Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 27, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | CONCIERGE TECHNOLOGIES INC | ||
Entity Central Index Key | 0001005101 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Public Float | $ 8,386,366 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 37,412,519 | ||
Series B Convertible Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 53,032 |
Consolidated Balance Sheets
Consolidated Balance Sheets | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 6,481,815 | $ 7,524,114 |
Accounts receivable, net | 939,649 | 1,068,240 |
Accounts receivable - related parties | 1,037,146 | 1,458,159 |
Inventories | 1,008,662 | 931,065 |
Prepaid income tax and tax receivable | 1,754,369 | 2,138,636 |
Investments | 3,756,596 | 3,204,005 |
Other current assets | 546,105 | 374,617 |
Total current assets | 15,524,342 | 16,698,836 |
Restricted cash | 13,437 | 13,536 |
Property and equipment, net | 757,014 | 1,080,471 |
Goodwill | 915,790 | 915,790 |
Intangible assets, net | 2,659,723 | 2,995,231 |
Deferred tax assets, net | 859,696 | 865,120 |
Other assets, long - term | 523,607 | 532,165 |
Total assets | 21,253,608 | 23,101,149 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 2,867,081 | 3,249,387 |
Expense waivers – related parties | 325,821 | 662,650 |
Purchase consideration payable | 1,205,000 | |
Notes payable - related parties | 3,500 | 3,500 |
Equipment loans, current portion | 26,241 | 46,705 |
Total current liabilities | 3,222,643 | 5,167,242 |
LONG TERM LIABILITIES | ||
Notes payable - related parties | 600,000 | 600,000 |
Equipment loans, net of current portion | 61,057 | 149,491 |
Deferred tax liabilities | 176,578 | 208,419 |
Total liabilities | 4,060,278 | 6,125,152 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value; 50,000,000 authorized Series B: 53,032 issued and outstanding at June 30, 2019 and 436,951 at June 30, 2018 | 53 | 437 |
Common stock, $0.001 par value; 900,000,000 shares authorized; 37,237,519 shares issued and outstanding at June 30, 2019 and 29,559,139 at June 30, 2018 | 37,237 | 29,559 |
Additional paid-in capital | 9,178,838 | 9,186,132 |
Accumulated other comprehensive income | (175,659) | 148,808 |
Retained earnings | 8,152,861 | 7,611,061 |
Total stockholders' equity | 17,193,330 | 16,975,997 |
Total liabilities and stockholders' equity | $ 21,253,608 | $ 23,101,149 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, issued (in shares) | 37,237,519 | 29,559,139 |
Common stock, outstanding (in shares) | 37,237,519 | 29,559,139 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued (in shares) | 53,032 | 436,951 |
Preferred stock, outstanding (in shares) | 53,032 | 436,951 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net revenue | ||
Fund management - related party | $ 15,021,439 | $ 18,744,313 |
Net revenue | 26,948,623 | 28,710,589 |
Cost of revenue | 6,936,421 | 5,914,719 |
Gross profit | 20,012,202 | 22,795,870 |
Operating expense | ||
General and administrative expense | 4,205,389 | 4,828,241 |
Fund operations | 4,494,001 | 4,933,437 |
Marketing and advertising | 2,910,447 | 3,554,507 |
Depreciation and amortization | 702,320 | 576,674 |
Salaries and compensation | 6,944,457 | 6,096,232 |
Total operating expenses | 19,256,614 | 19,989,091 |
Income from operations | 755,588 | 2,806,779 |
Other (expense) income: | ||
Other (expense) income | (484,028) | (316,337) |
Interest and dividend income | 366,796 | 111,929 |
Interest expense | (29,493) | (101,089) |
Total other (expense) income, net | (146,725) | (305,497) |
Income before income taxes | 608,863 | 2,501,282 |
Provision of income taxes | 347,014 | 766,596 |
Net income | $ 261,849 | $ 1,734,686 |
Weighted average shares of common stock | ||
Basic (in shares) | 32,588,418 | 29,559,139 |
Diluted (in shares) | 38,298,159 | 38,298,159 |
Net income per common share | ||
Basic income per share (in dollars per share) | $ 0.01 | $ 0.06 |
Diluted income (loss) per share (in dollars per share) | $ 0.01 | $ 0.05 |
Food and Beverage [Member] | ||
Net revenue | ||
Revenue | $ 4,747,358 | $ 4,968,158 |
Security Alarm Monitoring [Member] | ||
Net revenue | ||
Revenue | 3,558,580 | 3,303,584 |
Beauty Products and Other [Member] | ||
Net revenue | ||
Revenue | $ 3,621,246 | $ 1,694,534 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 261,849 | $ 1,734,686 |
Other comprehensive income (loss): | ||
Foreign currency translation (loss) | (44,516) | (214,284) |
Changes in short-term investment valuation | 243,754 | |
Comprehensive income | $ 217,333 | $ 1,764,156 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | ||
Balance (in shares) at Jun. 30, 2017 | [1] | 436,951 | 29,559,139 | |||||
Balance at Jun. 30, 2017 | $ 2,011,934 | [1] | $ 29,559 | $ 7,174,635 | $ 119,338 | $ 5,876,375 | $ 13,199,907 | |
Balance at Jun. 30, 2017 | [1] | 437 | 29,559 | 9,186,132 | 119,338 | 5,876,375 | 15,211,841 | |
Change in investment valuation | 243,754 | 243,754 | ||||||
(Loss) on currency translation | (214,284) | (214,284) | ||||||
Net income | [1] | 1,734,686 | 1,734,686 | |||||
Balance (in shares) at Jun. 30, 2018 | 436,951 | 29,559,139 | ||||||
Balance at Jun. 30, 2018 | $ 437 | [1] | $ 29,559 | 9,186,132 | 148,808 | 7,611,061 | 16,975,997 | |
Change in investment valuation | ||||||||
(Loss) on currency translation | (44,516) | (44,516) | ||||||
Net income | [1] | 261,849 | 261,849 | |||||
Reclassification of investment gains | (279,951) | 279,951 | ||||||
Conversion of preferred shares (in shares) | (383,919) | 7,678,380 | ||||||
Conversion of preferred shares | $ (384) | $ 7,678 | (7,294) | |||||
Balance (in shares) at Jun. 30, 2019 | 53,032 | 37,237,519 | ||||||
Balance at Jun. 30, 2019 | $ 53 | [1] | $ 37,237 | $ 9,178,838 | $ (175,659) | $ 8,152,861 | $ 17,193,330 | |
[1] | Upon issuance of the preferred shares in the Wainwright acquisition, the Company no longer had sufficient authorized, unissued, common stock to allow for Series B conversion. Accordingly, the Series B was reclassified to the mezzanine section. On December 15, 2017 a 1:30 reverse stock split was completed and allowed for the Series B shares to be moved from the mezzanine section to stockholders' equity. All share amounts have been adjusted for the reverse stock split (Note 13). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ (261,849) | $ (1,734,686) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 702,320 | 576,674 |
Deferred taxes | (26,417) | 564,992 |
Bad debt expense | 2,075 | 51,747 |
Unrealized loss on investments | 1,995 | 359,666 |
Realized (gain) on sale of investments | (30,718) | (3,592) |
(Gain) on disposal of equipment | (3,369) | (8,364) |
(Increase) decrease in current assets: | ||
Accounts receivable, net | 128,105 | 7,137 |
Accounts receivable - related party | 421,013 | 304,112 |
Prepaid income taxes and tax receivable | 421,845 | (906,085) |
Inventories | (79,127) | (162,388) |
Other current assets | (161,254) | 4,045 |
Increase (decrease) in current liabilities: | ||
Accounts payable and accrued expenses | (425,690) | 406,126 |
Expense waiver - related party | (336,829) | 73,557 |
Net cash provided by operating activities | 875,798 | 3,002,313 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for acquisition of business assets | (1,205,000) | (2,277,172) |
Purchase of equipment - net of disposals | (50,165) | (318,064) |
Sale of investments | 3,230,891 | 1,372,019 |
Purchase of investments | (3,754,132) | (1,109,596) |
Net cash used in investing activities | (1,778,406) | (2,332,813) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds of equipment loan | 178,604 | |
Repayment of equipment loan | (108,898) | (67,660) |
Net cash (used in) provided by financing activities | (108,898) | 110,944 |
Effect of exchange rate change on cash, cash equivalents and restricted cash | (30,893) | 13,184 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,042,399) | 793,628 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE | 7,537,650 | 6,744,022 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | 6,495,251 | 7,537,650 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 29,493 | |
Income taxes paid | 202,363 | 965,272 |
Purchase consideration payable (see Note 12) | $ 1,205,000 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Concierge Technologies, Inc., (the “Company” or “Concierge”), a Nevada corporation, operates through its wholly owned subsidiaries who are engaged in varied business activities. The operations of the Company’s wholly-owned subsidiaries are more particularly described herein but are summarized as follows: ● Wainwright Holdings, Inc. (“Wainwright”), a U.S. based company, is the sole member of two ● Gourmet Foods, Ltd. (“Gourmet Foods”), a New Zealand based company, manufactures and distributes New Zealand meat pies on a commercial scale. ● Brigadier Security Systems ( 2000 ● Kahnalytics, Inc. dba/Original Sprout (“Original Sprout”), a U.S. based company, is engaged in the wholesale distribution of hair and skin care products under the brand name Original Sprout on a global scale. The former business of Kahnalytics, providing live-streaming mobile video on a subscription basis, was insignificant and was terminated after transitioning to the current business of distributing hair and skin care products. See “Note 12. Concierge manages its operating businesses on a decentralized basis. There are no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. Basis of Presentation and Accounting Principles The Company has prepared the accompanying financial statements on a consolidated basis. In the opinion of management, the accompanying consolidated balance sheets and related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of Consolidation The accompanying condensed consolidated financial statements, which are referred herein as the “Financial Statements” include the accounts of Concierge and its wholly owned subsidiaries, Wainwright, Gourmet Foods, Brigadier and Original Sprout. All significant inter-company transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of the Financial Statements are in conformity with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three $250,000 CD$100,000 not Accounts Receivable, net and Accounts Receivable - Related Parties Accounts receivable, net, consist of receivables from the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns to determine whether or not June 30, 2019 June 30, 2018, $2,075 $51,747, Accounts receivable - related parties, consist of fund asset management fees receivable from the Wainwright business. Management fees receivable generally consist of one June 30, 2019, June 30, 2018, no Major Customers and Suppliers – Concentration of Credit Risk Concierge, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadier’s customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. Sales to the largest customer, which includes contracts and recurring monthly support fees, totaled 46% 41% June 30, 2019 June 30, 2018, 37% June 30, 2019 35% June 30, 2018. 