

 

Cash and cash equivalents   $ 272,590  
Trade and other receivables     177,338  
Inventory     18,711,192  
Prepaid expenses and other current assets     814,201  
Property and equipment     4,859,676  
Intangible - leases     1,033,412  
Intangible - trade names     1,200,000  
Intangible - customer list     50,000  
Intangible - customer relationship     1,000,000  
Goodwill     36,946,735  
Notes payable     (542,074 )
Accounts payable     (5,165,612 )
Accrued expenses     (1,703,760 )
    $ 57,653,698  

 

In connection with the purchase of Vintage Stock, we incurred bank fees of $15,000, appraisal fees of $20,497, legal fees of $192,339 and consulting fees of $119,774, totaling $347,610, all of which was recorded as general and administrative expense during the year ended September 30, 2017. Goodwill of $36,946,735 is the excess of total consideration less identifiable assets at fair value less debt assumed at fair value and is tax deductible. Goodwill is attributable to Vintage Stock’s management, assembled workforce, operating model, the number of stores, locations and competitive presence in each of its respective markets.

 

The operating results of Vintage Stock have been included in our consolidated financial statements beginning on November 3, 2016 and are reported in our Retail and Online segment.

 

The estimated fair value of the customer relationship intangible related to Vintage Stock was determined using the income approach, which discounts expected future cash flows to present value. The Company estimated the fair value of this intangible asset using the residual method and a present value discount rate of 17% or $1,000,000. Customer relationships relate to the Company’s ability to sell existing and future products. The Company is amortizing the Customer relationships intangible asset on a straight-line basis over an estimated life of 5 years.

 

The estimated fair value of the trade names intangible that Vintage Stock uses – “Vintage Stock”, “EntertainMart” and “Movie Trading Company” was determined using a royalty income approach, which estimates an assumed royalty income stream and then discounts that expected future revenue or cash flow stream to present value. The Company estimated the fair value of this intangible asset using the residual method and a present value discount rate of 17%, or $1,200,000. Trade names relate to the Company’s awareness by consumers in the market place. The Company is amortizing the trade names intangible asset on a straight-line basis over an estimated life of 7 years.

 

The estimated fair value of the customer list intangible asset was determined using the cost approach, which estimates the cost to acquire each email address in the list. The Company estimated the fair value of this intangible asset to be $0.19 per acquired email address, less a discount 40% attributable to domain and trade names or a net cost per email address of $0.11 or approximately $50,000. The Company is amortizing the customer list intangible asset on a straight-line basis over an estimated life of 3 years.

 

Acquisition of ApplianceSmart Inc.

 

On December 30, 2017 (the “ApplianceSmart Closing Date”), the Company, through its newly formed, wholly-owned subsidiary, ApplianceSmart Affiliated Holdings LLC (“ASH”), entered into a series of agreements in connection with its purchase of ApplianceSmart. ApplianceSmart is a retailer engaged in the sale of new major appliances through a chain of company-owned retail stores.

 

Total consideration was $6,500,000, with no liabilities assumed by ASH. On December 30, 2017, ASH agreed to pay the $6,500,000 no later than March 31, 2018. Effective April 1, 2018, ASH issued an interest bearing promissory note the Seller, with interest at 5% per annum, with a three-year term in the original amount of $3,919,494 for the balance of the purchase price. Interest is payable monthly in arrears. Ten percent of the outstanding principal amount is due to be repaid annually on a quarterly basis, with any remainder due and payable on maturity, April 1, 2021. This promissory note is guaranteed by ApplianceSmart. The remaining $2,580,506 was paid in cash by ASH to the Seller. ASH may reborrow funds, and pay interest on such re-borrowings, from the Seller up to the Original Principal amount. On December 31, 2017, ASH offset certain liabilities and was provided certain assets from the Seller in the net amount of $1,901,796, against the amount due Seller. ASH and Seller agreed to the offset as if it were payment in cash against the purchase price. At June 30, 2018, the net amount owing to the Seller was $3,817,714 and is included in long term debt. See Note 8.

 

Net liabilities assumed by ASH on December 31, 2017:

 

Accounts payable   $ 1,374,647  
Accrued expenses     1,374,682  
Capital leases     29,631  
Credit card receivables     (255,301 )
Cash     (621,863 )
Total net liabilities assumed by ASH   $ 1,901,796  

 

The table below summarizes our final purchase price allocation of the consideration paid to the respective fair values of the assets acquired in the ApplianceSmart acquisition as of the ApplianceSmart Closing Date. The Company finalized its estimates after it determined that it had obtained all necessary information that existed as of the ApplianceSmart Acquisition Date related to these matters.

 

Trade Receivables   $ 1,930,164  
Inventory     7,444,282  
Prepaid expenses     69,347  
Refundable deposits     1,003,841  
Intangible asset - trade names     2,015,000  
Intangible asset - customer list     5,202  
Intangible asset - leases     1,205,596  
Restricted cash     750,000  
Property and equipment     1,094,503  
Deferred income tax     (1,599,560 )
Bargain gain on acquisition     7,418,375  
    $ (6,500,000 )

 

The operating results of ApplianceSmart are included in our unaudited condensed consolidated financial statements beginning on December 31, 2017 and are reported in our Retail and Online Segment.

 

The estimated fair value of the customer list intangible asset was determined using the cost approach, which estimates the cost to acquire each email address in the list. The Company estimated the fair value of this intangible asset to be $0.10 per acquired active contact information or approximately $5,202. The Company is amortizing the customer list intangible asset on a straight-line basis over an estimated life of 20 years.

 

The estimated fair value of the trade names intangible that ApplianceSmart uses – “ApplianceSmart” was determined using a royalty income approach, which estimates an assumed royalty income stream and then discounts that expected future revenue or cash flow stream to present value. The Company estimated the fair value of this intangible asset using the residual method and a present value discount rate of 18.6%, or $2,015,000. Trade name relates to the Company’s awareness by consumers in the market place. The Company is amortizing the trade name intangible asset on a straight-line basis over an estimated life of 20 years.

 

The estimated fair value of the lease assets that ApplianceSmart leases was determined comparing the existing leases assumed to current market rates within a three-mile radius of existing stores. These market rates were then compared to existing ApplianceSmart contracted lease rates over the remaining lease terms. If the lease contract began within six months of acquisition date or the square footage price difference was within 10% of the contracted lease rate, or the overall discounted cash flow effect of the difference was less than $150,000, the lease was excluded for intangible valuation purposes. The remaining leases that were included were then compared to market rates, with the differences discounted using a discount rate of 7.50% to determine the discounted present value of the lease intangibles. The Company is amortizing the lease intangibles on a straight-line basis over the remaining life of each lease ranging between two and ten years.
XML 24 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. Intangibles
 9 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles

Note 6:       Intangibles

 

The Company’s intangible assets consist of customer relationship intangibles, trade names, licenses for the use of internet domain names, URL’s, software, and marketing and technology related intangibles. All such assets are capitalized at their original cost and amortized over their estimated useful lives as follows: domain name and marketing – 3 to 20 years; software – 3 to 5 years, customer relationships – 7 to 15 years; intangible lease assets – 2 to 10 years. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determined lives may be adjusted. Intangible amortization expense is $486,060 and $113,245 for the three months ended June 30, 2018 and 2017, respectively. Intangible amortization expense is $962,029 and $435,747 for the nine months ended June 30, 2018 and 2017, respectively.

 

The following table summarizes estimated future amortization expense related to intangible assets that have net balances as of June 30, 2018:

 

 2019   $1,461,929 
 2020    1,450,817 
 2021    1,321,300 
 2022    673,804 
 2023    381,806 
 Thereafter    1,726,961 
    $7,016,617 

 
XML 25 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. Goodwill
 9 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 7:        Goodwill

 

Goodwill is not amortized, but rather is evaluated for impairment on July 1 annually or when indicators of a potential impairment are present. The annual evaluation for impairment of goodwill is based on valuation models that incorporate assumptions and internal projections of expected future cash flows and operating plans. We believe such assumptions are also comparable to those that would be used by other marketplace participants.
XML 26 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Long Term Debt
 9 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Long Term Debt

Note 8:        Long Term Debt

 

Bank of America Revolver Loan

 

On July 6, 2015, Marquis entered into a $15 million revolving credit agreement with Bank of America Corporation (“BofA Revolver”). The BofA Revolver is a five-year, asset-based facility that is secured by substantially all of Marquis’ assets. Availability under the BofA Revolver is subject to a monthly borrowing base calculation.

 

Payment obligations under the BofA Revolver include monthly payments of interest and all outstanding principal and accrued interest thereon due in July 2020, which is when the BofA Revolver loan agreement terminates. The BofA Revolver is recorded as a currently liability due to a lockbox requirement, and a subjective acceleration clause as part of the agreement.

 

Borrowing availability under the BofA Revolver is limited to a borrowing base which allows Marquis to borrow up to 85% of eligible accounts receivable, plus the lesser of (i) $7,500,000; (ii) 65% of the value of eligible inventory; or (iii) 85% of the appraisal value of the eligible inventory. For purposes of clarity, the advance rate for inventory is 55.3% for raw materials, 0% for work-in-process and 70% for finished goods subject to eligibility, special reserves and advance limit. Letters of credit reduce the amount available to borrow under the BofA Revolver by an amount equal to the face value of the letters of credit.

 

As of February 22, 2017, Marquis’s ability to make prepayments against Marquis subordinated debt, including the related party loan with Isaac Capital Group, LLC (“ICG”)  and pay cash dividends is generally permitted if (i) excess availability under the BofA Revolver is more than $4 million, and has been for each of the 90 days preceding the requested distribution and (ii) excess availability under the BofA Revolver is more than $4 million, and the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is 2:1 or greater. Restrictions apply to our ability to make additional prepayments against Marquis subordinated debt and pay cash dividends if the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is less than 2:1 and excess availability under the BofA Revolver is less than $4 million at the time of payment or distribution. There is no restriction on dividends that can be taken by the Company so long as Marquis maintains $4 million of current availability at the time of the dividend or distribution. This translates to having no restriction on Net Income so long as the Company retains sufficient assets to establish $4 million of current availability and continues to meet the required fixed charge coverage ratio of 2:1 as stated above.

 

The BofA Revolver places certain restrictions and covenants on Marquis, including a limitation on asset sales, additional liens, investment, loans, guarantees, acquisitions, incurrence of additional indebtedness for Marquis to maintain a fixed charge coverage ratio of at least 1.05 to 1, tested as of the last day of each month for the twelve consecutive months ending on such day.

 

The BofA Revolver Loan bears interest at a variable rate based on a base rate plus a margin. The current base rate is the greater of (i) Bank of America prime rate, (ii) the current federal funds rate plus 0.50%, or (iii) 30-day LIBOR plus 1.00% plus the margin, which varies, depending on the fixed coverage ratio table below. Levels I – IV determine the interest rate to be charged Marquis which is based on the fixed charge coverage ratio achieved.

 

Level Fixed Charge Coverage Ratio Base Rate Revolver LIBOR Revolver Base Rate Term LIBOR Term Loans
I >2.00 to 1.00 0.50% 1.50% 0.75% 1.75%
II <2.00 to 1.00 but >1.50 to 1.00 0.75% 1.75% 1.00% 2.00%
III <1.50 to 1.00 but >1.20 to 1.00 1.00% 2.00% 1.25% 2.25%
IV <1.2 to 1.00 1.25% 2.25% 1.50% 2.50%

 

On October 20, 2016, Marquis and Bank of America agreed that Level IV interest rates would be applicable until October 20, 2017, and the Level would subsequently be adjusted up or down on a quarterly basis going forward based upon the above fixed coverage ratio achieved by Marquis.

 

The BofA Revolver provides for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with covenants, change in control of Marquis, a material representation or warranty made by us or the borrowers proving to be false in any material respect, certain bankruptcy, insolvency or receivership events affecting Marquis or its subsidiaries, defaults relating to certain other indebtedness, imposition of certain judgments and mergers or the liquidation of Marquis or certain of its subsidiaries. During the period of October 1, 2017 through June 30, 2018, Marquis cumulatively borrowed $69,661,042 and repaid $66,755,088 under the BofA Revolver. Our maximum borrowings outstanding during the same period were $8,530,509. Our weighted average interest rate on those outstanding borrowings for the period of October 1, 2017 through June 30, 2018 was 3.73%. As of June 30, 2018, total additional availability under the BofA Revolver was $7,170,515; with $7,756,769 outstanding, and outstanding standby letters of credit of $72,715.

 

Real Estate Transaction

 

On June 14, 2016, Marquis entered into a transaction with Store Capital Acquisitions, LLC. The transaction included a sale-leaseback of land owned by Marquis and a loan secured by the improvements on such land. The total aggregate proceeds received from the sale of the land and the loan was $10,000,000, which consisted of $644,479 from the sale of the land and a note payable of $9,355,521. In connection with the transaction, Marquis entered into a lease with a 15-year term commencing on the closing of the transaction, which provides Marquis an option to extend the lease upon the expiration of its term. The initial annual lease rate is $59,614. The proceeds from this transaction were used to pay down the BofA Revolver and Term loans, and related party loan, as well as purchasing a building from the previous owners of Marquis that was not purchased in the July 2015 transaction. The note payable bears interest at 9.25% per annum, with principal and interest due monthly. The note payable matures June 13, 2056. For the first five years of the note payable, there is a pre-payment penalty of 5%, which declines by 1% for each year the loan remains un-paid. At the end of five years, there is no pre-payment penalty. In connection with the note payable, Marquis incurred $457,757 in transaction costs that are being recognized as a debt issuance cost that is being amortized and recorded as interest expense over the term of the note payable.

 

Kingston Diversified Holdings LLC Agreement ($2 Million Line of Credit)

 

On December 21, 2016, the Company and Kingston Diversified Holdings LLC (“Kingston”) entered into an agreement (the “December 21 Agreement”) modifying its then existing agreement between the parties. The December 21 Agreement, effective September 15, 2016, memorializes an October 2015 interim agreement to extend the maturity date of notes issued by Kingston to the Company (the “Kingston Notes”) by twelve months for 55,888 shares of the Company’s Series B Convertible Preferred Stock with a value on September 15, 2016 of $2,800,000, as a compromise between the parties in respect of certain of their respective rights and duties under the agreement. The December 21 Agreement also decreases the maximum principal amount of the Kingston Notes from $10,000,000 in principal amount to $2,000,000 in principal amount, and eliminates any and all actual, contingent, or other obligations of the Company to issue to Kingston any shares of the Company’s common stock, or to grant any rights, warrants, options, or other derivatives that are exercisable or convertible into shares of the Company’s common stock.

 

Kingston acknowledges that from the effective date through and including December 31, 2021, it shall not sell, transfer, assign, hypothecate, pledge, margin, hedge, trade, or otherwise obtain or attempt to obtain any economic value from any of the shares of Series B Preferred Stock or any shares into which they may be converted or from which they may be exchanged. As a result of the December 21 Agreement, the Company recorded $2,800,000 as an outstanding accrued liability as of September 30, 2016. As of June 30, 2018, and September 30, 2017, the Company had no borrowings on the Kingston line of credit. On December 29, 2016, the Company issued 55,888 shares of Series B Convertible Preferred Stock in settlement of the outstanding accrued liability due Kingston of $2,800,000.

