Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 07, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | PARK CITY GROUP INC | |
Entity Central Index Key | 50,471 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,638,174 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash | $ 14,818,508 | $ 14,054,006 |
Receivables, net allowance for doubtful accounts of $484,613 and $392,250 at December 31, 2017 and June 30, 2017, respectively | 5,860,874 | 4,009,127 |
Prepaid expense and other current assets | 789,057 | 643,600 |
Total Current Assets | 21,468,439 | 18,706,733 |
Property and equipment, net | 2,066,482 | 2,115,277 |
Other assets: | ||
Long-term receivables, deposits, and other assets | 1,773,819 | 2,540,291 |
Investments | 477,884 | 477,884 |
Customer relationships | 985,500 | 1,051,200 |
Goodwill | 20,883,886 | 20,883,886 |
Capitalized software costs, net | 217,956 | 137,205 |
Total Other Assets | 24,339,045 | 25,090,466 |
Total Assets | 47,873,966 | 45,912,476 |
Current liabilities: | ||
Accounts payable | 639,418 | 565,487 |
Accrued liabilities | 1,582,041 | 2,084,980 |
Deferred revenue | 2,409,816 | 2,350,846 |
Lines of credit | 2,850,000 | 2,850,000 |
Current portion of notes payable | 255,071 | 318,616 |
Total current liabilities | 7,736,346 | 8,169,929 |
Long-term liabilities: | ||
Notes payable, less current portion | 1,951,412 | 1,996,953 |
Other long-term liabilities | 22,009 | 36,743 |
Total liabilities | 9,709,767 | 10,203,625 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 50,000,000 shares authorized; 19,534,586 and 19,423,821 issued and outstanding at December 31, 2017 and June 30, 2017, respectively | 195,348 | 194,241 |
Additional paid-in capital | 76,542,022 | 75,489,189 |
Accumulated deficit | (38,582,484) | (39,983,692) |
Total stockholders' equity | 38,164,199 | 35,708,851 |
Total liabilities and stockholders' equity | 47,873,966 | 45,912,476 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | 6,254 | 6,254 |
Series B1 Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | $ 3,059 | $ 2,859 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | ||
Receivables, net of allowance | $ 484,613 | $ 392,250 |
Stockholders' equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 30,000,000 | 30,000,000 |
Common stock, par value | $ .01 | $ .01 |
Common stock, authorized | 50,000,000 | 50,000,000 |
Common stock, issued | 19,534,586 | 19,423,821 |
Common stock, outstanding | 19,534,586 | 19,423,821 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, authorized | 700,000 | 700,000 |
Preferred stock, issued | 625,375 | 625,375 |
Preferred stock, outstanding | 625,375 | 625,375 |
Series B1 Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, authorized | 550,000 | 550,000 |
Preferred stock, issued | 305,859 | 285,859 |
Preferred stock, outstanding | 305,859 | 285,859 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 5,724,706 | $ 4,785,589 | $ 10,436,871 | $ 9,002,134 |
Operating expenses: | ||||
Cost of services and product support | 1,426,351 | 1,190,404 | 2,844,364 | 2,393,919 |
Sales and marketing | 1,621,149 | 1,159,073 | 3,207,089 | 2,352,249 |
General and administrative | 1,140,085 | 938,087 | 2,275,855 | 1,961,237 |
Depreciation and amortization | 163,825 | 112,861 | 322,628 | 229,441 |
Total operating expenses | 4,351,410 | 3,400,425 | 8,649,936 | 6,936,846 |
Income from operations | 1,373,296 | 1,385,164 | 1,786,935 | 2,065,288 |
Other expense: | ||||
Interest expense | (7,696) | (6,836) | (29,887) | (13,323) |
Income before income taxes | 1,365,600 | 1,378,328 | 1,757,048 | 2,051,965 |
(Provision) benefit for income taxes | (15,116) | 0 | (75,714) | (59,184) |
Net income | 1,350,484 | 1,378,328 | 1,681,334 | 1,992,781 |
Dividends on preferred stock | (162,966) | (195,448) | (280,126) | (382,252) |
Net income applicable to common shareholders | $ 1,187,518 | $ 1,182,880 | $ 1,401,208 | $ 1,610,529 |
Weighted average shares, basic | 19,487,000 | 19,338,000 | 19,455,000 | 19,302,000 |
Weighted average shares, diluted | 20,338,000 | 20,313,000 | 20,340,000 | 19,493,000 |
Basic income per share | $ 0.06 | $ 0.06 | $ 0.07 | $ 0.08 |
