Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Oct. 08, 2013 | |
Notes payable to shareholder, interest rate of 6%, unsecured and payable on December 31, 2012 | ||
Entity Registrant Name | CONCIERGE TECHNOLOGIES INC | |
Entity Central Index Key | 1005101 | |
Document Type | 10-K | |
Document Period End Date | 30-Jun-13 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $3,817,672 | |
Entity Common Stock, Shares Outstanding | 240,284,270 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2013 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
CURRENT ASSETS: | ||
Cash & cash equivalents | $39,444 | $102,022 |
Accounts receivable, net allowance for doubtful accounts of $25,926 and $12,486, respectively | 113,386 | 264,309 |
Due from related party | 11,084 | 10,084 |
Inventory | 190,281 | 37,442 |
Advance to supplier | 4,900 | 0 |
Assets of disposed subsidiary | 12,411 | |
Total current assets | 359,095 | 426,268 |
Security deposits | 11,222 | 11,222 |
Property and equipment, net | 14,978 | 6,799 |
Total assets | 385,295 | 444,289 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 522,773 | 452,637 |
Account payable - related parties | 77,062 | |
Advance from customers | 202 | 9,250 |
Notes payable - related parties | 28,000 | 150,000 |
Liabilities of disposed subsidiary | 3,715 | |
Total current liabilities | 550,975 | 692,664 |
NON-CURRENT LIABILITIES: | ||
Long term notes payable of disposed subsidiary | 20,000 | |
Related party convertible debenture, net | 204,700 | 88,672 |
Total long term liabilities | 204,700 | 108,672 |
Total liabilities | 755,675 | 801,336 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, 50,000,000 authorized par $0.001 at June 30, 2013 and 2012 Series A: 206,186 shares issued and outstanding | 206 | 206 |
Preferred stock, 50,000,000 authorized par $0.001 Series B: 9,498,409 and 273,333 shares issued and outstanding at June 30, 2013 and June 30, 2012, respectively | 9,498 | 273 |
Common stock, $0.001 par value; 900,000,000 shares authorized; 240,284,270 and 235,617,610 shares issued and outstanding at June 30, 2013 and June 30, 2012, respectively | 240,285 | 235,618 |
Additional paid-in capital | 3,953,521 | 3,805,357 |
Accumulated deficit | -4,573,889 | -4,668,865 |
Total | -370,380 | -627,411 |
Non-controlling interest | 270,364 | |
Total deficit | -370,380 | -357,047 |
Total liabilities and deficit | $385,295 | $444,289 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
ASSETS | ||
Allowance for doubtful accounts | $25,186 | $12,486 |
Stockholders equity: | ||
Preferred stock Series A, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock Series A, issued shares | 206,186 | 206,186 |
Preferred stock Series A, outstanding shares | 206,186 | 206,186 |
Preferred stock Series B, par value | $0.00 | $0.00 |
Preferred stock Series B, issued shares | 273,333 | 273,333 |
Preferred stock Series B, outstanding shares | 273,333 | 273,333 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 900,000,000 | 900,000,000 |
Common stock, issued shares | 240,284,270 | 235,617,610 |
Common stock, outstanding shares | 240,284,270 | 235,617,610 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Income Statement [Abstract] | ||
Net revenue | $2,207,756 | $2,431,687 |
Cost of revenue | 1,237,813 | 1,372,543 |
Gross profit | 969,943 | 1,059,144 |
Operating expenses: | ||
General & administrative expenses | 1,147,556 | 817,014 |
Other income (expense) | ||
Interest expense | -13,827 | -37,536 |
Other income | 11,557 | 91,623 |
Beneficial conversion feature expense | -9,439 | -50,068 |
Total other income (expense) | -11,709 | 4,019 |
Income (Loss) from continuing operations before income taxes | -189,322 | 246,149 |
Provision of income taxes | 22,763 | 800 |
Income (Loss) from Continuing Operations | -212,085 | 245,349 |
Gain on disposal of subsidiary | 340,743 | |
Loss from discontinued subsidiary | -65,057 | -8,429 |
Income (Loss) from Discontinued Operations, Net | 275,686 | -8,429 |
Net Income | 63,601 | 236,920 |
Income (loss) attributable to Non-controlling interest | -31,375 | 161,433 |
Net Income attributable to Concierge Technologies | $94,976 | $75,487 |
Weighted average shares of common stock | ||
Basic | 236,861,198 | 234,907,062 |
Diluted | 237,391,751 | 234,925,111 |
Net loss per common share - continuing operations | ||
Basic | $0 | $0 |
Diluted | $0 | $0 |
Net loss per common share - discontinued operations | ||
Basic | $0 | $0 |
Diluted | $0 | $0 |
STATEMENT_OF_CHANGES_IN_DEFICI
STATEMENT OF CHANGES IN DEFICIT (USD $) | Preferred Stock (Series A) | Preferred Stock (Series B) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Concierge Technologies' Deficit | Non-controlling Interest | Total |
Beginning Balance - Amount at Jun. 30, 2011 | $596 | $273 | $233,668 | $3,806,917 | ($4,744,353) | ($702,899) | $108,931 | ($593,968) |
Beginning Balance - Shares at Jun. 30, 2011 | 596,186 | 273,333 | 233,667,610 | |||||
Preferred shares issued for loan commitment fee, Amount | ||||||||
Series A preferred shares converted to common shares, Shares | -390,000 | 1,950,000 | ||||||
Series A preferred shares converted to common shares, Amount | -390 | 1,950 | -1,560 | |||||
Non-controlling Interest | 161,433 | 161,433 | ||||||
Net loss | 75,487 | 75,487 | 75,487 | |||||
Ending Balance, Amount at Jun. 30, 2012 | 206 | 273 | 235,618 | 3,805,357 | -4,668,865 | -627,411 | 270,364 | -357,047 |
Ending Balance, Shares at Jun. 30, 2012 | 206,186 | 273,333 | 235,617,610 | |||||
Series B preferred shares issued in settlement of debenture, Shares | 560,000 | |||||||
Series B preferred shares issued in settlement of debenture, Amount | 560 | 111,440 | 112,000 | 112,000 | ||||
Forgiveness of related party loans | 75,450 | 75,450 | 75,450 | |||||
Series B preferred shares issued to acquire Non Controlling Interest, Shares | 10,000,000 | |||||||
Series B preferred shares issued to acquire Non Controlling Interest, Amount | 10,000 | 228,988 | 238,988 | -238,988 | ||||
Preferred shares issued for loan commitment fee, Amount | 112,000 | |||||||
Series A preferred shares converted to common shares, Amount | 4,667 | |||||||
Series B preferred shares converted to common shares, Shares | -233,333 | 4,666,666 | ||||||
Series B preferred shares converted to common shares, Amount | -233 | 4,667 | -4,434 | |||||
Series B preferred shares cancelled in lieu of sale of subsidiary, Shares | -1,101,591 | |||||||
Series B preferred shares cancelled in lieu of sale of subsidiary, Amount | -1,102 | -263,280 | -264,382 | -264,382 | ||||
Gain on sale of subsidiary | 340,744 | 340,744 | 340,744 | |||||
Net loss | -245,768 | -245,768 | -31,375 | -277,144 | ||||
Ending Balance, Amount at Jun. 30, 2013 | $206 | $9,498 | $240,285 | $3,953,521 | ($4,573,889) | ($370,380) | ($370,380) | |
Ending Balance, Shares at Jun. 30, 2013 | 206,186 | 9,498,409 | 240,284,276 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $94,976 | $75,487 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Gain on disposal of subsidiary | -340,744 | |
Non-controlling interest | -31,375 | 161,433 |
Depreciation | 4,607 | 1,804 |
Allowance for bad debt | 12,700 | 12,486 |
Beneficial conversion feature expense | 9,439 | 50,068 |
Amortization of debt issuance cost | 1,888 | 10,014 |
(Increase) decrease in current assets: | ||
Accounts receivable | 138,223 | -235,107 |
Advance to supplier | -4,900 | |
Inventory | -152,839 | 102,791 |
Security deposit | -3,500 | |
Increase (decrease) in current liabilities: | ||
Accounts payable & accrued expenses | 165,974 | -86,329 |
Accounts payable - related parties | -1,612 | 1,612 |
Advances from customers | -9,048 | -4,850 |
Net cash provided by (used in) operating activities - continuing operations | -112,710 | 85,909 |
Net cash provided by (used in) operating activities - discontinued operations | 136 | |
Net cash provided by (used in) operating activities | -112,710 | 86,045 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | -12,786 | -6,297 |
Due from related party | -1,000 | 980 |
Net cash used in investing activities - continuing operations | -13,786 | -5,317 |
Net cash used in investing activities | -13,786 | -5,317 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments to related parties | -20,000 | |
Cash eliminated upon sales of Planet Halo | -12,410 | |
Net cash used in financing activities - continuing operations | -20,000 | |
Net cash provided by (used in) financing activities - discontinued operations | 63,918 | -12,410 |
Net cash provided by (used in) financing activities | 63,918 | -32,410 |
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS | -62,579 | 48,318 |
CASH & CASH EQUIVALENTS, BEGINNING BALANCE | 102,022 | 53,704 |
CASH & CASH EQUIVALENTS, ENDING BALANCE | 39,444 | 102,022 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Series A preferred shares converted to common shares | 390 | |
Series B preferred shares issued for debt and accrued interest | 112,000 | |
Forgiveness of accounts payable-related parties | 75,450 | |
Consolidation of PF notes into convertible debenture | 204,700 | |
Buyout of non-controlling interest in Wireless Village | 2,400,000 | |
Sale of Planet Halo shares to shareholder | 264,382 | |
Conversion of Series B preferred stock shares to common stock shares | $4,667 |
1_ORGANIZATION_AND_DESCRIPTION
1. ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
Concierge Technologies, Inc., (the “Company”), a Nevada corporation, was originally incorporated in California on August 18, 1993 as Fanfest, Inc. On March 20, 2002, the Company changed its name to Concierge Technologies, Inc. The Company’s principal operations include the purchase and sale of digital equipment through its wholly owned subsidiary Wireless Village doing business as Janus Cam |
2_SUMMARY_OF_SIGNIFICANT_ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Principles of Consolidation |
The accompanying consolidated financial statements include the accounts of Concierge Technologies, Inc. (parent), and its wholly owned subsidiary, Wireless Village. All significant inter-company transactions and accounts have been eliminated in consolidation. A wholly owned subsidiary of the Company, Planet Halo was disposed during the current year and hence, has been eliminated from the accompanying Consolidated Financial Statements. | |
Use of Estimates | |
The preparation of consolidated financial statements is in conformity with accounting principles generally accepted in the United States of America 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 | |
For purposes of the consolidated statement of cash flows, cash equivalents include all highly liquid debt instruments with original maturities of three months or less which are not securing any corporate obligations. | |
Allowance for Doubtful Debts | |
The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns. Reserves are recorded primarily 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. The Company determined that an allowance of $25,186 and $12,486 was necessary for the years ended June 30, 2013 and 2012, respectively. | |
Inventory | |
Inventories are valued at the lower of cost (determined on a FIFO basis) or market. Inventories include product cost, inbound freight and warehousing costs. Management compares the cost of inventories with the market value and an allowance is made for writing down the inventories to their market value, if lower. | |
Property and Equipment | |
Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and improvements are capitalized. 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 an estimated useful life of three years. | |
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. | |
Fair Value of Financial Instruments | |
The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, and accounts payable. | |
The three levels are defined as follows: | |
Level 1: Quoted prices in active markets for identical assets or liabilities. | |
Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments. | |
Revenue Recognition | |
Revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist, and collectability is reasonably assured. | |
Share-based Compensation | |
The Company measures stock-based compensation cost at the grant date based on the fair value of the award and recognize it as expense over the applicable vesting period of the stock award (generally four to five years) using the straight-line method. | |
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. | |
Segment Reporting | |
ASC Topic 280, “Segment Report,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. ASC Topic 280 has no effect on the Company’s consolidated financial statements as the Company consists of one reportable business segment. | |
Recent Accounting Pronouncements | |
Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For example, an entity should not evaluate whether the deferred tax asset expires before the statute of limitations on the tax position or whether the deferred tax asset may be used prior to the unrecognized tax benefit being settled. The amendments in this Update do not require new recurring disclosures. ASU Topic No. 2013 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
Accounting Standards Update No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity: This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. ASU Topic No. 2013-05 is effective for our fiscal year 2014, although early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for the Company beginning July 1, 2014. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. | |
FASB Accounting Standards Update No. 2012-02 | |
On July 27, 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. If an entity concludes that it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the fair value of the indefinite-lived intangible asset to measure the amount of actual impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on the Company’s financial statements. | |
FASB Accounting Standards Update No. 2013-02 | |
In February 2013, the FASB issued ASU No. 2013-02, which amends the authoritative accounting guidance under ASC Topic 220 “Comprehensive Income.” The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under generally accepted accounting principles in the United States of America (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. Adoption of this update is not expected to have a material effect on the Company’s consolidated results of operations or financial condition. | |
In December 2011, the FASB issued guidance on offsetting (netting) assets and liabilities. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The new guidance is effective for annual periods beginning after January 1, 2013. |
3_BASIC_AND_DILUTED_NET_LOSS_P
3. BASIC AND DILUTED NET LOSS PER SHARES | 12 Months Ended |
Jun. 30, 2013 | |
Net loss per common share - continuing operations | |
3. BASIC AND DILUTED NET LOSS PER SHARES | Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. However, diluted net loss per share for the years ended June 30, 2013 and June 30, 2012 does not reflect the effects of shares potentially issuable upon conversion of convertible notes. These potentially issuable shares would have an anti-dilutive effect on the Company’s net loss per share. |
4_GOING_CONCERN
4. GOING CONCERN | 12 Months Ended |
Jun. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company has an accumulated deficit of $4,573,889 as of June 30 2013, including a net income of $63,601 during the year ended June 30, 2013. The historical losses have adversely affected the liquidity of the Company. The current yearly operations resulted in a net income that, in part, was due to a gain of $275,686 through the disposal of its wholly owned subsidiary, Planet Halo, and although losses were minimal during the current fiscal year, the Company faces continuing significant business risks, which include, but are not limited to, its ability to maintain vendor and supplier relationships by making timely payments when due, continue product research and development efforts, and successfully compete for customers. |
In view of the matters described in the preceding paragraph, recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to increase profitability from operations, obtain financing, and succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts or classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. Management devoted considerable effort from inception through the period ended June 30, 2013, towards (i) establishment of sales distribution channels for its products, (ii) management of accrued expenses and accounts payable, (iii) initiation of the business strategies of Wireless Village, the sale of a non-revenue producing subsidiary, and (iv) acquisition of suitable synergistic partners for business opportunities in mobile incident reporting that generate immediate revenues. | |
Management believes that the above actions will allow the Company to continue operations for the next 12 months. | |
5_PROPERTY_AND_EQUIPMENT
5. PROPERTY AND EQUIPMENT | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
PROPERTY AND EQUIPMENT | Property and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extends the life of property and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Property and equipment are being depreciated and amortized on the straight-line basis over the following estimated useful lives. | ||||||||
Estimated Useful Lives | |||||||||
Furniture & Office Equipment | Three Years | ||||||||
Network Hardware & Software | Three Years | ||||||||
Site Installation Materials | Three Years | ||||||||
As of June 30, 2013 and June 30, 2012, property and equipment consisted of the following: | |||||||||
June 30, | June 30, | ||||||||
2013 | 2012 | ||||||||
Furniture & Office Equipment | $ | 15,392 | $ | 26,852 | |||||
Network Hardware & Software | 28,428 | 55,254 | |||||||
Site Installation Materials | - | 1,813 | |||||||
Total Fixed Assets | 43,820 | 83,919 | |||||||
Accumulated Depreciation | 28,842 | (77,120 | ) | ||||||
Total Fixed Assets, Net | $ | 14,978 | $ | 6,799 | |||||
Depreciation expense amounted to $4,607 and $1,804 for the years then ended June 30, 2013 and 2012, respectively. | |||||||||
6_RELATED_PARTY_TRANSACTIONS
6. RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | |||||||||
RELATED PARTY TRANSACTIONS | Due from Related Party | ||||||||
Notes receivable to related party is comprised of two notes of $5,000 each. The principal of these notes were due and payable on or before May 1, 2012. The notes are unsecured and non-interest bearing until maturity, after which time interest is calculated at 10% per annum. Total interest due as of June 30, 2013 was $1,084. | |||||||||
Accounts Payable – Related Parties | |||||||||
Prior to May 2013, Concierge Technologies, Inc. had no bank account in its own name. The Wallen Group, a consulting company headed by the C.E.O. and director of the Company, maintained an administrative account for the Company. As of June 30, 2012, The Wallen Group was owed $1,612 by the Company. At June 30, 2013, the Company owed no money to the Wallen Group and the Wallen Group no longer maintained an administrative account for the Company. | |||||||||
As of June 30, 2012, the Company had accounts payable to a related party in the amount of $75,450 related to hardware purchases from 3rd Eye Cam, a California general partnership whose founders are now directors of Wireless Village. During the current fiscal year, the debt was forgiven and no balance is due as of June 30, 2013. | |||||||||
Notes Payable - Related Parties | |||||||||
Current related party notes payable consist of the following: | |||||||||
30-Jun-13 | 30-Jun-12 | ||||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | $ | 35,000 | ||||||
Notes payable to director/shareholder, noninterest-bearing, unsecured and payable on demand | 8,500 | 8,500 | |||||||
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 (past due) | 5,000 | 5,000 | |||||||
Notes payable to shareholder, interest rate of 10%, unsecured and payable on December 31, 2012 | - | 28,000 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | 14,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 3,500 | 3,500 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | 20,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 5,000 | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 5,000 | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 6%, unsecured and payable on December 31, 2012 | 1,000 | 1,000 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | 15,000 | |||||||
Notes payable to shareholder, interest rate of 6%, unsecured and payable on December 31, 2012 | - | 10,000 | |||||||
28,000 | 150,000 | ||||||||
Long-term related party notes payable consist of the following: | |||||||||
30-Jun-12 | 30-Jun-11 | ||||||||
Notes payable to shareholder, interest rate of 3%, unsecured and payable on April 1, 2014 | - | 20,000 | |||||||
$ | - | $ | 20,000 | ||||||
On September 8, 2010 we entered into a loan agreement containing certain conversion features whereby the note holder could convert the principal amount of the loan, $100,000, together with accrued interest at the rate of 6% per annum, into shares of our Series B Convertible, Voting, Preferred stock at the conversion rate of $0.20 per share. The Series B Convertible, Voting, Preferred stock could then be further converted to common stock at a ratio of 1:20 after being held for a minimum period of 270 days from the date of issuance. The result of the conversion to common stock would be the issuance of 10,000,000 shares with a fair market value set at the date of the debenture at $0.025 creating a beneficial conversion feature to the debenture equal to $100,000. The cost of the beneficial conversion feature is being amortized over the 2-year life of the debenture and is listed on the Statement of Operations as “Beneficial conversion feature expense”. A total of $9,439 and $50,068 was amortized for the years ended June 30, 2013 and 2012. A total of $100,000 has been amortized with no balance remaining as of June 30, 2013. | |||||||||
On January 1, 2013 we consolidated all outstanding notes payable due a related party into one loan agreement containing certain conversion features whereby the note holder could convert the principal amount of the loan, $204,700 comprised of the sum total of the principal amounts of the individual notes, $122,000, plus $82,700 in accrued interest applicable to those notes, together with accrued interest at the rate of 4.944% per annum, into shares of our common stock at the conversion rate of $0.02 per share. The accrued interest on this $204,700 convertible debenture as of June 30, 2013 was $4,991 and is included in the interest expense recorded for the year ending June 30, 2013. There was no beneficial conversion feature involved in the new note. |
7_ACCOUNTS_PAYABLE_AND_ACCRUED
7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | |||||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | Accounts payable and accrued expenses consisted of the following: | ||||||||
30-Jun-13 | 30-Jun-12 | ||||||||
Accounts payable | $ | 279,992 | $ | 106,569 | |||||
Tax reserve | 44,881 | 94,595 | |||||||
Accrued judgment | 135,000 | 135,000 | |||||||
Accrued interest | 19,351 | 91,973 | |||||||
Auditing | 24,500 | 24,500 | |||||||
Payroll Tax Liability | 19,049 | - | |||||||
Total | $ | 522,773 | $ | 452,638 | |||||
8_EQUITY_TRANSACTIONS
8. EQUITY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2013 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS | Shares Issued in Connection with Financing Cost |
In connection with the debenture of September 8, 2010, the Company also paid a loan commitment fee in the form of 40,000 shares of Series B Convertible, Voting, Preferred stock, which could then be further converted to common stock at a ratio of 1:20 after being held for a minimum period of 270 days from the date of issuance. The result of the conversion to common stock would be the issuance of 800,000 shares. The fair market value was set at the date of the issuance at $0.025 per share giving rise to a valuation of $20,000. This amount was amortized over the life of the debenture, two years, with the entire amount expensed as of September 8, 2012. The amount expensed for the years ending June 30, 2013 and 2012 were $1,888 and $9,986 respectively. | |
During the current year, the Company authorized 560,000 shares of Series B Convertible, Voting, Preferred stock in settlement of $100,000 due in principal and $12,000 due in accrued interest related to the convertible debenture described in detail under Note 6 herein. | |
Shares Issued to Acquire Non-Controlling Interest in Subsidiary | |
On January 31, 2013 the Company executed a Share Exchange Agreement with the minority shareholders of Wireless Village wherein the minority shareholders exchanged, in the aggregate, 817 shares of Wireless Village for 10,000,000 shares of Concierge Technologies, Inc. Series B Convertible, Voting, Preferred stock. The Series B Preferred stock can be converted after 270 days to common stock in a ratio of 1:20. Shareholders of Series B Preferred stock are entitled to 20 votes for each share of stock held in all matters that come before the shareholders for a vote. In evaluating the transaction, reference is made to the market value of the Company’s common stock, $0.12 per share, as applied to the shares issued in the transaction as though they had been converted to common stock, i.e. 200,000,000 shares of common stock pursuant to the 1:20 conversion ratio. The resulting value is equal to $2,400,000. However, the value was limited to the Non-Controlling Interest in Wireless Village as of January 31, 2008 of $238,988. The issuance of the shares was approved with the signing of the Stock Purchase Agreement and Wireless Village has become a wholly owned subsidiary of Concierge Technologies, Inc. as of January 31, 2013. | |
Shares Redeemed in Disposal of Subsidiary | |
On January 31, 2013 the Company executed a Stock Redemption Agreement with Edward Wu, a former minority shareholder in Wireless Village and a shareholder in the Company. The Agreement provided for the exchange of Planet Halo shares held by Concierge Technologies for the return of 1,101,591 shares of Series B Convertible, Voting, Preferred stock held by Edward Wu. Consideration in addition to the shares is the forgiveness by Concierge of intercompany debt, which at closing was $66,307. To evaluate the transaction, reference is made to the aforementioned transaction wherein the Company issued Series B Convertible, Voting Preferred stock to acquire the non-controlling interest in its subsidiary Wireless Village. That valuation, $2,400,000 based on fair market value if the shares were converted to common stock, was applied to the percentage ownership of that class of stock held by Mr. Wu to be conveyed in the Redemption Agreement. The resulting fair value calculation of the shares being surrendered was $264,382. The gain on the sale of the subsidiary was $275,686. All assets and liabilities of Planet Halo as of January 31, 2013 were eliminated in consolidation for the year ended June 30, 2013. | |
Preferred Stock Converted to Shares of Common Stock | |
A holder of 233,333 shares of Series B Convertible, Voting, Preferred stock exercised the conversion rights afforded that class of stock and, pursuant to those provisions, surrendered the Series B shares at a ratio of 1:20 in exchange for 4,666,667 shares of common stock. |
9_INCOME_TAXES
9. INCOME TAXES | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
INCOME TAXES | Income tax for the years ended June 30, 2013 and 2012 is summarized as follows: | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current tax, net | $ | 22,763 | $ | 800 | |||||||||||||
Deferred (tax)/ benefit | 77,330 | (115,115 | ) | ||||||||||||||
Change in valuation allowance | (77,330 | ) | 115,115 | ||||||||||||||
Income tax expense | $ | 22,763 | $ | 800 | |||||||||||||
Through June 30, 2012, the Company incurred net operating losses for tax purposes of approximately $4,597,192, which was increased to $4,795,953 due to operating loss for the year ended June 30, 2013 amounting to $198,761. The net operating loss carryforward for federal and state purposes may be used to reduce taxable income through the year 2031. | |||||||||||||||||
The gross deferred tax asset balance as of June 30, 2013 is approximately $1,876,153 after utilization of the amount of $77,330 against taxes computed on taxable income for the year ended June 30, 2013. A 100% valuation allowance has been established against the deferred tax assets, as the utilization of the loss carry forward cannot be reasonably assured. Components of the deferred tax assets are limited to the Company's net operating loss carryforwards, and are presented as follows at June 30: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets (liabilities): | |||||||||||||||||
Net operating loss carryforwards | $ | 4,795,953 | $ | 4,597,192 | |||||||||||||
Deferred tax assets, net | 1,876,153 | 1,798,823 | |||||||||||||||
Valuation allowance | (1,876,153 | ) | (1,798,823 | ) | |||||||||||||
Net deferred tax assets | $ | - | $ | - | |||||||||||||
Differences between the benefit from income taxes and income taxes at the statutory federal income tax rate are as follows for the years ended June 30: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
Tax expense (benefit) at federal statutory rate | $ | (64,369 | ) | -34 | % | $ | 80,825 | 34 | % | ||||||||
State taxes, net of federal benefit | (16,736 | ) | -8.8 | % | 14,263 | 6 | % | ||||||||||
Beneficial conversion expense | 3,776 | 2.3 | % | 20,027 | 8.4 | % | |||||||||||
Minimum franchise tax | (800 | ) | 0 | % | (800 | ) | 0 | % | |||||||||
Change in valuation allowance | 77,330 | 40.6 | % | (115,115 | ) | -48.4 | % | ||||||||||
Tax expense at actual rate | $ | (22,763 | ) | 0 | % | $ | (800 | ) | 0 | % | |||||||
10_COMMITMENTS_AND_CONTINGENCI
10. COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Lease Commitment |
During the current year the Company, through its subsidiary Wireless Village dba/Janus Cam, restructured its office leases such that it is no longer a tenant but rather a sub-tenant on a month-to-month basis for facilities located at 31 Airport Blvd. Suites G2, G3 and H. Although on a month-to-month basis, Janus Cam has agreed with the sub-landlord to assume the obligations under the lease and to pay rent directly to the landlord for the duration of the lease term, which expires in November 2014. | |
Upon expiration of its leases, the Company does not anticipate any difficulty in obtaining renewals or alternative space. Rent expense amounted to $28,784 and $24,349 for the years ended June 30, 2013 and 2012, respectively. | |
Litigation | |
On May 6, 2002, a default judgment was awarded to Brookside Investments Ltd. against, jointly and severally, Concierge, Inc., Allen E. Kahn, and The Whitehall Companies in the amount of $135,000 plus legal fees. As of May 7, 2012, the judgment had lapsed due to the passage of time and the creditor’s failure to renew. Although a new court action would be required by the plaintiff in order to seek legal remedies, the Company has accrued the amount of $135,000 in the accompanying financial statements as accrued expenses as of June 30, 2012. | |
During the current year, Janus Cam, Planet Halo and Concierge Technologies settled the trademark infringement claim lodged by Alliance Wireless Technologies, Inc. for alleged unauthorized use of their registered trademark for the name “3rd Eye”. Janus Cam, Concierge Technologies and Planet Halo have removed the name reference to “3rd Eye Cam” from their websites and Wireless Village has transitioned to a new fictitious business name of “Janus Cam” as well as re-branding their product such that “3rd Eye Cam” is removed from use in the marketplace. The domain name “3rdeyecam.com” has also been reassigned to Alliance Wireless Technologies, Inc. | |
2_SUMMARY_OF_SIGNIFICANT_ACCOU1
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements include the accounts of Concierge Technologies, Inc. (parent), and its wholly owned subsidiary, Wireless Village. All significant inter-company transactions and accounts have been eliminated in consolidation. A wholly owned subsidiary of the Company, Planet Halo was disposed during the current year and hence, has been eliminated from the accompanying Consolidated Financial Statements. | |
Use of Estimates | Use of Estimates |
The preparation of consolidated financial statements is in conformity with accounting principles generally accepted in the United States of America 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 |
For purposes of the consolidated statement of cash flows, cash equivalents include all highly liquid debt instruments with original maturities of three months or less which are not securing any corporate obligations. | |
Allowance for Doubtful Debts | Allowance for Doubtful Debts |
The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends and changes in customer payment patterns. Reserves are recorded primarily 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. The Company determined that an allowance of $25,186 and $12,486 was necessary for the years ended June 30, 2013 and 2012, respectively. | |
Inventory | Inventory |
Inventories are valued at the lower of cost (determined on a FIFO basis) or market. Inventories include product cost, inbound freight and warehousing costs. Management compares the cost of inventories with the market value and an allowance is made for writing down the inventories to their market value, if lower. | |
Property and Equipment | Property and Equipment |
Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and improvements are capitalized. 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 an estimated useful life of three years. | |
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 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. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, and accounts payable. | |
The three levels are defined as follows: | |
Level 1: Quoted prices in active markets for identical assets or liabilities. | |
Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments. | |
Revenue Recognition | Revenue Recognition |
Revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist, and collectability is reasonably assured. | |
Share-based Compensation | Share-based Compensation |
The Company measures stock-based compensation cost at the grant date based on the fair value of the award and recognize it as expense over the applicable vesting period of the stock award (generally four to five years) using the straight-line method. | |
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 that these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. | |
Segment Reporting | Segment Reporting |
ASC Topic 280, “Segment Report,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. ASC Topic 280 has no effect on the Company’s consolidated financial statements as the Company consists of one reportable business segment. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For example, an entity should not evaluate whether the deferred tax asset expires before the statute of limitations on the tax position or whether the deferred tax asset may be used prior to the unrecognized tax benefit being settled. The amendments in this Update do not require new recurring disclosures. ASU Topic No. 2013 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
Accounting Standards Update No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity: This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. ASU Topic No. 2013-05 is effective for our fiscal year 2014, although early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for the Company beginning July 1, 2014. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. | |
FASB Accounting Standards Update No. 2012-02 | |
On July 27, 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. If an entity concludes that it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the fair value of the indefinite-lived intangible asset to measure the amount of actual impairment, if any, as currently required under US GAAP. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on the Company’s financial statements. | |
FASB Accounting Standards Update No. 2013-02 | |
In February 2013, the FASB issued ASU No. 2013-02, which amends the authoritative accounting guidance under ASC Topic 220 “Comprehensive Income.” The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under generally accepted accounting principles in the United States of America (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. Adoption of this update is not expected to have a material effect on the Company’s consolidated results of operations or financial condition. | |
In December 2011, the FASB issued guidance on offsetting (netting) assets and liabilities. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The new guidance is effective for annual periods beginning after January 1, 2013. |
5_PROPERTY_AND_EQUIPMENT_Table
5. PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Estimated useful lives | Estimated Useful Lives | ||||||||
Furniture & Office Equipment | Three Years | ||||||||
Network Hardware & Software | Three Years | ||||||||
Site Installation Materials | Three Years | ||||||||
Property and equipment | June 30, | June 30, | |||||||
2013 | 2012 | ||||||||
Furniture & Office Equipment | $ | 15,392 | $ | 26,852 | |||||
Network Hardware & Software | 28,428 | 55,254 | |||||||
Site Installation Materials | - | 1,813 | |||||||
Total Fixed Assets | 43,820 | 83,919 | |||||||
Accumulated Depreciation | 28,842 | (77,120 | ) | ||||||
Total Fixed Assets, Net | $ | 14,978 | $ | 6,799 |
6_RELATED_PARTY_TRANSACTIONS_T
6. RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Current related party notes payable | 30-Jun-13 | 30-Jun-12 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | $ | 35,000 | ||||||
Notes payable to director/shareholder, noninterest-bearing, unsecured and payable on demand | 8,500 | 8,500 | |||||||
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 (past due) | 5,000 | 5,000 | |||||||
Notes payable to shareholder, interest rate of 10%, unsecured and payable on December 31, 2012 | - | 28,000 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | 14,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 3,500 | 3,500 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | 20,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 5,000 | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 5,000 | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 6%, unsecured and payable on December 31, 2012 | 1,000 | 1,000 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | - | 15,000 | |||||||
Notes payable to shareholder, interest rate of 6%, unsecured and payable on December 31, 2012 | - | 10,000 | |||||||
28,000 | 150,000 | ||||||||
Long-term related party notes payable | 30-Jun-12 | 30-Jun-11 | |||||||
Notes payable to shareholder, interest rate of 3%, unsecured and payable on April 1, 2014 | - | 20,000 | |||||||
$ | - | $ | 20,000 |
7_ACCOUNTS_PAYABLE_AND_ACCRUED1
7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts payable and accrued expenses | 30-Jun-13 | 30-Jun-12 | |||||||
Accounts payable | $ | 279,992 | $ | 106,569 | |||||
Tax reserve | 44,881 | 94,595 | |||||||
Accrued judgment | 135,000 | 135,000 | |||||||
Accrued interest | 19,351 | 91,973 | |||||||
Auditing | 24,500 | 24,500 | |||||||
Payroll Tax Liability | 19,049 | - | |||||||
Total | $ | 522,773 | $ | 452,638 |
9_INCOME_TAXES_Tables
9. INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Income tax summarized | 2013 | 2012 | |||||||||||||||
Current tax, net | $ | 22,763 | $ | 800 | |||||||||||||
Deferred (tax)/ benefit | 77,330 | (115,115 | ) | ||||||||||||||
Change in valuation allowance | (77,330 | ) | 115,115 | ||||||||||||||
Income tax expense | $ | 22,763 | $ | 800 | |||||||||||||
Deferred tax assets | 2013 | 2012 | |||||||||||||||
Deferred tax assets (liabilities): | |||||||||||||||||
Net operating loss carryforwards | $ | 4,795,953 | $ | 4,597,192 | |||||||||||||