 

Equipment Loans

 

On June 20, 2016 and August 5, 2016, Marquis entered into a transaction which provided for a master agreement and separate loan schedules (the “Equipment Loans”) with Banc of America Leasing & Capital, LLC which provided:

 

Note #1 is $5 million, secured by equipment. The Equipment Loan #1 is due September 23, 2021, payable in 59 monthly payments of $84,273 beginning September 23, 2016, with a final payment in the sum of $584,273, bearing interest at 3.8905% per annum.

 

Note #2 is $2,209,807, secured by equipment. The Equipment Loan #2 is due January 30, 2022, payable in 59 monthly payments of $34,768 beginning January 30, 2017, with a final payment in the sum of $476,729, bearing interest at 4.63% per annum.

  

Note #3 is $3,679,514, secured by equipment. The Equipment Loan #3 is due December 30, 2023, payable in 84 monthly payments of $51,658 beginning January 30, 2017, with a final payment due December 30, 2023, bearing interest rate at 4.7985% per annum.

 

Note #4 is $1,095,113, secured by equipment. The Equipment Loan #4 is due December 30, 2023, payable in 81 monthly payments of $15,901 beginning April 30, 2017, with final payment due December 30, 2023, bearing interest at 4.8907% per annum.

 

Note #5 is $3,931,591, secured by equipment. The Equipment Loan #5 is due December 28, 2024, payable in 84 monthly payments of $54,943 beginning January 28, 2018, with the final payment due December 28, 2024, bearing interest at 4.67% per annum.

 

Texas Capital Bank Revolver Loan

 

On November 3, 2016, Vintage Stock entered into a $20 million credit agreement (as amended on January 23, 2017 and as further amended on September 20, 2017) with Texas Capital Bank (“TCB Revolver”). The TCB Revolver is a five-year, asset-based facility that is secured by substantially all of Vintage Stock’s assets. Availability under the TCB Revolver is subject to a monthly borrowing base calculation. On June 7, 2018, the credit agreement was amended reducing the maximum revolving facility to $12 million. The TCB Revolver matures November 3, 2020.

 

Payment obligations under the TCB Revolver include monthly payments of interest and all outstanding principal and accrued interest thereon due in November 2020, which is when the TCB Revolver loan agreement terminates. The TCB Revolver has been classified as a non-current liability due to the removal of the subjective acceleration clause as part of the credit agreement amendment on June 7, 2018.

 

Borrowing availability under the TCB Revolver is limited to a borrowing base which allows Vintage Stock to borrow up to 95% of the appraisal value of the inventory, plus 85% of eligible receivables, net of certain reserves. The borrowing base provides for borrowing up to 95% of the appraisal value for the period of November 4, 2016 through December 31, 2016, then 90% of the appraisal value during the fiscal months of January through September and 92.5% of the appraisal value during the fiscal months of October through December. Letters of credit reduce the amount available to borrow under the TCB Revolver by an amount equal to the face value of the letters of credit.

 

Vintage Stock’s ability to make prepayments against Vintage Stock subordinated debt including the Comvest Term Loan and pay cash dividends is generally permitted if (i) excess availability under the TCB Revolver is more than $2 million, and is projected to be within 12 months after such payment and (ii) excess availability under the TCB Revolver is more than $2 million, and the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is 1.2:1.0 or greater. Restrictions apply to our ability to make additional prepayments against Vintage Stock subordinated debt including the Comvest Term Loan and pay cash dividends if the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months is less than 1.2:1.0 and excess availability under the TCB Revolver is less than $2 million at the time of payment or distribution. There is no restriction on dividends that can be taken by the Company so long as Vintage Stock maintains $2 million of current availability at the time of the dividend or distribution. This translates to having no restriction on Net Income so long as the Company retains sufficient assets to establish $2 million of current availability and continues to meet the required fixed charge coverage ratio of 1.2:1 as stated above.

 

The TCB Revolver places certain restrictions on Vintage Stock, including a limitation on asset sales, a limitation of 25 new leases in any fiscal year, additional liens, investment, loans, guarantees, acquisitions and incurrence of additional indebtedness.

 

The per annum interest rate under the TCB Revolver is variable and is equal to the one-month LIBOR rate for deposits in United States Dollars that appears on Thomson Reuters British Bankers Association LIBOR Rates Page (or the successor thereto) as of 11:00 a.m., London, England time, on the applicable determination date plus a margin of 2.25% effective on June 7, 2018.

 

The TCB Revolver provides for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with covenants, change in control of Vintage Stock, a material representation or warranty made by us or the borrowers proving to be false in any material respect, certain bankruptcy, insolvency or receivership events affecting Vintage Stock, defaults relating to certain other indebtedness, imposition of certain judgments and mergers or the liquidation of Vintage Stock. During the period of October 1, 2017 through June 30, 2018, Vintage Stock cumulatively borrowed $57,546,998 and repaid $59,150,804 under the TCB Revolver. Our maximum borrowings outstanding during the period of October 1, 2017 through June 30, 2018 was $16,077,915. Our weighted average interest rate on those outstanding borrowings for the period of October 1, 2017 through June 30, 2018 was 4.502899%. As of June 30, 2018, total additional availability under the TCB Revolver was $1,083,369, with $10,916,631 outstanding; and outstanding standby letters of credit of $0. In connection with the TCB Revolver, Vintage incurred $25,000 in transaction cost that is being recognized as debt issuance cost that is being amortized and recorded as interest expense over the term of the TCB Revolver.

 

Capitala Term Loan

 

On November 3, 2016, the Company, through VSAH, entered into a series of agreements in connection with its purchase of Vintage Stock. As a part of those agreements, VSAH and Vintage Stock (the “Term Loan Borrowers”) obtained $29,871,650 of mezzanine financing from the lenders (the “Term Loan Lenders”) as defined in the term loan agreement (the “Term Loan Agreement”) between the Term Loan Borrowers and Capitala Private Credit Fund V, L.P., in its capacity as lead arranger. Wilmington Trust, National Association, acts as administrative and collateral agent on behalf of the Term Loan Lenders (the “Term Loan Administrative Agent”).

 

The term loans under the term loan agreement (collectively, the “Capitala Term Loan”) bear interest at the LIBO rate (as described below) or base rate, plus an applicable margin in each case. In their loan notice to the Term Loan Administrative Agent, the Term Loan Borrowers selected the LIBO rate for the initial term loans made under the term loan agreement on the Closing Date.

 

The interest rate for LIBO rate loans under the term loan agreement is equal to the sum of (a) the greater of (i) a rate per annum equal to (A) the offered rate for deposits in United States Dollars for the applicable interest period and for the amount of the applicable loan that is a LIBOR loan that appears on Bloomberg ICE LIBOR Screen (or any successor thereto) that displays an average ICE Benchmark Administration Limited Interest Settlement Rate for deposits in United States Dollars (for delivery on the first day of such interest period) with a term equivalent to such interest period, determined as of approximately 11:00 a.m. (London time) two business days prior to the first day of such interest period, divided by (B) the sum of one minus the daily average during such interest period of the aggregate maximum reserve requirement (expressed as a decimal) then imposed under Regulation D of the Federal Reserve Board for “Eurocurrency Liabilities” (as defined therein), and (ii) 0.50% per annum, plus (b) the sum of (i) 12.50% per annum in cash pay plus (ii) 3.00% per annum payable in kind by compounding such interest to the principal amount of the obligations under the Term Loan Agreement on each interest payment date.

 

The interest rate for base rate loans under the term loan agreement is equal to the sum of (a) the highest of (with a minimum of 1.50%) (i) the federal funds rate plus 0.50%, (ii) the prime rate, and (iii) the LIBO rate plus 1.00%, plus (b) the sum of (i) 11.50% per annum payable in cash plus (ii) 3.00% per annum payable in kind by compounding such interest to the principal amount of the obligations under the Term Loan Agreement on each interest payment date.

 

The Term Loans place certain restrictions and covenants on Vintage Stock, including a limitation on asset sales, additional liens, investment, loans, guarantees, acquisitions and incurrence of additional indebtedness for Vintage Stock. Vintage Stock is required to maintain a fixed charge coverage ratio of 1.3 for year ended September 30, 2017, 1.4 for year ended September 30, 2018 and 1.5 for all years thereafter. For years ended September 30, 2017 and thereafter, Vintage Stock is required to incur no more than $1.2 million in annual capital expenditures subject to certain cumulative quarter and year to date covenants. Vintage Stock is required to maintain a total leverage ratio of 3.25 for year ended September 30, 2017, 2.5 for year ended September 30, 2018 and 2.0 for all years thereafter. In addition, for quarter ended December 31, 2017, the total leverage ratio cannot exceed 3.0 and for quarters ended March 31, 2018 and June 30, 2018, the total leverage ratio cannot exceed 2.75.

 

The Capitala Term Loans provide for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with covenants, change in control of Vintage Stock, a material representation or warranty made by us or the borrowers proving to be false in any material respect, certain bankruptcy, insolvency or receivership events affecting Marquis or its subsidiaries, defaults relating to certain other indebtedness, imposition of certain judgments and mergers or the liquidation of Vintage Stock or certain of its subsidiaries.

 

The payment obligations under the Term Loan Agreement include (i) monthly payments of interest and (ii) principal installment payments in an amount equal to $725,000 due on March 31, June 30, September 30, and December 31 of each year, with the first such payment due on December 31, 2016. The outstanding principal amounts of the term loans and all accrued interest thereon under the Term Loan Agreement are due and payable in November 2021.

 

The Term Loan Borrowers may prepay the term loans under the term loan agreement from time to time, subject to the payment (with certain exceptions described below) of a prepayment premium of: (i) an amount equal to 2.0% of the principal amount of the term loan prepaid if prepaid during the period of time from and after the Closing Date up to the first anniversary of the Closing Date; (ii) 1.0% of the principal amount of the term loan prepaid if prepaid during the period of time from and after the first anniversary of the Closing Date up to the second anniversary of the Closing Date; and (iii) zero if prepaid from and after the second anniversary of the Closing Date.

 

The Term Loan Borrowers may make the following prepayments of the term loans under term loan agreement without being required to pay any prepayment premium:

 

  (i) an amount not to exceed $3 million of the term loans;

 

  (ii) in addition to any amount prepaid in respect of item (i), an additional amount not to exceed $1.45 million, but only if that additional amount is paid prior to the first anniversary of the Closing Date; and

 

  (iii) in addition to any amount prepaid in respect of item (i), an additional amount not to exceed the difference between $2.9 million and any amount prepaid in respect of item (ii), but only if that additional amount is paid from and after the first anniversary of the Closing Date but prior to the second anniversary of the Closing Date.

 

There are also various mandatory prepayment triggers under the Term Loan Agreement, including in respect of excess cash flow, dispositions, equity and debt issuances, extraordinary receipts, equity contributions, change in control, and failure to obtain required landlord consents. Our weighted average interest rate on our Capitala Term Loan outstanding borrowings for the period of October 1, 2017 through June 7, 2018 was 16.94%. In connection with the Capitala Term Loan, Vintage Stock incurred $1,088,000 in transaction cost that is being recognized as debt issuance cost that is being amortized and recorded as interest expense over the term of the Capitala Term Loan. On June 7, 2018, the Capitala Term Loan was paid in full, and the Company recorded as additional interest expense $742,000 of un-amortized debt issuance cost related to the Capitala Term Loan.

 

Sellers Subordinated Acquisition Note

 

In connection with the purchase of Vintage Stock, on November 3, 2016, VSAH and Vintage Stock entered into a seller financed mezzanine loan in the amount of $10 million with the previous owners of Vintage Stock. The Sellers Subordinated Acquisition Note bears interest at 8% per annum, with interest payable monthly in arrears. The Sellers Subordinated Acquisition Note matures five years and six months from November 3, 2016.

 

Comvest Term Loan

 

On June 7, 2018, Vintage Stock Affiliated Holdings LLC (“Holdings”) and Vintage Stock, Inc. (the “Borrower”), entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) by and among Borrower, Holdings, the lenders party thereto and Comvest Capital IV, L.P. (“Comvest”), as agent. The Credit Agreement provides for a $24,000,000 secured term loan (the “Term Loan”). The proceeds of the Term Loan, together with a cash equity contribution of approximately $4.0 million from the Company to the Borrower, will be used by the Borrower (i) to refinance and terminate the Borrower’s credit facility (the “Prior Credit Facility”) with Capitala Private Credit Fund and certain of its affiliates, as lenders, and Wilmington Trust National Association (the “Term Loan Administrative Agent”), as agent, (ii) to pay transaction costs, and (iii) for the Borrower’s working capital and other general corporate purposes. In connection with the closing of the refinancing transaction with Comvest, all defaults under the Prior Credit Facility were extinguished.

The Term Loan bears interest at the base or LIBOR rates (as described below) plus an applicable margin in each case. The applicable margin ranges from 8.00% to 9.50% per annum (subject to a LIBOR floor of 1.00%) and is determined based on the Borrower’s senior leverage ratio pricing grid. The applicable margin during the first six months following the June 7, 2018 closing is 9.50%.

The base rate under the Comvest Credit Agreement is equal to the greatest of (i) the per annum rate of interest which is identified as the “Prime Rate” and normally published in the Money Rates section of The Wall Street Journal (or, if such rate ceases to be so published, as quoted from such other generally available and recognizable source as Agent may select), (ii) the sum of the Federal Funds Rate plus one half percent (0.50%), (iii) the most recently used LIBO Rate and (iv) two percent (2.00%) per annum.

LIBOR rate is defined as the greater of (a) a rate per annum equal to the London interbank offered rate for deposits in Dollars for a period of one month and for the outstanding principal amount of the Term Loan as published in the “Money Rates” section of The Wall Street Journal (or another national publication selected by Agent if such rate is not so published), two Business Days prior to the first day of such one month period and (b) one percent (1.00%) per annum.

The Term Loan matures on May 26, 2023 and is subject to amortization of 12.5% (decreasing to 10% upon the Borrower’s senior leverage ratio being less than 1.50 times the Borrower’s EBITDA (as defined in the Credit Agreement)) of principal per annum payable in equal quarterly installments due on March 31, June 30, September 30, and December 31 of each year, with the first such payment due on June 30, 2018; plus, to the extent the Borrower generates excess cash flow (as defined in the Credit Agreement), a percent of such excess cash flow (ranging from 50% to 100%), all in accordance with the terms of the Credit Agreement.

Under the Credit Agreement, any and all mandatory prepayments arising from any voluntary act of the Borrower are subject to a prepayment premium, ranging from 5.00% of the principal amount prepaid plus a make-whole amount to 1.00%, depending on when the mandatory prepayment is made. There is no prepayment premium after June 7, 2021.

The Term Loan is secured by a pledge of substantially all of the assets of the Borrower and a pledge of the capital stock of the Borrower. In addition, the Company is guaranteeing (the “Sponsor Guaranty”) that portion of the Term Loan that results in the Borrower’s senior leverage ratio being greater than 2.30:1.00, and only for so long as such ratio exceeds 2.30:1.00. The Sponsor Guaranty terminates on the date that the Borrower’s senior leverage ratio is less than 2.30:1.00 for two consecutive fiscal quarters.

