Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
RelatedPartyNotesPayableCurrent9 | ||
Entity Registrant Name | CONCIERGE TECHNOLOGIES INC | |
Entity Central Index Key | 1005101 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
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 Common Stock, Shares Outstanding | 746,505,368 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
CURRENT ASSETS: | ||
Cash & cash equivalents | $2,353,378 | $15,731 |
Other current assets | 32,100 | 0 |
Assets of subsidiary held for sale | 772,844 | 652,173 |
Total current assets | 3,158,323 | 667,904 |
Non-current assets of subsidiary held for sale | 19,102 | 23,678 |
Total assets | 3,177,425 | 691,581 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 234,392 | 276,208 |
Notes payable - related parties | 8,500 | 38,000 |
Notes payable | 8,500 | 0 |
Convertible Debenture, net | 0 | 118,000 |
Related party convertible debenture, net | 0 | 204,700 |
Liabilities of subsidiary held for sale | 506,580 | 744,122 |
Total current liabilities | 757,972 | 1,381,030 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, 50,000,000 authorized par $0.001 Series A: 206,186 shares issued and outstanding at March 31, 2015 and June 30, 2014 | 206 | 206 |
Preferred stock, 50,000,000 authorized par $0.001 Series B: 37,543,544 shares issued and outstanding at March 31, 2015 and 9,498,409 June 30, 2014 | 37,544 | 9,498 |
Common stock, $0.001 par value; 900,000,000 shares authorized; 746,505,368 shares issued and outstanding at March 31, 2015 and 240,337,841 shares issued and outstanding at at June 30, 2014 | 746,505 | 240,339 |
Additional paid-in capital | 8,115,695 | 3,954,217 |
Accumulated deficit | -6,480,496 | -4,893,709 |
Total Stockholders' deficit | 2,419,453 | -689,449 |
Total liabilities and Stockholders' deficit | $3,177,425 | $691,581 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Stockholders equity: | ||
Preferred stock Series A, par value | $0.00 | $0.00 |
Preferred stock Series A, 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, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock Series B, issued shares | 37,543,544 | 9,498,409 |
Preferred stock Series B, outstanding shares | 37,543,544 | 9,498,409 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 900,000,000 | 900,000,000 |
Common stock, issued shares | 746,505,368 | 240,337,841 |
Common stock, outstanding shares | 746,505,368 | 240,337,841 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||||
Net revenue | $0 | $0 | $0 | $0 |
Operating expense | ||||
General & administrative expense | 7,837 | 36,132 | 70,713 | 81,441 |
Operating Loss | -7,837 | -36,132 | -70,713 | -81,441 |
Other income (expense) | ||||
Other income | 5,086 | 0 | 5,086 | 0 |
Interest expense | -2,168 | -3,627 | -77,417 | -9,717 |
Change in fair value of derivative | 48,877 | 0 | 0 | 0 |
Total other income (expense) | 51,795 | -3,627 | -72,331 | -9,717 |
Income (Loss) from continuing operations before income taxes | 43,959 | -39,760 | -143,044 | -91,159 |
Provision of income taxes | 0 | 0 | 0 | 0 |
Income (Loss) from continuing operations | 43,959 | -39,760 | -143,044 | -91,159 |
Income (Loss) from subsidiary held for sale | 30,087 | -26,757 | 26,310 | -102,762 |
Net Income (Loss) | $74,046 | ($66,517) | ($116,734) | ($193,921) |
Weighted average shares of common stock | ||||
Basic | 631,822,784 | 240,308,347 | 393,811,216 | 240,292,119 |
Diluted | 884,595,812 | 240,308,347 | 393,811,216 | 240,292,119 |
Net loss per common share - continuing operations | ||||
Basic | $0 | $0 | $0 | $0 |
Diluted | $0 | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($116,734) | ($193,921) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Amortization of debt issuance cost | 67,571 | 0 |
Share based compensation | 0 | 750 |
(Increase) decrease in current assets: | ||
Other current assets | -32,100 | 2,965 |
Increase (decrease) in current liabilities: | ||
Accounts payable & accrued expenses | -19,452 | 264,212 |
Cash provided by/(used in) operating activities - continuing operations | -100,716 | 74,006 |
Cash used in operating activities - subsidary held for sale | -160,229 | -252,588 |
Net cash used in operating activities | -260,945 | -178,582 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | 0 | -751 |
Net cash used in investing activities - continuing operations | 0 | -751 |
Cash used in investing activities - subsidiary held for sale | -133,408 | -4,406 |
Net cash used in investing activities | -133,408 | -5,157 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party debts | 0 | 10,000 |
Repayments of related party debts | -21,000 | 0 |
Proceeds from notes payable & debentures | 35,000 | 85,500 |
Repayments of notes payable & debentures | -222,000 | 0 |
Proceeds from sale of common shares | 1,160,000 | 0 |
Proceeds from sale of preferred shares | 1,840,000 | 0 |
