Cover
Cover | 6 Months Ended |
Dec. 31, 2021 | |
Cover [Abstract] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 3 |
Entity Registrant Name | Concierge Technologies, Inc. |
Entity Central Index Key | 0001005101 |
Entity Primary SIC Number | 6199 |
Entity Tax Identification Number | 90-1133909 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 120 Calle Iglesia |
Entity Address, Address Line Two | Unit B |
Entity Address, City or Town | San Clemente |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92672 |
City Area Code | 949 |
Local Phone Number | 429-5370 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 13,285,452 | $ 16,072,955 | [1] | $ 9,813,188 |
Accounts receivable, net | 1,165,881 | 1,070,541 | [1] | 717,841 |
Accounts receivable - related parties | 1,782,034 | 2,038,054 | [1] | 2,610,917 |
Inventories | 2,144,681 | 1,951,792 | [1] | 1,174,603 |
Prepaid income tax and tax receivable | 1,068,143 | 747,343 | [1] | 857,793 |
Investments, at fair value | 2,853,574 | 1,828,926 | [1] | 1,820,516 |
Other current assets | 442,470 | 399,524 | [1] | 603,944 |
Total current assets | 22,742,235 | 24,109,135 | [1] | 17,598,802 |
Restricted cash | 13,664 | 13,989 | [1] | 12,854 |
Property, plant and equipment, net | 1,560,006 | 1,573,445 | [1] | 1,197,192 |
Operating lease right-of-use asset | 1,716,883 | 1,058,199 | [1] | 733,917 |
Goodwill | 1,043,473 | 1,043,473 | [1] | 915,790 |
Intangible assets, net | 2,182,817 | 2,341,803 | [1] | 2,541,285 |
Deferred tax assets, net - United States | 827,476 | 827,476 | [1] | 767,472 |
Other assets, long - term | 789,880 | 540,160 | [1] | 523,607 |
Total assets | 30,876,434 | 31,507,680 | [1] | 24,290,919 |
CURRENT LIABILITIES | ||||
Accounts payable and accrued expenses | 3,344,858 | 3,862,874 | [1] | 2,843,616 |
Expense waivers – related parties | 128,748 | 69,684 | [1] | 421,892 |
Operating lease liabilities, current portion | 687,333 | 513,071 | [1] | 323,395 |
Notes payable - related parties | 603,500 | 603,500 | [1] | 3,500 |
Loans-property and equipment, current portion | 35,090 | 15,094 | [1] | 13,196 |
Total current liabilities | 4,799,529 | 5,064,223 | [1] | 3,605,599 |
LONG-TERM LIABILITIES | ||||
Loans-property and equipment, net of current portion | 491,390 | 379,804 | [1] | 359,845 |
Operating lease liabilities, net of current portion | 1,087,690 | 607,560 | [1] | 447,062 |
Deferred tax liabilities, net - foreign | 169,429 | 169,429 | [1] | 128,517 |
Total long-term liabilities | 1,748,509 | 1,156,793 | [1] | 1,535,424 |
Total liabilities | 6,548,038 | 6,221,016 | [1] | 5,141,023 |
STOCKHOLDERS EQUITY | ||||
Convertible preferred stock, $0.001 par value; 50,000,000 authorized Series B: 49,360 at June 30, 2021 and 53,032 issued and outstanding at June 30, 2020 | 49 | 49 | [1] | 53 |
Common stock, $0.001 par value; 900,000,000 shares authorized; 37,485,959 shares issued and outstanding at June 30, 2021 and 37,412,519 at June 30, 2020 | 37,486 | 37,486 | [1] | 37,413 |
Additional paid-in capital | 9,330,843 | 9,330,843 | [1] | 9,330,912 |
Accumulated other comprehensive income (loss) | 41,971 | 142,581 | [1] | (144,744) |
Retained earnings | 14,918,047 | 15,775,705 | [1] | 9,926,262 |
Total stockholders equity | 24,328,396 | 25,286,664 | [1] | 19,149,896 |
Total liabilities and stockholders equity | $ 30,876,434 | 31,507,680 | [1] | 24,290,919 |
Notes payable - related parties | $ 600,000 | |||
[1] | Derived from audited financial statements |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2021 | Jun. 30, 2021 | [1] | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |
Preferred stock, issued (in shares) | 49,360 | 49,360 | 53,032 | |
Preferred stock, outstanding (in shares) | 49,360 | 49,360 | 53,032 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |
Common Stock, Shares Authorized | 900,000,000 | 900,000,000 | 900,000,000 | |
Common Stock, Shares, Issued | 37,485,959 | 37,485,959 | 37,412,519 | |
Common Stock, Shares, Outstanding | 37,485,959 | 37,485,959 | 37,412,519 | |
[1] | Derived from audited financial statements |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net revenue | ||||||
Fund management - related party | $ 5,701,384 | $ 6,149,415 | $ 11,358,411 | $ 13,185,716 | $ 25,169,182 | $ 15,459,061 |
Net revenue | 9,445,116 | 9,961,822 | 19,173,990 | 20,707,880 | 39,904,448 | 26,748,988 |
Cost of revenue | 2,417,798 | 2,378,024 | 5,068,538 | 4,781,584 | 9,290,616 | 6,483,171 |
Gross profit | 7,027,318 | 7,583,798 | 14,105,452 | 15,926,296 | 30,613,832 | 20,265,817 |
Operating expense | ||||||
General and administrative expense | 1,198,209 | 1,641,196 | 3,317,711 | 3,555,259 | 7,140,870 | 4,447,563 |
Fund operations | 1,102,237 | 799,658 | 2,203,853 | 1,702,498 | 3,658,593 | 3,176,214 |
Marketing and advertising | 690,831 | 742,529 | 1,409,486 | 1,540,351 | 2,952,295 | 2,601,104 |
Depreciation and amortization | 133,191 | 177,225 | 287,849 | 343,124 | 599,979 | 601,826 |
Salaries and compensation | 2,576,285 | 2,485,357 | 4,707,440 | 4,181,577 | 8,843,618 | 7,523,083 |
Legal settlement | 2,500,000 | |||||
Total operating expenses | 5,700,753 | 5,845,965 | 14,426,339 | 11,322,809 | 23,195,355 | 18,349,790 |
Income from operations | 1,326,565 | 1,737,833 | (320,887) | 4,603,487 | 7,418,477 | 1,916,027 |
Other income: | ||||||
Interest and dividend income | 6,088 | 6,799 | 13,484 | 15,442 | 28,823 | 96,186 |
Interest expense | (10,085) | (10,141) | (20,285) | (20,225) | (40,375) | (41,100) |
Other income, net | (214,981) | 55,695 | (206,973) | 176,638 | 227,976 | 365,250 |
Total other income, net | (218,978) | 52,353 | (213,774) | 171,855 | 216,424 | 420,336 |
Income before income taxes | 1,107,587 | 1,790,186 | (534,661) | 4,775,342 | 7,634,901 | 2,336,363 |
Provision of income taxes | (84,252) | (438,398) | (322,997) | (1,204,120) | (1,785,458) | (562,962) |
Net income | $ 1,023,335 | $ 1,351,788 | $ (857,658) | $ 3,571,222 | $ 5,849,443 | $ 1,773,401 |
Weighted average shares of common stock | ||||||
Basic and diluted | 38,473,159 | 38,473,159 | 38,473,159 | 38,473,159 | 38,473,159 | 38,451,164 |
Net income per share | ||||||
Basic and diluted | $ 0.03 | $ 0.04 | $ (0.02) | $ 0.09 | $ 0.15 | $ 0.05 |
Food products | ||||||
Net revenue | ||||||
Net revenue | $ 2,108,257 | $ 2,134,402 | $ 4,468,402 | $ 4,191,974 | $ 8,263,267 | $ 4,745,821 |
Security Systems [Member] | ||||||
Net revenue | ||||||
Net revenue | 642,623 | 617,780 | 1,333,253 | 1,297,222 | 2,715,487 | 2,660,153 |
Beauty Products and Other [Member] | ||||||
Net revenue | ||||||
Net revenue | $ 992,852 | $ 1,060,225 | $ 2,013,924 | $ 2,032,968 | $ 3,756,512 | $ 3,883,953 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||||
Net income | $ 1,023,335 | $ 1,351,788 | $ (857,658) | $ 3,571,222 | $ 5,849,443 | $ 1,773,401 |
Other comprehensive income: | ||||||
Foreign currency translation gain | (14,442) | 297,432 | (100,610) | 370,146 | 287,325 | 30,915 |
Comprehensive income | $ 1,008,893 | $ 1,649,220 | $ (958,268) | $ 3,941,368 | $ 6,136,768 | $ 1,804,316 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Beginning balance, value at Jun. 30, 2019 | $ 53 | $ 37,238 | $ 9,178,837 | $ (175,659) | $ 8,152,861 | $ 17,193,330 | |
Beginning balance (in shares) at Jun. 30, 2019 | 53,032 | 37,237,519 | |||||
Gain on currency translation | 30,915 | 30,915 | |||||
Net income | 1,773,401 | 1,773,401 | |||||
Stock-based vendor compensation (in shares) | 175,000 | ||||||
Conversion of preferred stock to common stock (in shares) | (3,672) | ||||||
Ending balance, value at Jun. 30, 2020 | $ 53 | $ 37,413 | 9,330,912 | (144,744) | 9,926,262 | 19,149,896 | |
Ending balance (in shares) at Jun. 30, 2020 | 53,032 | 37,412,519 | |||||
Gain on currency translation | 72,714 | 72,714 | |||||
Net income | 2,219,434 | 2,219,434 | |||||
Ending balance, value at Sep. 30, 2020 | $ 53 | $ 37,413 | 9,330,912 | (72,030) | 12,145,696 | 21,442,044 | |
Ending balance (in shares) at Sep. 30, 2020 | 53,032 | 37,412,519 | |||||
Beginning balance, value at Jun. 30, 2020 | $ 53 | $ 37,413 | 9,330,912 | (144,744) | 9,926,262 | 19,149,896 | |
Beginning balance (in shares) at Jun. 30, 2020 | 53,032 | 37,412,519 | |||||
Net income | 3,571,222 | ||||||
Ending balance, value at Dec. 31, 2020 | $ 53 | $ 37,413 | 9,330,912 | 225,402 | 13,497,484 | 23,091,264 | |
Ending balance (in shares) at Dec. 31, 2020 | 53,032 | 37,412,519 | |||||
Beginning balance, value at Jun. 30, 2020 | $ 53 | $ 37,413 | 9,330,912 | (144,744) | 9,926,262 | 19,149,896 | |
Beginning balance (in shares) at Jun. 30, 2020 | 53,032 | 37,412,519 | |||||
Gain on currency translation | 287,325 | 287,325 | |||||
Net income | 5,849,443 | 5,849,443 | |||||
Stock-based vendor compensation | 175 | 152,075 | 152,250 | ||||
Conversion of preferred stock to common stock | (4) | $ 73 | (69) | ||||
Conversion of preferred stock to common stock (in shares) | 73,440 | ||||||
Ending balance, value at Jun. 30, 2021 | $ 49 | $ 37,486 | 9,330,843 | 142,581 | 15,775,705 | 25,286,664 | [1] |
Ending balance (in shares) at Jun. 30, 2021 | 49,360 | 37,485,959 | |||||
Beginning balance, value at Sep. 30, 2020 | $ 53 | $ 37,413 | 9,330,912 | (72,030) | 12,145,696 | 21,442,044 | |
Beginning balance (in shares) at Sep. 30, 2020 | 53,032 | 37,412,519 | |||||
Gain on currency translation | 297,432 | 297,432 | |||||
Net income | 1,351,788 | 1,351,788 | |||||
Ending balance, value at Dec. 31, 2020 | $ 53 | $ 37,413 | 9,330,912 | 225,402 | 13,497,484 | 23,091,264 | |
Ending balance (in shares) at Dec. 31, 2020 | 53,032 | 37,412,519 | |||||
Beginning balance, value at Jun. 30, 2021 | $ 49 | $ 37,486 | 9,330,843 | 142,581 | 15,775,705 | 25,286,664 | [1] |
Beginning balance (in shares) at Jun. 30, 2021 | 49,360 | 37,485,959 | |||||
Gain on currency translation | (86,168) | (86,168) | |||||
Net income | (1,880,993) | (1,880,993) | |||||
Ending balance, value at Sep. 30, 2021 | $ 49 | $ 37,486 | 9,330,843 | 56,413 | 13,894,712 | 23,319,503 | |
Ending balance (in shares) at Sep. 30, 2021 | 49,360 | 37,485,959 | |||||
Beginning balance, value at Jun. 30, 2021 | $ 49 | $ 37,486 | 9,330,843 | 142,581 | 15,775,705 | 25,286,664 | [1] |
Beginning balance (in shares) at Jun. 30, 2021 | 49,360 | 37,485,959 | |||||
Net income | (857,658) | ||||||
Ending balance, value at Dec. 31, 2021 | $ 49 | $ 37,486 | 9,330,843 | 41,971 | 14,918,047 | 24,328,396 | |
Ending balance (in shares) at Dec. 31, 2021 | 49,360 | 37,485,959 | |||||
Beginning balance, value at Sep. 30, 2021 | $ 49 | $ 37,486 | 9,330,843 | 56,413 | 13,894,712 | 23,319,503 | |
Beginning balance (in shares) at Sep. 30, 2021 | 49,360 | 37,485,959 | |||||
Gain on currency translation | (14,442) | (14,442) | |||||
Net income | 1,023,335 | 1,023,335 | |||||
Ending balance, value at Dec. 31, 2021 | $ 49 | $ 37,486 | $ 9,330,843 | $ 41,971 | $ 14,918,047 | $ 24,328,396 | |
Ending balance (in shares) at Dec. 31, 2021 | 49,360 | 37,485,959 | |||||
[1] | Derived from audited financial statements |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ (857,658) | $ 3,571,222 | $ 5,849,443 | $ 1,773,401 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 287,849 | 343,124 | 599,979 | 601,826 |
Bad debt expense | 14,075 | 9,753 | 5,746 | |
Inventory provision | 3,478 | 32,688 | 65,021 | 10,317 |
Unrealized gain on investments | (29,251) | (1,128) | (582) | (5,113) |
Gain on disposal of equipment | 37,189 | (2,122) | 18,813 | |
Operating lease right of use asset - non-cash lease cost | 337,850 | 231,879 | 614,506 | 379,923 |
(Increase) decrease in operating assets: | ||||
Accounts receivable, net | (118,395) | (373,656) | (306,596) | 193,546 |
Accounts receivable - related party | 256,020 | 518,364 | 572,863 | (1,573,771) |
Prepaid income taxes and tax receivable | (324,699) | 292,905 | 114,083 | 915,203 |
Inventories | (196,514) | (149,153) | (787,081) | (202,079) |
Other current assets | (74,549) | 82,433 | 223,590 | (256,656) |
Increase (decrease) in operating liabilities: | ||||
Accounts payable and accrued expenses | (486,835) | (466,096) | 978,726 | 28,963 |
Operating lease liabilities | (341,411) | (233,222) | (361,823) | (380,460) |
Expense waivers - related party | 59,064 | 553,336 | (352,207) | 96,070 |
Net cash provided by operating activities | (1,447,862) | 4,414,649 | 7,219,396 | 1,661,495 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Cash paid for acquisition of business | (993,435) | (1,115,545) | ||
Purchase of real estate and equipment | (3,988) | (30,213) | ||
Sale of investments | 506,492 | 4,121,742 | ||
Purchase of investments | (1,533,385) | (411) | (7,827) | (2,043,031) |
Net cash (used in) provided by investing activities | (1,030,881) | (1,024,059) | (1,201,093) | 1,301,447 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Repayment of property and equipment loans | (7,208) | (3,445) | (28,434) | (96,659) |
Principle payment of finance lease liability | (1,753) | |||
Issuance costs pursuant to planned stock issuance | (249,720) | |||
Net cash (used in) provided by financing activities | (258,681) | (3,445) | (28,434) | 289,069 |
Effect of exchange rate change on cash, cash equivalents and restricted cash | (50,404) | 123,331 | 271,033 | 78,780 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,787,828) | 3,510,476 | 6,260,902 | 3,330,791 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE | 16,086,944 | 9,826,042 | 9,826,042 | 6,495,251 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | 13,299,116 | 13,336,518 | 16,086,944 | 9,826,042 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||
Interest paid | 8,046 | 7,985 | 16,095 | 16,754 |
Income taxes paid (refunded), net | 632,961 | 859,320 | 1,688,781 | (494,741) |
NON CASH INVESTING AND FINANCING ACTIVITIES | ||||
Reclassification of business acquisition deposit | 122,111 | 122,111 | ||
Establishment of operating right-of-use assets through operating lease obligations | 995,805 | 730,741 | 730,741 | 1,150,916 |
Acquisition of equipment through finance lease liability | 150,625 | |||
Stock-based vendor compensation | 152,250 | |||
Deferred taxes | (19,092) | 44,163 | ||
Realized gain on sale of investments | (121,834) | |||
Cash paid for internally developed software | (217,990) | |||
Purchase of property, plant and equipment | (77,721) | (559,274) | ||
Proceeds from property and equipment loans | 385,728 | |||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ (2,787,828) | $ 3,510,476 | 6,260,902 | 3,330,791 |
Reclassification of building deposit from other current assets to property, plant and equipment, net | $ 178,276 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Concierge Technologies, Inc., (the Company or Concierge), a Nevada corporation, operates through its wholly owned subsidiaries who are engaged in varied business activities. The operations of the Companys wholly owned subsidiaries are more particularly described herein but are summarized as follows: ● Wainwright Holdings, Inc. (Wainwright), a U.S. based company, is the sole member of two ● Gourmet Foods, Ltd., a New Zealand based company, manufactures and distributes New Zealand meat pies on a commercial scale and its wholly owned New Zealand subsidiary company, Printstock Products Limited (Printstock), prints specialty wrappers for the food industry in New Zealand and Australia (collectively Gourmet Foods). ● Brigadier Security Systems ( 2000 ● Kahnalytics, Inc. dba/Original Sprout (Original Sprout), a U.S. based company, is engaged in the wholesale distribution of hair and skin care products under the brand name Original Sprout on a global scale. ● Marygold & Co., a newly formed U.S. based company, together with its wholly owned limited liability company, Marygold & Co. Advisory Services, LLC, (collectively Marygold) was established by Concierge to explore opportunities in the financial technology (Fintech) space, is still in the development stage as of December 31, 2021, December 31, 2021, ● Marygold & Co. (UK) Limited, a newly formed U.K. limited company (Marygold UK), was established to act as a holding company for acquisitions to be made in the U.K. As of December 31, 2021, no no Concierge manages its operating businesses on a decentralized basis. There are no 114 As more fully detailed in the Companys Definitive Information Statement on Schedule 14C, September 13, 2021, August 24, 2021, February 11, 2022, no no | ORGANIZATION AND DESCRIPTION OF BUSINESS Concierge Technologies, Inc., (the Company or Concierge), a Nevada corporation, operates through its wholly-owned subsidiaries who are engaged in varied business activities. The operations of the Companys wholly-owned subsidiaries are more particularly described herein but are summarized as follows: ● Wainwright Holdings, Inc. (Wainwright), a U.S. based company, is the sole member of two investment services limited liability company subsidiaries, United States Commodity Funds LLC (USCF), and USCF Advisers LLC (USCF Advisers), each of which manages, operates or is an investment advisor to exchange traded funds organized as limited partnerships or investment trusts that issue shares which trade on the NYSE Arca stock exchange. ● Gourmet Foods, Ltd., a New Zealand based company, manufactures and distributes New Zealand meat pies on a commercial scale and its wholly-owned New Zealand subsidiary company, Printstock Products Limited (Printstock), prints specialty wrappers for the food industry in New Zealand and Australia (collectively Gourmet Foods). ● Brigadier Security Systems (2000) Ltd. (Brigadier), a Canadian based company, sells and installs commercial and residential alarm monitoring systems under the names Brigadier Security Systems and Elite Security in the province of Saskatchewan. ● Kahnalytics, Inc. dba/Original Sprout (Original Sprout), a U.S. based company, is engaged in the wholesale distribution of hair and skin care products under the brand name Original Sprout on a global scale. ● Marygold & Co., a newly formed U.S. based company, together with its wholly-owned limited liability company, Marygold & Co. Advisory Services, LLC, ( collectively Marygold) was established by Concierge to explore opportunities in the financial technology (Fintech) space, is still in the development stage as of June 30, 2021, and is estimated to launch commercial services in the coming fiscal year. Through June 30, 2021, expenditures have been limited to developing the business model and the associated application development. Concierge manages its operating businesses on a decentralized basis. There are no centralized or integrated operational functions such as marketing, sales, legal or other professional services and there is little involvement by Concierges management in the day-to-day business affairs of its operating subsidiary businesses apart from oversight. Concierges corporate management is responsible for capital allocation decisions, investment activities and selection and retention of the Chief Executive to head each of the operating subsidiaries. Concierges corporate management is also responsible for corporate governance practices, monitoring regulatory affairs, including those of its operating businesses and involvement in governance-related issues of its subsidiaries as needed. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Accounting Principles The Company has prepared the accompanying unaudited financial statements on a consolidated basis. In the opinion of management, the accompanying condensed consolidated balance sheets, related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The information included in this Form 10 10 June 30, 2021 September 22, 2021. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements, which are referred to herein as the Financial Statements include the accounts of Concierge and its wholly owned subsidiaries, Wainwright, Gourmet Foods, Brigadier, Original Sprout, Marygold and Marygold UK. All inter-company transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of the Financial Statements are in conformity with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three $250,000 CD$100,000 not Accounts Receivable, net and Accounts Receivable - Related Parties Accounts receivable, net consist of receivables related to the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns to determine whether or not December 31, 2021 June 30, 2021, 0 15,499 Accounts receivable - related parties consist of fund asset management fees receivable related to the Wainwright business. Management fees receivable generally consist of one December 31, 2021 June 30, 2021, Major Customers and Suppliers – Concentration of Credit Risk Concierge, as a holding company, operates through its wholly owned subsidiaries and has no no no three six December 31, 2021. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated three six December 31, 2021 December 31, 2020 December 31, 2021 June 30, 2021 Schedule of Concentration of Credit Risk For the Three Months Ended For the Three Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 2,975,211 52 % $ 4,202,851 68 % BNO 470,879 8 % 638,111 10 % UNG 686,360 12 % 592,230 10 % USCI 495,779 9 % 216,151 4 % All Others 1,073,155 19 % 500,072 8 % Total $ 5,701,384 100 % $ 6,149,415 100 % For the Six Months Ended For the Six Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 6,117,818 54 % $ 9,096,383 69 % BNO 990,797 9 % 1,396,837 11 % UNG 1,114,147 10 % 1,143,783 9 % USCI 971,363 8 % 466,416 3 % All Others 2,164,286 19 % 1,082,297 8 % Total $ 11,358,411 100 % $ 13,185,716 100 % As of December 31, 2021 As of June 30, 2021 Accounts Receivable Accounts Receivable Fund USO $ 938,444 53 % $ 1,156,691 57 % BNO 145,083 8 % 196,713 10 % UNG 200,357 11 % 130,543 6 % USCI 157,824 9 % 141,346 7 % All Others 340,326 19 % 412,761 20 % Total $ 1,782,034 100 % $ 2,038,054 100 % Concierge, through Gourmet Foods and following the acquisition of Printstock Products Limited on July 1, 2020, two 1 2 15 one Baking: three 1 2 3 no three December 31, 2021, 20% 18% three December 31, 2020. six December 31, 2021, 23% 20% six December 31, 2020. 4% December 31, 2021 19% June 30, 2021. second 6% 8% three six December 31, 2021, 10% three six December 31, 2020. 13% 27% December 31, 2021 June 30, 2021, In the gasoline convenience store market customer group, Gourmet Foods supplies two three six December 31, 2021 52% 49% 55% 53% three six December 31, 2020, No second not 24% 23% December 31, 2021 June 30, 2021, The third no three six December 31, 2021 December 31, 2020, December 31, 2021 June 30, 2021. Printing: one 36% 38% three six December 31, 2021, 32% 34% three six December 31, 2020, 44% 40% December 31, 2021 June 30, 2021, Consolidated: 32% 15% 12% three December 31, 2021 34% 12% 11% three December 31, 2020. six December 31, 2021, 32% 15% 15% 33% 13% 12% six December 31, 2020. nil% 25% 1% December 31, 2021 nil% 7% 26% June 30, 2021. Gourmet Foods, including Printstock, is not one Concierge, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadiers customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. Sales to the largest customer, which includes contracts and recurring monthly support fees, totaled 49% 51% three six December 31, 2021, 58% 54% three six December 31, 2020, 24% December 31, 2021 31% June 30, 2021. Brigadier purchases alarm panels, digital and analog cameras, mounting hardware and accessory items needed to complete security installations from a variety of sources. The manufacture of electronic items such as those sought by Brigadier has expanded to a global scale thus providing Brigadier with a broad choice of suppliers. Brigadier bases its vendor selection on several criteria including: price, availability, shipping costs, quality, suitability for purpose and the technical support of the manufacturer. Brigadier is not one Concierge, through Original Sprout, has thousands of customers and, from time to time, certain customers become significant during specific reporting periods, but may not three six December 31, 2021 three six December 31, 2020 24% 15% 10% 68% 73% December 31, 2021 June 30, 2021, Concierge, through Original Sprout, is dependent upon its relationship with a product packaging company who, at the direction of Original Sprout, produces the products in accordance with proprietary formulas, packages them in appropriate containers, and delivers the finished goods to Original Sprout for distribution to its customers. All of Original Sprouts products are currently produced by this packaging company, although if this relationship were to fail there are other similar packaging companies available to Original Sprout at competitive pricing. Because of the nature of the Original Sprout product ingredients, some of the ingredients may, 90 not not not Inventories Inventories, consisting primarily of: (i) food products, printing supplies, and packaging in New Zealand; (ii) hair and skin care finished products and components in the U.S.; and, (iii) security system hardware in Canada, are valued at the lower of cost or net realizable value. Inventories in Canada and New Zealand are maintained on the first first six December 31, 2021 December 31, 2020, 3,478 32,688 Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to operating expense as incurred; additions and improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 Schedule of Useful Life of Assets Category Estimated Useful Building 39 Plant and equipment: 5 10 Furniture and office equipment 3 5 Vehicles 3 5 Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists along with the internal use software in process for the business applications of Marygold to be launched in the coming fiscal year. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not six December 31, 2021 June 30, 2021. Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business combination transaction. Goodwill is tested for impairment on an annual basis during the fourth may first not six December 31, 2021 June 30, 2021. Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not six December 31, 2021 June 30, 2021. Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income. The Company values its investments in accordance with Accounting Standards Codification (ASC) 820 820 820 820 1 2 three 820 Level 1 Level 2 1 2 not Level 3 not In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. Revenue Recognition Revenue consists of fees earned through management of investment funds, sale of gourmet meat pies and printing of food wrappers in New Zealand, security alarm system installation and maintenance services in Canada, and sales of hair and skin care products internationally. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Companys product sales or services, these criteria are met at the time the product is shipped, the subscription period commences, or the management fees earned each month. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of its recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. The Company has no The Company generates revenue, in part, through contractual monthly recurring fees received for providing ongoing customer support services to monitoring company clientele. The five 1. Identifying the contract(s) with customers; 2. Identifying the performance obligations in the contract; 3. Determining the transaction price; 4. Allocating the transaction price to the performance obligations in the contract; and 5. Recognizing revenue when or as the performance obligation is satisfied. Transactions involve security systems that are sold outright to the customer where the Companys performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Income. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Condensed Consolidated Statements of Income (Loss), which for the three six December 31, 2021, 219,904 407,629 34% 30% 174,656 355,764 three six December 31, 2020, 28% 27% three six December 31, 2021 three six December 31, 2020, None Because the Company has no no no Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the three December 31, 2021 December 31, 2020 0.7 million 0.7 million six December 31, 2021 December 31, 2020 1.4 million 1.5 million Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830 30, Foreign Currency Translation Segment Reporting The Company defines operating segments as components for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on these segments (Refer to Note 16 Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may one may six December 31, 2021 December 31, 2020 no Recent Accounting Pronouncements In June 2016, 2016 13, 326 Measurement of Credit Losses on Financial Instruments 2018 19, 2019 04, 2019 05, 2019 10, 2019 11, December 15, 2022 ( 2019 10 In August 2020, No. 2020 06 , Debt Debt with Conversion and Other Options (Subtopic 470 - 20 ) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815 - 40 ). 470 20 may December 15, 2023, December 15, 2020, not In November 2021, 2021 10, Government Assistance (Topic 832 December 15, 2021, not | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Accounting Principles The Company has prepared the accompanying financial statements on a consolidated basis. In the opinion of management, the accompanying consolidated balance sheets and related statements of income, comprehensive income, stockholders equity, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Principles of Consolidation The accompanying consolidated financial statements, which are referred herein as the Financial Statements, include the accounts of Concierge and its wholly-owned subsidiaries, Wainwright, Gourmet Foods, Brigadier, Original Sprout and Marygold are presented on a consolidated basis. All inter-company transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of the Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less on the date of purchase. The Company maintains its cash and cash equivalents in financial institutions in the United States, Canada, and New Zealand. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor, and accounts in Canada are insured by the Canada Deposit Insurance Corporation up to CD$100,000 per depositor. Accounts in New Zealand are uninsured. The Company has, at times, held deposits in excess of insured amounts, but the Company does not expect any losses in such accounts. Accounts Receivable, net and Accounts Receivable - Related Parties Accounts receivable, net, consist of receivables from the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns to determine whether or not an account should be deemed uncollectible. Reserves, if any, are recorded on a specific identification basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of June 30, 2021 and June 30, 2020, the Company had $ 15,499 9,786 Accounts receivable - related parties, consist of fund asset management fees receivable from the Wainwright business. Management fees receivable generally consist of one month of management fees which are collected in the month after they are earned. As of June 30, 2021 and June 30, 2020, there is no allowance for doubtful accounts as all amounts are deemed collectible. Major Customers and Suppliers – Concentration of Credit Risk Concierge, as a holding company, operates through its wholly-owned subsidiaries and has no concentration of risk either from customers or suppliers as a stand-alone entity. Marygold, as a newly formed development stage entity, had no revenues and no significant transactions for the years ended June 30, 2021 and 2020. Any transactions that did occur were combined with those of Concierge. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated 12 month revenues and accounts receivable – related parties as of June 30, 2021 and June 30, 2020 as depicted below. Schedule of Concentration of Risk Year ended June 30, 2021 Year ended June 30, 2020 Revenue Revenue Fund USO $ 16,361,870 65 % $ 9,283,250 60 % BNO 2,665,589 11 % 1,070,225 7 % UNG 2,054,047 8 % 2,244,479 15 % USCI 1,176,094 5 % 1,645,952 11 % All Others 2,911,582 11 % 1,215,155 7 % Total $ 25,169,182 100 % $ 15,459,061 100 % June 30, 2021 June 30, 2020 Accounts Receivable Accounts Receivable Fund USO $ 1,156,691 57 % $ 1,818,719 70 % BNO 196,713 10 % 265,143 10 % USCI 141,346 7 % 82,790 3 % UNG 130,543 6 % 193,218 7 % All Others 412,761 20 % 251,047 10 % Total $ 2,038,054 100 % $ 2,610,917 100 % Concierge, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadiers customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. Sales to the largest customer, which includes contracts and recurring monthly support fees, totaled 49% 49% 31% 40% 12% 39% Brigadier purchases alarm panels, digital and analog cameras, mounting hardware and accessory items needed to complete security installations from a variety of sources. The manufacture of electronic items such as those sought by Brigadier has expanded to a global scale thus providing Brigadier with a broad choice of suppliers. Brigadier bases its vendor selection on several criteria including: price, availability, shipping costs, quality, suitability for purpose and the technical support of the manufacturer. Brigadier is not reliant on any one supplier. Concierge, through Gourmet Foods and following the acquisition of Printstock Products Limited on July 1, 2020, has two major customer groups comprising gross revenues: 1) baking, and 2) printing. For the purpose of segment reporting (Note 15) both revenue streams are considered part of the same food industry segment. Baking: 18% 20% 19% 15% 27% In the gasoline convenience store market customer group, Gourmet Foods supplies two major channels. The largest is a marketing consortium of gasoline dealers operating under the same brand who, for the years ended June 30, 2021 and 2020 accounted for approximately 49% 45% 23% 15% The third major customer group is independent retailers and cafes, which collectively accounted for the balance of baking gross sales revenue, however no single customer in this group was a significant contributor of sales revenues or accounts receivable as of and for the years ended June 30, 2021 and 2020. Printing: 33% 40% Consolidated: 32% 12% 12% 26% Gourmet Foods, including Printstock, is not dependent upon any one major supplier as many alternative sources are available in the local market place should the need arise. However, the unavailability of, or increase in price in, any of the ingredients on which Gourmet Foods relies to produce its products could harm its operating results for such period. Concierge, through Original Sprout, has thousands of customers and, from time to time, certain of them become significant during specific reporting periods, but may not be significant during other periods. Due to the increase in online sales channels, Original Sprout had 1 significant customer for the year ended June 30, 2021 accounting for 12% 15% 3% 39% 10% 0% Concierge, through Original Sprout, is dependent upon its relationship with a product packaging company who, at the direction of Original Sprout, produces the products in accordance with proprietary formulas, packages them in appropriate containers, and delivers the finished goods to Original Sprout for distribution to its customers. All of Original Sprouts products are currently produced by this packaging company, although if this relationship were to fail there are other similar packaging companies available to Original Sprout at competitive pricing. Because of the nature of the Original Sprout product ingredients, some of the ingredients may, at times, be difficult to source in timely fashion or at the expected price point. To safeguard against this possibility Original Sprout endeavors to maintain at least a 90-day supply of all products in stock. Estimating and maintaining a reserve stock account is not a guarantee that a shortage of ingredient supplies will not affect production such that Original Sprout will not exhaust its reserves or be unable to fulfill customer orders. Inventories Inventories, consisting primarily of; (i) food products, printing supplies, and packaging in New Zealand, (ii) hair and skin care finished products and components in the U.S. and, (iii) security system hardware in Canada, are valued at the lower of cost or net realizable value. Inventories in Canada and New Zealand are maintained on the first-in, first-out method, while inventory in the U.S. is maintained using the average cost method. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. An assessment is made at the end of each fiscal quarter to determine what slow-moving inventory items, if any, should be deemed obsolete and written down to their estimated net realizable value. For the years ended June 30, 2021 and June 30, 2020, impairment to inventory value was recorded at $ 65,021 10,317 Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 to the Consolidated Financial Statements). Schedule of Useful Life of Assets Category Estimated Useful Building 39 Plant and equipment 5 10 Furniture and office equipment: 3 5 Vehicles 3 5 Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists along with the internally developed software in process for the business applications of Marygold to be launched during the coming fiscal year. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When it is determined that an indefinite intangible asset is impaired, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no impairment recorded for the years ended June 30, 2021 and 2020. Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business combination transaction. Goodwill is tested for impairment on an annual basis during the fourth quarter of the Companys fiscal year, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The Company first performs a qualitative test to determine if goodwill is impaired at a reporting unit. In performing this test, the Company evaluates macroeconomic factors, industry and market considerations, cost factors such as the increase in the cost of materials or labor or other costs, overall financial performance, changes in key personnel or customers or strategy, and other entity-specific events or trends that could indicate impairment, among other items. If the results of this test indicate that it is more likely than not that the fair value of the reporting is below its carrying value, a quantitative test is then performed to determine the amount of the impairment. When impaired, the carrying value of goodwill is written down to fair value. There was no impairment recorded for the years ended June 30, 2021 and 2020. Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. There was no impairment recorded for the years ended June 30, 2021 and 2020. Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income. The Company values its investments in accordance with Accounting Standards Codification (ASC) 820 – Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Company (observable inputs) and (2) The Companys own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. Revenue Recognition Revenue consists of fees earned through management of investment funds in the United States, sales of gourmet meat pies and printing of food wrappers in New Zealand and Australia, sales of security alarm system installation and maintenance services in Canada, and sales of hair and skin care products internationally. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Companys product sales or services, the revenue recognition criteria described below are met at the time the product is shipped, the subscription period commences, or the management services are provided. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of its recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. The Company has no costs of contracts which require capitalization. The Company generates revenue, in part, through contractual monthly recurring fees received for providing ongoing customer support services to monitoring company clientele. The five-step process governing contract revenue reporting includes: 1. Identifying the contract(s) with customers 2. Identifying the performance obligations in the contract 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations in the contract 5. Recognizing revenue when or as the performance obligation is satisfied Transactions involve security systems that are sold outright to the customer where the Companys performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Income. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Consolidated Statements of Income, which for the years ended June 30, 2021 and 2020, were approximately $ 723,456 734,922 27% 27% 2% 3% Because the Company has no contract with the end user, and the monthly payments for customer support services are made to the Company by the monitoring company who has a contract with the end user, and end user customers are subject to cancellation through no control of the Company; therefore, no deferred revenues or contingent liability reserves have been established with respect to these contracts. The services are deemed delivered as the obligation is acknowledged on a monthly basis. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the years ended June 30, 2021 and 2020 were approximately $ 3.0 million 2.6 million Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830, Foreign Currency Matters Segment Reporting The Company defines operating segments as components about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on the geographic locations of its subsidiaries (Refer to Note 16 of the Consolidated Financial Statements). Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired trade names from a market participant perspective, useful lives and discount rates. Managements estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed. For the years ended June 30, 2021 and 2020 a determination was made that no adjustments were necessary. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Board Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40). |
BASIC AND DILUTED NET INCOME PE
BASIC AND DILUTED NET INCOME PER SHARE | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
BASIC AND DILUTED NET INCOME PER SHARE | NOTE 3. BASIC AND DILUTED NET INCOME PER SHARE Basic net income per share is based upon the weighted average number of common shares outstanding. This calculation also includes the weighted average number of Series B Convertible Preferred shares outstanding as they are deemed to be substantially similar to the common shares and shareholders are entitled to the same liquidation and dividend rights. Diluted net income per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. The Company does not On August 25, 2021 the Company adopted the Concierge Technologies, Inc. 2021 Omnibus Equity Incentive Plan (the Plan) and had not issued any awards under the Plan as of December 31, 2021. The Company has also authorized a reverse stock split of its Common Stock by a ratio of not less than 1-for-1.5 and not more than 1-for-2.75 (the Reverse Stock Split) at any time prior to the one year anniversary of filing of a definitive Information Statement on Schedule 14C with the Board of Directors (the Board) having the discretion as to whether or not the Reverse Stock Split is to be effected, and with the exact ratio of any Reverse Stock Split to be set within the above range as determined by the Board in its discretion. Basic and diluted net income per share reflects the effects of shares actually potentially issuable upon conversion of convertible preferred stock. The components of basic and diluted earnings per share For the Three Months Ended December 31, 2021 Net Income Shares Per Share Basic net income per share: Net income available to common shareholders $ 996,012 37,445,919 $ 0.03 Net income available to preferred shareholders 27,323 1,027,240 $ 0.03 Basic and diluted net income per share $ 1,023,335 38,473,159 $ 0.03 For the Three Months Ended December 31, 2020 Net Income Shares Per Share Basic net income per share: Net income available to common shareholders $ 1,314,521 37,412,519 $ 0.04 Net income available to preferred shareholders 37,267 1,060,640 $ 0.04 Basic and diluted net income per share $ 1,351,788 38,473,159 $ 0.04 For the Six Months Ended December 31, 2021 Net Loss Shares Per Share Basic net loss per share: Net loss available to common shareholders $ (835,651 ) 37,485,959 $ (0.02 ) Net loss available to preferred shareholders (22,007 ) 987,200 $ (0.02 ) Basic and diluted net loss per share $ (857,658 ) 38,473,159 $ (0.02 ) For the Six Months Ended December 31, 2020 Net Income Shares Per Share Basic net income per share: Net income available to common shareholders $ 3,571,222 37,412,519 $ 0.10 Net income available to preferred shareholders 98,453 1,060,640 $ 0.09 Basic and diluted net income per share $ 3,571,222 38,473,159 $ 0.09 | NOTE 3. BASIC AND DILUTED NET INCOME PER SHARE Basic net income per share is based upon the weighted average number of common shares outstanding. This calculation includes the weighted average number of Series B Convertible Preferred shares outstanding also, as they are deemed to be substantially similar to the common shares and shareholders are entitled to the same liquidation and dividend rights. Diluted net income per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. The Company does not have any options or warrants or other dilutive financial instruments. As such, basic and diluted earnings per share are the same. Basic and diluted net income per share reflects the effects of shares actually potentially issuable upon conversion of convertible preferred stock. The components of basic and diluted earnings per share were as follows Schedule of Components of Basic and Diluted Earning Per Share For the year ended June 30, 2021 Net Income Shares Per Share Basic and diluted income per share: Net income available to common shareholders $ 5,693,262 37,445,919 $ 0.15 Net income available to preferred shareholders 156,181 1,027,240 $ 0.15 Basic and diluted income per share $ 5,849,443 38,473,159 $ 0.15 For the year ended June 30, 2020 Net Income Shares Per Share Basic and diluted income per share: Net income available to common shareholders $ 1,724,483 37,390,524 $ 0.05 Net income available to preferred shareholders 48,918 1,060,640 $ 0.05 Basic and diluted income per share $ 1,773,401 38,451,164 $ 0.05 |
INVENTORIES
INVENTORIES | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | ||
INVENTORIES | NOTE 4. INVENTORIES Inventories for Gourmet Foods, Brigadier and Original Sprout December 31, 2021 June 30, 2021: December 31, June 30, 2021 2021 Raw materials $ 1,038,700 $ 942,911 Supplies and packing materials 237,991 193,322 Finished goods 867,990 815,559 Total inventories $ 2,144,681 $ 1,951,792 | NOTE 4. INVENTORIES Inventories for Gourmet Foods, Brigadier and Original Sprout consisted of the following totals June 30, 2021 June 30, 2020 Raw materials $ 942,911 $ 288,422 Supplies and packing materials 193,322 174,636 Finished goods 815,559 711,545 Total inventories $ 1,951,792 $ 1,174,603 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
PROPERTY, PLANT AND EQUIPMENT | NOTE 5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment December 31, 2021 June 30, 2021: December 31, June 30, 2021 2021 Plant and equipment (1) $ 2,230,449 $ 2,147,617 Furniture and office equipment 244,536 246,697 Vehicles 393,885 412,681 Land and building 597,574 613,891 Total property, plant and equipment, gross 3,466,444 3,420,886 Accumulated depreciation (2) (1,906,438 ) (1,847,441 ) Total property, plant and equipment, net $ 1,560,006 $ 1,573,445 ( 1 Included with plant and equipment as of December 31, 2021 are the underlying assets of the solar energy finance lease at Gourmet Foods totaling $ 150,625 ( 2 Included with accumulated depreciation is the amortization of the underlying assets of the solar energy finance lease at Gourmet Foods, which totaled $ 415 For the three six December 31, 2021 56,514 128,864 92,138 172,030 three six December 31, 2020. | NOTE 5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following as of June 30, 2021 and 2020: June 30, 2021 June 30, 2020 Plant and equipment $ 2,147,617 $ 1,553,939 Furniture and office equipment 246,697 201,287 Land and buildings 613,891 559,362 Vehicles 412,681 370,397 Total property and equipment, gross 3,420,886 2,684,985 Accumulated depreciation (1,847,441 ) (1,487,793 ) Total property and equipment, net $ 1,573,445 $ 1,197,192 For the years ended June 30, 2021 and 2020, depreciation expense for property, plant and equipment totaled $ 265,531 265,398 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