The Term Loans place certain restrictions and covenants on Vintage Stock, including a limitation on asset sales, additional liens, investment, loans, guarantees, acquisitions and incurrence of additional indebtedness for Vintage Stock. Vintage Stock is required to maintain a minimum of $12,000,000 of EBITA on a trailing twelve months basis as measured quarterly starting June 30, 2018 through December 31, 2018. Beginning quarter ending March 31, 2019 and thereafter, Vintage Stock is required to maintain a minimum of $12,500,000 of EBITA on a trailing twelve months basis. So long at the Senior leverage ratio is greater than 2.0 to 1.0, Vintage Stock is required to spend no more than $1,000,000 on capital expenditures in fiscal year 2018, $1,500,000 in fiscal year 2019, $2,000,000 in fiscal year 2020, $1,750,000 in fiscal year 2021, and $1,500,000 in fiscal years 2022 and thereafter. Vintage Stock is required to maintain a declining maximum senior leverage ratio on a trailing twelve month basis beginning June 30, 2018 of 2.85:1.00, September 30, 2018 2.85:1.00, December 31, 2018 2.65:1.00, March 31, 2019 2.60:1.00, June 30, 2019 2.40:1.00, September 30, 2019 2.10:1.00, December 31, 2019 1.90:1.00, March 31, 2020 1.80:1.00, June 30, 2020 1.75:1.00 and September 30, 2020 and each fiscal quarter thereafter 1.50:1.00. Vintage Stock is required to maintain on a trailing twelve-month basis a minimum fixed charge ratio of less than 1.30:1.00 for quarters ending June 30, 2018, September 30, 2018 and December 31, 2018. For quarter ending March 31, 2019 1.10:1.00. For quarters ending June 30, 2019, September 30, 2019 and December 31, 2019 1.30:1.00. For quarter ending March 31, 2020 and each fiscal quarter thereafter 1.40:1.00. Vintage Stock may only open three new retail locations within a twelve-month period so long as the senior leverage ratio is 2.00:1.00 or more. If the senior leverage ratio is less than 2.00:1.00, Vintage Stock may only open no more than four new retail locations within a twelve-month period. At all times that the senior leverage ratio is greater than or equal to 1.50:1.00, Vintage Stock cannot have the same store sales percentage to be less than or equal to a negative 5.5 percent as of the last day of any fiscal quarter. Vintage Stock may cure both payment and financial covenant defaults through infusion of equity cures as determined by the Credit Agreement. EBITDA, senior leverage ratio, same store sales decline percentage and fixed charge ratio are terms defined within the Credit Agreement.

In connection with the Comvest Term Loan, Vintage Stock incurred $1,263,011 in transaction cost that is being recognized as debt issuance cost that is being amortized and recorded as interest expense over the term of the Comvest Term Loan.

Loan Covenant Compliance

 

We were in compliance with all covenants under our existing revolving and other loan agreements as of September 30, 2017 due to waivers granted by both Texas Capital Bank for the TCB Revolver and Capitala for the Capitala Term Loan. We are in compliance as of June 30, 2018 with all covenants under our existing revolving and other loan agreements.

 

Long-term debt as of June 30, 2018 and September 30, 2017 consisted of the following:

 

    June 30,
2018		   September 30,
2017
Bank of America Revolver Loan - variable interest rate based upon a base rate plus a margin, interest payable monthly, maturity date July 2020, secured by substantially all Marquis assets   $ 7,756,769     $ 4,850,815  
Texas Capital Bank Revolver Loan - variable interest rate based upon the one-month LIBOR rate plus a margin, interest payable monthly, maturity date November 2020, secured by substantially all Vintage Stock assets     10,916,634       12,520,437  
Note Payable Capitala Term Loan - variable interest rate based upon a base rate plus a margin,3% per annum interest payable in kind, with the balance of interest payable monthly in cash, principal due quarterly in the amount of $725,000, maturity date November 2021,note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets     —         28,310,505  
Note Payable Comvest Term Loan - variable interest rate based upon LIBOR rate plus a margin,interest payable monthly in cash, principal due quarterly March 31, June 30, September 30,December 31, subject to a variable amortization of principal, maturity date May 26, 2023 note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets     24,000,000       —    
Note Payable to the Sellers of Vintage Stock, interest at 8% per annum, with interest payable monthly, maturity date May 2022, note subordinate to both Texas Capital Bank Revolver and Capitala Term Loan, secured by Vintage Stock Assets     10,000,000       10,000,000  
Note #1 Payable to Banc of America Leasing & Capital LLC - interest at 3.8905% per annum,with interest and principal payable monthly in the amount of $84,273 for 59 months,beginning September 23,  2016, with a final payment due in the amount of $584,273,maturity date September 2021, secured by equipment     3,450,523       4,097,764  
Note #2 Payable to Banc of America Leasing & Capital LLC - interest at 4.63% per annum,with interest and principal payable monthly  in the amount of $34,768 for 59 months,beginning January 30, 2017, with a final payment due in the amount of $476,729,maturity date January 2022, secured by equipment     1,721,642       1,969,954  
Note #3 Payable to Banc of America Leasing & Capital LLC - interest at 4.7985% per annum with interest and principal payable monthly  in the amount of $51,658 for 84 months,beginning January 30, 2017, secured by equipment     2,991,416       3,341,642  
Note #4 Payable to Banc of America Leasing & Capital LLC - interest at 4.8907% per annum,with interest and principal payable monthly  in the amount of $15,901 for 81 months,beginning April 30, 2017, secured by equipment.     918,559       1,025,782  
Note #5 Payable to Banc of America Leasing & Capital LLC - interest at 4.67% per annum,with interest and principal payable monthly in the amount of $54,943 for 84 months,beginning January 28, 2018, secured by equipment.     3,691,222       —    
Note Payable to Store Capital Acquisitions, LLC, - interest at 9.25% per annum, with interest and principal payable monthly in the amount of $73,970 for 480 months,beginning July 1, 2016, maturity date of June 2056, secured by Marquis land and buildings     9,309,038       9,328,208  
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 2.50%,with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets     —         174,757  
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 1.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets     —         249,766  
Note payable to individual, interest at 11% per annum, payable on a 90 day written notice, unsecured     206,529       206,529  
Note payable to individual, interest at 10% per annum,payable on a 90 day written notice, unsecured     500,000       500,000  
Note payable to individual, interest at 8.25% per annum,payable on a 120 day written demand notice, unsecured     225,000       225,000  
Total notes payable     75,687,332       76,801,159  
Less unamortized debt issuance costs     (1,685,671 )     (1,353,352 )
Net amount     74,001,661       75,447,807  
Less current portion     (14,087,636 )     (48,877,536 )
Long-term portion   $ 59,914,025     $ 26,570,271  

 

Future maturities of long-term debt at June 30, 2018 are as follows which does not include related party debt separately stated:

 

  2019     $ 14,087,636  
  2020       5,508,736  
  2021       16,539,871  
  2022       15,646,059  
  2023       4,716,537  
  Thereafter       19,188,493  
  Total     $ 75,687,332  

  
XML 27 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. Long Term Debt, Related Parties
 9 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Long Term Debt, Related Parties

Note 9:        Long Term Debt, Related Parties

 

Appliance Recycling Centers of America, Inc. Note

 

As previously announced by Live Ventures Incorporated (the “Company”), on December 30, 2017, ApplianceSmart Holdings LLC, a wholly-owned subsidiary of the Company (the “Purchaser”), entered into a Stock Purchase Agreement (the “Agreement”) with Appliance Recycling Centers of America, Inc. (the “Seller”) and ApplianceSmart, Inc. (“ApplianceSmart”), a subsidiary of the Seller. Pursuant to the Agreement, the Purchaser purchased (the “Transaction”) from the Seller all of the issued and outstanding shares of capital stock of ApplianceSmart in exchange for $6,500,000 (the “Purchase Price”). The Purchaser was required to deliver the Purchase Price, and a portion of the Purchase Price was delivered, to the Seller prior to March 31, 2018. Between March 31, 2018 and April 24, 2018, the Purchaser and the Seller negotiated in good faith the method of payment of the remaining outstanding balance of the Purchase Price.

 

On April 25, 2018, the Purchaser delivered to the Seller that certain Promissory Note (the “ApplianceSmart Note”) in the original principal amount of $3,919,494 (the “Original Principal Amount”), as such amount may be adjusted per the terms of the ApplianceSmart Note. The ApplianceSmart Note is effective as of April 1, 2018 and matures on April 1, 2021 (the “Maturity Date”). The ApplianceSmart Note bears interest at 5% per annum with interest payable monthly in arrears. Ten percent of the outstanding principal amount will be repaid annually on a quarterly basis, with the accrued and unpaid principal due on the Maturity Date. ApplianceSmart has agreed to guaranty repayment of the ApplianceSmart Note. The remaining $2,580,506 of the Purchase Price was paid in cash by the Purchaser to the Seller. The Purchaser may reborrow funds, and pay interest on such re-borrowings, from the Seller up to the Original Principal Amount. As of June 30, 2018, there was $3,817,714 outstanding on the Appliance Recycling Center of America, Inc. Note.

 

Isaac Capital Fund Note

 

In connection with the acquisition of Marquis by the Company, the Company entered into a mezzanine loan in the amount of up to $7,000,000 with Isaac Capital Fund (“ICF”), a private lender whose managing member is Jon Isaac, our President and Chief Executive Officer. The ICF mezzanine loan bears interest at 12.5% per annum with payment obligations of interest each month and all principal due in January 2021. As of June 30, 2018, and September 30, 2017, there was $2,000,000 outstanding on this mezzanine loan.

 

Long-term debt, related parties as of June 30, 2018 and September 30, 2017 consisted of the following:

 

    June 30,
2018		   September 30,
2017
         
Note Payable and revolving line of credit to the Sellers of ApplianceSmart, Inc., interest rate is 5% per annum, with interest payable monthly, maturity date April 1, 2021,10% of principal will be repaid annually on a quarterly basis, with accrued interest and principal due at maturity. ApplianceSmart may reborrow funds up to the Original Principal amount   $ 3,817,714     $ —    
Note Payable to Isaac Capital Fund, interest rate is 12.5% per annum, with interest payable monthly, maturity date January 2021.     2,000,000       2,000,000  
Total notes payable - related parties     5,817,714       2,000,000  
Less unamortized debt issuance costs     —         —    
Net amount     5,817,714       2,000,000  
Less current portion     (391,949 )     —    
Long-term portion   $ 5,425,765     $ 2,000,000  

 

Future maturities of long-term debt, related parties at June 30, 2018 are as follows:

 

  2019     $ 391,949  
  2020       391,948  
  2021       391,948  
  2022       4,641,869  
  2023       —    
  Thereafter       —    
  Total     $ 5,817,714  
XML 28 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
10. Stockholders' Equity
 9 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Stockholders' Equity

Note 10:       Stockholders’ Equity

 

Series B Convertible Preferred Stock

 

On December 27, 2016, the Company established a new series of preferred stock, Series B Convertible Preferred Stock. The shares, as a series, are entitled to dividends as declared by the board of directors in an amount equal to $1.00 (in the aggregate for all then-issued and outstanding shares of Series B Convertible Preferred Stock). The series does not have any redemption rights or Stock basis, except as otherwise required by the Nevada Revised Statutes. The series does not provide for any specific allocation of seats on the Board of Directors. At any time and from time to time, the shares of Series B Convertible Preferred Stock are convertible into shares of common stock at a ratio of one share of Series B Preferred Stock into five shares of common stock, subject to equitable adjustment in the event of forward stock splits and reverse stock splits.

 

The holders of shares of the Series B Convertible Stock have agreed not to sell transfer, assign, hypothecate, pledge, margin, hedge, trade, or otherwise obtain or attempt to obtain any economic value from any of such shares or any shares into which they may be converted (e.g., common stock) or for which they may be exchanged. This “lockup” agreement expires on December 31, 2021. Our Warrant Agreements with ICG have been amended to provide that the shares underlying those warrants are exercisable into shares of Series B Convertible Preferred Stock, which warrant shares are also subject to the same “lockup” agreement as the currently outstanding shares of Series B Convertible Preferred Stock.

 

During the nine months ended June 30, 2018, the Company did not issue any shares of Series B Convertible Preferred Stock.

 

During the nine months ended June 30, 2017, the Company issued:

 

55,888 shares of Series B Convertible Preferred Stock to Kingston Diversified Holdings LLC on December 29, 2016 to settle and pay for an outstanding accrued liability in the amount of $2,800,000. The 55,888 shares of Series B Convertible Preferred Stock issued are convertible at an exchange ratio of (five) shares of common stock for each share of Series B Convertible Preferred Stock, or 279,440 shares of common stock.

 

158,356 shares of Series B Convertible Preferred Stock were issued to ICG on December 27, 2016 in exchange for 791,758 shares of our common stock at an exchange ratio of five shares of common stock for each share of Series B Convertible Preferred Stock.

 

Series E Convertible Preferred Stock

 

As of June 30, 2018, there were 127,840 shares of Series E Convertible Preferred Stock and 77,840 shares outstanding. The shares accrue dividends at the rate of 5% per annum on the liquidation preference per share, payable quarterly from legally available funds. The shares carry a cash liquidation preference of $0.30 per share, plus any accrued but unpaid dividends. If such funds are not available, dividends shall continue to accumulate until they can be paid from legally available funds. Holders of the preferred shares are entitled, after two years from issuance, to convert them into shares of our common stock on a one-to-one basis together with payment of $85.50 per converted share. On November 18, 2017, the Company repurchased 50,000 shares of Series E Convertible Preferred Stock for an aggregate purchase price of $4,000.

 

Series E Convertible Preferred Stock Dividends

 

During the nine months ended June 30, 2018 and June 30, 2017, the Company accrued dividends of $876 and $1,438, respectively, payable to holders of Series E preferred stock. As of June 30, 2018, and September 30, 2017, unpaid dividends were $876 and $959, respectively.

 

Common Stock

 

On November 22, 2016, the Company’s board of directors authorized a one-for-six (1:6) reverse stock split and a contemporaneous one-for-six (1:6) reduction in the number of authorized shares of common stock from 60,000,000 to 10,000,000 shares, to take effect for stockholders of record as of December 5, 2016. No fractional shares were issued. All share, option and warrant related information presented in these financial statements and footnotes has been retroactively adjusted to reflect the decreased number of shares resulting in this action.

 

During the nine months ended June 30, 2018, the Company did not issue any shares of common stock.

 

During the nine months ended June 30, 2017, the Company issued:

 

58,333 shares of common stock to Novalk Apps S.A.S. on December 28, 2016 to settle and pay for an outstanding accrued liability in the amount of $584,500. The value was based on the market value of the Company’s common stock on the date of issuance.

 

2,284 shares of common stock to various holders of fractional shares of the Company’s common stock pursuant to the 1:6 stock split effective for stockholders of record on December 5, 2016. All fractional shares of the Company’s common stock were eliminated.

 

Treasury Stock

 

For the year ended September 30, 2017, the Company purchased a total of 96,307 shares of its common stock in the open market (treasury shares) over a two-year period, for $999,584. For the nine months ended June 30, 2018, the Company purchased 31,820 additional shares of its common stock in the open market (treasury shares) for $402,328. The Company accounted for the purchase of these treasury shares using the cost method. Treasury shares held by the Company as of June 30, 2018 are 128,127 common shares for a cost of $1,401,912.