Cash provided by financing activities - continuing operations | 2,792,000 | 95,500 |
Cash provided by/(used in) financing activities - subsidiary held for sale | -60,000 | 90,000 |
Net cash used in financing activities | 2,732,000 | 185,500 |
NET INCREASE IN CASH & CASH EQUIVALENTS | 2,337,647 | 1,761 |
CASH & CASH EQUIVALENTS, BEGINNING BALANCE | 15,731 | 39,444 |
CASH & CASH EQUIVALENTS, ENDING BALANCE | 2,353,378 | 41,205 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid - continuing operations | 7,989 | 0 |
Interest paid - subsidiary held for sale | 4,103 | 1,615 |
Income taxes paid - subsidiary held for sale | 35,538 | 800 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Gain on debt settlement with related parties | 69,861 | 0 |
Issuance of common stock in settlement of convertible debentures | $88,200 | $0 |
1_ORGANIZATION_AND_DESCRIPTION
1. ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Mar. 31, 2015 | |
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_ACCOUNTING_POLICIES
2. ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | Accounting Principles |
In the opinion of management, the accompanying balance sheets and related interim statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Company’s 2014 Form 10-K filed on October 10, 2014 with the U.S. Securities and Exchange Commission. | |
Concentrations of Risk | |
The Company maintains cash balances at a financial institution headquartered in San Diego, California. Accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. The Company’s uninsured cash balance was $2,103,378 at March 31, 2015. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Concierge Technologies, Inc. (parent), and its wholly owned subsidiary, Wireless Village dba/Janus Cam. | |
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. | |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. . The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) (ASU 2014-12). The guidance applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. For all entities, the amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The effective date is the same for both public business entities and all other entities. The Company is currently evaluating the impact of adopting ASU 2014-12 on the Company's results of operations or financial condition. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern (ASU 2014-15). The guidance in ASU 2014-15 sets forth management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement – Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted and allows the Company to apply the amendment prospectively or retrospectively. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In February 2015, FASB issued ASU No. 2015-02, (Topic 810): Amendments to the Consolidation Analysis. ASU No. 2015-02 provides amendments to respond to stakeholders’ concerns about the current accounting for consolidation of certain legal entities. Stakeholders expressed concerns that GAAP might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. ASU No. 2015-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures. | |
In April 2015, FASB issued ASU No. 2015-03, (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 provides guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU No. 2015-03 affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures. |
3_GOING_CONCERN
3. GOING CONCERN | 9 Months Ended |
Mar. 31, 2015 | |
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 $6,480,496 as of March 31, 2015, including a net loss of $116,734 during the nine-month period ended March 31, 2015 and a deemed dividend as a result of the beneficial conversion feature expense of $1,470,053 recorded as a result of an equity investment transaction. The historical losses have adversely affected the liquidity of the Company. Although losses are expected to be curtailed during the current fiscal year due to the planned divestiture of the wholly owned subsidiary, Janus Cam, 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, and success in sourcing additional revenue streams through strategic mergers, acquisitions or other business combinations. |
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 March 31, 2015, towards (i) sourcing additional working capital including the $3,000,000 equity investment completed during the current quarter, (ii) management of accrued expenses and accounts payable, (iii) initiation of the business strategy to divest ownership of its subsidiary experiencing continuing operating losses, and (vi) acquisition of suitable synergistic partners for business opportunities that generate immediate revenues. | |
Management believes that the above actions will allow the Company to continue operations for the next 12 months. |
4_RELATED_PARTY_TRANSACTIONS
4. RELATED PARTY TRANSACTIONS | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
RELATED PARTY TRANSACTIONS | Notes Payable - Related Parties | ||||||||
