Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Sep. 30, 2016 | Oct. 21, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | KOSS CORP | |
Entity Central Index Key | 56,701 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 7,382,706 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 6,348,706 | $ 5,531,262 |
Cost of goods sold | 4,406,447 | 3,884,927 |
Gross profit | 1,942,259 | 1,646,335 |
Operating expenses: | ||
Selling, general and administrative expenses | 1,775,771 | 1,765,746 |
Unauthorized transaction related costs (recoveries), net | 37,500 | 37,475 |
Interest expense | 846 | 5,318 |
Income (loss) before income tax provision | 128,142 | (162,204) |
Income tax provision (benefit) | 43,931 | (61,400) |
Net income (loss) | $ 84,211 | $ (100,804) |
Income (loss) per common share: | ||
Basic | $ 0.01 | $ (0.01) |
Diluted | $ 0.01 | $ (0.01) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 459,921 | $ 735,393 |
Accounts receivable, less allowance for doubtful accounts of $54,689 and $55,175, respectively | 3,259,979 | 3,530,854 |
Inventories | 7,387,693 | 8,595,485 |
Prepaid expenses and other current assets | 507,414 | 281,099 |
Income taxes receivable | 606,566 | 583,507 |
Total current assets | 12,221,573 | 13,726,338 |
Equipment and leasehold improvements, net | 1,596,944 | 1,514,472 |
Other assets: | ||
Deferred income taxes | 3,145,566 | 3,212,556 |
Cash surrender value of life insurance | 5,979,889 | 5,667,105 |
Total other assets | 9,125,455 | 8,879,661 |
Total assets | 22,943,972 | 24,120,471 |
Current liabilities: | ||
Accounts payable | 634,245 | 1,966,656 |
Accrued liabilities | 1,590,053 | 1,601,652 |
Total current liabilities | 2,224,298 | 3,568,308 |
Long-term liabilities: | ||
Deferred compensation | 2,188,991 | 2,187,714 |
Other liabilities | 171,755 | 178,255 |
Total long-term liabilities | 2,360,746 | 2,365,969 |
Total liabilities | 4,585,044 | 5,934,277 |
Stockholders' equity: | ||
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,382,706 shares | 36,914 | 36,914 |
Paid in capital | 5,159,479 | 5,070,956 |
Retained earnings | 13,162,535 | 13,078,324 |
Total stockholders' equity | 18,358,928 | 18,186,194 |
Total liabilities and stockholders' equity | $ 22,943,972 | $ 24,120,471 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Allowance for doubtful accounts | $ 54,689 | $ 55,175 |
Common stock, par value | $ 0.005 | $ 0.005 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 7,382,706 | 7,382,706 |
Common stock, shares outstanding | 7,382,706 | 7,382,706 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net income (loss) | $ 84,211 | $ (100,804) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Provision for (recovery of) doubtful accounts | 705 | (14,682) |
(Gain) on disposal of equipment and leasehold improvements | 0 | 150 |
Depreciation of equipment and leasehold improvements | 123,837 | 123,505 |
Stock-based compensation expense | 88,523 | 116,004 |
Deferred income taxes | 66,990 | 60,122 |
Change in cash surrender value of life insurance | (181,176) | (133,306) |
Change in deferred compensation accrual | 38,777 | 9,453 |
Deferred compensation paid | (37,500) | (37,500) |
Net changes in operating assets and liabilities (see note 9) | (121,922) | (1,066,264) |
Cash provided by (used in) operating activities | 62,445 | (1,043,622) |
Investing activities: | ||
Life insurance premiums paid | (131,608) | (129,219) |
Purchase of equipment and leasehold improvements | (206,309) | (46,635) |
Cash (used in) investing activities | (337,917) | (175,854) |
Financing activities: | ||
Net proceeds from line of credit facility | 0 | 400,000 |
Cash provided by financing activities | 0 | 400,000 |
Net (decrease) in cash and cash equivalents | (275,472) | (819,476) |
Cash and cash equivalents at beginning of period | 735,393 | 1,000,266 |
Cash and cash equivalents at end of period | $ 459,921 | $ 180,790 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated balance sheet of Koss Corporation (the "Company") as of June 30, 2016 , has been derived from audited financial statements. The unaudited condensed consolidated financial statements presented herein are based on interim amounts. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The operating results for the three months ended September 30, 2016 , are not necessarily indicative of the operating results that may be experienced for the full fiscal year ending June 30, 2017 . These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016 . |
UNAUTHORIZED TRANSACTION RELATE
UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Unauthorized Transaction Related Costs and Recoveries [Abstract] | |
Unauthorized Transaction Related Costs and Recoveries [Text Block] | UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES In December 2009, the Company learned of significant unauthorized transactions as previously reported. The Company has ongoing costs and recoveries associated with the unauthorized transactions. For the three months ended September 30, 2016 and 2015 , unauthorized transaction related costs, net, of $37,500 and $37,475 , respectively, were incurred for legal fees related to claims initiated against third parties (see Note 11). |
