Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 28, 2018 | Dec. 31, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | CONCIERGE TECHNOLOGIES INC | ||
Entity Central Index Key | 1,005,101 | ||
Trading Symbol | cncg | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 10,730,129 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 29,559,139 | ||
Series B Convertible Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 436,951 |
Consolidated Balance Sheets
Consolidated Balance Sheets | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 7,524,114 | $ 6,730,486 | |
Accounts receivable, net | 1,068,240 | 871,570 | |
Accounts receivable - related parties | 1,458,159 | 1,762,271 | |
Inventories | 931,065 | 444,274 | |
Prepaid income tax and tax receivable | 2,138,636 | 1,276,540 | |
Investments | 3,204,005 | 3,578,749 | |
Other current assets | 374,617 | 369,599 | |
Total current assets | 16,698,836 | 15,033,489 | |
Restricted cash | 13,536 | 14,870 | |
Property and equipment, net | 1,080,471 | 1,159,465 | |
Goodwill | 915,790 | 498,973 | |
Intangible assets, net | 2,995,231 | 899,276 | |
Deferred tax assets, net | 865,120 | 1,480,272 | |
Other assets, long - term | 532,165 | 509,538 | |
Total assets | 23,101,149 | 19,595,883 | |
CURRENT LIABILITIES | |||
Accounts payable and accrued expenses | 3,249,387 | 2,842,855 | |
Expense waivers – related parties | 662,650 | 589,093 | |
Purchase consideration payable | 1,205,000 | ||
Notes payable - related parties | 3,500 | 3,500 | |
Equipment loans | 46,705 | 17,388 | |
Total current liabilities | 5,167,242 | 3,452,836 | |
LONG TERM LIABILITIES | |||
Notes payable - related parties | 600,000 | 600,000 | |
Equipment loans, net of current portion | 149,491 | 72,605 | |
Deferred tax liabilities | 208,419 | 258,601 | |
Total liabilities | 6,125,152 | 4,384,042 | |
Commitments and Contingencies (Note15) | |||
Convertible preferred stock, $0.001 par value; 50,000,000 shares authorized Series B: 0 issued and outstanding at June 30, 2018 and 436,951 at June 30, 2017 | [1] | 2,011,934 | |
STOCKHOLDERS' EQUITY | |||
Preferred stock, $0.001 par value; 50,000,000 authorized series B: 436,951 issued and outstanding at June 30, 2018 and 0 at June 30, 2017 | 437 | ||
Common stock, $0.001 par value; 900,000,000 shares authorized; 29,559,139 shares issued and outstanding at June 30, 2018 and June 30, 20171 | [1] | 29,559 | 29,559 |
Additional paid-in capital | 9,186,132 | 7,174,635 | |
Accumulated other comprehensive income | 148,808 | 119,338 | |
Retained earnings | 7,611,061 | 5,876,375 | |
Total stockholders' equity | 16,975,997 | 13,199,907 | |
Total liabilities, convertible preferred stock, and stockholders' equity | $ 23,101,149 | $ 19,595,883 | |
[1] | Share amounts adjusted for 1:30 reverse stock split (Note 13) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) | 12 Months Ended | |
Jun. 30, 2018$ / sharesshares | Jun. 30, 2017$ / sharesshares | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, issued (in shares) | 29,559,139 | 29,559,139 |
Common stock, outstanding (in shares) | 29,559,139 | 29,559,139 |
Reverse Stock Split [Member] | ||
Reverse stock split | 30 | 30 |
Series B Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Convertible preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Convertible preferred stock, issued (in shares) | 0 | 436,951 |
Convertible preferred stock, outstanding (in shares) | 0 | 436,951 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued (in shares) | 436,951 | 0 |
Preferred stock, outstanding (in shares) | 436,951 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Net revenue | |||
Fund management - related party | $ 18,744,313 | $ 23,926,065 | |
Net revenue | 28,710,589 | 32,011,121 | |
Cost of revenue | 5,914,719 | 4,850,231 | |
Gross profit | 22,795,870 | 27,160,890 | |
Operating expense | |||
General and administrative expense | 4,828,241 | 5,627,235 | |
Fund operations | 4,933,437 | 5,431,408 | |
Marketing and advertising | 3,554,507 | 3,434,228 | |
Depreciation and amortization | 576,674 | 418,840 | |
Salaries and compensation | 6,096,232 | 5,519,079 | |
Total operating expenses | 19,989,091 | 20,430,790 | |
Income from operations | 2,806,779 | 6,730,100 | |
Other (expense) income: | |||
Other (expense) income | (316,337) | 64,039 | |
Interest and dividend income | 111,929 | 3,177 | |
Interest expense | (101,089) | (21,582) | |
Total other (expense) income, net | (305,497) | 45,634 | |
Income before income taxes | 2,501,282 | 6,775,734 | |
Provision of income taxes | 766,596 | 1,589,403 | |
Net income | $ 1,734,686 | $ 5,186,331 | |
Weighted average shares of common stock | |||
Basic (in shares) | [1] | 29,559,139 | 29,559,139 |
Diluted (in shares) | [1] | 38,298,159 | 38,298,159 |
Net income per common share | |||
Basic income per share (in dollars per share) | $ 0.06 | $ 0.18 | |
Diluted income (loss) per share (in dollars per share) | $ 0.05 | $ 0.14 | |
Food and Beverage [Member] | |||
Net revenue | |||
Revenue | $ 4,791,996 | ||
Security Alarm Monitoring [Member] | |||
Net revenue | |||
Revenue | $ 3,303,584 | 3,136,733 | |
Beauty Products and Other [Member] | |||
Net revenue | |||
Revenue | $ 1,694,534 | $ 156,327 | |
[1] | Share amounts adjusted for 1:30 reverse stock split (Note 13) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 1,734,686 | $ 5,186,331 |
Other comprehensive income (loss): | ||
Foreign currency translation gain | (214,284) | 113,444 |
Change in investment valuation | 243,754 | 36,197 |
Comprehensive income | $ 1,764,156 | $ 5,335,972 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | ||
Balance (in shares) at Jun. 30, 2016 | 436,951 | 29,559,139 | ||||||
Balance at Jun. 30, 2016 | $ 2,011,934 | [1] | $ 29,559 | $ 7,174,635 | $ (30,303) | $ 690,044 | $ 7,863,935 | |
Change in investment valuation | 36,197 | 36,197 | ||||||
Gain (loss) on currency translation for the year | [1] | 113,444 | 113,444 | |||||
Net income | [1] | 5,186,331 | 5,186,331 | |||||
Balance (in shares) at Jun. 30, 2017 | 436,951 | 29,559,139 | ||||||
Balance at Jun. 30, 2017 | $ 2,011,934 | [1] | $ 29,559 | 7,174,635 | 119,338 | 5,876,375 | 13,199,907 | |
Reclassification of Series B Preferred stock par value (1) | [1] | 437 | 437 | |||||
Reclassification of Series B Preferred stock to additional paid-in capital (1) | [1] | $ (2,011,497) | 2,011,497 | 2,011,497 | ||||
Balance (in shares) at Jul. 01, 2017 | [1] | 436,951 | 29,559,139 | |||||
Balance at Jul. 01, 2017 | [1] | $ 437 | $ 29,559 | 9,186,132 | 119,338 | 5,876,375 | 15,211,841 | |
Balance (in shares) at Jun. 30, 2017 | 436,951 | 29,559,139 | ||||||
Balance at Jun. 30, 2017 | $ 2,011,934 | [1] | $ 29,559 | 7,174,635 | 119,338 | 5,876,375 | 13,199,907 | |
Change in investment valuation | 243,754 | |||||||
Net income | 1,734,686 | |||||||
Balance (in shares) at Jun. 30, 2018 | 436,951 | 29,559,139 | ||||||
Balance at Jun. 30, 2018 | $ 437 | [1] | $ 29,559 | 9,186,132 | 148,808 | 7,611,061 | 16,975,997 | |
Balance (in shares) at Jul. 01, 2017 | [1] | 436,951 | 29,559,139 | |||||
Balance at Jul. 01, 2017 | [1] | $ 437 | $ 29,559 | 9,186,132 | 119,338 | 5,876,375 | 15,211,841 | |
Change in investment valuation | 243,754 | 243,754 | ||||||
Gain (loss) on currency translation for the year | (214,284) | (214,284) | ||||||
Net income | [1] | 1,734,686 | 1,734,686 | |||||
Balance (in shares) at Jun. 30, 2018 | 436,951 | 29,559,139 | ||||||
Balance at Jun. 30, 2018 | $ 437 | [1] | $ 29,559 | $ 9,186,132 | $ 148,808 | $ 7,611,061 | $ 16,975,997 | |
[1] | Upon issuance of the preferred shares in the Wainwright acquisition, the Company no longer had sufficient authorized, unissued, common stock to allow for Series B conversion. Accordingly, the Series B was reclassified to the mezzanine section. On December 15, 2017 a 1:30 reverse stock split was completed and allowed for the Series B shares to be moved from the mezzanine section to stockholders' equity. All share amounts have been adjusted to the reverse stock split (Note 13). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 1,734,686 | $ 1,734,686 | $ 5,186,331 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 576,674 | 418,840 | |
Deferred taxes | 564,992 | (314,294) | |
Bad debt expense | 51,747 | ||
Loss (gain) on sale of investments | 356,074 | (2,399) | |
(Gain) on disposal of equipment | (8,364) | (4,341) | |
(Increase) decrease in current assets: | |||
Accounts receivable | 7,137 | (24,890) | |
Accounts receivable - related party | 304,112 | 361,834 | |
Prepaid income taxes | (906,085) | (918,230) | |
Inventory | (162,388) | (2,109) | |
Other current assets | 4,045 | (101,725) | |
Increase (decrease) in current liabilities: | |||
Accounts payable and accrued expenses | 406,126 | 449,756 | |
Expense waivers payable - related party | 73,557 | 140,163 | |
Conversion of loan to other income | (8,500) | ||
Net cash provided by operating activities | 3,002,213 | 5,180,436 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash paid for acquisition of business assets | (2,277,172) | (214,035) | |
Purchase of equipment - net of disposals | (318,064) | (259,017) | |
Sale of investments | 1,372,019 | 227,632 | |
Purchase of investments | (1,109,596) | (3,766,111) | |
Net cash used in investing activities | (2,332,813) | (4,011,531) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds of equipment loan | 178,604 | 88,383 | |
Repayment of equipment loan | (67,660) | ||
Repayment of loans from related parties | (5,000) | ||
Net cash provided by financing activities | 110,944 | 83,383 | |
Effect of exchange rate change on cash and cash equivalents | 13,184 | 24,090 | |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 793,628 | 1,276,378 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE | 6,730,486 | 5,454,107 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | $ 7,524,114 | 7,524,114 | 6,730,486 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest paid | 5,000 | ||
Income taxes paid, U.S. | 965,272 | 2,475,800 | |
Purchase consideration payable (see Note 12) | $ 1,205,000 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Concierge Technologies, Inc., (the “Company” or “Concierge”), a Nevada corporation, operates through its wholly owned subsidiaries who are engaged in varied business activities. The operations of the Company’s wholly-owned subsidiaries are more particularly described herein but are summarized as follows: ● Wainwright Holdings, Inc. (“Wainwright”), a U.S. based company, is the sole member of two ● Gourmet Foods, Ltd. (“Gourmet Foods”), a New Zealand based company, manufactures and distributes New Zealand meat pies on a commercial scale. ● Brigadier Security Systems ( 2000 ● Kahnalytics, Inc. dba/Original Sprout (“Original Sprout”), a U.S. based company, is engaged in the wholesale distribution of hair and skin care products under the brand name Original Sprout on a global scale. The former business of Kahnalytics, providing live-streaming mobile video on a subscription basis, was insignificant and was terminated after transitioning to the current business of distributing hair and skin care products. See “Note 12. Concierge manages its operating businesses on a decentralized basis. There are no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. Basis of Presentation and Accounting Principles The Company has prepared the accompanying financial statements on a consolidated basis. In the opinion of management, the accompanying consolidated balance sheets and related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of Consolidation The accompanying condensed consolidated financial statements, which are referred herein as the “Financial Statements” include the accounts of Concierge and its wholly owned subsidiaries, Wainwright, Gourmet Foods, Brigadier and Original Sprout. Wainwright was acquired during the prior fiscal year. Due to the commonality of ownership and control between the two 12 June 30, 2018 June 30, 2017 July 1, 2016. All significant inter-company transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of the Financial Statements are in conformity with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three $250,000 CD$100,000 not Accounts Receivable, Related Parties and Accounts Receivable, net Accounts receivable -related parties, consist of fund asset management fees receivable from the Wainwright business. Management fees receivable generally consist of one June 30, 2018 June 30, 2017, no Accounts receivable, net, consist of receivables from the Brigadier, Gourmet Foods and Original Sprout businesses. 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. As of June 30, 2018 June 30, 2017, $51,747 nil, Major Customers and Suppliers – Concentration of Credit Risk Concierge, through Brigadier, is dependent upon its contractual relationship with the alarm monitoring company who purchases the monitoring contracts and provides monitoring services to Brigadier’s customers. Sales to the largest customer, which includes contracts and recurring monthly residuals, totaled 41% 46% June 30, 2018 June 30, 2017, 35% June 30, 2018 40% June 30, 2017. not 13% June 30, 2018 7% June 30, 2018. no June 30, 2017. Concierge, through Gourmet Foods, has three 1 2 3 June 30, 2018, 21% 33% 18% 26% June 30, 2017, second 12% June 30, 2018 11% June 30, 2017. 16% June 30, 2018 11% June 30, 2017. two June 30, 2018, 41% 43% June 30, 2017. No third no one Concierge, through Original Sprout, is not one no 10% 3 10%, 13%, 20% 43% 30, 2018. no 18, 2017. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated 12 June 30, 2018 June 30, 2017 Year ended June 30, 201 8 Year ended June 30, 2017 Revenue Revenue Fund USO $ 9,752,223 52 % $ 13,761,317 58 % USCI 4,253,921 23 % 4,865,171 20 % UNG 2,753,723 15 % 3,118,432 13 % All Others 1,984,446 10 % 2,181,145 9 % Total $ 18,744,313 100 % $ 23,926,065 100 % June 30, 201 8 June 30, 201 7 Accounts Receivable Accounts Receivable Fund USO $ 674,535 46 % $ 1,060,421 60 % USCI 431,288 30 % 317,032 18 % UNG 182,399 12 % 217,760 12 % All Others 169,937 12 % 167,058 10 % Total $ 1,458,159 100 % $ 1,762,271 100 % Inventor ies Inventories, consisting primarily of food products and packaging in New Zealand, hair and skin care finished products and components in the U.S. and security system hardware in Canada, are valued at the lower of cost (determined on a FIFO basis) or net realizable value. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. For the years ended June 30, 2018 2017 $0 $2,090, June 30, 2018 June 30, 2017, $0 $0, Property and Equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 Category Estimated Useful Life (in years) Plant and equipment: 5 to 10 Furniture and office equipment: 3 to 5 Vehicles 3 to 5 Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not no June 30, 2018 June 30, 2017. Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase businesses combination. Goodwill is tested for impairment on an annual basis during the fourth may two first two not two no June 30, 2018 June 30, 2017 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 no June 30, 2018 2017. Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses). The Company values its investments in accordance with Accounting Standards Codification ("ASC") 820 820” 820 820 820 1 2 three 820 Level 1 Level 2 1 2 not Level 3 not In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. Revenue Recognition Revenue consists of fees earned through management of investment funds, sale of gourmet meat pies and related bakery confections in New Zealand, security alarm system installation and monitoring service in Canada, and wholesale distribution of hair and skin care products. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. Revenue is recognized when persuasive evidence of an arrangement exists, the price is fixed or determinable, the delivery has occurred, no Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the years ended June 30, 2018 2017 $3.6 $3.4 Other Comprehensive Income (Loss) and Foreign Currency Translation Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830 30, Foreign Currency Translation $214 $113 June 30, 2018 2017, Short-term Investment Valuation Other comprehensive income attributed to changes in the valuation of short-term investments held for sale by Wainwright was approximately $244 $36 June 30, 2018 2017, Segment Reporting The Company defines operating segments as components about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on the geographic locations of its subsidiaries (Refer to Note 16 Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may one may June 30, 2018 2017 no Recent Accounting Pronouncements adopted Subsequent to June 30, 2017 The Company has reviewed new accounting pronouncements issued between October 13, 2017, 10 10 no In May 2014, No. 2014 09 606 —Revenue from Contracts with Customers 2014 09” 605, 2014 09 2014 09 December 15, 2017 and interim periods within those annual periods. not In January 2016, 2016 01 , Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017, first June 30, 2019. In February 2016, No. 2016 02, Leases not December 15, 2018 |
Note 3 - Basic and Diluted Net
Note 3 - Basic and Diluted Net Loss Per Share | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3. 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. The Company does not Diluted net income per share reflects the effects of shares actually potentially issuable upon conversion of convertible preferred stock. The components of basic and diluted earnings per share were as follows: For the year ended June 30, 201 8 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 1,734,686 29,559,139 $ 0.06 Effect of dilutive securities - - - Preferred stock Series B - 8,739,020 - Diluted income per share $ 1,734,686 38,298,159 $ 0.05 For the year ended June 30, 201 7 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 5,186,331 29,559,139 $ 0.18 Effect of dilutive securities - - - Preferred stock Series B - 8,739,020 - Diluted income per share $ 5,186,331 38,298,159 $ 0.14 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4. Inventories consisted of the following: June 30, June 30, 201 8 201 7 Raw materials $ 195,674 $ 43,088 Supplies and packing materials 142,257 125,241 Finished goods 593,134 275,945 Total inventories $ 931,065 $ 444,274 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. Property, plant and equipment consisted of the following as of June 30, 2018 2017: June 30, 201 8 June 30, 201 7 Plant and equipment $ 1,487,568 $ 1,460,180 Furniture and office equipment 171,978 162,781 Vehicles 351,381 185,866 Total property and equipment, gross 2,010,927 1,808,827 Accumulated depreciation (930,456 ) (649,362 ) Total property and equipment, net $ 1,080,471 $ 1,159,465 For the years ended June 30, 2018 2017, 342,628 $299,903, |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6. Intangible assets consisted of the following: June 30, 201 8 June 30, 201 7 Customer relationships $ 700,252 $ 500,252 Brand name 1,142,122 402,123 Domain name 36,913 36,913 Recipes 1,221,601 21,601 Non-compete agreement 274,982 84,982 Total 3,375,870 1,045,871 Less : accumulated amortization (380,639 ) (146,595 ) Net intangibles $ 2,995,231 $ 899,276 CUSTOMER RELATIONSHIP On August 11, 2015, $66,153 10 June 2, 2016, $434,099 10 December 18, 2017 $200,000 7 June 30, 2018 June 30, 201 7 Customer relationships $ 700,252 500,252 Less: accumulated amortization (124,895 ) (59,684 ) Total customer relationships, net $ 575,357 440,568 BRAND NAME On August 11, 2015, $61,429 10 June 2, 2016, $340,694 10 December 18, 2017 $740,000 no June 30, 201 8 June 30, 201 7 Brand name $ 1,142,122 $ 402,123 Less: accumulated amortization (88,872 ) (48,660 ) Total brand name, net $ 1,053,250 $ 353,463 DOMAIN NAME On August 11, 2015, $21,601 5 June 2, 2016, $15,312 5 June 30, 201 8 June 30, 201 7 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (18,958 ) (11,576 ) Total brand name, net $ 17,955 $ 25,337 RECIPES AND FORMULAS On August 11, 2015, $21,601 5 December 18, 2017 $1,200,000 8 June 30, 201 8 June 30, 201 7 Recipes and formulas $ 1,221,601 $ 21,601 Less: accumulated amortization (92,303 ) (8,257 ) Total recipes and formulas, net $ 1,129,298 $ 13,344 NON-COMPETE AGREEMENT On June 2, 2016, $84,982 5 December 18, 2017 $190,000 5 June 30, 201 8 June 30, 201 7 Non-compete agreement $ 274,982 $ 84,982 Less: accumulated amortization (55,612 ) (18,418 ) Total non-compete agreement, net $ 219,370 $ 66,564 AMORTIZATION EXPENSE The total amortization expense for intangible assets for the years ended June 30, 2018 June 30, 2017 $234,046 $118,937, Estimated amortization expenses of intangible assets for the next five twelve June 30, Years Ending June 30, Expense 2019 $ 335,508 2020 335,508 2021 325,678 2022 306,809 2023 286,507 Thereafter 1,405,221 Total $ 2,995,231 |
Note 7 - Other Assets
Note 7 - Other Assets | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 7. Other Current Assets Other current assets totaling $374,617 June 30, 2018 $369,599 June 30, 2017 As of June 30, 201 8 As of June 30, 201 7 Deposits $ - $ 183,634 Prepaid expenses 358,869 28,667 Other current assets 15,748 7,298 Notes receivable - 150,000 Total $ 374,617 $ 369,599 Investments Wainwright, from time to time, provides initial investments in the creation of ETP funds that Wainwright manages. Wainwright classifies these investments as current assets as these investments are generally sold within one no June 30, 2018 June 30, 2017, $3.2 $3.6 no June 30, 2018 June 30, 2017, no Investments measured at estimated fair value consist of the following as of June 30, 2018 June 30, 2017: As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 180,138 $ - $ - $ 180,138 USCI mutual fund investment 2,500,000 280,480 - 2,780,480 Hedged asset 523,100 - (280,761 ) 242,339 Other equities 1,577 - (529 ) 1,048 Total short-term investments $ 3,204,815 $ 280,480 $ (281,290 ) 3,204,005 As of June 30, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 86,204 $ - $ - $ 86,204 USCI mutual fund investment 2,500,000 - (49,080 ) 2,450,920 MENU ETF investment 768,427 41,473 - 809,900 Hedged asset 187,000 43,746 - 230,746 Other equities 1,577 - (598 ) 979 Total short-term investments $ 3,543,208 $ 85,219 $ (49,678 ) 3,578,749 The following tables summarize the valuation of the Company’s securities at June 30, 2018 June 30, 2017 As of June 30 , 2018 Total Level 1 Level 2 Level 3 Money market funds $ 180,138 $ 180,138 $ - $ - Mutual fund investment 2,780,480 2780,480 - - Hedge asset 242,339 - 242,339 - Other equities 1,048 1,048 - - Total $ 3,204,005 $ 2,961,666 $ 242,339 $ - As of June 30, 2017 Total Level 1 Level 2 Level 3 Money market funds $ 86,204 $ 86,204 $ - $ - Mutual fund investment 2,450,920 2,450,920 - - ETF investment 809,900 809,900 - - Hedge asset 230,746 - 230,746 - Other equities 979 979 - - Total $ 3,578,749 $ 3,348,003 $ 230,746 $ - During the years ended June 30, 2018 2017, no 1 2. Restricted Cash At June 30, 2018, NZ$20,000 US$13,536 one Long - Term Assets Other long term assets totaling $532,165 $509,538 June 30, 2018 June 30, 2017, (i) $500,000 June 30, 2018 June 30, 2017 10% (ii) and $32,165 June 30, 2018 $9,538 June 30, 2017 |
Note 8 - Goodwill
Note 8 - Goodwill | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 8. Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. The amounts recorded in goodwill for June 30, 2018 2017 $915,790 $498,973, 12 Goodwill is comprised of the following amounts: As of June 30, 2018 As of June 30, 201 7 Goodwill – Original Sprout 416,817 - Goodwill – Gourmet Foods 147,628 147,628 Goodwill - Brigadier 351,345 351,345 Total $ 915,790 $ 498,973 The Company tests for goodwill impairment at each reporting unit. There was no June 30, 2018 or June 30, 2017. |
Note 9 - Accounts Payable and A
Note 9 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 9. Accounts payable and accrued expenses consisted of the following: June 30, 201 8 June 30, 2017 Accounts payable $ 1,935,645 $ 1,781,772 Accrued interest 56,689 32,410 Taxes payable 3,938 123 Deferred rent 3,681 13,402 Accrued payroll and vacation pay 299,630 349,507 Accrued expenses 949,804 665,641 Total $ 3,249,387 $ 2,842,855 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 10. Notes Payable - Related Parties Current related party notes payable consist of the following: June 30, 201 8 June 30, 201 7 Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) 3,500 3,500 Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022 350,000 350,000 $ 603,500 $ 603,500 Interest expense for all related party notes for the years ended June 30, 2018 2017 $24,280 $18,999, Promissory Note Payable – Related Parties On April 8, 2016 May 25, 2016, $350,000 $250,000, four 4% nineteen 19% 0.01% 1.75% 4% no In connection with the acquisition of Wainwright on December 9, 2016 Interest expense for all related party convertible debentures for the years ended June 30, 2018 2017 Wainwright - Related Party Transactions The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company’s Wainwright revenues, totaling $18.7 $23.9 June 30, 2018 2017, $1.5 $1.8 June 30, 2018 June 30, 2017, $0.7 $0.8 $0.5 $0.4 June 30, 2018 2017, $0.7 $0.6 June 30, 2018 June 30, 2017, 15 |
Note 11 - Equipment Loans
Note 11 - Equipment Loans | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Loan Commitments [Text Block] | NOTE 11. As of June 30, 2018, CD$257,826 US$196,196 60 June 30, 2018 June 30, 2017 twelve US$46,705 $17,388, twelve US$149,491 $72,605 June 30, 2018 2017 June 30, 2018 US$12,662 $1,656 June 30, 2017. |
Note 12 - Business Combination
Note 12 - Business Combination | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 12. Acquisition of the assets of The Original Sprout, LLC Kahnalytics, Inc., a wholly owned subsidiary of Concierge Technologies domiciled in California, was founded during May 2015 two December 18, 2017, $3.5 twelve Item Amount Inventory $ 371,866 Accounts receivable 288,804 Furniture, fixtures and equipment 1,734 Pre-payments of inventory 8,775 Discount on installment payments** 64,176 Intangible assets* 2,330,000 Goodwill 416,817 Total Purchase Price $ 3,482,172 *See Note 6 **This amount represents a discount on installment payments and was charged to interest expense. On the closing date of the transaction, December 18, 2017, $982,172 $1,250,000 June 18, 2018. June 30, 2018 not June 30, 2018. $1,250,000, June 30, 2018, $1,205,000 January 5, 2019 Supplemental Pro Forma Information (Unaudited) The following unaudited supplemental pro forma information for the years ended June 30, 2018 2017 July 1, 2016, may not July 1, 2016. not The following table presents consolidated unaudited results of operations for the years ended June 30, 2018 2017, July 1, 2016. Year Ended Year Ended June 30, 2018 June 30, 2017 Pro Forma (1) Pro Forma (1) Net Revenues $ 30,782,940 $ 35,702,686 Net Income $ 2,044,203 $ 5,352,2211 Basic Earnings per Share $ 0.07 $ 0.18 Diluted Earnings per Share $ 0.05 $ 0.14 ( 1 Includes the operation of the assets acquired from Original Sprout LLC on a consolidated basis and the estimated transaction costs, amortization of intangible assets, and estimated income tax. Wainwright Holdings, Inc. On December 9, 2016, 1,741 $0.01 27,293,330 1 30 December 15, 2017 (the "2017 Reverse Stock Split")) 311,804 2017 Reverse Stock Split) 6,236,079 50% 50% July 1, 2015. no |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13. Reverse Stock Split On November 17, 2017, one thirty 1:30 December 15, 2017. February 13, 2017. 2017. not Convertible Preferred Stock All of the issued Series B Voting, Convertible Preferred Stock is convertible into 20 20 Prior to the Reverse Stock Split, the Company did not June 30, 2018. Accumulated Other Comprehensive Income The following table presents activity for the years ending June 30, 2018 June 30, 2017: Balance as of June 30, 2016 $ (30,303 ) Change in short-term investment valuation before reclassification to earnings 36,197 Foreign currency translation gain 113,444 Balance as of June 30, 2017 119,338 Change in short-term investment valuation before reclassification to earnings 329,629 Foreign currency translation (loss) (214,284 ) Change in short-term investment valuation due to reclassification to earnings (85,875 ) Balance as of June 30, 2018 $ 148,808 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14. The following table summarizes income before income taxes: Years Ended June 30, 201 8 2017 U.S. $ 2,276,390 $ 6,227,200 Foreign 224,892 548,534 Income before income taxes $ 2,501,282 $ 6,775,734 Income Tax Provision Provision for income tax as listed on the Consolidated Statements of Operations for the years ended June 30, 2018 2017 $766,596 $1,589,403, Provision for taxes consisted of the following: Years Ended June 30, 201 8 201 7 U.S. operations $ 658,293 $ 1,419,051 Foreign operations 108,303 170,352 Total $ 766,596 $ 1,589,403 Provisions for income tax consisted of the following as of the years ended: For the year ended: June 30, 201 8 June 30, 201 7 Current: Federal $ 572,227 $ 1,573,044 States (510,765 ) 138,728 Foreign 140,142 191,948 Total current 201,604 1,903,720 Deferred: Federal 502,364 (173,657 ) States 94,467 (119,064 ) Foreign (31,839 ) (21,596 ) Total deferred 564,992 (314,317 ) Total $ 766,596 $ 1,589,403 Tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets for the years ended June 30, 2018 2017 For the year ended: June 30, 201 8 June 30, 201 7 Deferred tax assets: Property and equipment and intangible assets - U.S. $ 745,420 $ 1,291,927 Net operating loss 3,646 111,698 Capital loss carryover 10,337 - Accruals, reserves and other - foreign 13,494 31,840 Accruals, reserves and other - U.S. 104,607 73,884 Gross deferred tax assets 877,504 1,509,349 Less valuation allowance (12,384 ) (29,077 ) Total deferred tax assets $ 865,120 $ 1,480,272 Deferred tax liabilities: Intangible assets - foreign $ (208,419 ) $ (258,601 ) Total deferred tax liabilities $ (208,419 ) $ (258,601 ) The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company’s net deferred tax assets. The Company primarily considered such factors as the Company’s history of operating losses; the nature of the Company’s deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does believe that it is more likely than not $16,693 June 30, 2018 $1,203,456 June 30, 2017. On December 22, 2017, one one not 15.5% 8% 35% 21% January 1, 2018. 2018, 27.5%. 34% first second 2018 21% third fourth 2018. July 1, 2018. The TCJA was effective for fiscal year 2018. June 30, 2018, not 2018, $506,017 may not one During fiscal year 2018, $1,112 one We have not not 2018 not 2018 In addition, we recorded an estimated $504,905 2018 The TCJA subjects a U.S. corporation to tax on its GILTI. Due to the complexity of the new GILTI tax rules, we are continuing to evaluate this provision of the TCJA and the application of GAAP. Income tax expense (benefit) for the years ended June 30, 2018 December 31, 2017 34% For the year ended: June 30, 2018 June 30, 2017 Federal tax expense (benefit) at statutory rate $ 687,853 $ 2,321,442 State income taxes (437,242 ) (27,503 ) Permanent differences (46,251 ) 399,639 Deferred tax impact of the Tax Act 504,905 - U.S. toll charge (net of FTC) 1,112 - Change in valuation allowance 9,761 (1,128,464 ) Foreign rate differential 46,458 24,289 Total tax expense $ 766,596 $ 1,589,403 For the year ended: June 30, 2018 June 30, 2017 % % Federal tax expense (benefit) at statutory rate 27.50% 34.00% State income taxes (17.48% ) (0.40% ) Permanent differences (1.85% ) 5.85% Deferred tax impact of the Tax Act 20.19% - Foreign rate differential 1.86% 0.36% U.S. toll charge (net of FTC) 0.04% - Change in valuation allowance 0.39% (16.53% ) Total tax expense 30.65% 23.28% Tax positions are evaluated in a two first not not 50% June 30, 2018 2017 Balance at June 30, 2017 $ 206,046 Additions based on tax positions taken during a prior period - Reductions based on tax positions taken during a prior period - Additions based on tax positions taken during the current period 58,497 Reductions based on tax positions taken during the current period - Reductions related to settlement of tax matters - Reductions related to a lapse of applicable statute of limitations - Balance at June 30, 2018 $ 264,543 The Company files income tax returns in the United States, and various state and foreign jurisdictions. The federal, state and foreign income tax returns are subject to tax examinations for the tax years 2014 2017 June 30, 2018. may no June 30, 2018. The Company had $251,946 June 30, 2018 $206, 046 June 30, 2017 not June 30, 2018. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2018, June 30, 2017, $12,597 $0, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15. Lease Commitments The Company leases various facilities and offices throughout the world including the following subsidiary locations: Gourmet Foods has operating leases for its office, factory and warehouse facilities located in Tauranga, New Zealand, as well as for certain equipment including vehicles. These leases are generally for three three August 2018 August 2021, US$11,216 June 30, 2018. Brigadier leases office and storage facilities in Saskatoon and Regina, Saskatchewan. The minimum lease obligations require monthly payments of approximately US$5,551 June 30, 2018. Original Sprout currently leases office and warehouse space in San Clemente, CA under a three March 1, 2021. $7,805 Wainwright leases office space in Oakland, California under an operating lease, which expires in October 2018 October 2018 December 2024. $12,000 For the years ended June 30, 2018 2017, $254,150 $199,227, Future minimum consolidated lease payments for Concierge and its subsidiaries are as follows: Year Ended June 30, Lease Amount 2019 $ 407,212 2020 355,331 2021 320,137 2022 178,716 2023 167,409 2024 84,336 Total minimum lease commitment $ 1,513,141 Additionally, Gourmet Foods entered into a General Security Agreement in favor of the Gerald O’Leary Family Trust and registered on the Personal Property Securities Register for a priority sum of NZ$110,000 US$74,448 NZ$20,000 US$13,536 Other Agreements and Commitments USCF Advisers has entered into expense limitation agreements with one July 31, 2018 1.30% 0.95% may not 90 USCF manages seven June 30, 2018 June 30, 2017 $662,650 $589,093, no Litigation From time to time, the Company is involved in legal proceedings arising mainly from the ordinary course of its business. In management’s opinion, the legal proceedings are not Retirement Plan Wainwright's wholly owned subsidiary USCF, has a 401 21 1,000 one may $95 $84 June 30, 2018 2017, |
Note 16 - Segment Reporting
Note 16 - Segment Reporting | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 16. With the acquisition of Wainwright Holdings, Gourmet Foods, Ltd., Brigadier, and the launch of the Original Sprout business unit of Kahnalytics, the Company has identified four third The following table presents a summary of identifiable assets as of June 30, 2018 June 30, 2017: As of June 30, 201 8 As of June 30, 201 7 Identifiable assets: Corporate headquarters $ 2,123,048 $ 3,302,979 U.S.A. : fund management 13,563,773 12,721,559 U.S.A. : beauty products 3,739,979 89,459 New Zealand: food industry 1,959,486 2,203,725 Canada: security alarm 1,714,863 1,278,161 Consolidated $ 23,101,149 $ 19,595,883 The following table presents a summary of operating information for the years ended June 30, 2018 June 30, 2017: Year Ended June 30, 201 8 Year Ended June 30, 201 7 Revenues from unaffiliated customers: U.S.A. : beauty products $ 1,694,534 $ 156,327 U.S.A. : investment fund management 18,744,313 23,926,065 New Zealand : food industry 4,968,158 4,791,996 Canada : security alarm 3,303,584 3,136,733 Consolidated $ 28,710,589 $ 32,011,121 Net income (loss) after taxes: Corporate headquarters $ (744,992 ) $ (669,040 ) U.S.A. : beauty products 42,702 (25,500 ) U.S.A. : investment fund management 1,950,711 5,524,285 New Zealand : food industry 99,398 13,983 Canada : security alarm 386,867 342,603 Consolidated $ 1,734,686 $ 5,186,331 The following table presents a summary of net capital expenditures for the year ended June 30: 201 8 201 7 Capital expenditures: U.S.A. : corporate headquarters $ 495 $ - U.S.A. : beauty products 2,707 2,690 U.S.A.: investment fund management - - New Zealand: food industry 165,414 155,620 Canada: security alarm 149,449 100,707 Consolidated $ 318,064 $ 259,017 The following table represents property, plant and equipment in use at each of the Company's locations as of June 30: 2018 2017 Asset Location: U.S.A. : corporate headquarters $ 14,305 $ 13,180 U.S.A. : beauty products 5,244 2,690 U.S.A.: investment fund management - - New Zealand: food industry 1,627,545 1,583,631 Canada: security alarm 363,833 208,696 Total All Locations 2,010,927 1,808,827 Less accumulated depreciation (930,456 ) (649,362 ) Net property, plant and equipment $ 1,080,471 $ 1,159,465 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17. The Company evaluated subsequent events for recognition and disclosure through the date the financial statements were issued or filed. Nothing has occurred outside normal operations since that required recognition or disclosure in these financial statements other than the items noted below. On August 7, 2018, 8 August 8, 2018 September 12, 2018 September 13, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Accounting Principles The Company has prepared the accompanying financial statements on a consolidated basis. In the opinion of management, the accompanying consolidated balance sheets and related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying condensed consolidated financial statements, which are referred herein as the “Financial Statements” include the accounts of Concierge and its wholly owned subsidiaries, Wainwright, Gourmet Foods, Brigadier and Original Sprout. Wainwright was acquired during the prior fiscal year. Due to the commonality of ownership and control between the two 12 June 30, 2018 June 30, 2017 July 1, 2016. All significant inter-company transactions and accounts have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the Financial Statements are in conformity with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with original maturities of three $250,000 CD$100,000 not |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | Accounts Receivable, Related Parties and Accounts Receivable, net Accounts receivable -related parties, consist of fund asset management fees receivable from the Wainwright business. Management fees receivable generally consist of one June 30, 2018 June 30, 2017, no Accounts receivable, net, consist of receivables from the Brigadier, Gourmet Foods and Original Sprout businesses. 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. As of June 30, 2018 June 30, 2017, $51,747 nil, |
Major Customers, Policy [Policy Text Block] | Major Customers and Suppliers – Concentration of Credit Risk Concierge, through Brigadier, is dependent upon its contractual relationship with the alarm monitoring company who purchases the monitoring contracts and provides monitoring services to Brigadier’s customers. Sales to the largest customer, which includes contracts and recurring monthly residuals, totaled 41% 46% June 30, 2018 June 30, 2017, 35% June 30, 2018 40% June 30, 2017. not 13% June 30, 2018 7% June 30, 2018. no June 30, 2017. Concierge, through Gourmet Foods, has three 1 2 3 June 30, 2018, 21% 33% 18% 26% June 30, 2017, second 12% June 30, 2018 11% June 30, 2017. 16% June 30, 2018 11% June 30, 2017. two June 30, 2018, 41% 43% June 30, 2017. No third no one Concierge, through Original Sprout, is not one no 10% 3 10%, 13%, 20% 43% 30, 2018. no 18, 2017. For our subsidiary, Wainwright, the concentration of risk and the relative reliance on major customers are found within the various funds it manages and the associated 12 June 30, 2018 June 30, 2017 Year ended June 30, 201 8 Year ended June 30, 2017 Revenue Revenue Fund USO $ 9,752,223 52 % $ 13,761,317 58 % USCI 4,253,921 23 % 4,865,171 20 % UNG 2,753,723 15 % 3,118,432 13 % All Others 1,984,446 10 % 2,181,145 9 % Total $ 18,744,313 100 % $ 23,926,065 100 % June 30, 201 8 June 30, 201 7 Accounts Receivable Accounts Receivable Fund USO $ 674,535 46 % $ 1,060,421 60 % USCI 431,288 30 % 317,032 18 % UNG 182,399 12 % 217,760 12 % All Others 169,937 12 % 167,058 10 % Total $ 1,458,159 100 % $ 1,762,271 100 % |
Inventory, Policy [Policy Text Block] | Inventor ies Inventories, consisting primarily of food products and packaging in New Zealand, hair and skin care finished products and components in the U.S. and security system hardware in Canada, are valued at the lower of cost (determined on a FIFO basis) or net realizable value. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. For the years ended June 30, 2018 2017 $0 $2,090, June 30, 2018 June 30, 2017, $0 $0, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight line method over the estimated useful life of the asset (see Note 5 Category Estimated Useful Life (in years) Plant and equipment: 5 to 10 Furniture and office equipment: 3 to 5 Vehicles 3 to 5 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not no June 30, 2018 June 30, 2017. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase businesses combination. Goodwill is tested for impairment on an annual basis during the fourth may two first two not two no June 30, 2018 June 30, 2017 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 no June 30, 2018 2017. |
Investments and Fair Value of Financial Instruments, Policy [Policy Text Block] | Investments and Fair Value of Financial Instruments Short-term investments are classified as available-for-sale securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses). The Company values its investments in accordance with Accounting Standards Codification ("ASC") 820 820” 820 820 820 1 2 three 820 Level 1 Level 2 1 2 not Level 3 not In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue consists of fees earned through management of investment funds, sale of gourmet meat pies and related bakery confections in New Zealand, security alarm system installation and monitoring service in Canada, and wholesale distribution of hair and skin care products. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. Revenue is recognized when persuasive evidence of an arrangement exists, the price is fixed or determinable, the delivery has occurred, no |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the years ended June 30, 2018 2017 $3.6 $3.4 |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss) and Foreign Currency Translation Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830 30, Foreign Currency Translation $214 $113 June 30, 2018 2017, Short-term Investment Valuation Other comprehensive income attributed to changes in the valuation of short-term investments held for sale by Wainwright was approximately $244 $36 June 30, 2018 2017, |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company defines operating segments as components about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on the geographic locations of its subsidiaries (Refer to Note 16 |
Business Combinations Policy [Policy Text Block] | Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may one may June 30, 2018 2017 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements adopted Subsequent to June 30, 2017 The Company has reviewed new accounting pronouncements issued between October 13, 2017, 10 10 no In May 2014, No. 2014 09 606 —Revenue from Contracts with Customers 2014 09” 605, 2014 09 2014 09 December 15, 2017 and interim periods within those annual periods. not In January 2016, 2016 01 , Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017, first June 30, 2019. In February 2016, No. 2016 02, Leases not December 15, 2018 |
Note 2 - Summary of Significa26
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year ended June 30, 201 8 Year ended June 30, 2017 Revenue Revenue Fund USO $ 9,752,223 52 % $ 13,761,317 58 % USCI 4,253,921 23 % 4,865,171 20 % UNG 2,753,723 15 % 3,118,432 13 % All Others 1,984,446 10 % 2,181,145 9 % Total $ 18,744,313 100 % $ 23,926,065 100 % June 30, 201 8 June 30, 201 7 Accounts Receivable Accounts Receivable Fund USO $ 674,535 46 % $ 1,060,421 60 % USCI 431,288 30 % 317,032 18 % UNG 182,399 12 % 217,760 12 % All Others 169,937 12 % 167,058 10 % Total $ 1,458,159 100 % $ 1,762,271 100 % |
Property, Plant and Equipment, Estimated Useful Life [Table Text Block] | Category Estimated Useful Life (in years) Plant and equipment: 5 to 10 Furniture and office equipment: 3 to 5 Vehicles 3 to 5 |
Note 3 - Basic and Diluted Ne27
Note 3 - Basic and Diluted Net Loss Per Share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the year ended June 30, 201 8 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 1,734,686 29,559,139 $ 0.06 Effect of dilutive securities - - - Preferred stock Series B - 8,739,020 - Diluted income per share $ 1,734,686 38,298,159 $ 0.05 For the year ended June 30, 201 7 Net Income Shares Per Share Basic income per share: Net income available to common shareholders $ 5,186,331 29,559,139 $ 0.18 Effect of dilutive securities - - - Preferred stock Series B - 8,739,020 - Diluted income per share $ 5,186,331 38,298,159 $ 0.14 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, June 30, 201 8 201 7 Raw materials $ 195,674 $ 43,088 Supplies and packing materials 142,257 125,241 Finished goods 593,134 275,945 Total inventories $ 931,065 $ 444,274 |
Note 5 - Property and Equipme29
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 201 8 June 30, 201 7 Plant and equipment $ 1,487,568 $ 1,460,180 Furniture and office equipment 171,978 162,781 Vehicles 351,381 185,866 Total property and equipment, gross 2,010,927 1,808,827 Accumulated depreciation (930,456 ) (649,362 ) Total property and equipment, net $ 1,080,471 $ 1,159,465 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | June 30, 201 8 June 30, 201 7 Customer relationships $ 700,252 $ 500,252 Brand name 1,142,122 402,123 Domain name 36,913 36,913 Recipes 1,221,601 21,601 Non-compete agreement 274,982 84,982 Total 3,375,870 1,045,871 Less : accumulated amortization (380,639 ) (146,595 ) Net intangibles $ 2,995,231 $ 899,276 June 30, 2018 June 30, 201 7 Customer relationships $ 700,252 500,252 Less: accumulated amortization (124,895 ) (59,684 ) Total customer relationships, net $ 575,357 440,568 June 30, 201 8 June 30, 201 7 Brand name $ 1,142,122 $ 402,123 Less: accumulated amortization (88,872 ) (48,660 ) Total brand name, net $ 1,053,250 $ 353,463 June 30, 201 8 June 30, 201 7 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (18,958 ) (11,576 ) Total brand name, net $ 17,955 $ 25,337 June 30, 201 8 June 30, 201 7 Recipes and formulas $ 1,221,601 $ 21,601 Less: accumulated amortization (92,303 ) (8,257 ) Total recipes and formulas, net $ 1,129,298 $ 13,344 June 30, 201 8 June 30, 201 7 Non-compete agreement $ 274,982 $ 84,982 Less: accumulated amortization (55,612 ) (18,418 ) Total non-compete agreement, net $ 219,370 $ 66,564 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending June 30, Expense 2019 $ 335,508 2020 335,508 2021 325,678 2022 306,809 2023 286,507 Thereafter 1,405,221 Total $ 2,995,231 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of June 30, 201 8 As of June 30, 201 7 Deposits $ - $ 183,634 Prepaid expenses 358,869 28,667 Other current assets 15,748 7,298 Notes receivable - 150,000 Total $ 374,617 $ 369,599 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 180,138 $ - $ - $ 180,138 USCI mutual fund investment 2,500,000 280,480 - 2,780,480 Hedged asset 523,100 - (280,761 ) 242,339 Other equities 1,577 - (529 ) 1,048 Total short-term investments $ 3,204,815 $ 280,480 $ (281,290 ) 3,204,005 As of June 30, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 86,204 $ - $ - $ 86,204 USCI mutual fund investment 2,500,000 - (49,080 ) 2,450,920 MENU ETF investment 768,427 41,473 - 809,900 Hedged asset 187,000 43,746 - 230,746 Other equities 1,577 - (598 ) 979 Total short-term investments $ 3,543,208 $ 85,219 $ (49,678 ) 3,578,749 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of June 30 , 2018 Total Level 1 Level 2 Level 3 Money market funds $ 180,138 $ 180,138 $ - $ - Mutual fund investment 2,780,480 2780,480 - - Hedge asset 242,339 - 242,339 - Other equities 1,048 1,048 - - Total $ 3,204,005 $ 2,961,666 $ 242,339 $ - As of June 30, 2017 Total Level 1 Level 2 Level 3 Money market funds $ 86,204 $ 86,204 $ - $ - Mutual fund investment 2,450,920 2,450,920 - - ETF investment 809,900 809,900 - - Hedge asset 230,746 - 230,746 - Other equities 979 979 - - Total $ 3,578,749 $ 3,348,003 $ 230,746 $ - |
Note 8 - Goodwill (Tables)
Note 8 - Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | As of June 30, 2018 As of June 30, 201 7 Goodwill – Original Sprout 416,817 - Goodwill – Gourmet Foods 147,628 147,628 Goodwill - Brigadier 351,345 351,345 Total $ 915,790 $ 498,973 |
Note 9 - Accounts Payable and33
Note 9 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 201 8 June 30, 2017 Accounts payable $ 1,935,645 $ 1,781,772 Accrued interest 56,689 32,410 Taxes payable 3,938 123 Deferred rent 3,681 13,402 Accrued payroll and vacation pay 299,630 349,507 Accrued expenses 949,804 665,641 Total $ 3,249,387 $ 2,842,855 |
Note 10 - Related Party Trans34
Note 10 - Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 201 8 June 30, 201 7 Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) 3,500 3,500 Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022 250,000 250,000 Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022 350,000 350,000 $ 603,500 $ 603,500 |
Note 12 - Business Combination
Note 12 - Business Combination (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Item Amount Inventory $ 371,866 Accounts receivable 288,804 Furniture, fixtures and equipment 1,734 Pre-payments of inventory 8,775 Discount on installment payments** 64,176 Intangible assets* 2,330,000 Goodwill 416,817 Total Purchase Price $ 3,482,172 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended Year Ended June 30, 2018 June 30, 2017 Pro Forma (1) Pro Forma (1) Net Revenues $ 30,782,940 $ 35,702,686 Net Income $ 2,044,203 $ 5,352,2211 Basic Earnings per Share $ 0.07 $ 0.18 Diluted Earnings per Share $ 0.05 $ 0.14 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance as of June 30, 2016 $ (30,303 ) Change in short-term investment valuation before reclassification to earnings 36,197 Foreign currency translation gain 113,444 Balance as of June 30, 2017 119,338 Change in short-term investment valuation before reclassification to earnings 329,629 Foreign currency translation (loss) (214,284 ) Change in short-term investment valuation due to reclassification to earnings (85,875 ) Balance as of June 30, 2018 $ 148,808 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended June 30, 201 8 2017 U.S. $ 2,276,390 $ 6,227,200 Foreign 224,892 548,534 Income before income taxes $ 2,501,282 $ 6,775,734 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended June 30, 201 8 201 7 U.S. operations $ 658,293 $ 1,419,051 Foreign operations 108,303 170,352 Total $ 766,596 $ 1,589,403 For the year ended: June 30, 201 8 June 30, 201 7 Current: Federal $ 572,227 $ 1,573,044 States (510,765 ) 138,728 Foreign 140,142 191,948 Total current 201,604 1,903,720 Deferred: Federal 502,364 (173,657 ) States 94,467 (119,064 ) Foreign (31,839 ) (21,596 ) Total deferred 564,992 (314,317 ) Total $ 766,596 $ 1,589,403 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | For the year ended: June 30, 201 8 June 30, 201 7 Deferred tax assets: Property and equipment and intangible assets - U.S. $ 745,420 $ 1,291,927 Net operating loss 3,646 111,698 Capital loss carryover 10,337 - Accruals, reserves and other - foreign 13,494 31,840 Accruals, reserves and other - U.S. 104,607 73,884 Gross deferred tax assets 877,504 1,509,349 Less valuation allowance (12,384 ) (29,077 ) Total deferred tax assets $ 865,120 $ 1,480,272 Deferred tax liabilities: Intangible assets - foreign $ (208,419 ) $ (258,601 ) Total deferred tax liabilities $ (208,419 ) $ (258,601 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the year ended: June 30, 2018 June 30, 2017 Federal tax expense (benefit) at statutory rate $ 687,853 $ 2,321,442 State income taxes (437,242 ) (27,503 ) Permanent differences (46,251 ) 399,639 Deferred tax impact of the Tax Act 504,905 - U.S. toll charge (net of FTC) 1,112 - Change in valuation allowance 9,761 (1,128,464 ) Foreign rate differential 46,458 24,289 Total tax expense $ 766,596 $ 1,589,403 For the year ended: June 30, 2018 June 30, 2017 % % Federal tax expense (benefit) at statutory rate 27.50% 34.00% State income taxes (17.48% ) (0.40% ) Permanent differences (1.85% ) 5.85% Deferred tax impact of the Tax Act 20.19% - Foreign rate differential 1.86% 0.36% U.S. toll charge (net of FTC) 0.04% - Change in valuation allowance 0.39% (16.53% ) Total tax expense 30.65% 23.28% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance at June 30, 2017 $ 206,046 Additions based on tax positions taken during a prior period - Reductions based on tax positions taken during a prior period - Additions based on tax positions taken during the current period 58,497 Reductions based on tax positions taken during the current period - Reductions related to settlement of tax matters - Reductions related to a lapse of applicable statute of limitations - Balance at June 30, 2018 $ 264,543 |
Note 15 - Commitments and Con38
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended June 30, Lease Amount 2019 $ 407,212 2020 355,331 2021 320,137 2022 178,716 2023 167,409 2024 84,336 Total minimum lease commitment $ 1,513,141 |
Note 16 - Segment Reporting (Ta
Note 16 - Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | As of June 30, 201 8 As of June 30, 201 7 Identifiable assets: Corporate headquarters $ 2,123,048 $ 3,302,979 U.S.A. : fund management 13,563,773 12,721,559 U.S.A. : beauty products 3,739,979 89,459 New Zealand: food industry 1,959,486 2,203,725 Canada: security alarm 1,714,863 1,278,161 Consolidated $ 23,101,149 $ 19,595,883 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended June 30, 201 8 Year Ended June 30, 201 7 Revenues from unaffiliated customers: U.S.A. : beauty products $ 1,694,534 $ 156,327 U.S.A. : investment fund management 18,744,313 23,926,065 New Zealand : food industry 4,968,158 4,791,996 Canada : security alarm 3,303,584 3,136,733 Consolidated $ 28,710,589 $ 32,011,121 Net income (loss) after taxes: Corporate headquarters $ (744,992 ) $ (669,040 ) U.S.A. : beauty products 42,702 (25,500 ) U.S.A. : investment fund management 1,950,711 5,524,285 New Zealand : food industry 99,398 13,983 Canada : security alarm 386,867 342,603 Consolidated $ 1,734,686 $ 5,186,331 |
Reconciliation of Capital Expenditures from Segments to Consolidated [Table Text Block] | 201 8 201 7 Capital expenditures: U.S.A. : corporate headquarters $ 495 $ - U.S.A. : beauty products 2,707 2,690 U.S.A.: investment fund management - - New Zealand: food industry 165,414 155,620 Canada: security alarm 149,449 100,707 Consolidated $ 318,064 $ 259,017 2018 2017 Asset Location: U.S.A. : corporate headquarters $ 14,305 $ 13,180 U.S.A. : beauty products 5,244 2,690 U.S.A.: investment fund management - - New Zealand: food industry 1,627,545 1,583,631 Canada: security alarm 363,833 208,696 Total All Locations 2,010,927 1,808,827 Less accumulated depreciation (930,456 ) (649,362 ) Net property, plant and equipment $ 1,080,471 $ 1,159,465 |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | |
Allowance for Doubtful Accounts Receivable. Related Parties | $ 0 | $ 0 | $ 0 | |
Allowance for Doubtful Accounts Receivable, Ending Balance | 51,747 | 51,747 | 0 | |
Asset Impairment Charges, Total | 0 | 2,090 | ||
Inventory Write-down | 0 | $ 0 | ||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | ||
Goodwill, Impairment Loss | 0 | 0 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | ||
Advertising Expense | 3,600,000 | 3,400,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (214,284) | 113,444 | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | $ 243,754 | $ 243,754 | $ 36,197 | |
Brigadier [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 41.00% | 46.00% | ||
Brigadier [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 1 [Member] | ||||
Concentration Risk, Percentage | 13.00% | 0.00% | ||
Brigadier [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 35.00% | 40.00% | ||
Brigadier [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer 1 [Member] | ||||
Concentration Risk, Percentage | 7.00% | |||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Number of Major Customers | 3 | |||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 1 [Member] | Grocery Industry [Member] | ||||
Concentration Risk, Percentage | 21.00% | 18.00% | ||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 1 [Member] | Gasoline Convenience Store Sector [Member] | ||||
Concentration Risk, Percentage | 41.00% | 43.00% | ||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Major Customer 2 [Member] | Grocery Industry [Member] | ||||
Concentration Risk, Percentage | 12.00% | 11.00% | ||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Grocery Industry [Member] | ||||
Number of Major Customers | 0 | |||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Gasoline Convenience Store Sector [Member] | ||||
Number of Major Customers | 0 | |||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Independent Retailers Sector [Member] | ||||
Number of Major Customers | 0 | 0 | ||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer 1 [Member] | Grocery Industry [Member] | ||||
Concentration Risk, Percentage | 33.00% | 26.00% | ||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer 2 [Member] | Grocery Industry [Member] | ||||
Concentration Risk, Percentage | 16.00% | 11.00% | ||
Gourmet Foods [Member] | Customer Concentration Risk [Member] | Sales Revenue, Gross [Member] | Independent Retailers Sector [Member] | ||||
Number of Major Customers | 0 | 0 | ||
The Original Sprout LLC [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Number of Major Customers | 3 | |||
The Original Sprout LLC [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer 1 [Member] | ||||
Concentration Risk, Percentage | 10.00% | |||
The Original Sprout LLC [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer 2 [Member] | ||||
Concentration Risk, Percentage | 13.00% | |||
The Original Sprout LLC [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer 3 [Member] | ||||
Concentration Risk, Percentage | 20.00% | |||
The Original Sprout LLC [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Major Customers [Member] | ||||
Concentration Risk, Percentage | 43.00% |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Concentration Risk (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue, related parties | $ 18,744,313 | $ 23,926,065 |
Wainwright [Member] | ||
Revenue, related parties | 18,700,000 | 23,900,000 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wainwright [Member] | ||
Revenue, related parties | $ 18,744,313 | $ 23,926,065 |
Concentration risk percentage | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | ||
Revenue, related parties | $ 9,752,223 | $ 13,761,317 |
Concentration risk percentage | 52.00% | 58.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wainwright [Member] | Customers Related to the USCI Fund [Member] | ||
Revenue, related parties | $ 4,253,921 | $ 4,865,171 |
Concentration risk percentage | 23.00% | 20.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | ||
Revenue, related parties | $ 2,753,723 | $ 3,118,432 |
Concentration risk percentage | 15.00% | 13.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wainwright [Member] | All Other Customers [Member] | ||
Revenue, related parties | $ 1,984,446 | $ 2,181,145 |
Concentration risk percentage | 10.00% | 9.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | ||
Revenue, related parties | $ 1,458,159 | $ 1,762,271 |
Concentration risk percentage | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | ||
Revenue, related parties | $ 674,535 | $ 1,060,421 |
Concentration risk percentage | 46.00% | 60.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | Customers Related to the USCI Fund [Member] | ||
Revenue, related parties | $ 431,288 | $ 317,032 |
Concentration risk percentage | 30.00% | 18.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | ||
Revenue, related parties | $ 182,399 | $ 217,760 |
Concentration risk percentage | 12.00% | 12.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wainwright [Member] | All Other Customers [Member] | ||
Revenue, related parties | $ 169,937 | $ 167,058 |
Concentration risk percentage | 12.00% | 10.00% |
Note 2 - Summary of Significa42
Note 2 - Summary of Significant Accounting Policies - Useful Life of Property, Plant, and Equipment (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Minimum [Member] | Vehicles [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, plant, and equipment, useful life (Year) | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Maximum [Member] | Vehicles [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Note 3 - Basic and Diluted Ne43
Note 3 - Basic and Diluted Net Loss Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Net income (loss) available to common shareholders, basic | $ 1,734,686 | $ 5,186,331 | |
Shares, basic (in shares) | [1] | 29,559,139 | 29,559,139 |
Basic income per share (in dollars per share) | $ 0.06 | $ 0.18 | |
Effect of dilutive securities, shares (in shares) | 8,739,020 | 8,739,020 | |
Effect of dilutive securities, per share (in dollars per share) | |||
Net income (loss) available to common shareholders, diluted | $ 1,734,686 | $ 5,186,331 | |
Shares, diluted (in shares) | [1] | 38,298,159 | 38,298,159 |
Diluted income (loss) per share (in dollars per share) | $ 0.05 | $ 0.14 | |
[1] | Share amounts adjusted for 1:30 reverse stock split (Note 13) |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventory Summary (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Raw materials | $ 195,674 | $ 43,088 |
Supplies and packing materials | 142,257 | 125,241 |
Finished goods | 593,134 | 275,945 |
Total inventories | $ 931,065 | $ 444,274 |
Note 5 - Property and Equipme45
Note 5 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Depreciation, Total | $ 342,628 | $ 299,903 |
Note 5 - Property and Equipme46
Note 5 - Property and Equipment - Property and Equipment Summary (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Plant and equipment, gross | $ 2,010,927 | $ 1,808,827 |
Accumulated depreciation | (930,456) | (649,362) |
Total property and equipment, net | 1,080,471 | 1,159,465 |
Plant and Equipment [Member] | ||
Plant and equipment, gross | 1,487,568 | 1,460,180 |
Furniture and Fixtures [Member] | ||
Plant and equipment, gross | 171,978 | 162,781 |
Vehicles [Member] | ||
Plant and equipment, gross | $ 351,381 | $ 185,866 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | Dec. 18, 2017 | Jun. 02, 2016 | Aug. 11, 2015 | Jun. 30, 2018 | Jun. 30, 2017 |
Amortization of Intangible Assets, Total | $ 234,046 | $ 118,937 | |||
Gourmet Foods Acquisition [Member] | Customer Relationships [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 66,153 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Gourmet Foods Acquisition [Member] | Brand Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 61,429 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Gourmet Foods Acquisition [Member] | Domain Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 21,601 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
Gourmet Foods Acquisition [Member] | Recipes [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 21,601 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
Brigadier Security Systems Acquisition [Member] | Customer Relationships [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 434,099 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Brigadier Security Systems Acquisition [Member] | Brand Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 340,694 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Brigadier Security Systems Acquisition [Member] | Domain Name [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 15,312 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
Brigadier Security Systems Acquisition [Member] | Noncompete Agreements [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 84,982 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
The Original Sprout LLC [Member] | Customer Relationships [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 200,000 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | ||||
The Original Sprout LLC [Member] | Brand Name [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 740,000 | ||||
The Original Sprout LLC [Member] | Recipes [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 1,200,000 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years | ||||