Current related party notes payable for Concierge Technologies consist of the following: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Notes payable to director/shareholder, noninterest-bearing, unsecured and payable on demand | 8,500 | ||||||||
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 | 5,000 | 5,000 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) | 3,500 | 3,500 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 . | - | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 . | - | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 . | - | 1,000 | |||||||
Notes payable to director/shareholder, interest rate of 6%, unsecured and payable on January 8, 2015 | - | 10,000 | |||||||
$ | 8,500 | $ | 38,000 | ||||||
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 on the principal at the rate of 4.944% per annum, into shares of our common stock at the conversion rate of $0.02 per share. The note is unsecured and becomes due and payable on January 1, 2015. The accrued interest on this $204,700 convertible debenture as of December 31, 2014 was $20,241. There was no beneficial conversion feature involved in the new note. On December 19, 2014 we entered into an amendment to the debenture that allowed for the maturity date to be extended to June 1, 2015 and provided the Company rights to settle the debenture in full, upon completion of an equity investment in excess of $1,500,000, by payment of $122,000 in cash and issuance of 8,270,000 shares of common stock valued at $0.01 per share to the debenture holder. On January 26, 2015 we exercised those rights and paid the debenture in full. The transaction resulted in a gain on the issuance of shares of $69,861 as the fair market value of a share of our common stock at December 19, 2014 was $0.004. The gain resulted for a related party, thus it was recorded in additional paid in capital account. | |||||||||
As a result of the death of a related party noteholder, the note payable of $8,500 was reclassified as a note payable-unrelated party and has been removed from the related party notes payable disclosure listing. | |||||||||
Interest expense for all related party notes payable, including the related party convertible debenture, for the nine-month period ended March 31, 2015 amounted to $6,433 and was $7,324 for the nine-month period ended March 31, 2014 for Concierge Technologies. |
5_ACCOUNTS_PAYABLE_AND_ACCRUED
5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | Accounts payable and accrued expenses consisted of the following: | ||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Accounts payable | $ | 87,345 | $ | 84,708 | |||||
Accrued judgment | 135,000 | 135,000 | |||||||
Accrued interest | 8,547 | 31,999 | |||||||
Accrued auditing fees | 3,500 | 24,500 | |||||||
Total Accrued Expenses | $ | 234,392 | $ | 276,208 |
6_NOTES_PAYABLE
6. NOTES PAYABLE | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | On November 8, 2013 Janus Cam entered into a short term Note Agreement with an unaffiliated individual in the amount of $50,000, the proceeds of which were used to pay down inventory purchase costs. Interest on the Note accrues at the rate of 10% per annum and is payable in monthly installments with a maturity date of February 19, 2014. On February 19, 2014 the unaffiliated individual agreed to extend the maturity date to June 1, 2014 and the Company agreed to pay a loan commitment fee of 1.5%, or $750. By agreement, that fee was paid by the issuance of 53,571 shares of common stock with a market value on the date of issuance of $0.014 per share. The note was subsequently extended to mature on January 5, 2015, and then again to mature on February 27, 2015 provided Concierge Technologies guaranteed the repayment on behalf of Janus Cam. A fee in the amount of 1%, or $500, was paid in cash to the noteholder by Janus Cam in exchange for the agreement to extend the maturity date. On February 13, 2015 the note was repaid in full. The amount of the note principal, $50,000, has been eliminated in the consolidated balance sheet as of June 30, 2014 and is included in the total of liabilities of subsidiary held for sale. |
On December 24, 2014 the Company entered into an unsecured promissory note agreement with an unaffiliated individual for the principal amount of $35,000 plus interest to accrue at the rate of 6% per annum on the unpaid principal. The note and accrued interest is due and payable on or before June 30, 2015. The proceeds of the loan were reserved in anticipation of the need to pay a convertible debenture maturing in January 2015. On January 26, 2015 the noteholder became an investor and shareholder of the Company and the amount of $35,000 due under the note agreement was repaid as a credit to the amount of funds due per the stock subscription agreement. No interest was accrued or paid on the note. | |