INTANGIBLE ASSETS | NOTE 6. INTANGIBLE ASSETS Intangible assets December 31, 2021 June 30, 2021: December 31, June 30, 2021 2021 Customer relationships $ 777,375 $ 777,375 Brand name 1,199,965 1,199,965 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Non-compete agreement 274,982 274,982 Internally developed software 217,990 217,990 Total 3,728,826 3,728,826 Less : accumulated amortization (1,546,009 ) (1,387,023 ) Net intangibles $ 2,182,817 $ 2,341,803 CUSTOMER RELATIONSHIPS On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the acquired customer relationships was estimated to be $ 66,153 10 434,099 10 200,000 7 77,123 9 December 31, June 30, 2021 2021 Customer relationships $ 777,375 $ 777,375 Less: accumulated amortization (413,413 ) (369,471 ) Total customer relationships, net $ 363,962 $ 407,904 BRAND NAME On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the acquired brand name was estimated to be $ 61,429 10 340,694 10 740,000 57,842 December 31, June 30, 2021 2021 Brand name $ 1,199,965 $ 1,199,965 Less: accumulated amortization (229,890 ) (209,620 ) Total brand name, net $ 970,075 $ 990,345 DOMAIN NAME On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the acquired domain name was estimated to be $ 21,601 and is amortized over the remaining useful life of 5 years. On June 2, 2016, the Company acquired Brigadier. The fair value on the acquired domain name was estimated to be $ 15,312 and is amortized over the remaining useful life of 5 years. As of December 31, 2021, the fair value of the acquired domain names had been fully amortized. December 31, June 30, 2021 2021 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (36,913 ) (36,913 ) Total brand name, net $ — $ — RECIPES AND FORMULAS On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the recipes was estimated to be $ 21,601 5 1,200,000 8 December 31, June 30, 2021 2021 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (627,354 ) (551,737 ) Total recipes and formulas, net $ 594,247 $ 669,864 NON-COMPETE AGREEMENT On June 2, 2016, the Company acquired Brigadier. The fair value on the acquired non-compete agreement was estimated to be $ 84,982 5 190,000 5 December 31, June 30, 2021 2021 Non-compete agreement $ 274,982 $ 274,982 Less: accumulated amortization (238,439 ) (219,282 ) Total non-compete agreement, net $ 36,543 $ 55,700 INTERNAL USE SOFTWARE During the quarter ended December 31, 2020, 217,990 December 31, 2021, December 31, 2021, AMORTIZATION EXPENSE The total amortization expense for intangible assets for the three six December 31, 2021 76,677 158,985 three six December 31, 2020 85,085 171,094 Estimated remaining amortization expenses of intangible assets for the next five Years Ending June 30, Expense 2022 $ 156,392 2023 292,261 2024 277,378 2025 262,114 2026 150,345 Thereafter 1,044,327 Total $ 2,182,817 | NOTE 6. INTANGIBLE ASSETS Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 June 30, 2021 June 30, 2020 Customer relationships $ 777,375 $ 700,252 Brand name 1,199,965 1,142,122 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Internally developed software 217,990 217,990 Non-compete agreement 274,982 274,982 Total 3,728,826 3,593,860 Less : accumulated amortization (1,387,023 ) (1,052,575 ) Net intangibles $ 2,341,803 $ 2,541,285 CUSTOMER RELATIONSHIP On August 11, 2015, the Company acquired Gourmet Foods. The fair value on the acquired customer relationships was estimated to be $ 66,153 10 434,099 10 200,000 7 77,123 9 June 30, 2021 June 30, 2020 Customer relationships $ 777,375 $ 700,252 Less: accumulated amortization (369,471 ) (282,304 ) Total customer relationships, net $ 407,904 $ 417,948 BRAND NAME On August 11, 2015, the Company acquired Gourmet Foods. The fair value on the acquired brand name was estimated to be $ 61,429 10 340,694 10 740,000 57,842 June 30, 2021 June 30, 2020 Brand name $ 1,199,965 $ 1,142,122 Less: accumulated amortization (209,620 ) (169,406 ) Total brand name, net $ 990,345 $ 972,716 DOMAIN NAME On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the acquired domain name was estimated to be $ 21,601 5 15,312 5 June 30, 2021 June 30, 2020 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (36,913 ) (33,744 ) Total brand name, net $ — $ 3,169 RECIPES AND FORMULAS On August 11, 2015, the Company acquired Gourmet Foods. The fair value on the recipes was estimated to be $ 21,601 5 1,200,000 8 June 30, 2021 June 30, 2020 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (551,737 ) (401,366 ) Total recipes and formulas, net $ 669,864 $ 820,235 NON-COMPETE AGREEMENT On June 2, 2016, the Company acquired Brigadier Security Systems. The fair value on the acquired non-compete agreement was estimated to be $ 84,982 5 190,000 5 June 30, 2021 June 30, 2020 Non-compete agreement $ 274,982 $ 274,982 Less: accumulated amortization (219,282 ) (165,755 ) Total non-compete agreement, net $ 55,700 $ 109,227 INTERNALLY DEVELOPED SOFTWARE During the first quarter of 2020, Marygold began incurring expenses in connection with the internal development of software applications that are planned for eventual integration to its consumer Fintech offering. Certain of these expenses, totaling $ 217,990 AMORTIZATION EXPENSE The total amortization expense for intangible assets for the years ended June 30, 2021 and June 30, 2020 was $ 334,448 336,428 Estimated amortization expenses of intangible assets for the next five years ending June 30, are as follows: Years Ending June 30, Expense 2022 $ 315,378 2023 295,077 2024 277,378 2025 262,114 2026 150,345 Thereafter 1,041,511 Total $ 2,341,803 |
OTHER ASSETS
OTHER ASSETS | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
OTHER ASSETS | NOTE 7. OTHER ASSETS Other Current Assets Other current assets totaling $ 442,470 December 31, 2021 399,524 June 30, 2021 Schedule of Other Currents Assets As of December 31, 2021 As of June 30, 2021 Prepaid expenses $ 262,955 $ 373,381 Other current assets 179,515 26,143 Total $ 442,470 $ 399,524 Investments Wainwright, from time to time, provides initial investment in the creation of ETP funds that Wainwright manages. Wainwright classifies these investments as current assets as these investments are generally sold within one no 825, no December 31, 2021 June 30, 2021, no December 31, 2021 June 30, 2021, 2.8 million 1.8 million 1.3 million 0 December 31, 2021 June 30, 2021, 40% 0% December 31, 2021 June 30, 2021, Investments measured at estimated fair value December 31, 2021 June 30, 2021: December 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 1,299,303 $ 5,378 $ — $ 1,304,681 Other short-term investments 270,413 174 — 270,587 Other equities 1,246,926 31,380 — 1,278,306 Total short-term investments $ 2,816,642 $ 36,932 $ — $ 2,853,574 June 30, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 1,044,748 $ 5,378 $ — $ 1,050,126 Other short-term investments 772,981 4,568 — 777,549 Other equities 1,421 — (170 ) 1,251 Total short-term investments $ 1,819,150 $ 9,946 $ (170 ) $ 1,828,926 All of the Companys short-term investments are Level 1 December 31, 2021 June 30, 2021. six December 31, 2021 December 31, 2020, no 1 2. Restricted Cash At December 31, 2021 and June 30, 2021, Gourmet Foods had on deposit NZ$ 20,000 13,664 13,989 Long Term Assets Other long-term assets totaling $ 789,880 December 31, 2021 540,160 June 30, 2021 (i) $ 500,000 December 31, 2021 June 30, 2021 10% six December 31, 2021 June 30, 2021; (ii) $ 40,160 (iii) $ 249,720 0 | NOTE 7. OTHER ASSETS Other Current Assets Other current assets totaling $ 399,524 603,944 Schedule of Other Currents Assets As of June 30, As of June 30, Prepaid expenses $ 373,381 $ 394,473 Other current assets 26,143 209,471 Total $ 399,524 $ 603,944 Investments Wainwright, from time to time, provides initial seed capital in connection with the creation of ETPs or ETFs that are managed by USCF or USCF Advisers. Wainwright classifies these investments as current assets as these investments are generally sold within one year of the balance sheet date. Investments in which no controlling financial interest or significant influence exists are recorded at fair value with the change included in earnings on the Consolidated Statements of Income. Investments in which no controlling financial interest exists, but significant influence exists are recorded per the equity method of investment accounting. As of June 30, 2021 and 2020, there were no investments in its ETPs or ETFs or investments requiring equity method investment accounting. The Company also invests in marketable securities. As of June 30, 2021 and 2020, such investments were approximately $ 1.8 million 1.8 million All of the Companys short-term investments are classified as Level 1 assets as of June 30, 2021 and June 30, 2020. Investments measured at estimated fair value As of June 30, 2021 Gross Gross Estimated Unrealized Unrealized Fair Cost Gains Losses Value Money market funds $ 1,044,748 $ 5,378 $ — $ 1,050,126 Other short-term investments 772,981 4,568 — 777,549 Other equities 1,421 — (170 ) 1,251 Total short-term investments $ 1,819,150 $ 9,946 $ (170 ) $ 1,828,926 As of June 30, 2020 Gross Gross Estimated Unrealized Unrealized Fair Cost Gains Losses Value Money market funds $ 1,044,446 $ 5,161 $ — $ 1,049,607 Other short-term investments 770,094 — — 770,094 Other equities 1,421 — (606 ) 815 Total short-term investments $ 1,815,961 $ 5,161 $ (606 ) $ 1,820,516 During the years ended June 30, 2021 and 2020, there were no transfers between Level 1 and Level 2. Restricted Cash At June 30, 2021 and 2020, Gourmet Foods had on deposit approximately NZ$ 20,000 13,989 12,854 Long - Term Assets Other long-term assets totaling $ 540,160 at June 30, 2021 and $ 523,607 at June 30, 2020, were attributed to Wainwright and Original Sprout and consisted of (i) $ 500,000 (ii) and $ 40,160 23,607 |
GOODWILL
GOODWILL | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
GOODWILL | NOTE 8. GOODWILL Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. The amount recorded in goodwill at December 31, 2021 June 30, 2021 1,043,473 Goodwill is comprised of the following amounts as of December 31, 2021 June 30, 2021: December 31, June 30, 2021 2021 Goodwill – Original Sprout 416,817 416,817 Goodwill – Gourmet Foods 275,311 275,311 Goodwill – Brigadier 351,345 351,345 Total $ 1,043,473 $ 1,043,473 The Company tests for goodwill impairment at each reporting unit. There was no goodwill impairment as of December 31, 2021 June 30, 2021. | NOTE 8. GOODWILL Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. The amounts recorded in goodwill for June 30, 2021 and 2020 were $ 1,043,473 915,790 Goodwill is comprised of the following amounts As of June 30, As of June 30, Goodwill - Original Sprout $ 416,817 $ 416,817 Goodwill - Gourmet Foods (1) 275,311 147,628 Goodwill - Brigadier 351,345 351,345 Total $ 1,043,473 $ 915,790 (1) Refer to Note 13, Business Combinations The Company tests for goodwill impairment at each reporting unit. There was no goodwill impairment for the years ended June 30, 2021 and June 30, 2020. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Payables and Accruals [Abstract] | ||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses December 31, 2021 June 30, 2021: December 31, June 30, 2021 2021 Accounts payable $ 2,407,685 $ 1,672,647 Accrued interest 141,836 129,596 Taxes payable 324,489 238,020 Accrued payroll, vacation and bonus payable 271,950 1,049,359 Accrued operating expenses 198,898 773,252 Total $ 3,344,858 $ 3,862,874 | NOTE 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following June 30, 2021 June 30, 2020 Accounts payable $ 1,672,647 $ 1,363,672 Accrued interest 129,596 105,315 Taxes payable 238,020 60,539 Accrued payroll, vacation and bonus payable 1,049,359 895,803 Accrued operating expenses 773,252 418,287 Total $ 3,862,874 $ 2,843,616 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
RELATED PARTY TRANSACTIONS | NOTE 10. RELATED PARTY TRANSACTIONS Notes Payable - Related Parties Current related party notes payable December 31, 2021 June 30, 2021: December 31, June 30, 2021 2021 Notes payable to shareholder, interest rate of 8% December 31, 2012 $ 3,500 $ 3,500 Notes payable to shareholder, interest rate of 4% May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4% April 8, 2022 350,000 350,000 $ 603,500 $ 603,500 Interest expense for all related party notes for the three six December 31, 2021 December 31, 2020 6,120 12,240 141,836 129,596 December 31, 2021 June 30, 2021, Wainwright - Related Party Transactions The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Companys Wainwright revenues, totaling $ 5.7 million 6.1 million three December 31, 2021 2020, 11.4 million 13.2 million six December 31, 2021 2020, 1.8 million 2.0 million December 31, 2021 June 30, 2021, 0.1 million 0.2 million 0.1 million 0.1 million three December 31, 2021 December 31, 2020, 0.1 million 0.6 million 0.1 million 0.1 million six December 31, 2021 December 31, 2020, 0.1 million 0.1 million December 31, 2021 June 30, 2021, 14 | |
RELATED PARTY TRANSACTIONS | NOTE 10. RELATED PARTY TRANSACTIONS Notes Payable - Related Parties Current related party notes payable consist of the following June 30, 2021 June 30, 2020 Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) $ 3,500 $ 3,500 Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022 350,000 350,000 Total $ 603,500 $ 603,500 Interest expense for all related party notes for the years ended June 30, 2021 and 2020 was $ 24,281 24,347 129,596 105,315 Wainwright - Related Party Transactions The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Companys Wainwright revenues, totaling $ 25.2 million 15.5 million 2.0 million 2.6 million 0.9 million 0.6 million 0.1 million 0.1 million 0.1 million 0.4 million |
LOANS - PROPERTY AND EQUIPMENT
LOANS - PROPERTY AND EQUIPMENT | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Loans - Property And Equipment | ||
LOANS - PROPERTY AND EQUIPMENT | NOTE 11. LOANS - PROPERTY AND EQUIPMENT As of December 31, 2021, 377,193 December 31, 2021 June 30, 2021 twelve 14,999 362,194 three December 31, 2021 December 31, 2020 4,026 4,013 six December 31, 2021 December 31, 2020 8,014 7,977 December 31, 2021, 20,090 129,196 no June 30, 2021 ( 15, | NOTE 11. LOANS - PROPERTY AND EQUIPMENT As of June 30, 2021, Brigadier had an outstanding principal balance of CD$489,738 (approx. US$394,898 translated as of June 30, 2021) due to Bank of Montreal related to the purchase of its Saskatoon office land and building. The Consolidated Balance Sheets as of June 30, 2021 and June 30, 2020 reflect the amount of the principal balance which is due within twelve months as a current liability of US$15,094 and a long term liability of US$379,804. Interest on the mortgage loan for the year ended June 30, 2021 and 2020 was US$ 16,078 15,986 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Equity [Abstract] | ||
STOCKHOLDERS’ EQUITY | NOTE 12. STOCKHOLDERS EQUITY Convertible Preferred Stock Each issued Series B Convertible Preferred Stock is convertible into 20 20 February 7, 2019, 383,919 7,678,380 53,032 June 30, 2020. January 15, 2021, 3,672 73,440 49,360 December 31, 2021. | NOTE 12. STOCKHOLDERS EQUITY Convertible Preferred Stock Each issued Series B Convertible Preferred Stock is convertible into 20 shares of common stock and carries a vote of 20 shares of common stock in all matters brought before the shareholders for a vote. On February 7, 2019, the Company converted 383,919 7,678,380 53,032 3,672 73,440 49,360 Stock-based Vendor Compensation On August 15, 2019 the Company issued 175,000 152,250 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
BUSINESS COMBINATIONS | NOTE 13. BUSINESS COMBINATIONS On March 11, 2020 1.9 million 90 July 1, 2020 1.5 million 420,552 December 31, 2020. 68,061 July 1, 2020. Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Item Amount Cash in bank $ 118,774 Accounts receivable 384,222 Prepayments/deposits 1,372 Inventories 509,796 Operating lease right of use asset 201,699 Plant, property and equipment 401,681 Intangible assets 134,965 Goodwill 127,683 Deferred tax liability (68,061 ) Assumed lease liabilities (201,699 ) Accounts payable and accrued expenses (376,112 ) Total Purchase Price $ 1,234,320 On August 13, 2021, 1,500,000 2,100,000 3 February 11, 2022 | NOTE 13. BUSINESS COMBINATIONS On March 11, 2020 our wholly-owned subsidiary Gourmet Foods entered into a Stock Purchase Agreement to acquire all the issued and outstanding shares of Printstock Products Limited (Printstock), a New Zealand private company located in Napier, New Zealand. Printstock is a printer of wrappers distributed to food manufacturers primarily within New Zealand and limited export to Australia. Printstock will be operated as a subsidiary of Gourmet Foods and is expected to incrementally reduce the cost of goods sold through reduction in the cost of wrappers purchased by Gourmet Foods by elimination of inter-company profit while increasing overall revenues and profits to Gourmet Foods on a consolidated basis through the inclusion of Printstock operations. The purchase price was agreed to be NZ$ 1.9 million 1.2 million 1.5 million 420,552 68,061 Schedule of Assets Acquired and Liabilities Assumed in Business Combination Item Amount Cash in bank $ 118,774 Accounts receivable 384,222 Prepayments/deposits 1,372 Inventories 509,796 Operating lease right-of-use asset 201,699 Property and equipment 401,681 Intangible assets 134,965 Goodwill 127,683 Deferred tax liability (68,061 ) Assumed lease liabilities (201,699 ) Accounts payable and accrued expenses (376,112 ) Total Purchase Price $ 1,234,320 Supplemental Pro Forma Information (Unaudited) The following unaudited supplemental pro forma information for the year ended June 30, 2020, assumes the acquisition of Printstock had occurred as of July 1, 2019, giving effect on a pro forma basis to purchase accounting adjustments such as depreciation of property and equipment, amortization of intangible assets, and acquisition related costs. The pro forma data is for informational purposes only and may not necessarily reflect the actual results of operations had Printstock been operated as part of the Company since July 1, 2019. Furthermore, the pro forma results do not intend to predict the future results of operations of the Company. Schedule of Business Combination Pro Forma Information Year Ended Year Ended Actual Pro Forma Net revenues $ 26,748,988 $ 29,429,415 Net income $ 1,773,401 $ 1,983,542 Basic and diluted earnings per share $ 0.05 $ 0.05 |
INCOME TAXES
INCOME TAXES | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
INCOME TAXES | NOTE 14. INCOME TAXES The Company accounts for income taxes under the asset and liability method, which recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the tax bases of assets and liabilities and their financial statement reported amounts, and for net operating losses and tax credit carryforwards. Deferred income 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 Company records a valuation allowance against deferred tax assets when it is more likely than not not not The Company accounts for uncertain tax positions in accordance with the authoritative guidance on income taxes under which the Company may not As of December 31, 2021, 0.3 million no three six December 31, 2021 December 31, 2020. The Company is required to make its best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis. The Company recorded tax expense of ($84) thousand and ($323) thousand for the three six December 31, 2021, three six December 31, 2020, The Company is subject to income taxes in the U.S. federal, various states, Canada and New Zealand tax jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Companys U.S. tax years 2017 2020 three four 2017 2020 February 14, 2022, no | NOTE 14. INCOME TAXES The following table summarizes income before income taxes: Schedule of Income before Income Taxes Years Ended June 30, 2021 2020 U.S. $ 6,983,223 $ 1,981,773 Foreign 651,678 354,590 Income before income taxes $ 7,634,901 $ 2,336,363 Income Tax Provision Provision for income tax as listed on the Consolidated Statements of Income for the years ended June 30, 2021 and 2020 are $ 1,785,458 562,962 Provision for taxes consisted of the following: Schedule of Income taxes Provision Years Ended June 30, 2021 2020 U.S. operations $ 1,488,351 $ 425,639 Foreign operations 297,107 137,323 Total $ 1,785,458 $ 562,962 Provisions for income tax consisted of the following as of the years ended: For the year ended: June 30, 2021 June 30, 2020 Current: Federal $ 1,426,303 $ 274,229 States 122,052 64,861 Foreign 256,195 179,709 Total current 1,804,550 518,799 Deferred: Federal (56,397 ) 94,273 States (3,607 ) (7,723 ) Foreign 40,912 (42,387 ) Total deferred (19,092 ) 44,163 Total $ 1,785,458 $ 562,962 Tax effects of temporary differences that give rise to significant portions of the Companys deferred tax assets for the years ended June 30, 2021 and 2020 are presented below: Schedule of Deferred Tax Assets and Liabilities For the year ended: June 30, 2021 June 30, 2020 Deferred tax assets: Property and equipment and intangible assets - U.S. $ 469,403 $ 529,694 Net operating loss 14,220 — Accruals, reserves and other - U.S. 336,823 229,568 Leasing assets 245,819 125,480 Leasing liabilities (238,789 ) (117,270 ) Gross deferred tax assets 827,476 767,472 Less valuation allowance — — Total deferred tax assets $ 827,476 $ 767,472 Deferred tax liabilities: Intangible assets - foreign $ (150,878 ) (144,653 ) Accruals, reserves and other - foreign (18,551 ) 16,136 Total deferred tax liabilities (169,429 ) (128,517 ) Total net deferred tax assets $ 658,047 $ 638,955 The Companys accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Companys net deferred tax assets. The Company primarily considered such factors as the Companys history of operating losses; the nature of the Companys deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does believe that it is more likely than not that the deferred tax assets will be realized. Therefore, the valuation allowance was released as of the beginning of the year ended June 30, 2020. The valuation allowance was unchanged during the year ended June 30, 2021 and decreased by $ 2,573 On March 27, 2020 the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The Company has evaluated the provisions of the CARES Act and determined that it did not result in a significant impact on the Companys tax provision. Income tax expense (benefit) for the years ended June 30, 2021 and June 30, 2020 differed from the amounts computed by applying the statutory federal income tax rate of 21.00% to pretax income (loss) as a result of the following: Schedule of Effective Income tax Reconciliation For the year ended: June 30, 2021 June 30, 2020 Federal tax expense (benefit) at statutory rate $ 1,603,764 $ 490,638 State income taxes 92,813 43,517 Permanent differences 17,737 26,724 Foreign tax credit (88,648 ) (58,203 ) Change in valuation allowance — (2,573 ) Foreign rate differential 159,792 62,859 Total tax expense $ 1,785,458 $ 562,962 For the year ended: June 30, 2021 June 30, 2020 Federal tax expense (benefit) at statutory rate 21.00 % 21.00 % State income taxes 1.22 % 1.86 % Permanent differences 0.23 % 1.15 % Foreign rate differential 2.09 % 2.69 % Foreign tax credit (1.16 )% (2.49 )% Change in valuation allowance 0 % -0.11 % Total tax expense 23.38 % 24.10 % Tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The aggregate changes in the balance of gross unrecognized tax benefits, which includes interest and penalties, for the years ended June 30, 2021 and 2020 are as follows: Schedule of Unrecognized Tax Benefits Balance at June 30, 2020 $ 289,738 Additions based on tax positions taken during a prior period 12,597 Reductions based on tax positions taken during a prior period — Additions based on tax positions taken during the current period — Reductions based on tax positions taken during the current period — Reductions related to settlement of tax matters — Reductions related to a lapse of applicable statute of limitations — Balance at June 30, 2021 $ 302,335 The Company files income tax returns in the United States, and various state and foreign jurisdictions. The federal, state and foreign income tax returns are subject to tax examinations for the tax years 2017 through 2020 as of year ended June 30, 2021. To the extent the Company has tax attribute carry forwards, the tax years in which the attribute was generated may still be adjusted upon examination by the U.S. Internal Revenue Service, state or foreign tax authorities to the extent utilized in a future period. There were no ongoing examinations by taxing authorities as of June 30, 2021. The Company had $ 251,946 The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2021, and 2020, the Company accrued and recognized as a liability $ 50,389 37,792 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | NOTE 15. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses, and long-term operating lease liabilities in the Consolidated Balance Sheets. Right-of-use assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent the Companys obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating lease right-of-use assets also include any lease payments made at or before the commencement date and are reduced by any lease incentives received. The Companys lease terms may not not not 12 not The Companys most significant operating leases are real estate leases of office, warehouse and production facilities. The remaining operating leases are primarily comprised of leases of printers and other equipment which are deemed insignificant. For all operating leases, the Company has elected the practical expedient permitted under Topic 842 The Company has one Fixed lease expense payments are recognized on a straight-line basis over the lease term. Variable lease payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Certain of the Companys operating lease agreements include variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance. Variable payments are deemed immaterial, expensed as incurred, and included within rent expense under general and administrative expense. The Company leases various facilities and offices throughout the world including the following subsidiary locations: Gourmet Foods has operating leases for its office, factory and warehouse facilities located in Tauranga, New Zealand, and facilities leased by its subsidiary, Printstock, in Napier, New Zealand, as well as for certain equipment including printers and copiers. These leases are generally for three October 2022 October 2026, 23,533 not December 31, 2021. one December 2031 not 1,558 December 31, 2021. 2,588 December 31, 2021. November 30, 2023. 22,750 December 1, 2021 December 2024. 13,063 For the three December 31, 2021 December 31, 2020, 209,172 161,440 six December 31, 2021 December 31, 2020, 411,261 325,942 December 31, 2021 1,716,883 58,140 1,775,023 December 31, 2021 June 30, 2021 150,625 149,286 December 31, 2021. no June 30, 2021. 