Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2023 | Nov. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-29913 | |
Entity Registrant Name | THE MARYGOLD COMPANIES, INC. | |
Entity Central Index Key | 0001005101 | |
Entity Tax Identification Number | 90-1133909 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 120 Calle Iglesia | |
Entity Address, Address Line Two | Unit B | |
Entity Address, City or Town | San Clemente | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92672 | |
City Area Code | 949 | |
Local Phone Number | 429-5370 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | MGLD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,383,459 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 6,987,062 | $ 8,161,167 |
Inventories | 2,194,827 | 2,254,139 |
Prepaid income tax and tax receivable | 1,350,165 | 991,797 |
Investments, at fair value | 13,261,783 | 11,480,981 |
Other current assets | 973,562 | 904,153 |
Total current assets | 27,288,855 | 26,818,342 |
Restricted cash | 413,454 | 425,043 |
Property, plant and equipment, net | 1,209,739 | 1,255,302 |
Operating lease right-of-use asset | 701,248 | 821,021 |
Goodwill | 2,307,202 | 2,307,202 |
Intangible assets, net | 2,220,755 | 2,329,970 |
Deferred tax assets, net - United States | 771,287 | 771,287 |
Other assets | 552,660 | 552,660 |
Total assets | 35,465,200 | 35,280,827 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 3,491,543 | 2,711,931 |
Expense waivers – related parties | 107,213 | 58,685 |
Operating lease liabilities, current portion | 361,013 | 457,309 |
Purchase consideration payable | 604,990 | 604,990 |
Loans - property and equipment, current portion | 346,282 | 358,802 |
Total current liabilities | 4,911,041 | 4,191,717 |
LONG-TERM LIABILITIES | ||
Loans - property and equipment, net of current portion | 82,543 | 88,516 |
Operating lease liabilities, net of current portion | 352,347 | 380,535 |
Deferred tax liabilities, net - foreign | 242,289 | 242,289 |
Total long-term liabilities | 677,179 | 711,340 |
Total liabilities | 5,588,220 | 4,903,057 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.001 par value; 50,000,000 shares authorized Series B: 49,360 shares issued and outstanding at September 30, 2023 and at June 30, 2023 | 49 | 49 |
Common stock, $0.001 par value; 900,000,000 shares authorized; 39,383,459 shares issued and outstanding at June 30, 2023 and at June 30, 2023 | 39,384 | 39,384 |
Additional paid-in capital | 12,490,352 | 12,396,722 |
Accumulated other comprehensive loss | (239,079) | (144,840) |
Retained earnings | 17,586,274 | 18,086,455 |
Total stockholders’ equity | 29,876,980 | 30,377,770 |
Total liabilities and stockholders’ equity | 35,465,200 | 35,280,827 |
Nonrelated Party [Member] | ||
CURRENT ASSETS | ||
Accounts receivable, net | 851,570 | 1,352,210 |
Related Party [Member] | ||
CURRENT ASSETS | ||
Accounts receivable, net | $ 1,669,886 | $ 1,673,895 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 39,383,459 | 39,383,459 |
Common stock, shares outstanding | 39,383,459 | 39,383,459 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 45,000,000 | |
Preferred Stock, shares issued | 49,360 | 49,360 |
Preferred Stock, shares outstanding | 49,360 | 49,360 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net revenue | ||
Net revenue | $ 8,235,514 | $ 8,923,288 |
Cost of revenue | 2,037,188 | 2,023,664 |
Gross profit | 6,198,326 | 6,899,624 |
Operating expense | ||
Salaries and compensation | 2,589,949 | 2,368,368 |
General and administrative expense | 2,248,540 | 1,686,658 |
Fund operations | 1,270,128 | 1,140,588 |
Marketing and advertising | 972,011 | 777,710 |
Depreciation and amortization | 153,977 | 149,208 |
Total operating expenses | 7,234,605 | 6,122,532 |
(Loss) income from operations | (1,036,279) | 777,092 |
Other income (expense): | ||
Interest and dividend income | 193,043 | 52,569 |
Interest expense | (3,559) | (7,794) |
Other income (expense), net | 43,993 | (98,369) |
Total other income (expense), net | 233,477 | (53,594) |
(Loss) income before income taxes | (802,802) | 723,498 |
Benefit (Provision) of income taxes | 302,621 | (226,330) |
Net (loss) income | $ (500,181) | $ 497,168 |
Weighted average shares of common stock | ||
Basic | 40,397,375 | 40,370,659 |
Diluted | 40,397,375 | 40,399,873 |
Net (loss) income per common share | ||
Basic | $ (0.01) | $ 0.01 |
Diluted | $ (0.01) | $ 0.01 |
Fund Managemnet Related Party [Member] | ||
Net revenue | ||
Net revenue | $ 5,049,550 | $ 5,419,435 |
Food Products [Member] | ||
Net revenue | ||
Net revenue | 1,730,527 | 1,937,426 |
Security Systems [Member] | ||
Net revenue | ||
Net revenue | 553,719 | 628,892 |
Beauty Products [Member] | ||
Net revenue | ||
Net revenue | 774,626 | 804,078 |
Financial Services [Member] | ||
Net revenue | ||
Net revenue | $ 127,092 | $ 133,457 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||
Net (loss) income | $ (500,181) | $ 497,168 |
Other comprehensive (loss) income: | ||
Foreign currency translation (loss) | (94,239) | (313,759) |
Comprehensive (loss) income | $ (594,420) | $ 183,409 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2022 | $ 49 | $ 39,384 | $ 12,313,205 | $ (234,790) | $ 16,921,426 | $ 29,039,274 |
Beginning balance, shares at Jun. 30, 2022 | 49,360 | 39,383,459 | ||||
Loss on currency translation | (313,759) | (313,759) | ||||
Stock-based compensation | 6,700 | 6,700 | ||||
Net income (loss) | 497,168 | 497,168 | ||||
Ending balance, value at Sep. 30, 2022 | $ 49 | 39,384 | 12,319,905 | (548,549) | 17,418,594 | 29,229,383 |
Ending balance, shares at Sep. 30, 2022 | 49,360 | |||||
Beginning balance, value at Jun. 30, 2023 | $ 49 | $ 39,384 | 12,396,722 | (144,840) | 18,086,455 | 30,377,770 |
Beginning balance, shares at Jun. 30, 2023 | 49,360 | 39,383,459 | ||||
Loss on currency translation | (94,239) | (94,239) | ||||
Stock-based compensation | 93,630 | 93,630 | ||||
Net income (loss) | (500,181) | (500,181) | ||||
Ending balance, value at Sep. 30, 2023 | $ 49 | $ 39,384 | $ 12,490,352 | $ (239,079) | $ 17,586,274 | $ 29,876,980 |
Ending balance, shares at Sep. 30, 2023 | 49,360 | 39,383,459 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (500,181) | $ 497,168 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 153,977 | 149,208 |
Bad debt expense | 213 | |
Stock-based compensation | 93,630 | 6,700 |
Net realized and unrealized (gains) losses on investments | (269,381) | 111,855 |
Operating lease right-of-use asset - non-cash lease cost | 128,403 | 231,070 |
Decrease (increase) in current assets: | ||
Accounts receivable | 478,096 | (179,083) |
Accounts receivable - related party | 4,009 | 565,296 |
Prepaid income taxes and tax receivable | (359,021) | 61,872 |
Inventories | 34,198 | (194,695) |
Other current assets | (70,130) | (34,814) |
(Decrease) increase in operating liabilities: | ||
Accounts payable and accrued expenses | 668,487 | (149,343) |
Operating lease liabilities | (118,480) | (233,992) |
Expense waivers - related party | 48,528 | 70,448 |
Purchase consideration payable | (22,493) | |
Net cash provided by operating activities | 292,348 | 879,197 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (25,189) | (9,418) |
Proceeds from sale of investments | 7,829,645 | |
Purchase of investments | (9,341,066) | (257,624) |
Net cash (used in) investing activities | (1,536,610) | (267,042) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of property and equipment loans | (3,656) | (3,476) |
Net cash (used in) by financing activities | (3,656) | (3,476) |
Effect of exchange rate change on cash and cash equivalents | 62,224 | (237,331) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,185,694) | 371,348 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE | 8,586,210 | 13,928,899 |
Total cash, cash equivalents and restricted cash shown in statement of cash flows | 7,400,516 | 14,300,247 |