On February 13, 2015 the Company repaid the outstanding notes due to two related parties totaling $21,000 in principal and $4,000 in accrued interest. | |
An unsecured loan in the amount of $8,500 due a former director and shareholder who is now deceased has been reclassified as a note due unrelated party. The note is interest free. |
7_CONVERTIBLE_DEBENTURES
7. CONVERTIBLE DEBENTURES | 9 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
CONVERTIBLE DEBENTURES | On February 18, 2014 the Company entered into a series of agreements, including a convertible debenture, that resulted in a funding of $53,000. The note is convertible, at the option of the debenture holder, to restricted common shares after August 18, 2014 at a conversion price calculated on a prescribed discount to the trailing 10-day volume weighted average market price (“VWAP”) of our shares on the date of conversion. During the initial 6 months from the date of the note the Company may repay the principal plus accrued interest at the rate of 8% per annum by applying a pre-payment penalty determined on a sliding scale tied to the aging of the note. After the initial 6-month period has elapsed the Company may not repay the note until its maturity date on November 18, 2014 at which time the note principal and interest will become due and payable without pre-payment penalty. The Company identified embedded derivatives related to the convertible debenture. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of the convertible debenture and fair value as of each subsequent balance sheet date. During the quarter ended September 30, 2014, at the election of the debenture holder, the Company converted $28,000 of the principal to equity through issuance of 4,346,247 shares of common stock. During the quarter ended December 31, 2014, at the election of the debenture holder, the Company converted $25,000 of the principal plus $2,120 of accrued interest to equity through issuance of 5,424,000 shares of common stock. The debenture has been paid in full as of March 31, 2015. |
On March 28, 2014 the Company entered into a series of agreements, including a convertible debenture, that resulted in a funding of $32,500. The note is convertible, at the option of the debenture holder, to restricted common shares after September 23, 2014 at a conversion price calculated on a prescribed discount to the trailing 10-day VWAP of our shares on the date of conversion. During the initial 6 months from the date of the note the Company may repay the principal plus accrued interest at the rate of 8% per annum by applying a pre-payment penalty determined on a sliding scale tied to the aging of the note. After the initial 6-month period has elapsed the Company may not repay the note until its maturity date on January 2, 2015 at which time the note principal and interest will become due and payable without pre-payment penalty. The Company identified embedded derivatives related to the convertible debenture. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of the convertible debenture and fair value as of each subsequent balance sheet date, however as of March 31, 2015 the debenture was repaid in full with cash of $32,500 plus accrued interest of $1,995 and no fair value of the derivative was recorded. | |
On April 25, 2014 the Company entered into a series of agreements, including a convertible debenture, that resulted in a funding of $32,500. The note is convertible, at the option of the debenture holder, to unregistered common shares after October 22, 2014 at a conversion price calculated on a prescribed discount to the trailing 10-day VWAP of our shares on the date of conversion. During the initial 6 months from the date of the note the Company may repay the principal plus accrued interest at the rate of 8% per annum by applying a pre-payment penalty determined on a sliding scale tied to the aging of the note. After the initial 6-month period has elapsed the Company may not repay the note until its maturity date on January 25, 2015 at which time the note principal and interest will become due and payable without pre-payment penalty. The Company identified embedded derivatives related to the convertible debenture. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of the convertible debenture and fair value as of each subsequent balance sheet date, however as of March 31, 2015 the debenture was repaid in full with cash of $32,500 plus accrued interest of $1,995 and no fair value of the derivative was recorded. |
8_DERIVATIVE_FINANCIAL_INSTRUM
8. DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Mar. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | The Company's derivative financial instruments consisted of embedded derivatives related to the Convertible Debentures issued in 2014 as stated in Note 8. The embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments required that the Company record the derivatives at their fair values as of the inception date and at fair value as of each subsequent balance sheet date. Any change in fair value was recorded as non-operating, non-cash income or expense at each reporting date. If the fair value of the derivatives was higher at the subsequent balance sheet date, the Company recorded a non-operating, non-cash charge. If the fair value of the derivatives was lower at the subsequent balance sheet date, the Company recorded non-operating, non-cash income. The derivatives were classified as short-term liabilities.The debentures were repaid in full with cash as of March 31, 2015 and the derivative liability was eliminated on the consolidated balance sheet at March 31, 2015. |
9_FAIR_VALUE_MEASUREMENT
9. FAIR VALUE MEASUREMENT | 9 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
FAIR VALUE MEASUREMENT | The Company adopted the provisions of ASC 825-10 on January 1, 2008. ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||||
Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||||||||||||||||
Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. | ||||||||||||||||||
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||||
Upon adoption of ASC 825-10, there was no cumulative effect adjustment to beginning retained earnings and no impact on the consolidated financial statements. | ||||||||||||||||||
The carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, and other current assets and liabilities approximate fair value, because of their short-term maturity. | ||||||||||||||||||
Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of March 31, 2015: | ||||||||||||||||||
Quoted Prices | ||||||||||||||||||
in Active | Significant | |||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||
Instruments | Inputs | Inputs | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Derivative Liability | $ | – | $ | – | $ | - | $ | - | ||||||||||
Roll-forward | ||||||||||||||||||
of Balance | ||||||||||||||||||
Derivative liability for Convertible Debentures | 67,571 | |||||||||||||||||
Change in value of derivative liability during the period ended March 31, 2015 | -67,571 | |||||||||||||||||
Balance, March 31, 2015 | $ | - | ||||||||||||||||
The Company's derivative liability was valued using pricing models, and the Company generally uses similar models to value similar instruments. Where possible, the Company verifies the values produced by its pricing models to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility, and correlations of such inputs. These financial liabilities do not trade in liquid markets, and, as such, model inputs cannot generally be verified and do involve significant management judgment. Such instruments are typically classified within Level 3 of the fair value hierarchy. The change in fair value of the derivative liability is included as a component of other income in the consolidated statements of operations. The derivative liability was calculated using the Black-Scholes option-pricing model with the following assumptions: expected lives range of less than a month; 110.48% stock price volatility; risk-free interest rate of 0.110% and no dividends during the expected term. |
10_ASSETS_LIABILITIES_OF_SUBSI
10. ASSETS & LIABILITIES OF SUBSIDIARY HELD FOR SALE | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
ASSETS & LIABILITIES OF SUBSIDIARY HELD FOR SALE | On February 26, 2015, Concierge Technologies, Inc. (the “Corporation”), a Nevada corporation, entered into a Stock Redemption Agreement with two of its shareholders (the “Shareholders”) and its wholly-owned subsidiary Wireless Village, Inc. dba Janus Cam (“Janus Cam”), a Nevada corporation (the “Agreement”) whereby the Corporation will redeem and cancel 68,000,000 shares of the Corporation’s common stock held by the Shareholders in exchange for all of the outstanding shares of common stock of Janus Cam held by the Corporation and the forgiveness of certain “Inter-Company Debt” of $300,000 advanced to Janus Cam by the Corporation (the “Transaction”). At the closing of the Transaction, Janus Cam will no longer be affiliated with or a subsidiary of the Corporation and will instead be under the control of the Shareholders. On May 7, 2015, the Company completed the closing of the transaction. | ||||||||
Assets of subsidiary held for sale consisted of the following as of March 31, 2015 and June 30, 2014: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Cash and cash equivalents | $ | 120,691 | $ | 4,723 | |||||
Accounts receivable, net | 82,267 | 159,048 | |||||||
Due from related party | 144,391 | 12,084 | |||||||
Inventory, net | 227,875 | 474,034 | |||||||
Pre-Paid inventory, advance to supplier | 195,685 | - | |||||||
Payroll advance | 1,935 | 2,285 | |||||||
Current assets of subsidiary | $ | 772,844 | $ | 652,173 | |||||
Security deposits | 11,222 | 11,222 | |||||||
Equipment | 2,483 | 2,483 | |||||||
Network/office equipment | 34,589 | 33,488 | |||||||