10 415 three six December 31, 2021 39 three six December 31, 2021 Future minimum consolidated lease payments for Concierge and its subsidiaries Year Ended June 30, Operating Lease Finance Lease 2022 $ 374,667 $ 10,747 2023 737,420 21,495 2024 479,871 21,495 2025 180,910 21,495 2026 166,677 21,495 Thereafter 69,449 116,427 Total minimum lease payments 2,008,994 213,154 Less: present value discount (233,971 ) (63,868 ) Total lease liabilities $ 1,775,023 $ 149,286 The weighted average remaining lease term for the Companys operating leases was 3.1 December 31, 2021 5.6% 10 5.8% Additionally, Gourmet Foods, Ltd. entered into a General Security Agreement in favor of the Gerald OLeary Family Trust and registered on the Personal Property Securities Register for a priority sum of NZ$ 110,000 75,146 20,000 13,664 Other Agreements and Commitments USCF manages four May 1, 2021 December 31, 2021 June 30, 2021 0.1 million 0.1 million no As Marygold builds out its application it enters into agreements with various service providers. As of December 31, 2021, 357,000 70,000 2023. Litigation From time to time, the Company and its subsidiaries may no may, 1. Legal Proceedings SEC and CFTC Wells Notices On November 8, 2021, one On August 17, 2020, April 2020 May 2020 17 1 17 3 1933 10 1934 10b 5 Subsequently, on August 19, 2020, 4o 1 6 1 7 6o 1 9 1 2018 4.26, 4.41, 180.1 17 4.26, 4.41, 180.1 2019 On November 8, 2021, 8A 1933 17 3 1933 15 77q 3 April 24, 2020 May 21, 2020, 17 3 1933 Separately, on November 8, 2021, 6 4o 1 7 6o 1 4.41 2 17 4.41 2 April 22, 2020 June 12, 2020, 4o 1 4.41 2 Pursuant to the SEC Order and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section 17 3 1933 4o 1 4.14 2 two million five hundred thousand $2,500,000 one million two hundred fifty thousand $1,250,000 In re: United States Oil Fund, LP Securities Litigation On June 19, 2020, two July 31, 2020 August 13, 2020, In re: United States Oil Fund, LP Securities Litigation No. 1:20 04740. On November 30, 2020, 1933 1934 10b 5. February 25, 2020 March 23, 2020 April 2020 19 February 25, 2020 April 28, 2020 The lead plaintiff has filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC. USCF, USO, and the individual defendants in In re: United States Oil Fund, LP Securities Litigation Mehan Action On August 10, 2020, No. RG20070732. The Mehan Action alleges that the defendants breached their fiduciary duties to USO and failed to act in good faith in connection with a March 19, 2020 19 In re: United States Oil Fund, LP Securities Litigation USCF, USO, and the other defendants intend to vigorously contest such claims. In re United States Oil Fund, LP Derivative Litigation On August 27, 2020, two No. 1:20 06974 No. 1:20 06981 The complaints in the Cantrell and AML Actions are nearly identical. They each allege violations of Sections 10 20 21D 1934 10b 5 2020 19 The Court entered and consolidated the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation, Civil Action No. 1:20 06974 In re United States Oil Fund, LP Derivative Litigation In re: United States Oil Fund, LP Securities Litigation USCF, USO, and the other defendants intend to vigorously contest the claims in In re United States Oil Fund, LP Derivative Litigation No December 31, 2021 June 30, 2021. Other Contingencies On December 2, 2021, 10 80 250,000 no Retirement Plan Concierge through its wholly owned subsidiary USCF, has a 401 401K 21 1,000 hours three may 401K 54 48 three December 31, 2021 2020, six December 31, 2021 2020, 88 81 | NOTE 15. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses, and long-term operating lease liabilities in the Consolidated Balance Sheets. Right-of-use assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent the Companys obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating lease right-of-use assets also include any lease payments made at or before the commencement date and are reduced by any lease incentives received. The Companys lease terms may include options to extend or not terminate the lease when it is reasonably certain that it will exercise any such options. For the majority of its leases, the Company concluded that it is not reasonably certain that any renewal options would be exercised, and, therefore, the amounts are not recognized as part of operating lease right-of-use assets nor operating lease liabilities. Leases with an initial term of 12 months or less, and certain office equipment leases which are deemed insignificant, are not recorded on the balance sheet and expensed as incurred and included within rent expense under general and administrative expense. Lease expense is recognized on a straight-line basis over the expected lease term. The Companys most significant leases are real estate leases of office, warehouse and production facilities. The remaining operating leases are primarily comprised of leases of printers and other equipment which are deemed insignificant. For all operating leases, the Company has elected the practical expedient permitted under Topic 842 to combine lease and non-lease components. As a result, non-lease components, such as common area or equipment maintenance charges, are accounted for as a single lease element. The Company does not have any finance leases. Fixed lease expense payments are recognized on a straight-line basis over the lease term. Variable lease payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Certain of the Companys operating lease agreements include variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance. Variable payments are deemed immaterial, expensed as incurred, and included within rent expense under general and administrative expense. The Company leases various facilities and offices throughout the world including the following subsidiary locations: Gourmet Foods has operating leases for its office, factory and warehouse facilities located in Tauranga, New Zealand, and facilities leased by its subsidiary, Printstock, in Napier, New Zealand, as well as for certain equipment including printers and copiers. These leases are generally for THREE -year terms, with some options to renew for an additional term. The leases mature between August 2021 and September 2022, and require monthly rental payments of approximately US$ 232,198 (GST not included) translated to U.S. currency as of June 30, 2021. Brigadier leases office and storage facilities in Regina, Saskatchewan. The minimum lease obligations for the Regina facility require monthly payments of approximately US$ 2,659 translated to U.S. currency as of June 30, 2021. Original Sprout currently leases office and warehouse space in San Clemente, CA with 3 -year facility lease expiring on November 30, 2023. Minimum monthly lease payments of approximately $ 21,875 commenced June 1, 2021. Wainwright leases office space in Walnut Creek, California under an operating lease which expires in December 2024. Minimum monthly lease payments are approximately $ 13,063 with increases annually. For years ended June 30, 2021 and 2020, the combined lease payments of the Company and its subsidiaries totaled $ 763,304 407,042 1,058,199 62,432 1,120,631 Future minimum consolidated lease payments for Concierge and its subsidiaries Year Ended June 30, Lease Amount 2022 $ 564,162 2023 486,375 2024 228,505 Total minimum lease payments 1,279,042 Less: Present value discount (158,411 ) Total operating lease liabilities $ 1,120,631 The weighted average remaining lease term for the Companys operating leases was 2.87 5.6% Additionally, Gourmet Foods entered into a General Security Agreement in favor of the Gerald OLeary Family Trust and registered on the Personal Property Securities Register for a priority sum of NZ$ 110,000 76,937 20,000 13,989 Other Agreements and Commitments USCF manages four Funds (BNO, CPER, UGA, UNL) which had expense waiver provisions during the fiscal year, whereby USCF reimburses funds when fund expenditure levels exceed certain threshold amounts. Effective May 1, 2021 USCF discontinued expense waiver reimbursements for BNO, CPER and UGA with only UNL continuing. As of June 30, 2021 and 2020 the expense waiver payable was $ 0.1 million 0.4 million As Marygold builds out its application it enters into agreements with various service providers. As of June 30, 2021, Marygold has future payment commitments with its primary service vendors totaling $ 647,000 47,000 300,000 Litigation From time to time, the Company and its subsidiaries may be involved in legal proceedings arising primarily from the ordinary course of their respective businesses. Except as described below there are no pending legal proceedings against the Company. USCF, is an indirect wholly-owned subsidiary of the Company. USCF, as the general partner of USO and the general partner and sponsor of the related public funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described herein, USO and USCF are not currently party to any material legal proceedings. SEC and CFTC Wells Notices On August 17, 2020, USCF, USO, and John Love received a Wells Notice from the staff of the SEC (the SEC Wells Notice). The SEC Wells Notice relates to USOs disclosures in late April and early May 2020 regarding constraints imposed on USOs ability to invest in Oil Futures Contracts. The SEC Wells Notice states that the SEC staff has made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr. Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the 1933 Act and Section 10(b) of the 1934 Act and Rule 10b-5 thereunder, in each case with respect to its disclosures and USOs actions. On August 19, 2020, USCF, USO, and Mr. Love received a Wells Notice from the staff of the CFTC (the CFTC Wells Notice). The CFTC Wells Notice states that the CFTC staff has made a preliminary determination to recommend that the CFTC file an enforcement action against USCF, USO, and Mr. Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the CEA, 7 U.S.C. §§ 6o(1)(A), (B), 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a), 17 C.F.R. §§ 4.26, 4.41, 180.1(a) (2019), in each case with respect to its disclosures and USOs actions. A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. USCF, USO, and Mr. Love maintain that USOs disclosures and their actions were appropriate. They intend to vigorously contest the allegations made by the SEC staff in the SEC Wells Notice and the CFTC staff in the CFTC Wells Notice. In re: United States Oil Fund, LP Securities Litigation On June 19, 2020, USCF, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in a putative class action filed by purported shareholder Robert Lucas (the Lucas Class Action). The Court thereafter consolidated the Lucas Class Action with two related putative class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff. The consolidated class action is pending in the U.S. District Court for the Southern District of New York under the caption In re: United States Oil Fund, LP Securities Litigation, On November 30, 2020, the lead plaintiff filed an amended complaint (the Amended Lucas Class Complaint). The Amended Lucas Class Complaint asserts claims under the 1933 Act, the 1934 Act, and Rule 10b-5. The Amended Lucas Class Complaint challenges statements in registration statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent public statements through April 2020 concerning certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The Amended Lucas Class Complaint purports to have been brought by an investor in USO on behalf of a class of similarly-situated shareholders who purchased USO securities between February 25, 2020 and April 28, 2020 and pursuant to the challenged registration statements. The Amended Lucas Class Complaint seeks to certify a class and to award the class compensatory damages at an amount to be determined at trial as well as costs and attorneys fees. The Amended Lucas Class Complaint named as defendants USCF, USO, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes III, as well as the marketing agent, ALPS Distributors, Inc., and the Authorized Participants: ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corporation, Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC. The lead plaintiff has filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC. USCF, USO, and the individual defendants in In re: United States Oil Fund, LP Securities Litigation Mehan Action On August 10, 2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes, III (the Mehan Action). The action is pending in the Superior Court of the State of California for the County of Alameda as Case No. RG20070732. The Mehan Action alleges that the defendants breached their fiduciary duties to USO and failed to act in good faith in connection with a March 19, 2020 registration statement and offering and disclosures regarding certain extraordinary market conditions that caused demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint seeks, on behalf of USO, compensatory damages, restitution, equitable relief, attorneys fees, and costs. All proceedings in the Mehan Action are stayed pending disposition of the motion(s) to dismiss in In re: United States Oil Fund, LP Securities Litigation USCF, USO, and the other defendants intend to vigorously contest such claims. In re United States Oil Fund, LP Derivative Litigation On August 27, 2020, purported shareholders Michael Cantrell and AML Pharm. Inc. DBA Golden International filed two separate derivative actions on behalf of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Andrew F Ngim, Gordon L. Ellis, Malcolm R. Fobes, III, Nicholas D. Gerber, Robert L. Nguyen, and Peter M. Robinson in the U.S. District Court for the Southern District of New York at Civil Action No. 1:20-cv-06974 (the Cantrell Action) and Civil Action No. 1:20-cv-06981 (the AML Action), respectively. The complaints in the Cantrell and AML Actions are nearly identical. They each allege violations of Sections 10(b), 20(a) and 21D of the 1934 Act, Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. These allegations stem from USOs disclosures and defendants alleged actions in light of the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaints seek, on behalf of USO, compensatory damages, restitution, equitable relief, attorneys fees, and costs. The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the Lucas Class Action. The Court entered and consolidated the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation In re United States Oil Fund, LP Derivative Litigation In re: United States Oil Fund, LP Securities Litigation USCF, USO, and the other defendants intend to vigorously contest the claims in In re United States Oil Fund, LP Derivative Litigation Retirement Plan Concierge through its wholly-owned subsidiary USCF, has a 401(k) Profit Sharing Plan (401K Plan) covering U.S. employees, including Original Sprout, who are over 21 159 thousand 153 thousand |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Segment Reporting [Abstract] | ||
SEGMENT REPORTING | NOTE 16. SEGMENT REPORTING With the acquisition of Wainwright, Gourmet Foods, Brigadier, and the launch of the Original Sprout business unit of Kahnalytics, the Company has identified four not not third The following table presents a summary of identifiable assets as of December 31, 2021 June 30, 2021. Schedule of Reconciliation of Assets December 31, June 30, 2021 2021 Identifiable assets: U.S.A. : investment fund management - related party $ 16,386,171 $ 17,467,044 U.S.A. : beauty products 3,870,938 4,024,803 New Zealand: food industry 4,655,674 3,831,539 Canada: security systems 2,513,760 2,671,286 Corporate headquarters - including Marygold 3,449,891 3,513,008 Consolidated total $ 30,876,434 $ 31,507,680 The following table presents a summary of operating information for the three December 31: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Revenues from external customers: U.S.A. : investment fund management - related party $ 5,701,384 $ 6,149,415 U.S.A. : beauty products 992,852 1,060,225 New Zealand : food industry 2,108,257 2,134,402 Canada : security systems 642,623 617,780 Consolidated total $ 9,445,116 $ 9,961,822 Net (loss) income: U.S.A. : investment fund management - related party $ 1,985,141 $ 2,269,276 U.S.A. : beauty products (12,718 ) (61,234 ) New Zealand : food industry 136,465 239,830 Canada : security systems 62,547 31,610 Corporate headquarters - including Marygold (1,148,100 ) (1,127,694 ) Consolidated total $ 1,023,335 $ 1,351,788 The following table presents a summary of operating information for the six December 31: Six Months Ended Six Months Ended December 31, 2021 December 31, 2020 Revenues from external customers: U.S.A. : investment fund management - related party $ 11,358,411 $ 13,185,716 U.S.A. : beauty products 2,013,924 2,032,968 New Zealand : food industry 4,468,402 4,191,974 Canada : security systems 1,333,253 1,297,222 Consolidated total $ 19,173,990 $ 20,707,880 Net (loss) income: U.S.A. : investment fund management - related party $ 1,617,234 $ 5,498,271 U.S.A. : beauty products (8,196 ) 4,038 New Zealand : food industry 289,667 332,128 Canada : security systems 140,954 198,693 Corporate headquarters - including Marygold (2,897,317 ) (2,461,908 ) Consolidated total $ (857,658 ) $ 3,571,222 The following table presents a summary of capital expenditures for the three December 31: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 428 27,930 New Zealand: food industry — 4,303 Canada: security systems — (7,677 ) U.S.A. : corporate headquarters - including Marygold — — Consolidated $ 428 $ 24,556 The following table presents a summary of capital expenditures for the six December 31: Six Months Ended Six Months Ended December 31, 2021 December 31, 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A.: beauty products 948 28,757 New Zealand: food industry (1) 3,040 417,465 Canada: security systems — (14,981 ) U.S.A.: corporate headquarters - including Marygold — 653 Consolidated $ 3,988 $ 431,894 ( 1 Includes $ 401,681 July 2020. 13, The following table represents the property, plant and equipment in use at each of the Companys locations as of December 3, 2021 June 30, 2021: Schedule of Reconciliation of Property Plant and Equipment As of December 31, 2021 As of June 30, 2021 Asset Location U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 59,909 58,961 New Zealand: food industry (1) 2,416,722 2,345,569 Canada: security systems 972,069 998,612 U.S.A. : corporate headquarters - including Marygold 17,744 17,744 Total All Locations 3,466,444 3,420,886 Less accumulated depreciation (1,906,438 ) (1,847,441 ) Net property, plant and equipment $ 1,560,006 $ 1,573,445 ( 1 Includes the underlying assets of the solar energy system finance lease totaling $ 150,625 | NOTE 16. SEGMENT REPORTING With the acquisition of Wainwright, Gourmet Foods, Brigadier, and the launch of the Original Sprout business unit of Kahnalytics, the Company has identified four The following table presents a summary of identifiable assets as of June 30, 2021 and June 30, 2020: Schedule of Reconciliation of Assets As of June 30, As of June 30, Identifiable assets: Corporate headquarters - including Marygold $ 3,513,008 $ 2,891,284 U.S.A. : investment fund management 17,467,044 12,834,581 U.S.A. : beauty products 4,024,803 3,611,471 New Zealand: food industry 3,831,539 2,606,256 Canada: security systems 2,671,286 2,347,327 Consolidated $ 31,507,680 $ 24,290,919 The following table presents a summary of operating information for the years ended June 30, 2021 and June 30, 2020: Schedule of Reconciliation of Revenue Year Ended Year Ended Revenues: U.S.A. : investment fund management - related party $ 25,169,182 $ 15,459,061 U.S.A. : beauty products 3,756,512 3,883,953 New Zealand : food industry 8,263,267 4,745,821 Canada : security systems 2,715,487 2,660,153 Consolidated $ 39,904,448 $ 26,748,988 Schedule of Reconciliation of Net Income (Loss) Net income (loss): U.S.A. : investment fund management - related party $ 9,983,156 $ 2,850,451 U.S.A. : beauty products (191,857 ) 215,620 New Zealand : food industry 469,028 326,448 Canada : security systems 284,151 294,295 Corporate headquarters - including Marygold (4,695,035 ) (1,913,413 ) Consolidated $ 5,849,443 $ 1,773,401 The following table presents a summary of capital expenditures for the year ended June 30: Schedule of Reconciliation of Capital Expenditures 2021 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 41,974 6,242 New Zealand: food industry (1) 436,775 133,975 Canada: security systems — 416,271 U.S.A. : corporate headquarters - including Marygold 653 2,786 Consolidated $ 479,402 $ 559,274 (1) Includes $ 401,681 Business Combinations The following table represents property, plant and equipment in use at each of the Companys locations as of June 30: Schedule of Reconciliation of Property Plant and Equipment 2021 2020 Asset location: U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 58,961 16,987 New Zealand: food industry 2,345,569 1,721,195 Canada: security systems 998,612 929,712 U.S.A. : corporate headquarters - including Marygold 17,744 17,091 Total all locations 3,420,886 2,684,985 Less accumulated depreciation (1,847,441 ) (1,487,793 ) Net property, plant and equipment $ 1,573,445 $ 1,197,192 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 17. SUBSEQUENT EVENTS The Company evaluated subsequent events for recognition and disclosure through the date the financial statements were issued or filed. Nothing has occurred outside normal operations since that required recognition or disclosure in these financial statements apart from the events noted below. | NOTE 17. SUBSEQUENT EVENTS The Company evaluated subsequent events for recognition and disclosure through the date the consolidated financial statements were issued or filed. Nothing has occurred outside normal operations since that required recognition or disclosure in these financial statements other than the items noted below. On August 2, 2021, the Company formed a wholly-owned subsidiary named Marygold & Co. (UK) Limited (Marygold UK) organized under the laws of England and Wales. Marygold UK was initially capitalized with GBP 50,000 70,000 1,500,000 2,100,000 On or about August 25, 2021, the Company received written consents in lieu of a meeting of stockholders representing a majority of the issued and outstanding shares, or 59.33% 1.5 2.75 On August 24, 2021, the Board of Directors of the Company approved the Actions by unanimous written consent in lieu of a meeting. The Plan became effective upon approval of the Majority Stockholders. The Name Change and Reverse Stock Split will become effective at such future date as determined by the Board, as evidenced by the filing of a Certificate of Amendment with the Secretary of State of the State of Nevada, but in no event earlier than October 3, 2021, which is the 20th calendar day after the Companys Definitive Information Statement was mailed or furnished to the stockholders of record as of September 3, 2021. (see Schedule 14C Definitive Information Statement, dated September 13, 2021 and filed with the U.S. Securities and Exchange Commission on September 13, 2021). |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Accounting Principles | Basis of Presentation and Accounting Principles The Company has prepared the accompanying unaudited financial statements on a consolidated basis. In the opinion of management, the accompanying condensed consolidated balance sheets, related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The information included in this Form 10 10 June 30, 2021 September 22, 2021. | Basis of Presentation and Accounting Principles The Company has prepared the accompanying financial statements on a consolidated basis. In the opinion of management, the accompanying consolidated balance sheets and related statements of income, comprehensive income, stockholders equity, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements, which are referred to herein as the Financial Statements include the accounts of Concierge and its wholly owned subsidiaries, Wainwright, Gourmet Foods, Brigadier, Original Sprout, Marygold and Marygold UK. All inter-company transactions and accounts have been eliminated in consolidation. | Principles of Consolidation The accompanying consolidated financial statements, which are referred herein as the Financial Statements, include the accounts of Concierge and its wholly-owned subsidiaries, Wainwright, Gourmet Foods, Brigadier, Original Sprout and Marygold are presented on a consolidated basis. All inter-company transactions and accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Financial Statements are in conformity with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | Use of Estimates The preparation of the Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three $250,000 CD$100,000 not | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less on the date of purchase. The Company maintains its cash and cash equivalents in financial institutions in the United States, Canada, and New Zealand. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor, and accounts in Canada are insured by the Canada Deposit Insurance Corporation up to CD$100,000 per depositor. Accounts in New Zealand are uninsured. The Company has, at times, held deposits in excess of insured amounts, but the Company does not expect any losses in such accounts. |