 

2014 Omnibus Equity Incentive Plan

 

On January 7, 2014, our Board of Directors adopted the 2014 Omnibus Equity Incentive Plan (the “2014 Plan”), which authorizes issuance of distribution equivalent rights, incentive stock options, non-qualified stock options, performance stock, performance units, restricted ordinary shares, restricted stock units, stock appreciation rights, tandem stock appreciation rights and unrestricted ordinary shares to our directors, officer, employees, consultants and advisors. The Company has reserved up to 300,000 shares of common stock for issuance under the 2014 Plan. The Company’s stockholders approved the 2014 Plan on July 11, 2014.
XML 29 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. Warrants
 9 Months Ended
Jun. 30, 2018
Warrants and Rights Note Disclosure [Abstract]  
Warrants

Note 11:        Warrants

 

The Company issued several notes in prior periods and converted them, resulting in the issuance of warrants. The following table summarizes information about the Company’s warrants at June 30, 2018:

 

 

 

Number of Units - Series B

Convertible

preferred

warrants

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining Contractual

Term (in years)

   Intrinsic Value
Outstanding at June 30, 2018   118,029     $ 20.80       1.60     $ 4,956,654  
Exercisable at June 30, 2018   118,029     $ 20.80       1.60     $ 4,956,654  

 

 

As of September 30, 2016, the Company had 590,146 common stock warrants outstanding with weighted average exercise price, weighted average remaining contractual term and intrinsic value of $4.14, 1.73 years and $4,307,493, respectively. On December 27, 2016, ICG and the Company agreed to amend and exchange the common stock warrants for warrants to purchase shares of Series B Convertible Preferred Stock, and the number of warrants held adjusted by an exchange ratio of 5:1 shares of common stock for shares of Series B Convertible Preferred Stock. ICG, the holder of the warrants outstanding, is not permitted to sell, transfer, assign, hypothecate, pledge, margin, hedge, trade or otherwise obtain or attempt to obtain any economic value from the shares of Series B Convertible Preferred Stock should the warrants be exercised prior to December 31, 2021.

 

Warrants for 10,914, 12,383, 54,396 and 17,857 shares of Series B Convertible Preferred Stock were set to expire on September 10, 2017, December 11, 2017, March 27, 2018 and March 28, 2018, respectively. On January 16, 2018, the Company memorialized an agreement reached prior to any of the warrants expiring, to extend the expiration date for two years, just prior to expiration for all warrants listed. Warrants outstanding and exercisable as of June 30, 2018 and September 30, 2017 reflect the time extended warrants in addition to 22,479 warrants for shares of Series B Convertible Preferred Stock with an original expiration date of December 3, 2019.

 

The exercise price for the Series B Convertible Preferred Stock warrants outstanding and exercisable at June 30, 2018 is as follows:

 

Series B Convertible Preferred  
Outstanding     Exercisable  
Number of     Exercise     Number of     Exercise  
Warrants     Price     Warrants     Price  
  54,396     $ 16.60       54,396     $ 16.60  
  17,857       16.80       17,857       16.80  
  12,383       24.30       12,383       24.30  
  33,393       28.50       33,393       28.50  
  118,029               118,029          
XML 30 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. Stock-based Compensation
 9 Months Ended
Jun. 30, 2018
Share-based Compensation [Abstract]  
Stock-based Compensation

Note 12:        Stock-Based Compensation

 

From time to time, the Company grants stock options and restricted stock awards to directors, officers and employees. These awards are valued at the grant date by determining the fair value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the requisite service period.

 

Stock Options

 

The following table summarizes stock option activity for the nine months ended June 30, 2018:

 

 

Number of

shares

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining Contractual Life

   Intrinsic Value
  Outstanding at September 30, 2017     211,668      $ 13.19       3.47     $ 454,417  
  Granted     20,000       32.24       10.00          
  Exercised     -                          
  Forfeited     -                          
  Outstanding at June 30, 2018     231,668     $ 14.84       3.29     $ 471,458  
  Exercisable at June 30, 2018     187,167     $ 11.75       2.33     $ 471,458  

 

 

The Company recognized compensation expense of $49,817 and $67,491 during the three months ended June 30, 2018 and 2017, respectively. The Company recognized compensation expense of $447,970 and $137,011 during the nine months ended June 30, 2018 and 2017, respectively, related to stock option and warrant extension awards granted to certain employees and officers based on the grant date fair value of the awards, net of estimated forfeitures.

  

At June 30, 2018, the Company has $335,992 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the company expects to recognize as compensation expense through October of 2022.

 

The exercise price for stock options outstanding and exercisable outstanding at June 30, 2018 is as follows:

 

Outstanding     Exercisable  
Number of     Exercise     Number of     Exercise  
Options     Price     Options     Price  
  31,250     $ 5.00       31,250     $ 5.00  
  25,000       7.50       25,000       7.50  
  31,250       10.00       31,250       10.00  
  4,167       10.86       4,167       10.86  
  4,167       10.86                  
  4,167       10.86                  
  4,167       10.86                  
  6,250       12.50       6,250       12.50  
  6,250       15.00       6,250       15.00  
  75,000       15.18       75,000       15.18  
  8,000       23.41       8,000       15.18  
  8,000       27.60                  
  8,000       31.74                  
  8,000       36.50                  
  8,000       41.98                  
  231,668               187,167          

 

The following table summarizes information about the Company’s non-vested shares outstanding as of June 30, 2018:

 

Non-vested Shares  

Number of

Shares

  

Weighted

Average

Grant-Date

Fair Value

  Non-vested at September 30, 2017       36,668     $ 17.70  
  Granted       20,000     $ 10.14  
  Vested       (12,167 )   $ 13.32  
  Non-vested at June 30, 2018       44,501     $ 13.54  

 

 

 

Options were granted during fiscal 2017 and 2016, where the exercise price was less than the common stock price at the date of grant or where the exercise price was greater than the common stock price at the date of grant. There have been no options granted in fiscal 2018 to date. The assumptions used in calculating the fair value of stock options granted use the Black-Scholes option pricing model for options granted were as follows:

 

Risk-free interest rate   1.25%
Expected life of the options   5.0 to 10.0 years
Expected volatility   107%
Expected dividend yield   0%
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13. Earnings Per Share
 9 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share

Note 13:        Earnings Per Share

 

Net earnings per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average shares of common stock outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net earnings per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential shares of common stock consist of the additional shares of common stock issuable in respect of restricted share awards, stock options and convertible preferred stock. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

  

The following table presents the computation of basic and diluted net earnings per share:

 

   Three Months Ended June 30,   Nine Months Ended June 30, 
   2018   2017   2018   2017 
Basic                    
                     
Net income  $2,077,038   $2,128,043   $5,877,866   $5,397,282 
Less: preferred stock dividends   (292)   (479)   (876)   (1,438)
Net income applicable to common stock  $2,076,746   $2,127,564   $5,876,990   $5,395,844 
                     
Weighted average common shares outstanding   1,970,136    2,044,767    1,972,758    2,289,646 
                     
Basic earnings per share  $1.05   $1.04   $2.98   $2.36 
                     
                     
                     
Diluted                    
                     
Net income applicable to common stock  $2,076,746   $2,127,564   $5,876,990   $5,395,844 
Add: preferred stock dividends   292    479    876    1,438 
Net income applicable for diluted earnings per share  $2,077,038   $2,128,043   $5,877,866   $5,397,282 
                     
Weighted average common shares outstanding   1,962,039    2,044,767    1,983,719    2,289,646 
Add: Options   38,980    35,296    42,440    53,081 
Add: Series B Preferred Stock   1,071,200    1,071,200    1,071,200    1,071,200 
Add: Series B Preferred Stock Warrants   590,145    590,145    590,145    590,145 
Add: Series E Preferred Stock   77,840    127,840    77,840    127,840 
Assumed weighted average common shares outstanding   3,740,204    3,869,248    3,765,344    4,131,912 
                     
Diluted earnings per share  $0.56   $0.55   $1.56   $1.31 

 

There are 121,250 and 124,168 common stock options that are anti-dilutive that are not included in the three months ended June 30, 2018 and 2017, diluted earnings per share computations, respectively. There are 121,250 and 111,668 common stock options that are anti-dilutive that are not included in the nine months ended June 30, 2018 and 2017, diluted earnings per share computations, respectively.
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14. Related Party Transactions
 9 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14:        Related Party Transactions

 

In connection with its purchase of Marquis, Marquis entered into a mezzanine loan in the amount of up to $7,000,000 with ICF. The ICF mezzanine loan bears interest at a rate of 12.5% per annum with payment obligations of interest each month and all principal due in January 2021. As of June 30, 2018, and September 30, 2017, respectively, there was $2,000,000 outstanding on this mezzanine loan. During the three months ended June 30, 2018 and 2017, the Company recognized total interest expense of $63,194, associated with the ICF notes. During the nine months ended June 30, 2018 and 2017, we recognized total interest expense of $189,583, associated with the ICF notes.

  

Customer Connexx LLC, a wholly-owned subsidiary of Appliance Recycling Centers of America, Inc. (“ARCA”), rents approximately 9,879 square feet of office space from the Company at its Las Vegas office which totals 11,100 square feet. ARCA paid the Company $29,929 in rent and other common area reimbursed expenses for the three months ended June 30, 2018. ARCA paid the Company $149,336 in rent and other common area reimbursed expenses for the nine months ended June 30, 2018. Tony Isaac, a member of the Board of Directors of the Company and Virland Johnson, Chief Financial Officer of the Company, are Chief Executive Officer and Board of Directors member and Chief Financial Officer of ARCA, respectively.

 

Warrants for 10,914, 12,383, 54,396 and 17,857 shares of Series B Convertible Preferred Stock were set to expire on September 10, 2017, December 11, 2017, March 27, 2018 and March 28, 2018, respectively. On January 16, 2018, the Company memorialized an agreement reached prior to any of the warrants expiring, to extend the expiration date for two years, just prior to expiration for all warrants listed. Warrants outstanding and exercisable as of June 30, 2018 and September 30, 2017 reflect the time extended warrants in addition to 22,479 warrants for shares of Series B Convertible Preferred Stock with an original expiration date of December 3, 2019.

 

On December 30, 2017, ASH, a wholly owned subsidiary of the Company, entered into a Stock Purchase Agreement (the “Agreement”) with ARCA and ApplianceSmart, a subsidiary of ARCA.  Pursuant to the Agreement, the Purchaser purchased from ARCA all of the issued and outstanding shares of capital stock (the “Stock”) of ApplianceSmart in exchange for $6,500,000 (the “Purchase Price”). Effective April 1, 2018, ASH issued an interest-bearing promissory note, with interest at 5% per annum, with a three-year term in the original amount of $3,919,494 for the balance of the purchase price. ApplianceSmart paid ARCA transition services fees of $67,500 and $135,000 for the three months and nine months ended June 30, 2018.

 

In connection with the acquisition of Vintage Stock on November 3, 2016, Rodney Spriggs, President of Vintage Stock, holds a 41.134752% interest in the $10,000,000 Seller Subordinated Acquisition Note payable by VSAH. The terms of payment are interest only, payable monthly on the 1st of each month, until maturity 5 years and 6 months from the date of the note – November 3, 2016. Interest paid to Mr. Spriggs for the three months ended June 30, 2018 and 2017, was $84,098 and $84,098, respectively. Interest paid to Mr. Spriggs for the nine months ended June 30, 2018 and 2017, was $249,552 and $191,049, respectively. Interest unpaid and accrued as of June 30, 2018 and September 30, 2017 is $27,423 and $27,423, respectively.

 

Also see Note 5, 8, 9, 10 and 11.
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15. Commitments and Contingencies
 9 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 15:        Commitments and Contingencies

 

Litigation

 

The Company is involved in various claims and lawsuits arising in the normal course of business. These proceedings could result in fines, penalties, compensatory or treble dames or non-monetary relief. The nature of legal proceedings is such that the Company cannot assure the outcome of any particular matter, and an unfavorable ruling or development could have a materially adverse effect on our consolidated financial position, results of operations and cash flows in the period which a ruling or settlement occurs. However, based on information available to the Company’s management to date, the Company’s management does not expect that the outcome of any matter pending against us is likely to have a materially adverse effect on the Company’s consolidated financial position as of June 30, 2018, results of operations, cash flows or liquidity of the Company.
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16. Income Taxes
 9 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

Note 16:        Income Taxes

 

The income tax rate for the nine months ended June 30, 2018 and June 30, 2017 were 38.3% and 39.5%, respectively. The effective income tax rate differs from the U.S. federal statuary rate primarily due to state taxes, extraordinary gains, and certain non-deductible expenses. As of June 30, 2018, and June 30, 2017 the Company had no uncertain tax positions. The Company is subject to taxation and files income tax returns in the U.S., and various state jurisdictions. The Company is subject to audit for U.S. purposes for the current and prior three years; and for state purposes the current and prior four years. The Company has net operating loss carry-forwards of approximately $29.5 million for U.S. income tax purposes, these net operating loss carryforwards are subject to IRC Section 382 limitations and can be carried forward indefinitely.

 

During the first quarter, the Company revised its estimated annual effective rate to reflect a change in the federal statutory rate from 34% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective as of January 1, 2018, which requires the Company to use a blended rate for the annual period. As a result, the blended federal statutory rate for the year is 24.53%. In addition, we recognized a tax expense in our tax provision for the period related to adjusting our deferred tax balance to reflect the new corporate tax rate. As a result, income tax expense reported for the six months was adjusted to reflect the effects of the change in tax law and resulted in an increase in income tax expense of approximately $2.3 million for the nine-month period ended June 30, 2018.
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17. Segment Reporting
 9 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Segment Reporting

Note 17:        Segment Reporting

 

The Company operates in three segments which are characterized as: (1) Manufacturing, (2) Retail and Online, and (3) Services. The Manufacturing Segment consists of Marquis Industries, the Retail and Online segment consists of Vintage Stock, ApplianceSmart, Modern Everyday and LiveDeal.com, and the Services segment consists of the directory services business.

