|6 Months Ended|
Dec. 31, 2019
|Subsequent Events [Abstract]|
Note (13) – Subsequent Events:
On January 31, 2020, the Company acquired Large Equipment, Inc. (d/b/a Laundry Systems of Tennessee) (“LSOT”), pursuant to a merger whereby LSOT merged with and into, and became, a wholly-owned subsidiary of the Company (“Laundry Systems of Tennessee”). Laundry Systems of Tennessee is a Tennessee-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry.
On February 7, 2020, the Company executed a definitive purchase agreement to acquire substantially all the assets and certain liabilities of Commercial Laundry Equipment Company, Inc. (“Commercial Laundry Equipment”). Commercial Laundry Equipment is a Virginia-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef