Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 26, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | MAM SOFTWARE GROUP, INC. | ||
Entity Central Index Key | 0000832488 | ||
Trading Symbol | mams | ||
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 Common Stock, Shares Outstanding (in shares) | 12,624,973 | ||
Entity Public Float | $ 49,164,220 | ||
Entity Shell Company | false | ||
Document Type | 10-K/A | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | We are filing this Amendment No. 1 (the “Amendment”) to our annual report on Form 10-K for the fiscal year ended June 30 2019, filed on September 30, 2019 to provide the interactive data files required by Item 601(b)(101) of Regulation S-K and Sections 405 and 406T of Regulation S-T. | ||
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 5,508 | $ 4,171 |
Accounts receivable, net of allowance of $319 and $224, respectively | 4,984 | 5,010 |
Inventories | 172 | 170 |
Prepaid expenses and other current assets | 1,573 | 1,270 |
Total Current Assets | 12,237 | 10,621 |
Property and Equipment, Net | 428 | 480 |
Other Assets | ||
Goodwill | 8,053 | 8,280 |
Intangible assets, net | 9,954 | 9,457 |
Deferred income taxes | 1,372 | 1,251 |
Other long-term assets | 475 | 545 |
TOTAL ASSETS | 32,519 | 30,634 |
Current Liabilities | ||
Accounts payable | 1,474 | 1,318 |
Accrued expenses and other liabilities | 1,050 | 1,201 |
Accrued payroll and related expenses | 1,531 | 2,146 |
Current portion of long-term debt | 2,080 | 1,811 |
Current portion of deferred revenue | 2,344 | 1,885 |
Sales tax payable | 579 | 910 |
Income tax payable | 592 | 669 |
Total Current Liabilities | 9,650 | 9,940 |
Long-Term Liabilities | ||
Deferred revenue, net of current portion | 1,564 | 1,146 |
Deferred income taxes | 742 | 789 |
Income tax payable, net of current portion | 227 | 232 |
Long-term debt, net of current portion | 2,496 | 4,581 |
Other long-term liabilities | 303 | 426 |
Total Liabilities | 14,982 | 17,114 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock: Par value $0.0001 per share; 2,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock: Par value $0.0001 per share; 18,000 shares authorized, 12,662 shares issued and 12,615 shares outstanding at June 30, 2019 and 12,593 shares issued and 12,588 shares outstanding at June 30, 2018 | 1 | 1 |
Additional paid-in capital | 15,708 | 14,768 |
Accumulated other comprehensive loss | (3,770) | (3,236) |
Retained earnings | 5,936 | 2,003 |
Treasury stock at cost, 47 shares at June 30, 2019 and 5 shares June 30, 2018 | (338) | (16) |
Total Stockholders' Equity | 17,537 | 13,520 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 32,519 | 30,634 |
Amortizable Intangible Assets, Except Computer Software [Member] | ||
Other Assets | ||
Intangible assets, net | 467 | 568 |
Computer Software, Intangible Asset [Member] | ||
Other Assets | ||
Intangible assets, net | $ 9,487 | $ 8,889 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts receivable, allowance | $ 319 | $ 224 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 18,000 | 18,000 |
Common stock, shares issued (in shares) | 12,662 | 12,593 |
Common stock, shares outstanding (in shares) | 12,615 | 12,588 |
Treasury stock, shares (in shares) | 47 | 5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net revenues | $ 37,714,000 | $ 35,777,000 |
Cost of revenues | 16,743,000 | 16,088,000 |
Gross Profit | 20,971,000 | 19,689,000 |
Operating Expenses | ||
Research and development | 5,814,000 | 4,734,000 |
Sales and marketing | 3,349,000 | 3,458,000 |
General and administrative | 6,644,000 | 6,366,000 |
Depreciation and amortization | 223,000 | 237,000 |
Total Operating Expenses | 16,030,000 | 14,795,000 |
Operating Income | 4,941,000 | 4,894,000 |
Other Income (Expense) | ||
Interest expense, net | (366,000) | (411,000) |
Total other expense, net | (366,000) | (411,000) |
Income before provision for income taxes | 4,575,000 | 4,483,000 |
Provision for income taxes | 862,000 | 1,273,000 |
Net Income | $ 3,713,000 | $ 3,210,000 |
Earnings per share attributed to common stockholders - basic (in dollars per share) | $ 0.31 | $ 0.27 |
Earnings per share attributed to common stockholders - diluted (in dollars per share) | $ 0.30 | $ 0.27 |
Weighted average common shares outstanding – basic (in shares) | 12,150 | 11,849 |
Weighted average common shares outstanding – diluted (in shares) | 12,208 | 11,906 |
Net Income | $ 3,713,000 | $ 3,210,000 |
Foreign currency translation gain (loss) | (534,000) | 47,000 |
Total Comprehensive Income | $ 3,179,000 | $ 3,257,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2017 | 12,313,000 | (5,000) | |||||
Balance at Jun. 30, 2017 | $ 1,000 | $ 14,180,000 | $ (16,000) | $ (3,283,000) | $ (1,207,000) | $ 9,675,000 | |
Common stock issued as compensation – Includes amortization of unvested shares (See Note 7) (in shares) | 290,000 | ||||||
Common stock issued as compensation – Includes amortization of unvested shares (See Note 7) | 668,000 | $ 668,000 | |||||
Common stock surrendered to pay for tax withholding (in shares) | (4,000) | (4,531) | |||||
Common stock surrendered to pay for tax withholding | (33,000) | $ (33,000) | |||||
Repurchase of common stock for treasury (in shares) | (6,000) | ||||||
Repurchase of common stock for treasury | $ (47,000) | (47,000) | |||||
Retirement of treasury stock (in shares) | (6,000) | 5,599 | |||||
Retirement of treasury stock | (47,000) | $ 47,000 | |||||
Foreign currency translation | 47,000 | 47,000 | |||||
Net Income | 3,210,000 | 3,210,000 | |||||
Balance (in shares) at Jun. 30, 2018 | 12,593,000 | (5,000) | |||||
Balance at Jun. 30, 2018 | $ 1,000 | 14,768,000 | $ (16,000) | (3,236,000) | 2,003,000 | 13,520,000 | |
Common stock issued as compensation – Includes amortization of unvested shares (See Note 7) (in shares) | 77,000 | ||||||
Common stock issued as compensation – Includes amortization of unvested shares (See Note 7) | 1,001,000 | $ 1,001,000 | |||||
Common stock surrendered to pay for tax withholding (in shares) | (4,000) | (4,053) | |||||
Common stock surrendered to pay for tax withholding | (34,000) | $ (34,000) | |||||
Repurchase of common stock for treasury (in shares) | (46,000) | (41,765) | |||||
Repurchase of common stock for treasury | $ (349,000) | $ (349,000) | |||||
Retirement of treasury stock (in shares) | (4,000) | 3,566 | |||||
Retirement of treasury stock | (27,000) | $ 27,000 | |||||
Foreign currency translation | (534,000) | (534,000) | |||||
Net Income | 3,713,000 | 3,713,000 | |||||
Cumulative-effect adjustment upon the modified retrospective adoption of ASU No. 2014-09 (See Note 1) at Jun. 30, 2018 | 220,000 | 220,000 | |||||
Adjusted balance at July 1, 2018 at Jun. 30, 2018 | $ 1,000 | 14,768,000 | $ (16,000) | (3,236,000) | 2,223,000 | 13,740,000 | |
Balance (in shares) at Jun. 30, 2019 | 12,662,000 | (47,000) | |||||
Balance at Jun. 30, 2019 | $ 1,000 | $ 15,708,000 | $ (338,000) | $ (3,770,000) | $ 5,936,000 | $ 17,537,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,713 | $ 3,210 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Bad debt expense | 265 | 89 |
Depreciation and amortization | 525 | 554 |
Amortization of debt issuance costs | 32 | 41 |
Deferred income taxes | (9) | 526 |
Stock-based compensation expense | 963 | 564 |
Changes in assets and liabilities: | ||
Accounts receivable | (288) | (188) |
Inventories | (10) | (13) |
Prepaid expenses and other assets | (126) | (259) |
Income tax receivable | 174 | |
Accounts payable | 186 | (29) |
Accrued expenses and other liabilities | (393) | 214 |
Income tax payable | (336) | 316 |
Accrued payroll and related expenses | (565) | 534 |
Deferred revenue | 590 | 771 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,547 | 6,504 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (106) | (110) |
Capitalized software development costs | (567) | (1,542) |
NET CASH USED IN INVESTING ACTIVITIES | (673) | (1,652) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common stock surrendered to pay for tax withholding | (34) | (33) |
Repurchase of common stock for treasury | (349) | (47) |
Repayment of contingent consideration | (86) | |
Repayment of long-term debt | (1,848) | (1,776) |
NET CASH USED IN FINANCING ACTIVITIES | (2,317) | (1,856) |
Effect of exchange rate changes | (220) | (85) |
Net change in cash and cash equivalents | 1,337 | 2,911 |
Cash and cash equivalents at beginning of year | 4,171 | 1,260 |
Cash and cash equivalents at end of year | 5,508 | 4,171 |
Supplemental disclosures of cash flow information | ||
Interest | 341 | 364 |
Income taxes | 1,210 | 242 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Issuance of common stock in settlement of accrued liabilities | 83 | 112 |
Retirement of treasury stock | 27 | 47 |
Acquisition of equipment under capital lease | $ 7 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. Basis of Presentation MAM Software Group, Inc. ("MAM" or the "Company") is a leading provider of integrated information management solutions and services and a leading provider of cloud-based software solutions for the automotive aftermarket sector. The Company conducts its businesses through wholly owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd.”) is based in Tankersley, Barnsley, United Kingdom (“UK”), Origin Software Solutions, Ltd. (“Origin”) is based in the UK (MAM Ltd. and Origin are collectively referred to as “MAM UK”), and MAM Software, Inc. (“MAM NA”) is based in the United States of America ("US") in Blue Bell, Pennsylvania. Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Concentrations of Credit Risk The Company has no Cash and Cash Equivalents In the US, the Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000. may $250,000 In the UK, the Company maintains cash balances at financial institutions that are insured by the Financial Services Compensation Scheme up to 85,000GBP. may 85,000GBP The Company maintains its cash accounts at financial institutions which it believes to be credit worthy. The Company considers all highly liquid debt instruments purchased with original maturities of three not Customers The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not may No 10% June 30, 2019 2018. 11% June 30, 2019. No 10% June 30, 2018. Segment Reporting The Company operates in one two 280 10 50, Segment Reporting, one 1. The products and services are software and professional services 2. The products are produced through professional services 3. The customers for these products are primarily for the automotive aftermarket 4. The method to distribute these products are via software that the customer can host locally or the Company will host 5. They both operate in a non-regulatory environment Geographic Concentrations The Company conducts business in the US and Canada (US and Canada are collectively referred to as the “NA Market”), and the UK and Ireland (UK and Ireland are collectively referred to as the “UK Market”). For customers headquartered in their respective countries, the Company derived approximately 63% 35% 1% 1% June 30, 2019, 64% 34% 1% 1% June 30, 2018. At June 30, 2019, 80% 20% June 30, 2018, 76% 24% Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the US 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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by the Company’s management include, but are not Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other liabilities, and long-term debt. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one three • Level 1 • Level 2 1 • Level 3 Determining which category an asset or liability falls within the hierarchy may The Company classified its contingent acquisition consideration liability in connection with the acquisition of Origin within the Level 3 not $0.4 $0.5 June 30, 2019 2018, Allowance for Doubtful Accounts The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on specific identification of customer accounts and its best estimate of the likelihood of potential loss, taking into account such factors as the financial condition and payment history of major customers. The Company evaluates the collectability of its receivables at least quarterly. The allowance for doubtful accounts is subject to estimates based on the historical actual costs of bad debt experienced, total accounts receivable amounts, age of accounts receivable and any knowledge of the customers’ ability or inability to pay outstanding balances. If the financial condition of the Company's customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first Property and Equipment Property and equipment are stated at cost, and are depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three five Software Development Costs Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is capitalized and recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the amounts of: the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product and, the straight-line method over the remaining estimated economic life (a period of three ten Amortizable Intangible Assets Amortizable intangible assets consist of completed software technology, customer contracts/relationships, automotive data services, and acquired intellectual property and are recorded at cost. Completed software technology and customer contracts/relationships are amortized using the straight-line method over their estimated useful lives of 9 10 20 10 Goodwill Goodwill is not Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one June 30, 2019, not no not Goodwill activity for the years ended June 30, 2019 2018 Balance, July 1, 2017 $ 8,191 Effect of exchange rate changes 89 Balance, June 30, 2018 $ 8,280 Effect of exchange rate changes (227 ) Balance, June 30, 2019 $ 8,053 Long-Lived Assets The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of long-lived assets can be recovered through projected undiscounted future cash flows over their remaining useful lives. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June 30, 2019, no no not Debt Issuance Costs Debt issuance costs represent costs incurred in connection with the issuance of long-term debt. Debt issuance costs are amortized over the term of the financing instrument using the effective interest method. Debt issuance costs are presented in the consolidated balance sheets as an offset against the current and non-current portions of long-term debt. Issuance of Equity Instruments to Non-Employees All issuances of the Company’s equity instruments to non-employees are measured at fair value based upon either the fair value of the equity instruments issued or the fair value of consideration received, whichever is more readily determinable. The majority of stock issuances for non-cash consideration pertains to services rendered by consultants and others and has been valued at the fair value of the equity instruments on the dates issued. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Assets acquired in exchange for the issuance of fully vested, non-forfeitable equity instruments are not Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC No. 718, Compensation - Stock Compensation 718” 718 no Revenue Recognition MAM offers its software using the same underlying technology via two not The Company generates revenue through sales of licenses and support and maintenance provided to its on-premises customers, and through subscriptions of its cloud-based software. MAM offers professional services to both its on-premises and cloud customers to assist them with the customization, implementation, and training. The Company determines revenue recognition through the following steps: - Identification of the contract, or contracts, with a customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, we satisfy a performance obligation. The Company records the amount of revenue and related costs by considering whether the entity is a principal (gross presentation) or an agent (net presentation) by evaluating the nature of its promise to the customer. Revenue is presented net of sales, value-added and other taxes collected from customers and remitted to government authorities. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under Topic 606. The Company’s contracts which contain multiple performance obligations generally consist of the initial purchase of subscription or licenses, a professional services engagement, and support and maintenance engagement. License purchases generally have multiple performance obligations as customers also purchase support and maintenance in addition to the licenses. The Company’s single performance obligation arrangements are typically support and maintenance renewals, subscription renewals, and professional services engagements. For contracts with multiple performance obligations where the contracted price differs from the standalone selling price (“SSP”) for any distinct good or service, the Company may Subscription Subscription revenue is recognized ratably over the initial subscription period committed to by the customer commencing when the cloud environment is made available to the customer. The initial subscription period is typically 36 60 30 Software Licenses Transfer of control for software is considered to have occurred upon electronic delivery of the license key that provides immediate availability of the product to the customer. The Company’s typical payment terms tend to vary but its standard payment terms are within 30 Support and Maintenance Revenue from support services and product updates, referred to as support and maintenance revenue, is recognized ratably over the term of the contract period, which is typically 12 36 30 Professional Services Revenue from professional services is typically comprised of implementation, development, training or other consulting services. Professional services are generally sold on an hourly/daily rate or fixed fee basis, and can include services ranging from software installation to data conversion, basic customizations, and building non-complex interfaces to allow the software to operate in integrated environments. For perpetual orders, the Company recognizes revenue for hourly arrangements as the services are performed. In fixed fee arrangements for perpetual orders, revenue is recognized as services are performed as measured by hours incurred to date, compared to total estimated hours to complete the services project. Management applies judgment when estimating project status and the time necessary to complete the services projects. A number of internal and external factors can affect these estimates, including changes to specifications, testing and training requirements. For SaaS orders, fees associated with professional services are deferred and recognized ratably over the estimated customer life. Services are generally invoiced upon milestones in the contract or upon consumption of the hourly resources and payments are typically due 30 Funded Software Arrangements The Company may not not Disaggregated Revenue The Company disaggregates revenue from contracts with customers by geography and type of the revenue arrangement, as it believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company’s revenue by geography and type is as follows (in thousands): For the Years Ended June 30, Net Revenues 2019 2018 MAM UK: Recurring $ 21,058 $ 20,497 Non-recurring 3,159 2,967 Total MAM UK Revenues 24,217 23,464 MAM NA: Recurring 10,154 9,306 Non-recurring 3,343 3,007 Total MAM NA Revenues 13,497 12,313 Total Net Revenues $ 37,714 $ 35,777 Significant Judgments More judgments and estimates are required under Topic 606 605. 606 may may Judgment is required to determine the SSP for each distinct performance obligation. The Company rarely licenses or sells products on a stand-alone basis, so the Company is required to estimate the range of SSPs for each performance obligation. In instances where SSP is not not may Revenue is recognized over time for the Company’s subscription, support and maintenance, and professional services that are separate performance obligations. For the Company’s professional services, revenue is recognized over time, generally using hours expended to measure progress. Judgment is required in estimating project status and the hours necessary to complete projects. A number of internal and external factors can affect these estimates, including changes to specifications, testing and training requirements. If a group of agreements are entered at or near the same time and so closely related that they are, in effect, part of a single arrangement, such agreements are deemed to be combined as one Contract Balances The timing of revenue recognition may not not The contract assets indicated below are presented as prepaid expenses and other current assets and other long-term assets in the consolidated balance sheets. These assets primarily relate to professional services and subscriptions, and consist of the Company’s rights to consideration for goods or services transferred but not June 30, 2019. The Company’s contract balances are as follows (in thousands): As of June 30, 2019 July 1, 2018 Contract assets, short-term $ 117 $ 94 Contract assets, long-term 194 154 Total contract assets $ 311 $ 248 Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted but unsatisfied performance obligations were approximately $21.8 June 30, 2019, $11.7 12 not 12 not 12 Deferred Revenue MAM typically invoices its customers for subscription and support and maintenance fees on a monthly basis, with payment due 30 twelve Deferred revenues consist of the following (in thousands): As of June 30, 2019 2018 Deferred professional services $ 1,522 $ 885 Deferred license 292 305 Deferred support 1,234 590 Deposits 721 1,146 Deferred other revenue 139 105 Total deferred revenues 3,908 3,031 Less deferred revenues, current (2,344 ) (1,885 ) Deferred revenues, non-current $ 1,564 $ 1,146 During the fiscal year ended June 30, 2019, $1.5 606, Practical Expedients and Exemptions There are several practical expedients and exemptions allowed under Topic 606 606: Application ● The Company does not one ● The Company generally expenses sales commissions when incurred when the amortization period would have been one ● The Company does not Modified Retrospective Transition Adjustments ● For contract modifications, the Company reflected the aggregate effect of all modifications that occurred prior to the adoption date when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price to satisfied and unsatisfied performance obligations for the modified contract at transition. Costs to Obtain and Fulfill a Contract The Company’s incremental direct costs of obtaining a contract consist of sales commissions which are amortized ratably over the term of economic benefit which the Company has determined to be the life of the contract for subscription customers. These deferred costs are classified as current or non-current based on the timing of when the Company expects to recognize the expense. Incremental costs related to initial support and renewals are expensed as incurred because the term of economic benefit is one $0.3 June 30, 2019 June 30, 2018. June 30, 2019, $0.1 Cost of Revenues Cost of revenues primarily consists of expenses related to delivering the Company's service and providing support, amortization expense associated with capitalized software related to its services and acquired developed technologies and certain fees paid to various third third As the Company continues to invest in new products and services, the amortization expense associated with these capitalizable activities will be included in cost of revenues. Additionally, as the Company enters into new contracts with third may Advertising Expense The Company expenses advertising costs as incurred. For the years ended June 30, 2019 2018, $0.4 $0.4 Foreign Currency Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the UK subsidiaries are translated into US dollars at the year-end exchange rates. Income and expenses are translated at an average exchange rate for the year and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain (loss) adjustment totaled ( $0.5 $47,000 June 30, 2019 2018, Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in income. The Company had no Comprehensive Income Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the years ended June 30, 2019 2018, Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740 may not 740 not may June 30, 2019, $0.2 The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Basic and Diluted Earnings Per Share Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon the exercise of stock options and warrants using the “treasury stock” method. The computation of DEPS does not June 30, 2019 2018 57,524 56,626, June 30, 2019 2018, 340,000 450,178 not no The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years ended June 30 ( For the years ended June 30, 2019 2018 Numerator: Net income $ 3,713 $ 3,210 Denominator: Basic weighted-average shares outstanding 12,150 11,849 Effect of dilutive securities 58 57 Diluted weighted-average diluted shares 12,208 11,906 Earnings per share attributed to common stockholders - basic $ 0.31 $ 0.27 Earnings per share attributed to common stockholders - diluted $ 0.30 $ 0.27 Recent Accounting Pronouncements Recently Adopted Accounting Standard s In May 2017, 2017 09, 718 718. 