Accounts Receivable, net and Accounts Receivable - Related Parties | Accounts Receivable, net and Accounts Receivable - Related Parties Accounts receivable, net consist of receivables related to the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns to determine whether or not December 31, 2021 June 30, 2021, 0 15,499 Accounts receivable - related parties consist of fund asset management fees receivable related to the Wainwright business. Management fees receivable generally consist of one December 31, 2021 June 30, 2021, | Accounts Receivable, net and Accounts Receivable - Related Parties Accounts receivable, net, consist of receivables from the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns to determine whether or not an account should be deemed uncollectible. Reserves, if any, are recorded on a specific identification basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of June 30, 2021 and June 30, 2020, the Company had $ 15,499 9,786 Accounts receivable - related parties, consist of fund asset management fees receivable from the Wainwright business. Management fees receivable generally consist of one month of management fees which are collected in the month after they are earned. As of June 30, 2021 and June 30, 2020, there is no allowance for doubtful accounts as all amounts are deemed collectible. |
Major Customers and Suppliers – Concentration of Credit Risk | Major Customers and Suppliers – Concentration of Credit Risk Concierge, as a holding company, operates through its wholly owned subsidiaries and has no no no three six December 31, 2021. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated three six December 31, 2021 December 31, 2020 December 31, 2021 June 30, 2021 Schedule of Concentration of Credit Risk For the Three Months Ended For the Three Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 2,975,211 52 % $ 4,202,851 68 % BNO 470,879 8 % 638,111 10 % UNG 686,360 12 % 592,230 10 % USCI 495,779 9 % 216,151 4 % All Others 1,073,155 19 % 500,072 8 % Total $ 5,701,384 100 % $ 6,149,415 100 % For the Six Months Ended For the Six Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 6,117,818 54 % $ 9,096,383 69 % BNO 990,797 9 % 1,396,837 11 % UNG 1,114,147 10 % 1,143,783 9 % USCI 971,363 8 % 466,416 3 % All Others 2,164,286 19 % 1,082,297 8 % Total $ 11,358,411 100 % $ 13,185,716 100 % As of December 31, 2021 As of June 30, 2021 Accounts Receivable Accounts Receivable Fund USO $ 938,444 53 % $ 1,156,691 57 % BNO 145,083 8 % 196,713 10 % UNG 200,357 11 % 130,543 6 % USCI 157,824 9 % 141,346 7 % All Others 340,326 19 % 412,761 20 % Total $ 1,782,034 100 % $ 2,038,054 100 % Concierge, through Gourmet Foods and following the acquisition of Printstock Products Limited on July 1, 2020, two 1 2 15 one Baking: three 1 2 3 no three December 31, 2021, 20% 18% three December 31, 2020. six December 31, 2021, 23% 20% six December 31, 2020. 4% December 31, 2021 19% June 30, 2021. second 6% 8% three six December 31, 2021, 10% three six December 31, 2020. 13% 27% December 31, 2021 June 30, 2021, In the gasoline convenience store market customer group, Gourmet Foods supplies two three six December 31, 2021 52% 49% 55% 53% three six December 31, 2020, No second not 24% 23% December 31, 2021 June 30, 2021, The third no three six December 31, 2021 December 31, 2020, December 31, 2021 June 30, 2021. Printing: one 36% 38% three six December 31, 2021, 32% 34% three six December 31, 2020, 44% 40% December 31, 2021 June 30, 2021, Consolidated: 32% 15% 12% three December 31, 2021 34% 12% 11% three December 31, 2020. six December 31, 2021, 32% 15% 15% 33% 13% 12% six December 31, 2020. nil% 25% 1% December 31, 2021 nil% 7% 26% June 30, 2021. Gourmet Foods, including Printstock, is not one Concierge, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadiers customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. Sales to the largest customer, which includes contracts and recurring monthly support fees, totaled 49% 51% three six December 31, 2021, 58% 54% three six December 31, 2020, 24% December 31, 2021 31% June 30, 2021. Brigadier purchases alarm panels, digital and analog cameras, mounting hardware and accessory items needed to complete security installations from a variety of sources. The manufacture of electronic items such as those sought by Brigadier has expanded to a global scale thus providing Brigadier with a broad choice of suppliers. Brigadier bases its vendor selection on several criteria including: price, availability, shipping costs, quality, suitability for purpose and the technical support of the manufacturer. Brigadier is not one Concierge, through Original Sprout, has thousands of customers and, from time to time, certain customers become significant during specific reporting periods, but may not three six December 31, 2021 three six December 31, 2020 24% 15% 10% 68% 73% December 31, 2021 June 30, 2021, Concierge, through Original Sprout, is dependent upon its relationship with a product packaging company who, at the direction of Original Sprout, produces the products in accordance with proprietary formulas, packages them in appropriate containers, and delivers the finished goods to Original Sprout for distribution to its customers. All of Original Sprouts products are currently produced by this packaging company, although if this relationship were to fail there are other similar packaging companies available to Original Sprout at competitive pricing. Because of the nature of the Original Sprout product ingredients, some of the ingredients may, 90 not not not | Major Customers and Suppliers – Concentration of Credit Risk Concierge, as a holding company, operates through its wholly-owned subsidiaries and has no concentration of risk either from customers or suppliers as a stand-alone entity. Marygold, as a newly formed development stage entity, had no revenues and no significant transactions for the years ended June 30, 2021 and 2020. Any transactions that did occur were combined with those of Concierge. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated 12 month revenues and accounts receivable – related parties as of June 30, 2021 and June 30, 2020 as depicted below. Schedule of Concentration of Risk Year ended June 30, 2021 Year ended June 30, 2020 Revenue Revenue Fund USO $ 16,361,870 65 % $ 9,283,250 60 % BNO 2,665,589 11 % 1,070,225 7 % UNG 2,054,047 8 % 2,244,479 15 % USCI 1,176,094 5 % 1,645,952 11 % All Others 2,911,582 11 % 1,215,155 7 % Total $ 25,169,182 100 % $ 15,459,061 100 % June 30, 2021 June 30, 2020 Accounts Receivable Accounts Receivable Fund USO $ 1,156,691 57 % $ 1,818,719 70 % BNO 196,713 10 % 265,143 10 % USCI 141,346 7 % 82,790 3 % UNG 130,543 6 % 193,218 7 % All Others 412,761 20 % 251,047 10 % Total $ 2,038,054 100 % $ 2,610,917 100 % Concierge, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadiers customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. Sales to the largest customer, which includes contracts and recurring monthly support fees, totaled 49% 49% 31% 40% 12% 39% Brigadier purchases alarm panels, digital and analog cameras, mounting hardware and accessory items needed to complete security installations from a variety of sources. The manufacture of electronic items such as those sought by Brigadier has expanded to a global scale thus providing Brigadier with a broad choice of suppliers. Brigadier bases its vendor selection on several criteria including: price, availability, shipping costs, quality, suitability for purpose and the technical support of the manufacturer. Brigadier is not reliant on any one supplier. Concierge, through Gourmet Foods and following the acquisition of Printstock Products Limited on July 1, 2020, has two major customer groups comprising gross revenues: 1) baking, and 2) printing. For the purpose of segment reporting (Note 15) both revenue streams are considered part of the same food industry segment. Baking: 18% 20% 19% 15% 27% In the gasoline convenience store market customer group, Gourmet Foods supplies two major channels. The largest is a marketing consortium of gasoline dealers operating under the same brand who, for the years ended June 30, 2021 and 2020 accounted for approximately 49% 45% 23% 15% The third major customer group is independent retailers and cafes, which collectively accounted for the balance of baking gross sales revenue, however no single customer in this group was a significant contributor of sales revenues or accounts receivable as of and for the years ended June 30, 2021 and 2020. Printing: 33% 40% Consolidated: 32% 12% 12% 26% Gourmet Foods, including Printstock, is not dependent upon any one major supplier as many alternative sources are available in the local market place should the need arise. However, the unavailability of, or increase in price in, any of the ingredients on which Gourmet Foods relies to produce its products could harm its operating results for such period. Concierge, through Original Sprout, has thousands of customers and, from time to time, certain of them become significant during specific reporting periods, but may not be significant during other periods. Due to the increase in online sales channels, Original Sprout had 1 significant customer for the year ended June 30, 2021 accounting for 12% 15% 3% 39% 10% 0% Concierge, through Original Sprout, is dependent upon its relationship with a product packaging company who, at the direction of Original Sprout, produces the products in accordance with proprietary formulas, packages them in appropriate containers, and delivers the finished goods to Original Sprout for distribution to its customers. All of Original Sprouts products are currently produced by this packaging company, although if this relationship were to fail there are other similar packaging companies available to Original Sprout at competitive pricing. Because of the nature of the Original Sprout product ingredients, some of the ingredients may, at times, be difficult to source in timely fashion or at the expected price point. To safeguard against this possibility Original Sprout endeavors to maintain at least a 90-day supply of all products in stock. Estimating and maintaining a reserve stock account is not a guarantee that a shortage of ingredient supplies will not affect production such that Original Sprout will not exhaust its reserves or be unable to fulfill customer orders. |
Inventories | Inventories Inventories, consisting primarily of: (i) food products, printing supplies, and packaging in New Zealand; (ii) hair and skin care finished products and components in the U.S.; and, (iii) security system hardware in Canada, are valued at the lower of cost or net realizable value. Inventories in Canada and New Zealand are maintained on the first first six December 31, 2021 December 31, 2020, 3,478 32,688 | Inventories Inventories, consisting primarily of; (i) food products, printing supplies, and packaging in New Zealand, (ii) hair and skin care finished products and components in the U.S. and, (iii) security system hardware in Canada, are valued at the lower of cost or net realizable value. Inventories in Canada and New Zealand are maintained on the first-in, first-out method, while inventory in the U.S. is maintained using the average cost method. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. An assessment is made at the end of each fiscal quarter to determine what slow-moving inventory items, if any, should be deemed obsolete and written down to their estimated net realizable value. For the years ended June 30, 2021 and June 30, 2020, impairment to inventory value was recorded at $ 65,021 10,317 |
Property, Plant and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to operating expense as incurred; additions and improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 Schedule of Useful Life of Assets Category Estimated Useful Building 39 Plant and equipment: 5 10 Furniture and office equipment 3 5 Vehicles 3 5 | Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 to the Consolidated Financial Statements). Schedule of Useful Life of Assets Category Estimated Useful Building 39 Plant and equipment 5 10 Furniture and office equipment: 3 5 Vehicles 3 5 |
Intangible Assets | Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists along with the internal use software in process for the business applications of Marygold to be launched in the coming fiscal year. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not six December 31, 2021 June 30, 2021. | Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists along with the internally developed software in process for the business applications of Marygold to be launched during the coming fiscal year. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When it is determined that an indefinite intangible asset is impaired, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no impairment recorded for the years ended June 30, 2021 and 2020. |
Goodwill | Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business combination transaction. Goodwill is tested for impairment on an annual basis during the fourth may first not six December 31, 2021 June 30, 2021. | Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business combination transaction. Goodwill is tested for impairment on an annual basis during the fourth quarter of the Companys fiscal year, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The Company first performs a qualitative test to determine if goodwill is impaired at a reporting unit. In performing this test, the Company evaluates macroeconomic factors, industry and market considerations, cost factors such as the increase in the cost of materials or labor or other costs, overall financial performance, changes in key personnel or customers or strategy, and other entity-specific events or trends that could indicate impairment, among other items. If the results of this test indicate that it is more likely than not that the fair value of the reporting is below its carrying value, a quantitative test is then performed to determine the amount of the impairment. When impaired, the carrying value of goodwill is written down to fair value. There was no impairment recorded for the years ended June 30, 2021 and 2020. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not six December 31, 2021 June 30, 2021. | Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. There was no impairment recorded for the years ended June 30, 2021 and 2020. |
Investments and Fair Value of Financial Instruments | Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income. The Company values its investments in accordance with Accounting Standards Codification (ASC) 820 820 820 820 1 2 three 820 Level 1 Level 2 1 2 not Level 3 not In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. | |
Revenue Recognition | Revenue Recognition Revenue consists of fees earned through management of investment funds, sale of gourmet meat pies and printing of food wrappers in New Zealand, security alarm system installation and maintenance services in Canada, and sales of hair and skin care products internationally. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Companys product sales or services, these criteria are met at the time the product is shipped, the subscription period commences, or the management fees earned each month. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of its recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. The Company has no The Company generates revenue, in part, through contractual monthly recurring fees received for providing ongoing customer support services to monitoring company clientele. The five 1. Identifying the contract(s) with customers; 2. Identifying the performance obligations in the contract; 3. Determining the transaction price; 4. Allocating the transaction price to the performance obligations in the contract; and 5. Recognizing revenue when or as the performance obligation is satisfied. Transactions involve security systems that are sold outright to the customer where the Companys performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Income. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Condensed Consolidated Statements of Income (Loss), which for the three six December 31, 2021, 219,904 407,629 34% 30% 174,656 355,764 three six December 31, 2020, 28% 27% three six December 31, 2021 three six December 31, 2020, None Because the Company has no no no | Revenue Recognition Revenue consists of fees earned through management of investment funds in the United States, sales of gourmet meat pies and printing of food wrappers in New Zealand and Australia, sales of security alarm system installation and maintenance services in Canada, and sales of hair and skin care products internationally. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Companys product sales or services, the revenue recognition criteria described below are met at the time the product is shipped, the subscription period commences, or the management services are provided. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of its recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. The Company has no costs of contracts which require capitalization. The Company generates revenue, in part, through contractual monthly recurring fees received for providing ongoing customer support services to monitoring company clientele. The five-step process governing contract revenue reporting includes: 1. Identifying the contract(s) with customers 2. Identifying the performance obligations in the contract 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations in the contract 5. Recognizing revenue when or as the performance obligation is satisfied Transactions involve security systems that are sold outright to the customer where the Companys performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Income. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Consolidated Statements of Income, which for the years ended June 30, 2021 and 2020, were approximately $ 723,456 734,922 27% 27% 2% 3% Because the Company has no contract with the end user, and the monthly payments for customer support services are made to the Company by the monitoring company who has a contract with the end user, and end user customers are subject to cancellation through no control of the Company; therefore, no deferred revenues or contingent liability reserves have been established with respect to these contracts. The services are deemed delivered as the obligation is acknowledged on a monthly basis. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. |
Advertising Costs | Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the three December 31, 2021 December 31, 2020 0.7 million 0.7 million six December 31, 2021 December 31, 2020 1.4 million 1.5 million | Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the years ended June 30, 2021 and 2020 were approximately $ 3.0 million 2.6 million |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830 30, Foreign Currency Translation | Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830, Foreign Currency Matters |
Segment Reporting | Segment Reporting The Company defines operating segments as components for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on these segments (Refer to Note 16 | Segment Reporting The Company defines operating segments as components about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on the geographic locations of its subsidiaries (Refer to Note 16 of the Consolidated Financial Statements). |
Business Combinations | Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may one may six December 31, 2021 December 31, 2020 no | Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired trade names from a market participant perspective, useful lives and discount rates. Managements estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed. For the years ended June 30, 2021 and 2020 a determination was made that no adjustments were necessary. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, 2016 13, 326 Measurement of Credit Losses on Financial Instruments 2018 19, 2019 04, 2019 05, 2019 10, 2019 11, December 15, 2022 ( 2019 10 In August 2020, No. 2020 06 , Debt Debt with Conversion and Other Options (Subtopic 470 - 20 ) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815 - 40 ). 470 20 may December 15, 2023, December 15, 2020, not In November 2021, 2021 10, Government Assistance (Topic 832 December 15, 2021, not | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Board Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40). |
Investments and Fair Value of Financial Instruments | Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income. The Company values its investments in accordance with Accounting Standards Codification (ASC) 820 – Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Company (observable inputs) and (2) The Companys own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Schedule of Concentration of Risk | For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated three six December 31, 2021 December 31, 2020 December 31, 2021 June 30, 2021 Schedule of Concentration of Credit Risk For the Three Months Ended For the Three Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 2,975,211 52 % $ 4,202,851 68 % BNO 470,879 8 % 638,111 10 % UNG 686,360 12 % 592,230 10 % USCI 495,779 9 % 216,151 4 % All Others 1,073,155 19 % 500,072 8 % Total $ 5,701,384 100 % $ 6,149,415 100 % For the Six Months Ended For the Six Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 6,117,818 54 % $ 9,096,383 69 % BNO 990,797 9 % 1,396,837 11 % UNG 1,114,147 10 % 1,143,783 9 % USCI 971,363 8 % 466,416 3 % All Others 2,164,286 19 % 1,082,297 8 % Total $ 11,358,411 100 % $ 13,185,716 100 % As of December 31, 2021 As of June 30, 2021 Accounts Receivable Accounts Receivable Fund USO $ 938,444 53 % $ 1,156,691 57 % BNO 145,083 8 % 196,713 10 % UNG 200,357 11 % 130,543 6 % USCI 157,824 9 % 141,346 7 % All Others 340,326 19 % 412,761 20 % Total $ 1,782,034 100 % $ 2,038,054 100 % | For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated 12 month revenues and accounts receivable – related parties as of June 30, 2021 and June 30, 2020 as depicted below. Schedule of Concentration of Risk |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | For the Three Months Ended For the Three Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 2,975,211 52 % $ 4,202,851 68 % BNO 470,879 8 % 638,111 10 % UNG 686,360 12 % 592,230 10 % USCI 495,779 9 % 216,151 4 % All Others 1,073,155 19 % 500,072 8 % Total $ 5,701,384 100 % $ 6,149,415 100 % For the Six Months Ended For the Six Months Ended December 31, 2021 December 31, 2020 Revenue Revenue Fund USO $ 6,117,818 54 % $ 9,096,383 69 % BNO 990,797 9 % 1,396,837 11 % UNG 1,114,147 10 % 1,143,783 9 % USCI 971,363 8 % 466,416 3 % All Others 2,164,286 19 % 1,082,297 8 % Total $ 11,358,411 100 % $ 13,185,716 100 % As of December 31, 2021 As of June 30, 2021 Accounts Receivable Accounts Receivable Fund USO $ 938,444 53 % $ 1,156,691 57 % BNO 145,083 8 % 196,713 10 % UNG 200,357 11 % 130,543 6 % USCI 157,824 9 % 141,346 7 % All Others 340,326 19 % 412,761 20 % Total $ 1,782,034 100 % $ 2,038,054 100 % | Year ended June 30, 2021 Year ended June 30, 2020 Revenue Revenue Fund USO $ 16,361,870 65 % $ 9,283,250 60 % BNO 2,665,589 11 % 1,070,225 7 % UNG 2,054,047 8 % 2,244,479 15 % USCI 1,176,094 5 % 1,645,952 11 % All Others 2,911,582 11 % 1,215,155 7 % Total $ 25,169,182 100 % $ 15,459,061 100 % |
Schedule of Useful Life of Assets | Schedule of Useful Life of Assets Category Estimated Useful Building 39 Plant and equipment: 5 10 Furniture and office equipment 3 5 Vehicles 3 5 | Schedule of Useful Life of Assets |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | Category Estimated Useful Building 39 Plant and equipment 5 10 Furniture and office equipment: 3 5 Vehicles 3 5 |
BASIC AND DILUTED NET INCOME _2
BASIC AND DILUTED NET INCOME PER SHARE (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Schedule of Components of Basic and Diluted Earning Per Share | The components of basic and diluted earnings per share | The components of basic and diluted earnings per share were as follows Schedule of Components of Basic and Diluted Earning Per Share |
BASIC AND DILUTED NET INCOME PER SHARE | For the Three Months Ended December 31, 2021 Net Income Shares Per Share Basic net income per share: Net income available to common shareholders $ 996,012 37,445,919 $ 0.03 Net income available to preferred shareholders 27,323 1,027,240 $ 0.03 Basic and diluted net income per share $ 1,023,335 38,473,159 $ 0.03 | For the year ended June 30, 2021 Net Income Shares Per Share Basic and diluted income per share: Net income available to common shareholders $ 5,693,262 37,445,919 $ 0.15 Net income available to preferred shareholders 156,181 1,027,240 $ 0.15 Basic and diluted income per share $ 5,849,443 38,473,159 $ 0.15 For the year ended June 30, 2020 Net Income Shares Per Share Basic and diluted income per share: Net income available to common shareholders $ 1,724,483 37,390,524 $ 0.05 Net income available to preferred shareholders 48,918 1,060,640 $ 0.05 Basic and diluted income per share $ 1,773,401 38,451,164 $ 0.05 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | ||