Cash and cash equivalents | 6,987,062 | 13,370,714 |
Restricted cash | 413,454 | 929,533 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 4,727 | 4,018 |
Income taxes paid, net | $ 86,978 | $ 70,557 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS The Marygold Companies, Inc., (the “Company” or “The Marygold Companies”), 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: ● USCF Investments, Inc. (“USCF Investments”), a U.S. based company, is the sole member of two investment services limited liability company subsidiaries that manages, operates or is an investment advisor to exchange traded funds organized as limited partnerships or investment trusts that issue shares that trade on the NYSE Arca stock exchange. ● Gourmet Foods, Ltd., a New Zealand based company, manufactures and distributes New Zealand meat pies on a commercial scale and its wholly-owned New Zealand subsidiary company, Printstock Products Limited, prints specialty wrappers for the food industry in New Zealand and Australia. (collectively “Gourmet Foods”) ● Brigadier Security Systems (2000) Ltd. (“Brigadier”), a Canadian based company, sells and installs commercial and residential alarm monitoring systems. ● Kahnalytics, Inc. dba/Original Sprout (“Original Sprout”), a U.S. based company, is engaged in the wholesale distribution of hair and skin care products under the brand name Original Sprout on a global scale. ● Marygold & Co., a newly formed U.S. based company, together with its wholly-owned limited liability company, Marygold & Co. Advisory Services, LLC, (collectively “Marygold”) was established by The Marygold Companies to explore opportunities in the financial technology (“Fintech”) space, completed its development phase in June 2023, and launched its commercial services in June 2023. Through September 30, 2023, Marygold continued its launch efforts and commenced with new marketing campaigns. ● Marygold & Co. (UK) Limited, a newly formed U.K. limited company, together with its newly acquired UK subsidiary, Tiger Financial and Asset Management, Ltd. (collectively “Marygold UK”) is an asset manager and registered investment advisor in the UK. Operations are included in these condensed consolidated financial statements beginning on the acquisition date of June 20, 2022. The Marygold Companies manages its operating businesses on a decentralized basis. There are no centralized or integrated operational functions such as marketing, sales, legal or other professional services and there is little involvement by The Marygold Companies’ management in the day-to-day business affairs of its operating subsidiary businesses apart from oversight. The Marygold Companies’ corporate management is responsible for capital allocation decisions, investment activities and selection and retention of the Chief Executive to head each of the operating subsidiaries. The Marygold Companies’ corporate management is also responsible for corporate governance practices, monitoring regulatory affairs, including those of its operating businesses and involvement in governance-related issues of its subsidiaries as needed. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Accounting Principles The Company has prepared the accompanying unaudited financial statements on a consolidated basis. In the opinion of management, the accompanying unaudited condensed consolidated balance sheets, related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The information included in this Form 10-Q should be read in conjunction with information included in the Company’s Annual Report on Form 10-K for year ended June 30, 2023 and filed with the U.S. Securities and Exchange Commission on September 25, 2023. Principles of Consolidation The accompanying consolidated financial statements, which are referred herein as the “Financial Statements”, include the accounts of The Marygold Companies and its wholly-owned subsidiaries, USCF Investments, Gourmet Foods, Brigadier, Original Sprout, Marygold and Marygold UK are presented on a consolidated basis. All inter-company transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of the Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid debt instruments with original maturities of three months or less on the date of purchase. The Company maintains its cash and cash equivalents in financial institutions in the United States, United Kingdom, Canada, and New Zealand. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $ 250,000 100,000 85,000 Accounts Receivable, net and Accounts Receivable – Related Parties Accounts receivable, net consist of receivables related to the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends, changes in customer payment patterns, and reasonable and supportable forecasts about the future to determine whether or not an account should be deemed uncollectible. Reserves, if any, are recorded on a specific identification basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30, 2023 and June 30, 2023, the Company had $ 213 1,427 Accounts receivable – related parties consist of fund asset management fees receivable related to the USCF Investments business. Management fees receivable generally consist of one month of management fees which are collected in the month after they are earned. As of September 30, 2023 and June 30, 2023, there is no allowance for credit losses as all amounts are deemed collectible. Major Customers and Suppliers – Concentration of Credit Risk The Marygold Companies, as a holding company, operates through its wholly-owned subsidiaries and has no concentration of risk either from customers or suppliers as a stand-alone entity. Marygold, as a newly formed development stage entity, had not commenced operations for the year ended June 30, 2023. Any transactions that did occur were combined with those of The Marygold Companies for periods prior to June 30, 2023. Our subsidiary USCF Investments relies on the revenues generated through the various funds it manages. The concentration of fund management revenue for the three months ended September 30, 2023 and 2022, and related receivables as of September 30, 2023 and June 30, 2023 were as follows : SCHEDULE OF CONCENTRATION RISK For the Three Months Ended For the Three Months Ended September 30, 2023 September 30, 2022 Revenue Revenue Fund USO $ 1,684,103 33 % $ 2,564,245 47 % UNG 1,688,916 34 % 807,940 15 % USCI 367,142 7 % 597,385 11 % All Others 1,309,389 26 % 1,449,865 27 % Total $ 5,049,550 100 % $ 5,419,435 100 % As of September 30, 2023 As of June 30, 2023 Accounts Receivable Accounts Receivable Fund USO $ 544,764 33 % $ 596,039 36 % UNG 565,460 34 % 554,011 33 % All Others 559,662 33 % 523,845 31 % Total $ 1,669,886 100 % $ 1,673,895 100 % The Marygold Companies, through Gourmet Foods and its wholly owned subsidiary, Printstock Products Limited, has two major customer groups comprising gross revenues: 1) baking, and 2) printing. For the purpose of segment reporting (Note 16), both revenue streams are considered part of the same “food industry” segment as they are evaluated as one segment by the Company’s Chief Operating Decision Maker. Baking: In the gasoline convenience store market customer group, Gourmet Foods supplies major consortiums of gasoline convenience stores who operate under various name brands. The third major customer group is independent retailers and cafes, which collectively accounted for the balance of baking sales revenue. Although some customers contributed significant revenues to Gourmet Foods, no single customer contributed a significant amount of revenues to the consolidated Company for the three month periods ending September 30, 2023 and 2022. One customer did account for 10 Printing: 17 12 11 Gourmet Foods, including Printstock, is not dependent upon any one major supplier as many