2017 09 July 1, 2018, not In May 2014, 2014 09, 606 605 985 605 605 985 605 605” 606, 606 The Company adopted Topic 606 July 1, 2018, first 2019, 2019 606. not not 606 606. The most significant impacts of the adoption of Topic 606 ● Revenue related to professional services for perpetual license contracts are recognized on percentage of hours incurred on the contract compared to the estimated total hours to complete, as compared to upon completion under prior GAAP. At adoption, the Company increased retained earnings and accounts receivable by $0.1 ● Rental contracts, for which customers pay a monthly fee for an on-premise software license and support/maintenance are accounted for as perpetual licenses contracts with a financing component, rather than on a monthly subscription basis under prior GAAP. At adoption, the Company increased retained earnings, and other current assets and other long-term assets by $0.2 ● Set-up fee revenue and associated costs pertaining to implementation of rental customers are no $0.1 $0.2 $0.1 ● Funded software development from a customer related to a capitalized software development project is now recognized as deferred revenue until the customer implements the software, and recognized over the life of the customer contract, as compared to an offset to capitalized software costs under prior GAAP. At adoption, the Company increased deferred revenue and increased capitalized software by $0.5 The tax impact of the above adjustments was assessed and, at adoption, the Company decreased retained earnings and decreased deferred tax liability by $0.15 $0.3 Adjustments to beginning consolidated balance sheet accounts The following table presents the cumulative effect adjustments, net of income tax effects, to beginning consolidated balance sheet accounts for Topic 606 first 2019 June 30, Topic July 1, 2018 606 2018 ASSETS Accounts receivable, net $ 5,010 $ 64 $ 5,074 Prepaid expenses and other current assets $ 1,270 $ 94 $ 1,364 Total Current Assets $ 10,621 $ 158 $ 10,779 Software development costs, net $ 8,889 $ 516 $ 9,405 Deferred income taxes $ 1,251 $ 121 $ 1,372 Other long-term assets $ 545 $ 41 $ 586 TOTAL ASSETS $ 30,634 $ 836 $ 31,470 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of deferred revenues $ 1,885 $ 556 $ 2,441 Income tax payable $ 669 $ 272 $ 941 Total Current Liabilities $ 9,940 $ 828 $ 10,768 Deferred revenues, net of current portion $ 1,146 $ (213 ) $ 933 Total Liabilities $ 17,114 $ 616 $ 17,730 Stockholders' Equity Retained earnings $ 2,003 $ 220 $ 2,223 Total Stockholders' Equity $ 13,520 $ 220 $ 13,740 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 30,634 $ 836 $ 31,470 The following table summarizes the effects of adopting Topic 606 June 30, 2019 ( As Reported Under Topic 606 Adjustments Balances Under Prior GAAP ASSETS Accounts receivable, net $ 4,984 $ (108 ) $ 4,876 Prepaid expenses and other current assets $ 1,573 $ (110 ) $ 1,463 Total Current Assets $ 12,237 $ (218 ) $ 12,019 Software development costs, net $ 9,487 $ (678 ) $ 8,809 Deferred income taxes $ 1,372 $ 120 $ 1,492 Other long-term assets $ 475 $ (43 ) $ 432 TOTAL ASSETS $ 32,519 $ (819 ) $ 31,700 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of deferred revenues $ 2,344 $ (18 ) $ 2,326 Income tax payable $ 592 $ (65 ) $ 527 Total Current Liabilities $ 9,650 $ (83 ) $ 9,567 Deferred revenues, net of current portion $ 1,564 $ (482 ) $ 1,082 Deferred income taxes $ 742 $ 17 $ 759 Total Liabilities $ 14,982 $ (548 ) $ 14,434 Retained earnings $ 5,936 $ (271 ) $ 5,665 Total Stockholders’ Equity $ 17,537 $ (271 ) $ 17,266 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 32,519 $ (819 ) $ 31,700 The following table summarizes the effects of adopting Topic 606 June 30, 2019 ( As Reported Under Topic 606 Adjustments Balances Under Prior GAAP Net revenues $ 37,714 $ (59 ) $ 37,655 Cost of revenues 16,743 (6 ) 16,737 Gross Profit 20,971 (53 ) 20,918 Total Operating Expenses 16,030 - 16,030 Operating Income 4,941 (53 ) 4,888 Other Income (Expense) Interest expense, net (366 ) (15 ) (381 ) Total other expense, net (366 ) (15 ) (381 ) Income before provision for income taxes 4,575 (68 ) 4,507 Provision for income taxes 862 (17 ) 845 Net Income $ 3,713 $ (51 ) $ 3,662 Earnings per share attributed to common stockholders – basic $ 0.31 $ (0.01 ) $ 0.30 Earnings per share attributed to common stockholders – diluted $ 0.30 $ - $ 0.30 Net Income $ 3,713 $ (51 ) $ 3,662 Foreign currency translation gain (534 ) - (534 ) Total Comprehensive Income $ 3,179 $ (51 ) $ 3,128 The following table summarizes the effects of adopting Topic 606 June 30, 2019 ( As Reported Under Topic 606 Adjustments Balances Under Prior GAAP CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 3,713 $ (51 ) $ 3,662 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes $ (9 ) $ (225 ) $ (234 ) Changes in assets and liabilities: Accounts receivable $ (288 ) $ 44 $ (244 ) Prepaid expenses and other assets $ (126 ) $ 22 $ (104 ) Income tax payable $ (336 ) $ 202 $ (134 ) Deferred revenues $ 590 $ (155 ) $ 435 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 4,547 $ (163 ) $ 4,384 CASH FLOWS FROM INVESTING ACTIVITIES: Capitalized software development costs $ (567 ) $ 163 $ (404 ) NET CASH USED IN INVESTING ACTIVITIES $ (673 ) $ 163 $ (510 ) Cash and cash equivalents at end of period $ 5,508 $ - $ 5,508 Accounting Standards Not In January 2017, 2017 04, 350 two not 2017 04 June 30, 2021. not 2017 04 In February 2016, 2016 02, 12 first 2020. 2016 02 2016 02. |
Note 2 - Property and Equipment
Note 2 - Property and Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2. Property and equipment consist of the following (in thousands): As of June 30, 2019 2018 Leasehold improvements $ 388 $ 403 Computer and office equipment 1,052 1,000 Equipment under capital leases 10 17 Furniture and equipment 520 525 Total property, plant and equipment 1,970 1,945 Less: accumulated depreciation and amortization (1,542 ) (1,465 ) Total property, plant and equipment, net $ 428 $ 480 Depreciation expense on property and equipment for the years ended June 30, 2019 2018 $0.1 $0.2 |
Note 3 - Intangible Assets
Note 3 - Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 3. Intangible assets consist of the following at June 30, 2019 ( Average Estimated Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Completed software technology 9 to 10 $ 1,035 $ (1,035 ) $ - Customer contracts / relationships 10 514 (514 ) - Automotive data services 20 249 (249 ) - Acquired intellectual property 10 780 (313 ) 467 Software development costs 3 to 10 12,350 (2,863 ) 9,487 Total $ 14,928 $ (4,974 ) $ 9,954 Intangible assets consist of the following at June 30, 2018 ( Average Estimated Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Completed software technology 9 to 10 $ 1,077 $ (1,077 ) $ - Customer contracts / relationships 10 535 (535 ) - Automotive data services 20 259 (259 ) - Acquired intellectual property 10 810 (242 ) 568 Software development costs 3 to 10 11,513 (2,624 ) 8,889 Total $ 14,194 $ (4,737 ) $ 9,457 For the years ended June 30, 2019 2018, $0.4 $0.4 Estimated future amortization of software development costs and intangibles for the next five Years Ending June 30, 2020 $ 1,034 2021 1,009 2022 1,009 2023 1,009 2024 966 |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4. As of June 30, (dollars in thousands) 2019 2018 Debt obligations: Revolving loan facility $ - $ - Term loan 4,599 6,441 Equipment financing 4 7 Less: unamortized debt issuance cost (27 ) (56 ) Total 4,576 6,392 Less current portion (2,080 ) (1,811 ) Long-term debt $ 2,496 $ 4,581 On March 2, 2017, $11.5 $8.75 $2.75 2.75% 3.25%, $133,333 December 1, 2017, $158,333 December 1, 2018, $175,000 August 1, 2021. As of June 30, 2019, not not 65% June 30, 2019, Future minimum payments under long-term debt outstanding at June 30, 2019 For the years ending June 30, 2020 $ 2,102 2021 2,102 2022 399 Total debt payments $ 4,603 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5. The Company is subject to taxation in the US, UK and various US state jurisdictions. The Company’s tax years for 1999 not The Company follows the provisions of ASC 740 10, 740 10 740 10, not not 50% The Company has $0.2 The Company’s practice is to recognize interest and/or penalties related to income matters in income tax expense. The Company did not June 30, 2019 2018. The aggregate changes in the balance of unrecognized tax benefits were as follows (in thousands): For the years ended June 30, 2019 2018 Balance, beginning of the year $ 232 $ 88 Increases for tax positions related to the current year - 10 Increases for tax positions related to prior years 6 167 Decreases due to lapsed statutes of limitations (11 ) (33 ) Balance, end of year $ 227 $ 232 Income before income taxes for the years ended June 30, 2019 2018 For the years ended June 30, 2019 2018 United States of America $ 482 $ 734 United Kingdom 4,093 3,749 Total $ 4,575 $ 4,483 The provision (benefit) for income taxes consists of the following for the years ended June 30, 2019 2018 US US UK Total 2019: Current $ 113 $ 48 $ 710 $ 871 Deferred (14 ) (2 ) 7 (9 ) Total $ 99 $ 46 $ 717 $ 862 2018: Current $ 273 $ 75 $ 399 $ 747 Deferred 477 (50 ) 99 526 Total $ 750 $ 25 $ 498 $ 1,273 At June 30, 2019, $1.8 382 383 Through its Section 382 382. June 30, 2011, $0.4 At June 30, 2019, $3.6 $1.3 2027 2027, Significant components of the Company’s net deferred tax assets at June 30, 2019 2018 $1.2 $1.2 June 30, 2019 2018, June 30, 2018 $0.5 The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets (liabilities) consist of the following at June 30, 2019 2018 June 30, June 30, 2019 2018 Deferred tax assets: State taxes $ 39 $ 34 Net operating loss carry-forwards 762 902 Write-down of investments 1,174 1,183 Deferred revenue 292 116 Equity-based compensation 150 87 Reserves and accruals 284 278 Deferred rent 1 1 Domestic intangible and other long-lived assets 5 - Tax credits - 42 Total deferred tax assets 2,707 2,643 Deferred tax liabilities: Foreign intangible and other long-lived assets (903 ) (872 ) Domestic intangible and other long-lived assets - (56 ) Unremitted foreign earnings - (70 ) Total deferred tax liabilities (903 ) (998 ) Valuation allowance (1,174 ) (1,183 ) Net deferred tax assets $ 630 $ 462 The provision (benefit) for income taxes for the years ended June 30, 2019 2018 June 30, 2019 2018 Taxes at federal statutory rates $ 961 $ 1,236 State taxes, net of federal benefit 36 98 Rate changes - 785 Unrecognized tax benefits - 141 Permanent items and other 49 (360 ) Research and development (87 ) (272 ) Differential in UK corporate tax rate (122 ) (322 ) Unremitted foreign earnings (69 ) 279 Deemed repatriation tax - 217 Stock compensation (48 ) 5 Foreign dividends 453 - Foreign tax credits (311 ) - Change in valuation allowance - (534 ) Provision for income taxes $ 862 $ 1,273 On December 22, 2017, $0.3 The Tax Act was a significant modification of existing U.S. federal tax law and contained several provisions which impacted the provision of the Company in fiscal year end June 30, 2018 21% 35%, January 1, 2018. June 30, 2018, 2017 2018 June 30, 2018, $0.8 21%. Beginning for tax years starting after December 31, 2017, two 80% January 1, 2018 80% January 1, 2018 not 80% December 31, 2017 may not may For tax years commencing after December 31, 2017, not may no 2025. 50% 100% September 27, 2018 2023. The Tax Act also subjects U.S. corporations to tax on Global Intangible Low-Taxed Income (“GILTI”), which imposes tax on foreign earnings in excess of a deemed return on tangible assets. Due to the complexity of the new GILTI tax rules, the Company is continuing to evaluate this provision for which no June 30, 2019, $0.1 In addition, the Tax Act substantially eliminates any element of deferred taxation of foreign income with a US parented multinational group and retains Subpart F income to provide full and immediate taxation of the classes of income under the pre-enactment law and subjects a new broad class of income under Subpart F as well creates new base erosion provisions. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. Legal Matters From time to time, the Company is subject to various legal claims and proceedings arising in the ordinary course of business. The ultimate disposition of such a proceeding if initiated could have material adverse effects on the consolidated financial position or results of operations of the Company. There are currently no Indemnities and Guarantees The Company has made certain indemnities and guarantees, under which it may 4 not not not no Operating Leases The Company leases its facilities and certain equipment pursuant to month-to-month and non-cancelable operating lease agreements that expire on various dates through March 2028. $150 $18,900. ately $ 0.5 June 30, 2019 2018, For the years ended June 30, 2020 $ 519 2021 488 2022 397 2023 227 2024 230 Thereafter 608 Total operating lease obligations $ 2,469 |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7. Common Stock The Company issues shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 "2007 2017 “2017 three On January 6, 2017, 37,795 2017 three $241,000, On July 3, 2017, 34,592 2017 three $220,000, On July 2, 2018, 25,524 2017 three $220,000, During the years ended June 30, 2019 2018, 28,141 30,571 2007 2017 Stock Repurchase Plan The Company’s Board of Director’s authorized the repurchase of up to $2.0 September 19, 2018 ( may June 30, 2019, 41,765 $0.3 Treasury Stock During the year ended June 30, 2019, 41,765 $0.3 June 30, 2019 2018, 3,566 5,599 $27,000 $47,000, Stock-Based Compensation Stock-based compensation expense for restricted stock and stock issuances of $1.0 $0.6 June 30, 2019 2018, June 30, 2019, $0.8 ly 3.2 A summary of the Company's common stock option activity is presented below (shares in thousands): Options Outstanding Number of Weighted- Weighted- Aggregate Options outstanding - July 1, 2018 68 $ 1.30 Options granted - - Options exercised (18 ) 1.90 Options cancelled - - Options outstanding - June 30, 2019 50 $ 1.09 1.8 $ 362 Options exercisable - June 30, 2019 50 $ 1.09 1.8 $ 362 Options exercisable and vested - June 30, 2019 50 $ 1.09 1.8 $ 362 During the year ended June 30, 2019, 13,723 18,099 June 30, 2019 $0.1 The aggregate intrinsic value represents the total pre-tax amount of proceeds, net of the exercise price, which would have been received by the option holders if all option holders had exercised and immediately sold all options with an exercise price lower than the market price of the Company's common stock on June 30, 2019. During the years ended June 30, 2019 2018, 20,000 240,000 2017 $0.1 $1.5 A summary of the Company's restricted common stock activity is presented below (shares in thousands): Weighted Average Number of Shares Initial Value Price (in thousands) Per Share Restricted stock outstanding - July 1, 2018 450 $ 4.25 Issuance of restricted stock 20 6.12 Vesting (130 ) 3.22 Forfeitures - - Restricted stock outstanding - June 30, 2019 340 $ 4.76 The fair value of the restricted stock awards vested was $3.5 June 30, 2019. A summary of the vesting levels of the Company's restricted common stock is presented below (shares in thousands): Weighted Average Number of Initial Value Price Shares Per Share 30 day VWAP per share vesting level (1): $10.00 per share 124 $ 4.72 $11.00 per share 126 $ 4.74 $12.00 per share 86 $ 4.78 $13.00 per share 4 $ 6.12 ( 1 The outstanding restricted stock becomes vested when the Company’s 30 During the years ended June 30, 2019 2018, 4,053 4,531 $34,000 $33,000, Employee Stock Purchase Plan The Company has established Employee Stock Purchase Plans ("ESPP Plans"). Under the ESPP Plans, the Company will grant eligible employees the right to purchase common stock through payroll deductions. US employees purchase stock at a price equal to the lesser of 85 85 100 100 15 During the years ended June 30, 2019 2018, 10,406 14,712 ely $0.1 January 2, 2018 December 31, 2018, $0.1 January 1, 2017 July 1, 2017, |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 8. The Company has a retirement plan that complies with Section 401 401 100% 3% 401 June 30, 2019 d 2018 $0.1 $0.1 The Company has a defined contribution retirement plan ("UK Plan") that all UK employees are eligible to participate in. The Company’s contribution to the UK Plan is at the discretion of the Board of Directors. The Company matches 100% 3% June 30, 2019 2018 $0.2 $0.2 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 9. The Company has performed an evaluation of events occurring subsequent to June 30, 2019, 10 no On August 30, 2019, Pursuant to the Merger Agreement, upon the closing of the Merger (the “Closing”), each share of the Company’s common stock, par value $0.0001 $12.12 not The consummation of the Merger is subject to customary closing conditions, including, without limitation, (i) receiving the approval of holders of a majority of the voting power of the outstanding Common Stock, which approval was effected after execution of the Merger Agreement, by written consent of the Principal Stockholders (as defined below) (the “Written Consent”), (ii) the absence of legal restraints preventing the consummation of the Merger, (iii) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement), (iv) subject to certain qualifications, the accuracy of representations and warranties of the Company, Kerridge and Merger Sub, (v) the performance in all material respects of the obligations of the Company, and (iv) the passing of twenty 20 The Merger Agreement contains certain customary covenants, including covenants providing (i) for each of the parties thereto to use their reasonable best efforts to cause the Merger and the other transactions contemplated by the Merger Agreement to be consummated and (ii) for the Company to carry on its business in the ordinary course in all material respects during the interim period between the execution of the Merger Agreement and the completion of the Merger. The Merger Agreement contains customary termination rights for the parties thereto, including, among other things, the right to terminate in the event that the Merger has not November 29, 2019. $3,100,000, $8,400,000. On August 30, 2019, 6,385,657 50.58% No may not third no not |
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 MAM Software Group, Inc. ("MAM" or the "Company") is a leading provider of integrated information management solutions and services and a leading provider of cloud-based software solutions for the automotive aftermarket sector. The Company conducts its businesses through wholly owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd.”) is based in Tankersley, Barnsley, United Kingdom (“UK”), Origin Software Solutions, Ltd. (“Origin”) is based in the UK (MAM Ltd. and Origin are collectively referred to as “MAM UK”), and MAM Software, Inc. (“MAM NA”) is based in the United States of America ("US") in Blue Bell, Pennsylvania. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Company has no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents In the US, the Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000. may $250,000 In the UK, the Company maintains cash balances at financial institutions that are insured by the Financial Services Compensation Scheme up to 85,000GBP. may 85,000GBP The Company maintains its cash accounts at financial institutions which it believes to be credit worthy. The Company considers all highly liquid debt instruments purchased with original maturities of three not |
Major Customers, Policy [Policy Text Block] | Customers The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not may No 10% June 30, 2019 2018. 11% June 30, 2019. No 10% June 30, 2018. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company operates in one two 280 10 50, Segment Reporting, one 1. The products and services are software and professional services 2. The products are produced through professional services 3. The customers for these products are primarily for the automotive aftermarket 4. The method to distribute these products are via software that the customer can host locally or the Company will host 5. They both operate in a non-regulatory environment |
Geographic Concentrations [Policy Text Block] | Geographic Concentrations The Company conducts business in the US and Canada (US and Canada are collectively referred to as the “NA Market”), and the UK and Ireland (UK and Ireland are collectively referred to as the “UK Market”). For customers headquartered in their respective countries, the Company derived approximately 63% 35% 1% 1% June 30, 2019, 64% 34% 1% 1% June 30, 2018. At June 30, 2019, 80% 20% June 30, 2018, 76% 24% |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the US 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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by the Company’s management include, but are not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other liabilities, and long-term debt. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one three • Level 1 • Level 2 1 • Level 3 Determining which category an asset or liability falls within the hierarchy may The Company classified its contingent acquisition consideration liability in connection with the acquisition of Origin within the Level 3 not $0.4 $0.5 June 30, 2019 2018, |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on specific identification of customer accounts and its best estimate of the likelihood of potential loss, taking into account such factors as the financial condition and payment history of major customers. The Company evaluates the collectability of its receivables at least quarterly. The allowance for doubtful accounts is subject to estimates based on the historical actual costs of bad debt experienced, total accounts receivable amounts, age of accounts receivable and any knowledge of the customers’ ability or inability to pay outstanding balances. If the financial condition of the Company's customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, and are depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three five |
Research, Development, and Computer Software, Policy [Policy Text Block] | Software Development Costs Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is capitalized and recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the amounts of: the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product and, the straight-line method over the remaining estimated economic life (a period of three ten |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Amortizable Intangible Assets Amortizable intangible assets consist of completed software technology, customer contracts/relationships, automotive data services, and acquired intellectual property and are recorded at cost. Completed software technology and customer contracts/relationships are amortized using the straight-line method over their estimated useful lives of 9 10 20 10 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is not Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one June 30, 2019, not no not Goodwill activity for the years ended June 30, 2019 2018 Balance, July 1, 2017 $ 8,191 Effect of exchange rate changes 89 Balance, June 30, 2018 $ 8,280 Effect of exchange rate changes (227 ) Balance, June 30, 2019 $ 8,053 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of long-lived assets can be recovered through projected undiscounted future cash flows over their remaining useful lives. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June 30, 2019, no no not |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Debt issuance costs represent costs incurred in connection with the issuance of long-term debt. Debt issuance costs are amortized over the term of the financing instrument using the effective interest method. Debt issuance costs are presented in the consolidated balance sheets as an offset against the current and non-current portions of long-term debt. |
Issuance of Equity Instruments to Non-employees [Policy Text Block] | Issuance of Equity Instruments to Non-Employees All issuances of the Company’s equity instruments to non-employees are measured at fair value based upon either the fair value of the equity instruments issued or the fair value of consideration received, whichever is more readily determinable. The majority of stock issuances for non-cash consideration pertains to services rendered by consultants and others and has been valued at the fair value of the equity instruments on the dates issued. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Assets acquired in exchange for the issuance of fully vested, non-forfeitable equity instruments are not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC No. 718, Compensation - Stock Compensation 718” 718 no |
Revenue [Policy Text Block] | Revenue Recognition MAM offers its software using the same underlying technology via two not The Company generates revenue through sales of licenses and support and maintenance provided to its on-premises customers, and through subscriptions of its cloud-based software. MAM offers professional services to both its on-premises and cloud customers to assist them with the customization, implementation, and training. The Company determines revenue recognition through the following steps: - Identification of the contract, or contracts, with a customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, we satisfy a performance obligation. The Company records the amount of revenue and related costs by considering whether the entity is a principal (gross presentation) or an agent (net presentation) by evaluating the nature of its promise to the customer. Revenue is presented net of sales, value-added and other taxes collected from customers and remitted to government authorities. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under Topic 606. The Company’s contracts which contain multiple performance obligations generally consist of the initial purchase of subscription or licenses, a professional services engagement, and support and maintenance engagement. License purchases generally have multiple performance obligations as customers also purchase support and maintenance in addition to the licenses. The Company’s single performance obligation arrangements are typically support and maintenance renewals, subscription renewals, and professional services engagements. For contracts with multiple performance obligations where the contracted price differs from the standalone selling price (“SSP”) for any distinct good or service, the Company may Subscription Subscription revenue is recognized ratably over the initial subscription period committed to by the customer commencing when the cloud environment is made available to the customer. The initial subscription period is typically 36 60 30 Software Licenses Transfer of control for software is considered to have occurred upon electronic delivery of the license key that provides immediate availability of the product to the customer. The Company’s typical payment terms tend to vary but its standard payment terms are within 30 Support and Maintenance Revenue from support services and product updates, referred to as support and maintenance revenue, is recognized ratably over the term of the contract period, which is typically 12 36 30 Professional Services Revenue from professional services is typically comprised of implementation, development, training or other consulting services. Professional services are generally sold on an hourly/daily rate or fixed fee basis, and can include services ranging from software installation to data conversion, basic customizations, and building non-complex interfaces to allow the software to operate in integrated environments. For perpetual orders, the Company recognizes revenue for hourly arrangements as the services are performed. In fixed fee arrangements for perpetual orders, revenue is recognized as services are performed as measured by hours incurred to date, compared to total estimated hours to complete the services project. Management applies judgment when estimating project status and the time necessary to complete the services projects. A number of internal and external factors can affect these estimates, including changes to specifications, testing and training requirements. For SaaS orders, fees associated with professional services are deferred and recognized ratably over the estimated customer life. Services are generally invoiced upon milestones in the contract or upon consumption of the hourly resources and payments are typically due 30 Funded Software Arrangements The Company may not not Disaggregated Revenue The Company disaggregates revenue from contracts with customers by geography and type of the revenue arrangement, as it believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company’s revenue by geography and type is as follows (in thousands): For the Years Ended June 30, Net Revenues 2019 2018 MAM UK: Recurring $ 21,058 $ 20,497 Non-recurring 3,159 2,967 Total MAM UK Revenues 24,217 23,464 MAM NA: Recurring 10,154 9,306 Non-recurring 3,343 3,007 Total MAM NA Revenues 13,497 12,313 Total Net Revenues $ 37,714 $ 35,777 Significant Judgments More judgments and estimates are required under Topic 606 605. 606 may may Judgment is required to determine the SSP for each distinct performance obligation. The Company rarely licenses or sells products on a stand-alone basis, so the Company is required to estimate the range of SSPs for each performance obligation. In instances where SSP is not not may Revenue is recognized over time for the Company’s subscription, support and maintenance, and professional services that are separate performance obligations. For the Company’s professional services, revenue is recognized over time, generally using hours expended to measure progress. Judgment is required in estimating project status and the hours necessary to complete projects. A number of internal and external factors can affect these estimates, including changes to specifications, testing and training requirements. If a group of agreements are entered at or near the same time and so closely related that they are, in effect, part of a single arrangement, such agreements are deemed to be combined as one Contract Balances The timing of revenue recognition may not not The contract assets indicated below are presented as prepaid expenses and other current assets and other long-term assets in the consolidated balance sheets. These assets primarily relate to professional services and subscriptions, and consist of the Company’s rights to consideration for goods or services transferred but not June 30, 2019. The Company’s contract balances are as follows (in thousands): As of June 30, 2019 July 1, 2018 Contract assets, short-term $ 117 $ 94 Contract assets, long-term 194 154 Total contract assets $ 311 $ 248 Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted but unsatisfied performance obligations were approximately $21.8 June 30, 2019, $11.7 12 not 12 not 12 Deferred Revenue MAM typically invoices its customers for subscription and support and maintenance fees on a monthly basis, with payment due 30 twelve Deferred revenues consist of the following (in thousands): As of June 30, 2019 2018 Deferred professional services $ 1,522 $ 885 Deferred license 292 305 Deferred support 1,234 590 Deposits 721 1,146 Deferred other revenue 139 105 Total deferred revenues 3,908 3,031 Less deferred revenues, current (2,344 ) (1,885 ) Deferred revenues, non-current $ 1,564 $ 1,146 During the fiscal year ended June 30, 2019, $1.5 606, Practical Expedients and Exemptions There are several practical expedients and exemptions allowed under Topic 606 606: Application ● The Company does not one ● The Company generally expenses sales commissions when incurred when the amortization period would have been one ● The Company does not Modified Retrospective Transition Adjustments ● For contract modifications, the Company reflected the aggregate effect of all modifications that occurred prior to the adoption date when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price to satisfied and unsatisfied performance obligations for the modified contract at transition. Costs to Obtain and Fulfill a Contract The Company’s incremental direct costs of obtaining a contract consist of sales commissions which are amortized ratably over the term of economic benefit which the Company has determined to be the life of the contract for subscription customers. These deferred costs are classified as current or non-current based on the timing of when the Company expects to recognize the expense. Incremental costs related to initial support and renewals are expensed as incurred because the term of economic benefit is one $0.3 June 30, 2019 June 30, 2018. June 30, 2019, $0.1 |
Cost of Goods and Service [Policy Text Block] | Cost of Revenues Cost of revenues primarily consists of expenses related to delivering the Company's service and providing support, amortization expense associated with capitalized software related to its services and acquired developed technologies and certain fees paid to various third third As the Company continues to invest in new products and services, the amortization expense associated with these capitalizable activities will be included in cost of revenues. Additionally, as the Company enters into new contracts with third may |
Advertising Cost [Policy Text Block] | Advertising Expense The Company expenses advertising costs as incurred. For the years ended June 30, 2019 2018, $0.4 $0.4 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the UK subsidiaries are translated into US dollars at the year-end exchange rates. Income and expenses are translated at an average exchange rate for the year and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain (loss) adjustment totaled ( $0.5 $47,000 June 30, 2019 2018, Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in income. The Company had no |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the years ended June 30, 2019 2018, |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740 may not 740 not may June 30, 2019, $0.2 The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings Per Share Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon the exercise of stock options and warrants using the “treasury stock” method. The computation of DEPS does not June 30, 2019 2018 57,524 56,626, June 30, 2019 2018, 340,000 450,178 not no The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years ended June 30 ( For the years ended June 30, 2019 2018 Numerator: Net income $ 3,713 $ 3,210 Denominator: Basic weighted-average shares outstanding 12,150 11,849 Effect of dilutive securities 58 57 Diluted weighted-average diluted shares 12,208 11,906 Earnings per share attributed to common stockholders - basic $ 0.31 $ 0.27 Earnings per share attributed to common stockholders - diluted $ 0.30 $ 0.27 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Standard s In May 2017, 2017 09, 718 718. 2017 09 July 1, 2018, not In May 2014, 2014 09, 606 605 985 605 605 985 605 605” 606, 606 The Company adopted Topic 606 July 1, 2018, first 2019, 2019 606. not not 606 606. The most significant impacts of the adoption of Topic 606 ● Revenue related to professional services for perpetual license contracts are recognized on percentage of hours incurred on the contract compared to the estimated total hours to complete, as compared to upon completion under prior GAAP. At adoption, the Company increased retained earnings and accounts receivable by $0.1 ● Rental contracts, for which customers pay a monthly fee for an on-premise software license and support/maintenance are accounted for as perpetual licenses contracts with a financing component, rather than on a monthly subscription basis under prior GAAP. At adoption, the Company increased retained earnings, and other current assets and other long-term assets by $0.2 ● Set-up fee revenue and associated costs pertaining to implementation of rental customers are no $0.1 $0.2 $0.1 ● Funded software development from a customer related to a capitalized software development project is now recognized as deferred revenue until the customer implements the software, and recognized over the life of the customer contract, as compared to an offset to capitalized software costs under prior GAAP. At adoption, the Company increased deferred revenue and increased capitalized software by $0.5 The tax impact of the above adjustments was assessed and, at adoption, the Company decreased retained earnings and decreased deferred tax liability by $0.15 $0.3 Adjustments to beginning consolidated balance sheet accounts The following table presents the cumulative effect adjustments, net of income tax effects, to beginning consolidated balance sheet accounts for Topic 606 first 2019 June 30, Topic July 1, 2018 606 2018 ASSETS Accounts receivable, net $ 5,010 $ 64 $ 5,074 Prepaid expenses and other current assets $ 1,270 $ 94 $ 1,364 Total Current Assets $ 10,621 $ 158 $ 10,779 Software development costs, net $ 8,889 $ 516 $ 9,405 Deferred income taxes $ 1,251 $ 121 $ 1,372 Other long-term assets $ 545 $ 41 $ 586 TOTAL ASSETS $ 30,634 $ 836 $ 31,470 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of deferred revenues $ 1,885 $ 556 $ 2,441 Income tax payable $ 669 $ 272 $ 941 Total Current Liabilities $ 9,940 $ 828 $ 10,768 Deferred revenues, net of current portion $ 1,146 $ (213 ) $ 933 Total Liabilities $ 17,114 $ 616 $ 17,730 Stockholders' Equity Retained earnings $ 2,003 $ 220 $ 2,223 Total Stockholders' Equity $ 13,520 $ 220 $ 13,740 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 30,634 $ 836 $ 31,470 The following table summarizes the effects of adopting Topic 606 June 30, 2019 ( As Reported Under Topic 606 Adjustments Balances Under Prior GAAP ASSETS Accounts receivable, net $ 4,984 $ (108 ) $ 4,876 Prepaid expenses and other current assets $ 1,573 $ (110 ) $ 1,463 Total Current Assets $ 12,237 $ (218 ) $ 12,019 Software development costs, net $ 9,487 $ (678 ) $ 8,809 Deferred income taxes $ 1,372 $ 120 $ 1,492 Other long-term assets $ 475 $ (43 ) $ 432 TOTAL ASSETS $ 32,519 $ (819 ) $ 31,700 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of deferred revenues $ 2,344 $ (18 ) $ 2,326 Income tax payable $ 592 $ (65 ) $ 527 Total Current Liabilities $ 9,650 $ (83 ) $ 9,567 Deferred revenues, net of current portion $ 1,564 $ (482 ) $ 1,082 Deferred income taxes $ 742 $ 17 $ 759 Total Liabilities $ 14,982 $ (548 ) $ 14,434 Retained earnings $ 5,936 $ (271 ) $ 5,665 Total Stockholders’ Equity $ 17,537 $ (271 ) $ 17,266 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 32,519 $ (819 ) $ 31,700 The following table summarizes the effects of adopting Topic 606 June 30, 2019 ( As Reported Under Topic 606 Adjustments Balances Under Prior GAAP Net revenues $ 37,714 $ (59 ) $ 37,655 Cost of revenues 16,743 (6 ) 16,737 Gross Profit 20,971 (53 ) 20,918 Total Operating Expenses 16,030 - 16,030 Operating Income 4,941 (53 ) 4,888 Other Income (Expense) Interest expense, net (366 ) (15 ) (381 ) Total other expense, net (366 ) (15 ) (381 ) Income before provision for income taxes 4,575 (68 ) 4,507 Provision for income taxes 862 (17 ) 845 Net Income $ 3,713 $ (51 ) $ 3,662 Earnings per share attributed to common stockholders – basic $ 0.31 $ (0.01 ) $ 0.30 Earnings per share attributed to common stockholders – diluted $ 0.30 $ - $ 0.30 Net Income $ 3,713 $ (51 ) $ 3,662 Foreign currency translation gain (534 ) - (534 ) Total Comprehensive Income $ 3,179 $ (51 ) $ 3,128 The following table summarizes the effects of adopting Topic 606 June 30, 2019 ( As Reported Under Topic 606 Adjustments Balances Under Prior GAAP CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 3,713 $ (51 ) $ 3,662 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes $ (9 ) $ (225 ) $ (234 ) Changes in assets and liabilities: Accounts receivable $ (288 ) $ 44 $ (244 ) Prepaid expenses and other assets $ (126 ) $ 22 $ (104 ) Income tax payable $ (336 ) $ 202 $ (134 ) Deferred revenues $ 590 $ (155 ) $ 435 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 4,547 $ (163 ) $ 4,384 CASH FLOWS FROM INVESTING ACTIVITIES: Capitalized software development costs $ (567 ) $ 163 $ (404 ) NET CASH USED IN INVESTING ACTIVITIES $ (673 ) $ 163 $ (510 ) Cash and cash equivalents at end of period $ 5,508 $ - $ 5,508 Accounting Standards Not In January 2017, 2017 04, 350 two not 2017 04 June 30, 2021. not 2017 04 In February 2016, 2016 02, 12 first 2020. 2016 02 2016 02. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Balance, July 1, 2017 $ 8,191 Effect of exchange rate changes 89 Balance, June 30, 2018 $ 8,280 Effect of exchange rate changes (227 ) Balance, June 30, 2019 $ 8,053 |