The Original Sprout LLC [Member] | Noncompete Agreements [Member] | Kahnalytics [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 190,000 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Finite-lived Intangible Assets (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Finite-lived intangible assets, gross | $ 3,375,870 | $ 1,045,871 |
Less : accumulated amortization | (380,639) | (146,595) |
Total | 2,995,231 | 899,276 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 700,252 | 500,252 |
Less : accumulated amortization | (124,895) | (59,684) |
Total | 575,357 | 440,568 |
Brand Name [Member] | ||
Finite-lived intangible assets, gross | 1,142,122 | 402,123 |
Less : accumulated amortization | (88,872) | (48,660) |
Total | 1,053,250 | 353,463 |
Domain Name [Member] | ||
Finite-lived intangible assets, gross | 36,913 | 36,913 |
Less : accumulated amortization | (18,958) | (11,576) |
Total | 17,955 | 25,337 |
Recipes [Member] | ||
Finite-lived intangible assets, gross | 1,221,601 | 21,601 |
Less : accumulated amortization | (92,303) | (8,257) |
Total | 1,129,298 | 13,344 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 274,982 | 84,982 |
Less : accumulated amortization | (55,612) | (18,418) |
Total | $ 219,370 | $ 66,564 |
Note 6 - Intangible Assets - Sc
Note 6 - Intangible Assets - Schedule of Amortization (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
2,019 | $ 335,508 | |
2,020 | 335,508 | |
2,021 | 325,678 | |
2,022 | 306,809 | |
2,023 | 286,507 | |
Thereafter | 1,405,221 | |
Total | $ 2,995,231 | $ 899,276 |
Note 7 - Other Assets (Details
Note 7 - Other Assets (Details Textual) | Jun. 30, 2018NZD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Other Assets, Current | $ 374,617 | $ 369,599 | |
Available-for-sale Securities, Total | 3,204,005 | 3,578,749 | |
Restricted Cash and Cash Equivalents, Total | $ 20,000 | 13,536 | 14,870 |
Other Assets, Noncurrent, Total | 532,165 | 509,538 | |
Wainwright [Member] | |||
Assets, Noncurrent, Total | 532,165 | 509,538 | |
Cost Method Investments | $ 500,000 | $ 500,000 | |
Cost Method Investment, Ownership Percentage | 10.00% | 10.00% | 10.00% |
Other Assets, Noncurrent, Total | $ 32,165 | $ 9,538 |
Note 7 - Other Assets - Compone
Note 7 - Other Assets - Components of Other Current Assets (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Deposits | $ 183,634 | |
Prepaid expenses | 358,869 | 28,667 |
Other current assets | 15,748 | 7,298 |
Notes receivable | 150,000 | |
Total | $ 374,617 | $ 369,599 |
Note 7 - Other Assets - Investm
Note 7 - Other Assets - Investments (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Investments, cost | $ 3,204,815 | $ 3,543,208 |
Investments, gross unrealized gains | 280,480 | 85,219 |
Investments, gross unrealized losses | (281,290) | (49,678) |
Investments | 3,204,005 | 3,578,749 |
Money Market Funds [Member] | ||
Investments, cost | 180,138 | 86,204 |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | ||
Investments | 180,138 | 86,204 |
Mutual Fund [Member] | ||
Investments, cost | 2,500,000 | 2,500,000 |
Investments, gross unrealized gains | 280,480 | |
Investments, gross unrealized losses | (49,080) | |
Investments | 2,780,480 | 2,450,920 |
Hedge Asset [Member] | ||
Investments, cost | 523,100 | 187,000 |
Investments, gross unrealized gains | 43,746 | |
Investments, gross unrealized losses | (280,761) | |
Investments | 242,339 | 230,746 |
ETF [Member] | ||
Investments, cost | 768,427 | |
Investments, gross unrealized gains | 41,473 | |
Investments, gross unrealized losses | ||
Investments | 809,900 | |
Other Equities [Member] | ||
Investments, cost | 1,577 | 1,577 |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | (529) | (598) |
Investments | $ 1,048 | $ 979 |
Note 7 - Other Assets - Fair Va
Note 7 - Other Assets - Fair Value Measurement of Securities (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Investments | $ 3,204,005 | $ 3,578,749 |
Fair Value, Inputs, Level 1 [Member] | ||
Investments | 2,961,666 | 3,348,003 |
Fair Value, Inputs, Level 2 [Member] | ||
Investments | 242,339 | 230,746 |
Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Money Market Funds [Member] | ||
Investments | 180,138 | 86,204 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 180,138 | 86,204 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Mutual Fund [Member] | ||
Investments | 2,780,480 | 2,450,920 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 2,780,480 | 2,450,920 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Hedge Asset [Member] | ||
Investments | 242,339 | 230,746 |
Hedge Asset [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | ||
Hedge Asset [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | 242,339 | 230,746 |
Hedge Asset [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
ETF [Member] | ||
Investments | 809,900 | |
ETF [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 809,900 | |
ETF [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
ETF [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Other Equities [Member] | ||
Investments | 1,048 | 979 |
Other Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 1,048 | 979 |
Other Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Other Equities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments |
Note 8 - Goodwill (Details Text
Note 8 - Goodwill (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Goodwill, Period Increase (Decrease), Total | $ 915,790 | $ 498,973 |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 8 - Goodwill - Summary of
Note 8 - Goodwill - Summary of Goodwill (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Goodwill | $ 915,790 | $ 498,973 |
The Original Sprout LLC [Member] | ||
Goodwill, gross | 416,817 | |
Gourmet Foods [Member] | ||
Goodwill, gross | 147,628 | 147,628 |
Brigadier [Member] | ||
Goodwill, gross | $ 351,345 | $ 351,345 |
Note 9 - Accounts Payable and56
Note 9 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Accounts payable | $ 1,935,645 | $ 1,781,772 |
Accrued interest | 56,689 | 32,410 |
Taxes payable | 3,938 | 123 |
Deferred rent | 3,681 | 13,402 |
Accrued payroll and vacation pay | 299,630 | 349,507 |
Accrued expenses | 949,804 | 665,641 |
Total | $ 3,249,387 | $ 2,842,855 |
Note 10 - Related Party Trans57
Note 10 - Related Party Transactions (Details Textual) - USD ($) | May 25, 2016 | Apr. 08, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Interest Expense, Related Party | $ 24,280 | $ 18,999 | |||
Revenue from Related Parties | $ 18,744,313 | 23,926,065 | |||
Accounts Receivable, Related Parties | 1,500,000 | 1,800,000 | |||
Expense Waiver Funds, Related Party | 700,000 | 800,000 | |||
Fund Expense Limitation Amount, Related Party | 500,000 | 400,000 | |||
Waivers Payable, Related Party | 700,000 | 600,000 | |||
Wainwright [Member] | |||||
Revenue from Related Parties | $ 18,700,000 | $ 23,900,000 | |||
Minimum [Member] | |||||
Deposit Asset, Interest Rate | 0.01% | ||||
Maximum [Member] | |||||
Deposit Asset, Interest Rate | 1.75% | ||||
Convertible Promissory Notes [Member] | Gerber Irrevocable Family Trust [Member] | |||||
Proceeds from Related Party Debt | $ 350,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Debt Instrument Interest Rate Stated Percentage in Case of Default | 19.00% | ||||
Convertible Promissory Notes [Member] | Schoenberger Family Trust [Member] | |||||
Proceeds from Related Party Debt | $ 250,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Debt Instrument Interest Rate Stated Percentage in Case of Default | 19.00% |
Note 10 - Related Party Trans58
Note 10 - Related Party Transactions - Notes Payable (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Notes payable | $ 603,500 | $ 603,500 |
Notes Payable Due on December 31, 2012 [Member] | ||
Notes payable | 3,500 | 3,500 |
Notes Payable Due on May 25, 2022 [Member] | ||
Notes payable | 250,000 | 250,000 |
Notes Payable Due on April 8, 2022 [Member] | ||
Notes payable | $ 350,000 | $ 350,000 |
Note 10 - Related Party Trans59
Note 10 - Related Party Transactions - Notes Payable (Details) (Parentheticals) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Notes Payable Due on December 31, 2012 [Member] | ||
Notes payable, interest rate | 8.00% | 8.00% |
Notes payable, maturity date | Dec. 31, 2012 | Dec. 31, 2012 |
Notes Payable Due on May 25, 2022 [Member] | ||
Notes payable, interest rate | 4.00% | 4.00% |
Notes payable, maturity date | May 25, 2022 | May 25, 2022 |
Notes Payable Due on April 8, 2022 [Member] | ||
Notes payable, interest rate | 4.00% | 4.00% |
Notes payable, maturity date | Apr. 8, 2022 | Apr. 8, 2022 |
Note 11 - Equipment Loans (Deta
Note 11 - Equipment Loans (Details Textual) | 12 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018CAD ($) | |
Notes Payable, Total | $ 196,196 | $ 257,826 | |
Notes Payable, Current, Total | $ 46,705 | 17,388 | |
Notes Payable, Noncurrent, Total | 149,491 | 72,605 | |
Interest Expense, Debt, Total | $ 12,662 | $ 1,656 |
Note 12 - Business Combinatio61
Note 12 - Business Combination (Details Textual) | Dec. 18, 2017USD ($) | Dec. 15, 2017shares | Nov. 17, 2017 | Dec. 09, 2016$ / sharesshares | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017$ / shares |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | ||||
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 | 30 | 30 | |||
Wainwright Acquisition Agreement [Member] | ||||||
Business Combinations, Stock Purchase Agreement, Shares Purchased | shares | 1,741 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 6,236,079 | |||||
Wainwright Acquisition Agreement [Member] | Convertible Preferred Stock [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 311,804 | |||||
Wainwright Acquisition Agreement [Member] | Common Stock [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 27,293,330 | |||||
Wainwright Acquisition Agreement [Member] | Common Stock [Member] | Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 | |||||
Kahnalytics [Member] | The Original Sprout LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ | $ 3,500,000 | |||||
Payments to Acquire Businesses, Gross | $ | 982,172 | |||||
Other Payments to Acquire Businesses | $ | 1,250,000 | |||||
Secured Debt, Total | $ | $ 1,250,000 | $ 1,205,000 | ||||
Nicholas Gerber and Scott Schoenberger [Member] | Wainwright [Member] | ||||||
Ownership Percentage | 50.00% | |||||
Nicholas Gerber and Scott Schoenberger [Member] | Concierge Technologies [Member] | ||||||
Ownership Percentage | 50.00% |
Note 12 - Business Combinatio62
Note 12 - Business Combination - Acquisition of the Assets of The Original Sprout, LLC (Details) - USD ($) | Jun. 30, 2018 | Dec. 18, 2017 | Jun. 30, 2017 | |
Goodwill | $ 915,790 | $ 498,973 | ||
Kahnalytics [Member] | The Original Sprout LLC [Member] | ||||
Inventory | $ 371,866 | |||