alternative sources are available in the local marketplace should the need arise. However, the unavailability of, or increase in price in, any of the ingredients on which Gourmet Foods relies to produce its products could harm its operating results for such period. The Marygold Companies, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadier’s customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. This monitoring company accounted for 12 11 12 Brigadier purchases alarm panels, digital and analog cameras, mounting hardware and accessory items needed to complete security installations from a variety of sources. The manufacture of electronic items such as those sought by Brigadier has expanded to a global scale thus providing Brigadier with a broad choice of suppliers. Brigadier bases its vendor selection on several criteria including: price, availability, shipping costs, quality, suitability for purpose and the technical support of the manufacturer. Brigadier is not reliant on any one supplier. The Marygold Companies, through Original Sprout, sells its products through 3 channels to market: 1) direct sales to end users via online shopping carts, 2) sales through international wholesale distributors who, in turn, sell to other retailers or wholesalers, and 3) to retail stores selling to end users either from the shelf or online. No single customer contributed significant sales revenues to the Company’s consolidated revenues for the three months ended September 30, 2023 and 2022. No single customer contributed a significant amount to the Company’s consolidated accounts receivable as of September 30, 2023 or as of June 30, 2023. The Marygold Companies, through Original Sprout, is dependent upon its relationships with product packaging companies who, at the direction of Original Sprout, produce the products in accordance with proprietary formulas, packages them in appropriate containers, and delivers the finished goods to Original Sprout for distribution to its customers. Original Sprout strives to maintain at least two packaging companies at all times, thus if one relationship were to fail the other would be able to continue to supply services. Because of the nature of the Original Sprout product ingredients, some of the ingredients may, at times, be difficult to source in timely fashion or at the expected price point. To safeguard against this possibility, Original Sprout endeavors to maintain at least a 90-day supply of all products in stock. Estimating and maintaining a reserve stock account is not a guarantee that a shortage of ingredient supplies will not affect production such that Original Sprout will not exhaust its reserves or be unable to fulfill customer orders. The Marygold Companies, through Marygold UK and its wholly owned subsidiary, Tiger Financial and Asset Management (“Tiger”), identifies its concentration of risk as the reliance on a relatively small number of clients to continue their relationship with Tiger as their investment advisor. Tiger acts as an investment advisor and financial planner to its clients and has two principal revenue streams which comprise ongoing fees for providing investment advice, and commissions for the intermediation of insurance-based products. Tiger does not provide investment management services directly, rather the clients’ assets are referred to third party investment managers, primarily discretionary investment managers, and Tiger receives fees for the ongoing advice and financial planning services which are charged as a percentage of the assets under management. Should the relationship with the current investment manager come to an end, management is confident that a similar arrangement can be easily made with alternative investment managers. Tiger advises approximately 50 families/clients who collectively account for approximately $ 40 million in assets under management as of September 30, 2023 and June 30, 2023. No single client accounted for a significant portion of the Company’s consolidated revenues. Marygold UK does not recognize any credit risk for accounts receivable. Marygold UK is seeking to further diversify its client base through ongoing outreach initiatives and, in the long term, add to its revenue streams through the development of the Marygold fintech app. Inventories Inventories, consisting primarily of; (i) food products, printing supplies, and packaging in New Zealand, (ii) hair and skin care finished products and components in the U.S., (iii) security system hardware in Canada, and (iv) printed debit cards and wearables at Marygold are valued at the lower of cost or net realizable value. Inventories in Canada and New Zealand are maintained on the first-in, first-out method, while inventory in the U.S is maintained using the average cost method. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. An assessment is made at the end of each fiscal quarter to determine what slow-moving inventory items, if any, should be deemed obsolete and written down to their estimated net realizable value. For the three months ended September 30, 2023 and 2022, the expense for slow-moving or obsolete inventory was $ 0 0 Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight-line method over the estimated useful life of the asset (see Note 5 to the Condensed Consolidated Financial Statements). SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE Category Estimated Useful Life (in years) Building 39 Plant and equipment: 5 10 Furniture and office equipment 3 5 Vehicles 3 5 Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists along with the internally developed software in process for the business applications of Marygold which launched in the latter part of June 2023, and the U.K. regulatory certification acquired by Marygold UK in the Tiger purchase transaction. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When it is determined that an indefinite intangible asset is impaired, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business combination transaction. Goodwill is tested for impairment on an annual basis during the fourth quarter of the Company’s fiscal year, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The Company first performs a qualitative test to determine if goodwill is impaired at a reporting unit. In performing this test, the Company evaluates macroeconomic factors, industry and market considerations, cost factors such as the increase in the cost of materials or labor or other costs, overall financial performance, changes in key personnel or customers or strategy, and other entity-specific events or trends that could indicate impairment, among other items. If the results of this test indicate that it is more likely than not that the fair value of the reporting is below its carrying value, a quantitative test is then performed to determine the amount of the impairment. When impaired, the carrying value of goodwill is written down to fair value. There was no Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. There was no Investments and Fair Value of Financial Instruments Equity securities included in short-term investments are classified as available-for-sale securities and debt securities are classified as trading securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income in the consolidated statements of income. The Company values its investments in accordance with Accounting Standards Codification (“ASC”) 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Company (observable inputs) and (2) The Company’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. Warrants to Purchase Common Stock The Company from time to time will issue warrant instruments to purchase common stock and accounts for warrant instruments as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). Generally, warrants issued in connection with debt and equity financings are presented as a component of equity unless the warrants include a conditional obligation to issue a variable number of shares among other conditions, or it is possible that the Company may need to settle the warrants in cash, in which instance the warrants would be accounted for as non-current liabilities in the accompanying balance sheets. As of September 30, 2023 and June 30, 2023 all outstanding warrants are classified as equity instruments. Stock-Based Compensation Stock-based compensation expense is measured based on grant date at fair value using the Black-Scholes option pricing model for stock options and the grant date closing stock price for restricted stock awards. The Company recognizes stock-based compensation expense related to stock options and restricted stock awards on a straight-line basis over the requisite service period of the awards, which is generally the vesting term of four to five years. The Company accounts for forfeitures as they occur. Revenue Recognition Revenue consists of fees earned through management of investment funds in the United States and in the United Kingdom primarily based on assets under management (“AUM”), sales of gourmet meat pies and printing of food wrappers in New Zealand, sales of security alarm system installation and maintenance services in Canada, and sales of hair and skin care products internationally. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Company’s product sales or services, the revenue recognition criteria described below are met at the time the product is shipped, the subscription period commences, or the management services are provided. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of its recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. The Company has no costs of contracts which require capitalization. The Company’s only contract assets are accounts receivable, net, and accounts receivable – related parties. The Company has no contract liabilities other than deposits received periodically which are insignificant to the consolidated financial statements. The Company generates revenue, in part, through contractual monthly recurring fees received for providing ongoing customer support services to monitoring company clientele. The five-step process governing contract revenue reporting includes: 1. Identifying the contract(s) with customers 2. Identifying the performance obligations in the contract 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations in the contract 5. Recognizing revenue when or as the performance obligation is satisfied Transactions involve security systems that are sold outright to the customer where the Company’s performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Income. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Condensed Consolidated Statements of Income, which for the three months ended September 30, 2023 and 2022, were approximately $ 73,422 82,960 13 13 1 Because the Company has no contract with the end user, and the monthly payments for customer support services are made to the Company by the monitoring company who has a contract with the end user, and end user customers are subject to cancellation through no control of the Company; therefore, no deferred revenues or contingent liability reserves have been established with respect to these contracts. The services are deemed delivered as the obligation is acknowledged on a monthly basis. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the three months ended September 30, 2023 and September 30, 2022 were $ 1.0 0.8 Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830, Foreign Currency Matters Segment Reporting The Company defines operating segments as components for which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on these segments (Refer to Note 16 of the Condensed Consolidated Financial Statements). Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired trade names from a market participant perspective, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed. For the three months ended September 30, 2023 and year ended June 30, 2023 a determination was made that no adjustments were necessary. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Board Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40). |
BASIC AND DILUTED NET INCOME (L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 3 Months Ended |
Sep. 30, 2023 | |
Net (loss) income per common share | |
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | NOTE 3. BASIC AND DILUTED NET INCOME (LOSS) PER SHARE Basic net income per share is based upon the weighted average number of common shares outstanding. This calculation includes Basic net income per share is based upon the weighted average number of common shares outstanding. This calculation includes the weighted average number of Series B Convertible Preferred shares outstanding also, as they are deemed to be substantially similar to the common shares and shareholders are entitled to the same liquidation and dividend rights. Diluted net income per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. As of September 30, 2023 there were 1,237,157 29,200 Basic and diluted net income per share reflects the effects of shares potentially issuable upon conversion of convertible preferred stock. The components of basic and diluted earnings per share were as follows: SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED For the Three Months Ended September 30, 2023 Net Loss Shares Per Share Basic net (loss) per share: Net (loss) available to common shareholders $ (487,958 ) 39,410,175 $ (0.01 ) Net (loss) available to preferred shareholders (12,223 ) 987,200 $ (0.01 ) Basic net (loss) per share $ (500,181 ) 40,397,375 $ (0.01 ) Diluted net (loss) per share: Net (loss) available to common shareholders, basic $ (487,958 ) 39,410,175 Impact of dilutive securities - - Net (loss) available to common shareholders, diluted $ (487,958 ) 39,410,375 $ (0.01 ) Net (loss) available to preferred shareholders (12,223 ) 987,200 $ (0.01 ) Diluted net (loss) per share $ (500,181 ) 40,397,375 $ (0.01 ) For the Three Months Ended September 30, 2022 Net Income Shares Per Share Basic net income per share: Net income available to common shareholders $ 485,011 39,383,459 $ 0.01 Net income available to preferred shareholders 12,157 987,200 $ 0.01 Basic and diluted income per share $ 497,168 40,370,659 $ 0.01 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 4. INVENTORIES Inventories for Gourmet Foods, Brigadier and Original Sprout consisted of the following totals as of September 30, 2023 and June 30, 2023: SCHEDULE OF INVENTORY September 30, June 30, 2023 2023 Raw materials $ 1,259,693 $ 1,299,564 Supplies and packing materials 146,920 156,050 Finished goods 788,214 798,525 Total inventories $ 2,194,827 $ 2,254,139 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT September 30, June 30, 2023 2023 Plant and equipment $ 1,888,585 $ 1,914,568 Furniture and office equipment 300,543 287,344 Land and building 560,333 574,744 Vehicles 353,791 362,085 Solar energy system 132,580 134,970 Total property, plant and equipment, gross 3,235,832 3,273,711 Accumulated depreciation (2,026,093 ) (2,018,409 ) Total property, plant and equipment, net $ 1,209,739 $ 1,255,302 For the three months ended September 30, 2023 depreciation expense for property, plant and equipment totaled $ 44,762 48,581 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 6. INTANGIBLE ASSETS Intangible assets consisted of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS September 30, June 30, 2023 2023 Customer relationships $ 1,363,935 $ 1,363,935 Brand name 1,297,789 1,297,789 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Non-compete agreement 274,982 274,982 Internally developed software 217,990 217,990 Total 4,413,210 4,413,210 Less : accumulated