Disaggregation of Revenue [Table Text Block] | For the Years Ended June 30, Net Revenues 2019 2018 MAM UK: Recurring $ 21,058 $ 20,497 Non-recurring 3,159 2,967 Total MAM UK Revenues 24,217 23,464 MAM NA: Recurring 10,154 9,306 Non-recurring 3,343 3,007 Total MAM NA Revenues 13,497 12,313 Total Net Revenues $ 37,714 $ 35,777 |
Contract with Customer, Asset and Liability [Table Text Block] | As of June 30, 2019 July 1, 2018 Contract assets, short-term $ 117 $ 94 Contract assets, long-term 194 154 Total contract assets $ 311 $ 248 As of June 30, 2019 2018 Deferred professional services $ 1,522 $ 885 Deferred license 292 305 Deferred support 1,234 590 Deposits 721 1,146 Deferred other revenue 139 105 Total deferred revenues 3,908 3,031 Less deferred revenues, current (2,344 ) (1,885 ) Deferred revenues, non-current $ 1,564 $ 1,146 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the years ended June 30, 2019 2018 Numerator: Net income $ 3,713 $ 3,210 Denominator: Basic weighted-average shares outstanding 12,150 11,849 Effect of dilutive securities 58 57 Diluted weighted-average diluted shares 12,208 11,906 Earnings per share attributed to common stockholders - basic $ 0.31 $ 0.27 Earnings per share attributed to common stockholders - diluted $ 0.30 $ 0.27 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | June 30, Topic July 1, 2018 606 2018 ASSETS Accounts receivable, net $ 5,010 $ 64 $ 5,074 Prepaid expenses and other current assets $ 1,270 $ 94 $ 1,364 Total Current Assets $ 10,621 $ 158 $ 10,779 Software development costs, net $ 8,889 $ 516 $ 9,405 Deferred income taxes $ 1,251 $ 121 $ 1,372 Other long-term assets $ 545 $ 41 $ 586 TOTAL ASSETS $ 30,634 $ 836 $ 31,470 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of deferred revenues $ 1,885 $ 556 $ 2,441 Income tax payable $ 669 $ 272 $ 941 Total Current Liabilities $ 9,940 $ 828 $ 10,768 Deferred revenues, net of current portion $ 1,146 $ (213 ) $ 933 Total Liabilities $ 17,114 $ 616 $ 17,730 Stockholders' Equity Retained earnings $ 2,003 $ 220 $ 2,223 Total Stockholders' Equity $ 13,520 $ 220 $ 13,740 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 30,634 $ 836 $ 31,470 As Reported Under Topic 606 Adjustments Balances Under Prior GAAP ASSETS Accounts receivable, net $ 4,984 $ (108 ) $ 4,876 Prepaid expenses and other current assets $ 1,573 $ (110 ) $ 1,463 Total Current Assets $ 12,237 $ (218 ) $ 12,019 Software development costs, net $ 9,487 $ (678 ) $ 8,809 Deferred income taxes $ 1,372 $ 120 $ 1,492 Other long-term assets $ 475 $ (43 ) $ 432 TOTAL ASSETS $ 32,519 $ (819 ) $ 31,700 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of deferred revenues $ 2,344 $ (18 ) $ 2,326 Income tax payable $ 592 $ (65 ) $ 527 Total Current Liabilities $ 9,650 $ (83 ) $ 9,567 Deferred revenues, net of current portion $ 1,564 $ (482 ) $ 1,082 Deferred income taxes $ 742 $ 17 $ 759 Total Liabilities $ 14,982 $ (548 ) $ 14,434 Retained earnings $ 5,936 $ (271 ) $ 5,665 Total Stockholders’ Equity $ 17,537 $ (271 ) $ 17,266 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 32,519 $ (819 ) $ 31,700 As Reported Under Topic 606 Adjustments Balances Under Prior GAAP Net revenues $ 37,714 $ (59 ) $ 37,655 Cost of revenues 16,743 (6 ) 16,737 Gross Profit 20,971 (53 ) 20,918 Total Operating Expenses 16,030 - 16,030 Operating Income 4,941 (53 ) 4,888 Other Income (Expense) Interest expense, net (366 ) (15 ) (381 ) Total other expense, net (366 ) (15 ) (381 ) Income before provision for income taxes 4,575 (68 ) 4,507 Provision for income taxes 862 (17 ) 845 Net Income $ 3,713 $ (51 ) $ 3,662 Earnings per share attributed to common stockholders – basic $ 0.31 $ (0.01 ) $ 0.30 Earnings per share attributed to common stockholders – diluted $ 0.30 $ - $ 0.30 Net Income $ 3,713 $ (51 ) $ 3,662 Foreign currency translation gain (534 ) - (534 ) Total Comprehensive Income $ 3,179 $ (51 ) $ 3,128 As Reported Under Topic 606 Adjustments Balances Under Prior GAAP CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 3,713 $ (51 ) $ 3,662 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes $ (9 ) $ (225 ) $ (234 ) Changes in assets and liabilities: Accounts receivable $ (288 ) $ 44 $ (244 ) Prepaid expenses and other assets $ (126 ) $ 22 $ (104 ) Income tax payable $ (336 ) $ 202 $ (134 ) Deferred revenues $ 590 $ (155 ) $ 435 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 4,547 $ (163 ) $ 4,384 CASH FLOWS FROM INVESTING ACTIVITIES: Capitalized software development costs $ (567 ) $ 163 $ (404 ) NET CASH USED IN INVESTING ACTIVITIES $ (673 ) $ 163 $ (510 ) Cash and cash equivalents at end of period $ 5,508 $ - $ 5,508 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, 2019 2018 Leasehold improvements $ 388 $ 403 Computer and office equipment 1,052 1,000 Equipment under capital leases 10 17 Furniture and equipment 520 525 Total property, plant and equipment 1,970 1,945 Less: accumulated depreciation and amortization (1,542 ) (1,465 ) Total property, plant and equipment, net $ 428 $ 480 |
Note 3 - Intangible Assets (Tab
Note 3 - Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Average Estimated Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Completed software technology 9 to 10 $ 1,035 $ (1,035 ) $ - Customer contracts / relationships 10 514 (514 ) - Automotive data services 20 249 (249 ) - Acquired intellectual property 10 780 (313 ) 467 Software development costs 3 to 10 12,350 (2,863 ) 9,487 Total $ 14,928 $ (4,974 ) $ 9,954 Average Estimated Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Completed software technology 9 to 10 $ 1,077 $ (1,077 ) $ - Customer contracts / relationships 10 535 (535 ) - Automotive data services 20 259 (259 ) - Acquired intellectual property 10 810 (242 ) 568 Software development costs 3 to 10 11,513 (2,624 ) 8,889 Total $ 14,194 $ (4,737 ) $ 9,457 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending June 30, 2020 $ 1,034 2021 1,009 2022 1,009 2023 1,009 2024 966 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of June 30, (dollars in thousands) 2019 2018 Debt obligations: Revolving loan facility $ - $ - Term loan 4,599 6,441 Equipment financing 4 7 Less: unamortized debt issuance cost (27 ) (56 ) Total 4,576 6,392 Less current portion (2,080 ) (1,811 ) Long-term debt $ 2,496 $ 4,581 |
Schedule of Maturities of Long-term Debt [Table Text Block] | For the years ending June 30, 2020 $ 2,102 2021 2,102 2022 399 Total debt payments $ 4,603 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the years ended June 30, 2019 2018 Balance, beginning of the year $ 232 $ 88 Increases for tax positions related to the current year - 10 Increases for tax positions related to prior years 6 167 Decreases due to lapsed statutes of limitations (11 ) (33 ) Balance, end of year $ 227 $ 232 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the years ended June 30, 2019 2018 United States of America $ 482 $ 734 United Kingdom 4,093 3,749 Total $ 4,575 $ 4,483 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | US US UK Total 2019: Current $ 113 $ 48 $ 710 $ 871 Deferred (14 ) (2 ) 7 (9 ) Total $ 99 $ 46 $ 717 $ 862 2018: Current $ 273 $ 75 $ 399 $ 747 Deferred 477 (50 ) 99 526 Total $ 750 $ 25 $ 498 $ 1,273 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30, June 30, 2019 2018 Deferred tax assets: State taxes $ 39 $ 34 Net operating loss carry-forwards 762 902 Write-down of investments 1,174 1,183 Deferred revenue 292 116 Equity-based compensation 150 87 Reserves and accruals 284 278 Deferred rent 1 1 Domestic intangible and other long-lived assets 5 - Tax credits - 42 Total deferred tax assets 2,707 2,643 Deferred tax liabilities: Foreign intangible and other long-lived assets (903 ) (872 ) Domestic intangible and other long-lived assets - (56 ) Unremitted foreign earnings - (70 ) Total deferred tax liabilities (903 ) (998 ) Valuation allowance (1,174 ) (1,183 ) Net deferred tax assets $ 630 $ 462 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | June 30, 2019 2018 Taxes at federal statutory rates $ 961 $ 1,236 State taxes, net of federal benefit 36 98 Rate changes - 785 Unrecognized tax benefits - 141 Permanent items and other 49 (360 ) Research and development (87 ) (272 ) Differential in UK corporate tax rate (122 ) (322 ) Unremitted foreign earnings (69 ) 279 Deemed repatriation tax - 217 Stock compensation (48 ) 5 Foreign dividends 453 - Foreign tax credits (311 ) - Change in valuation allowance - (534 ) Provision for income taxes $ 862 $ 1,273 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the years ended June 30, 2020 $ 519 2021 488 2022 397 2023 227 2024 230 Thereafter 608 Total operating lease obligations $ 2,469 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Number of Weighted- Weighted- Aggregate Options outstanding - July 1, 2018 68 $ 1.30 Options granted - - Options exercised (18 ) 1.90 Options cancelled - - Options outstanding - June 30, 2019 50 $ 1.09 1.8 $ 362 Options exercisable - June 30, 2019 50 $ 1.09 1.8 $ 362 Options exercisable and vested - June 30, 2019 50 $ 1.09 1.8 $ 362 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Number of Shares Initial Value Price (in thousands) Per Share Restricted stock outstanding - July 1, 2018 450 $ 4.25 Issuance of restricted stock 20 6.12 Vesting (130 ) 3.22 Forfeitures - - Restricted stock outstanding - June 30, 2019 340 $ 4.76 |
Schedule of Vesting Level of Restricted Stock [Table Text Block] | Weighted Average Number of Initial Value Price Shares Per Share 30 day VWAP per share vesting level (1): $10.00 per share 124 $ 4.72 $11.00 per share 126 $ 4.74 $12.00 per share 86 $ 4.78 $13.00 per share 4 $ 6.12 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies 1 (Details Textual) | Jul. 01, 2018USD ($) | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2019GBP (£) | Jun. 30, 2017USD ($) |
Cash, FDIC Insured Amount | $ 250,000 | ||||
Cash, FSCS Insured Amount | £ | £ 85,000 | ||||
Number of Reportable Segments | 1 | ||||
Number of Operating Segments | 2 | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 400,000 | $ 500,000 | |||
Goodwill, Impairment Loss | 0 | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | ||||
Revenue, Remaining Performance Obligation, Amount | 21,800,000 | ||||
Contract with Customer, Liability, Revenue Recognized | 1,500,000 | ||||
Capitalized Contract Cost, Net, Total | 300,000 | ||||
Capitalized Contract Cost, Amortization | 100,000 | ||||
Advertising Expense | 400,000 | 400,000 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | (534,000) | 47,000 | |||
Unrecognized Tax Benefits, Ending Balance | $ 227,000 | $ 232,000 | $ 88,000 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | shares | 57,524 | 56,626 | |||
Nonvested Securities Excluded from Computation of Diluted Earnings Per Share | shares | 340,000 | 450,178 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 2,223,000 | $ 5,936,000 | $ 2,003,000 | ||
Contract with Customer, Liability, Total | 3,908,000 | 3,031,000 | |||
Other Assets, Noncurrent, Total | 586,000 | $ 475,000 | 545,000 | ||
Accounting Standards Update 2014-09 [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 220,000 | ||||
Other Assets, Noncurrent, Total | 41,000 | ||||
Cumulative Effect on Retained Earnings, Tax | 150,000 | ||||
Accrued Income Taxes, Total | 300,000 | ||||
Subscription [Member] | |||||
Standard Payment Terms, Period for Customer Payment | 30 days | ||||
Software Licenses [Member] | |||||
Standard Payment Terms, Period for Customer Payment | 30 days | ||||
Contract with Customer, Liability, Total | $ 292,000 | 305,000 | |||
Support and Maintenance [Member] | |||||
Standard Payment Terms, Period for Customer Payment | 30 days | ||||
Professional Services [Member] | |||||
Standard Payment Terms, Period for Customer Payment | 30 days | ||||
Contract with Customer, Liability, Total | $ 1,522,000 | $ 885,000 | |||
Professional Services for Perpetual License Contracts [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 100,000 | ||||
Rental Contracts [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 200,000 | ||||
Set-up Fees and Associated Costs Pertaining to Implementation of Rental Customers [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 100,000 | ||||
Contract with Customer, Liability, Total | (200,000) | ||||
Other Assets, Noncurrent, Total | (100,000) | ||||
Funded Software Development Related to Capitalized Software Development Projects [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Contract with Customer, Liability, Total | $ 500,000 | ||||