INVENTORIES (Notes)
INVENTORIES (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The components of inventories were as follows: September 30, 2016 June 30, 2016 Raw materials $ 3,000,320 $ 3,466,907 Work-in process 33,221 — Finished goods 6,801,906 7,570,026 9,835,447 11,036,933 Allowance for obsolete inventory (2,447,754 ) (2,441,448 ) Total inventories $ 7,387,693 $ 8,595,485 |
INCOME TAXES (Notes)
INCOME TAXES (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company files income tax returns in the United States federal jurisdiction and in several state jurisdictions. The Company’s federal tax returns for tax years beginning July 1, 2012 or later are open. For states in which the Company files state income tax returns, the statute of limitations is generally open for tax years ended June 30, 2012 and forward. For the three months ended September 30, 2016 , the Company recorded an income tax expense of $43,931 , compared to an income tax benefit of $61,400 for the three months ended September 30, 2015 . The Company does not believe it has any unrecognized tax benefits as of September 30, 2016 and as of June 30, 2016 . Any changes to the Company’s unrecognized tax benefits as of September 30, 2016 , if recognized, would impact the effective tax rate. |
CREDIT FACILITY (Notes)
CREDIT FACILITY (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility | CREDIT FACILITY On May 12, 2010, the Company entered into a secured credit facility (“Credit Agreement”) with JPMorgan Chase Bank, N.A. (“Lender”). The Credit Agreement provided for an $8,000,000 revolving secured credit facility with interest rates either ranging from 0.0% to 0.75% over the Lender’s most recently publicly announced prime rate or 2.0% to 3.0% over LIBOR, depending on the Company’s leverage ratio. The Company pays a fee of 0.3% to 0.45% for unused amounts committed in the credit facility. On July 23, 2014, the Credit Agreement was amended to reduce the facility to $5,000,000 , subject to a borrowing base calculation as defined in the Credit Agreement, and to amend certain financial covenants. On May 31, 2016, the Credit Agreement was amended to extend the expiration to July 31, 2018, and to amend certain financial covenants. In addition to the revolving loans, the Credit Agreement also provides that the Company may, from time to time, request the Lender to issue letters of credit for the benefit of the Company of up to a sublimit of $2,000,000 and subject to certain other limitations. The loan may be used only for general corporate purposes of the Company. The Credit Agreement contains certain affirmative, negative and financial covenants customary for financings of this type. The negative covenants include restrictions on other indebtedness, liens, fundamental changes, certain investments, asset sales, sale and leaseback transactions and transactions with affiliates, among other restrictions. The financial covenants include minimum debt service coverage ratio requirements. The Company and the Lender also entered into the Pledge and Security Agreement dated May 12, 2010, under which the Company granted the Lender a security interest in substantially all of the Company’s assets in connection with the Company’s obligations under the Credit Agreement. The Company is currently in compliance with all covenants related to the Credit Facility. As of September 30, 2016 and June 30, 2016 , there were no outstanding borrowings on the facility. The Company incurs interest expense primarily related to its secured credit facility. Interest expense was $846 and $5,318 for the three months ended September 30, 2016 and 2015 , respectively. |
ACCRUED LIABILITIES (Notes)
ACCRUED LIABILITIES (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities [Text Block] | ACCRUED LIABILITIES Accrued liabilities were as follows: September 30, 2016 June 30, 2016 Cooperative advertising and promotion allowances $ 464,925 $ 479,645 Product warranty obligations 294,072 305,275 Customer credit balances 222,868 47,753 Current deferred compensation 150,000 150,000 Accrued returns 120,763 140,918 Employee benefits 77,553 83,113 Legal and professional fees 77,800 127,329 Management bonuses and profit-sharing 42,404 147,450 Sales commissions and bonuses 62,274 70,050 Other 77,394 50,119 Total accrued liabilities $ 1,590,053 $ 1,601,652 |
INCOME (LOSS) PER COMMON AND CO
INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Income (Loss) Per Common and Common Stock Equivalent Share | INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE Basic income (loss) per share is computed based on the weighted-average number of common shares outstanding. The weighted-average number of common shares outstanding was 7,382,706 for the periods ended September 30, 2016 and 2015 . When dilutive, stock options are included in income (loss) per share as share equivalents using the treasury stock method. For the periods ended September 30, 2016 and 2015 , there were no common stock equivalents related to stock option grants that were included in the computation of the weighted-average number of shares outstanding for diluted income (loss) per share. Shares issuable upon the exercise of outstanding options of 2,365,000 and 2,335,000 were excluded from the diluted weighted-average common shares outstanding for the periods ended September 30, 2016 and 2015 , respectively, as they would be anti-dilutive. |
STOCK OPTIONS (Notes)
STOCK OPTIONS (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | STOCK OPTIONS The Company recognizes stock-based compensation expense for options granted under both the 1990 Flexible Incentive Plan and the 2012 Omnibus Incentive Plan. The stock-based compensation relates to stock options granted to employees, non-employee directors and non-employee consultants. In the three months ended September 30, 2016 , options to purchase 485,000 shares were granted under the 2012 Omnibus Incentive Plan at a weighted average exercise price of $2.33 . In the three months ended September 30, 2015 , options to purchase 390,000 shares were granted under the 2012 Omnibus Incentive Plan at a weighted average exercise price of $2.76 . Stock-based compensation expense during the three months ended September 30, 2016 and 2015 was $88,523 and $116,004 , respectively. |
ADDITIONAL CASH FLOW INFORMATIO
ADDITIONAL CASH FLOW INFORMATION (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | ADDITIONAL CASH FLOW INFORMATION The net changes in cash as a result of changes in operating assets and liabilities consist of the following: Three Months Ended September 30 2016 2015 Accounts receivable $ 270,170 $ (73,023 ) Inventories 1,207,792 264,644 Income taxes receivable (23,059 ) (121,521 ) Prepaid expenses and other current assets (226,315 ) (72,554 ) Accounts payable (1,332,411 ) (939,523 ) Accrued liabilities (11,599 ) (116,932 ) Other liabilities (6,500 ) (7,355 ) Net change $ (121,922 ) $ (1,066,264 ) Net cash paid during the period for: Income taxes $ 10 $ 800 Interest $ 846 $ 3,478 |
STOCKHOLDERS' EQUITY (Notes)
STOCKHOLDERS' EQUITY (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY The following table summarizes the changes in stockholders’ equity: Three Months Ended September 30 2016 2015 Net income (loss) $ 84,211 $ (100,804 ) Stock-based compensation expense 88,523 116,004 Increase in stockholders' equity $ 172,734 $ 15,200 |
LEGAL MATTERS (Notes)
LEGAL MATTERS (Notes) | 3 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | LEGAL MATTERS As of September 30, 2016 , the Company is party to the following matter related to the unauthorized transactions described below: • On December 17, 2010, the Company filed an action against Park Bank in Circuit Court of Milwaukee County, Wisconsin alleging a claim of breach of the Uniform Fiduciaries Act relating to the unauthorized transactions, as previously reported. In 2015, Park Bank filed third party claims based on contribution and subrogation against Grant Thornton LLP and Michael Koss. The Court granted motions to dismiss the contribution claims against Grant Thornton LLP and Michael Koss, but determined that it was premature to decide the subrogation claims at this stage of the proceedings. On or around March 11, 2016, the Court entered an order granting Park Bank's motion for summary judgment that dismissed the case. On March 22, 2016, the Company filed a Notice of Appeal that appeals the order granting Park Bank's motion for summary judgment and the Court's denial of the motion to dismiss the subrogation claims. The ultimate resolution of this matter is not determinable unless otherwise noted. |
UNAUTHORIZED TRANSACTION RELA17
UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Unauthorized Transaction Related Costs and Recoveries [Abstract] | |
Unauthorized Transactions, Related Costs and Recoveries, net [Table Text Block] |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | The components of inventories were as follows: September 30, 2016 June 30, 2016 Raw materials $ 3,000,320 $ 3,466,907 Work-in process 33,221 — Finished goods 6,801,906 7,570,026 9,835,447 11,036,933 Allowance for obsolete inventory (2,447,754 ) (2,441,448 ) Total inventories $ 7,387,693 $ 8,595,485 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities were as follows: September 30, 2016 June 30, 2016 Cooperative advertising and promotion allowances $ 464,925 $ 479,645 Product warranty obligations 294,072 305,275 Customer credit balances 222,868 47,753 Current deferred compensation 150,000 150,000 Accrued returns 120,763 140,918 Employee benefits 77,553 83,113 Legal and professional fees 77,800 127,329 Management bonuses and profit-sharing 42,404 147,450 Sales commissions and bonuses 62,274 70,050 Other 77,394 50,119 Total accrued liabilities $ 1,590,053 $ 1,601,652 |
ADDITIONAL CASH FLOW INFORMAT20
ADDITIONAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | The net changes in cash as a result of changes in operating assets and liabilities consist of the following: Three Months Ended September 30 2016 2015 Accounts receivable $ 270,170 $ (73,023 ) Inventories 1,207,792 264,644 Income taxes receivable (23,059 ) (121,521 ) Prepaid expenses and other current assets (226,315 ) (72,554 ) Accounts payable (1,332,411 ) (939,523 ) Accrued liabilities (11,599 ) (116,932 ) Other liabilities (6,500 ) (7,355 ) Net change $ (121,922 ) $ (1,066,264 ) Net cash paid during the period for: Income taxes $ 10 $ 800 Interest $ 846 $ 3,478 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | The following table summarizes the changes in stockholders’ equity: Three Months Ended September 30 2016 2015 Net income (loss) $ 84,211 $ (100,804 ) Stock-based compensation expense 88,523 116,004 Increase in stockholders' equity $ 172,734 $ 15,200 |
UNAUTHORIZED TRANSACTION RELA22
UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Unauthorized Transaction Related Costs and Recoveries [Abstract] | ||
Unauthorized transaction related costs (recoveries), net | $ 37,500 | $ 37,475 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,000,320 | $ 3,466,907 |
Work-in process | 33,221 | 0 |
Finished goods | 6,801,906 | 7,570,026 |
Gross inventory | 9,835,447 | 11,036,933 |
Allowance for obsolete inventory | (2,447,754) | (2,441,448) |
Total inventories | $ 7,387,693 | $ 8,595,485 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision (benefit) | $ 43,931 | $ (61,400) | |
Unrecognized tax benefits | 0 | $ 0 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 |
CREDIT FACILITY (Details)
CREDIT FACILITY (Details) - USD ($) | May 12, 2010 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Jul. 23, 2014 |
Line of Credit Facility [Line Items] | |||||
Revolving secured credit facility, maximum borrowing available | $ 8,000,000 | $ 5,000,000 | |||
Line of credit sublimit | $ 2,000,000 | ||||
Line of credit facility | $ 0 | $ 0 | |||
Interest Expense, Debt | $ 846 | $ 5,318 | |||
Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unused capacity, commitment fee percentage | 0.30% | ||||
Minimum [Member] | Prime Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate, percentage spread, depending on Company's leverage ratio | 0.00% | ||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate, percentage spread, depending on Company's leverage ratio | 2.00% | ||||
Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unused capacity, commitment fee percentage | 0.45% | ||||
Maximum [Member] | Prime Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate, percentage spread, depending on Company's leverage ratio | 0.75% | ||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate, percentage spread, depending on Company's leverage ratio | 3.00% |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Accrued Liabilities [Abstract] | ||
Cooperative advertising and promotion allowances | $ 464,925 | $ 479,645 |
Product warranty obligations | 294,072 | 305,275 |
Customer credit balances | 222,868 | 47,753 |
Current deferred compensation | 150,000 | 150,000 |
Accrued returns | 120,763 | 140,918 |
Employee benefits | 77,553 | 83,113 |
Legal and professional fees | 77,800 | 127,329 |
Management bonuses and profit-sharing | 42,404 | 147,450 |
Sales commissions and bonuses | 62,274 | 70,050 |
Other | 77,394 | 50,119 |
Total accrued liabilities | $ 1,590,053 | $ 1,601,652 |
INCOME (LOSS) PER COMMON AND 27
INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE (Details) - shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Weighted average number of shares outstanding | 7,382,706 | 7,382,706 |
Common stock equivalents related to stock option grants that were included in the computation of the weighted-average number of shares outstanding | 0 | 0 |
Shares issuable upon the exercise of outstanding options, excluded from the diluted weighted-average common shares outstanding as they would be anti-dilutive | 2,365,000 | 2,335,000 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Granted (in shares) | 485,000 | 390,000 |
Weighted average exercise price of shares granted in period | $ 2.33 | $ 2.76 |
Stock-based compensation expense | $ 88,523 | $ 116,004 |
ADDITIONAL CASH FLOW INFORMAT29
ADDITIONAL CASH FLOW INFORMATION (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accounts receivable | $ 270,170 | $ (73,023) |
Inventories | 1,207,792 | 264,644 |
Income taxes receivable | (23,059) | (121,521) |
Prepaid expenses and other current assets | (226,315) | (72,554) |
Accounts payable | (1,332,411) | (939,523) |
Accrued liabilities | (11,599) | (116,932) |
Other liabilities | (6,500) | (7,355) |
Net change | 121,922 | 1,066,264 |
Net cash (refunded) paid during the period for: | ||
Income taxes | 10 | 800 |
Interest | $ 846 | $ 3,478 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Net income (loss) | $ 84,211 | $ (100,804) |
Stock-based compensation expense | 88,523 | 116,004 |
Increase in stockholders' equity | $ 172,734 | $ 15,200 |