Inventories for Gourmet Foods, Brigadier and Original Sprout consisted of the following totals | Inventories for Gourmet Foods, Brigadier and Original Sprout December 31, 2021 June 30, 2021: | Inventories for Gourmet Foods, Brigadier and Original Sprout consisted of the following totals |
INVENTORIES | December 31, June 30, 2021 2021 Raw materials $ 1,038,700 $ 942,911 Supplies and packing materials 237,991 193,322 Finished goods 867,990 815,559 Total inventories $ 2,144,681 $ 1,951,792 | June 30, 2021 June 30, 2020 Raw materials $ 942,911 $ 288,422 Supplies and packing materials 193,322 174,636 Finished goods 815,559 711,545 Total inventories $ 1,951,792 $ 1,174,603 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment consisted of the following as of June 30, 2021 and 2020: | Property, plant and equipment December 31, 2021 June 30, 2021: | Property, plant and equipment consisted of the following as of June 30, 2021 and 2020: |
PROPERTY, PLANT AND EQUIPMENT | December 31, June 30, 2021 2021 Plant and equipment (1) $ 2,230,449 $ 2,147,617 Furniture and office equipment 244,536 246,697 Vehicles 393,885 412,681 Land and building 597,574 613,891 Total property, plant and equipment, gross 3,466,444 3,420,886 Accumulated depreciation (2) (1,906,438 ) (1,847,441 ) Total property, plant and equipment, net $ 1,560,006 $ 1,573,445 | June 30, 2021 June 30, 2020 Plant and equipment $ 2,147,617 $ 1,553,939 Furniture and office equipment 246,697 201,287 Land and buildings 613,891 559,362 Vehicles 412,681 370,397 Total property and equipment, gross 3,420,886 2,684,985 Accumulated depreciation (1,847,441 ) (1,487,793 ) Total property and equipment, net $ 1,573,445 $ 1,197,192 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 | Intangible assets December 31, 2021 June 30, 2021: | Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 |
INTANGIBLE ASSETS | December 31, June 30, 2021 2021 Customer relationships $ 777,375 $ 777,375 Brand name 1,199,965 1,199,965 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Non-compete agreement 274,982 274,982 Internally developed software 217,990 217,990 Total 3,728,826 3,728,826 Less : accumulated amortization (1,546,009 ) (1,387,023 ) Net intangibles $ 2,182,817 $ 2,341,803 | June 30, 2021 June 30, 2020 Customer relationships $ 777,375 $ 700,252 Brand name 1,199,965 1,142,122 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Internally developed software 217,990 217,990 Non-compete agreement 274,982 274,982 Total 3,728,826 3,593,860 Less : accumulated amortization (1,387,023 ) (1,052,575 ) Net intangibles $ 2,341,803 $ 2,541,285 |
INTANGIBLE ASSETS (Details 2) | December 31, June 30, 2021 2021 Customer relationships $ 777,375 $ 777,375 Less: accumulated amortization (413,413 ) (369,471 ) Total customer relationships, net $ 363,962 $ 407,904 | June 30, 2021 June 30, 2020 Customer relationships $ 777,375 $ 700,252 Less: accumulated amortization (369,471 ) (282,304 ) Total customer relationships, net $ 407,904 $ 417,948 |
INTANGIBLE ASSETS (Details 3) | December 31, June 30, 2021 2021 Brand name $ 1,199,965 $ 1,199,965 Less: accumulated amortization (229,890 ) (209,620 ) Total brand name, net $ 970,075 $ 990,345 | June 30, 2021 June 30, 2020 Brand name $ 1,199,965 $ 1,142,122 Less: accumulated amortization (209,620 ) (169,406 ) Total brand name, net $ 990,345 $ 972,716 |
INTANGIBLE ASSETS (Details 4) | December 31, June 30, 2021 2021 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (36,913 ) (36,913 ) Total brand name, net $ — $ — | June 30, 2021 June 30, 2020 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (36,913 ) (33,744 ) Total brand name, net $ — $ 3,169 |
INTANGIBLE ASSETS (Details 5) | December 31, June 30, 2021 2021 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (627,354 ) (551,737 ) Total recipes and formulas, net $ 594,247 $ 669,864 | June 30, 2021 June 30, 2020 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (551,737 ) (401,366 ) Total recipes and formulas, net $ 669,864 $ 820,235 |
INTANGIBLE ASSETS (Details 6) | December 31, June 30, 2021 2021 Non-compete agreement $ 274,982 $ 274,982 Less: accumulated amortization (238,439 ) (219,282 ) Total non-compete agreement, net $ 36,543 $ 55,700 | June 30, 2021 June 30, 2020 Non-compete agreement $ 274,982 $ 274,982 Less: accumulated amortization (219,282 ) (165,755 ) Total non-compete agreement, net $ 55,700 $ 109,227 |
Estimated amortization expenses of intangible assets for the next five years ending June 30, are as follows: | Estimated remaining amortization expenses of intangible assets for the next five | Estimated amortization expenses of intangible assets for the next five years ending June 30, are as follows: |
INTANGIBLE ASSETS (Details 7) | Years Ending June 30, Expense 2022 $ 156,392 2023 292,261 2024 277,378 2025 262,114 2026 150,345 Thereafter 1,044,327 Total $ 2,182,817 | Years Ending June 30, Expense 2022 $ 315,378 2023 295,077 2024 277,378 2025 262,114 2026 150,345 Thereafter 1,041,511 Total $ 2,341,803 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 | ||
Brand Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 | ||
Domain Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 | ||
Recipes [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 | ||
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets consisted of the following as of June 30, 2021 and June 30, 2020 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Schedule of Other Currents Assets | Schedule of Other Currents Assets | Other current assets totaling $ 399,524 603,944 Schedule of Other Currents Assets |
OTHER ASSETS | As of December 31, 2021 As of June 30, 2021 Prepaid expenses $ 262,955 $ 373,381 Other current assets 179,515 26,143 Total $ 442,470 $ 399,524 | As of June 30, As of June 30, Prepaid expenses $ 373,381 $ 394,473 Other current assets 26,143 209,471 Total $ 399,524 $ 603,944 |
Investments measured at estimated fair value | Investments measured at estimated fair value December 31, 2021 June 30, 2021: | All of the Companys short-term investments are classified as Level 1 assets as of June 30, 2021 and June 30, 2020. Investments measured at estimated fair value |
OTHER ASSETS (Details 2) | December 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 1,299,303 $ 5,378 $ — $ 1,304,681 Other short-term investments 270,413 174 — 270,587 Other equities 1,246,926 31,380 — 1,278,306 Total short-term investments $ 2,816,642 $ 36,932 $ — $ 2,853,574 June 30, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 1,044,748 $ 5,378 $ — $ 1,050,126 Other short-term investments 772,981 4,568 — 777,549 Other equities 1,421 — (170 ) 1,251 Total short-term investments $ 1,819,150 $ 9,946 $ (170 ) $ 1,828,926 | As of June 30, 2021 Gross Gross Estimated Unrealized Unrealized Fair Cost Gains Losses Value Money market funds $ 1,044,748 $ 5,378 $ — $ 1,050,126 Other short-term investments 772,981 4,568 — 777,549 Other equities 1,421 — (170 ) 1,251 Total short-term investments $ 1,819,150 $ 9,946 $ (170 ) $ 1,828,926 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill is comprised of the following amounts | Goodwill is comprised of the following amounts as of December 31, 2021 June 30, 2021: | Goodwill is comprised of the following amounts |
GOODWILL | December 31, June 30, 2021 2021 Goodwill – Original Sprout 416,817 416,817 Goodwill – Gourmet Foods 275,311 275,311 Goodwill – Brigadier 351,345 351,345 Total $ 1,043,473 $ 1,043,473 | As of June 30, As of June 30, Goodwill - Original Sprout $ 416,817 $ 416,817 Goodwill - Gourmet Foods (1) 275,311 147,628 Goodwill - Brigadier 351,345 351,345 Total $ 1,043,473 $ 915,790 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued expenses consisted of the following | Accounts payable and accrued expenses December 31, 2021 June 30, 2021: | Accounts payable and accrued expenses consisted of the following |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | December 31, June 30, 2021 2021 Accounts payable $ 2,407,685 $ 1,672,647 Accrued interest 141,836 129,596 Taxes payable 324,489 238,020 Accrued payroll, vacation and bonus payable 271,950 1,049,359 Accrued operating expenses 198,898 773,252 Total $ 3,344,858 $ 3,862,874 | June 30, 2021 June 30, 2020 Accounts payable $ 1,672,647 $ 1,363,672 Accrued interest 129,596 105,315 Taxes payable 238,020 60,539 Accrued payroll, vacation and bonus payable 1,049,359 895,803 Accrued operating expenses 773,252 418,287 Total $ 3,862,874 $ 2,843,616 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
Current related party notes payable consist of the following | Notes Payable - Related Parties Current related party notes payable December 31, 2021 June 30, 2021: | Current related party notes payable consist of the following |
RELATED PARTY TRANSACTIONS | December 31, June 30, 2021 2021 Notes payable to shareholder, interest rate of 8% December 31, 2012 $ 3,500 $ 3,500 Notes payable to shareholder, interest rate of 4% May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4% April 8, 2022 350,000 350,000 $ 603,500 $ 603,500 | June 30, 2021 June 30, 2020 Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) $ 3,500 $ 3,500 Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022 350,000 350,000 Total $ 603,500 $ 603,500 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Schedule of Assets Acquired and Liabilities Assumed in Business Combination | Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Schedule of Assets Acquired and Liabilities Assumed in Business Combination |
BUSINESS COMBINATIONS | Item Amount Cash in bank $ 118,774 Accounts receivable 384,222 Prepayments/deposits 1,372 Inventories 509,796 Operating lease right of use asset 201,699 Plant, property and equipment 401,681 Intangible assets 134,965 Goodwill 127,683 Deferred tax liability (68,061 ) Assumed lease liabilities (201,699 ) Accounts payable and accrued expenses (376,112 ) Total Purchase Price $ 1,234,320 | |
BUSINESS COMBINATIONS | Item Amount Cash in bank $ 118,774 Accounts receivable 384,222 Prepayments/deposits 1,372 Inventories 509,796 Operating lease right-of-use asset 201,699 Property and equipment 401,681 Intangible assets 134,965 Goodwill 127,683 Deferred tax liability (68,061 ) Assumed lease liabilities (201,699 ) Accounts payable and accrued expenses (376,112 ) Total Purchase Price $ 1,234,320 | |
Schedule of Business Combination Pro Forma Information | Schedule of Business Combination Pro Forma Information | |
BUSINESS COMBINATION (Details 2) | Year Ended Year Ended Actual Pro Forma Net revenues $ 26,748,988 $ 29,429,415 Net income $ 1,773,401 $ 1,983,542 Basic and diluted earnings per share $ 0.05 $ 0.05 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Future minimum consolidated lease payments for Concierge and its subsidiaries | Future minimum consolidated lease payments for Concierge and its subsidiaries | |
COMMITMENTS AND CONTINGENCIES | Year Ended June 30, Operating Lease Finance Lease 2022 $ 374,667 $ 10,747 2023 737,420 21,495 2024 479,871 21,495 2025 180,910 21,495 2026 166,677 21,495 Thereafter 69,449 116,427 Total minimum lease payments 2,008,994 213,154 Less: present value discount (233,971 ) (63,868 ) Total lease liabilities $ 1,775,023 $ 149,286 | Year Ended June 30, Lease Amount 2022 $ 564,162 2023 486,375 2024 228,505 Total minimum lease payments 1,279,042 Less: Present value discount (158,411 ) Total operating lease liabilities $ 1,120,631 |
Future minimum consolidated lease payments for Concierge and its subsidiaries | Future minimum consolidated lease payments for Concierge and its subsidiaries |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Segment Reporting [Abstract] | ||
Schedule of Reconciliation of Assets | The following table presents a summary of identifiable assets as of December 31, 2021 June 30, 2021. Schedule of Reconciliation of Assets December 31, June 30, 2021 2021 Identifiable assets: U.S.A. : investment fund management - related party $ 16,386,171 $ 17,467,044 U.S.A. : beauty products 3,870,938 4,024,803 New Zealand: food industry 4,655,674 3,831,539 Canada: security systems 2,513,760 2,671,286 Corporate headquarters - including Marygold 3,449,891 3,513,008 Consolidated total $ 30,876,434 $ 31,507,680 The following table presents a summary of operating information for the three December 31: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Revenues from external customers: U.S.A. : investment fund management - related party $ 5,701,384 $ 6,149,415 U.S.A. : beauty products 992,852 1,060,225 New Zealand : food industry 2,108,257 2,134,402 Canada : security systems 642,623 617,780 Consolidated total $ 9,445,116 $ 9,961,822 Net (loss) income: U.S.A. : investment fund management - related party $ 1,985,141 $ 2,269,276 U.S.A. : beauty products (12,718 ) (61,234 ) New Zealand : food industry 136,465 239,830 Canada : security systems 62,547 31,610 Corporate headquarters - including Marygold (1,148,100 ) (1,127,694 ) Consolidated total $ 1,023,335 $ 1,351,788 The following table presents a summary of operating information for the six December 31: Six Months Ended Six Months Ended December 31, 2021 December 31, 2020 Revenues from external customers: U.S.A. : investment fund management - related party $ 11,358,411 $ 13,185,716 U.S.A. : beauty products 2,013,924 2,032,968 New Zealand : food industry 4,468,402 4,191,974 Canada : security systems 1,333,253 1,297,222 Consolidated total $ 19,173,990 $ 20,707,880 Net (loss) income: U.S.A. : investment fund management - related party $ 1,617,234 $ 5,498,271 U.S.A. : beauty products (8,196 ) 4,038 New Zealand : food industry 289,667 332,128 Canada : security systems 140,954 198,693 Corporate headquarters - including Marygold (2,897,317 ) (2,461,908 ) Consolidated total $ (857,658 ) $ 3,571,222 The following table presents a summary of capital expenditures for the three December 31: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 428 27,930 New Zealand: food industry — 4,303 Canada: security systems — (7,677 ) U.S.A. : corporate headquarters - including Marygold — — Consolidated $ 428 $ 24,556 The following table presents a summary of capital expenditures for the six December 31: Six Months Ended Six Months Ended December 31, 2021 December 31, 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A.: beauty products 948 28,757 New Zealand: food industry (1) 3,040 417,465 Canada: security systems — (14,981 ) U.S.A.: corporate headquarters - including Marygold — 653 Consolidated $ 3,988 $ 431,894 ( 1 Includes $ 401,681 July 2020. 13, | The following table presents a summary of identifiable assets as of June 30, 2021 and June 30, 2020: Schedule of Reconciliation of Assets |
SEGMENT REPORTING | December 31, June 30, 2021 2021 Identifiable assets: U.S.A. : investment fund management - related party $ 16,386,171 $ 17,467,044 U.S.A. : beauty products 3,870,938 4,024,803 New Zealand: food industry 4,655,674 3,831,539 Canada: security systems 2,513,760 2,671,286 Corporate headquarters - including Marygold 3,449,891 3,513,008 Consolidated total $ 30,876,434 $ 31,507,680 The following table presents a summary of operating information for the three December 31: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Revenues from external customers: U.S.A. : investment fund management - related party $ 5,701,384 $ 6,149,415 U.S.A. : beauty products 992,852 1,060,225 New Zealand : food industry 2,108,257 2,134,402 Canada : security systems 642,623 617,780 Consolidated total $ 9,445,116 $ 9,961,822 Net (loss) income: U.S.A. : investment fund management - related party $ 1,985,141 $ 2,269,276 U.S.A. : beauty products (12,718 ) (61,234 ) New Zealand : food industry 136,465 239,830 Canada : security systems 62,547 31,610 Corporate headquarters - including Marygold (1,148,100 ) (1,127,694 ) Consolidated total $ 1,023,335 $ 1,351,788 The following table presents a summary of operating information for the six December 31: Six Months Ended Six Months Ended December 31, 2021 December 31, 2020 Revenues from external customers: U.S.A. : investment fund management - related party $ 11,358,411 $ 13,185,716 U.S.A. : beauty products 2,013,924 2,032,968 New Zealand : food industry 4,468,402 4,191,974 Canada : security systems 1,333,253 1,297,222 Consolidated total $ 19,173,990 $ 20,707,880 Net (loss) income: U.S.A. : investment fund management - related party $ 1,617,234 $ 5,498,271 U.S.A. : beauty products (8,196 ) 4,038 New Zealand : food industry 289,667 332,128 Canada : security systems 140,954 198,693 Corporate headquarters - including Marygold (2,897,317 ) (2,461,908 ) Consolidated total $ (857,658 ) $ 3,571,222 The following table presents a summary of capital expenditures for the three December 31: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 428 27,930 New Zealand: food industry — 4,303 Canada: security systems — (7,677 ) U.S.A. : corporate headquarters - including Marygold — — Consolidated $ 428 $ 24,556 The following table presents a summary of capital expenditures for the six December 31: Six Months Ended Six Months Ended December 31, 2021 December 31, 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A.: beauty products 948 28,757 New Zealand: food industry (1) 3,040 417,465 Canada: security systems — (14,981 ) U.S.A.: corporate headquarters - including Marygold — 653 Consolidated $ 3,988 $ 431,894 ( 1 Includes $ 401,681 July 2020. 13, | As of June 30, As of June 30, Identifiable assets: Corporate headquarters - including Marygold $ 3,513,008 $ 2,891,284 U.S.A. : investment fund management 17,467,044 12,834,581 U.S.A. : beauty products 4,024,803 3,611,471 New Zealand: food industry 3,831,539 2,606,256 Canada: security systems 2,671,286 2,347,327 Consolidated $ 31,507,680 $ 24,290,919 |
Schedule of Reconciliation of Property Plant and Equipment | The following table represents the property, plant and equipment in use at each of the Companys locations as of December 3, 2021 June 30, 2021: Schedule of Reconciliation of Property Plant and Equipment | The following table represents property, plant and equipment in use at each of the Companys locations as of June 30: Schedule of Reconciliation of Property Plant and Equipment |
SEGMENT REPORTING (Details 5) | As of December 31, 2021 As of June 30, 2021 Asset Location U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 59,909 58,961 New Zealand: food industry (1) 2,416,722 2,345,569 Canada: security systems 972,069 998,612 U.S.A. : corporate headquarters - including Marygold 17,744 17,744 Total All Locations 3,466,444 3,420,886 Less accumulated depreciation (1,906,438 ) (1,847,441 ) Net property, plant and equipment $ 1,560,006 $ 1,573,445 | 2021 2020 Asset location: U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 58,961 16,987 New Zealand: food industry 2,345,569 1,721,195 Canada: security systems 998,612 929,712 U.S.A. : corporate headquarters - including Marygold 17,744 17,091 Total all locations 3,420,886 2,684,985 Less accumulated depreciation (1,847,441 ) (1,487,793 ) Net property, plant and equipment $ 1,573,445 $ 1,197,192 |
Schedule of Reconciliation of Revenue | The following table presents a summary of operating information for the years ended June 30, 2021 and June 30, 2020: Schedule of Reconciliation of Revenue | |
SEGMENT REPORTING (Details 2) | Year Ended Year Ended Revenues: U.S.A. : investment fund management - related party $ 25,169,182 $ 15,459,061 U.S.A. : beauty products 3,756,512 3,883,953 New Zealand : food industry 8,263,267 4,745,821 Canada : security systems 2,715,487 2,660,153 Consolidated $ 39,904,448 $ 26,748,988 | |
Schedule of Reconciliation of Net Income (Loss) | Schedule of Reconciliation of Net Income (Loss) | |
SEGMENT REPORTING (Details 3) | Net income (loss): U.S.A. : investment fund management - related party $ 9,983,156 $ 2,850,451 U.S.A. : beauty products (191,857 ) 215,620 New Zealand : food industry 469,028 326,448 Canada : security systems 284,151 294,295 Corporate headquarters - including Marygold (4,695,035 ) (1,913,413 ) Consolidated $ 5,849,443 $ 1,773,401 | |
Schedule of Reconciliation of Capital Expenditures | The following table presents a summary of capital expenditures for the year ended June 30: Schedule of Reconciliation of Capital Expenditures | |
SEGMENT REPORTING (Details 4) | 2021 2020 Capital expenditures: U.S.A.: investment fund management $ — $ — U.S.A. : beauty products 41,974 6,242 New Zealand: food industry (1) 436,775 133,975 Canada: security systems — 416,271 U.S.A. : corporate headquarters - including Marygold 653 2,786 Consolidated $ 479,402 $ 559,274 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Income before Income Taxes | The following table summarizes income before income taxes: Schedule of Income before Income Taxes |
INCOME TAXES | Years Ended June 30, 2021 2020 U.S. $ 6,983,223 $ 1,981,773 Foreign 651,678 354,590 Income before income taxes $ 7,634,901 $ 2,336,363 |
Schedule of Income taxes Provision | Provision for taxes consisted of the following: Schedule of Income taxes Provision Years Ended June 30, 2021 2020 U.S. operations $ 1,488,351 $ 425,639 Foreign operations 297,107 137,323 Total $ 1,785,458 $ 562,962 Provisions for income tax consisted of the following as of the years ended: For the year ended: June 30, 2021 June 30, 2020 Current: Federal $ 1,426,303 $ 274,229 States 122,052 64,861 Foreign 256,195 179,709 Total current 1,804,550 518,799 Deferred: Federal (56,397 ) 94,273 States (3,607 ) (7,723 ) Foreign 40,912 (42,387 ) Total deferred (19,092 ) 44,163 Total $ 1,785,458 $ 562,962 |
[custom:DisclosureIncomeTaxesDetails2Abstract] | Years Ended June 30, 2021 2020 U.S. operations $ 1,488,351 $ 425,639 Foreign operations 297,107 137,323 Total $ 1,785,458 $ 562,962 Provisions for income tax consisted of the following as of the years ended: For the year ended: June 30, 2021 June 30, 2020 Current: Federal $ 1,426,303 $ 274,229 States 122,052 64,861 Foreign 256,195 179,709 Total current 1,804,550 518,799 Deferred: Federal (56,397 ) 94,273 States (3,607 ) (7,723 ) Foreign 40,912 (42,387 ) Total deferred (19,092 ) 44,163 Total $ 1,785,458 $ 562,962 |
Schedule of Deferred Tax Assets and Liabilities | Tax effects of temporary differences that give rise to significant portions of the Companys deferred tax assets for the years ended June 30, 2021 and 2020 are presented below: Schedule of Deferred Tax Assets and Liabilities |
INCOME TAXES (Details 3) | For the year ended: June 30, 2021 June 30, 2020 Deferred tax assets: Property and equipment and intangible assets - U.S. $ 469,403 $ 529,694 Net operating loss 14,220 — Accruals, reserves and other - U.S. 336,823 229,568 Leasing assets 245,819 125,480 Leasing liabilities (238,789 ) (117,270 ) Gross deferred tax assets 827,476 767,472 Less valuation allowance — — Total deferred tax assets $ 827,476 $ 767,472 Deferred tax liabilities: Intangible assets - foreign $ (150,878 ) (144,653 ) Accruals, reserves and other - foreign (18,551 ) 16,136 Total deferred tax liabilities (169,429 ) (128,517 ) Total net deferred tax assets $ 658,047 $ 638,955 |
Schedule of Effective Income tax Reconciliation | Income tax expense (benefit) for the years ended June 30, 2021 and June 30, 2020 differed from the amounts computed by applying the statutory federal income tax rate of 21.00% to pretax income (loss) as a result of the following: Schedule of Effective Income tax Reconciliation |
INCOME TAXES (Details 4) | For the year ended: June 30, 2021 June 30, 2020 Federal tax expense (benefit) at statutory rate $ 1,603,764 $ 490,638 State income taxes 92,813 43,517 Permanent differences 17,737 26,724 Foreign tax credit (88,648 ) (58,203 ) Change in valuation allowance — (2,573 ) Foreign rate differential 159,792 62,859 Total tax expense $ 1,785,458 $ 562,962 |
Schedule of Unrecognized Tax Benefits | Schedule of Unrecognized Tax Benefits |
INCOME TAXES (Details 5) | Balance at June 30, 2020 $ 289,738 Additions based on tax positions taken during a prior period 12,597 Reductions based on tax positions taken during a prior period — Additions based on tax positions taken during the current period — Reductions based on tax positions taken during the current period — Reductions related to settlement of tax matters — Reductions related to a lapse of applicable statute of limitations — Balance at June 30, 2021 $ 302,335 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) | Dec. 31, 2021Number |
Accounting Policies [Abstract] | |
Entity Number of Employees | 114 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Product Information [Line Items] | ||||||
Total | $ 5,701,384 | $ 6,149,415 | $ 11,358,411 | $ 13,185,716 | $ 25,169,182 | $ 15,459,061 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 5,701,384 | $ 6,149,415 | $ 11,358,411 | $ 13,185,716 | $ 25,169,182 | 15,459,061 |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The U S O Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 2,975,211 | $ 4,202,851 | $ 6,117,818 | $ 9,096,383 | $ 16,361,870 | $ 9,283,250 |