12% June 30, 2019 nil June 30, 2018. no June 30, 2019 2018. Concierge, through Gourmet Foods, has three 1 2 3 no For the year ended and balance sheet date of June 30, 2019, 22% 28% 21% 33% June 30, 2018, second 12% June 30, 2019 12% June 30, 2018. 19% June 30, 2019 16% June 30, 2018. two June 30, 2019, 43% 41% June 30, 2018. No third no one Concierge, through Original Sprout, is not one no 10% one 10% June 30, 2019. 3 25%, 17%, 12% 54% June 30, 2019. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated 12 June 30, 2019 June 30, 2018 Year ended June 30, 201 9 Year ended June 30, 201 8 Revenue Revenue Fund USO $ 7,308,354 49 % $ 9,752,223 52 % USCI 4,051,605 27 % 4,253,921 23 % UNG 1,922,596 13 % 2,753,723 15 % All Others 1,738,884 11 % 1,984,446 10 % Total $ 15,021,439 100 % $ 18,744,313 100 % June 30, 2019 June 30, 2018 Accounts Receivable Accounts Receivable Fund USO $ 526,981 51 % $ 674,535 46 % USCI 236,251 23 % 431,288 30 % UNG 141,413 13 % 182,399 12 % All Others 132,501 13 % 169,937 12 % Total $ 1,037,146 100 % $ 1,458,159 100 % Inventories Inventories, consisting primarily of food products and packaging in New Zealand, hair and skin care finished products and components in the U.S. and security system hardware in Canada, are valued at the lower of cost (determined on a FIFO basis) or net realizable value. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. For the years ended June 30, 2019 2018 $0 $0, June 30, 2019 June 30, 2018, $10,317 $0, Property and Equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 Category Estimated Useful Life (in years) Plant and equipment: 5 to 10 Furniture and office equipment: 3 to 5 Vehicles 3 to 5 Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not no June 30, 2019 June 30, 2018. Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase businesses combination. Goodwill is tested for impairment on an annual basis during the fourth may two first two not two no June 30, 2019 2018 Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no June 30, 2019 2018. Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income. The Company values its investments in accordance with Accounting Standards Codification ("ASC") 820 820” 820 820 820 1 2 three 820 Level 1 Level 2 1 2 not Level 3 not In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. Revenue Recognition Revenue consists of fees earned through management of investment funds, sale of gourmet meat pies and related bakery confections in New Zealand, security alarm system installation and maintenance services in Canada, and wholesale distribution of hair and skin care products. Revenue is accounted for net of sales taxes, sales returns, trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Company’s product sales or services, these criteria are met at the time the product is shipped, the subscription period commences, or the management fees are accrued. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of their recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. Recently Adopted Accounting Pronouncements - May 2014, July 1, 2018 July 1, 2018 not not five 1. 2. 3. 4. 5. Transactions involve security systems that are sold outright to the customer where the Company's performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Operations. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Consolidated Statements of Operations, which for the year ended June 30, 2019, US$352,249, 10% June 30, 2019 1% None Because the Company has no no no Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the years ended June 30, 2019 2018 $2.9 $3.6 Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830 30, Foreign Currency Translation Short-Term Investment Valuation In January 2016, July 1, 2018. July 1, 2018 no Segment Reporting The Company defines operating segments as components about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on the geographic locations of its subsidiaries (Refer to Note 16 Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may one may June 30, 2019 2018 no Recent Accounting Pronouncements adopted during the year ended June 30, 2019 On July 1, 2018 2016 01 Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities 606 Revenue from Contracts with Customers 606" 2016 01 606 ASU 2016-01 ASC 606 Total Increase (decrease): Assets $ - $ - $ - Liabilities $ - $ - $ - Accumulated other comprehensive income $ (279,951 ) $ - $ (279,951 ) Retained earnings $ 279,951 $ - $ 279,951 The above (“ASU 2016 01” 2016 01 July 1, 2018 The Company has reviewed new accounting pronouncements issued between September 28, 2018, 10 10 no 842 On July 1, 2019, 2016 02, 842 840, 842 842 not 15 |
Note 3 - Basic and Diluted Net
Note 3 - Basic and Diluted Net Loss Per Share | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. The Company does not Diluted net income per share reflects the effects of shares actually potentially issuable upon conversion of convertible preferred stock. The components of basic and diluted earnings per share were as follows: For the year ended June 30, 201 9 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 261,849 32,588,418 $ 0.01 Effect of dilutive securities - - - Preferred stock Series B - 5,709,741 - Diluted income per share $ 261,849 38,298,159 $ 0.01 For the year ended June 30, 201 8 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 1,734,686 29,559,139 $ 0.06 Effect of dilutive securities - - - Preferred stock Series B - 8,739,020 - Diluted income per share $ 1,734,686 38,298,159 $ 0.05 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4. Inventories for Gourmet Foods, Brigadier and Original Sprout consisted of the following totals: June 30, June 30, 201 9 201 8 Raw materials $ 208,284 $ 195,674 Supplies and packing materials 188,035 142,257 Finished goods 612,343 593,134 Total inventories $ 1,008,662 $ 931,065 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. Property, plant and equipment consisted of the following as of June 30, 2019 2018: June 30, 201 9 June 30, 201 8 Plant and equipment $ 1,511,629 $ 1,487,568 Furniture and office equipment 188,370 171,978 Vehicles 332,672 351,381 Total property and equipment, gross 2,032,671 2,010,927 Accumulated depreciation (1,275,657 ) (930,456 ) Total property and equipment, net $ 757,014 $ 1,080,471 For the years ended June 30, 2019 2018, $366,812 $342,628, |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6. Intangible assets consisted of the following: June 30, 201 9 June 30, 201 8 Customer relationships $ 700,252 $ 700,252 Brand name 1,142,122 1,142,122 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Non-compete agreement 274,982 274,982 Total 3,375,870 3,375,870 Less : accumulated amortization (716,147 ) (380,639 ) Net intangibles $ 2,659,723 $ 2,995,231 CUSTOMER RELATIONSHIP On August 11, 2015, $66,153 10 June 2, 2016, $434,099 10 December 18, 2017 $200,000 7 June 30, 2019 June 30, 2018 Customer relationships $ 700,252 700,252 Less: accumulated amortization (203,492 ) (124,895 ) Total customer relationships, net $ 496,760 575,357 BRAND NAME On August 11, 2015, $61,429 10 June 2, 2016, $340,694 10 December 18, 2017 $740,000 may no June 30, 201 9 June 30, 201 8 Brand name $ 1,142,122 $ 1,142,122 Less: accumulated amortization (129,084 ) (88,872 ) Total brand name, net $ 1,013,038 $ 1,053,250 DOMAIN NAME On August 11, 2015, $21,601 5 June 2, 2016, $15,312 5 June 30, 201 9 June 30, 201 8 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (26,341 ) (18,958 ) Total brand name, net $ 10,572 $ 17,955 RECIPES AND FORMULAS On August 11, 2015, $21,601 5 December 18, 2017 $1,200,000 8 June 30, 201 9 June 30, 201 8 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (246,622 ) (92,303 ) Total recipes and formulas, net $ 974,979 $ 1,129,298 NON-COMPETE AGREEMENT On June 2, 2016, $84,982 5 December 18, 2017 $190,000 5 June 30, 201 9 June 30, 201 8 Non-compete agreement $ 274,982 $ 274,982 Less: accumulated amortization (110,608 ) (55,612 ) Total non-compete agreement, net $ 164,374 $ 219,370 AMORTIZATION EXPENSE The total amortization expense for intangible assets for the years ended June 30, 2019 June 30, 2018 $335,508 $234,046, Estimated amortization expenses of intangible assets for the next five twelve June 30, Years Ending June 30, Expense 2020 $ 335,508 2021 326,034 2022 306,809 2023 286,507 2024 268,809 Thereafter 1,136,056 Total $ 2,659,723 |
Note 7 - Other Assets
Note 7 - Other Assets | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 7. Other Current Assets Other current assets totaling $546,105 June 30, 2019 $374,617 June 30, 2018 As of June 30, 201 9 As of June 30, 201 8 Prepaid expenses $ 462,215 $ 358,869 Other current assets 83,890 15,748 Total $ 546,105 $ 374,617 Investments Wainwright, from time to time, provides initial investments in the creation of ETP funds that Wainwright manages. Wainwright classifies these investments as current assets as these investments are generally sold within one no June 30, 2018 2016 01. June 30, 2019 June 30, 2018, $3.8 $3.2 no June 30, 2019 June 30, 2018, no Investments measured at estimated fair value consist of the following as of June 30, 2019 June 30, 2018: As of June 30, 201 9 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 3,005,182 $ - $ - $ 3,005,182 Other short term investments 749,988 - (739 ) 749,249 Other equities 3,421 - (1,256 ) 2,165 Total short-term investments $ 3,758,591 $ - $ (1,995 ) $ 3,756,596 As of June 30, 201 8 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 180,138 $ - $ - $ 180,138 USCI mutual fund investment 2,500,000 280,480 - 2,780,480 Hedged asset 523,100 - (280,761 ) 242,339 Other equities 1,577 - (529 ) 1,048 Total short-term investments $ 3,204,815 $ 280,480 $ (281,290 ) $ 3,204,005 The following tables summarize the valuation of the Company’s securities at June 30, 2019 June 30, 2018 As of June 30, 201 9 Total Level 1 Level 2 Level 3 Money market funds $ 3,005,182 $ 3,005,182 $ - $ - Other short term investments 749,249 749,249 - - Other equities 2,165 2,165 - - Total $ 3,756,596 $ 3,756,596 $ - $ - As of June 30, 201 8 Total Level 1 Level 2 Level 3 Money market funds $ 180,138 $ 180,138 $ - $ - Mutual fund investment 2,780,480 2,780,480 - - Hedge asset 242,339 - 242,339 - Other equities 1,048 1,048 - - Total $ 3,204,005 $ 2,961,666 $ 242,339 $ - During the years ended June 30, 2019 2018, no 1 2. Restricted Cash At June 30, 2019 2018, NZ$20,000 US$13,437 US$13,536, one Long - Term Assets Other long term assets totaling $523,607 $532,165 June 30, 2019 June 30, 2018, (i) $500,000 June 30, 2019 June 30, 2018 10% (ii) and $23,607 June 30, 2019 $32,165 June 30, 2018 |
Note 8 - Goodwill
Note 8 - Goodwill | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 8. Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. The amounts recorded in goodwill for June 30, 2019 2018 $915,790 $915,790, Goodwill is comprised of the following amounts: As of June 30, 201 9 As of June 30, 201 8 Goodwill – Original Sprout 416,817 416,817 Goodwill – Gourmet Foods 147,628 147,628 Goodwill - Brigadier 351,345 351,345 Total $ 915,790 $ 915,790 The Company tests for goodwill impairment at each reporting unit. There was no June 30, 2019 June 30, 2018. |
Note 9 - Accounts Payable and A
Note 9 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 9. Accounts payable and accrued expenses consisted of the following: June 30, 201 9 June 30, 201 8 Accounts payable $ 1,720,902 $ 1,935,645 Accrued interest 117,555 56,689 Taxes payable 181,563 3,938 Deferred rent 37,076 3,681 Accrued payroll, vacation and bonus payable 345,520 299,630 Accrued expenses 464,465 949,804 Total $ 2,867,081 $ 3,249,387 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 10. Notes Payable - Related Parties Current related party notes payable consist of the following: June 30, 201 9 June 30, 201 8 Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) 3,500 3,500 Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022 350,000 350,000 $ 603,500 $ 603,500 Interest expense for all related party notes for the years ended June 30, 2019 2018 $24,280 $24,280, Wainwright - Related Party Transactions The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company’s Wainwright revenues, totaling $15.0 $18.7 June 30, 2019 2018, $1.0 $1.5 June 30, 2019 June 30, 2018, $0.3 $0.7 $0.2 $0.5 June 30, 2019 2018, $0.3 $0.7 June 30, 2019 June 30, 2018, 15 |
Note 11 - Equipment Loans
Note 11 - Equipment Loans | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loan Commitments [Text Block] | NOTE 11. As of June 30, 2019, CD$114,292 US$87,297 60 June 30, 2019 June 30, 2018 twelve US$26,241 $46,705, twelve US$61,057 $149,491 June 30, 2019 2018 June 30, 2019 US$5,197 $12,662 June 30, 2018. |
Note 12 - Business Combination
Note 12 - Business Combination | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 12. Acquisition of the assets of The Original Sprout, LLC Kahnalytics, Inc., a wholly owned subsidiary of Concierge Technologies domiciled in California, was founded during May 2015 two December 18, 2017, $3.5 twelve Item Amount Inventory $ 371,866 Accounts receivable 288,804 Furniture, fixtures and equipment 1,734 Pre-payments of inventory 8,775 Discount on installment payments** 64,176 Intangible assets* 2,330,000 Goodwill 416,817 Total Purchase Price $ 3,482,172 *See Note 6 **This amount represents a discount on installment payments and was charged to interest expense. On the closing date of the transaction, December 18, 2017, $982,172 $1,250,000 May 18, 2018. January 5, 2019. Supplemental Pro Forma Information (Unaudited) The following unaudited supplemental pro forma information for the year ended June 30, 2018 July 1, 2017, may not July 1, 2017. not Year Ended June 30, 2018 Pro Forma (1) Net Revenues $ 30,782,940 Net Income $ 2,044,203 Basic Earnings per Share $ 0.07 Diluted Earnings per Share $ 0.05 ( 1 ) Includes the operation of the assets acquired from Original Sprout LLC on a consolidated basis and the estimated transaction costs, amortization of intangible assets, and estimated income tax. |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13. Reverse Stock Split On November 17, 2017, one thirty 1:30 December 15, 2017. February 13, 2017. 2017. not Convertible Preferred Stock Each issued Series B Voting, Convertible Preferred Stock is convertible into 20 20 February 7, 2019, 383,919 7,678,380 53,032 June 30, 2019. Accumulated Other Comprehensive Income The following table presents activity for the years ending June 30, 2019 June 30, 2018: Balance as of June 30, 2017 $ 119,338 Change in short-term investment valuation before reclassification to earnings 329,629 Foreign currency translation (loss) (214,284 ) Change in short-term investment valuation due to reclassification to earnings (85,875 ) Balance as of June 30, 2018 $ 148,808 Foreign currency translation (loss) (44,516 ) Change in short-term investment valuation due to reclassification to earnings (279,951 ) Balance as of June 30, 2019 $ (175,659 ) |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14. The following table summarizes income before income taxes: Years Ended June 30, 2019 2018 U.S. $ 414,961 $ 2,276,390 Foreign 193,902 224,892 Income before income taxes $ 608,863 $ 2,501,282 Income Tax Provision Provision for income tax as listed on the Consolidated Statements of Operations for the years ended June 30, 2019 2018 $347,014 $766,596, Provision for taxes consisted of the following: Years Ended June 30, 201 9 201 8 U.S. operations $ 183,025 $ 658,293 Foreign operations 163,989 108,303 Total $ 347,014 $ 766,596 Provisions for income tax consisted of the following as of the years ended: For the year ended: June 30, 201 9 June 30, 201 8 Current: Federal $ 149,239 $ 572,227 States 36,183 (510,765 ) Foreign 188,009 140,142 Total current 373,431 201,604 Deferred: Federal (10,572 ) 502,364 States 8,175 94,467 Foreign (24,020 ) (31,839 ) Total deferred (26,417 ) 564,992 Total $ 347,014 $ 766,596 Tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets for the years ended June 30, 2019 2018 For the year ended: June 30, 201 9 June 30, 201 8 Deferred tax assets: Property and equipment and intangible assets - U.S. $ 619,483 $ 745,420 Net operating loss 3,299 3,646 Capital loss carryover 167 10,337 Accruals, reserves and other - foreign 5,674 13,494 Accruals, reserves and other - U.S. 233,646 104,607 Gross deferred tax assets 862,269 877,504 Less valuation allowance (2,573 ) (12,384 ) Total deferred tax assets $ 859,696 $ 865,120 Deferred tax liabilities: Intangible assets - foreign $ (176,578 ) $ (208,419 ) Total deferred tax liabilities $ (176,578 ) $ (208,419 ) The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company’s net deferred tax assets. The Company primarily considered such factors as the Company’s history of operating losses; the nature of the Company’s deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does believe that it is more likely than not $9,811 June 30, 2019 $16,693 June 30, 2018. On December 22, 2017, one June 30, 2018. December 2017, No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act 118 not one fourth 2019, June 30, 2019. The TCJA reduced the U.S. federal statutory tax rate from 35% 21% January 1, 2018. $504,905 June 30, 2018. Furthermore, the TCJA includes a provision to tax global intangible low-taxed income (“GILTI”) of foreign subsidiaries. The GILTI is broadly the excess income of foreign subsidiaries over a 10% 50% 21%, 10.5%. December 31, 2017. 2018. Income tax expense (benefit) for the years ended June 30, 2019 June 30, 2018 21.00% 27.50%, For the year ended: June 30, 2019 June 30, 2018 Federal tax expense (benefit) at statutory rate $ 127,861 $ 687,853 State income taxes 36,760 (437,242 ) Permanent differences 112,814 (46,251 ) Deferred tax impact of the Tax Act - 504,905 U.S. toll charge (net of FTC) - 1,112 Foreign tax credit (43,930 ) Change in valuation allowance (9,761 ) 9,761 Foreign rate differential 123,270 46,458 Total tax expense $ 347,014 $ 766,596 For the year ended: June 30, 2019 June 30, 2018 % % Federal tax expense (benefit) at statutory rate 21.00 % 27.50 % State income taxes 6.04 % (17.48 Permanent differences 18.52 % (1.85 Deferred tax impact of the Tax Act - 20.19 % Foreign rate differential 20.25 % 1.86 % U.S. toll charge (net of FTC) - 0.04 % Foreign tax credit (7.22 %) - Change in valuation allowance (1.60 0.39 % Total tax expense 56.99 % 30.65 % Tax positions are evaluated in a two first not not 50% June 30, 2019 2018 Balance at June 30, 201 8 $ 264,543 Additions based on tax positions taken during a prior period 12,597 Reductions based on tax positions taken during a prior period - Additions based on tax positions taken during the current period - Reductions based on tax positions taken during the current period - Reductions related to settlement of tax matters - Reductions related to a lapse of applicable statute of limitations - Balance at June 30, 201 9 $ 277,140 The Company files income tax returns in the United States, and various state and foreign jurisdictions. The federal, state and foreign income tax returns are subject to tax examinations for the tax years 2015 2018 June 30, 2019. may no June 30, 2019. The Company had $251,946 June 30, 2019 $251,946 June 30, 2018 not June 30, 2019. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2019, June 30, 2018, $25,195 $12,597, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15. Lease Commitments The Company leases various facilities and offices throughout the world including the following subsidiary locations: Gourmet Foods has operating leases for its office, factory and warehouse facilities located in Tauranga, New Zealand, as well as for certain equipment including vehicles. These leases are generally for three three September 2019 September 2022, US$11,561 June 30, 2019. Brigadier leases office and storage facilities as well as certain office equipment in Saskatoon and Regina, Saskatchewan. As of June 30, 2019, July 1, 2019 ( 17 US$2,755 June 30, 2019. Original Sprout currently leases office and warehouse space in San Clemente, CA under a three March 1, 2021. $7,837 Wainwright leases office space in Walnut Creek, California under an operating lease which expires in December 2024. $12,000 For the years ended June 30, 2019 2018, $413,429 $254,150, Future minimum consolidated lease payments for Concierge and its subsidiaries are as follows: Year Ended June 30, Lease Amount 2020 $ 412,025 2021 384,248 2022 243,412 2023 206,502 2024 109,958 2025 584 Total minimum lease commitment $ 1,356,729 Additionally, Gourmet Foods entered into a General Security Agreement in favor of the Gerald O’Leary Family Trust and registered on the Personal Property Securities Register for a priority sum of NZ$110,000 US$73,901 NZ$20,000 US$13,437 Other Agreements and Commitments USCF manages four June 30, 2019 June 30, 2018 $0.3 $0.7 no four USCF Advisers previously managed one March 21, 2019. March 21, 2019. Litigation From time to time, the Company is involved in legal proceedings arising mainly from the ordinary course of its business. Currently, there are no Retirement Plan Wainwright's wholly owned subsidiary USCF, has a 401 21 1,000 one may $158 $95 June 30, 2019 2018, |
Note 16 - Segment Reporting
Note 16 - Segment Reporting | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 16. With the acquisition of Wainwright Holdings, Gourmet Foods, Ltd., Brigadier, and the launch of the Original Sprout business unit of Kahnalytics, the Company has identified four third The following table presents a summary of identifiable assets as of June 30, 2019 June 30, 2018: As of June 30, 201 9 As of June 30, 201 8 Identifiable assets: Corporate headquarters $ 2,730,805 $ 2,123,048 U.S.A. : fund management 10,878,549 13,563,773 U.S.A. : beauty products 3,780,278 3,739,979 New Zealand: food industry 1,838,800 1,959,486 Canada: security systems 2,025,176 1,714,863 Consolidated $ 21,253,608 $ 23,101,149 The following table presents a summary of operating information for the years ended June 30, 2019 June 30, 2018: Year Ended June 30, 201 9 Year Ended June 30, 201 8 Revenues: U.S.A. : beauty products $ 3,621,246 $ 1,694,534 U.S.A. : investment fund management 15,021,439 18,744,313 New Zealand : food industry 4,747,358 4,968,158 Canada : security systems 3,558,580 3,303,584 Consolidated $ 26,948,623 $ 28,710,589 Net income (loss) after taxes: Corporate headquarters $ (1,223,930 ) $ (744,992 ) U.S.A. : beauty products 406,963 42,702 ) U.S.A. : investment fund management 687,755 1,950,711 New Zealand : food industry (13,326 ) 99,398 Canada : security systems 404,387 386,867 Consolidated $ 261,849 $ 1,734,686 The following table presents a summary of net capital expenditures for the year ended June 30: 201 9 201 8 Capital expenditures: U.S.A. : corporate headquarters $ - $ 495 U.S.A. : beauty products 5,501 2,707 U.S.A.: investment fund management - - New Zealand: food industry 48,856 165,414 Canada: security systems (4,192 ) 149,449 Consolidated $ 50,165 $ 318,064 The following table represents property, plant and equipment in use at each of the Company's locations as of June 30: 201 9 201 8 Asset Location: U.S.A. : corporate headquarters $ 14,305 $ 14,305 U.S.A. : beauty products 10,745 5,244 U.S.A.: investment fund management - - New Zealand: food industry 1,659,186 1,627,545 Canada: security systems 348,435 363,833 Total All Locations 2,032,671 2,010,927 Less accumulated depreciation (1,275,657 ) (930,456 ) Net property, plant and equipment $ 757,014 $ 1,080,471 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17. The Company evaluated subsequent events for recognition and disclosure through the date the financial statements were issued or filed. Nothing has occurred outside normal operations since that required recognition or disclosure in these financial statements other than the items noted below. On July 2, 2019, CAN$750,000 US$572,858 CAN$525,000 US$401,000 CAN$225,000 US$171,858 5 4.14%. On June 24, 2019, July 31, 2019. ( 8 June 27, 2019 August 2, 2019) USCF Advisers implemented fee waivers for all three August 15, 2019: No 1 three October 31, 2020 may On August 15, 2019, 175,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Accounting Principles The Company has prepared the accompanying financial statements on a consolidated basis. In the opinion of management, the accompanying consolidated balance sheets and related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying condensed consolidated financial statements, which are referred herein as the “Financial Statements” include the accounts of Concierge and its wholly owned subsidiaries, Wainwright, Gourmet Foods, Brigadier and Original Sprout. All significant inter-company transactions and accounts have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the Financial Statements are in conformity with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three $250,000 CD$100,000 not |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | Accounts Receivable, net and Accounts Receivable - Related Parties Accounts receivable, net, consist of receivables from the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns to determine whether or not June 30, 2019 June 30, 2018, $2,075 $51,747, Accounts receivable - related parties, consist of fund asset management fees receivable from the Wainwright business. Management fees receivable generally consist of one June 30, 2019, June 30, 2018, no |
Major Customers, Policy [Policy Text Block] | Major Customers and Suppliers – Concentration of Credit Risk Concierge, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadier’s customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. Sales to the largest customer, which includes contracts and recurring monthly support fees, totaled 46% 41% June 30, 2019 June 30, 2018, 37% June 30, 2019 35% June 30, 2018. 12% June 30, 2019 nil June 30, 2018. no June 30, 2019 2018. Concierge, through Gourmet Foods, has three 1 2 3 no For the year ended and balance sheet date of June 30, 2019, 22% 28% 21% 33% June 30, 2018, second 12% June 30, 2019 12% June 30, 2018. 19% June 30, 2019 16% June 30, 2018. two June 30, 2019, 43% 41% June 30, 2018. No third no one Concierge, through Original Sprout, is not one no 10% one 10% June 30, 2019. 3 25%, 17%, 12% 54% June 30, 2019. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated 12 June 30, 2019 June 30, 2018 Year ended June 30, 201 9 Year ended June 30, 201 8 Revenue Revenue Fund USO $ 7,308,354 49 % $ 9,752,223 52 % USCI 4,051,605 27 % 4,253,921 23 % UNG 1,922,596 13 % 2,753,723 15 % All Others 1,738,884 11 % 1,984,446 10 % Total $ 15,021,439 100 % $ 18,744,313 100 % June 30, 2019 June 30, 2018 Accounts Receivable Accounts Receivable Fund USO $ 526,981 51 % $ 674,535 46 % USCI 236,251 23 % 431,288 30 % UNG 141,413 13 % 182,399 12 % All Others 132,501 13 % 169,937 12 % Total $ 1,037,146 100 % $ 1,458,159 100 % |
Inventory, Policy [Policy Text Block] | Inventories Inventories, consisting primarily of food products and packaging in New Zealand, hair and skin care finished products and components in the U.S. and security system hardware in Canada, are valued at the lower of cost (determined on a FIFO basis) or net realizable value. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. For the years ended June 30, 2019 2018 $0 $0, June 30, 2019 June 30, 2018, $10,317 $0, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 Category Estimated Useful Life (in years) Plant and equipment: 5 to 10 Furniture and office equipment: 3 to 5 Vehicles 3 to 5 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not no June 30, 2019 June 30, 2018. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase businesses combination. Goodwill is tested for impairment on an annual basis during the fourth may two first two not two no June 30, 2019 2018 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no June 30, 2019 2018. |
Investments and Fair Value of Financial Instruments, Policy [Policy Text Block] | Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income. The Company values its investments in accordance with Accounting Standards Codification ("ASC") 820 820” 820 820 820 1 2 three 820 Level 1 Level 2 1 2 not Level 3 not In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. |
Revenue [Policy Text Block] | Revenue Recognition Revenue consists of fees earned through management of investment funds, sale of gourmet meat pies and related bakery confections in New Zealand, security alarm system installation and maintenance services in Canada, and wholesale distribution of hair and skin care products. Revenue is accounted for net of sales taxes, sales returns, trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Company’s product sales or services, these criteria are met at the time the product is shipped, the subscription period commences, or the management fees are accrued. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of their recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. Recently Adopted Accounting Pronouncements - May 2014, July 1, 2018 July 1, 2018 not not five 1. 2. 3. 4. 5. Transactions involve security systems that are sold outright to the customer where the Company's performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Operations. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Consolidated Statements of Operations, which for the year ended June 30, 2019, US$352,249, 10% June 30, 2019 1% None Because the Company has no no no |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 |
Advertising Cost [Policy Text Block] | Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the years ended June 30, 2019 2018 $2.9 $3.6 |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830 30, Foreign Currency Translation Short-Term Investment Valuation In January 2016, July 1, 2018. July 1, 2018 no |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company defines operating segments as components about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on the geographic locations of its subsidiaries (Refer to Note 16 |
Business Combinations Policy [Policy Text Block] | Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may one may June 30, 2019 2018 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements adopted during the year ended June 30, 2019 On July 1, 2018 2016 01 Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities 606 Revenue from Contracts with Customers 606" 2016 01 606 ASU 2016-01 ASC 606 Total Increase (decrease): Assets $ - $ - $ - Liabilities $ - $ - $ - Accumulated other comprehensive income $ (279,951 ) $ - $ (279,951 ) Retained earnings $ 279,951 $ - $ 279,951 The above (“ASU 2016 01” 2016 01 July 1, 2018 The Company has reviewed new accounting pronouncements issued between September 28, 2018, 10 10 no 842 On July 1, 2019, 2016 02, 842 840, 842 842 not 15 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year ended June 30, 201 9 Year ended June 30, 201 8 Revenue Revenue Fund USO $ 7,308,354 49 % $ 9,752,223 52 % USCI 4,051,605 27 % 4,253,921 23 % UNG 1,922,596 13 % 2,753,723 15 % All Others 1,738,884 11 % 1,984,446 10 % Total $ 15,021,439 100 % $ 18,744,313 100 % June 30, 2019 June 30, 2018 Accounts Receivable Accounts Receivable Fund USO $ 526,981 51 % $ 674,535 46 % USCI 236,251 23 % 431,288 30 % UNG 141,413 13 % 182,399 12 % All Others 132,501 13 % 169,937 12 % Total $ 1,037,146 100 % $ 1,458,159 100 % |
Property, Plant and Equipment, Estimated Useful Life [Table Text Block] | Category Estimated Useful Life (in years) Plant and equipment: 5 to 10 Furniture and office equipment: 3 to 5 Vehicles 3 to 5 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ASU 2016-01 ASC 606 Total Increase (decrease): Assets $ - $ - $ - Liabilities $ - $ - $ - Accumulated other comprehensive income $ (279,951 ) $ - $ (279,951 ) Retained earnings $ 279,951 $ - $ 279,951 |
Note 3 - Basic and Diluted Ne_2
Note 3 - Basic and Diluted Net Loss Per Share (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the year ended June 30, 201 9 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 261,849 32,588,418 $ 0.01 Effect of dilutive securities - - - Preferred stock Series B - 5,709,741 - Diluted income per share $ 261,849 38,298,159 $ 0.01 For the year ended June 30, 201 8 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 1,734,686 29,559,139 $ 0.06 Effect of dilutive securities - - - Preferred stock Series B - 8,739,020 - Diluted income per share $ 1,734,686 38,298,159 $ 0.05 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, June 30, 201 9 201 8 Raw materials $ 208,284 $ 195,674 Supplies and packing materials 188,035 142,257 Finished goods 612,343 593,134 Total inventories $ 1,008,662 $ 931,065 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 201 9 June 30, 201 8 Plant and equipment $ 1,511,629 $ 1,487,568 Furniture and office equipment 188,370 171,978 Vehicles 332,672 351,381 Total property and equipment, gross 2,032,671 2,010,927 Accumulated depreciation (1,275,657 ) (930,456 ) Total property and equipment, net $ 757,014 $ 1,080,471 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | June 30, 201 9 June 30, 201 8 Customer relationships $ 700,252 $ 700,252 Brand name 1,142,122 1,142,122 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Non-compete agreement 274,982 274,982 Total 3,375,870 3,375,870 Less : accumulated amortization (716,147 ) (380,639 ) Net intangibles $ 2,659,723 $ 2,995,231 June 30, 2019 June 30, 2018 Customer relationships $ 700,252 700,252 Less: accumulated amortization (203,492 ) (124,895 ) Total customer relationships, net $ 496,760 575,357 June 30, 201 9 June 30, 201 8 Brand name $ 1,142,122 $ 1,142,122 Less: accumulated amortization (129,084 ) (88,872 ) Total brand name, net $ 1,013,038 $ 1,053,250 June 30, 201 9 June 30, 201 8 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (26,341 ) (18,958 ) Total brand name, net $ 10,572 $ 17,955 June 30, 201 9 June 30, 201 8 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (246,622 ) (92,303 ) Total recipes and formulas, net $ 974,979 $ 1,129,298 June 30, 201 9 June 30, 201 8 Non-compete agreement $ 274,982 $ 274,982 Less: accumulated amortization (110,608 ) (55,612 ) Total non-compete agreement, net $ 164,374 $ 219,370 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending June 30, Expense 2020 $ 335,508 2021 326,034 2022 306,809 2023 286,507 2024 268,809 Thereafter 1,136,056 Total $ 2,659,723 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of June 30, 201 9 As of June 30, 201 8 Prepaid expenses $ 462,215 $ 358,869 Other current assets 83,890 15,748 Total $ 546,105 $ 374,617 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of June 30, 201 9 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 3,005,182 $ - $ - $ 3,005,182 Other short term investments 749,988 - (739 ) 749,249 Other equities 3,421 - (1,256 ) 2,165 Total short-term investments $ 3,758,591 $ - $ (1,995 ) $ 3,756,596 As of June 30, 201 8 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 180,138 $ - $ - $ 180,138 USCI mutual fund investment 2,500,000 280,480 - 2,780,480 Hedged asset 523,100 - (280,761 ) 242,339 Other equities 1,577 - (529 ) 1,048 Total short-term investments $ 3,204,815 $ 280,480 $ (281,290 ) $ 3,204,005 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of June 30, 201 9 Total Level 1 Level 2 Level 3 Money market funds $ 3,005,182 $ 3,005,182 $ - $ - Other short term investments 749,249 749,249 - - Other equities 2,165 2,165 - - Total $ 3,756,596 $ 3,756,596 $ - $ - As of June 30, 201 8 Total Level 1 Level 2 Level 3 Money market funds $ 180,138 $ 180,138 $ - $ - Mutual fund investment 2,780,480 2,780,480 - - Hedge asset 242,339 - 242,339 - Other equities 1,048 1,048 - - Total $ 3,204,005 $ 2,961,666 $ 242,339 $ - |
Note 8 - Goodwill (Tables)
Note 8 - Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | As of June 30, 201 9 As of June 30, 201 8 Goodwill – Original Sprout 416,817 416,817 Goodwill – Gourmet Foods 147,628 147,628 Goodwill - Brigadier 351,345 351,345 Total $ 915,790 $ 915,790 |
Note 9 - Accounts Payable and_2
Note 9 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 201 9 June 30, 201 8 Accounts payable $ 1,720,902 $ 1,935,645 Accrued interest 117,555 56,689 Taxes payable 181,563 3,938 Deferred rent 37,076 3,681 Accrued payroll, vacation and bonus payable 345,520 299,630 Accrued expenses 464,465 949,804 Total $ 2,867,081 $ 3,249,387 |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 201 9 June 30, 201 8 Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) 3,500 3,500 Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022 350,000 350,000 $ 603,500 $ 603,500 |
Note 12 - Business Combination
Note 12 - Business Combination (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Item Amount Inventory $ 371,866 Accounts receivable 288,804 Furniture, fixtures and equipment 1,734 Pre-payments of inventory 8,775 Discount on installment payments** 64,176 Intangible assets* 2,330,000 Goodwill 416,817 Total Purchase Price $ 3,482,172 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended June 30, 2018 Pro Forma (1) Net Revenues $ 30,782,940 Net Income $ 2,044,203 Basic Earnings per Share $ 0.07 Diluted Earnings per Share $ 0.05 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance as of June 30, 2017 $ 119,338 Change in short-term investment valuation before reclassification to earnings 329,629 Foreign currency translation (loss) (214,284 ) Change in short-term investment valuation due to reclassification to earnings (85,875 ) Balance as of June 30, 2018 $ 148,808 Foreign currency translation (loss) (44,516 ) Change in short-term investment valuation due to reclassification to earnings (279,951 ) Balance as of June 30, 2019 $ (175,659 ) |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended June 30, 2019 2018 U.S. $ 414,961 $ 2,276,390 Foreign 193,902 224,892 Income before income taxes $ 608,863 $ 2,501,282 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended June 30, 201 9 201 8 U.S. operations $ 183,025 $ 658,293 Foreign operations 163,989 108,303 Total $ 347,014 $ 766,596 For the year ended: June 30, 201 9 June 30, 201 8 Current: Federal $ 149,239 $ 572,227 States 36,183 (510,765 ) Foreign 188,009 140,142 Total current 373,431 201,604 Deferred: Federal (10,572 ) 502,364 States 8,175 94,467 Foreign (24,020 ) (31,839 ) Total deferred (26,417 ) 564,992 Total $ 347,014 $ 766,596 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | For the year ended: June 30, 201 9 June 30, 201 8 Deferred tax assets: Property and equipment and intangible assets - U.S. $ 619,483 $ 745,420 Net operating loss 3,299 3,646 Capital loss carryover 167 10,337 Accruals, reserves and other - foreign 5,674 13,494 Accruals, reserves and other - U.S. 233,646 104,607 Gross deferred tax assets 862,269 877,504 Less valuation allowance (2,573 ) (12,384 ) Total deferred tax assets $ 859,696 $ 865,120 Deferred tax liabilities: Intangible assets - foreign $ (176,578 ) $ (208,419 ) Total deferred tax liabilities $ (176,578 ) $ (208,419 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the year ended: June 30, 2019 June 30, 2018 Federal tax expense (benefit) at statutory rate $ 127,861 $ 687,853 State income taxes 36,760 (437,242 ) Permanent differences 112,814 (46,251 ) Deferred tax impact of the Tax Act - 504,905 U.S. toll charge (net of FTC) - 1,112 Foreign tax credit (43,930 ) Change in valuation allowance (9,761 ) 9,761 Foreign rate differential 123,270 46,458 Total tax expense $ 347,014 $ 766,596 For the year ended: June 30, 2019 June 30, 2018 % % Federal tax expense (benefit) at statutory rate 21.00 % 27.50 % State income taxes 6.04 % (17.48 Permanent differences 18.52 % (1.85 Deferred tax impact of the Tax Act - 20.19 % Foreign rate differential 20.25 % 1.86 % U.S. toll charge (net of FTC) - 0.04 % Foreign tax credit (7.22 %) - Change in valuation allowance (1.60 0.39 % Total tax expense 56.99 % 30.65 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance at June 30, 201 8 $ 264,543 Additions based on tax positions taken during a prior period 12,597 Reductions based on tax positions taken during a prior period - Additions based on tax positions taken during the current period - Reductions based on tax positions taken during the current period - Reductions related to settlement of tax matters - Reductions related to a lapse of applicable statute of limitations - Balance at June 30, 201 9 $ 277,140 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended June 30, Lease Amount 2020 $ 412,025 2021 384,248 2022 243,412 2023 206,502 2024 109,958 2025 584 Total minimum lease commitment $ 1,356,729 |
Note 16 - Segment Reporting (Ta
Note 16 - Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | As of June 30, 201 9 As of June 30, 201 8 Identifiable assets: Corporate headquarters $ 2,730,805 $ 2,123,048 U.S.A. : fund management 10,878,549 13,563,773 U.S.A. : beauty products 3,780,278 3,739,979 New Zealand: food industry 1,838,800 1,959,486 Canada: security systems 2,025,176 1,714,863 Consolidated $ 21,253,608 $ 23,101,149 201 9 201 8 Asset Location: U.S.A. : corporate headquarters $ 14,305 $ 14,305 U.S.A. : beauty products 10,745 5,244 U.S.A.: investment fund management - - New Zealand: food industry 1,659,186 1,627,545 Canada: security systems 348,435 363,833 Total All Locations 2,032,671 2,010,927 Less accumulated depreciation (1,275,657 ) (930,456 ) Net property, plant and equipment $ 757,014 $ 1,080,471 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended June 30, 201 9 Year Ended June 30, 201 8 Revenues: U.S.A. : beauty products $ 3,621,246 $ 1,694,534 U.S.A. : investment fund management 15,021,439 18,744,313 New Zealand : food industry 4,747,358 4,968,158 Canada : security systems 3,558,580 3,303,584 Consolidated $ 26,948,623 $ 28,710,589 Net income (loss) after taxes: Corporate headquarters $ (1,223,930 ) $ (744,992 ) U.S.A. : beauty products 406,963 42,702 ) U.S.A. : investment fund management 687,755 1,950,711 New Zealand : food industry (13,326 ) 99,398 Canada : security systems 404,387 386,867 Consolidated $ 261,849 $ 1,734,686 201 9 201 8 Capital expenditures: U.S.A. : corporate headquarters $ - $ 495 U.S.A. : beauty products 5,501 2,707 U.S.A.: investment fund management - - New Zealand: food industry 48,856 165,414 Canada: security systems (4,192 ) 149,449 Consolidated $ 50,165 $ 318,064 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 2,075 | $ 51,747 |