Deferred tax assets, net | 1,876,153 | 1,798,823 | |||||||||||||||
Valuation allowance | (1,876,153 | ) | (1,798,823 | ) | |||||||||||||
Net deferred tax assets | $ | - | $ | - | |||||||||||||
Differences between the benefit from income taxes and income taxes at the statutory federal income tax rate | 2013 | 2012 | |||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
Tax expense (benefit) at federal statutory rate | $ | (64,369 | ) | -34 | % | $ | 80,825 | 34 | % | ||||||||
State taxes, net of federal benefit | (16,736 | ) | -8.8 | % | 14,263 | 6 | % | ||||||||||
Beneficial conversion expense | 3,776 | 2.3 | % | 20,027 | 8.4 | % | |||||||||||
Minimum franchise tax | (800 | ) | 0 | % | (800 | ) | 0 | % | |||||||||
Change in valuation allowance | 77,330 | 40.6 | % | (115,115 | ) | -48.4 | % | ||||||||||
Tax expense at actual rate | $ | (22,763 | ) | 0 | % | $ | (800 | ) | 0 | % |
4_GOING_CONCERN_Details_Narrat
4. GOING CONCERN (Details Narrative) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 (past due) | ||
Accumulated deficit | $4,573,889 | $4,668,865 |
Net Income (loss) attributable to Concierge Technologies | $63,601 |
5_PROPERTY_AND_EQUIPMENT_Detai
5. PROPERTY AND EQUIPMENT (Details) | 12 Months Ended |
Jun. 30, 2013 | |
Furniture & Office Equipment | |
Estimated useful lives | 3 years |
Network Hardware & Software | |
Estimated useful lives | 3 years |
Site Installation Materials | |
Estimated useful lives | 3 years |
5_PROPERTY_AND_EQUIPMENT_Detai1
5. PROPERTY AND EQUIPMENT (Details 1) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Property And Equipment Details 1 | ||
Furniture & Office Equipment | $15,392 | $26,852 |
Network Hardware & Software | 28,428 | 55,254 |
Site Installation Materials | 1,813 | |
Total Fixed Assets | 43,820 | 83,919 |
Accumulated Depreciation | 28,842 | 77,120 |
Total Fixed Assets, Net | $14,978 | $6,799 |
5_PROPERTY_AND_EQUIPMENT_Detai2
5. PROPERTY AND EQUIPMENT (Details Narrative) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Property And Equipment Details Narrative | ||
Depreciation expense | $4,607 | $1,804 |
6_RELATED_PARTY_TRANSACTIONS_D
6. RELATED PARTY TRANSACTIONS (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Related Party Transactions Details | ||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | $35,000 | |
Notes payable to director/shareholder, noninterest-bearing, unsecured and payable on demand | 8,500 | 8,500 |
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 (past due) | 5,000 | 5,000 |
Notes payable to shareholder, interest rate of 10%, unsecured and payable on December 31, 2012 | 28,000 | |
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 14,000 | |
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 3,500 | 3,500 |
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 20,000 | |
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 5,000 | 5,000 |
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 5,000 | 5,000 |
Notes payable to director/shareholder, interest rate of 6%, unsecured and payable on December 31, 2012 | 1,000 | 1,000 |
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 15,000 | |
Notes payable to shareholder, interest rate of 6%, unsecured and payable on December 31, 2012 | 10,000 | |
Notes payable - related parties | $28,000 | $150,000 |
6_RELATED_PARTY_TRANSACTIONS_D1
6. RELATED PARTY TRANSACTIONS (Details 1) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Related Party Transactions Details 1 | ||
Notes payable to shareholder, interest rate of 3%, unsecured and payable on April 1, 2014 | $20,000 | |
Long term notes payable - related parties | $20,000 |
6_RELATED_PARTY_TRANSACTIONS_D2
6. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | Jun. 30, 2012 |
Related Party Transactions [Abstract] | |
Accounts payable due to related party | $75,450 |
7_ACCOUNTS_PAYABLE_AND_ACCRUED2
7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Auditing | ||
Accounts payable | $279,992 | $106,568 |
Tax reserve | 44,881 | 94,595 |
Accrued judgment | 135,000 | 135,000 |
Accrued interest | 19,351 | 91,973 |
Auditing | 24,500 | 24,500 |
Payroll tax liability | 19,049 | |
Accounts payable and accrued expenses | $522,773 | $452,637 |
9_INCOME_TAXES_Details
9. INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
IncomeTaxesDetailsAbstract | ||
Current tax, net | $22,763 | $800 |
Deferred (tax)/ benefit | 77,330 | -115,115 |
Change in valuation allowance | -77,330 | 115,115 |
Income tax expense | $22,763 | $800 |
9_INCOME_TAXES_Details_1
9. INCOME TAXES (Details 1) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Deferred tax assets (liabilities): | ||
Net operating loss carryforwards | $4,795,953 | $4,597,192 |
Deferred tax assets, net | 1,876,153 | 1,798,823 |
Valuation allowance | -1,876,153 | -1,798,823 |
Net deferred tax assets |
9_INCOME_TAXES_Details_2
9. INCOME TAXES (Details 2) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Tax expense at actual rate | $22,763 | $800 |
Amount | ||
Tax expense (benefit) at federal statutory rate | -64,369 | 80,825 |
State taxes, net of federal benefit | -16,736 | 14,263 |
Beneficial conversion expense | 3,776 | 20,027 |
Minimum franchise tax | -800 | -800 |
Change in valuation allowance | 77,330 | -115,115 |
Tax expense at actual rate | -22,763 | -800 |
Rate | ||
Tax expense (benefit) at federal statutory rate | -34.00% | 34.00% |
State taxes, net of federal benefit | -8.80% | 6.00% |
Beneficial conversion expense | 2.30% | 8.00% |
Minimum franchise tax | 0 | 0 |
Change in valuation allowance | 40.60% | -48.40% |
Tax expense at actual rate | $0 | $0 |
10_COMMITMENTS_AND_CONTINGENCI1
10. COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
CommitmentsAndContingenciesDetailsAbstract | ||
Rent expense | $28,784 | $24,349 |