Diluted income per share | $ 0.06 | $ 0.06 | $ 0.07 | $ 0.08 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 1,681,334 | $ 1,992,781 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 322,628 | 229,441 |
Stock compensation expense | 388,099 | 578,080 |
Bad debt expense | 195,050 | 155,700 |
(Increase) decrease in: | ||
Accounts receivables | (2,046,797) | (2,269,610) |
Long-term receivables, prepaid and other assets | 621,015 | 43,232 |
(Decrease) increase in: | ||
Accounts payable | 73,931 | (97,020) |
Accrued liabilities | 74,383 | 21,385 |
Deferred revenue | 58,970 | (274,922) |
Net cash provided by operating activities | 1,368,613 | 379,067 |
Cash Flows From Investing Activities: | ||
Capitalization of software costs | (111,241) | 0 |
Purchase of property and equipment | (177,643) | (19,499) |
Net cash used in investing activities | (288,884) | (19,499) |
Cash Flows From Financing Activities: | ||
Proceeds from employee stock plans | 119,790 | 113,987 |
Proceeds from issuance of note payable | 56,078 | 0 |
Net increase in lines of credit | 0 | 250,000 |
Proceeds from exercise of options and warrants | 0 | 35,000 |
Payments on notes payable and capital leases | (165,164) | (133,891) |
Dividends paid | (325,931) | (5,288) |
Net cash provided by (used in) financing activities | (315,227) | 259,808 |
Net increase in cash and cash equivalents | 764,502 | 619,376 |
Cash and cash equivalents at beginning of period | 14,054,006 | 11,443,388 |
Cash and cash equivalents at end of period | 14,818,508 | 12,062,764 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for income taxes | 75,714 | 59,184 |
Cash paid for interest | 123,921 | 22,452 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Preferred stock to pay accrued liabilities | 734,350 | 655,107 |
Common stock to pay accrued liabilities | 200,000 | 100,000 |
Dividends accrued on preferred stock | 280,126 | 382,252 |
Dividends paid with preferred stock | $ 0 | $ 364,271 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
DESCRIPTION OF BUSINESS | Park City Group, Inc. is the parent company of ReposiTrak Inc., a compliance, supply chain, and MarketPlace B2B e-commerce services platform that partners with retailers and wholesalers, and their suppliers, to accelerate sales, control risks, and improve supply chain efficiencies. The Company’s supply chain and MarketPlace services provide its customers with greater flexibility in sourcing products by enabling them to choose new suppliers and integrate them into their supply chain faster and more cost effectively, and we help them to more efficiently manage these relationships, enhancing revenue while lowering working capital, labor costs and waste. Our food safety and compliance solutions help reduce a company’s potential regulatory, legal, and criminal risk from its supply chain partners by providing a way for them to ensure these suppliers are compliant with food safety regulations, such as the Food Safety Modernization Act (“ FSMA The Company’s services are delivered though proprietary software products designed, developed, marketed and supported by the Company. These products are designed to provide transparency and to facilitate improved business processes among all key constituents in the supply chain, starting with the retailer and moving back to suppliers and eventually to raw material providers. The Company provides cloud-based applications and services that address e-commerce, supply chain, and food safety and compliance activities. The principal customers for the Company’s products are multi-store food retail store chains and their suppliers, branded food manufacturers, food wholesalers and distributors, and other food service businesses. The Company has a hub and spoke business model. The Company is typically engaged by retailers and distributors (“ Hubs Spokes The Company is incorporated in the state of Nevada. The Company has three principal subsidiaries: PC Group, Inc., a Utah corporation (98.76% owned); Park City Group, Inc., a Delaware corporation (100% owned); and ReposiTrak, Inc., a Utah corporation (100% owned). All intercompany transactions and balances have been eliminated in consolidation. Our principal executive offices of the Company are located at 299 South Main Street, Suite 2225, Salt Lake City, Utah 