amortization (2,192,455 ) (2,083,240 ) Net intangibles $ 2,220,755 $ 2,329,970 CUSTOMER RELATIONSHIPS On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the acquired customer relationships was estimated to be $ 66,153 10 434,099 10 200,000 7 77,123 9 587,328 7 September 30, June 30, 2023 2023 Customer relationships $ 1,363,935 $ 1,363,935 Less: accumulated amortization (672,673 ) (629,568 ) Total customer relationships, net $ 691,262 $ 734,367 BRAND NAME On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the acquired brand name was estimated to be $ 61,429 and is amortized over the remaining useful life of 10 years. On June 2, 2016, the Company acquired Brigadier. The fair value on the acquired brand name was estimated to be $ 340,694 and is amortized over the remaining useful life of 10 years. On December 18, 2017, the Company’s wholly owned subsidiary, Kahnalytics, Inc., acquired the assets of Original Sprout LLC. The fair value of the acquired brand name was determined to be $ 740,000 and is considered to have an indefinite life. Unlike the brand names Gourmet Foods and Brigadier Security Systems, Original Sprout is an actual product name and recognized associated brand that is identifiable to consumers of the product and is the basis of the value proposition. That brand name will forever be associated with the product offering unless and until such time in the future as the Company may elect to discontinue the use of the brand and move towards establishment of an alternative product offering. On July 1, 2020, our wholly owned subsidiary, Gourmet Foods, Ltd., acquired Printstock Products Limited. The fair value of the brand name was determined to be $ 57,842 and, like that of Original Sprout, would continue to stay in use for an indefinite period of time. Therefore, the Company will test for impairment of the brand names “Original Sprout” and “Printstock” at each reporting interval with no amortization recognized. One June 20, 2022, our wholly-owned subsidiary, Marygold UK, Tiger Financial and Asset Management Limited. The fair value of the acquired trade name, $ 24,456 73,368 97,824 September 30, June 30, 2023 2023 Brand name $ 1,297,789 $ 1,297,789 Less: accumulated amortization (300,178 ) (290,042 ) Total brand name, net $ 997,611 $ 1,007,747 DOMAIN NAME On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the acquired domain name was estimated to be $ 21,601 5 15,312 5 September 30, June 30, 2023 2023 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (36,913 ) (36,913 ) Total domain name, net $ - $ - RECIPES AND FORMULAS On August 11, 2015, the Company acquired Gourmet Foods, Ltd. The fair value on the recipes was estimated to be $ 21,601 5 1,200,000 8 September 30, June 30, 2023 2023 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (889,543 ) (851,735 ) Total recipes and formulas, net $ 332,058 $ 369,866 NON-COMPETE AGREEMENT On June 2, 2016, the Company acquired Brigadier. The fair value on the acquired non-compete agreement was estimated to be $ 84,982 5 190,000 5 September 30, June 30, 2023 2023 Non-compete agreement $ 274,982 $ 274,982 Finite-lived intangible assets, gross $ 274,982 $ 274,982 Less: accumulated amortization (274,982 ) (274,982 ) Total non-compete agreement, net $ - $ - Finite-lived intangible assets, net $ - $ - INTERNAL USE SOFTWARE During the first quarter of 2020, Marygold began incurring expenses in connection with the internal development of software applications that are planned for eventual integration to its consumer Fintech offering. Certain of these expenses, totaling $ 217,990 three years September 30, June 30, 2023 2023 Internally developed software $ 217,990 $ 217,990 Finite-lived intangible assets, gross $ 217,990 $ 217,990 Less: accumulated amortization (18,166 ) - Total internally developed software $ 199,824 $ 217,990 Finite-lived intangible assets, net $ 199,824 $ 217,990 AMORTIZATION EXPENSE The total amortization expense for intangible assets for the three months ended September 30, 2023 and 2022 was $ 109,215 100,627 Estimated remaining amortization expenses of intangible assets for the next five fiscal years, are as follows: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE Years Ending June 30, Expense Remainder of fiscal 2024 $ 324,673 2025 418,625 2026 306,858 2027 92,417 2028 92,417 Thereafter 985,765 Total $ 2,220,755 Total $ 2,220,755 |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | NOTE 7. OTHER ASSETS Other Current Assets Other current assets totaling $ 973,562 904,153 SCHEDULE OF OTHER ASSETS As of As of Prepaid expenses $ 949,064 $ 889,128 Other current assets 24,498 15,025 Total $ 973,562 $ 904,153 Investments USCF Investments, from time to time, provides initial seed capital in connection with the creation of ETPs or ETFs that are managed by USCF or USCF Advisers. USCF Investments classifies these investments as current assets as these investments are generally sold within one year of the balance sheet date. Investments in which no controlling financial interest or significant influence exists are recorded at fair value with the change included in earnings on the Condensed Consolidated Statements of Income. Investments in which no controlling financial interest exists, but significant influence exists are recorded per the equity method of investment accounting unless the fair value option is elected under Accounting Standards Codification (“ASC”) 825, Fair Value Option. As of September 30, 2023, the USCF Advisers owned $ 1.2 million of the USCF Gold Strategy Plus Income Fund (“GLDX”), $ 0.5 million of the USCF Sustainable Battery Metals Strategy Fund (“ZSB”), $ 3.2 million of the USCF Energy Commodity Strategy Absolute Return Fund (“USE”) and $ 2.7 million of the USCF Sustainable Commodity Strategy Fund (“ZSC”), which launched in August 2023. As of June 30, 2023, USCF Advisers held positions in GLDX, ZSB and USE of $ 1.3 million, $ 1.9 million and $ 2.6 million, respectively. These funds are related parties managed by USCF Advisers, which are included in other equities in the below table. The Company elected the fair value option related to these investments as the shares were purchased and will be sold on the market and this accounting treatment is deemed to be most informative. In addition to the holdings in GLDX, ZSB and USE, the Company also invests in marketable securities. The Company recognized unrealized gains (losses) of $ 266 thousand and ($ 112) thousand for the three months ended September 30, 2023 and September 30, 2022, respectively. As of September 30, 2023 and June 30, 2023, the aggregate of such investments were approximately $ 13.3 million and $ 11.5 million, respectively. All of the Company’s short-term investments are classified as Level 1 assets as of September 30, 2023 and June 30, 2023. Investments measured at estimated fair value consist of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF AVAILABLE-FOR-SALE SECURITIES RECONCILIATION September 30, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 3,427,983 $ - $ - $ 3,427,983 Other short-term investments 283,883 - (1,420 ) 282,463 Short-term treasury bills 1,944,981 19,339 - 1,964,320 Other equities – related parties 7,479,426 646,085 (538,494 ) 7,587,017 Total short-term investments $ 13,136,273 $ 665,424 $ (539,914 ) $ 13,261,783 June 30, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 3,402,472 $ - $ - $ 3,402,472 Other short-term investments 280,401 - (1,653 ) 278,748 Short-term treasury bills 1,952,010 16,950 - 1,968,960 Other equities – related parties 5,971,926 88,345 (229,470 ) 5,830,801 Total short-term investments $ 11,606,809 $ 105,295 $ (231,123 ) $ 11,480,981 During the three month and one year periods ended September 30, 2023 and June 30, 2023, respectively, there were no transfers between Level 1 and Level 2. Restricted Cash At September 30, 2023 and June 30, 2023, Gourmet Foods had on deposit approximately NZ$ 20,000 11,993 12,209 At September 30, 2023, Marygold UK had on deposit £ 329,212 401,622 327,694 413,560 Long Term Assets Other long-term assets totaling $ 552,660 at September 30, 2023 and June 30, 2023, were attributed to USCF Investments and Original Sprout and consisted of: (i) $ 500,000 10 no (ii) and $ 52,660 as of September 30, 2023 and June 30, 2023 representing deposits and prepayments of rent. |
GOODWILL
GOODWILL | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | NOTE 8. GOODWILL Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. Goodwill is comprised of the following amounts as of September 30, 2023 and June 30, 2023: SCHEDULE OF GOODWILL September 30, June 30, 2023 2023 Goodwill – Original Sprout $ 416,817 $ 416,817 Goodwill – Gourmet Foods 275,311 275,311 Goodwill – Brigadier 351,345 351,345 Goodwill – Marygold & Co. (UK) 1,263,729 1,263,729 Total $ 2,307,202 $ 2,307,202 Goodwill $ 2,307,202 $ 2,307,202 The Company tests for goodwill impairment at each reporting unit. There was no |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 3 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES September 30, June 30, 2023 2023 Accounts payable $ 2,449,564 $ 1,325,539 Taxes payable 66,680 97,453 Accrued payroll, vacation and bonus payable 331,968 454,786 Accrued operating expenses 643,331 834,153 Total $ 3,491,543 $ 2,711,931 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10. RELATED PARTY TRANSACTIONS USCF Investments – Related Party Transactions The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company’s USCF The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company’s USCF Investments revenues, totaling $ 5.0 million and $ 5.4 million for the three months ended September 30, 2023 and 2022, respectively, were earned from these related parties. Accounts receivable, totaling $ 1.7 million and $ 1.7 million as of September 30, 2023 and June 30, 2023, respectively, were owed from the Funds that are related parties. Fund expense waivers, totaling $ 0.1 million and fund expense limitation amounts, totaling $ 0.1 million, for each of the three months ended September 30, 2023 and 2022, were incurred on behalf of these related parties. Waivers payable, totaling $ 0.1 million and $ 0.1 million as of September 30, 2023 and June 30, 2023, respectively, were owed to these related parties. Fund expense waivers and fund expense limitation obligations are defined under Note 15 to the Condensed Consolidated Financial Statements. USCF Investments, from time to time, provides initial investments in the creation of ETP and ETF funds that USCF manages. Such investments included GLDX, ZSB, USE and ZSC (launched in August 2023), related party funds managed by USCF Advisers, and as of September 30, 2023 the investments totaled $ 1.2 million, $ 0.5 3.2 million and $ 2.7 million, respectively. As of June 30, 2023 the investments totaled $ 1.3 million, $ 1.9 million, $ 2.6 million and $ 0 62 % and 68 % of the outstanding shares of these investments as of September 30, 2023 and June 30, 2023, respectively. |
LOANS _ PROPERTY AND EQUIPMENT
LOANS – PROPERTY AND EQUIPMENT | 3 Months Ended |
Sep. 30, 2023 | |
Loans Property And Equipment | |
LOANS – PROPERTY AND EQUIPMENT | NOTE 11. LOANS – PROPERTY AND EQUIPMENT As of September 30, 2023, Brigadier had an outstanding principal balance of CD$ 446,533 (approx. US$ 328,646 translated as of September 30, 2023) due to Bank of Montreal related to the purchase of its Saskatoon office land and building. The Condensed Consolidated Balance Sheets as of September 30, 2023 reflect the amount of the principal due as a current liability of US$ 328,646 as compared to US$ 340,849 in current liabilities translated as of June 30, 2023. Interest on the mortgage loan for the three months ended September 30, 2023 and 2022 was US$ 4,727 and US$ 3,706 , respectively. In addition to the loan due by Brigadier, our subsidiary, Gourmet Foods, has a finance lease liability related to a solar energy system. Total lease liabilities under the lease as of September 30, 2023 were NZ$ 167,057 100,178 174,405 106,469 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 12. STOCKHOLDERS’ EQUITY Common Stock and Convertible Preferred Stock The Company has 900,000,000 39,383,459 Warrants to Purchase Common Stock On March 14, 2022, pursuant to the Underwriting Agreement, the Company issued the Underwriter’s Warrants to purchase up to an aggregate of 82,500 2.40 120 132,000 2.10 5 0 117 Convertible Preferred Stock The Company has 50,000,000 5,000,000 45,000,000 no Each issued Series B Convertible Preferred Stock is convertible into 20 3,672 73,440 49,360 Stock-based Compensation In August 2021, the Company adopted the 2021 Omnibus Equity Incentive Plan (“the Equity Plan”) which provides for the grant of stock-based awards, including stock options, restricted stock awards (“RSA”) and restricted stock units (“RSU”), to employees and non-employees. A total of 5,000,000 3,772,843 The fair value of stock options are estimated on the date of grant using the Black-Scholes option pricing model and recognized as compensation on a straight-line basis between the date of grant and the date the options become fully vested. During the three months ended September 30, 2023 the Company granted 240,881 stock options with a weighted average grant date fair value of $ 1.18 per share. Stock options issued have terms of ten years . The fair value of the options granted were estimated using the following assumptions: SCHEDULE OF SHARE BASED COMPENSATION For the Three Months Ended September 30, 2023 Expected volatility 166 197 % Expected term 6.4 Risk-Free interest rate 3.5 4.1 % Weighted-average fair value per share of grants $ 1.41 Expected dividend yield 0 % SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS Options Outstanding as of September 30, 2023 Outstanding Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of July 1, 2023 270,000 $ 1.61 Granted 240,881 $ 1.18 Exercised - $ - Forfeited (20,000 ) $ 1.64 Outstanding and expected to vest as of September 30, 2023 490,881 $ 1.40 9.6 $ - Exercisable as of September 30, 2023 - $ - - $ - The fair value of these options, calculated using the Black-Scholes option-pricing model, was determined to be $ 658,644 0 31,742 0 578,671 3.6 The following table summarizes the restricted stock activities for the Company’s Equity Plan for the three months ended September 30, 2023. SCHEDULE OF SHARE BASED COMPENSATION RESTRICTED STOCK OUTSTANDING Restricted Stock Outstanding as of September 30, 2023 Number of Weighted Nonvested as of July 1, 2023 288,733 $ 1.36 Granted 447,543 $ 1.03 Vested (26,716 ) $ - Forfeited - $ - Nonvested as of September 30, 2023 709,560 $ 1.15 Expected to vest 709,560 The fair value of RSA’s is recognized as compensation on a straight-line basis between the date of grant and the date the RSA’s become fully vested. The fair value of RSA’s is estimated on the grant date based on the closing quoted market price of the Company’s stock and generally vest over a period of a 4 26,716 During three months ended September 30, 2023, the Company granted 447,543 RSA’s with a weighted average grant date fair value of $ 1.03 per share and a total fair value at date of grant of $ 461,210 . The intrinsic value of outstanding RSA’s was $ 766,325 as of September 30, 2023. Stock-based compensation relating to RSA’s totaled $ 61,888 and $ 0 for the three months ended September 30, 2023 and 2022, respectively, and are included in the condensed consolidated statements of income. As of September 30, 2023, there was $ 758,035 of unrecognized compensation expense related to outstanding RSA’s that will be recognized over a remaining weighted average period of 3.4 years. Holders of RSA’s generally have the rights and privileges of a stockholder with respect to the shares of common stock granted to the holder, including the right to vote such shares and the right to receive dividends with respect to such shares. However, all cash and stock dividends and distributions shall be held back by the Company for the holder’s account until such time as the related portion of the restricted stock award vests (at which time such dividends or distributions, as applicable, shall be released and paid). The Company does not consider the shares of common stock associated with the RSA’s to be issued and outstanding until vesting occurs. The table below summarizes total remaining stock-based compensation for all outstanding awards: SCHEDULE OF SHARE BASED PAYMENT ARRANGEMENT Fiscal Period Remainder of fiscal 2024 $ 329,882 Fiscal 2025 474,180 Fiscal 2026 346,121 Fiscal 2027 176,233 Fiscal 2028 10,290 Total stock-based compensation $ 1,336,706 The aggregate expected stock-based compensation expense remaining to be recognized reflects only awards as of September 30, 2023 and assumes no forfeiture activity and will be recognized over a weighted-average period of approximately 3.4 There were no |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATIONS | NOTE 13. BUSINESS COMBINATIONS On August 17, 2021, our wholly-owned subsidiary Marygold UK entered into a Stock Purchase Agreement (“SPA”) to acquire all the issued and outstanding shares of Tiger Financial and Asset Management Limited (“Tiger”), a company incorporated and registered in England and Wales and located in Northampton, England. Tiger is an asset manager and investment advisor operating pursuant to certification by the Financial Conduct Authority of the United Kingdom with approximately £ 42 2,382,372 2,913,164 1,018,935 1,245,954 18,935 23,154 500,000 500,000 no 86,277 113,833 500,000 604,990 SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES Item Amount Cash in bank $ 1,159,020 Prepayments/deposits 17,962 Plant, property and equipment 2,922 Intangible assets 684,768 Goodwill 1,263,729 Tax liability (86,277 ) Deferred tax liability (113,833 ) Accounts payable and accrued expenses (15,127 ) Total Purchase Price $ 2,913,164 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 14. INCOME TAXES The Company accounts for income taxes under the asset and liability method, which recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the tax bases of assets and liabilities and their financial statement reported amounts, and for net operating losses and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance against deferred tax assets when it is more likely than not that such asset will not be realized. The Company continues to monitor the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company must increase its provision for income taxes by recording a valuation allowance against the deferred tax assets. The Company accounts for uncertain tax positions in accordance with the authoritative guidance on income taxes under which the Company may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. As of September 30, 2023, the Company’s total unrecognized tax benefits were approximately $ 0.3 no The Company is required to make its best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis. The Company recorded tax benefit (expense) of $ 303 226) The Company is subject to income taxes in the U.S. federal, various states, Canada and New Zealand tax jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company’s U.S. tax years 2018 through 2022 2018 through 2022 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 15. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses, and long-term operating lease liabilities in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating lease right-of-use assets also include any lease payments made at or before the commencement date and are reduced by any lease incentives received. The Company’s lease terms may include options to extend or not terminate the lease when it is reasonably certain that it will exercise any such options. For the majority of its leases, the Company concluded that it is not reasonably certain that any renewal options would be exercised, and, therefore, the amounts are not recognized as part of operating lease right-of-use assets nor operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet and expensed as incurred and included within rent expense under general and administrative expense. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s most significant operating leases are real estate leases of office, warehouse and production facilities. The remaining operating leases are primarily comprised of leases of printers and other equipment which are deemed insignificant. For all operating leases, the Company has elected the practical expedient permitted under Topic 842 to combine lease and non-lease components. As a result, non-lease components, such as common area or equipment maintenance charges, are accounted for as a single lease element. The Company has one finance lease wherein ownership of the underlying asset will be transferred to the Company at the end of the lease term. The underlying asset of the finance lease is a solar energy system at our Gourmet Foods subsidiary in New Zealand that is included with property, plant and equipment on the Condensed Consolidated Balance Sheets. Fixed lease expense payments are recognized on a straight-line basis over the lease term. Variable lease payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Certain of the Company’s operating lease agreements include variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance. Variable payments are deemed immaterial, expensed as incurred, and included within rent expense under general and administrative expense. The Company leases various facilities and offices throughout the world including the following subsidiary locations: Gourmet Foods has operating leases for its office, factory and warehouse facilities located in Tauranga, New Zealand, and facilities leased by its subsidiary, Printstock, in Napier, New Zealand, as well as for certain equipment including printers and copiers. These leases are generally for three -year terms, with some options to renew for an additional term. The leases mature between August 2024 and October 2026, and require monthly rental payments of approximately $ 22,843 (GST not included) translated to U.S. currency as of September 30, 2023. Additionally, Gourmet Foods has one finance lease for its solar energy system that ends in December 2031 at the monthly rate (GST not included) of approximately US$ 1,580 translated as of September 30, 2023. Brigadier leases office and storage facilities in Regina, Saskatchewan. The minimum lease obligations for the Regina facility require monthly payments of approximately US$ 2,427 translated to U.S. currency as of September 30, 2023. Original Sprout currently leases office and warehouse space in San Clemente, CA with 3 -year facility lease expiring on November 30, 2023 and monthly lease payments of $ 23,625 13,455 with increases annually. For the three month periods ended September 30, 2023 and 2022, the combined lease costs, including insignificant variable and short-term lease costs, of the Company and its subsidiaries totaled $ 205,046 and $ 198,487 , respectively, and recorded under general and administrative expense in the Condensed Consolidated Statements of Income. As of September 30, 2023 the Condensed Consolidated Balance Sheets included operating lease right-of-use assets totaling $ 701,248 713,360 in total operating lease liabilities. Future minimum consolidated lease payments for The Marygold Companies and its subsidiaries are as follows: SCHEDULE OF FUTURE MINIMUM CONSOLIDATED LEASE PAYMENTS Year Ended June 30, Operating Leases Finance Lease Remainder of fiscal 2024 $ 328,594 $ 14,151 2025 