Allowance for Doubtful Accounts Receivable. Related Parties | 0 | 0 |
Asset Impairment Charges, Total | 0 | 0 |
Inventory Write-down | 10,317 | 0 |
Impairment of Intangible Assets, Finite-lived | 0 | 0 |
Goodwill, Impairment Loss | 0 | 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 |
Advertising Expense | 2,900,000 | $ 3,600,000 |
Security Alarm Monitoring Customer Support Services [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 352,249 | |
Percentage of Total Revenue from Services Under Contract Recognized As Provided | 10.00% | |
Percentage of Consolidated Revenue from Services Under Contract, Recognized As Provided | 1.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Brigadier [Member] | ||
Concentration Risk, Percentage | 46.00% | 41.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Brigadier [Member] | Major Customer 1 [Member] | ||
Concentration Risk, Percentage | 12.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Gourmet Foods [Member] | ||
Concentration Risk, Percentage | 0.00% | |
Number of Major Customers | 3 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | Grocery Industry [Member] | ||
Concentration Risk, Percentage | 22.00% | 21.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | Gasoline Convenience Store Sector [Member] | ||
Concentration Risk, Percentage | 43.00% | 41.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Gourmet Foods [Member] | Major Customer 2 [Member] | Grocery Industry [Member] | ||
Concentration Risk, Percentage | 12.00% | 12.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Brigadier [Member] | ||
Concentration Risk, Percentage | 37.00% | 35.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Gourmet Foods [Member] | ||
Concentration Risk, Percentage | 0.00% | 0.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Gourmet Foods [Member] | Grocery Industry [Member] | ||
Number of Major Customers | 0 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Gourmet Foods [Member] | Independent Retailers Sector [Member] | ||
Number of Major Customers | 0 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | Grocery Industry [Member] | ||
Concentration Risk, Percentage | 28.00% | 33.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Gourmet Foods [Member] | Major Customer 2 [Member] | Grocery Industry [Member] | ||
Concentration Risk, Percentage | 19.00% | 16.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | The Original Sprout LLC [Member] | ||
Number of Major Customers | 3 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | The Original Sprout LLC [Member] | Major Customer 1 [Member] | ||
Concentration Risk, Percentage | 25.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | The Original Sprout LLC [Member] | Major Customer 2 [Member] | ||
Concentration Risk, Percentage | 17.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | The Original Sprout LLC [Member] | Major Customer 3 [Member] | ||
Concentration Risk, Percentage | 12.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | The Original Sprout LLC [Member] | Three Major Customers [Member] | ||
Concentration Risk, Percentage | 54.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Concentration Risk (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue, related parties | $ 15,021,439 | $ 18,744,313 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wainwright [Member] | ||
Revenue, related parties | $ 15,021,439 | $ 18,744,313 |
Concentration risk percentage | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | ||
Revenue, related parties | $ 7,308,354 | $ 9,752,223 |
Concentration risk percentage | 49.00% | 52.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wainwright [Member] | Customers Related to the USCI Fund [Member] | ||
Revenue, related parties | $ 4,051,605 | $ 4,253,921 |
Concentration risk percentage | 27.00% | 23.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | ||
Revenue, related parties | $ 1,922,596 | $ 2,753,723 |
Concentration risk percentage | 13.00% | 15.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wainwright [Member] | All Other Customers [Member] | ||
Revenue, related parties | $ 1,738,884 | $ 1,984,446 |
Concentration risk percentage | 11.00% | 10.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | ||
Revenue, related parties | $ 1,037,146 | $ 1,458,159 |
Concentration risk percentage | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | ||
Revenue, related parties | $ 526,981 | $ 674,535 |
Concentration risk percentage | 51.00% | 46.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | Customers Related to the USCI Fund [Member] | ||
Revenue, related parties | $ 236,251 | $ 431,288 |
Concentration risk percentage | 23.00% | 30.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | ||
Revenue, related parties | $ 141,413 | $ 182,399 |
Concentration risk percentage | 13.00% | 12.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | All Other Customers [Member] | ||
Revenue, related parties | $ 132,501 | $ 169,937 |
Concentration risk percentage | 13.00% | 12.00% |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Useful Life of Property, Plant, and Equipment (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Minimum [Member] | Vehicles [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, plant, and equipment, useful life (Year) | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Maximum [Member] | Vehicles [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Effects of Initial Adoption (Details) - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Assets | $ 21,253,608 | $ 23,101,149 | |
Liabilities | 4,060,278 | 6,125,152 | |
Accumulated other comprehensive income | (175,659) | 148,808 | |
Retained earnings | $ 8,152,861 | $ 7,611,061 | |
Accounting Standards Update 2016-01 [Member] | |||
Assets | |||
Liabilities | |||
Accumulated other comprehensive income | (279,951) | ||
Retained earnings | 279,951 | ||
Accounting Standards Update 2014-09 [Member] | |||
Assets | |||
Liabilities | |||
Accumulated other comprehensive income | |||
Retained earnings | |||
Accounting Standards Update 2016-01 and 2014-09 [Member] | |||
Assets | |||
Liabilities | |||
Accumulated other comprehensive income | (279,951) | ||
Retained earnings | $ 279,951 |
Note 3 - Basic and Diluted Ne_3
Note 3 - Basic and Diluted Net Income Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) available to common shareholders, basic | $ 261,849 | $ 1,734,686 |
Shares, basic (in shares) | 32,588,418 | 29,559,139 |
Basic income per share (in dollars per share) | $ 0.01 | $ 0.06 |
Effect of dilutive securities, shares (in shares) | 5,709,741 | 8,739,020 |
Effect of dilutive securities, per share (in dollars per share) | ||
Net income (loss) available to common shareholders, diluted | $ 261,849 | $ 1,734,686 |
Shares, diluted (in shares) | 38,298,159 | 38,298,159 |
Diluted income (loss) per share (in dollars per share) | $ 0.01 | $ 0.05 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventory Summary (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Raw materials | $ 208,284 | $ 195,674 |
Supplies and packing materials | 188,035 | 142,257 |
Finished goods | 612,343 | 593,134 |
Total inventories | $ 1,008,662 | $ 931,065 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation, Total | $ 366,812 | $ 342,628 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Property and Equipment Summary (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Plant and equipment, gross | $ 2,032,671 | $ 2,010,927 |
Accumulated depreciation | (1,275,657) | (930,456) |
Total property and equipment, net | 757,014 | 1,080,471 |
Plant and Equipment [Member] | ||
Plant and equipment, gross | 1,511,629 | 1,487,568 |
Furniture and Fixtures [Member] | ||
Plant and equipment, gross | 188,370 | 171,978 |
Vehicles [Member] | ||
Plant and equipment, gross | $ 332,672 | $ 351,381 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | Dec. 18, 2017 | Jun. 02, 2016 | Aug. 11, 2015 | Jun. 30, 2019 | Jun. 30, 2018 |
Amortization of Intangible Assets, Total | $ 335,508 | $ 234,046 | |||
Gourmet Foods Acquisition [Member] | Customer Relationships [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 66,153 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Gourmet Foods Acquisition [Member] | Brand Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 61,429 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Gourmet Foods Acquisition [Member] | Domain Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 21,601 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
Gourmet Foods Acquisition [Member] | Recipes [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 21,601 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
Brigadier Security Systems Acquisition [Member] | Customer Relationships [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 434,099 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Brigadier Security Systems Acquisition [Member] | Brand Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 340,694 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Brigadier Security Systems Acquisition [Member] | Domain Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 15,312 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
Brigadier Security Systems Acquisition [Member] | Noncompete Agreements [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 84,982 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
The Original Sprout LLC [Member] | Customer Relationships [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 200,000 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | ||||
The Original Sprout LLC [Member] | Brand Name [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 740,000 | ||||
The Original Sprout LLC [Member] | Recipes [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 1,200,000 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years | ||||
The Original Sprout LLC [Member] | Noncompete Agreements [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 190,000 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Finite-lived Intangible Assets (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Finite-lived intangible assets, gross | $ 3,375,870 | $ 3,375,870 |
Less : accumulated amortization | (716,147) | (380,639) |
Net intangibles | 2,659,723 | 2,995,231 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 700,252 | 700,252 |
Less : accumulated amortization | (203,492) | (124,895) |
Net intangibles | 496,760 | 575,357 |
Brand Name [Member] | ||
Finite-lived intangible assets, gross | 1,142,122 | 1,142,122 |
Less : accumulated amortization | (129,084) | (88,872) |
Net intangibles | 1,013,038 | 1,053,250 |
Domain Name [Member] | ||
Finite-lived intangible assets, gross | 36,913 | 36,913 |
Less : accumulated amortization | (26,341) | (18,958) |
Net intangibles | 10,572 | 17,955 |
Recipes [Member] | ||
Finite-lived intangible assets, gross | 1,221,601 | 1,221,601 |
Less : accumulated amortization | (246,622) | (92,303) |
Net intangibles | 974,979 | 1,129,298 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 274,982 | 274,982 |
Less : accumulated amortization | (110,608) | (55,612) |
Net intangibles | $ 164,374 | $ 219,370 |
Note 6 - Intangible Assets - Sc
Note 6 - Intangible Assets - Schedule of Amortization (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
2020 | $ 335,508 | |
2021 | 326,034 | |
2022 | 306,809 | |
2023 | 286,507 | |
2024 | 268,809 | |
Thereafter | 1,136,056 | |
Net intangibles | $ 2,659,723 | $ 2,995,231 |
Note 7 - Other Assets (Details
Note 7 - Other Assets (Details Textual) | Jun. 30, 2019NZD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Other Assets, Current | $ 546,105 | $ 374,617 | |
Available-for-sale Securities, Total | 3,800,000 | 3,200,000 | |
Restricted Cash and Cash Equivalents, Total | $ 20,000 | 13,437 | 13,536 |
Other Assets, Noncurrent, Total | 523,607 | 532,165 | |
Wainwright [Member] | |||
Assets, Noncurrent, Total | 523,607 | 532,165 | |
Cost Method Investments | $ 500,000 | 500,000 | |
Cost Method Investment, Ownership Percentage | 10.00% | 10.00% | |
Other Assets, Noncurrent, Total | $ 23,607 | $ 32,165 |
Note 7 - Other Assets - Compone
Note 7 - Other Assets - Components of Other Current Assets (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Prepaid expenses | $ 462,215 | $ 358,869 |
Other current assets | 83,890 | 15,748 |
Total | $ 546,105 | $ 374,617 |
Note 7 - Other Assets - Investm
Note 7 - Other Assets - Investments (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Investments, cost | $ 3,758,591 | $ 3,204,815 |
Investments, gross unrealized gains | 280,480 | |
Investments, gross unrealized losses | (1,995) | (281,290) |
Investments | 3,756,596 | 3,204,005 |
Money Market Funds [Member] | ||
Investments, cost | 3,005,182 | 180,138 |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | ||
Investments | 3,005,182 | 180,138 |
Other Short Term Investments [Member] | ||
Investments, cost | 749,988 | |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | (739) | |
Investments | 749,249 | |
Mutual Fund [Member] | ||
Investments, cost | 2,500,000 | |
Investments, gross unrealized gains | 280,480 | |
Investments, gross unrealized losses | ||
Investments | 2,780,480 | |
Other Equities [Member] | ||
Investments, cost | 3,421 | 1,577 |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | (1,256) | (529) |
Investments | $ 2,165 | 1,048 |
Hedge Asset [Member] | ||
Investments, cost | 523,100 | |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | (280,761) | |
Investments | $ 242,339 |
Note 7 - Other Assets - Fair Va
Note 7 - Other Assets - Fair Value Measurement of Securities (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Investments | $ 3,756,596 | $ 3,204,005 |
Fair Value, Inputs, Level 1 [Member] | ||
Investments | 3,756,596 | 2,961,666 |
Fair Value, Inputs, Level 2 [Member] | ||
Investments | 242,339 | |
Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Money Market Funds [Member] | ||
Investments | 3,005,182 | 180,138 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 3,005,182 | 180,138 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Other Short Term Investments [Member] | ||
Investments | 749,249 | |
Other Short Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 749,249 | |
Other Short Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Other Short Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Mutual Fund [Member] | ||
Investments | 2,780,480 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 2,780,480 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Other Equities [Member] | ||
Investments | 2,165 | 1,048 |
Other Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 2,165 | 1,048 |
Other Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Other Equities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Hedge Asset [Member] | ||
Investments | 242,339 | |
Hedge Asset [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | ||
Hedge Asset [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | 242,339 | |
Hedge Asset [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments |
Note 8 - Goodwill (Details Text
Note 8 - Goodwill (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill, Ending Balance | $ 915,790 | $ 915,790 |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 8 - Goodwill - Summary of
Note 8 - Goodwill - Summary of Goodwill (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Goodwill | $ 915,790 | $ 915,790 |
The Original Sprout LLC [Member] | ||
Goodwill, gross | 416,817 | 416,817 |
Gourmet Foods [Member] | ||
Goodwill, gross | 147,628 | 147,628 |
Brigadier [Member] | ||
Goodwill, gross | $ 351,345 | $ 351,345 |
Note 9 - Accounts Payable and_3
Note 9 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts payable | $ 1,720,902 | $ 1,935,645 |
Accrued interest | 117,555 | 56,689 |
Taxes payable | 181,563 | 3,938 |
Deferred rent | 37,076 | 3,681 |
Accrued payroll, vacation and bonus payable | 345,520 | 299,630 |
Accrued expenses | 464,465 | 949,804 |
Total | $ 2,867,081 | $ 3,249,387 |
Note 10 - Related Party Trans_3
Note 10 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Expense, Related Party | $ 24,280 | $ 24,280 |
Revenue from Related Parties | 15,021,439 | 18,744,313 |
Accounts Receivable, Related Parties | 1,000,000 | 1,500,000 |
Expense Waiver Funds, Related Party | 300,000 | 700,000 |
Fund Expense Limitation Amount, Related Party | 200,000 | 500,000 |
Waivers Payable, Related Party | $ 300 | $ 700,000 |
Note 10 - Related Party Trans_4
Note 10 - Related Party Transactions - Notes Payable (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Notes payable | $ 603,500 | $ 603,500 |
Notes Payable Due on December 31, 2012 [Member] | ||
Notes payable | 3,500 | 3,500 |
Notes Payable Due on May 25, 2022 [Member] | ||
Notes payable | 250,000 | 250,000 |
Notes Payable Due on April 8, 2022 [Member] | ||
Notes payable | $ 350,000 | $ 350,000 |
Note 10 - Related Party Trans_5
Note 10 - Related Party Transactions - Notes Payable (Details) (Parentheticals) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Notes Payable Due on December 31, 2012 [Member] | ||
Notes payable, interest rate | 8.00% | 8.00% |
Notes payable, maturity date | Dec. 31, 2012 | Dec. 31, 2012 |
Notes Payable Due on May 25, 2022 [Member] | ||
Notes payable, interest rate | 4.00% | 4.00% |
Notes payable, maturity date | May 25, 2022 | May 25, 2022 |
Notes Payable Due on April 8, 2022 [Member] | ||
Notes payable, interest rate | 4.00% | 4.00% |
Notes payable, maturity date | Apr. 8, 2022 | Apr. 8, 2022 |
Note 11 - Equipment Loans (Deta
Note 11 - Equipment Loans (Details Textual) | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019CAD ($) | |
Notes Payable, Total | $ 87,297 | $ 114,292 | |
Notes Payable, Current, Total | 26,241 | $ 46,705 | |
Notes Payable, Noncurrent, Total | 61,057 | 149,491 | |
Interest Expense, Debt, Total | $ 5,197 | $ 12,662 |
Note 12 - Business Combinatio_2
Note 12 - Business Combination (Details Textual) - Kahnalytics [Member] - The Original Sprout LLC [Member] | Dec. 18, 2017USD ($) |
Business Combination, Consideration Transferred, Total | $ 3,500,000 |
Payments to Acquire Businesses, Gross | 982,172 |
Other Payments to Acquire Businesses | $ 1,250,000 |
Note 12 - Business Combinations
Note 12 - Business Combinations - Acquisition of the Assets of The Original Sprout, LLC (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 18, 2017 | |
Goodwill | $ 915,790 | $ 915,790 | ||
Kahnalytics [Member] | The Original Sprout LLC [Member] | ||||
Inventory | $ 371,866 | |||
Accounts receivable | 288,804 | |||
Furniture, fixtures and equipment | 1,734 | |||
Pre-payments of inventory | 8,775 | |||
Discount on installment payments** | [1] | 64,176 | ||
Intangible assets* | [2] | 2,330,000 | ||
Goodwill | 416,817 | |||
Total Purchase Price | $ 3,482,172 | |||
[1] | This amount represents a discount on installment payments and was charged to interest expense. | |||
[2] | See Note 6 for further detail of intangible assets acquired. |
Note 12 - Business Combinatio_3
Note 12 - Business Combinations - Pro Forma Results (Details) - Kahnalytics [Member] - The Original Sprout LLC [Member] | 12 Months Ended | |
Jun. 30, 2019USD ($)$ / shares | [1] | |
Net Revenues | $ | $ 30,782,940 | |
Net Income | $ | $ 2,044,203 | |
Basic Earnings per Share (in dollars per share) | $ / shares | $ 0.07 | |
Diluted Earnings per Share (in dollars per share) | $ / shares | $ 0.05 | |
[1] | Includes the operation of the assets acquired from Original Sprout LLC on a consolidated basis and the estimated transaction costs, amortization of intangible assets, and estimated income tax. |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity (Details Textual) | Feb. 07, 2019shares | Nov. 17, 2017 | Jun. 30, 2019shares |
Conversion of Stock, Shares Issued | 7,678,380 | ||
Series B Convertible Preferred Stock [Member] | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 20 | ||
Conversion of Stock, Shares Converted | 383,919 | ||
Preferred Stock, Shares Outstanding, Ending Balance | 53,032 | ||
Reverse Stock Split [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 |
Note 13 - Stockholders' Equit_3
Note 13 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 148,808 | |
Foreign currency translation (loss) | (44,516) | $ (214,284) |
Foreign currency translation (loss) | (44,516) | (214,284) |
Balance | (175,659) | 148,808 |
AOCI Attributable to Parent [Member] | ||
Balance | 148,808 | 119,338 |
Change in short-term investment valuation before reclassification to earnings | 329,629 | |
Foreign currency translation (loss) | (44,516) | (214,284) |
Change in short-term investment valuation due to reclassification to earnings | (279,951) | (85,875) |
Foreign currency translation (loss) | (44,516) | (214,284) |
Balance | $ (175,659) | $ 148,808 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 347,014 | $ 766,596 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 9,811 | $ 16,693 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 27.50% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 504,905 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 251,946 | 251,946 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 25,195 | $ 12,597 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2015 2016 2017 2018 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Before Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
U.S. | $ 414,961 | $ 2,276,390 |
Foreign | 193,902 | 224,892 |
Income before income taxes | $ 608,863 | $ 2,501,282 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provision for Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
U.S. operations | $ 183,025 | $ 658,293 |
Foreign operations | 163,989 | 108,303 |
Total | 347,014 | 766,596 |
Current: | ||
Federal | 149,239 | 572,227 |
States | 36,183 | (510,765) |
Foreign | 188,009 | 140,142 |
Total current | 373,431 | 201,604 |
Deferred: | ||
Federal | (10,572) | 502,364 |
States | 8,175 | 94,467 |
Foreign | (24,020) | (31,839) |
Total deferred | (26,417) | 564,992 |
Total | $ 347,014 | $ 766,596 |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Property and equipment and intangible assets - U.S. | $ 619,483 | $ 745,420 |
Net operating loss | 3,299 | 3,646 |
Capital loss carryover | 167 | 10,337 |
Accruals, reserves and other - foreign | 5,674 | 13,494 |
Accruals, reserves and other - U.S. | 233,646 | 104,607 |
Gross deferred tax assets | 862,269 | 877,504 |
Less valuation allowance | (2,573) | (12,384) |
Total deferred tax assets | 859,696 | 865,120 |
Intangible assets - foreign | (176,578) | (208,419) |
Total deferred tax liabilities | $ (176,578) | $ (208,419) |
Note 14 - Income Taxes - Inco_2
Note 14 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Federal tax expense (benefit) at statutory rate, amount | $ 127,861 | $ 687,853 | |
State Income Taxes, amount | 36,760 | (437,242) | |
Permanent Differences, amount | 112,814 | (46,251) | |
Deferred tax impact of the Tax Act, amount | 504,905 | ||
U.S. toll charge (net of FTC) | 1,112 | ||
Foreign tax credit | (43,930) | ||
Change in Valuation Allowance, amount | (9,761) | 9,761 | |
Foreign Rate Differential, amount | 123,270 | 46,458 | |
Total | $ 347,014 | $ 766,596 | |
Federal tax expense (benefit) at statutory rate, percent | 35.00% | 21.00% | 27.50% |
State Income Taxes, percent | 6.04% | (17.48%) | |
Permanent Differences, percent | 18.52% | (1.85%) | |
Deferred tax impact of the Tax Act, percent | 20.19% | ||
Foreign Rate Differential, percent | 20.25% | 1.86% | |
U.S. toll charge (net of FTC) | 0.04% | ||
Foreign tax credit | (7.22%) | ||
Change in Valuation Allowance, percent | (1.60%) | 0.39% | |
Total tax expense | 56.99% | 30.65% |
Note 14 - Income Taxes - Unreco
Note 14 - Income Taxes - Unrecognized Tax Benefits (Details) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Balance | $ 264,543 |
Additions based on tax positions taken during a prior period | 12,597 |
Reductions based on tax positions taken during a prior period | |
Additions based on tax positions taken during the current period | |
Reductions based on tax positions taken during the current period | |
Reductions related to settlement of tax matters | |
Reductions related to a lapse of applicable statute of limitations | |
Balance | $ 277,140 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019NZD ($) | Jun. 30, 2019USD ($) | |
Operating Leases, Rent Expense, Net, Total | $ 413,429 | $ 254,150 | ||
Expense Waivers | 662,650 | $ 325,821 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 158 | $ 95 | ||
General Security Lease Agreement [Member] | ||||
Operating Lease Arrangement, Collateral Amount | $ 110,000 | 73,901 | ||
Lease Arrangement for Primary Facility [Member] | ||||
Operating Lease Arrangement, Collateral Amount | $ 20,000 | $ 13,437 | ||
Gourmet Foods [Member] | Leased Factory and Warehouse Located in Tauranga, New Zealand [Member] | ||||
Lessor, Operating Lease, Term of Contract | 3 years | 3 years | ||
Lessor, Operating Lease, Renewal Term | 3 years | 3 years | ||
Operating Lease, Monthly Rent | 11,561 | |||
Brigadier [Member] | Leased Office and Storage Facilities Located in Saskatoon, Saskatchewan [Member] | ||||
Lessor, Operating Lease, Renewal Term | 3 years | 3 years | ||
Operating Lease, Monthly Rent | 2,755 | |||
The Original Sprout LLC [Member] | Office and Warehouse Space in San Clemente, CA [Member] | ||||
Operating Lease, Monthly Rent | 7,837 | |||
Wainwright [Member] | Lease for Office Space in Walnut Creek, California [Member] | ||||
Operating Lease, Monthly Rent | $ 12,000 | |||
USCF [Member] | ||||
Defined Contribution Plan, Minimum Age Requirement for Participation | 21 years | |||
Defined Contribution Plan, Minimum Years of Service Requirement | 1 year |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Operating Lease Future Minimum Payments (Details) - Gourmet Foods [Member] | Jun. 30, 2019USD ($) |
2020 | $ 412,025 |
2021 | 384,248 |
2022 | 243,412 |
2023 | 206,502 |
2024 | 109,958 |
2025 | 584 |
Total minimum lease commitment | $ 1,356,729 |
Note 16 - Segment Reporting (De
Note 16 - Segment Reporting (Details Textual) | 12 Months Ended |
Jun. 30, 2019 | |
Number of Reportable Segments | 4 |
Note 16 - Segment Reporting - R
Note 16 - Segment Reporting - Reconciliation of Assets by Segment (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Assets | $ 21,253,608 | $ 23,101,149 |
Property, plant, and equipment | 2,032,671 | 2,010,927 |
Accumulated depreciation | (1,275,657) | (930,456) |
Net property, plant and equipment | 757,014 | 1,080,471 |
Corporate Segment [Member] | ||
Assets | 2,730,805 | 2,123,048 |
Property, plant, and equipment | 14,305 | 14,305 |
U.S.A Investment Fund Management [Member] | ||
Assets | 10,878,549 | 13,563,773 |
Property, plant, and equipment | ||
USA Beauty Products and Other [Member] | ||
Assets | 3,780,278 | 3,739,979 |
Property, plant, and equipment | 10,745 | 5,244 |
New Zealand Food Industry Segment [Member] | ||
Assets | 1,838,800 | 1,959,486 |
Property, plant, and equipment | 1,659,186 | 1,627,545 |
Canada Security Alarm [Member] | ||
Assets | 2,025,176 | 1,714,863 |
Property, plant, and equipment | $ 348,435 | $ 363,833 |
Note 16 - Segment Reporting -_2
Note 16 - Segment Reporting - Reconciliation of Revenue by Segment (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 261,849 | $ 1,734,686 |
Capital expenditures | 50,165 | 318,064 |
USA Beauty Products and Other [Member] | ||
Capital expenditures | 5,501 | 2,707 |
Corporate Segment [Member] | ||
Capital expenditures | 495 | |
U.S.A Investment Fund Management [Member] | ||
Capital expenditures | ||
New Zealand Food Industry Segment [Member] | ||
Capital expenditures | 48,856 | 165,414 |
Canada Security Alarm [Member] | ||
Capital expenditures | (4,192) | 149,449 |
Operating Segments [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 26,948,623 | 28,710,589 |
Net income | 261,849 | 1,734,686 |
Operating Segments [Member] | USA Beauty Products and Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,621,246 | 1,694,534 |
Net income | 406,963 | 42,702 |
Operating Segments [Member] | Corporate Segment [Member] | ||
Net income | (1,223,930) | (744,992) |
Operating Segments [Member] | U.S.A Investment Fund Management [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 15,021,439 | 18,744,313 |
Net income | 687,755 | 1,950,711 |
Operating Segments [Member] | New Zealand Food Industry Segment [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 4,747,358 | 4,968,158 |
Net income | (13,326) | 99,398 |
Operating Segments [Member] | Canada Security Alarm [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,558,580 | 3,303,584 |
Net income | $ 404,387 | $ 386,867 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Aug. 15, 2019shares | Jul. 02, 2019USD ($) | Jul. 02, 2019CAD ($) | Jul. 02, 2019CAD ($) |
Purchase of Office Facility and Land Price Consideration | $ 572,858 | $ 750,000 | ||
Payments to Acquire Property, Plant, and Equipment, Total | 171,858 | $ 225,000 | ||
Maximum Common Stock Shares Issued For Engagement | 175,000 | |||
Loans Payable [Member] | ||||
Debt Instrument, Face Amount | $ 401,000 | $ 525,000 | ||
Debt Instrument, Term | 5 years | 5 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.14% | 4.14% |
Uncategorized Items - cncg-2019
Label | Element | Value | [1] |
cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | $ (2,011,497) | |
Reclassification of Series B Preferred stock par value (1) | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | 437 | |
AOCI Attributable to Parent [Member] | |||
cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | ||
Reclassification of Series B Preferred stock par value (1) | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | ||
Additional Paid-in Capital [Member] | |||
cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | (2,011,497) | |
Reclassification of Series B Preferred stock par value (1) | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | ||
Common Stock [Member] | |||
cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | ||
Reclassification of Series B Preferred stock par value (1) | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | ||
Preferred Stock [Member] | |||
cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | 2,011,497 | |
Reclassification of Series B Preferred stock par value (1) | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | 437 | |
Retained Earnings [Member] | |||
cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | cncg_AdjustmentsToAdditionalPaidInCapitalReclassificationOfSeriesBPreferredStock | ||
Reclassification of Series B Preferred stock par value (1) | us-gaap_ReclassificationsOfTemporaryToPermanentEquity | ||
[1] | Upon issuance of the preferred shares in the Wainwright acquisition, the Company no longer had sufficient authorized, unissued, common stock to allow for Series B conversion. Accordingly, the Series B was reclassified to the mezzanine section. On December 15, 2017 a 1:30 reverse stock split was completed and allowed for the Series B shares to be moved from the mezzanine section to stockholders' equity. All share amounts have been adjusted for the reverse stock split (Note 13). |