84111. Our telephone number is (435) 645-2000. Our website address is http://www.parkcitygroup.com, and ReposiTrak’s website address is http://repositrak.com. Basis of Financial Statement Presentation The interim financial information of the Company as of December 31, 2017 and for the three and six months ended December 31, 2017 and 2016 is unaudited, and the balance sheet as of June 30, 2017 is derived from audited financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense notes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 2 to the Notes to Financial Statements included in our Annual Report on Form 10-K for the year ended June 30, 2017. In the opinion of management, all adjustments necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the three and six months ended December 31, 2017 are not necessarily indicative of the results that can be expected for the fiscal year ending June 30, 2018. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2017. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
SIGNIFICANT ACCOUNTING POLICIES | Principles of Consolidation The financial statements presented herein reflect the consolidated financial position of Park City Group, Inc. and our subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results, and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, the Company’s most critical accounting policies include: income taxes, goodwill and other long-lived asset valuations, revenue recognition, stock-based compensation, and capitalization of software development costs. Earnings Per Share Basic net income per common share (“ Basic EPS Diluted EPS The following table presents the components of the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended December 31, December 31, 2017 2016 2017 2016 Numerator Net income applicable to common shareholders $ 1,187,518 $ 1,182,880 $ 1,401,208 $ 1,610,529 Denominator Weighted average common shares outstanding, basic 19,487,000 19,338,000 19,455,000 19,302,000 Warrants to purchase common stock 851,000 975,000 885,000 191,000 Weighted average common shares outstanding, diluted 20,338,000 20,313,000 20,340,000 19,493,000 Net income per share Basic $ 0.06 $ 0.06 $ 0.07 $ 0.08 Diluted $ 0.06 $ 0.06 $ 0.07 $ 0.08 Reclassifications Certain prior-year amounts have been reclassified to conform with the current year’s presentation. |
EQUITY
EQUITY | 6 Months Ended |
Dec. 31, 2017 | |
Warrants | |
EQUITY | Restricted Stock Units Weighted Average Grant Date Fair Value ($/share) Outstanding at June 30, 2017 982,613 $ 6.01 Granted 9,897 12.12 Vested and issued (95,201 ) 7.21 Forfeited (13,669 ) 11.89 Outstanding at December 31, 2017 883,640 $ 5.86 The number of restricted stock units outstanding at December 31, 2017 included 3,380 units that have vested but for which shares of common stock had not yet been issued pursuant to the terms of the agreement. As of December 31, 2017, there was approximately $5.2MM of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a straight-line basis over a weighted average period of 4.5 years. Warrants The following tables summarize information about warrants outstanding and exercisable at December 31, 2017: Warrants Outstanding at December 31, 2017 Warrants Exercisable at December 31, 2017 Range of exercise prices Number Outstanding Weighted average remaining contractual life (years) Weighted average exercise price Number exercisable Weighted average exercise price $ 3.45 – 4.00 1,271,618 1.82 $ 3.94 1,271,618 $ 3.94 $ 6.45 – 10.00 100,481 .99 $ 7.29 100,481 $ 7.29 1,372,099 1.76 $ 4.18 1,372,099 $ 4.18 Preferred Stock The Company’s certificate of incorporation currently authorizes the issuance of up to 30,000,000 shares of ‘blank check’ preferred stock with designations, rights, and preferences as may be determined from time to time by the Company’s Board of Directors, of which 700,000 shares are currently designated as Series B Preferred Stock (“ Series B Preferred Series B-1 Preferred PIK Shares PIK Shares In July 2017, the Company issued 20,000 shares of Series B-1 Preferred in satisfaction of an accrued bonus payable to the Company’s Chief Executive Officer. Management believes the Series B-1 Preferred favorably impacts the Company’s overall cost of capital in that it is (i) is perpetual and, therefore, an equity instrument that positively impacts the Company’s coverage ratios; (ii) posesses a below-market dividend rate relative to similar instruments; (iii) offers the flexibility of a paid-in-kind (PIK) payment option; and (iv) is without covenants. After exploring alternative options for redeeming the Series B-1 Preferred, management determined that alternative financing options were materially more expensive, or would impair the Company’s net cash position, which management believes could cause customer concerns and negatively impact the Company’s ability to attract new business. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | During the six months ended December 31, 2017, the Company continued to be a party to a Service Agreement with Fields Management, Inc. (“ FMI |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Dec. 31, 2017 | |
Income Taxes | |
RECENT ACCOUNTING PRONOUNCEMENTS | In May 2014, August 2015, April 2016, May 2016, and September 2017, the Financial Accounting Standards Board (“ FASB Revenue from Contracts with Customers Revenue from Contracts with Customers, Deferral of the Effective Date Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing Revenue from Contracts with Customers, Narrow-Scope Improvements and Practical Expedients In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU 2016-09 (ASC Topic 718), Stock Compensation—Improvements to Employee Share-Based Payment Accounting. In February 2016, the FASB issued ASU 2016-02 (ASC Topic 842), Leases |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Redemption of Shares of Series B Preferred Stock Section 4 of the Company’s First Amended and Restated Certificate of Designation of the Relative Rights, Powers and Preferences of the Series B-1 Preferred Stock, as amended (the “ Series B-1 COD Redemption Notice On January 27, 2018, the Company’s Board of Directors approved the redemption of 93,457 of the 305,859 issued and outstanding shares of the Company’s Series B-1 Preferred (the “ Redemption Shares Redemption Date Series B-1 Redemption In accordance with the Subsequent Events Topic of the FASB ASC 855, we have evaluated subsequent events, through the filing date and noted no additional subsequent events that are reasonably likely to impact the financial statements. |
SIGNIFICANT ACCOUNTING POLICI12
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The financial statements presented herein reflect the consolidated financial position of Park City Group, Inc. and our subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Use of Estimates | The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results, and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, the Company’s most critical accounting policies include: income taxes, goodwill and other long-lived asset valuations, revenue recognition, stock-based compensation, and capitalization of software development costs. |
Earnings Per Share | Basic net income per common share (“ Basic EPS Diluted EPS The following table presents the components of the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended December 31, December 31, 2017 2016 2017 2016 Numerator Net income applicable to common shareholders $ 1,187,518 $ 1,182,880 $ 1,401,208 $ 1,610,529 Denominator Weighted average common shares outstanding, basic 19,487,000 19,338,000 19,455,000 19,302,000 Warrants to purchase common stock 851,000 975,000 885,000 191,000 Weighted average common shares outstanding, diluted 20,338,000 20,313,000 20,340,000 19,493,000 Net income per share Basic $ 0.06 $ 0.06 $ 0.07 $ 0.08 Diluted $ 0.06 $ 0.06 $ 0.07 $ 0.08 |
Reclassifications | Certain prior-year amounts have been reclassified to conform with the current year’s presentation. |
SIGNIFICANT ACCOUNTING POLICI13
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies Tables | |
Basic and diluted earnings per share | Three Months Ended Six Months Ended December 31, December 31, 2017 2016 2017 2016 Numerator Net income applicable to common shareholders $ 1,187,518 $ 1,182,880 $ 1,401,208 $ 1,610,529 Denominator Weighted average common shares outstanding, basic 19,487,000 19,338,000 19,455,000 19,302,000 Warrants to purchase common stock 851,000 975,000 885,000 191,000 Weighted average common shares outstanding, diluted 20,338,000 20,313,000 20,340,000 19,493,000 Net income per share Basic $ 0.06 $ 0.06 $ 0.07 $ 0.08 Diluted $ 0.06 $ 0.06 $ 0.07 $ 0.08 |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Warrants | |
