Annual report pursuant to Section 13 and 15(d)

Acquisition of STC-MEMS (Tables)

v3.7.0.1
Acquisition of STC-MEMS (Tables)
 12 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Schedule of bargain purchase

Purchase Consideration      
       
Amount of consideration:   $ 4,576,591  
         
Assets acquired and liabilities assumed at fair value        
Land   $ 1,000,000  
Building     3,000,000  
STC-MEMS equipment     2,124,650  
Inventory     96,049  
Customer relationships     81,773  
Net assets acquired   $ 6,302,472  
         
Total net assets acquired   $ 6,302,472  
Consideration paid     4,576,591  
Gain on bargain purchase   $ 1,725,881  
Schedule of pro-forma combined operations of the company with the STC-MEMS

The following presents the unaudited pro-forma combined results of operations of the Company with the STC-MEMS Business as if the entities were combined on July 1, 2015.

 

    Year Ended     Year Ended  
    June 30,     June 30,  
    2017     2016  
Revenues, net   $ 4,195,374     $ 5,314,499  
Net (loss) allocable to common shareholders   $ (13,907,072)     $ (7,613,100)
Net (loss) per share   $ (0.82 )   $ (0.57 )
Weighted average number of shares outstanding     16,990,536       13,349,482