Automotive Data Services [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |||
Acquired Intellectual Property [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum [Member] | Subscription [Member] | |||||
Period of Contract | 3 years | ||||
Minimum [Member] | Support and Maintenance [Member] | |||||
Period of Contract | 1 year | ||||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | |||
Minimum [Member] | Completed Software Technology and Customer Contracts/Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Maximum [Member] | Subscription [Member] | |||||
Period of Contract | 5 years | ||||
Maximum [Member] | Support and Maintenance [Member] | |||||
Period of Contract | 3 years | ||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |||
Maximum [Member] | Completed Software Technology and Customer Contracts/Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
UNITED KINGDOM | |||||
Percentage of Property, Plant and Equipment, Net | 80.00% | 76.00% | 80.00% | ||
UNITED STATES | |||||
Percentage of Property, Plant and Equipment, Net | 20.00% | 24.00% | 20.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Number of Major Customers | 0 | 0 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Major Customers | 1 | 0 | |||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED KINGDOM | |||||
Concentration Risk, Percentage | 63.00% | 64.00% | |||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | |||||
Concentration Risk, Percentage | 35.00% | 34.00% | |||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | IRELAND | |||||
Concentration Risk, Percentage | 1.00% | 1.00% | |||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | CANADA | |||||
Concentration Risk, Percentage | 1.00% | 1.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies 2 (Details Textual) | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 21,800,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 11,700,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Goodwill Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 8,280 | $ 8,191 |
Effect of exchange rate changes | (227) | 89 |
Balance | $ 8,053 | $ 8,280 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Revenue By Geography and Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net revenues | $ 37,714 | $ 35,777 |
UNITED KINGDOM | ||
Net revenues | 24,217 | 23,464 |
North America [Member] | ||
Net revenues | 13,497 | 12,313 |
Recurring Revenues [Member] | UNITED KINGDOM | ||
Net revenues | 21,058 | 20,497 |
Recurring Revenues [Member] | North America [Member] | ||
Net revenues | 10,154 | 9,306 |
Non-recurring Revenues [Member] | UNITED KINGDOM | ||
Net revenues | 3,159 | 2,967 |
Non-recurring Revenues [Member] | North America [Member] | ||
Net revenues | $ 3,343 | $ 3,007 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Contract assets, short-term | $ 117 | $ 94 | |
Contract assets, long-term | 194 | 154 | |
Total contract assets | 311 | 248 | |
Total deferred revenues | 3,908 | $ 3,031 | |
Less deferred revenues, current | (2,344) | (2,441) | (1,885) |
Deferred revenues, non-current | 1,564 | $ 933 | 1,146 |
Professional Services [Member] | |||
Total deferred revenues | 1,522 | 885 | |
Software Licenses [Member] | |||
Total deferred revenues | 292 | 305 | |
Deferred Support [Member] | |||
Total deferred revenues | 1,234 | 590 | |
Deposit Account [Member] | |||
Total deferred revenues | 721 | 1,146 | |
Service, Other [Member] | |||
Total deferred revenues | $ 139 | $ 105 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||
Net income | $ 3,713 | $ 3,210 |
Denominator: | ||
Basic weighted-average shares outstanding (in shares) | 12,150,000 | 11,849,000 |
Effect of dilutive securities (in shares) | 57,524 | 56,626 |
Diluted weighted-average diluted shares (in shares) | 12,208,000 | 11,906,000 |
Earnings per share attributed to common stockholders - basic (in dollars per share) | $ 0.31 | $ 0.27 |
Earnings per share attributed to common stockholders - diluted (in dollars per share) | $ 0.30 | $ 0.27 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Cumulative Effect Adjustments from Adoption of Topic 606 (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2017 | |
Accounts receivable, net | $ 4,984,000 | $ 5,010,000 | $ 5,074,000 | |
Prepaid expenses and other current assets | 1,573,000 | 1,270,000 | 1,364,000 | |
Total Current Assets | 12,237,000 | 10,621,000 | 10,779,000 | |
Software development costs, net | 9,487,000 | 8,889,000 | 9,405,000 | |
Deferred income taxes | 1,372,000 | 1,251,000 | 1,372,000 | |
Other long-term assets | 475,000 | 545,000 | 586,000 | |
TOTAL ASSETS | 32,519,000 | 30,634,000 | 31,470,000 | |
Current portion of deferred revenues | 2,344,000 | 1,885,000 | 2,441,000 | |
Income tax payable | 592,000 | 669,000 | 941,000 | |
Total Current Liabilities | 9,650,000 | 9,940,000 | 10,768,000 | |
Deferred revenues, net of current portion | 1,564,000 | 1,146,000 | 933,000 | |
Total Liabilities | 14,982,000 | 17,114,000 | 17,730,000 | |
Retained earnings | 5,936,000 | 2,003,000 | 2,223,000 | |
Total Stockholders' Equity | 17,537,000 | 13,520,000 | 13,740,000 | $ 9,675,000 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 32,519,000 | 30,634,000 | 31,470,000 | |
Deferred income taxes | 742,000 | 789,000 | ||
Net revenues | 37,714,000 | 35,777,000 | ||
Cost of revenues | 16,743,000 | 16,088,000 | ||
Gross Profit | 20,971,000 | 19,689,000 | ||
Total Operating Expenses | 16,030,000 | 14,795,000 | ||
Operating Income | 4,941,000 | 4,894,000 | ||
Interest expense, net | (366,000) | (411,000) | ||
Total other expense, net | (366,000) | (411,000) | ||
Income (loss) before income taxes | 4,575,000 | 4,483,000 | ||
Provision for income taxes | 862,000 | 1,273,000 | ||
Net Income | $ 3,713,000 | $ 3,210,000 | ||
Earnings per share attributed to common stockholders - basic (in dollars per share) | $ 0.31 | $ 0.27 | ||
Earnings per share attributed to common stockholders - diluted (in dollars per share) | $ 0.30 | $ 0.27 | ||
Foreign currency translation gain | $ (534,000) | $ 47,000 | ||
Total Comprehensive Income | 3,179,000 | 3,257,000 | ||
Net income | 3,713,000 | 3,210,000 | ||
Deferred income taxes | (9,000) | 526,000 | ||
Accounts receivable | (288,000) | (188,000) | ||
Prepaid expenses and other assets | (126,000) | (259,000) | ||
Income tax payable | (336,000) | 316,000 | ||
Deferred revenue | 590,000 | 771,000 | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,547,000 | 6,504,000 | ||
Capitalized software development costs | (567,000) | (1,542,000) | ||
NET CASH USED IN INVESTING ACTIVITIES | (673,000) | (1,652,000) | ||
Cash and cash equivalents at end of period | 5,508,000 | $ 4,171,000 | $ 1,260,000 | |
Accounting Standards Update 2014-09 [Member] | ||||
Accounts receivable, net | 64,000 | |||
Prepaid expenses and other current assets | 94,000 | |||
Total Current Assets | 158,000 | |||
Software development costs, net | 516,000 | |||
Deferred income taxes | 121,000 | |||
Other long-term assets | 41,000 | |||
TOTAL ASSETS | 836,000 | |||
Current portion of deferred revenues | 556,000 | |||
Income tax payable | 272,000 | |||
Total Current Liabilities | 828,000 | |||
Deferred revenues, net of current portion | (213,000) | |||
Total Liabilities | 616,000 | |||
Retained earnings | 220,000 | |||
Total Stockholders' Equity | 220,000 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 836,000 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Accounts receivable, net | (108,000) | |||
Prepaid expenses and other current assets | (110,000) | |||
Total Current Assets | (218,000) | |||
Software development costs, net | (678,000) | |||
Deferred income taxes | 120,000 | |||
Other long-term assets | (43,000) | |||
TOTAL ASSETS | (819,000) | |||
Current portion of deferred revenues | (18,000) | |||
Income tax payable | (65,000) | |||
Total Current Liabilities | (83,000) | |||
Deferred revenues, net of current portion | (482,000) | |||
Total Liabilities | (548,000) | |||
Retained earnings | (271,000) | |||
Total Stockholders' Equity | (271,000) | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | (819,000) | |||
Deferred income taxes | 17,000 | |||
Net revenues | (59,000) | |||
Cost of revenues | (6,000) | |||
Gross Profit | (53,000) | |||
Total Operating Expenses | ||||
Operating Income | (53,000) | |||
Interest expense, net | (15,000) | |||
Total other expense, net | (15,000) | |||
Income (loss) before income taxes | (68,000) | |||
Provision for income taxes | (17,000) | |||
Net Income | $ (51,000) | |||
Earnings per share attributed to common stockholders - basic (in dollars per share) | $ (0.01) | |||
Earnings per share attributed to common stockholders - diluted (in dollars per share) | ||||
Foreign currency translation gain | ||||
Total Comprehensive Income | (51,000) | |||
Net income | (51,000) | |||
Deferred income taxes | (225,000) | |||
Accounts receivable | 44,000 | |||
Prepaid expenses and other assets | 22,000 | |||
Income tax payable | 202,000 | |||
Deferred revenue | (155,000) | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | (163,000) | |||
Capitalized software development costs | 163,000 | |||
NET CASH USED IN INVESTING ACTIVITIES | 163,000 | |||
Cash and cash equivalents at end of period | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Accounts receivable, net | 4,876,000 | |||
Prepaid expenses and other current assets | 1,463,000 | |||
Total Current Assets | 12,019,000 | |||
Software development costs, net | 8,809,000 | |||
Deferred income taxes | 1,492,000 | |||
Other long-term assets | 432,000 | |||
TOTAL ASSETS | 31,700,000 | |||
Current portion of deferred revenues | 2,326,000 | |||
Income tax payable | 527,000 | |||
Total Current Liabilities | 9,567,000 | |||
Deferred revenues, net of current portion | 1,082,000 | |||
Total Liabilities | 14,434,000 | |||
Retained earnings | 5,665,000 | |||
Total Stockholders' Equity | 17,266,000 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 31,700,000 | |||
Deferred income taxes | 759,000 | |||
Net revenues | 37,655,000 | |||
Cost of revenues | 16,737,000 | |||
Gross Profit | 20,918,000 | |||
Total Operating Expenses | 16,030,000 | |||
Operating Income | 4,888,000 | |||
Interest expense, net | (381,000) | |||
Total other expense, net | (381,000) | |||
Income (loss) before income taxes | 4,507,000 | |||
Provision for income taxes | 845,000 | |||
Net Income | $ 3,662,000 | |||
Earnings per share attributed to common stockholders - basic (in dollars per share) | $ 0.30 | |||
Earnings per share attributed to common stockholders - diluted (in dollars per share) | $ 0.30 | |||
Foreign currency translation gain | $ (534,000) | |||
Total Comprehensive Income | 3,128,000 | |||
Net income | 3,662,000 | |||
Deferred income taxes | (234,000) | |||
Accounts receivable | (244,000) | |||
Prepaid expenses and other assets | (104,000) | |||
Income tax payable | (134,000) | |||
Deferred revenue | 435,000 | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,384,000 | |||
Capitalized software development costs | (404,000) | |||
NET CASH USED IN INVESTING ACTIVITIES | (510,000) | |||
Cash and cash equivalents at end of period | $ 5,508,000 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation, Total | $ 0.1 | $ 0.2 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Property and equipment, gross | $ 1,970 | $ 1,945 |
Less: accumulated depreciation and amortization | (1,542) | (1,465) |
Total property, plant and equipment, net | 428 | 480 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 388 | 403 |
Computer and Office Equipment [Member] | ||
Property and equipment, gross | 1,052 | 1,000 |
Assets Held under Capital Leases [Member] | ||
Property and equipment, gross | 10 | 17 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 520 | $ 525 |
Note 3 - Intangible Assets (Det
Note 3 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Amortization of Intangible Assets, Total | $ 0.4 | $ 0.4 |
Note 3 - Intangible Assets - Su
Note 3 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Gross Carrying Amount | $ 14,928 | $ 14,194 |
Accumulated Amortization | (4,974) | (4,737) |
Net Carrying Amount | 9,954 | 9,457 |
Completed Software Technology [Member] | ||
Gross Carrying Amount | 1,035 | 1,077 |
Accumulated Amortization | (1,035) | (1,077) |
Net Carrying Amount | ||
Completed Software Technology [Member] | Minimum [Member] | ||
Average Estimated Useful Life (Year) | 9 years | 9 years |
Completed Software Technology [Member] | Maximum [Member] | ||
Average Estimated Useful Life (Year) | 10 years | 10 years |
Customer Relationships [Member] | ||
Average Estimated Useful Life (Year) | 10 years | 10 years |
Gross Carrying Amount | $ 514 | $ 535 |
Accumulated Amortization | (514) | (535) |
Net Carrying Amount | ||
Automotive Data Services [Member] | ||
Average Estimated Useful Life (Year) | 20 years | 20 years |
Gross Carrying Amount | $ 249 | $ 259 |
Accumulated Amortization | (249) | (259) |
Net Carrying Amount | ||
Acquired Intellectual Property [Member] | ||
Average Estimated Useful Life (Year) | 10 years | 10 years |
Gross Carrying Amount | $ 780 | $ 810 |
Accumulated Amortization | (313) | (242) |
Net Carrying Amount | 467 | 568 |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | 12,350 | 11,513 |
Accumulated Amortization | (2,863) | (2,624) |
Net Carrying Amount | $ 9,487 | $ 8,889 |
Computer Software, Intangible Asset [Member] | Minimum [Member] | ||
Average Estimated Useful Life (Year) | 3 years | 3 years |
Computer Software, Intangible Asset [Member] | Maximum [Member] | ||
Average Estimated Useful Life (Year) | 10 years | 10 years |
Note 3 - Intangible Assets - Es
Note 3 - Intangible Assets - Estimated Future Amortization of Software Development Costs and Intangibles (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 1,034 |
2021 | 1,009 |
2022 | 1,009 |
2023 | 1,009 |
2024 | $ 966 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) | Mar. 02, 2017 | Dec. 01, 2017 | Dec. 01, 2018 | Jun. 30, 2018 | Aug. 01, 2021 | Jun. 30, 2019 |
Long-term Debt, Total | $ 6,392,000 | $ 4,576,000 | ||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 11,500,000 | |||||
Long-term Debt, Total | $ 8,750,000 | |||||
Debt Instrument, Periodic Payment, Total | $ 133,333 | $ 158,333 | ||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Forecast [Member] | ||||||
Debt Instrument, Periodic Payment, Total | $ 175,000 | |||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Either LIBO Rate or Prime Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Either LIBO Rate or Prime Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750,000 | |||||
Long-term Line of Credit, Total | $ 0 | |||||
J.P. Morgan Chase Bank, N.A. [Member] | JMP Credit Facility [Member] | ||||||
Percentage of Pledged Stock | 65.00% |
Note 4 - Long-term Debt - Summa
Note 4 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Long-term debt, gross | $ 4,603 | |
Less: unamortized debt issuance cost | (27) | $ (56) |
Long-term Debt, Total | 4,576 | 6,392 |
Less current portion | (2,080) | (1,811) |
Long-term debt, noncurrent | 2,496 | 4,581 |
Line of Credit [Member] | ||
Long-term debt, gross | ||
Term Loan [Member] | ||
Long-term debt, gross | 4,599 | 6,441 |
Capital Lease Obligations [Member] | ||
Long-term debt, gross | $ 4 | $ 7 |
Note 4 - Long-term Debt - Futur
Note 4 - Long-term Debt - Future Minimum Payments for Long-term Debt (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 2,102 |
2021 | 2,102 |
2022 | 399 |
Total debt payments | $ 4,603 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 200 | |
Annual Utilization of Previously Incurred Net Operating Loss | 400 | |
Deferred Tax Assets, Valuation Allowance, Total | 1,174 | $ 1,183 |
Tax Cuts and Jobs Act, Income Tax Expense (Benefit), Total | $ 300 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 800 | |
Effective Income Tax Rate Reconciliation, GILTI Tax | $ 100 | |
Deferred Tax Assets, Capital Loss Carryforwards [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (500) | |
Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | 1,800 | |
Operating Loss Carryforwards, Total | 3,600 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 1,300 |
Note 5 - Income Taxes - Summary
Note 5 - Income Taxes - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 232 | $ 88 |
Increases for tax positions related to the current year | 10 | |
Increases for tax positions related to prior years | 6 | 167 |
Decreases due to lapsed statutes of limitations | (11) | (33) |
Balance | $ 227 | $ 232 |
Note 5 - Income Taxes - Income
Note 5 - Income Taxes - Income (Loss) Before Income Taxes by Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income (loss) before income taxes | $ 4,575 | $ 4,483 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Income (loss) before income taxes | 482 | 734 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | ||
Income (loss) before income taxes | $ 4,093 | $ 3,749 |
Note 5 - Income Taxes - Provisi
Note 5 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Current U.S. federal tax expense (benefit) | $ 113 | $ 273 |
Current U.S. state tax expense (benefit) | 48 | 75 |
Current U.K. corporate tax expense (benefit) | 710 | 399 |
Current tax expense (benefit) | 871 | 747 |
Deferred U.S. federal tax expense (benefit) | (14) | 477 |
Deferred U.S. state tax expense (benefit) | (2) | (50) |
Deferred U.K. corporate tax expense (benefit) | 7 | 99 |
Deferred income taxes | (9) | 526 |
Total U.S. federal tax expense (benefit) | 99 | 750 |
Total U.S. state tax expense (benefit) | 46 | 25 |
Total U.K. corporate tax expense (benefit) | 717 | 498 |
Total tax expense (benefit) | $ 862 | $ 1,273 |
Note 5 - Income Taxes - Deferre
Note 5 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
State taxes | $ 39 | $ 34 |
Net operating loss carry-forwards | 762 | 902 |
Write-down of investments | 1,174 | 1,183 |
Deferred revenue | 292 | 116 |
Equity-based compensation | 150 | 87 |
Reserves and accruals | 284 | 278 |
Deferred rent | 1 | 1 |
Domestic intangible and other long-lived assets | 5 | |
Tax credits | 42 | |
Total deferred tax assets | 2,707 | 2,643 |
Foreign intangible and other long-lived assets | (903) | (872) |
Domestic intangible and other long-lived assets | (56) | |
Unremitted foreign earnings | (70) | |
Total deferred tax liabilities | (903) | (998) |
Valuation allowance | (1,174) | (1,183) |
Net deferred tax assets | $ 630 | $ 462 |
Note 5 - Income Taxes - Effecti
Note 5 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Taxes at federal statutory rates | $ 961 | $ 1,236 |
State taxes, net of federal benefit | 36 | 98 |
Rate changes | 785 | |
Unrecognized tax benefits | 141 | |
Permanent items and other | 49 | (360) |
Research and development | (87) | (272) |
Differential in UK corporate tax rate | (122) | (322) |
Unremitted foreign earnings | (69) | 279 |
Deemed repatriation tax | 217 | |
Stock compensation | (48) | 5 |
Foreign dividends | 453 | |
Foreign tax credits | (311) | |
Change in valuation allowance | (534) | |
Total tax expense (benefit) | $ 862 | $ 1,273 |
Note 6 - Commitments and Cont_3
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Leases, Rent Expense, Net, Total | $ 500,000 | $ 500,000 |
Minimum [Member] | ||
Operating Leases, Monthly Rent Payments | 150 | |
Maximum [Member] | ||
Operating Leases, Monthly Rent Payments | $ 18,900 |
Note 6 - Commitments and Cont_4
Note 6 - Commitments and Contingencies - Future Annual Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 519 |
2021 | 488 |
2022 | 397 |
2023 | 227 |
2024 | 230 |
Thereafter | 608 |
Total operating lease obligations | $ 2,469 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | Jul. 02, 2018 | Jul. 03, 2017 | Jan. 06, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 19, 2018 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total | 28,141 | 30,571 | ||||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | |||||
Treasury Stock, Shares, Acquired | 41,765 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 349,000 | $ 47,000 | ||||
Treasury Stock, Retired, Cost Method, Amount | ||||||
Number of Common Stock Issued, Cashless Exercise of Stock Options | 13,723 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 18,099 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 100,000 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 4,053 | 4,531 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 34,000 | $ 33,000 | ||||
Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Expense | 1,000,000 | $ 600,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 800,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 73 days | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 20,000 | 240,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | $ 100,000 | $ 1,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,500,000 | |||||
Treasury Stock [Member] | ||||||
Treasury Stock, Shares, Acquired | 46,000 | 6,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 349,000 | $ 47,000 | ||||
Treasury Stock, Shares, Retired | 3,566 | 5,599 | ||||
Treasury Stock, Retired, Cost Method, Amount | $ (27,000) | $ (47,000) | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | ||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | ||||||
EIP 2017 [Member] | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total | 25,524 | 34,592 | 37,795 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | 3 years | |||
Stock Issued During Period, Value, New Issues | $ 220,000 | $ 220,000 | $ 241,000 | |||
Employee Stock Purchase Plan [Member] | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total | 10,406 | 14,712 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 100,000 | $ 100,000 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Number of options outstanding (in shares) | shares | 68,000 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.30 |
Number of options granted (in shares) | shares | 0 |
Options granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 0 |
Number of options exercised (in shares) | shares | (18,099) |
Options exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.90 |
Number of options cancelled (in shares) | shares | 0 |
Options cancelled, weighted-average exercise price (in dollars per share) | $ / shares | $ 0 |
Number of options outstanding (in shares) | shares | 50,000 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.09 |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 292 days |
Options outstanding, aggregate intrinsic value | $ | $ 362 |
Number of options exercisable (in shares) | shares | 50,000 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.09 |
Options exercisable, weighted-average remaining contractual life (Year) | 1 year 292 days |
Options exercisable, aggregate intrinsic value | $ | $ 362 |
Number of options exercisable and vested (in shares) | shares | 50,000 |
Options exercisable and vested, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.09 |
Options exercisable and vested, weighted-average remaining contractual life (Year) | 1 year 292 days |
Options exercisable and vested, aggregate intrinsic value | $ | $ 362 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Number of shares, restricted stock outstanding, beginning balance (in shares) | shares | 450 |
Weighted average initial value price per share, beginning balance (in dollars per share) | $ / shares | $ 4.25 |
Number of shares, issuance of restricted stock (in shares) | shares | 20 |
Weighted average initial value price per share, issuance of restricted stock (in dollars per share) | $ / shares | $ 6.12 |
Number of shares, vesting (in shares) | shares | (130) |
Weighted average initial value price per share, vesting (in dollars per share) | $ / shares | $ 3.22 |
Number of shares, forfeitures (in shares) | shares | |
Weighted average initial value price per share, forfeitures (in dollars per share) | $ / shares | |
Number of shares, restricted stock outstanding, ending balance (in shares) | shares | 340 |
Weighted average initial value price per share, ending balance (in dollars per share) | $ / shares | $ 4.76 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity - Vesting Levels of Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted stock (in shares) | 340 | 450 | |
Weighted average initial value price (in dollars per share) | $ 4.76 | $ 4.25 | |
Share-based Payment Arrangement, Tranche One [Member] | |||
Restricted stock (in shares) | [1] | 124 | |
Weighted average initial value price (in dollars per share) | [1] | $ 4.72 | |
Share-based Payment Arrangement, Tranche Two [Member] | |||
Restricted stock (in shares) | [1] | 126 | |
Weighted average initial value price (in dollars per share) | [1] | $ 4.74 | |
Share-based Payment Arrangement, Tranche Three [Member] | |||
Restricted stock (in shares) | [1] | 86 | |
Weighted average initial value price (in dollars per share) | [1] | $ 4.78 | |
Share-based Compensation Award, Tranche Four [Member] | |||
Restricted stock (in shares) | [1] | 4 | |
Weighted average initial value price (in dollars per share) | [1] | $ 6.12 | |
[1] | The outstanding restricted stock becomes vested when the Company's 30-day volume weighted average price ("VWAP") per share is at or above these levels. |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
U.S. 401(K) Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.1 | $ 0.1 |
UK Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.2 | $ 0.2 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - USD ($) | Aug. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Subsequent Event [Member] | MAM Software [Member] | Kerridge Commerical Systems Group Limited [Member] | |||
Business Acquisition, Termination Fee | $ 8,400,000 | ||
Subsequent Event [Member] | Kerridge Commerical Systems Group Limited and Checkadee Holdings Inc. [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||
Business Acquisition, Shares Converted in Acquisition, Cash Per Share | $ 12.12 | ||
Business Acquisition, Shares of Voting Interests Acquired | 6,385,657 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 50.58% | ||
Subsequent Event [Member] | Kerridge Commerical Systems Group Limited and Checkadee Holdings Inc. [Member] | Kerridge Commerical Systems Group Limited [Member] | |||
Business Acquisition, Termination Fee | $ 3,100,000 |