 

The following tables summarize segment information for the three and nine months ended June 30, 2018 and 2017:

 

   Three Months Ended June 30,   Nine Months Ended June 30, 
   2018   2017   2018   2017 
                 
Revenues                    
Retail and Online  $29,705,192   $19,267,959   $82,182,175   $54,020,215 
Manufacturing   24,773,123    21,898,645    64,460,280    57,429,871 
Services   183,742    210,889    567,594    652,496 
   $54,662,057   $41,377,493   $147,210,049   $112,102,582 
                     
Gross profit                    
Retail and Online  $12,141,262   $10,953,602   $38,133,949   $30,105,864 
Manufacturing   6,498,207    5,839,412    16,187,021    15,388,787 
Services   174,749    200,883    539,839    619,848 
   $18,814,218   $16,993,897   $54,860,809   $46,114,499 
                     
Operating income (loss)                    
Retail and Online  $(1,978,657)  $2,268,438   $2,644,667   $6,547,564 
Manufacturing   2,703,380    2,915,516    5,710,457    7,168,164 
Services   173,097    199,173    537,447    617,324 
   $897,820   $5,383,127   $8,892,571   $14,333,052 
                     
Depreciation and amortization                    
Retail and Online  $988,169   $329,416   $2,106,133   $884,522 
Manufacturing   833,064    760,125    2,418,264    2,228,264 
Services   –    –    –    – 
   $1,821,233   $1,089,541   $4,524,397   $3,112,786 
                     
Interest expenses                    
Retail and Online  $2,223,285   $1,600,589   $5,594,983   $4,283,015 
Manufacturing   487,997    527,201    1,406,331    1,329,304 
Services   –    –    –    – 
   $2,711,282   $2,127,790   $7,001,314   $5,612,319 
                     
Net income before provision for income taxes                    
Retail and Online  $(503,861)  $797,504   $4,710,315   $2,842,206 
Manufacturing   2,232,996    2,175,749    4,316,045    5,363,455 
Services   173,097    294,736    537,447    712,886 
   $1,902,232   $3,267,989   $9,563,807   $8,918,547 

 

 

   As of
June 30,
2018		   As of
September 30,
2017		 
         
Total assets          
Retail and Online  $88,761,358   $81,703,371 
Manufacturing   52,942,685    46,783,429 
Services   101,379    107,795 
   $141,805,422   $128,594,595 
           
Goodwill and intangible assets          
Retail and Online  $43,612,119   $40,778,865 
Manufacturing   351,233    373,184 
Services   –    – 
   $43,963,352   $41,152,049 

 
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18. Subsequent Events
 9 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 18:        Subsequent Events

 

 None. 
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2. Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

The condensed consolidated financial statements represent the consolidated financial position, results of operations and cash flows of Live Ventures Incorporated and its wholly-owned subsidiaries. On July 6, 2015, the Company acquired 80% of Marquis Industries, Inc. and subsidiaries (“Marquis”). Effective November 30, 2015, the Company acquired the remaining 20% of Marquis. On November 3, 2016, the Company acquired 100% of Vintage Stock, Inc., a Missouri corporation (“Vintage Stock”), through its newly formed, wholly-owned subsidiary, Vintage Stock Affiliated Holdings LLC (“VSAH”). Effective December 30, 2017, the Company acquired 100% of ApplianceSmart through its newly formed, wholly-owned subsidiary, ApplianceSmart Holdings LLC (“ASH”). All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates

Use of Estimates

 

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Significant estimates made in connection with the consolidated financial statements include the estimate of dilution and fees associated with billings, the estimated reserve for doubtful current and long-term trade and other receivables, sales return allowance, the estimated reserve for excess and obsolete inventory, estimated fair value and forfeiture rates for stock-based compensation, fair values in connection with the analysis of goodwill, other intangibles and long-lived assets for impairment, current portion of long-term debt, valuation allowance against deferred tax assets and estimated useful lives for intangible assets and property and equipment.
Financial Instruments

Financial Instruments

 

Financial instruments consist primarily of cash equivalents, trade and other receivables, advances to affiliates and obligations under accounts payable, accrued expenses and notes payable. The carrying amounts of cash equivalents, trade receivables and other receivables, accounts payable, accrued expenses and short-term notes payable approximate fair value because of the short maturity of these instruments. The fair value of the long-term debt is calculated based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements, unless quoted market prices were available (Level 2 inputs). The carrying amounts of long-term debt at June 30, 2018 and September 30, 2017 approximate fair value.
Cash and Restricted Cash

Cash and Restricted Cash

 

Cash and cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Restricted cash consists of balances on deposit, $750,000 as of June 30, 2018, pledged as collateral for a letter of credit. Fair value of cash equivalents and restricted cash approximates carrying value.
Trade Receivables

Trade Receivables

 

The Company grants trade credit to customers under credit terms that it believes are customary in the industry it operates and does not require collateral to support customer trade receivables. Some of the Company’s trade receivables are factored primarily through two factors. Factored trade receivables are sold without recourse for substantially all of the balance receivable for credit approved accounts. The factor purchases the trade receivables for the gross amount of the respective invoice(s), less factoring commissions, trade and cash discounts. The factor charges the Company a factoring commission for each trade account, which is between 0.75-1.00% of the gross amount of the invoice(s) factored on the date of the purchase, plus interest calculated at 3.25%-6% per annum. The minimum annual commission due the factor is $112,500 per contract year. Total commissions paid to factors were $231,761 and $210,961 for nine months ended June 30, 2018 and 2017, respectively. The total amount of trade receivables factored was $29,592,944 and $27,373,263 for the nine months ended June 30, 2018 and 2017, respectively.
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

 

The Company maintains an allowance for doubtful accounts, which includes allowances for accounts and factored trade receivables, customer refunds, dilution and fees from local exchange carrier billing aggregators and other uncollectible accounts. The allowance for doubtful accounts is based upon historical bad debt experience and periodic evaluations of the aging and collectability of the trade receivables. This allowance is maintained at a level which the Company believes is sufficient to cover potential credit losses and trade receivables are only written off to bad debt expense as uncollectible after all reasonable collection efforts have been made. The Company has also purchased accounts receivable credit insurance to cover non-factored trade and other receivables which helps reduce potential losses due to doubtful accounts. At June 30, 2018 and September 30, 2017, the allowance for doubtful accounts was $1,239,937 and $1,091,223, respectively.
Inventories

Inventories

 

Manufacturing Segment

 

Inventories are valued at the lower of the inventory’s cost (first in, first out basis (“FIFO”)) or market. Management compares the cost of inventory with its net realizable value and an allowance is made to write down inventory to net realizable value, if lower. Management also reviews inventory to determine if excess or obsolete inventory is present and a reserve is made to reduce the carrying value for inventory for such excess and or obsolete inventory. At June 30, 2018 and September 30, 2017, the reserve for obsolete inventory was $91,940.

 

Retail and Online Segment

 

Merchandise inventories are valued at the lower of cost or market using the average cost method which approximates FIFO. Under the average cost method, as new product is received from vendors, its current cost is added to the existing cost of product on-hand and this amount is re-averaged over the cumulative units in inventory available for sale. Pre-owned products traded in by customers are recorded as merchandise inventory for the amount of cash consideration or store credit less any premiums given to the customer. Management reviews the merchandise inventory to make required adjustments to reflect potential obsolescence or the lower of cost or market. In valuing merchandise inventory, management considers quantities on hand, recent sales, potential price protections, returns to vendors and other factors. Management’s ability to assess these factors is dependent upon forecasting customer demand and to provide a well-balanced merchandise assortment. Merchandise inventory valuation is adjusted based on anticipated physical inventory losses or shrinkage and actual losses resulting from periodic physical inventory counts. Merchandise inventory reserves as of June 30, 2018 and September 30, 2017 were $1,211,159 and $1,256,629, respectively.
Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of assets are capitalized. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation are removed from the related accounts and any gain or loss is reflected in operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful lives of building and improvements are three to forty years, transportation equipment is five to ten years, machinery and equipment are five to ten years, furnishings and fixtures are three to five years and office and computer equipment are three to five years. Depreciation expense was $1,335,174 and $976,296 for the three months ended June 30, 2018 and 2017, respectively. Depreciation expense was $3,562,368 and $2,677,039 for the nine months ended June 30, 2018 and 2017, respectively.

 

The Company periodically reviews our property and equipment when events or changes in circumstances indicate that their carrying amounts may not be recoverable or their depreciation or amortization periods should be accelerated. We assess recoverability based on several factors, including our intention with respect to our stores and those stores projected undiscounted cash flows. An impairment loss would be recognized for the amount by which the carrying amount of the assets exceeds their fair value, as approximated by the present value of their projected discounted cash flows.
Goodwill

Goodwill

 

The Company accounts for purchased goodwill and intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. Under ASC 350, purchased goodwill is not amortized; rather, they are tested for impairment on at least an annual basis. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of the business acquired.

 

We test goodwill annually on July 1 of each fiscal year or more frequently if events arise or circumstances change that indicate that goodwill may be impaired. The Company assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed using a two-step approach required by ASC 350 to determine whether a goodwill impairment exists.

 

The first step of the quantitative test is to compare the carrying amount of the reporting unit's assets to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying amount exceeds the fair value, then the second step is required to be completed, which involves allocating the fair value of the reporting unit to each asset and liability using the guidance in ASC 805 (“Business Combinations, Accounting for Identifiable Intangible Assets in a Business Combination”), with the excess being applied to goodwill. An impairment loss occurs if the amount of the recorded goodwill exceeds the implied goodwill. The determination of the fair value of our reporting units is based, among other things, on estimates of future operating performance of the reporting unit being valued. We are required to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments.

 

When performing the two-step quantitative impairment test, the Company's methodology includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company’s cost of capital, otherwise known as the discounted cash flow method (“DCF”). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses, and future technological changes. The Company also incorporates market multiples for comparable companies in determining the fair value of our reporting units. Any such impairment would be recognized in full in the reporting period in which it has been identified.
Intangible Assets

Intangible Assets

 

The Company’s intangible assets consist of customer relationship intangibles, trade names, licenses for the use of internet domain names, Universal Resource Locators, or URL’s, software, and marketing and technology related intangibles. Upon acquisition, critical estimates are made in valuing acquired intangible assets, which include but are not limited to: future expected cash flows from customer contracts, customer lists, and estimating cash flows from projects when completed; tradename and market position, as well as assumptions about the period of time that customer relationships will continue; and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from the assumptions used in determining the fair values. All intangible assets are capitalized at their original cost and amortized over their estimated useful lives as follows: domain name and marketing – 3 to 20 years; software – 3 to 5 years, customer relationships – 7 to 15 years. Intangible amortization expense is $486,060 and $113,245 for the three months ended June 30, 2018 and 2017, respectively. Intangible amortization expense is $962,029 and $435,747 for the nine months ended June 30, 2018 and 2017, respectively.
Revenue Recognition

Revenue Recognition

 

Manufacturing Segment

 

The Manufacturing Segment derives revenue primarily from the sale of carpet products, including shipping and handling amounts, which are recognized when the following requirements have been met: (i) there is persuasive evidence of an arrangement, (ii) the sales transaction price is fixed or determinable, (iii) title, ownership and risk of loss have been transferred to the customer, (iv) allocation of sales price to specific performance obligations, and (v) performance obligations are satisfied. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. All direct costs are either paid and or accrued for in the period in which the sale is recorded.

 

Retail and Online Segment

 

The Retail and Online Segment derives revenue primarily from direct sales of entertainment and appliance products and services, including shipping and handling amounts, which are recognized when the following requirements have been met: (i) there is persuasive evidence of an arrangement, (ii) the sales transaction price is fixed or determinable, (iii) title or use rights, ownership and risk of loss have been transferred to the customer, (iv) allocation of sales price to specific performance obligations, and (v) performance obligations are satisfied. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. All direct costs are either paid and or accrued for in the period in which the sale is recorded.

 

Services Segment

 

The Services Segment recognizes revenue from directory subscription services as billed for and accepted by the customer. Directory services revenue is billed and recognized monthly for directory services subscribed. The Company has utilized outside billing companies to perform direct ACH withdrawals. For billings via ACH withdrawals, revenue is recognized when such billings are accepted by the customer. Customer refunds are recorded as an offset to gross Services Segment revenue.

 

Revenue for billings to certain customers that are billed directly by the Company and not through outside billing companies is recognized based on estimated future collections which are reasonably assured. The Company continuously reviews this estimate for reasonableness based on its collection experience.
Shipping and Handling

Shipping and Handling

 

The Company classifies shipping and handling charged to customers as revenues and classifies costs relating to shipping and handling as cost of revenues.
Customer Liabilities

Customer Liabilities

 

The Company establishes a liability upon the issuance of merchandise credits and the sale of gift cards. Breakage income related to gift cards which are no longer reportable under state escheatment laws for the three months ended June 30, 2018 and 2017, is expense of $53,225 and income of $25,092, respectively. For the nine months ended June 30, 2018, breakage income of $39,918, and the period of November 3, 2016 through June 30, 2017, breakage income of $98,183 is recorded in other income in our consolidated financial statements. No amounts were recorded for breakage for any period prior to November 3, 2016.
Fair Value Measurements

Fair Value Measurements

 

ASC Topic 820 (“Fair Value Measurements and Disclosures”) requires disclosure of the fair value of financial instruments held by the Company. ASC topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 – to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Income Taxes

Income Taxes

 

The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company's assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes in its Consolidated Statements of Income.

 

Significant management judgment is required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Company uses a two-step process to evaluate tax positions. The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Company in future periods.
Lease Accounting

Lease Accounting

 

The Company leases retail stores, warehouse facilities and office space. These assets and properties are generally leased under noncancelable agreements that expire at various dates through 2024 with various renewal options for additional periods. The agreements, which have been classified as operating leases, generally provide for minimum and, in some cases percentage rent and require us to pay all insurance, taxes and other maintenance costs. Leases with step rent provisions, escalation clauses or other lease concessions are accounted for on a straight-line basis over the lease term and includes “rent holidays” (periods in which we are not obligated to pay rent). Cash or lease incentives received upon entering into certain store leases (“tenant improvement allowances”) are recognized on a straight-line basis as a reduction to rent expense over the lease term. The Company records the unamortized portion of tenant improvement allowances as a part of deferred rent. The Company does not have leases with capital improvement funding. Percentage rentals are based on sales performance in excess of specified minimums at various stores and are accounted for in the period in which the amount of percentage rent can be accurately estimated.
Stock-Based Compensation

Stock-Based Compensation

 

The Company from time to time grants restricted stock awards and options to employees, non-employees and Company executives and directors. Such awards are valued based on the grant date fair-value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the vesting period.
Earnings Per Share

Earnings Per Share

 

Earnings per share is calculated in accordance with ASC 260 (“Earnings Per share”). Under ASC 260 basic earnings per share is computed using the weighted average number of common shares outstanding during the period except that it does not include unvested restricted stock subject to cancellation. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of warrants, options, restricted shares and convertible preferred stock. The dilutive effect of outstanding restricted shares, options and warrants is reflected in diluted earnings per share by application of the treasury stock method. Convertible preferred stock is reflected on an if-converted basis.
Segment Reporting

Segment Reporting

 

ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a Company’s management organizes segments within the Company for making operating decisions and assessing performance. The Company determined it has three reportable segments (See Note 17).
Concentration of Credit Risk

Concentration of Credit Risk

 

The Company maintains cash balances at several banks in multiple states including, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Kansas, Missouri, Minnesota, Nevada, New Mexico, New York, Ohio, Oklahoma, Texas, and Utah. Accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution as of June 30, 2018. At times, balances may exceed federally insured limits.
Reclassifications

Reclassifications

 

Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the previously reported net income or stockholders’ equity.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

ASU 2016-02, Leases (Topic 842). The standard requires a lessee to recognize a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term on the balance sheet. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements.
XML 38 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. Balance Sheet Detail Information (Tables)
 9 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of trade and other receivables
    June 30,   September 30,
    2018   2017
    (Unaudited)    
Trade receivables, current, net:                
Accounts receivable, current   $ 14,314,236     $ 11,383,576  
Less: Reserve for doubtful accounts     (895,365 )     (746,651 )
    $ 13,418,871     $ 10,636,925  
Trade receivables, long term, net:                
Accounts receivable, long term   $ 344,572     $ 344,572  
Less: Reserve for doubtful accounts     (344,572 )     (344,572 )
    $ —       $ —    
Total trade receivables, net:                
Gross trade receivables   $ 14,658,808     $ 11,728,148  
Less: Reserve for doubtful accounts     (1,239,937 )     (1,091,223 )
    $ 13,418,871     $ 10,636,925  
Components of allowance for doubtful accounts
    June 30,   September 30,
    2018   2017
    (Unaudited)    
Components of reserve for doubtful accounts are as follows:                
                 
