Note 11 - Subsequent Events

3 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

Note

1

1

–

Subsequent Events

Purchase of Net Assets of Fulton Technologies, Inc. and Mill City Communications, Inc.

On

December 27, 2018,

the Company entered into a purchase agreement to acquire substantially all of the net assets of Fulton Technologies, Inc. (“Fulton”) and Mill City Communications, Inc. (“Mill City”). These companies provide turn-key wireless infrastructure services for wireless carriers, contractors supporting the wireless carriers, and equipment manufacturers. These services primarily consist of installing and decommissioning equipment on cell towers and small cell towers. This agreement closed on

January 4, 2019.

This acquisition is part of the overall growth strategy that will further diversify the Company into the broader telecommunications industry by providing wireless infrastructure services to the wireless telecommunications market.

The purchase price for the net assets of Fulton Technologies, Inc. and Mill City Communications, Inc. was

$1.7

million, subject to a working capital adjustment. A deposit of

$500,000

was paid on

December 27, 2018

in connection with signing the purchase agreement and is reflected in other non-current assets in the Consolidated Condensed Balance Sheet. The purchase price will be allocated to the major categories of assets and liabilities based on their estimated fair values at the acquisition date. Any remaining amount will be recorded as goodwill. The acquisition occurred on

January 4, 2019,

and the Company is still determining the initial purchase price allocation.