Note 16 - Acquisitions

12 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

16.

ACQUISITIONS

The Company purchased Federal Hose Manufacturing LLC on

July

1,

2016

for

$5,851,531

in exchange for the issuance of

911,250

shares of Class A stock for

$847,463,

303,750

shares of Class B Stock for

$235,406,

and issuance of promissory notes payable to First Francis Company Inc. for

$4,768,662.

The purchase price was assigned to the book value of the net assets acquired with the excess over the book value assigned to intangible assets and goodwill.

The purchase price has been allocated to the following accounts:

Cash	$	30,097
Accounts Receivable - trade		834,720
Inventory		1,755,879
Prepaid Expenses		9,909
Fixed Assets		769,000
Customer List		1,280,000
Goodwill		1,777,656
Total Assets Acquired	$	6,457,261
Accounts Payable	$	475,513
Accrued Payroll		14,725
Accrued Expenses		115,725
Total Liabilities Assumed	$	605,730
Net Assets Acquired	$	5,851,531

Acquisition related costs were

$211,951

in

2016,

$71,939

in

2015,

and

$150,921

in

2014.

Also, see Note

6,

Notes Payable - Related Parties, regarding further information regarding the acquisition and notes issued in connection with such acquisition.