Reserve for dilution and fees on amounts due from billing aggregators   $ 1,063,617     $ 1,063,617  
Reserve for customer refunds     856       978  
Reserve for trade receivables     175,464       26,628  
    $ 1,239,937     $ 1,091,223  
Schedule of inventory
    June 30,   September 30,
    2018   2017
    (Unaudited)    
Inventory                
Raw materials   $ 9,848,607     $ 7,709,969  
Work in progress     1,220,457       987,689  
Finished goods     4,608,920       3,922,362  
Merchandise     29,422,835       23,230,350  
      45,100,819       35,850,370  
Less: Inventory reserves     (1,303,099 )     (1,348,569 )
    $ 43,797,720     $ 34,501,801  
Schedule of property and equipment
    June 30,   September 30,
    2018   2017
    (Unaudited)    
Property and equipment, net:                
Building and improvements   $ 10,770,186     $ 8,090,797  
Transportation equipment     82,266       104,853  
Machinery and equipment     23,256,746       17,402,064  
Furnishings and fixtures     2,586,465       4,360,820  
Office, computer equipment and other     2,337,960       224,822  
      39,033,623       30,183,356  
Less: Accumulated depreciation     (10,789,365 )     (7,365,496 )
    $ 28,244,258     $ 22,817,860  
Schedule of intangible assets
    June 30,   September 30,
    2018   2017
    (Unaudited)    
Intangible assets, net:                
Domain name and marketing related intangibles   $ 18,957     $ 18,957  
Lease intangibles     2,239,008       1,033,412  
Customer relationship intangibles     4,709,241       2,689,039  
Purchased software     2,193,947       1,595,977  
      9,161,153       5,337,385  
Less:  Accumulated amortization     (2,144,536 )     (1,132,071 )
    $ 7,016,617     $ 4,205,314  
Schedule of accrued liabilities
    June 30,   September 30,
    2018   2017
    (Unaudited)    
Accrued liabilities:                
Accrued payroll and bonuses   $ 2,603,171     $ 2,602,695  
Accrued sales and use taxes     530,278       824,206  
Accrued property taxes     239,866       —    
Accrued rent     90,677       502,617  
Deferred revenue     454,030       —    
Accrued gift card and escheatment liability     1,684,210       1,479,622  
Accrued interest payable     371,314       464,184  
Accrued accounts payable and bank overdrafts     3,604,422       1,367,539  
Accrued professional fees     149,178       —    
Customer deposits     192,812       182,052  
Accrued expenses - other     260,373       1,563,819  
    $ 10,180,331     $ 8,986,734  
XML 39 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. Acquisition (Tables)
 9 Months Ended
Jun. 30, 2018
ApplianceSmart Inc [Member]  
Schedule of acquired assets and liabilities
Trade Receivables   $ 1,930,164  
Inventory     7,444,282  
Prepaid expenses     69,347  
Refundable deposits     1,003,841  
Intangible asset - trade names     2,015,000  
Intangible asset - customer list     5,202  
Intangible asset - leases     1,205,596  
Restricted cash     750,000  
Property and equipment     1,094,503  
Deferred income tax     (1,599,560 )
Bargain gain on acquisition     7,418,375  
    $ (6,500,000 )
ASH [Member]  
Schedule of acquired assets and liabilities
Accounts payable   $ 1,374,647  
Accrued expenses     1,374,682  
Capital leases     29,631  
Credit card receivables     (255,301 )
Cash     (621,863 )
Total net liabilities assumed by ASH   $ 1,901,796  
VSAH [Member]  
Schedule of acquired assets and liabilities
Cash and cash equivalents   $ 272,590  
Trade and other receivables     177,338  
Inventory     18,711,192  
Prepaid expenses and other current assets     814,201  
Property and equipment     4,859,676  
Intangible - leases     1,033,412  
Intangible - trade names     1,200,000  
Intangible - customer list     50,000  
Intangible - customer relationship     1,000,000  
Goodwill     36,946,735  
Notes payable     (542,074 )
Accounts payable     (5,165,612 )
Accrued expenses     (1,703,760 )
    $ 57,653,698  
XML 40 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. Intangibles (Tables)
 9 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Future amortization expense related to intangible assets

The following table summarizes estimated future amortization expense related to intangible assets that have net balances as of June 30, 2018:

 

 2019   $1,461,929 
 2020    1,450,817 
 2021    1,321,300 
 2022    673,804 
 2023    381,806 
 Thereafter    1,726,961 
    $7,016,617 

 
XML 41 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Long Term Debt (Tables)
 9 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Fixed coverage ratio table
Level Fixed Charge Coverage Ratio Base Rate Revolver LIBOR Revolver Base Rate Term LIBOR Term Loans
I >2.00 to 1.00 0.50% 1.50% 0.75% 1.75%
II <2.00 to 1.00 but >1.50 to 1.00 0.75% 1.75% 1.00% 2.00%
III <1.50 to 1.00 but >1.20 to 1.00 1.00% 2.00% 1.25% 2.25%
IV <1.2 to 1.00 1.25% 2.25% 1.50% 2.50%
Schedule of debt
    June 30,
2018		   September 30,
2017
Bank of America Revolver Loan - variable interest rate based upon a base rate plus a margin, interest payable monthly, maturity date July 2020, secured by substantially all Marquis assets   $ 7,756,769     $ 4,850,815  
Texas Capital Bank Revolver Loan - variable interest rate based upon the one-month LIBOR rate plus a margin, interest payable monthly, maturity date November 2020, secured by substantially all Vintage Stock assets     10,916,634       12,520,437  
Note Payable Capitala Term Loan - variable interest rate based upon a base rate plus a margin,3% per annum interest payable in kind, with the balance of interest payable monthly in cash, principal due quarterly in the amount of $725,000, maturity date November 2021,note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets     —         28,310,505  
Note Payable Comvest Term Loan - variable interest rate based upon LIBOR rate plus a margin,interest payable monthly in cash, principal due quarterly March 31, June 30, September 30,December 31, subject to a variable amortization of principal, maturity date May 26, 2023 note subordinate to Texas Capital Bank Revolver Loan, secured by Vintage Stock Assets     24,000,000       —    
Note Payable to the Sellers of Vintage Stock, interest at 8% per annum, with interest payable monthly, maturity date May 2022, note subordinate to both Texas Capital Bank Revolver and Capitala Term Loan, secured by Vintage Stock Assets     10,000,000       10,000,000  
Note #1 Payable to Banc of America Leasing & Capital LLC - interest at 3.8905% per annum,with interest and principal payable monthly in the amount of $84,273 for 59 months,beginning September 23,  2016, with a final payment due in the amount of $584,273,maturity date September 2021, secured by equipment     3,450,523       4,097,764  
Note #2 Payable to Banc of America Leasing & Capital LLC - interest at 4.63% per annum,with interest and principal payable monthly  in the amount of $34,768 for 59 months,beginning January 30, 2017, with a final payment due in the amount of $476,729,maturity date January 2022, secured by equipment     1,721,642       1,969,954  
Note #3 Payable to Banc of America Leasing & Capital LLC - interest at 4.7985% per annum with interest and principal payable monthly  in the amount of $51,658 for 84 months,beginning January 30, 2017, secured by equipment     2,991,416       3,341,642  
Note #4 Payable to Banc of America Leasing & Capital LLC - interest at 4.8907% per annum,with interest and principal payable monthly  in the amount of $15,901 for 81 months,beginning April 30, 2017, secured by equipment.     918,559       1,025,782  
Note #5 Payable to Banc of America Leasing & Capital LLC - interest at 4.67% per annum,with interest and principal payable monthly in the amount of $54,943 for 84 months,beginning January 28, 2018, secured by equipment.     3,691,222       —    
Note Payable to Store Capital Acquisitions, LLC, - interest at 9.25% per annum, with interest and principal payable monthly in the amount of $73,970 for 480 months,beginning July 1, 2016, maturity date of June 2056, secured by Marquis land and buildings     9,309,038       9,328,208  
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 2.50%,with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets     —         174,757  
Note Payable to Cathay Bank, variable interest rate, Prime Rate plus 1.50%, with interest payable monthly, maturity date December 2017, secured by substantially all Modern Everyday assets     —         249,766  
Note payable to individual, interest at 11% per annum, payable on a 90 day written notice, unsecured     206,529       206,529  
Note payable to individual, interest at 10% per annum,payable on a 90 day written notice, unsecured     500,000       500,000  
Note payable to individual, interest at 8.25% per annum,payable on a 120 day written demand notice, unsecured     225,000       225,000  
Total notes payable     75,687,332       76,801,159  
Less unamortized debt issuance costs     (1,685,671 )     (1,353,352 )
Net amount     74,001,661       75,447,807  
Less current portion     (14,087,636 )     (48,877,536 )
Long-term portion   $ 59,914,025     $ 26,570,271  
Future maturities of debt
  2019     $ 14,087,636  
  2020       5,508,736  
  2021       16,539,871  
  2022       15,646,059  
  2023       4,716,537  
  Thereafter       19,188,493  
  Total     $ 75,687,332  
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. Long Term Debt, Related Parties (Tables)
 9 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Long-term debt, related parties
    June 30,
2018		   September 30,
2017
         
Note Payable and revolving line of credit to the Sellers of ApplianceSmart, Inc., interest rate is 5% per annum, with interest payable monthly, maturity date April 1, 2021,10% of principal will be repaid annually on a quarterly basis, with accrued interest and principal due at maturity.  ApplianceSmart may reborrow funds up to the Original Principal amount   $ 3,817,714     $ —    
Note Payable to Isaac Capital Fund, interest rate is 12.5% per annum, with interest payable monthly, maturity date January 2021.     2,000,000       2,000,000  
Total notes payable - related parties     5,817,714       2,000,000  
Less unamortized debt issuance costs     —         —    
Net amount     5,817,714       2,000,000  
Less current portion     (391,949 )     —    
Long-term portion   $ 5,425,765     $ 2,000,000  
Future maturities of long term debt related party
  2019     $ 391,949  
  2020       391,948  
  2021       391,948  
  2022       4,641,869  
  2023       —    
  Thereafter       —    
  Total     $ 5,817,714  
XML 43 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. Warrants (Tables)
 9 Months Ended
Jun. 30, 2018
Warrants and Rights Note Disclosure [Abstract]  
Warrant activity
 

Number of Units - Series B

Convertible

preferred

warrants

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining Contractual

Term (in years)

   Intrinsic Value
Outstanding at June 30, 2018   118,029     $ 20.80       1.60     $ 4,956,654  
Exercisable at June 30, 2018   118,029     $ 20.80       1.60     $ 4,956,654  
Warrants outstanding and exercisable
Series B Convertible Preferred  
Outstanding     Exercisable  
Number of     Exercise     Number of     Exercise  
Warrants     Price     Warrants     Price  
  54,396     $ 16.60       54,396     $ 16.60  
  17,857       16.80       17,857       16.80  
  12,383       24.30       12,383       24.30  
  33,393       28.50       33,393       28.50  
  118,029               118,029          
XML 44 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. Stock-based Compensation (Tables)
 9 Months Ended
Jun. 30, 2018
Share-based Compensation [Abstract]  
Stock option activity
 

Number of

shares

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining Contractual Life

   Intrinsic Value
  Outstanding at September 30, 2017     211,668      $ 13.19       3.47     $ 454,417  
  Granted     20,000       32.24       10.00          
  Exercised     -                          
  Forfeited     -                          
  Outstanding at June 30, 2018     231,668     $ 14.84       3.29     $ 471,458  
  Exercisable at June 30, 2018     187,167     $ 11.75       2.33     $ 471,458  
Stock option exercise price
Outstanding     Exercisable  
Number of     Exercise     Number of     Exercise  
Options     Price     Options     Price  
  31,250     $ 5.00       31,250     $ 5.00  
  25,000       7.50       25,000       7.50  
  31,250       10.00       31,250       10.00  
  4,167       10.86       4,167       10.86  
  4,167       10.86                  
  4,167       10.86                  
  4,167       10.86                  
  6,250       12.50       6,250       12.50  
  6,250       15.00       6,250       15.00  
  75,000       15.18       75,000       15.18  
  8,000       23.41       8,000       15.18  
  8,000       27.60                  
  8,000       31.74                  
  8,000       36.50                  
  8,000       41.98                  
  231,668               187,167          
Non-vested share activity
Non-vested Shares  

Number of

Shares

  

Weighted

Average

Grant-Date

Fair Value

  Non-vested at September 30, 2017       36,668     $ 17.70  
  Granted       20,000     $ 10.14  
  Vested       (12,167 )   $ 13.32  
  Non-vested at June 30, 2018       44,501     $ 13.54  
Assumptions used
Risk-free interest rate   1.25%
Expected life of the options   5.0 to 10.0 years
Expected volatility   107%
Expected dividend yield   0%
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
13. Earnings Per Share (Tables)
 9 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Basic and diluted net loss per share

   Three Months Ended June 30,   Nine Months Ended June 30, 
   2018   2017   2018   2017 
Basic                    
                     
Net income  $2,077,038   $2,128,043   $5,877,866   $5,397,282 
Less: preferred stock dividends   (292)   (479)   (876)   (1,438)
Net income applicable to common stock  $2,076,746   $2,127,564   $5,876,990   $5,395,844 
                     
Weighted average common shares outstanding   1,970,136    2,044,767    1,972,758    2,289,646 
                     
Basic earnings per share  $1.05   $1.04   $2.98   $2.36 
                     
                     
                     
Diluted                    
                     
Net income applicable to common stock  $2,076,746   $2,127,564   $5,876,990   $5,395,844 
Add: preferred stock dividends   292    479    876    1,438 
Net income applicable for diluted earnings per share  $2,077,038   $2,128,043   $5,877,866   $5,397,282 
                     
Weighted average common shares outstanding   1,962,039    2,044,767    1,983,719    2,289,646 
Add: Options   38,980    35,296    42,440    53,081 
Add: Series B Preferred Stock   1,071,200    1,071,200    1,071,200    1,071,200 
Add: Series B Preferred Stock Warrants   590,145    590,145    590,145    590,145 
Add: Series E Preferred Stock   77,840    127,840    77,840    127,840 
Assumed weighted average common shares outstanding   3,740,204    3,869,248    3,765,344    4,131,912 
                     
Diluted earnings per share  $0.56   $0.55   $1.56   $1.31 

 
XML 46 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
17. Segment Reporting (Tables)
 9 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Segment reporting

   Three Months Ended June 30,   Nine Months Ended June 30, 
   2018   2017   2018   2017 
                 
Revenues                    
Retail and Online  $29,705,192   $19,267,959   $82,182,175   $54,020,215 
Manufacturing   24,773,123    21,898,645    64,460,280    57,429,871 
Services   183,742    210,889    567,594    652,496 
   $54,662,057   $41,377,493   $147,210,049   $112,102,582 
                     
Gross profit                    
Retail and Online  $12,141,262   $10,953,602   $38,133,949   $30,105,864 
Manufacturing   6,498,207    5,839,412    16,187,021    15,388,787 
Services   174,749    200,883    539,839    619,848 
   $18,814,218   $16,993,897   $54,860,809   $46,114,499 
                     
Operating income (loss)                    
Retail and Online  $(1,978,657)  $2,268,438   $2,644,667   $6,547,564 
Manufacturing   2,703,380    2,915,516    5,710,457    7,168,164 
Services   173,097    199,173    537,447    617,324 
   $897,820   $5,383,127   $8,892,571   $14,333,052 
                     
Depreciation and amortization                    
Retail and Online  $988,169   $329,416   $2,106,133   $884,522 
Manufacturing   833,064    760,125    2,418,264    2,228,264 
Services   –    –    –    – 
   $1,821,233   $1,089,541   $4,524,397   $3,112,786 
                     
Interest expenses                    
Retail and Online  $2,223,285   $1,600,589   $5,594,983   $4,283,015 
Manufacturing   487,997    527,201    1,406,331    1,329,304 
Services   –    –    –    – 
   $2,711,282   $2,127,790   $7,001,314   $5,612,319 
                     
Net income before provision for income taxes                    
Retail and Online  $(503,861)  $797,504   $4,710,315   $2,842,206 
Manufacturing   2,232,996    2,175,749    4,316,045    5,363,455 
Services   173,097    294,736    537,447    712,886 
   $1,902,232   $3,267,989   $9,563,807   $8,918,547 

 

 

   As of
June 30,
2018		   As of
September 30,
2017		 
         
Total assets          
Retail and Online  $88,761,358   $81,703,371 
Manufacturing   52,942,685    46,783,429 
Services   101,379    107,795 
   $141,805,422   $128,594,595 
           
Goodwill and intangible assets          
Retail and Online  $43,612,119   $40,778,865 
Manufacturing   351,233    373,184 
Services   –    – 
   $43,963,352   $41,152,049 

 
XML 47 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Sep. 30, 2017
Letter of credit $ 750,000   $ 750,000    
Total commissions paid to factors     231,761 $ 210,961  
Trade receivables factored 29,592,944   29,592,944   $ 27,373,263
Allowance for doubtful accounts 1,239,937   1,239,937   1,091,223
Depreciation expense 1,335,174 $ 976,296 3,562,368 2,677,039  
Intangible amortization expense 486,060 113,245 962,029 435,747  
Allowance for obsolete inventory 1,211,159   1,211,159   $ 1,256,629
Federal Deposit Insurance Corporation insured amount 250,000   250,000    
Breakage income related from gift cards $ (53,225) $ 25,092 $ 39,918 $ 98,183  
Customer Relationships [Member]          
Useful lifes of intangible assets     7-15 years    
Domain Name and Marketing [Member]          
Useful lifes of intangible assets     3-20 years    
Software [Member]          
Useful lifes of intangible assets     3-5 years    
Marquis Affiliated Holdings, LLC [Member] | Marquis Industries, Inc. [Member]          
Percentage owned in subsidiary 100.00%   100.00%    
XML 48 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. Balance Sheet Detail Information (Details) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Trade and other receivables, current, net:    
Accounts receivable, current $ 14,314,236 $ 11,383,576
Less: Allowance for doubtful accounts (895,365) (746,651)
Trade and other receivables, current, net 13,418,871 10,636,925
Trade and other receivables, long term, net:    
Accounts receivable, long term 344,572 344,572
Less: Allowance for doubtful accounts (344,572) (344,572)
Trade and other receivables, long term, net 0 0
Total trade and other receivables, net:    
Gross receivables 14,658,808 11,728,148
Less: Allowance for doubtful accounts (1,239,937) (1,091,223)
Total trade and other receivables, net 13,418,871 10,636,925
Components of reserve for doubtful accounts    
Reserve for dilution and fees on amounts due from billing aggregators 1,063,617 1,063,617
Reserve for customer refunds 856 978
Reserve for trade receivables 175,464 26,628
Total reserve for doubtful accounts 1,239,937 1,091,223
Inventory    
Raw materials 9,848,607 7,709,969
Work in progress 1,220,457 987,689
Finished goods 4,608,920 3,922,362
Merchandise 29,422,835 23,230,350
Total inventory, gross 45,100,819 35,850,370
Less: obsolescence reserve (1,303,099) (1,348,569)
Total inventory, net 43,797,720 34,501,801
Property and equipment, net:    
Building and improvements 10,770,186 8,090,797
Transportation equipment 82,266 104,853
Machinery and equipment 23,256,746 17,402,064
Furnishings and fixtures 2,586,465 4,360,820
Office, computer equipment and other 2,337,960 224,822
Plant Property and Equipment,Gross 39,033,623 30,183,356
Less: Accumulated depreciation (10,789,365) (7,365,496)
Property and equipment, net 28,244,258 22,817,860
Intangible assets, net:    
Domain name and marketing related intangibles 18,957 18,957
Lease intangibles 2,239,008 1,033,412
Customer Relationships intangible 4,709,241 2,689,039
Purchased software 2,193,947 1,595,977
Intangible assets, gross 9,161,153 5,337,385
Less: Accumulated amortization 2,144,536 1,132,071
Intangible assets, net 7,016,617 4,205,314
Accrued liabilities:    
Accrued payroll and bonuses 2,603,171 2,602,695
Accrued sales and use taxes 530,278 824,206
Accrued property taxes 239,866 0
Accrued rent 90,677 502,617
Deferred revenue 454,030 0
Accrued gift card and escheatment liability 1,684,210 1,479,622
Accrued interest payable 371,314 464,184
Accrued accounts payable and bank overdrafts 3,604,422 1,367,539
Accrued professional fees 149,178 0
Customer deposits 192,812 182,052
Accrued expenses - other 260,373 1,563,819
Total accrued liabilities $ 10,180,331 $ 8,986,734
XML 49 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. Acquisitions (Details - Purchase allocation) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Goodwill $ 36,946,735   $ 36,946,735
ApplianceSmart Inc [Member]      
Accounts receivable 1,930,164    
Inventory 7,444,282    
Prepaid expenses 69,347    
Refundable deposits 1,003,841    
Restricted cash 750,000    
Property and equipment 1,094,503    
Deferred income tax (1,599,560)    
Bargain purchase gain 7,418,375    
Purchase price 6,500,000    
Vintage Stock Inc [Member]      
Cash and cash equivalents 272,590    
Accounts receivable 177,338    
Inventory 18,711,192    
Prepaid and other current assets 814,201    
Property and equipment 4,859,676    
Goodwill 36,946,735    
Notes payable (542,074)    
Accounts payable (5,165,612)    
Accrued expenses (1,703,760)    
Purchase price 57,653,698    
ASH [Member]      
Accounts payable   $ 1,374,647  
Accrued expenses   1,374,682  
Capital leases   29,631  
Credit card receivables   (255,301)  
Cash   (621,863)  
Total net liabilities assumed by ASH   $ 1,901,796  
Intangible - Trade Names [Member] | ApplianceSmart Inc [Member]      
Intangibles 2,015,000    
Intangible - Trade Names [Member] | Vintage Stock Inc [Member]      
Intangibles 1,200,000    
Intangible - Customer List [Member] | ApplianceSmart Inc [Member]      
Intangibles 5,202    
Intangible - Customer List [Member] | Vintage Stock Inc [Member]      
Intangibles 50,000    
Intangible Leases [Member] | ApplianceSmart Inc [Member]      
Intangibles 1,205,596    
Intangible Leases [Member] | Vintage Stock Inc [Member]      
Intangibles 1,033,412    
Intangible - Customer Relationship [Member] | Vintage Stock Inc [Member]      
Intangibles $ 1,000,000    
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. Intangibles (Details) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense, 2019 $ 1,461,929  
Amortization expense, 2020 1,450,817  
Amortization expense, 2021 1,321,300  
Amortization expense, 2022 673,804  
Amortization expense, 2023 381,806  
Amortization expense, thereafter 1,726,961  
Total future amortization expense $ 7,016,617 $ 4,205,314
XML 51 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. Intangibles (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Intangible amortization expense $ 486,060 $ 113,245 $ 962,029 $ 435,747
Customer Relationships [Member]        
Useful lifes of intangible assets     7-15 years  
Software [Member]        
Useful lifes of intangible assets     3-5 years  
Domain Name and Marketing [Member]        
Useful lifes of intangible assets     3-20 years  
Lease [Member]        
Useful lifes of intangible assets     2-10 years  
XML 52 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Long Term Debt (Details - Long Term Debt) - USD ($)
 9 Months Ended
Jun. 30, 2018
Sep. 30, 2017
Total Debt $ 75,687,332 $ 76,801,159
Less: unamortized debt issuance costs (1,685,671) (1,353,352)
Net amount 74,001,661 75,447,807
Current portion (14,087,636) (48,877,536)
Long-term portion 59,914,025 26,570,271
Term Loan [Member]    
Total Debt $ 0 28,310,505
Debt maturity date Nov. 30, 2021  
Debt interest rate description Variable, base rate plus margin  
Periodic payment frequency quarterly  
Periodic principal and/or interest payments $ 725,000  
Collateral Secured by Vintage Stock assets  
Note Payable - Cathay Bank [Member]    
Total Debt $ 0 174,757
Debt maturity date Dec. 31, 2017  
Debt interest rate description Prime plus 2.25%  
Periodic payment frequency interest monthly  
Collateral Secured by substantially all Modern Everyday assets  
Note Payable #2 - Cathay Bank [Member]    
Total Debt $ 0 249,766
Debt maturity date Dec. 31, 2017  
Debt interest rate description Prime plus 1.5%  
Periodic payment frequency interest monthly  
Collateral Secured by substantially all Modern Everyday assets  
Note Payable Individual [Member]    
Total Debt $ 206,529 206,529
Debt interest rate description 11% per annum  
Collateral Unsecured  
Note Payable - Individual [Member]    
Total Debt $ 500,000 500,000
Debt interest rate description 10% per annum  
Collateral Unsecured  
Note Payable Individual 3 [Member]    
Total Debt $ 225,000 225,000
Debt interest rate description 8.25% per annum  
Collateral Unsecured  
Comvest Term Loan [Member]    
Total Debt $ 24,000,000 0
Debt maturity date May 26, 2023  
Debt interest rate description Variable, base rate plus margin  
Periodic payment frequency monthly  
Note Payable to the Sellers of Vintage Stock [Member]    
Total Debt $ 10,000,000 10,000,000
Debt maturity date May 31, 2022  
Debt interest rate description 8% per annum  
Periodic payment frequency monthly  
Collateral Secured by Vintage Stock assets  
Note Payable to Bank [Member]    
Total Debt $ 3,450,523 4,097,764
Debt maturity date Sep. 30, 2021  
Debt interest rate description 3.8905% per annum  
Periodic payment frequency monthly  
Periodic principal and/or interest payments $ 84,273  
Collateral Secured by equipment  
Note #2 Payable to Bank of America Leasing [Member]    
Total Debt $ 1,721,642 1,969,954
Debt maturity date Jan. 30, 2022  
Debt interest rate description 4.63% per annum  
Periodic payment frequency 59 monthly payments  
Periodic principal and/or interest payments $ 34,768  
Collateral Secured by equipment  
Note #3 Payable to Bank of America Leasing [Member]    
Total Debt $ 2,991,416 3,341,642
Debt maturity date Dec. 30, 2023  
Debt interest rate description Variable, base rate plus a margin  
Periodic payment frequency 84 monthly payments  
Periodic principal and/or interest payments $ 51,658  
Note #4 Payable to Bank of America Leasing [Member]    
Total Debt $ 918,559 1,025,782
Debt maturity date Dec. 30, 2023  
Debt interest rate description 4.8907% per annum  
Periodic payment frequency 81 monthly payments  
Periodic principal and/or interest payments $ 15,901  
Collateral Secured by equipment  
Note #5 Payable to Bank of America Leasing [Member]    
Total Debt $ 3,691,222 0
Debt maturity date Jan. 28, 2018  
Debt interest rate description 4.67% per annum  
Periodic payment frequency 84 monthly payments  
Periodic principal and/or interest payments $ 54,943  
Collateral Secured by equipment  
Note Payable - Store Capital [Member]    
Total Debt $ 9,309,038 9,328,208
Debt maturity date Jun. 30, 2056  
Debt interest rate description 9.25% per annum  
Periodic payment frequency monthly  
Periodic principal and/or interest payments $ 73,970  
Collateral Secured by Marquis land and buildings  
Bank of America Revolver Loan [Member]    
Total Debt $ 7,756,769 4,850,815
Debt maturity date Jul. 31, 2020  
Debt interest rate description Variable, base rate plus a margin  
Periodic payment frequency monthly  
Collateral Secured by substantially all Marquis assets  
Texas Capital Bank Revolver Loan [Member]    
Total Debt $ 10,916,634 $ 12,520,437
Debt maturity date Nov. 30, 2020  
Debt interest rate description Variable, one-month LIBOR plus a margin  
Periodic payment frequency monthly  
Collateral Secured by substantially all Vintage Stock assets  
XML 53 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Long Term Debt (Details - Future Maturities) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Debt Disclosure [Abstract]    
Future maturity 2019 $ 14,087,636  
Future maturity 2020 5,508,736  
Future maturity 2021 16,539,871  
Future maturity 2022 15,646,059  
Future maturity 2023 4,716,537  
Future maturity thereafter 19,188,493  
Total $ 75,687,332 $ 76,801,159
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Long Term Debt (Details Narrative) - USD ($)
 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Credit line outstanding $ 750,000  
Proceeds from note payable 27,931,591 $ 36,984,434
Note payable 76,801,159  
Term Loan [Member]    
Credit line maximum $ 29,871,650  
Credit line weighted average interest rate 16.94%  
Debt maturity date Nov. 30, 2021  
Debt periodic payment $ 725,000  
Debt periodic frequency quarterly  
Debt issuance cost $ 1,088,000  
Unamortized debt issuance cost $ 742,000  
Note Payable - Cathay Bank [Member]    
Debt maturity date Dec. 31, 2017  
Debt periodic frequency interest monthly  
Note Payable #2 - Cathay Bank [Member]    
Debt maturity date Dec. 31, 2017  
Debt periodic frequency interest monthly  
Comvest Term Loan [Member]    
Credit line maximum $ 24,000,000  
Debt issuance cost 1,263,011  
Note #2 Payable to Bank of America Leasing [Member]    
Debt face amount $ 2,209,807  
Debt initial payment date Jan. 30, 2017  
Debt stated interest rate 4.63%  
Debt maturity date Jan. 30, 2022  
Debt periodic payment $ 34,768  
Debt periodic frequency 59 monthly payments  
Debt final payment $ 476,729  
Note #3 Payable to Bank of America Leasing [Member]    
Debt face amount $ 3,679,514  
Debt initial payment date Jan. 30, 2017  
Debt stated interest rate 4.7985%  
Debt maturity date Dec. 30, 2023  
Debt periodic payment $ 51,658  
Debt periodic frequency 84 monthly payments  
Note #4 Payable to Bank of America Leasing [Member]    
Debt face amount $ 1,095,113  
Debt initial payment date Apr. 30, 2017  
Debt stated interest rate 4.8907%  
Debt maturity date Dec. 30, 2023  
Debt periodic payment $ 15,901  
Debt periodic frequency 81 monthly payments  
Note #1 Payable to Bank of America Leasing [Member]    
Debt face amount $ 5,000,000  
Debt initial payment date Sep. 23, 2016  
Debt stated interest rate 3.8905%  
Debt maturity date Sep. 23, 2021  
Debt periodic frequency 59 monthy payments  
Debt final payment $ 584,273  
Note Payable to the Sellers of Vintage Stock [Member]    
Debt maturity date May 31, 2022  
Debt periodic frequency monthly  
Note Payable to Bank [Member]    
Debt maturity date Sep. 30, 2021  
Debt periodic payment $ 84,273  
Debt periodic frequency monthly  
Note Payable - Store Capital [Member]    
Debt maturity date Jun. 30, 2056  
Debt periodic payment $ 73,970  
Debt periodic frequency monthly  
Note #5 Payable to Bank of America Leasing [Member]    
Debt face amount $ 3,931,591  
Debt stated interest rate 4.67%  
Debt maturity date Jan. 28, 2018  
Debt periodic payment $ 54,943  
Debt periodic frequency 84 monthly payments  
Bank of America Revolver Loan [Member]    
Debt maturity date Jul. 31, 2020  
Debt periodic frequency monthly  
Texas Capital Bank [Member]    
Credit line maximum $ 12,000,000  
Credit line maturity date Nov. 30, 2020  
Credit line borrowings during period $ 57,546,998  
Credit line repayments during period 59,150,804  
Maximum borrowings outstanding $ 16,077,915  
Credit line weighted average interest rate 4.5029%  
Credit line amount available at period end $ 10,916,631  
Credit line outstanding 11,466,645  
Letters of credit 0  
Kingston Line of Credit [Member]    
Credit line maximum 2,000,000  
Letters of credit 0  
Preferred shares issued in settlement of debt, amount $ 2,800,000  