Restricted stock | Restricted Stock Units Weighted Average Grant Date Fair Value ($/share) Outstanding at June 30, 2017 982,613 $ 6.01 Granted 9,897 12.12 Vested and issued (95,201 ) 7.21 Forfeited (13,669 ) 11.89 Outstanding at December 31, 2017 883,640 $ 5.86 |
Warrants | Warrants Outstanding at December 31, 2017 Warrants Exercisable at December 31, 2017 Range of exercise prices Number Outstanding Weighted average remaining contractual life (years) Weighted average exercise price Number exercisable Weighted average exercise price $ 3.45 – 4.00 1,271,618 1.82 $ 3.94 1,271,618 $ 3.94 $ 6.45 – 10.00 100,481 .99 $ 7.29 100,481 $ 7.29 1,372,099 1.76 $ 4.18 1,372,099 $ 4.18 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) | 6 Months Ended |
Dec. 31, 2017 | |
Incorporated state | State of Nevada |
PC Group Inc. [Member] | |
Incorporated state | Utah |
Ownership interest by parent | 98.76% |
Park City Group Inc. [Member] | |
Incorporated state | Delaware |
Ownership interest by parent | 100.00% |
ReposiTrak [Member] | |
Incorporated state | Utah |
Ownership interest by parent | 100.00% |
SIGNIFICANT ACCOUNTING POLICI16
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator | ||||
Net income (loss) applicable to common shareholders | $ 1,187,518 | $ 1,182,880 | $ 1,401,208 | $ 1,610,529 |
Denominator | ||||
Weighted average shares, basic | 19,487,000 | 19,338,000 | 19,455,000 | 19,302,000 |
Warrants to purchase common stock | 851,000 | 975,000 | 885,000 | 191,000 |
Weighted average shares, diluted | 20,338,000 | 20,313,000 | 20,340,000 | 19,493,000 |
Net income (loss per share) | ||||
Basic income (loss) per share | $ 0.06 | $ 0.06 | $ 0.07 | $ 0.08 |
Diluted income (loss) per share | $ 0.06 | $ 0.06 | $ 0.07 | $ 0.08 |
EQUITY (Details)
EQUITY (Details) - Restricted Stock [Member] | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted stock units | |
Outstanding, beginning of period | shares | 982,613 |
Granted | shares | 9,897 |
Vested and issued | shares | (95,201) |
Forfeited | shares | (13,669) |
Outstanding, end of period | shares | 883,640 |
Outstanding, beginning of period | $ / shares | $ 6.01 |
Granted | $ / shares | 12.12 |
Vested and issued | $ / shares | 7.21 |
Forfeited | $ / shares | 11.89 |
Outstanding, end of period | $ / shares | $ 5.86 |
EQUITY (Details 1)
EQUITY (Details 1) - Warrant [Member] | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Outstanding at End of Period, Shares | shares | 1,372,099 |
Weighted average remaining contractual life (years), Shares Outstanding | 1 year 9 months 4 days |
Weighted average exercise price, Shares Outstanding | $ 4.18 |
Exercisable at End of Period, Shares | shares | 1,372,099 |
Weighted average exercise price, Shares Exercisable | $ 4.18 |
$3.45-4.00 [Member] | |
Outstanding at End of Period, Shares | shares | 1,271,618 |
Weighted average remaining contractual life (years), Shares Outstanding | 1 year 9 months 25 days |
Weighted average exercise price, Shares Outstanding | $ 3.94 |
Exercisable at End of Period, Shares | shares | 1,271,618 |
Weighted average exercise price, Shares Exercisable | $ 3.94 |
$6.45-10.00 [Member] | |
Outstanding at End of Period, Shares | shares | 100,481 |
Weighted average remaining contractual life (years), Shares Outstanding | 11 months 26 days |
Weighted average exercise price, Shares Outstanding | $ 7.29 |
Exercisable at End of Period, Shares | shares | 100,481 |
Weighted average exercise price, Shares Exercisable | $ 7.29 |
Minimum [Member] | $3.45-4.00 [Member] | |
Range of exercise prices | 3.45 |
Minimum [Member] | $6.45-10.00 [Member] | |
Range of exercise prices | 6.45 |
Maximum [Member] | $3.45-4.00 [Member] | |
Range of exercise prices | 4 |
Maximum [Member] | $6.45-10.00 [Member] | |
Range of exercise prices | $ 10 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
FMI [Member] | ||
Due to related parties | $ 45,200 | $ 77,628 |