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<div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>NOTE 1- BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>&#160;</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>INTERIM FINANCIAL STATEMENTS</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>&#160;</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Basis of Presentation</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><i>&#160;</i></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The accompanying interim unaudited consolidated financial statements and footnotes of TX Holdings, Inc., and its subsidiaries (the &#8220;Company&#8221;), have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The balance sheet as of September 30, 2016, included herein was derived from audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended September 30, 2016. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results for any subsequent quarter or the entire year ending September 30, 2017.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Conformity with GAAP requires the use of estimates and judgments that affect the reported amounts in the financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, those related to revenue recognition, collectability of accounts receivable, contingent liabilities, fair value of share-based awards, fair value of financial instruments, fair value of acquired intangible assets and goodwill, useful lives of intangible assets and property and equipment, and income taxes. These estimates are based on management&#8217;s knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Overview of Business</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Company is in the business of supplying, distributing and selling drill bits, related tools, and other mining supplies, rail and rail material directly and through other suppliers to United States&#8217; coal mining companies for use in their production and transportation processes. The products are supplied to the Company by various manufacturers and suppliers. The products are warehoused and distributed from the Company&#8217;s principal business location in Ashland, Kentucky or shipped directly to its customers.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In addition, on November 21, 2014, and with a view to diversifying its business, the Company acquired all of the membership interest in The Bag Rack, LLC. The acquired company has developed a new product, &#8220;The Bag Rack,&#8221; The Bag Rack is a unique device that enables bags with handles to be stored in the trunk of a car preventing the bags from tipping over and causing spillage. The Company has not generated any revenue from the sale of the new product but continues to explore opportunities for the marketing and distribution of the product. See Note 2. The Company was incorporated in the State of Georgia on May 15, 2000.&#160;</div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i></i></b>&#160;</p> <div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Revenue Recognition</i></b></div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Company recognizes revenue from direct sales of our products to our customers, including shipping fees. Title passes to the customer (usually upon shipment or delivery, depending upon the terms of the sales order) when persuasive evidence of an arrangement exists; when sales amounts are fixed or determinable; and when collectability is reasonably assured. The Company expenses shipping and handling costs as incurred which are included in cost of goods sold on the consolidated statements of operations. See Note 6.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Going Concern Considerations</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The unaudited consolidated financial statements included in this report have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty. Our independent registered public accounting firm&#8217;s report on the consolidated financial statements included in the Company&#8217;s annual report on Form 10-K for the year ended September 30, 2016, contains an explanatory paragraph wherein it expressed an opinion that there is substantial doubt about our ability to continue as a going concern.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Since the commencement of its mining and rail products distribution business, the Company has relied substantially upon financing provided by Mr. Shrewsbury, the Company&#8217;s CEO and, from November 2012 to December 2015, a secured bank line of credit in connection with the development and expansion of its business. On December 3, 2015, the Company entered into a new loan agreement with Town Square Bank under which it obtained a term loan in the amount of $711,376. The Company utilized proceeds of the new loan to repay its line of credit. The loan is for a term of five years and matures on December 3, 2020.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates continuing operations and realization of assets and liquidation of liabilities in the ordinary course of business. The Company's ability to continue as a going concern is dependent upon its ability to raise sufficient capital and to implement a successful business plan to generate profits sufficient to become financially viable. The consolidated financial statements do not include adjustments relating to the recoverability of recorded assets or the implications of associated bankruptcy costs if the Company is unable to continue as a going concern.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Principles of&#160;<font style="font-size: 10pt;">Consolidation</font></i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation.</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Reclassifications</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Prior period financial statement amount have been reclassified to conform to current period presentation.</div> </div>
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<div> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>NOTE 2 &#8211;ACQUISITIONS</b></p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>&#160;</b></p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">On November 21, 2014, the Company acquired 100% ownership of The Bag Rack, LLC, a Kentucky limited liability company, from the Company&#8217;s CEO (who prior to the acquisition, owned 50% of the membership interest in the acquired company) and the remaining membership interests from an unrelated third party. The acquired company had been recently established and was in the process of initiating the development and distribution of &#8220;The Bag Rack&#8221;, a unique patent pending device which enables bags with handles to be stored in the trunk of a car neatly and preventing content spillage. The transaction was completed with the Company paying a purchase price of $500.</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Bag Rack, LLC acquired all rights to the product shortly prior to its acquisition by the Company. Since its formation and at the date of acquisition, the acquired company held no assets or liabilities other than rights to the product which were valued at $500 as they pertained to a new unproven product. In addition, the Company agreed to pay 20% of the net profit for each product sold to a customer by The Bag Rack LLC to the former pending patent holder and 20% of the net income, after payment to the former pending patent holder, to each of the two former members of The Bag Rack, LLC. The payments to the former pending patent holder and prior members of The Bag Rack, LLC will be in perpetuity.<b>&#160;</b></div> </div>
</us-gaap:BusinessCombinationDisclosureTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00">
<div> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>NOTE 3 &#8211; STOCKHOLDERS&#8217; DEFICIT</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Potentially Dilutive Options and Warrants</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>&#160;</b></p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">On May 16, 2012, the Board of Directors authorized the issuance of an aggregate of 400,000 common stock purchase warrants to a sales agent, Mr. Tom Chafin. Over a period of four years, Mr. Chafin was expected to receive 50,000 warrants every six months, for an aggregate of 400,000 warrants. The warrants are exercisable at a price of $0.10 per share, become immediately exercisable, and expire two years after the date of issuance. The initial tranche of 50,000 warrants were issuable effective July 1, 2012. As of March 31, 2017 an aggregate of 100,000 warrants were issuable to Mr. Chafin, and 300,000 of the previously issuable warrants have expired under the terms of the agreement. The warrants were not included in the calculation of diluted earnings per share since their inclusion will be anti-dilutive.</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">On February 25, 2014, the Company issued 500,000 common stock purchase options to Mr. Shrewsbury. Commencing April 1, 2014, the options became exercisable at a price of $.0924 per share, the fair market value of the Company&#8217;s shares of Common Stock on the date authorized by the Board of Directors, February 21, 2014. The options expired on March 31, 2017. The options were not included in the calculation of diluted earnings per share since their inclusion would be anti-dilutive.</div> </div>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00">
<div> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>NOTE 4 &#8211; RELATED PARTY TRANSACTIONS</b></p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>&#160;</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Advances from Stockholder and Officer</i></b></p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">As of March 31, 2017 and September 30, 2016, Mr. Shrewsbury had outstanding advances to the Company of $205,837 and $198,637, respectively. 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The Company issued in exchange a Consolidated Secured Promissory Note (&#8220;Consolidated Note&#8221;) in the principal amount of $2,000,000. The Revolving Note and 10% Note were cancelled and Mr. Shrewsbury agreed to waive any prior defaults under the terms of such notes and to release the Company from any claims related thereto. The Consolidated Note bears interest at the rate of 5% per annum or prime rate if higher than 5% per annum, is repayable in full ten years from the date of issuance, and is subject to certain events of default. Payment of the Consolidated Note is to be secured or otherwise payable by the Company out of the death benefit proceeds of key man life insurance of $2 million that has been purchased by the Company on the life of Mr. Shrewsbury. 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The initial lease had a two year term starting October 1, 2012 and ending August 31, 2014. On September 1, 2014 the lease was extended for an additional two years and on September 1, 2016, further extended for an additional two years. The lease rental is $2,000 per month payable the first of each month. 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During the three months and six months ended March 31, 2017 and 2016, such trucking company was paid $11,797 and $16,350 and $20,644 and $28,411, respectively, for these trucking services.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Commissions Paid to Company Controlled by Officer and Stockholder</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>&#160;</i></b></p> <div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In connection with the transportation and delivery of certain of the Company&#8217;s products, the Company utilizes the services of a national transportation company. The chief executive officer of the Company owns and controls a company that is an agent of such transportation company. Such controlled company places orders for such transportation services on behalf of the Company and is paid a commission for such transportation services. During the three months and six months ended March 31, 2017 and 2016, the Company paid commissions of 2,754 and $2,928 and $4,066 and $5,973, respectively.</div> </div>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00">
<div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>NOTE 5 &#8211; BANK LOAN</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In November 2012, the Company obtained a $250,000 line of credit from a bank and, on August 26, 2014, increased the line of credit to $750,000 and extended the term of the line of credit. The line of credit was secured by a priority security interest in the Company&#8217;s inventory and accounts receivable and matured on November 7, 2015. On December 3, 2015, the Company entered into a new fixed term loan agreement with the bank of $711,376 the proceeds of which were used to repay its line of credit. The loan is for a term of five years and matures on December 3, 2020. 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<txhg:ValueOfPatentRights contextRef="Context_As_Of_31_Mar_2017T00_00_00_TO_31_Mar_2017T00_00_00_BusinessAcquisitionAxis_BagRackLlcMember" unitRef="USD" decimals="0">500</txhg:ValueOfPatentRights>
<txhg:PercentageOfNetProfitToFormerPendingPatentHolderForEachProductSold contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00_BusinessAcquisitionAxis_BagRackLlcMember" unitRef="pure" decimals="2">0.20</txhg:PercentageOfNetProfitToFormerPendingPatentHolderForEachProductSold>
<txhg:PercentageOfNetIncomeToEachFormerMemberAfterPaymentToPendingPatentHolder contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00_BusinessAcquisitionAxis_BagRackLlcMember" unitRef="pure" decimals="2">0.20</txhg:PercentageOfNetIncomeToEachFormerMemberAfterPaymentToPendingPatentHolder>
<us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights contextRef="Context_As_Of_16_May_2012T00_00_00_TO_16_May_2012T00_00_00_TitleOfIndividualAxis_SalesAgentMember_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="shares" decimals="INF">400000</us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights>
<txhg:WarrantIssuedTerm contextRef="Context_Custom_01_May_2012T00_00_00_TO_16_May_2012T00_00_00_TitleOfIndividualAxis_SalesAgentMember_ClassOfWarrantOrRightAxis_WarrantMember">P4Y</txhg:WarrantIssuedTerm>
<txhg:NumberOfWarrantsIssuableEverySixMonth contextRef="Context_As_Of_16_May_2012T00_00_00_TO_16_May_2012T00_00_00_TitleOfIndividualAxis_SalesAgentMember_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="shares" decimals="INF">50000</txhg:NumberOfWarrantsIssuableEverySixMonth>
<us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="Context_As_Of_16_May_2012T00_00_00_TO_16_May_2012T00_00_00_TitleOfIndividualAxis_SalesAgentMember_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="USD_per_Share" decimals="2">0.10</us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>
<txhg:ClassOfWarrantOrRightsExpiryPeriod contextRef="Context_Custom_01_May_2012T00_00_00_TO_16_May_2012T00_00_00_TitleOfIndividualAxis_SalesAgentMember_ClassOfWarrantOrRightAxis_WarrantMember">P2Y</txhg:ClassOfWarrantOrRightsExpiryPeriod>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="Context_As_Of_31_Mar_2017T00_00_00_TO_31_Mar_2017T00_00_00_TitleOfIndividualAxis_SalesAgentMember_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="shares" decimals="INF">100000</us-gaap:ClassOfWarrantOrRightOutstanding>
<txhg:NumberOfWarrantsExpired contextRef="Context_As_Of_31_Mar_2017T00_00_00_TO_31_Mar_2017T00_00_00_TitleOfIndividualAxis_SalesAgentMember_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="shares" decimals="INF">300000</txhg:NumberOfWarrantsExpired>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_Custom_01_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF">500000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_Custom_01_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share"decimals="4">0.0924</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_25_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_PromissoryNoteMember" unitRef="USD" decimals="0">289997</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_25_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_RevolvingPromissoryNotePayableMember" unitRef="USD" decimals="0">1062000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_25_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_ConsolidatedNotesPayableMember" unitRef="USD" decimals="0">2000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_25_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_PromissoryNoteMember" unitRef="pure" decimals="2">0.10</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Mar_2017T00_00_00_TO_31_Mar_2017T00_00_00_LongtermDebtTypeAxis_LoansPayableMember_VariableRateAxis_PrimeRateMember" unitRef="pure" decimals="3">0.040</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentIncreaseAccruedInterest contextRef="Context_Custom_01_Jan_2014T00_00_00_TO_31_Jan_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_PromissoryNoteMember" unitRef="USD" decimals="0">93252</us-gaap:DebtInstrumentIncreaseAccruedInterest>
<us-gaap:DebtInstrumentIncreaseAccruedInterest contextRef="Context_Custom_01_Jan_2014T00_00_00_TO_31_Jan_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_RevolvingPromissoryNotePayableMember" unitRef="USD" decimals="0">168905</us-gaap:DebtInstrumentIncreaseAccruedInterest>
<txhg:OutstandingNonInterestBearingPromissoryNotesPayable contextRef="Context_As_Of_31_Jan_2014T00_00_00_TO_31_Jan_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_PromissoryNoteMember" unitRef="USD" decimals="0">385846</txhg:OutstandingNonInterestBearingPromissoryNotesPayable>
<txhg:DebtInstrumentPrimeInterestRate contextRef="Context_Custom_01_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_ConsolidatedNotesPayableMember" unitRef="pure" decimals="2">0.05</txhg:DebtInstrumentPrimeInterestRate>
<txhg:ProceedsFromKeymanInsurancePolicy contextRef="Context_Custom_01_Feb_2014T00_00_00_TO_25_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_ShortTermDebtTypeAxis_ConsolidatedNotesPayableMember" unitRef="USD" decimals="-6">2000000</txhg:ProceedsFromKeymanInsurancePolicy>
<us-gaap:LesseeLeasingArrangementsOperatingLeasesTermOfContract contextRef="Context_Custom_01_Nov_2012T00_00_00_TO_30_Nov_2012T00_00_00_AgreementAxis_LeaseAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_WilliamShrewsburyAndPeggyShrewsburyMember">P2Y</us-gaap:LesseeLeasingArrangementsOperatingLeasesTermOfContract>
<us-gaap:LesseeLeasingArrangementsOperatingLeasesRenewalTerm contextRef="Context_Custom_01_Nov_2012T00_00_00_TO_30_Nov_2012T00_00_00_AgreementAxis_LeaseAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_WilliamShrewsburyAndPeggyShrewsburyMember">P2Y</us-gaap:LesseeLeasingArrangementsOperatingLeasesRenewalTerm>
<txhg:LeaseRentalPaymentPerMonth contextRef="Context_Custom_01_Nov_2012T00_00_00_TO_30_Nov_2012T00_00_00_AgreementAxis_LeaseAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_WilliamShrewsburyAndPeggyShrewsburyMember" unitRef="USD" decimals="0">2000</txhg:LeaseRentalPaymentPerMonth>
<us-gaap:PaymentsForRent contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00" unitRef="USD" decimals="0">84000</us-gaap:PaymentsForRent>
<us-gaap:FreightCosts contextRef="Context_3ME_01_Jan_2016T00_00_00_TO_31_Mar_2016T00_00_00" unitRef="USD" decimals="0">16350</us-gaap:FreightCosts>
<us-gaap:FreightCosts contextRef="Context_6ME_01_Oct_2015T00_00_00_TO_31_Mar_2016T00_00_00" unitRef="USD" decimals="0">28411</us-gaap:FreightCosts>
<us-gaap:FreightCosts contextRef="Context_3ME_01_Jan_2017T00_00_00_TO_31_Mar_2017T00_00_00" unitRef="USD" decimals="0">11797</us-gaap:FreightCosts>
<us-gaap:FreightCosts contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00" unitRef="USD" decimals="0">20644</us-gaap:FreightCosts>
<us-gaap:PaymentsForLeaseCommissions contextRef="Context_3ME_01_Jan_2016T00_00_00_TO_31_Mar_2016T00_00_00" unitRef="USD" decimals="0">2928</us-gaap:PaymentsForLeaseCommissions>
<us-gaap:PaymentsForLeaseCommissions contextRef="Context_6ME_01_Oct_2015T00_00_00_TO_31_Mar_2016T00_00_00" unitRef="USD" decimals="0">5973</us-gaap:PaymentsForLeaseCommissions>
<us-gaap:PaymentsForLeaseCommissions contextRef="Context_3ME_01_Jan_2017T00_00_00_TO_31_Mar_2017T00_00_00" unitRef="USD" decimals="0">2754</us-gaap:PaymentsForLeaseCommissions>
<us-gaap:PaymentsForLeaseCommissions contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00" unitRef="USD" decimals="0">4066</us-gaap:PaymentsForLeaseCommissions>
<us-gaap:DueToRelatedPartiesCurrent contextRef="Context_As_Of_31_Mar_2017T00_00_00_TO_31_Mar_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember" unitRef="USD" decimals="0">48000</us-gaap:DueToRelatedPartiesCurrent>
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<us-gaap:DebtInstrumentFrequencyOfPeriodicPayment contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00_LongtermDebtTypeAxis_LoansPayableMember">Monthly</us-gaap:DebtInstrumentFrequencyOfPeriodicPayment>
<us-gaap:DebtInstrumentPeriodicPayment contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00_LongtermDebtTypeAxis_LoansPayableMember" unitRef="USD" decimals="0">6967</us-gaap:DebtInstrumentPeriodicPayment>
<us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="Context_As_Of_31_Mar_2017T00_00_00_TO_31_Mar_2017T00_00_00_LongtermDebtTypeAxis_LoansPayableMember" unitRef="USD" decimals="0">391896</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
<us-gaap:DebtInstrumentInterestRateIncreaseDecrease contextRef="Context_6ME_01_Oct_2016T00_00_00_TO_31_Mar_2017T00_00_00_LongtermDebtTypeAxis_LoansPayableMember_VariableRateAxis_PrimeRateMember" unitRef="pure" decimals="2">0.02</us-gaap:DebtInstrumentInterestRateIncreaseDecrease>
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<div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><i>Reclassifications</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Prior period financial statement amount have been reclassified to conform to current period presentation.</div> </div>
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<div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>NOTE 6 &#8211; NEW ACCOUNTING PRONOUNCEMENT</b></p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2014, the FASB issued ASU No.2014-09,&#160;<i>Revenue from Contracts with Customers</i>&#160;(Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. It is effective for annual and interim reporting periods beginning after December 15, 2017. This standard permits early adoption, but not before December 15, 2016, and permits the use of either a retrospective or cumulative effect transition method. We are currently evaluating the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard will not have a material impact on our financial position and results of operations, as we do not expect to change the manner or timing of recognizing revenue on a majority of our revenue transactions. We recognize revenue on sales to customers and distributors upon satisfaction of our performance obligations when the goods are shipped. For consignment sales, we recognize revenue when the goods are pulled from consignment inventory.</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In February 2016, the FASB issued ASU No. 2016-02,&#160;<i>Leases</i>&#160;(Topic 842) The standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. Costs for a financing lease will be disaggregated and recognized as both an operating expense (for the amortization of the right-of-use asset) and interest expense (for interest on the lease liability). This standard will be effective for our interim and annual periods beginning January 1, 2019, and must be applied on a modified retrospective basis to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We are currently evaluating the timing of adoption and the potential impact of this standard on our financial position, but we do not expect it to have a material impact on our results of operations.</div> </div>
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<div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>NEW ACCOUNTING PRONOUNCEMENT</b></p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2014, the FASB issued ASU No.2014-09,&#160;<i>Revenue from Contracts with Customers</i>&#160;(Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. It is effective for annual and interim reporting periods beginning after December 15, 2017. This standard permits early adoption, but not before December 15, 2016, and permits the use of either a retrospective or cumulative effect transition method. We are currently evaluating the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard will not have a material impact on our financial position and results of operations, as we do not expect to change the manner or timing of recognizing revenue on a majority of our revenue transactions. We recognize revenue on sales to customers and distributors upon satisfaction of our performance obligations when the goods are shipped. For consignment sales, we recognize revenue when the goods are pulled from consignment inventory.</p> <p style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <div style="text-align: left; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In February 2016, the FASB issued ASU No. 2016-02,&#160;<i>Leases</i>&#160;(Topic 842) The standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. Costs for a financing lease will be disaggregated and recognized as both an operating expense (for the amortization of the right-of-use asset) and interest expense (for interest on the lease liability). This standard will be effective for our interim and annual periods beginning January 1, 2019, and must be applied on a modified retrospective basis to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We are currently evaluating the timing of adoption and the potential impact of this standard on our financial position, but we do not expect it to have a material impact on our results of operations.</div> </div>
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