Kingston Line of Credit [Member] | Series B Preferred Stock [Member]    
Preferred shares issued in settlement of debt, shares issued 55,888  
Preferred shares issued in settlement of debt, amount $ 2,800,000  
Texas Capital Bank Revolver Loan [Member]    
Debt maturity date Nov. 30, 2020  
Debt periodic frequency monthly  
Sellers Subordinated Acquisition Note [Member]    
Subordinated debt $ 10,000,000  
Subordinated debt interest rate 8.00%  
Marquis [Member] | Bank of America Revolver Loan [Member]    
Credit line maximum $ 15,000,000  
Credit line maturity date Jul. 20, 2020  
Credit line borrowings during period $ 69,661,042  
Credit line repayments during period 66,755,088  
Maximum borrowings outstanding $ 8,530,509  
Credit line weighted average interest rate 3.73%  
Credit line amount available at period end $ 7,170,515  
Credit line outstanding 7,756,769  
Letters of credit $ 72,715  
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. Long Term Debt, Related Parties (Details - Long-term debt, related parties) - USD ($)
Sep. 30, 2018
Jun. 30, 2018
Sep. 30, 2017
Total notes payable - related parties   $ 5,817,714 $ 2,000,000
Less unamortized debt issuance costs   0 0
Net amount   5,817,714 2,000,000
Less current portion   (391,949) 0
Long-term portion   5,425,765 2,000,000
Sellers of ApplianceSmart, Inc [Member]      
Total notes payable - related parties   3,817,714 $ 0
Isaac Capital Fund [Member]      
Total notes payable - related parties $ 2,000,000 $ 2,000,000  
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. Long Term Debt, Related Parties (Details - Future maturities)
Jun. 30, 2018
USD ($)
Debt Disclosure [Abstract]  
Future maturity 2019 $ 391,949
Future maturity 2020 391,948
Future maturity 2021 391,948
Future maturity 2022 4,641,869
Future maturity 2023 0
Future maturity thereafter 0
Total $ 5,817,714
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. Long Term Debt, Related Parties (Details Narrative) - USD ($)
 9 Months Ended
Jun. 30, 2018
Sep. 30, 2017
Loan outstandings $ 5,817,714 $ 2,000,000
Mezzanine Loan [Member]    
Loan maximum borrowing amount 7,000,000  
Loan outstandings $ 2,000,000 $ 2,000,000
Maturity date Jan. 31, 2021  
Interest rate 12.50%  
ApplianceSmart Note [Member]    
Loan maximum borrowing amount $ 6,500,000  
Original principal amount 3,919,494  
Loan outstandings 3,817,714  
Cash paid puchase price $ 2,580,506  
Maturity date Apr. 01, 2021  
Interest rate 5.00%  
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
10. Stockholders' Equity (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Sep. 30, 2017
Accrued dividends $ 292 $ 479 $ 876 $ 1,438  
Reverse stock split     1-for-6 reverse stock split    
Treasury stock purchased, shares     31,820   96,307
Payment for treasury stock     $ 402,328 496,366 $ 999,584
Treasury shares 128,127   128,127    
Treasury shares, cost $ 1,401,912   $ 1,401,912    
Series E Preferred Stock [Member]          
Accrued dividends     876 $ 1,438  
Series E Preferred Stock [Member]          
Unpaid dividends $ 876   $ 876   $ 959
Isaac Capital Group [Member] | Common Stock          
Common stock exchanged for preferred stock, common shares exchanged     791,758    
Common stock exchanged for preferred stock, preferred shares issued     158,356    
Kingston Line of Credit [Member]          
Preferred shares issued in settlement of debt, amount     $ 2,800,000    
Kingston Line of Credit [Member] | Series B Preferred Stock [Member]          
Preferred shares issued in settlement of debt, shares issued     55,888    
Preferred shares issued in settlement of debt, amount     $ 2,800,000    
Various Holders [Member]          
Fractional shares issued due to stock split, shares     2,284    
Novalk Apps [Member]          
Stock issued for accrued liability, shares issued     58,333    
Stock issued for accrued liability, amount of liability     $ 584,500    
XML 59 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. Warrants (Details - Warrants Outstanding) - Warrants [Member] - USD ($)
 9 Months Ended
Jun. 30, 2018
Sep. 30, 2017
Number of units    
Outstanding, beginning of period 118,029  
Outstanding, end of period 118,029  
Exercisable, end of period 118,029 118,029
Weighted Average Exercise Price    
Outstanding, beginning of period $ 20.80  
Outstanding, end of period 20.80  
Exercisable, end of period $ 20.80 $ 20.8
Weighted Average Remaining Contractual Term (in years)    
Outstanding 7 months 17 days  
Exercisable 10 months 14 days  
Intrinsic value outstanding, end of period $ 4,956,654  
Exercisable, end of period 4,956,654  
XML 60 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. Warrants (Details - Exercise price) - Warrants [Member] - $ / shares
Jun. 30, 2018
Sep. 30, 2017
Number of warrants outstanding 118,029 118,029
Warrants exercise price, outstanding $ 20.80 $ 20.80
Number of warrants exercisable 118,029  
$16.60 [Member]    
Number of warrants outstanding 54,396  
Warrants exercise price, outstanding $ 16.60  
Number of warrants exercisable 54,396  
Warrants exercise price, exercisable $ 16.60  
$16.80 [Member]    
Number of warrants outstanding 17,857  
Warrants exercise price, outstanding $ 16.80  
Number of warrants exercisable 17,857  
Warrants exercise price, exercisable $ 16.80  
$24.30 [Member]    
Number of warrants outstanding 12,383  
Warrants exercise price, outstanding $ 24.30  
Number of warrants exercisable 12,383  
Warrants exercise price, exercisable $ 24.30  
$28.50 [Member]    
Number of warrants outstanding 33,393  
Warrants exercise price, outstanding $ 28.50  
Number of warrants exercisable 33,393  
Warrants exercise price, exercisable $ 28.50  
XML 61 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. Stock-based Compensation (Details - Option activity) - Stock Options [Member] - USD ($)
 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Number of Shares    
Outstanding, beginning balance 211,668  
Granted 20,000  
Exercised 0  
Forfeited 0  
Outstanding, ending balance 231,668  
Exercisable 187,167  
Weighted Average Exercise Price    
Outstanding, beginning balance $ 13.19  
Granted 32.24  
Outstanding, ending balance 14.84  
Exercisable $ 11.75  
Weighed Average Remaining Contractual Life    
Outstanding, ending balance 3 years 3 months 15 days 3 years 5 months 20 days
Granted 10 years  
Exercisable 2 years 3 months 29 days  
Intrinsic value outstanding, beginning balance $ 454,417  
Intrinsic value outstanding, ending balance 471,458  
Exercisable $ 471,458  
XML 62 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. Stock-based Compensation (Details - Option price) - Stock Options [Member] - $ / shares
Jun. 30, 2018
Sep. 30, 2017
Number of options outstanding 231,668 211,668
Option exercise price outstanding $ 14.84 $ 13.19
Number of options exercisable 187,167  
Option exercise price exercisable $ 11.75  
$5.00 [Member]    
Number of options outstanding 31,250  
Option exercise price outstanding $ 5.00  
Number of options exercisable 31,250  
Option exercise price exercisable $ 5.00  
$7.50 [Member]    
Number of options outstanding 25,000  
Option exercise price outstanding $ 7.50  
Number of options exercisable 25,000  
Option exercise price exercisable $ 7.50  
$10.00 [Member]    
Number of options outstanding 31,250  
Option exercise price outstanding $ 10.00  
Number of options exercisable 31,250  
Option exercise price exercisable $ 10.00  
$10.86 [Member]    
Number of options outstanding 4,167  
Option exercise price outstanding $ 10.86  
Number of options exercisable 4,167  
Option exercise price exercisable $ 10.86  
$12.50 [Member] [Default Label]    
Number of options outstanding 4,167  
Option exercise price outstanding $ 10.86  
$15.00 [Member] [Default Label]    
Number of options outstanding 4,167  
Option exercise price outstanding $ 10.86  
$15.18 [Member] [Default Label]    
Number of options outstanding 4,167  
Option exercise price outstanding $ 10.86  
$12.50 [Member]    
Number of options outstanding 6,250  
Option exercise price outstanding $ 12.50  
Number of options exercisable 6,250  
Option exercise price exercisable $ 12.50  
$15.00 [Member]    
Number of options outstanding 6,250  
Option exercise price outstanding $ 15.00  
Number of options exercisable 6,250  
Option exercise price exercisable $ 15.00  
$15.18 [Member]    
Number of options outstanding 75,000  
Option exercise price outstanding $ 15.18  
Number of options exercisable 75,000  
Option exercise price exercisable $ 15.18  
$23.41 [Member]    
Number of options outstanding 8,000  
Option exercise price outstanding $ 23.41  
Number of options exercisable 8,000  
Option exercise price exercisable $ 15.18  
$27.60 [Member]    
Number of options outstanding 8,000  
Option exercise price outstanding $ 27.60  
$31.74 [Member]    
Number of options outstanding 8,000  
Option exercise price outstanding $ 31.74  
$36.50 [Member]    
Number of options outstanding 8,000  
Option exercise price outstanding $ 36.50  
$41.98 [Member]    
Number of options outstanding 8,000  
Option exercise price outstanding $ 41.98  
XML 63 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. Stock-based Compensation (Details - Non vested) - Stock Options [Member]
 9 Months Ended
Jun. 30, 2018
$ / shares
shares
Number of shares  
Outstanding, beginning balance | shares 36,668
Granted | shares 20,000
Vested | shares (12,167)
Outstanding, ending balance | shares 44,501
Weighted-Average Grant-Date Fair Value  
Per share price nonvested options outstanding, beginning of period | $ / shares $ 17.70
Per share price nonvested options granted | $ / shares 32.24
Per share price nonvested options vested | $ / shares 13.32
Per share price nonvested options outstanding, end of period | $ / shares $ 13.54
XML 64 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. Stock-based Compensation (Details - Assumptions) - Stock Options [Member]
 9 Months Ended
Jun. 30, 2018
Risk-free interest rate 1.25%
Expected life of the options 5.0 to 10.0 years
Expected volatility 107.00%
Expected dividend yield 0.00%
XML 65 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. Stock-based Compensation (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Share-based Compensation [Abstract]        
Stock-based compensation expense $ 49,817 $ 67,491 $ 447,970 $ 137,011
Unrecognized compensation expense $ 335,992   $ 335,992  
XML 66 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
13. Earnings Per Share (Details - Computation of loss per share) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Basic        
Net income $ 2,077,038 $ 2,128,043 $ 5,877,866 $ 5,397,282
Less: preferred stock dividends (292) (479) (876) (1,438)
Net income applicable to common stock $ 2,076,746 $ 2,127,564 $ 5,876,990 $ 5,395,844
Weighted average common shares outstanding 1,970,136 2,044,767 1,972,758 2,289,646
Basic earnings per share $ 1.05 $ 1.04 $ 2.98 $ 2.36
Diluted        
Net income (loss) applicable to common stock $ 2,076,746 $ 2,127,564 $ 5,876,990 $ 5,395,844
Add: preferred stock dividends 292 479 876 1,438
Net income applicable for diluted earnings per share $ 2,077,038 $ 2,128,043 $ 5,877,866 $ 5,397,282
Weighted average common shares outstanding 1,970,136 2,044,767 1,972,758 2,289,646
Add: Options 38,980 35,296 42,440 53,081
Assumed weighted average common shares outstanding 3,740,204 3,869,248 3,765,344 4,131,912
Diluted earnings per share $ 0.56 $ 0.55 $ 1.56 $ 1.31
Series B Preferred Stock [Member]        
Diluted        
Add: Preferred Stock 1,071,200 1,071,200 1,071,200 1,071,200
Series B Preferred Stock Warrants [Member]        
Diluted        
Add: Preferred Stock 590,145 590,145 590,145 590,145
Series E Preferred Stock [Member]        
Basic        
Less: preferred stock dividends     $ (876) $ (1,438)
Diluted        
Add: Preferred Stock 77,840 127,840 77,840 127,840
XML 67 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
13. Earnings (Loss) Per Share (Details Narrative) - shares
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Earnings Per Share [Abstract]        
Antidilutive Securities Excluded From Computation Of Earnings Per Share 121,250 124,168 121,250 111,688
XML 68 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
14. Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Related Party Transactions [Abstract]        
Interest expense $ 63,194 $ 63,194 $ 189,583 $ 63,194
Interest paid $ 84,098 $ 84,098 $ 249,552 $ 191,049
XML 69 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
16. Income Taxes (Details Narrative) - USD ($)
 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Income Tax Disclosure [Abstract]    
Income tax rate 38.30% 39.50%
Net operating loss carryforward $ 29,500,000  
Federal statutory rate 24.53%  
Change in income tax expense $ 2,300,000  
XML 70 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
17. Segment Reporting (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Sep. 30, 2017
Revenues $ 54,662,057 $ 41,377,493 $ 147,210,049 $ 112,102,582  
Gross profit 18,814,218 16,993,897 54,860,809 46,114,499  
Operating income (loss) 897,820 5,383,127 8,892,571 14,333,052  
Depreciation and amortization 1,821,233 1,089,541 4,524,397 3,112,786  
Interest expenses 2,711,282 2,127,790 7,001,314 5,612,319  
Net income before provision for income taxes 1,902,232 3,267,989 9,563,807 8,918,547  
Total Assets 141,805,422   141,805,422   $ 128,594,595
Goodwill and intangible assets 43,612,119   43,612,119   41,152,049
Retail and Online [Member]          
Revenues 29,705,192 19,267,959 82,182,175 54,020,215  
Gross profit 12,141,262 10,953,602 38,133,949 30,105,864  
Operating income (loss) (1,978,657) 2,268,438 2,644,667 6,547,564  
Depreciation and amortization 988,169 329,416 2,106,133 884,522  
Interest expenses 2,223,285 1,600,589 5,594,983 4,283,015  
Net income before provision for income taxes (503,861) 797,504 4,710,315 2,842,206  
Total Assets 88,761,358   88,761,358   81,703,371
Goodwill and intangible assets 43,612,119   43,612,119   40,778,865
Manufacturing [Member]          
Revenues 24,773,123 21,898,645 64,460,280 57,429,871  
Gross profit 6,498,207 5,839,412 16,187,021 15,388,787  
Operating income (loss) 2,703,380 2,915,516 5,710,457 7,168,164  
Depreciation and amortization 833,064 760,125 2,418,264 2,228,264  
Interest expenses 487,997 527,201 1,406,331 1,329,304  
Net income before provision for income taxes 2,232,996 2,175,749 4,316,045 5,363,455  
Total Assets 52,942,685   52,942,685   46,783,429
Goodwill and intangible assets 351,233   351,233   373,184
Services [Member]          
Revenues 183,742 210,889 567,594 652,496  
Gross profit 174,749 200,883 539,839 619,848  
Operating income (loss) 173,097 199,173 537,447 617,324  
Depreciation and amortization 0 0 0 0  
Interest expenses 0 0 0 0  
Net income before provision for income taxes 173,097 $ 294,736 537,447 $ 712,886  
Total Assets 101,379   101,379   0
Goodwill and intangible assets $ 0   $ 0   $ 0
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