Accumulated depreciation | -29,192 | -23,515 | |||||||
Non-Current assets of subsidiary | $ | 19,102 | $ | 23,678 | |||||
Due from Related Party | |||||||||
Notes receivable from related party to Janus Cam 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 to Janus Cam as of March 31, 2015 was $2,835. The interest and the principal due Janus Cam was eliminated from the consolidated balance sheet and included in the total of assets of subsidiary held for sale. | |||||||||
On October 6, 2014 the Company suspended the salaries of Janus Cam executive management until such time as negotiations resulted in a new rate of pay as provided for under applicable employment contracts. During the nine-month period ended March 31, 2015 Janus Cam agreed to loan funds to them that, in the aggregate, totaled less than their previous salaries and such loans would be applied as an offset to their salaries once reinstated. As of March 31, 2015 Janus Cam has loaned a total of $131,556 interest-free to the management which is due upon reinstatement and calculation of salaries under their respective employment agreements. | |||||||||
Depreciation expense for subsidiary held for sale amounted to $5,677 and $5,500 for the nine-month periods ended March 31, 2015 and 2014, respectively. | |||||||||
Liabilities of Janus Cam, subsidiary held for sale, consisted of the following: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Accounts payable | $ | 348,705 | $ | 596,009 | |||||
Sales tax liability | 5,926 | 1,181 | |||||||
Accrued interest | 663 | - | |||||||
CA income tax provision | - | 24,727 | |||||||
Payroll taxes payable | - | 55,453 | |||||||
Total Accrued Expenses | 355,294 | $ | 677,370 | ||||||
Customer advances | $ | 151,286 | $ | 6,752 | |||||
Notes payable-related parties | - | 10,000 | |||||||
Notes payable | - | 50,000 | |||||||
Total liabilities of subsidiary | $ | 506,580 | $ | 744,122 |
11_EQUITY_TRANSACTIONS
11. EQUITY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS | On January 26, 2015, the Company issued, in the aggregate, 400,000,000 shares of common stock for $1,160,000 to two separate trust entities. The beneficiaries of the trusts were subsequently appointed directors on the Company’s board of directors and the Company’s Chief Executive Officer. |
On January 26,, 2015, the Company also issued 32,451,499 shares, in the aggregate, of Series B Voting, Convertible Preferred stock at $0.0567per share for $1,840,000 to the same entities as described in the preceding paragraph. Each share of Series B Voting, Convertible Preferred stock has twenty votes on all matters submitted to a vote of the common stockholders and is convertible into twenty shares of common stock at any time after the issuance date. The beneficial conversion feature on the Series B Voting, Convertible Preferred shares issued were valued at $1,470,053 on the issuance date and accounted for as a deemed dividend. | |
During the nine months period ended March 31, 2015, the company issued 88,127,280 shares of common stock for two conversions totaling 4,406,363 shares of Series B Voting, Convertible Preferred stock. There were also 18,040,247 shares of common stock issued for conversion of debentures (note 4 and 7). The shares issued in connection with debt settlement were valued at the fair market price on the settled dates. |
12_COMMITMENTS_AND_CONTINGENCI
12. COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Lease Commitment of Subsidiary Held for Sale |
During the prior fiscal year Wireless Village dba/Janus Cam (a subsidiary held for sale), 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 expired in November 2014. The Company continues to occupy the space on a month-to-month basis. | |
Rent expense for Janus Cam amounted to $30,095 and $28,435 for the nine-month periods ended March 31, 2015 and 2014, 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 March 31, 2015. |
13_SUBSEQUENT_EVENTS
13. SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | On May 7, 2015, the Company completed the closing of that certain Stock Redemption Agreement transaction entered into as of February 26, 2015 by and among the Company, two shareholders of the Company (the “Shareholders”) and its wholly-owned subsidiary Wireless Village, Inc. dba Janus Cam (“Janus Cam”). At the closing, the Company formally redeemed and canceled 68,000,000 shares of the Company’s common stock held by the Shareholders in exchange for all of the outstanding shares of common stock of Janus Cam held by the Company and the forgiveness of certain “Inter-Company Debt” in the amount of $300,000 advanced to Janus Cam by the Company (the “Transaction”). As a result of the closing of the Transaction, Janus Cam is no longer affiliated with or a subsidiary of the Company and is now formally under the control of the Shareholders. |