Accounts receivable | 288,804 | |||
Furniture, fixtures and equipment | 1,734 | |||
Pre-payments of inventory | 8,775 | |||
Discount on installment payments** | [1] | 64,176 | ||
Intangible assets* | [2] | 2,330,000 | ||
Goodwill | 416,817 | |||
Total Purchase Price | $ 3,482,172 | |||
[1] | This amount represents a discount on installment payments and was charged to interest expense. | |||
[2] | See Note 6 for further detail of intangible assets acquired. |
Note 12 - Business Combinatio63
Note 12 - Business Combination - Pro Forma Results (Details) - Kahnalytics [Member] - The Original Sprout LLC [Member] - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Net Revenues | [1] | $ 30,782,940 | $ 35,702,686 |
Net Income | [1] | $ 2,044,203 | $ 53,522,211 |
Basic Earnings per Share (in dollars per share) | [1] | $ 0.07 | $ 0.18 |
Diluted Earnings per Share (in dollars per share) | [1] | $ 0.05 | $ 0.14 |
[1] | Includes the operation of the assets acquired from Original Sprout LLC on a consolidated basis and the estimated transaction costs, amortization of intangible assets, and estimated income tax. |
Note 13 - Stockholders' Equit64
Note 13 - Stockholders' Equity (Details Textual) | Nov. 17, 2017 | Jun. 30, 2018shares | Jun. 30, 2017 |
Series B Convertible Preferred Stock [Member] | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 20 | ||
Reverse Stock Split [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 | 30 | 30 |
Note 13 - Stockholders' Equit65
Note 13 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Balance | $ 119,338 | $ (30,303) |
Change in short-term investment valuation before reclassification to earnings | 329,629 | 36,197 |
Foreign currency translation gain | (214,284) | 113,444 |
Change in short-term investment valuation due to reclassification to earnings | (85,875) | |
Balance | $ 148,808 | $ 119,338 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | Dec. 22, 2017 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Income Tax Expense (Benefit), Total | $ 766,596 | $ 1,589,403 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (16,693) | $ (1,203,456) | |||
Effective Income Tax Rate Reconciliation, Repatriation Foreign Earnings, Foreign Cash and Certain Other Net Current Assets, Percent | 15.50% | ||||
Effective Income Tax Rate Reconciliation, Repatriation Foreign Earnings, Remaining Income, Percent | 8.00% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 27.50% | 34.00% | ||
Income Tax Expense (Benefit), Tax Cuts and Jobs Act | $ 506,017 | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 1,112 | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 504,905 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 251,946 | 206,046 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 12,597 | $ 0 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,014 | ||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||||
Open Tax Year | 2,017 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Before Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. | $ 2,276,390 | $ 6,227,200 |
Foreign | 224,892 | 548,534 |
Income before income taxes | $ 2,501,282 | $ 6,775,734 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provision for Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. operations | $ 658,293 | $ 1,419,051 |
Foreign operations | 108,303 | 170,352 |
Total | 766,596 | 1,589,403 |
Current: | ||
Federal | 572,227 | 1,573,044 |
States | (510,765) | 138,728 |
Foreign | 140,142 | 191,948 |
Total current | 201,604 | 1,903,720 |
Deferred: | ||
Federal | 502,364 | (173,657) |
States | 94,467 | (119,064) |
Foreign | (31,839) | (21,596) |
Total deferred | 564,992 | (314,317) |
Total | $ 766,596 | $ 1,589,403 |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Property and equipment and intangible assets - U.S. | $ 745,420 | $ 1,291,927 |
Net operating loss | 3,646 | 111,698 |
Capital loss carryover | 10,337 | |
Accruals, reserves and other - foreign | 13,494 | 31,840 |
Accruals, reserves and other - U.S. | 104,607 | 73,884 |
Gross deferred tax assets | 877,504 | 1,509,349 |
Less valuation allowance | (12,384) | (29,077) |
Total deferred tax assets | 865,120 | 1,480,272 |
Intangible assets - foreign | (208,419) | (258,601) |
Total deferred tax liabilities | $ (208,419) | $ (258,601) |
Note 14 - Income Taxes - Inco70
Note 14 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Federal tax expense (benefit) at statutory rate, amount | $ 687,853 | $ 2,321,442 | |
State Income Taxes, amount | (437,242) | (27,503) | |
Permanent Differences, amount | (46,251) | 399,639 | |
Deferred tax impact of the Tax Act, amount | 504,905 | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 1,112 | ||
Change in Valuation Allowance, amount | 9,761 | (1,128,464) | |
Foreign Rate Differential, amount | 46,458 | 24,289 | |
Total | $ 766,596 | $ 1,589,403 | |
Federal tax expense (benefit) at statutory rate, percent | 35.00% | 27.50% | 34.00% |
State Income Taxes, percent | (17.48%) | (0.40%) | |
Permanent Differences, percent | (1.85%) | 5.85% | |
Deferred tax impact of the Tax Act, percent | 20.19% | ||
Foreign Rate Differential, percent | 1.86% | 0.36% | |
U.S. toll charge (net of FTC) | 0.04% | ||
Change in Valuation Allowance, percent | 0.39% | (16.53%) | |
Total tax expense | 30.65% | 23.28% |
Note 14 - Income Taxes - Unreco
Note 14 - Income Taxes - Unrecognized Tax Benefits (Details) | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Balance | $ 206,046 |
Additions based on tax positions taken during a prior period | |
Reductions based on tax positions taken during a prior period | |
Additions based on tax positions taken during the current period | 58,497 |
Reductions based on tax positions taken during the current period | |
Reductions related to settlement of tax matters | |
Reductions related to a lapse of applicable statute of limitations | |
Balance | $ 264,543 |
Note 15 - Commitments and Con72
Note 15 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018NZD ($) | Jun. 30, 2018USD ($) | |
Operating Leases, Rent Expense, Net, Total | $ 254,150 | $ 199,227 | ||
Expense Waivers | 589,093 | $ 662,650 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 95,000 | $ 84,000 | ||
Class A Share Class [Member] | ||||
Fund Expense Ratio, Maximum Threshold, Percent | 1.30% | 1.30% | ||
Class I Share Class [Member] | ||||
Fund Expense Ratio, Maximum Threshold, Percent | 0.95% | 0.95% | ||
General Security Lease Agreement [Member] | ||||
Operating Lease Arrangement, Collateral Amount | $ 110,000 | $ 74,448 | ||
Lease Arrangement for Primary Facility [Member] | ||||
Operating Lease Arrangement, Collateral Amount | $ 20,000 | $ 13,536 | ||
Gourmet Foods [Member] | Leased Factory and Warehouse Located in Tauranga, New Zealand [Member] | ||||
Lessor, Operating Lease, Term of Contract | 3 years | 3 years | ||
Lessor, Operating Lease, Renewal Term | 3 years | 3 years | ||
Operating Lease, Monthly Rent | 11,216 | |||
Gourmet Foods [Member] | Leased Office and Storage Facilities Located in Saskatoon, Saskatchewan [Member] | ||||
Operating Lease, Monthly Rent | 5,551 | |||
The Original Sprout LLC [Member] | Office and Warehouse Space in San Clemente, CA [Member] | ||||
Lessor, Operating Lease, Term of Contract | 3 years | 3 years | ||
Operating Lease, Monthly Rent | 7,805 | |||
Wainwright [Member] | Lease for Office Space in Walnut Creek, California [Member] | ||||
Operating Lease, Monthly Rent | $ 12,000 | |||
USCF [Member] | ||||
Defined Contribution Plan, Minimum Age Requirement for Participation | 21 years | |||
Defined Contribution Plan, Minimum Years of Service Requirement | 1 year |
Note 15 - Commitments and Con73
Note 15 - Commitments and Contingencies - Operating Lease Future Minimum Payments (Details) - Gourmet Foods [Member] | Jun. 30, 2018USD ($) |
2,019 | $ 407,212 |
2,020 | 355,331 |
2,021 | 320,137 |
2,022 | 178,716 |
2,023 | 167,409 |
2,024 | 84,336 |
Total minimum lease commitment | $ 1,513,141 |
Note 16 - Segment Reporting (De
Note 16 - Segment Reporting (Details Textual) | 12 Months Ended |
Jun. 30, 2018 | |
Number of Reportable Segments | 4 |
Note 16 - Segment Reporting - R
Note 16 - Segment Reporting - Reconciliation of Assets by Segment (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Identifiable assets | $ 23,101,149 | $ 19,595,883 |
Corporate Segment [Member] | ||
Identifiable assets | 2,123,048 | 3,302,979 |
U.S.A Investment Fund Management [Member] | ||
Identifiable assets | 13,563,773 | 12,721,559 |
USA Beauty Products and Other [Member] | ||
Identifiable assets | 3,739,979 | 89,459 |
New Zealand Food Industry Segment [Member] | ||
Identifiable assets | 1,959,486 | 2,203,725 |
Canada Security Alarm [Member] | ||
Identifiable assets | $ 1,714,863 | $ 1,278,161 |
Note 16 - Segment Reporting -76
Note 16 - Segment Reporting - Reconciliation of Revenue by Segment (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net revenue | $ 28,710,589 | $ 32,011,121 | |
Net income | $ 1,734,686 | 1,734,686 | 5,186,331 |
Operating Segments [Member] | |||
Net revenue | 28,710,589 | 32,011,121 | |
Net income | 1,734,686 | 5,186,331 | |
USA Beauty Products and Other [Member] | Operating Segments [Member] | |||
Net revenue | 1,694,534 | 156,327 | |
Net income | 42,702 | (25,500) | |
U.S.A Investment Fund Management [Member] | Operating Segments [Member] | |||
Net revenue | 18,744,313 | 23,926,065 | |
Net income | 1,950,711 | 5,524,285 | |
New Zealand Food Industry Segment [Member] | Operating Segments [Member] | |||
Net revenue | 4,968,158 | 4,791,996 | |
Net income | 99,398 | 13,983 | |
Canada Security Alarm [Member] | Operating Segments [Member] | |||
Net revenue | 3,303,584 | 3,136,733 | |
Net income | 386,867 | 342,603 | |
Corporate Segment [Member] | Operating Segments [Member] | |||
Net income | $ (744,992) | $ (669,040) |
Note 16 - Segment Reporting -77
Note 16 - Segment Reporting - Reconciliation of Capital Expenditures by Segment (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Capital expenditures | $ 318,064 | $ 259,017 |
Property, plant, and equipment | 2,010,927 | 1,808,827 |
Accumulated depreciation | (930,456) | (649,362) |
Net property, plant and equipment | 1,080,471 | 1,159,465 |
Corporate Segment [Member] | ||
Capital expenditures | 495 | |
Property, plant, and equipment | 14,305 | 13,180 |
USA Beauty Products and Other [Member] | ||
Capital expenditures | 2,707 | 2,690 |
Property, plant, and equipment | 5,244 | 2,690 |
U.S.A Investment Fund Management [Member] | ||
Capital expenditures | ||
Property, plant, and equipment | ||
New Zealand Food Industry Segment [Member] | ||
Capital expenditures | 165,414 | 155,620 |
Property, plant, and equipment | 1,627,545 | 1,583,631 |
Canada Security Alarm Monitoring Segment [Member] | ||
Capital expenditures | 149,449 | 100,707 |
Canada Security Alarm [Member] | ||
Property, plant, and equipment | $ 363,833 | $ 208,696 |