Concentration Risk, Percentage | 52.00% | 68.00% | 65.00% | 60.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The B N O Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 470,879 | $ 638,111 | $ 990,797 | $ 1,396,837 | $ 2,665,589 | $ 1,070,225 |
Concentration Risk, Percentage | 8.00% | 10.00% | 9.00% | 11.00% | 11.00% | 7.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The U N G Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 686,360 | $ 592,230 | $ 1,114,147 | $ 1,143,783 | $ 2,054,047 | $ 2,244,479 |
Concentration Risk, Percentage | 12.00% | 10.00% | 10.00% | 9.00% | 8.00% | 15.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The U S C I Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 495,779 | $ 216,151 | $ 971,363 | $ 466,416 | $ 1,176,094 | $ 1,645,952 |
Concentration Risk, Percentage | 9.00% | 4.00% | 8.00% | 3.00% | 5.00% | 11.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | All Other Customers [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 1,073,155 | $ 500,072 | $ 2,164,286 | $ 1,082,297 | $ 2,911,582 | $ 1,215,155 |
Concentration Risk, Percentage | 19.00% | 8.00% | 19.00% | 8.00% | 11.00% | 7.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 1,782,034 | $ 2,038,054 | $ 2,610,917 | |||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The U S O Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 938,444 | $ 1,156,691 | $ 1,818,719 | |||
Concentration Risk, Percentage | 53.00% | 57.00% | 70.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The B N O Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 145,083 | $ 196,713 | $ 265,143 | |||
Concentration Risk, Percentage | 8.00% | 10.00% | 10.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The U N G Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 200,357 | $ 130,543 | $ 193,218 | |||
Concentration Risk, Percentage | 11.00% | 6.00% | 7.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related To The U S C I Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 157,824 | $ 141,346 | $ 82,790 | |||
Concentration Risk, Percentage | 9.00% | 7.00% | 3.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | All Other Customers [Member] | ||||||
Product Information [Line Items] | ||||||
Total | $ 340,326 | $ 412,761 | $ 251,047 | |||
Concentration Risk, Percentage | 19.00% | 20.00% | 10.00% |
Schedule of Useful Life of Asse
Schedule of Useful Life of Assets (Details) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 39 years | 39 years |
Plant and equipment | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | 5 years |
Plant and equipment | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | 5 years |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | 3 years |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Product Information [Line Items] | ||||||
Accounts Receivable, Doubtful Allowance | $ 0 | $ 0 | $ 15,499 | $ 9,786 | ||
Inventory Write-Down | 3,478 | $ 32,688 | 65,021 | 10,317 | ||
Revenue Recognized with Customer Support Service | $ 219,904 | $ 174,656 | $ 407,629 | $ 355,764 | $ 723,456 | $ 734,922 |
Revenue Recognized with Customer Support Service, Percentage | 0.34 | 0.28 | 0.30 | 0.27 | 0.27 | 0.27 |
Advertising Expense | $ 700,000 | $ 700,000 | $ 1,400,000 | $ 1,500,000 | $ 3,000,000 | $ 2,600,000 |
Revenue from Customer Contract to Total Consolidated Revenue, Percentage | 0.02 | 0.03 | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 32.00% | 32.00% | 34.00% | 33.00% | 32.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Gourmet Foods [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 15.00% | 15.00% | 12.00% | 13.00% | 12.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Gourmet Foods [Member] | Major Customer 3 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 12.00% | 15.00% | 11.00% | 12.00% | 12.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Brigadier [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 49.00% | 51.00% | 54.00% | 49.00% | 49.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Brigadier [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 12.00% | |||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | The Original Sprout L L C [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 24.00% | 15.00% | 12.00% | 3.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | The Original Sprout L L C [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 68.00% | 73.00% | 10.00% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Grocery Industry [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 20.00% | 18.00% | 23.00% | 20.00% | 18.00% | 20.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Grocery Industry [Member] | Gourmet Foods [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 6.00% | 10.00% | 8.00% | 10.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Gasoline Convenience Store Sector [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 52.00% | 55.00% | 49.00% | 53.00% | 49.00% | 45.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Printing Industry [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 36.00% | 32.00% | 38.00% | 34.00% | 33.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Gourmet Foods [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 25.00% | 7.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Gourmet Foods [Member] | Major Customer 3 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 1.00% | 26.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Gourmet Foods [Member] | Major Customer 1 Or 2 Or 3 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 26.00% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Brigadier [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 58.00% | 24.00% | 31.00% | 40.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Brigadier [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 39.00% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | The Original Sprout L L C [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 0.00% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | The Original Sprout L L C [Member] | Major Customer 1 Or 2 Or 3 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 15.00% | 39.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Grocery Industry [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 4.00% | 19.00% | 15.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Grocery Industry [Member] | Gourmet Foods [Member] | Major Customer 2 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 13.00% | 27.00% | 27.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Gasoline Convenience Store Sector [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 24.00% | 23.00% | 15.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Printing Industry [Member] | Gourmet Foods [Member] | Major Customer 1 [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration Risk, Percentage | 44.00% | 40.00% |
BASIC AND DILUTED NET INCOME _3
BASIC AND DILUTED NET INCOME PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 996,012 | $ 1,314,521 | $ (835,651) | $ 3,571,222 | $ 5,693,262 | $ 1,724,483 | ||
Weighted Average Number of Shares Outstanding, Basic | 37,445,919 | 37,412,519 | 37,485,959 | 37,412,519 | 37,445,919 | 37,390,524 | ||
Earnings Per Share, Basic | $ 0.03 | $ 0.04 | $ (0.02) | $ 0.10 | $ 0.15 | $ 0.05 | ||
Preferred Stock Dividends and Other Adjustments | $ 27,323 | $ 37,267 | $ (22,007) | $ 98,453 | $ 156,181 | $ 48,918 | ||
Weighted Average Number Of Shares Outstanding Preferred Stock | 1,027,240 | 1,060,640 | 987,200 | 1,060,640 | 1,027,240 | 1,060,640 | ||
Earnings Per Share Preferred Stock | $ 0.03 | $ 0.04 | $ (0.02) | $ 0.09 | $ 0.15 | $ 0.05 | ||
Net Income (Loss) Attributable to Parent | $ 1,023,335 | $ (1,880,993) | $ 1,351,788 | $ 2,219,434 | $ (857,658) | $ 3,571,222 | $ 5,849,443 | $ 1,773,401 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 38,473,159 | 38,473,159 | 38,473,159 | 38,473,159 | 38,473,159 | 38,451,164 | ||
Earnings Per Share, Basic and Diluted | $ 0.03 | $ 0.04 | $ (0.02) | $ 0.09 | $ 0.15 | $ 0.05 |
BASIC AND DILUTED NET INCOME _4
BASIC AND DILUTED NET INCOME PER SHARE (Details Narrative) | Aug. 25, 2021 |
Earnings Per Share [Abstract] | |
Stockholders' Equity, Reverse Stock Split | The Company has also authorized a reverse stock split of its Common Stock by a ratio of not less than 1-for-1.5 and not more than 1-for-2.75 (the Reverse Stock Split) at any time prior to the one year anniversary of filing of a definitive Information Statement on Schedule 14C with the Board of Directors (the Board) having the discretion as to whether or not the Reverse Stock Split is to be effected, and with the exact ratio of any Reverse Stock Split to be set within the above range as determined by the Board in its discretion. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | ||||
Raw materials | $ 1,038,700 | $ 942,911 | $ 288,422 | |
Supplies and packing materials | 237,991 | 193,322 | 174,636 | |
Finished goods | 867,990 | 815,559 | 711,545 | |
Total inventories | $ 2,144,681 | $ 1,951,792 | [1] | $ 1,174,603 |
[1] | Derived from audited financial statements |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Property, Plant and Equipment [Line Items] | ||||||
Total property and equipment, gross | $ 3,466,444 | $ 3,420,886 | $ 2,684,985 | |||
Accumulated depreciation | (1,906,438) | [1] | (1,847,441) | [1] | (1,487,793) | |
Total property, plant and equipment, net | 1,560,006 | 1,573,445 | [2] | 1,197,192 | ||
Total property and equipment, net | 1,560,006 | 1,573,445 | [2] | 1,197,192 | ||
Property And Equipment [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total property and equipment, gross | [3] | 2,230,449 | 2,147,617 | |||
Furniture and Fixtures [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total property and equipment, gross | 244,536 | 246,697 | 201,287 | |||
Vehicles [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total property and equipment, gross | 393,885 | 412,681 | 370,397 | |||
Land and Building [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total property and equipment, gross | $ 597,574 | 613,891 | 559,362 | |||
Plant and equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total property and equipment, gross | $ 2,147,617 | $ 1,553,939 | ||||
[1] | Included with accumulated depreciation is the amortization of the underlying assets of the solar energy finance lease at Gourmet Foods, which totaled $ 415 | |||||
[2] | Derived from audited financial statements | |||||
[3] | Included with plant and equipment as of December 31, 2021 are the underlying assets of the solar energy finance lease at Gourmet Foods totaling $ 150,625 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation | $ 56,514 | $ 92,138 | $ 128,864 | $ 172,030 | $ 265,531 | $ 265,398 |
Solar Energy Lease [Member] | Gourmet Foods [Member] | ||||||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 415 | 415 | ||||
Property, Plant and Equipment [Member] | Solar Energy Lease [Member] | Gourmet Foods [Member] | ||||||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 150,625 | $ 150,625 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 3,728,826 | $ 3,728,826 | $ 3,593,860 |
Less : accumulated amortization | (1,546,009) | (1,387,023) | (1,052,575) |
Net intangibles | 2,182,817 | 2,341,803 | 2,541,285 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 777,375 | 777,375 | 700,252 |
Less : accumulated amortization | (413,413) | (369,471) | (282,304) |
Net intangibles | 363,962 | 407,904 | 417,948 |
Brand Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 1,199,965 | 1,199,965 | 1,142,122 |
Less : accumulated amortization | (229,890) | (209,620) | (169,406) |
Net intangibles | 970,075 | 990,345 | 972,716 |
Domain Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 36,913 | 36,913 | 36,913 |
Less : accumulated amortization | (36,913) | (36,913) | (33,744) |
Net intangibles | 3,169 | ||
Recipes [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 1,221,601 | 1,221,601 | 1,221,601 |
Less : accumulated amortization | (627,354) | (551,737) | (401,366) |
Net intangibles | 594,247 | 669,864 | 820,235 |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 274,982 | 274,982 | 274,982 |
Less : accumulated amortization | (238,439) | (219,282) | (165,755) |
Net intangibles | 36,543 | 55,700 | 109,227 |
Internally Developed Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 217,990 | $ 217,990 | $ 217,990 |
INTANGIBLE ASSETS (Details 2)
INTANGIBLE ASSETS (Details 2) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Customer relationships | $ 3,728,826 | $ 3,728,826 | $ 3,593,860 |
Less: accumulated amortization | (1,546,009) | (1,387,023) | (1,052,575) |
Total customer relationships, net | 2,182,817 | 2,341,803 | 2,541,285 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer relationships | 777,375 | 777,375 | 700,252 |
Less: accumulated amortization | (413,413) | (369,471) | (282,304) |
Total customer relationships, net | $ 363,962 | $ 407,904 | $ 417,948 |
INTANGIBLE ASSETS (Details 3)
INTANGIBLE ASSETS (Details 3) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Brand name | $ 3,728,826 | $ 3,728,826 | $ 3,593,860 |
Less: accumulated amortization | (1,546,009) | (1,387,023) | (1,052,575) |
Total brand name, net | 2,182,817 | 2,341,803 | 2,541,285 |
Brand Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Brand name | 1,199,965 | 1,199,965 | 1,142,122 |
Less: accumulated amortization | (229,890) | (209,620) | (169,406) |
Total brand name, net | $ 970,075 | $ 990,345 | $ 972,716 |
INTANGIBLE ASSETS (Details 4)
INTANGIBLE ASSETS (Details 4) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 3,728,826 | $ 3,728,826 | $ 3,593,860 |
Less: accumulated amortization | (1,546,009) | (1,387,023) | (1,052,575) |
Total brand name, net | 2,182,817 | 2,341,803 | 2,541,285 |
Domain Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 36,913 | 36,913 | 36,913 |
Less: accumulated amortization | (36,913) | (36,913) | (33,744) |
Total brand name, net | $ 3,169 |
INTANGIBLE ASSETS (Details 5)
INTANGIBLE ASSETS (Details 5) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 3,728,826 | $ 3,728,826 | $ 3,593,860 |
Less: accumulated amortization | (1,546,009) | (1,387,023) | (1,052,575) |
Net intangibles | 2,182,817 | 2,341,803 | 2,541,285 |
Recipes [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 1,221,601 | 1,221,601 | 1,221,601 |
Less: accumulated amortization | (627,354) | (551,737) | (401,366) |
Net intangibles | $ 594,247 | $ 669,864 | $ 820,235 |
INTANGIBLE ASSETS (Details 6)
INTANGIBLE ASSETS (Details 6) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 3,728,826 | $ 3,728,826 | $ 3,593,860 |
Less: accumulated amortization | (1,546,009) | (1,387,023) | (1,052,575) |
Net intangibles | 2,182,817 | 2,341,803 | 2,541,285 |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 274,982 | 274,982 | 274,982 |
Less: accumulated amortization | (238,439) | (219,282) | (165,755) |
Net intangibles | $ 36,543 | $ 55,700 | $ 109,227 |
INTANGIBLE ASSETS (Details 7)
INTANGIBLE ASSETS (Details 7) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2022 | $ 156,392 | $ 315,378 | |
2023 | 292,261 | 295,077 | |
2024 | 262,114 | 277,378 | |
2026 | 150,345 | 150,345 | |
Thereafter | 1,044,327 | 1,041,511 | |
Total | $ 2,182,817 | 2,341,803 | $ 2,541,285 |
2025 | $ 262,114 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | Jul. 02, 2020 | Dec. 18, 2017 | Jun. 02, 2016 | Aug. 11, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Total | $ 3,728,826 | $ 3,728,826 | $ 3,728,826 | $ 3,593,860 | ||||||
Amortization of Intangible Assets | 76,677 | $ 85,085 | 158,985 | $ 171,094 | 334,448 | 336,428 | ||||
Customer Relationships [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Total | 777,375 | 777,375 | 777,375 | 700,252 | ||||||
Customer Relationships [Member] | Gourmet Foods Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 66,153 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 10 years | |||||||||
Customer Relationships [Member] | Brigadier Security Systems Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 434,099 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 10 years | |||||||||
Customer Relationships [Member] | The Original Sprout L L C [Member] | Kahnalytics [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 200,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 7 years | |||||||||
Customer Relationships [Member] | Printstock Products Ltd [Member] | Gourmet Foods [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 77,123 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 9 years | |||||||||
Brand Name [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Total | 1,199,965 | 1,199,965 | 1,199,965 | 1,142,122 | ||||||
Brand Name [Member] | Gourmet Foods Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 61,429 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 10 years | |||||||||
Brand Name [Member] | Brigadier Security Systems Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 340,694 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 10 years | |||||||||
Brand Name [Member] | The Original Sprout L L C [Member] | Kahnalytics [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 740,000 | |||||||||
Brand Name [Member] | Printstock Products Ltd [Member] | Gourmet Foods [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 57,842 | |||||||||
Domain Name [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Total | 36,913 | 36,913 | 36,913 | 36,913 | ||||||
Domain Name [Member] | Gourmet Foods Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 21,601 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 5 years | |||||||||
Domain Name [Member] | Brigadier Security Systems Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 15,312 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 5 years | |||||||||
Recipes [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Total | 1,221,601 | 1,221,601 | 1,221,601 | 1,221,601 | ||||||
Recipes [Member] | Gourmet Foods Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 21,601 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 5 years | |||||||||
Recipes [Member] | The Original Sprout L L C [Member] | Kahnalytics [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 1,200,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 8 years | |||||||||
Noncompete Agreements [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Total | 274,982 | 274,982 | 274,982 | 274,982 | ||||||
Noncompete Agreements [Member] | Brigadier Security Systems Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 84,982 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 5 years | |||||||||
Noncompete Agreements [Member] | The Original Sprout L L C [Member] | Kahnalytics [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 190,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 5 years | |||||||||
Marygold Properties [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Total | $ 217,990 | $ 217,990 | $ 217,990 | $ 217,990 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Prepaid expenses | $ 262,955 | $ 373,381 | $ 394,473 | |
Other current assets | 179,515 | 26,143 | 209,471 | |
Total | $ 442,470 | 399,524 | [1] | 603,944 |
Total | $ 399,524 | $ 603,944 | ||
[1] | Derived from audited financial statements |
OTHER ASSETS (Details 2)
OTHER ASSETS (Details 2) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Net Investment Income [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 2,816,642 | $ 1,819,150 | $ 1,815,961 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 36,932 | 9,946 | 5,161 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (170) | (606) | |
Debt Securities, Available-for-sale | 2,853,574 | 1,828,926 | 1,820,516 |
Money Market Funds [Member] | |||
Net Investment Income [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 1,299,303 | 1,044,748 | 1,044,446 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,378 | 5,378 | 5,161 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | |||
Debt Securities, Available-for-sale | 1,304,681 | 1,050,126 | 1,049,607 |
Other Short Term Investments [Member] | |||
Net Investment Income [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 270,413 | 772,981 | 770,094 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 174 | 4,568 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | |||
Debt Securities, Available-for-sale | 270,587 | 777,549 | 770,094 |
Other Equities [Member] | |||
Net Investment Income [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 1,246,926 | 1,421 | 1,421 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 31,380 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (170) | (606) | |
Debt Securities, Available-for-sale | $ 1,278,306 | $ 1,251 | $ 815 |
OTHER ASSETS (Details Narrative
OTHER ASSETS (Details Narrative) | Dec. 31, 2021USD ($) | Dec. 31, 2021NZD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021NZD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020NZD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Other Assets, Current | $ 442,470 | $ 399,524 | [1] | $ 603,944 | |||
Available-for-sale Securities | 2,800,000 | 1,800,000 | 1,800,000 | ||||
Restricted Cash and Cash Equivalents | 13,664 | $ 20,000 | 13,989 | $ 20,000 | 12,854 | $ 20,000 | |
Other Assets, Noncurrent | 789,880 | 540,160 | [1] | 523,607 | |||
Cost Method Investments | $ 500,000 | $ 500,000 | 500,000 | ||||
[custom:EquitySecuritiesWithoutReadilyDeterminableFairValueOwnershipPercentage-0] | 0.10 | 0.10 | 0.10 | 0.10 | |||
Deposits and Prepaid Rent | $ 40,160 | $ 40,160 | $ 23,607 | ||||
Underwritten Finance Agreement [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
[custom:PlannedStockIssuanceIncurredCost-0] | 249,720 | 0 | |||||
U S C F Gold Strategy Plus Income Fund [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | $ 1,300,000 | $ 0 | |||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 0.00% | 0.00% | |||
[1] | Derived from audited financial statements |
GOODWILL (Details)
GOODWILL (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Total | $ 1,043,473 | $ 1,043,473 | [1] | $ 915,790 | |
The Original Sprout L L C [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill - Brigadier | 416,817 | 416,817 | 416,817 | ||
Gourmet Foods [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill - Brigadier | 275,311 | 275,311 | [2] | 147,628 | [2] |
Brigadier [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Goodwill - Brigadier | $ 351,345 | $ 351,345 | $ 351,345 | ||
[1] | Derived from audited financial statements | ||||
[2] | Refer to Note 13, Business Combinations |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 1,043,473 | $ 1,043,473 | [1] | $ 915,790 |
[1] | Derived from audited financial statements |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Payables and Accruals [Abstract] | ||||
Accounts payable | $ 2,407,685 | $ 1,672,647 | $ 1,363,672 | |
Accrued interest | 141,836 | 129,596 | 105,315 | |
Taxes payable | 324,489 | 238,020 | 60,539 | |
Accrued payroll, vacation and bonus payable | 271,950 | 1,049,359 | 895,803 | |
Accrued operating expenses | 198,898 | 773,252 | 418,287 | |
Total | $ 3,344,858 | $ 3,862,874 | [1] | $ 2,843,616 |
[1] | Derived from audited financial statements |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Short-term Debt [Line Items] | |||
Total | $ 603,500 | $ 603,500 | |
Notes Payable Due On December 312012 [Member] | |||
Short-term Debt [Line Items] | |||
Total | $ 3,500 | $ 3,500 | 3,500 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | |
Debt Instrument, Maturity Date | Dec. 31, 2012 | Dec. 31, 2012 | |
Notes Payable Due On May 252022 [Member] | |||
Short-term Debt [Line Items] | |||
Total | $ 250,000 | $ 250,000 | 250,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |
Debt Instrument, Maturity Date | May 25, 2022 | May 25, 2022 | |
Notes Payable Due On April 082022 [Member] | |||
Short-term Debt [Line Items] | |||
Total | $ 350,000 | $ 350,000 | $ 350,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |
Debt Instrument, Maturity Date | Apr. 8, 2022 | Apr. 8, 2022 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Interest Expense, Related Party | $ 6,120 | $ 6,120 | $ 12,240 | $ 12,240 | $ 24,281 | $ 24,347 | |
Accrued Interest Related Parties | 141,836 | 141,836 | 129,596 | 105,315 | $ 141,836 | ||
Revenue from Related Parties | 5,701,384 | 6,149,415 | 11,358,411 | 13,185,716 | 25,169,182 | 15,459,061 | |
Accounts Receivable, Related Parties | 1,800,000 | 1,800,000 | 2,000,000 | 1,800,000 | |||
Expense Waiver Funds Related Party | 100,000 | 200,000 | 100,000 | 600,000 | |||
Fund Expense Limitation Amount Related Party | 100,000 | 100,000 | 100,000 | 100,000 | |||
Waivers Payable Related Party | 100,000 | 100,000 | 100,000 | $ 100,000 | |||
Wainwright [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Revenue from Related Parties | $ 5,700,000 | $ 6,100,000 | $ 11,400,000 | $ 13,200,000 | 25,200,000 | 15,500,000 | |
Accounts Receivable, Related Parties | 2,000,000 | 2,600,000 | |||||
Expense Waiver Funds Related Party | 900,000 | 600,000 | |||||
Fund Expense Limitation Amount Related Party | 100,000 | 100,000 | |||||
Waivers Payable Related Party | $ 100,000 | $ 400,000 |
LOANS - PROPERTY AND EQUIPMENT
LOANS - PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Debt Instrument [Line Items] | |||||||
Notes Payable, Current | $ 35,090 | $ 35,090 | $ 15,094 | [1] | $ 13,196 | ||
Notes Payable, Noncurrent | 491,390 | 491,390 | 379,804 | [1] | 359,845 | ||
Interest Expense, Debt | 16,078 | $ 15,986 | |||||
Finance Lease, Liability | 149,286 | 149,286 | $ 0 | ||||
Solar Energy Lease [Member] | Gourmet Foods [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Finance Lease, Liability, Current | 20,090 | 20,090 | |||||
Finance Lease, Liability, Noncurrent | 129,196 | 129,196 | |||||
Note Payable On Office Land And Building [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes Payable | 377,193 | 377,193 | |||||
Notes Payable, Current | 14,999 | 14,999 | |||||
Notes Payable, Noncurrent | 362,194 | 362,194 | |||||
Interest Expense, Debt | $ 4,026 | $ 4,013 | $ 8,014 | $ 7,977 | |||
[1] | Derived from audited financial statements |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Jun. 15, 2021 | Jan. 15, 2021 | Aug. 15, 2019 | Feb. 07, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2019 | |
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Outstanding | 49,360 | [1] | 53,032 | 49,360 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 152,250 | $ 152,250 | ||||||||||
Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Conversion of preferred stock to common stock (in shares) | 3,672 | 383,919 | 3,672 | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (3,672) | (383,919) | (3,672) | |||||||||
Shares, Outstanding | 53,032 | 49,360 | 53,032 | 49,360 | 49,360 | 53,032 | 53,032 | 53,032 | ||||
Stock Issued During Period, Value, Issued for Services | ||||||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Conversion of preferred stock to common stock (in shares) | (73,440) | (7,678,380) | (73,440) | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 73,440 | 7,678,380 | 73,440 | |||||||||
Shares, Outstanding | 49,360 | 37,485,959 | 37,412,519 | 37,485,959 | 37,485,959 | 37,412,519 | 37,412,519 | 37,237,519 | ||||
Stock Issued During Period, Shares, Issued for Services | 175,000 | 175,000 | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 175 | |||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 20 | |||||||||||
Conversion of Stock, Shares Converted | 3,672 | 383,919 | ||||||||||
Conversion of Stock, Shares Issued | 73,440 | 7,678,380 | ||||||||||
Preferred Stock, Shares Outstanding | 53,032 | 49,360 | ||||||||||
[1] | Derived from audited financial statements |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | [1] | Oct. 05, 2020 | Jul. 02, 2020 | Jun. 30, 2020 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,043,473 | $ 1,043,473 | $ 915,790 | |||
Printstock Products Ltd [Member] | Gourmet Foods [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash in bank | 118,774 | $ 118,774 | ||||
Accounts receivable | 384,222 | 384,222 | ||||
Prepayments/deposits | 1,372 | 1,372 | ||||
Inventories | 509,796 | 509,796 | ||||
Operating lease right-of-use asset | 201,699 | 201,699 | ||||
Property and equipment | 401,681 | 401,681 | ||||
Intangible assets | 134,965 | 134,965 | ||||
Goodwill | 127,683 | 127,683 | ||||
Deferred tax liability | (68,061) | $ 68,061 | 68,061 | |||
Assumed lease liabilities | (201,699) | 201,699 | ||||
Accounts payable and accrued expenses | (376,112) | 376,112 | ||||
Total Purchase Price | 1,234,320 | 1,234,320 | ||||
Deferred tax liability | 68,061 | $ (68,061) | (68,061) | |||
Assumed lease liabilities | 201,699 | (201,699) | ||||
Accounts payable and accrued expenses | 376,112 | (376,112) | ||||
Total Purchase Price | $ 1,234,320 | $ 1,234,320 | ||||
[1] | Derived from audited financial statements |
BUSINESS COMBINATIONS (Details
BUSINESS COMBINATIONS (Details Narrative) | Dec. 31, 2021NZD ($) | Aug. 13, 2021USD ($) | Aug. 13, 2021GBP (£) | Jul. 02, 2021NZD ($) | Dec. 31, 2020NZD ($) | Jul. 02, 2019USD ($) | Jul. 02, 2019NZD ($) | Dec. 31, 2021USD ($) | Oct. 05, 2020USD ($) | Jul. 02, 2020USD ($) |
Printstock Products Ltd [Member] | Gourmet Foods [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 1,900,000 | |||||||||
Payments to Acquire Businesses, Gross | $ 420,552 | $ 1,500,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ (68,061) | $ 68,061 | $ 68,061 | |||||||
Printstock Products Ltd [Member] | Gourmet Foods [Member] | Pro Forma [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 1,200,000 | $ 1,900,000 | ||||||||
Payments to Acquire Businesses, Gross | $ 420,552 | $ 1,500,000 | ||||||||
Tiger Financial And Asset Management Limited [Member] | Marygold Co Uk Limited [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 2,100,000 | £ 1,500,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||||
Unrecognized Tax Benefits | $ 300,000 | $ 300,000 | $ 302,335 | $ 289,738 | ||
Income Tax Penalties and Interest Expense, Unrecognized Tax Benefits | 0 | 50,389 | 37,792 | |||
Income Tax Expense (Benefit) | $ 84,252 | $ 438,398 | $ 322,997 | $ 1,204,120 | 1,785,458 | 562,962 |
Change in Valuation Allownace | 2,573 | |||||
Unrecognized Tax Benefits, If Recognized would impact Effective Tax Rate | $ 251,946 | $ 251,946 | ||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Open Tax Year | 2017 2018 2019 2020 | |||||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Open Tax Year | 2017 2018 2019 2020 | |||||
Foreign Tax Authority [Member] | New Zealand Revenue Agency [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Open Tax Year | 2017 2018 2019 2020 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 374,667 | |
Finance Lease, Liability, to be Paid, Remainder of Fiscal Year | 10,747 | |
2022 | 737,420 | $ 564,162 |
Finance Lease, Liability, to be Paid, Year One | 21,495 | |
2023 | 479,871 | 486,375 |
Finance Lease, Liability, to be Paid, Year Two | 21,495 | |
2024 | 180,910 | 228,505 |
Finance Lease, Liability, to be Paid, Year Three | 21,495 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 166,677 | |
Finance Lease, Liability, to be Paid, Year Four | 21,495 | |
[custom:LesseeOperatingLeaseLiabilityToBePaidAfterYearFour-0] | 69,449 | |
[custom:FinanceLeaseLiabilityToBePaidAfterYearFour-0] | 116,427 | |
Lessee, Operating Lease, Liability, to be Paid | 2,008,994 | 1,279,042 |
Finance Lease, Liability, Payment, Due | 213,154 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (233,971) | 158,411 |
Finance Lease, Liability, Undiscounted Excess Amount | (63,868) | |
Total operating lease liabilities | 1,775,023 | 1,120,631 |
Finance Lease, Liability | 149,286 | 0 |
Total minimum lease payments | 2,008,994 | 1,279,042 |
Less: Present value discount | $ 233,971 | $ (158,411) |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Dec. 01, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2022 | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2021NZD ($) | Jun. 30, 2021NZD ($) | Jun. 30, 2020NZD ($) | ||
Loss Contingencies [Line Items] | |||||||||||||||
Operating Lease, Expense | $ 209,172 | $ 161,440 | $ 411,261 | $ 325,942 | |||||||||||
Operating Lease, Right-of-Use Asset | $ 1,058,199 | [1] | 1,716,883 | 1,716,883 | $ 1,058,199 | [1] | $ 733,917 | ||||||||
Lessee, Operating Lease, Deferred Rent | 62,432 | 58,140 | 58,140 | 62,432 | |||||||||||
Operating Lease, Liability | 1,120,631 | 1,775,023 | 1,775,023 | 1,120,631 | |||||||||||
Finance Lease, Liability | $ 0 | $ 149,286 | $ 149,286 | $ 0 | |||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 10 months 13 days | 3 years 1 month 6 days | 3 years 1 month 6 days | 2 years 10 months 13 days | 3 years 1 month 6 days | 2 years 10 months 13 days | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.60% | 5.60% | 5.60% | 5.60% | 5.60% | 5.60% | |||||||||
Finance Lease, Weighted Average Remaining Lease Term | 10 years | 10 years | 10 years | ||||||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 5.80% | 5.80% | 5.80% | ||||||||||||
Restricted Cash and Cash Equivalents | $ 13,989 | $ 13,664 | $ 13,664 | $ 13,989 | 12,854 | $ 20,000 | $ 20,000 | $ 20,000 | |||||||
Expense Waivers | 69,684 | [1] | 128,748 | 128,748 | 69,684 | [1] | 421,892 | ||||||||
Loss Contingency Accrual | 0 | 0 | |||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0.054 | $ 0.048 | 0.088 | $ 0.081 | 159,000 | 153,000 | |||||||||
Lease Payment of the Company and Subsidiaries | 763,304 | 407,042 | |||||||||||||
Misappropriate Amount For Estatime Endcustomer Accounts Opened Fraudulently [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss Contingency, Loss in Period | 250,000 | ||||||||||||||
Primary Service Vendors [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Purchase Obligation | 647,000 | 357,000 | 357,000 | 647,000 | |||||||||||
Purchase Obligation, to be Paid, Year Two | 300,000 | 70,000 | 70,000 | 300,000 | |||||||||||
Purchase Obligation, to be Paid, Year One | 47,000 | 47,000 | |||||||||||||
Purchase Obligation, to be Paid, Year Three | 300,000 | 300,000 | |||||||||||||
U N L [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Expense Waivers | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 400,000 | ||||||||||
U S C F [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Defined Contribution Plan, Minimum Age Requirement for Participation (Year) | 21 years | 21 years | |||||||||||||
[custom:DefinedContributionPlanRequirementMinimumHoursOfService] | 1000 hours | ||||||||||||||
Lease For Office Space In Walnut Creek California [Member] | Wainwright [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Lessee, Operating Lease, Term of Contract | 3 years | 3 years | 3 years | ||||||||||||
[custom:OperatingLeaseMonthlyRent] | $ 13,063 | $ 13,063 | |||||||||||||
Leased Factory And Warehouse Located In Tauranga New Zealand [Member] | Gourmet Foods [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
[custom:OperatingLeaseMonthlyRent] | $ 23,533 | $ 232,198 | |||||||||||||
Lessor, Operating Lease, Term of Contract | 3 years | 3 years | 3 years | ||||||||||||
Leases Office And Storage Facilities In Regina Saskatchewan [Member] | Gourmet Foods [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Finance Lease, Monthly Rent | $ 1,558 | 1,558 | |||||||||||||
[custom:FinanceLeaseMinimumLeaseObligationMonthlyPayments-0] | $ 2,588 | $ 2,588 | |||||||||||||
Office And Warehouse Space In San Clemente C A [Member] | The Original Sprout L L C [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
[custom:OperatingLeaseMonthlyRent] | $ 22,750 | $ 21,875 | |||||||||||||
Lessor, Operating Lease, Term of Contract | 3 years | 3 years | 3 years | ||||||||||||
Solar Energy Lease [Member] | Gourmet Foods [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Lessee, Finance Lease, Term of Contract | 10 years | 10 years | 10 years | ||||||||||||
Solar Energy Lease [Member] | Gourmet Foods [Member] | Depreciation Expense [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Finance Lease, Right-of-Use Asset, Amortization | $ 415 | $ 415 | |||||||||||||
Solar Energy Lease [Member] | Gourmet Foods [Member] | Interest Expense [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Finance Lease, Interest Expense | 39 | 39 | |||||||||||||
Solar Energy Lease [Member] | Gourmet Foods [Member] | Property, Plant and Equipment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 150,625 | 150,625 | |||||||||||||
Solar Energy Lease [Member] | Gourmet Foods [Member] | Longterm And Shortterm Loansproperty And Equipment Net Of Principal Payments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Finance Lease, Liability | 149,286 | 149,286 | |||||||||||||
General Security Lease Agreement [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Operating Lease Arrangement, Collateral Amount | $ 76,937 | 75,146 | 75,146 | $ 76,937 | $ 110,000 | $ 110,000 | |||||||||
Lease Of Separate Facilities [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Restricted Cash and Cash Equivalents | $ 13,989 | $ 13,664 | $ 13,664 | 13,989 | $ 20,000 | $ 20,000 | |||||||||
Leased Factory And Warehouse Located In Regina Saskatchewan Canada [Member] | Brigadier [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
[custom:OperatingLeaseMonthlyRent] | $ 2,659 | ||||||||||||||
[1] | Derived from audited financial statements |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) | Jul. 02, 2020 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated | $ 30,876,434 | $ 30,876,434 | $ 31,507,680 | [1] | $ 24,290,919 | ||||||||
Consolidated total | 219,904 | $ 174,656 | 407,629 | $ 355,764 | 723,456 | 734,922 | |||||||
Consolidated total | 1,023,335 | $ (1,880,993) | 1,351,788 | $ 2,219,434 | (857,658) | 3,571,222 | 5,849,443 | 1,773,401 | |||||
Consolidated | 428 | 24,556 | 3,988 | 431,894 | 479,402 | 559,274 | |||||||
Printstock Products Ltd [Member] | Gourmet Foods [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated | $ 401,681 | 401,681 | |||||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated total | 9,445,116 | 9,961,822 | 19,173,990 | 20,707,880 | |||||||||
Consolidated total | 1,023,335 | 1,351,788 | (857,658) | 3,571,222 | |||||||||
U S A Investment Fund Management [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated | 16,386,171 | 16,386,171 | 17,467,044 | 12,834,581 | |||||||||
Consolidated total | 9,983,156 | 2,850,451 | |||||||||||
Consolidated | |||||||||||||
U S A Investment Fund Management [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated total | 5,701,384 | 6,149,415 | 11,358,411 | 13,185,716 | |||||||||
Consolidated total | 1,985,141 | 2,269,276 | 1,617,234 | 5,498,271 | |||||||||
U S A Beauty Products And Other [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated | 3,870,938 | 3,870,938 | 4,024,803 | 3,611,471 | |||||||||
Consolidated total | (191,857) | 215,620 | |||||||||||
Consolidated | 428 | 27,930 | 948 | 28,757 | 41,974 | 6,242 | |||||||
U S A Beauty Products And Other [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated total | 992,852 | 1,060,225 | 2,013,924 | 2,032,968 | |||||||||
Consolidated total | (12,718) | (61,234) | (8,196) | 4,038 | |||||||||
New Zealand Food Industry Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated | 4,655,674 | 4,655,674 | 3,831,539 | 2,606,256 | |||||||||
Consolidated total | 469,028 | 326,448 | |||||||||||
Consolidated | 4,303 | 3,040 | [2] | 417,465 | [2] | 436,775 | [3] | 133,975 | [3] | ||||
New Zealand Food Industry Segment [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated total | 2,108,257 | 2,134,402 | 4,468,402 | 4,191,974 | |||||||||
Consolidated total | 136,465 | 239,830 | 289,667 | 332,128 | |||||||||
Canada Security Alarm [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated | 2,513,760 | 2,513,760 | 2,671,286 | 2,347,327 | |||||||||
Consolidated total | 284,151 | 294,295 | |||||||||||
Consolidated | (7,677) | (14,981) | 416,271 | ||||||||||
Canada Security Alarm [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated total | 642,623 | 617,780 | 1,333,253 | 1,297,222 | |||||||||
Consolidated total | 62,547 | 31,610 | 140,954 | 198,693 | |||||||||
Corporate Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated | 3,449,891 | 3,449,891 | 3,513,008 | 2,891,284 | |||||||||
Consolidated total | (4,695,035) | (1,913,413) | |||||||||||
Consolidated | 653 | $ 653 | $ 2,786 | ||||||||||
Corporate Segment [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Consolidated total | $ (1,148,100) | $ (1,127,694) | $ (2,897,317) | $ (2,461,908) | |||||||||
[1] | Derived from audited financial statements | ||||||||||||
[2] | Includes $ 401,681 July 2020. 13, | ||||||||||||
[3] | Includes $ 401,681 Business Combinations |
SEGMENT REPORTING (Details 5)
SEGMENT REPORTING (Details 5) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Segment Reporting Information [Line Items] | |||||
Total all locations | $ 3,466,444 | $ 3,420,886 | $ 2,684,985 | ||
Less accumulated depreciation | (1,906,438) | [1] | (1,847,441) | [1] | (1,487,793) |
Net property, plant and equipment | 1,560,006 | 1,573,445 | [2] | 1,197,192 | |
Property, Plant and Equipment [Member] | Solar Energy Lease [Member] | Gourmet Foods [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 150,625 | ||||
U S A Investment Fund Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total all locations | |||||
U S A Beauty Products And Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total all locations | 59,909 | 58,961 | 16,987 | ||
New Zealand Food Industry Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total all locations | 2,416,722 | [3] | 2,345,569 | [3] | 1,721,195 |
Canada Security Alarm [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total all locations | 972,069 | 998,612 | 929,712 | ||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total all locations | $ 17,744 | $ 17,744 | $ 17,091 | ||
[1] | Included with accumulated depreciation is the amortization of the underlying assets of the solar energy finance lease at Gourmet Foods, which totaled $ 415 | ||||
[2] | Derived from audited financial statements | ||||
[3] | Includes the underlying assets of the solar energy system finance lease totaling $ 150,625 |
SEGMENT REPORTING (Details Narr
SEGMENT REPORTING (Details Narrative) - Number | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Segment Reporting [Abstract] | ||
Number of Reportable Segments | 4 | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Live of Property Plant And Equipment | 39 years | 39 years |
Plant and equipment | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Live of Property Plant And Equipment | 5 years | 5 years |
Plant and equipment | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Live of Property Plant And Equipment | 10 years | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Live of Property Plant And Equipment | 3 years | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Live of Property Plant And Equipment | 5 years | 5 years |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Live of Property Plant And Equipment | 3 years | 3 years |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Live of Property Plant And Equipment | 5 years | 5 years |
BUSINESS COMBINATION (Details 2
BUSINESS COMBINATION (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic and diluted earnings per share | $ 0.03 | $ 0.04 | $ (0.02) | $ 0.09 | $ 0.15 | $ 0.05 |
Printstock Products Ltd [Member] | Gourmet Foods [Member] | ||||||
Net revenues | $ 26,748,988 | |||||
Net income | $ 1,773,401 | |||||
Basic and diluted earnings per share | $ 0.05 | |||||
Printstock Products Ltd [Member] | Gourmet Foods [Member] | Pro Forma [Member] | ||||||
Net revenues | $ 29,429,415 | |||||
Net income | $ 1,983,542 | |||||
Basic and diluted earnings per share | $ 0.05 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Subsequent Events [Abstract] | ||
U.S. | $ 6,983,223 | $ 1,981,773 |
Foreign | 651,678 | 354,590 |
Income before income taxes | $ 7,634,901 | $ 2,336,363 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Subsequent Events [Abstract] | ||||||
U.S. operations | $ 1,488,351 | $ 425,639 | ||||
Foreign operations | 297,107 | 137,323 | ||||
Total | $ 84,252 | $ 438,398 | $ 322,997 | $ 1,204,120 | 1,785,458 | 562,962 |
Current: | ||||||
Federal | 1,426,303 | 274,229 | ||||
States | 122,052 | 64,861 | ||||
Foreign | 256,195 | 179,709 | ||||
Total current | 1,804,550 | 518,799 | ||||
Deferred: | ||||||
Federal | (56,397) | 94,273 | ||||
States | (3,607) | (7,723) | ||||
Foreign | 40,912 | (42,387) | ||||
Total deferred | $ (19,092) | $ 44,163 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Deferred tax assets: | ||
Property and equipment and intangible assets - U.S. | $ 469,403 | $ 529,694 |
Net operating loss | 14,220 | |
Accruals, reserves and other - U.S. | 336,823 | 229,568 |
Leasing assets | 245,819 | 125,480 |
Leasing liabilities | (238,789) | (117,270) |
Gross deferred tax assets | 827,476 | 767,472 |
Less valuation allowance | ||
Total deferred tax assets | 827,476 | 767,472 |
Deferred tax liabilities: | ||
Intangible assets - foreign | (150,878) | (144,653) |
Accruals, reserves and other - foreign | (18,551) | 16,136 |
Total deferred tax liabilities | (169,429) | (128,517) |
Total net deferred tax assets | $ 658,047 | $ 638,955 |
INCOME TAXES (Details 4)
INCOME TAXES (Details 4) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Subsequent Events [Abstract] | ||||||
Federal tax expense (benefit) at statutory rate | $ 1,603,764 | $ 490,638 | ||||
State income taxes | 92,813 | 43,517 | ||||
Permanent differences | 17,737 | 26,724 | ||||
Foreign tax credit | (88,648) | (58,203) | ||||
Change in valuation allowance | (2,573) | |||||
Foreign rate differential | 159,792 | 62,859 | ||||
Total | $ 84,252 | $ 438,398 | $ 322,997 | $ 1,204,120 | $ 1,785,458 | $ 562,962 |
Federal tax expense (benefit) at statutory rate | 2100.00% | 2100.00% | ||||
State income taxes | 122.00% | 186.00% | ||||
Permanent differences | 23.00% | 115.00% | ||||
Foreign rate differential | 209.00% | 269.00% | ||||
Foreign tax credit | 116.00% | 249.00% | ||||
Change in valuation allowance | 0.00% | (11.00%) | ||||
Total tax expense | 2338.00% | 2410.00% |
INCOME TAXES (Details 5)
INCOME TAXES (Details 5) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Subsequent Events [Abstract] | |
Balance at June 30, 2020 | $ 289,738 |
Additions based on tax positions taken during a prior period | 12,597 |
Reductions based on tax positions taken during a prior period | |
Additions based on tax positions taken during the current period | |
Reductions based on tax positions taken during the current period | |
Reductions related to settlement of tax matters | |
Reductions related to a lapse of applicable statute of limitations | |
Balance at June 30, 2021 | $ 302,335 |
SEGMENT REPORTING (Details 2)
SEGMENT REPORTING (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated | $ 9,445,116 | $ 9,961,822 | $ 19,173,990 | $ 20,707,880 | $ 39,904,448 | $ 26,748,988 |
U S A Investment Fund Management [Member] | ||||||
Consolidated | 25,169,182 | 15,459,061 | ||||
U S A Beauty Products And Other [Member] | ||||||
Consolidated | 3,756,512 | 3,883,953 | ||||
New Zealand Food Industry Segment [Member] | ||||||
Consolidated | 8,263,267 | 4,745,821 | ||||
Canada Security Alarm [Member] | ||||||
Consolidated | $ 2,715,487 | $ 2,660,153 |
SEGMENT REPORTING (Details 3)
SEGMENT REPORTING (Details 3) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 1,023,335 | $ (1,880,993) | $ 1,351,788 | $ 2,219,434 | $ (857,658) | $ 3,571,222 | $ 5,849,443 | $ 1,773,401 |
U S A Investment Fund Management [Member] | ||||||||
Net income | 9,983,156 | 2,850,451 | ||||||
U S A Beauty Products And Other [Member] | ||||||||
Net income | (191,857) | 215,620 | ||||||
New Zealand Food Industry Segment [Member] | ||||||||
Net income | 469,028 | 326,448 | ||||||
Canada Security Alarm [Member] | ||||||||
Net income | 284,151 | 294,295 | ||||||
Corporate Segment [Member] | ||||||||
Net income | $ (4,695,035) | $ (1,913,413) |
SEGMENT REPORTING (Details 4)
SEGMENT REPORTING (Details 4) - USD ($) | Jul. 02, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||||
Consolidated | $ 428 | $ 24,556 | $ 3,988 | $ 431,894 | $ 479,402 | $ 559,274 | |||||
Printstock Products Ltd [Member] | Gourmet Foods [Member] | |||||||||||
Consolidated | $ 401,681 | 401,681 | |||||||||
U S A Investment Fund Management [Member] | |||||||||||
Consolidated | |||||||||||
U S A Beauty Products And Other [Member] | |||||||||||
Consolidated | 428 | 27,930 | 948 | 28,757 | 41,974 | 6,242 | |||||
New Zealand Food Industry Segment [Member] | |||||||||||
Consolidated | 4,303 | 3,040 | [1] | 417,465 | [1] | 436,775 | [2] | 133,975 | [2] | ||
Canada Security Alarm [Member] | |||||||||||
Consolidated | (7,677) | (14,981) | 416,271 | ||||||||
Corporate Segment [Member] | |||||||||||
Consolidated | $ 653 | $ 653 | $ 2,786 | ||||||||
[1] | Includes $ 401,681 July 2020. 13, | ||||||||||
[2] | Includes $ 401,681 Business Combinations |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Aug. 25, 2021 | Aug. 13, 2021USD ($) | Aug. 13, 2021GBP (£) | Aug. 02, 2021USD ($) | Aug. 02, 2021GBP (£) |
Marygold Co Uk Limited [Member] | Tiger Financial And Asset Management Limited [Member] | |||||
Subsequent Event [Line Items] | |||||
Business Combination, Consideration Transferred | $ 2,100,000 | £ 1,500,000 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Amendments to Article Of Incorporation Written Consent Percentage Of Majority Stockholders | 59.33% | ||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Minimum [Member] | |||||
Subsequent Event [Line Items] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 | ||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2.75 | ||||
Subsequent Event [Member] | Marygold Co Uk Limited [Member] | |||||
Subsequent Event [Line Items] | |||||
Cash | $ 70,000 | £ 50,000 | |||
Subsequent Event [Member] | Marygold Co Uk Limited [Member] | Tiger Financial And Asset Management Limited [Member] | |||||
Subsequent Event [Line Items] | |||||
Business Combination, Consideration Transferred | $ 2,100,000 | £ 1,500,000 |