On April 9, 2015, the Company received its first orders for installation of Janus V2HD cameras. The cameras are made available through a non-exclusive supply and distribution agreement entered into between Janus Cam and the Company on March 4, 2015. The Company has placed orders for camera inventory and has contracted with a third party for installation services to be provided to end users of the product. The Company has initiated, but not yet completed, the process to form a new wholly owned subsidiary domiciled in the state of California to conduct the business of camera and related item sales. |
2_SUMMARY_OF_SIGNIFICANT_ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Principles | In the opinion of management, the accompanying balance sheets and related interim statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Company’s 2014 Form 10-K filed on October 10, 2014 with the U.S. Securities and Exchange Commission. |
Concentrations of Risk | The Company maintains cash balances at a financial institution headquartered in San Diego, California. Accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. The Company’s uninsured cash balance was $2,103,378 at March 31, 2015. |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of Concierge Technologies, Inc. (parent), and its wholly owned subsidiary, Wireless Village dba/Janus Cam. |
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. |
Recent Accounting Pronouncements | In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition. |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. . The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) (ASU 2014-12). The guidance applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. For all entities, the amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The effective date is the same for both public business entities and all other entities. The Company is currently evaluating the impact of adopting ASU 2014-12 on the Company's results of operations or financial condition. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern (ASU 2014-15). The guidance in ASU 2014-15 sets forth management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement – Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted and allows the Company to apply the amendment prospectively or retrospectively. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In February 2015, FASB issued ASU No. 2015-02, (Topic 810): Amendments to the Consolidation Analysis. ASU No. 2015-02 provides amendments to respond to stakeholders’ concerns about the current accounting for consolidation of certain legal entities. Stakeholders expressed concerns that GAAP might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. ASU No. 2015-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures. | |
In April 2015, FASB issued ASU No. 2015-03, (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 provides guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU No. 2015-03 affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures. |
4_RELATED_PARTY_TRANSACTIONS_T
4. RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Current related party notes payable | 31-Mar-15 | 30-Jun-14 | |||||||
Notes payable to director/shareholder, noninterest-bearing, unsecured and payable on demand | 8,500 | ||||||||
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 | 5,000 | 5,000 | |||||||
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) | 3,500 | 3,500 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 . | - | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 . | - | 5,000 | |||||||
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 . | - | 1,000 | |||||||
Notes payable to director/shareholder, interest rate of 6%, unsecured and payable on January 8, 2015 | - | 10,000 | |||||||
$ | 8,500 | $ | 38,000 |
5_ACCOUNTS_PAYABLE_AND_ACCRUED1
5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts payable and accrued expenses | 31-Mar-15 | 30-Jun-14 | |||||||
Accounts payable | $ | 87,345 | $ | 84,708 | |||||
Accrued judgment | 135,000 | 135,000 | |||||||
Accrued interest | 8,547 | 31,999 | |||||||
Accrued auditing fees | 3,500 | 24,500 | |||||||
Total Accrued Expenses | $ | 234,392 | $ | 276,208 |
9_FAIR_VALUE_MEASUREMENT_Table
9. FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Measurement Tables | ||||||||||||||||||
Schedule of fair value measurements | Quoted Prices | |||||||||||||||||
in Active | Significant | |||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||
Instruments | Inputs | Inputs | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Derivative Liability | $ | – | $ | – | $ | - | $ | - | ||||||||||
Roll-forward | ||||||||||||||||||
of Balance | ||||||||||||||||||
Derivative liability for Convertible Debentures | 67,571 | |||||||||||||||||
Change in value of derivative liability during the period ended March 31, 2015 | -67,571 | |||||||||||||||||
Balance, March 31, 2015 | $ | - |
10_ASSETS_LIABILITIES_OF_SUBSI1
10. ASSETS & LIABILITIES OF SUBSIDIARY HELD FOR SALE (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Assets of subsidiary held for sale | 31-Mar-15 | 30-Jun-14 | |||||||
Cash and cash equivalents | $ | 120,691 | $ | 4,723 | |||||
Accounts receivable, net | 82,267 | 159,048 | |||||||
Due from related party | 144,391 | 12,084 | |||||||
Inventory, net | 227,875 | 474,034 | |||||||
Pre-Paid inventory, advance to supplier | 195,685 | - | |||||||
Payroll advance | 1,935 | 2,285 | |||||||
Current assets of subsidiary | $ | 772,844 | $ | 652,173 | |||||
Security deposits | 11,222 | 11,222 | |||||||
Equipment | 2,483 | 2,483 | |||||||
Network/office equipment | 34,589 | 33,488 | |||||||
Accumulated depreciation | -29,192 | -23,515 | |||||||
Non-Current assets of subsidiary | $ | 19,102 | $ | 23,678 | |||||
Liabilities held for sale | 31-Mar-15 | 30-Jun-14 | |||||||
Accounts payable | $ | 348,705 | $ | 596,009 | |||||
Sales tax liability | 5,926 | 1,181 | |||||||
Accrued interest | 663 | - | |||||||
CA income tax provision | - | 24,727 | |||||||
Payroll taxes payable | - | 55,453 | |||||||
Total Accrued Expenses | 355,294 | $ | 677,370 | ||||||
Customer advances | $ | 151,286 | $ | 6,752 | |||||
Notes payable-related parties | - | 10,000 | |||||||
Notes payable | - | 50,000 | |||||||
Total liabilities of subsidiary | $ | 506,580 | $ | 744,122 |
3_GOING_CONCERN_Details_Narrat
3. GOING CONCERN (Details Narrative) (USD $) | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Amount | |||
Accumulated deficit | $6,480,496 | $4,893,709 | |
Net Loss attributable to Concierge Technologies | ($116,734) | ($193,921) |
4_RELATED_PARTY_TRANSACTIONS_D
4. RELATED PARTY TRANSACTIONS (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Related Party Transactions Details | ||
Notes payable to director/shareholder, noninterest-bearing, unsecured and payable on demand | $0 | $8,500 |
Notes payable to shareholder, interest rate of 10%, unsecured and payable on July 31, 2004 | 5,000 | 5,000 |
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 3,500 | 3,500 |
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 0 | 5,000 |
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 0 | 5,000 |
Notes payable to director/shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 | 0 | 1,000 |
Notes payable to director/shareholder, interest rate of 6%, unsecured and payable on January 8, 2015 | 0 | 10,000 |
Notes payable - related parties | $8,500 | $38,000 |
4_RELATED_PARTY_TRANSACTIONS_D1
4. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Interest expense | $6,433 | $7,324 |
5_ACCOUNTS_PAYABLE_AND_ACCRUED2
5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Accounts Payable And Accrued Expenses Details | ||
Accounts payable | $87,345 | $84,708 |
Accrued judgment | 135,000 | 135,000 |
Accrued interest | 8,547 | 31,999 |
Accrued auditing fees | 3,500 | 24,500 |
Total | $234,392 | $276,208 |
9_FAIR_VALUE_MEASUREMENT_Detai
9. FAIR VALUE MEASUREMENT (Details) (USD $) | Mar. 31, 2015 |
Derivative Liability | $0 |
Fair Value, Inputs, Level 1 [Member] | |
Derivative Liability | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative Liability | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative Liability | $0 |
9_FAIR_VALUE_MEASUREMENT_Detai1
9. FAIR VALUE MEASUREMENT (Details 1) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Fair Value Measurement Details 1 | |
Derivative liability for Convertible Debentures | $67,571 |
Change in value of derivative liability during the period ended March 31, 2015 | -67,571 |
Balance, March 31, 2015 | $0 |
10_ASSETS_LIABILITIES_OF_SUBSI2
10. ASSETS & LIABILITIES OF SUBSIDIARY HELD FOR SALE (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Assets Liabilities Of Subsidiary Held For Sale Details | ||
Cash and cash equivalents | $120,691 | $4,723 |
Accounts Receivable, net | 82,267 | 159,048 |
Due from related party | 144,391 | 12,084 |
Inventory, net | 227,875 | 474,034 |
Pre-Paid inventory, advance to supplier | 195,685 | 0 |
Payroll advance | 1,935 | 2,285 |
Current assets of subsidiary | 772,844 | 652,173 |
Security deposits | 11,222 | 11,222 |
Equipment | 2,483 | 2,483 |
Network/office equipment | 34,589 | 33,488 |
Accumulated Depreciation | -29,192 | -23,515 |
Non-current assets of subsidiary | $19,102 | $23,678 |
10_ASSETS_LIABILITIES_OF_SUBSI3
10. ASSETS & LIABILITIES OF SUBSIDIARY HELD FOR SALE (Details 1) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Assets Liabilities Of Subsidiary Held For Sale Details 1 | ||
Accounts payable | $348,705 | $596,009 |
Sales tax liability | 5,926 | 1,181 |
Accrued interest | 663 | 0 |
CA income tax provision | 0 | 24,727 |
Payroll taxes payable | 0 | 55,453 |
Total Accrued Expenses | 355,294 | 677,370 |
Customer advances | 151,286 | 6,752 |
Notes payable-related parties | 0 | 10,000 |
Notes payable | 0 | 50,000 |
Total liabilities of subsidiary | $506,580 | $744,122 |