222,898 18,868 2026 173,972 18,868 2027 55,193 18,868 2028 - 18,868 Thereafter - 64,465 Total minimum lease payments 780,657 154,088 Less: present value discount (67,297 ) (45,080 ) Total lease liabilities $ 713,360 $ 109,008 The weighted average remaining lease term for the Company’s operating leases was 2.91 5.49 8.2 6.99 28 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 65,963 20,000 11,993 Other Agreements and Commitments One of the funds, UNL managed by USCF, had expense waiver provisions during current and prior fiscal years, whereby USCF reimburses funds when fund expenditure levels exceed certain threshold amounts. As of September 30, 2023 and June 30, 2023 the expense waiver payable for the UNL fund was $ 0.1 0.1 As Marygold builds out its application, it enters into agreements with various service providers. As of September 30, 2023, Marygold has future payment commitments with its primary service vendors totaling $ 1.5 1.1 0.4 Litigation From time to time, the Company and its subsidiaries may be involved in legal proceedings arising primarily from the ordinary course of their respective businesses. Except as described below, there are no pending legal proceedings against the Company. USCF is an indirect wholly-owned subsidiary of the Company. USCF, as the general partner of the United States Oil Fund, LP (“USO”) and the general partner and sponsor of the related public funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described herein, USO and USCF are not currently party to any material legal proceedings. Settlement of SEC and CFTC Investigations On November 8, 2021, USCF and USO announced a resolution with each of the SEC and the CFTC relating to matters set forth in certain Wells Notices issued by the staffs of each of the SEC and CFTC as more fully described below. On August 17, 2020, USCF, USO, and John Love received a “Wells Notice” from the staff of the SEC (the “SEC Wells Notice”). The SEC Wells Notice stated that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr. Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the “1933 Act”), and Section 10(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and Rule 10b-5 thereunder. Subsequently, on August 19, 2020, USCF, USO, and Mr. Love received a Wells Notice from the staff of the CFTC (the “CFTC Wells Notice”). The CFTC Wells Notice stated that the CFTC staff made a preliminary determination to recommend that the CFTC file an enforcement action against USCF, USO, and Mr. Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the Commodity Exchange Act of 1936, as amended (the “CEA”), 7 U.S.C. §§ 6o(1)(A) and (B) and 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a), 17 C.F.R. §§ 4.26, 4.41, 180.1(a) (2019). On November 8, 2021, acting pursuant to an offer of settlement submitted by USCF and USO, the SEC issued an order instituting cease-and-desist proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 8A of the 1933 Act, directing USCF and USO to cease and desist from committing or causing any violations of Section 17(a)(3) of the 1933 Act, 15 U.S.C. § 77q(a)(3) (the SEC Order). In the SEC Order, the SEC made findings that, from April 24, 2020 to May 21, 2020, USCF and USO violated Section 17(a)(3) of 1933 Act, which provides that it is “unlawful for any person in the offer or sale of any securities to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser.” USCF and USO consented to entry of the SEC Order without admitting or denying the findings contained therein, except as to jurisdiction. Separately, on November 8, 2021, acting pursuant to an offer of settlement submitted by USCF, the CFTC issued an order instituting cease-and-desist proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 6(c) and (d) of the CEA, directing USCF to cease and desist from committing or causing any violations of Section 4o(1)(B) of the CEA, 7 U.S.C. § 6o(1)(B), and CFTC Regulation 4.41(a)(2), 17 C.F.R. § 4.41(a)(2) (the “CFTC Order”). In the CFTC Order, the CFTC made findings that, from on or about April 22, 2020 to June 12, 2020, USCF violated Section 4o(1)(B) of the CEA and CFTC Regulation 4.41(a)(2), which make it unlawful for any commodity pool operator (“CPO”) to engage in “any transaction, practice, or course of business which operates as a fraud or deceit upon any client or participant or prospective client or participant” and prohibit a CPO from advertising in a manner which “operates as a fraud or deceit upon any client or participant or prospective client or participant,” respectively. USCF consented to entry of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction. Pursuant to the SEC Order and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section 17(a)(3) of the 1933 Act, Section 4o(1)(B) of the CEA, and CFTC Regulation 4.14(a)(2), civil monetary penalties totaling two million five hundred thousand dollars ($ 2,500,000 1,250,000 In re: United States Oil Fund, LP Securities Litigation On June 19, 2020, USCF, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in a putative class action filed by purported shareholder Robert Lucas (the “Lucas Class Action”). The Court thereafter consolidated the Lucas Class Action with two related putative class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff. The consolidated class action is pending in the U.S. District Court for the Southern District of New York under the caption In re: United States Oil Fund, LP Securities Litigation, Civil Action No. 1:20-cv-04740. On November 30, 2020, the lead plaintiff filed an amended complaint (the “Amended Lucas Class Complaint”). The Amended Lucas Class Complaint asserts claims under the 1933 Act, the Exchange Act, and Rule 10b-5. The Amended Lucas Class Complaint challenges statements in registration statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent public statements through April 2020 concerning certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The Amended Lucas Class Complaint purports to have been brought by an investor in USO on behalf of a class of similarly-situated shareholders who purchased USO securities between February 25, 2020 and April 28, 2020 and pursuant to the challenged registration statements. The Amended Lucas Class Complaint seeks to certify a class and to award the class compensatory damages at an amount to be determined at trial as well as costs and attorney’s fees. The Amended Lucas Class Complaint named as defendants USCF, USO, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes III, as well as the marketing agent, ALPS Distributors, Inc., and the Authorized Participants: ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corporation, Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC. The lead plaintiff has filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC. USCF, USO, and the individual defendants in In re: United States Oil Fund, LP Securities Litigation Mehan Action On August 10, 2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes, III (the “Mehan Action”). The action is pending in the Superior Court of the State of California for the County of Alameda as Case No. RG20070732. The Mehan Action alleges that the defendants breached their fiduciary duties to USO and failed to act in good faith in connection with a March 19, 2020 registration statement and offering and disclosures regarding certain extraordinary market conditions that caused demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint seeks, on behalf of USO, compensatory damages, restitution, equitable relief, attorney’s fees, and costs. All proceedings in the Mehan Action are stayed pending disposition of the motion(s) to dismiss in In re: United States Oil Fund, LP Securities Litigation USCF, USO, and the other defendants intend to vigorously contest such claims. In re United States Oil Fund, LP Derivative Litigation On August 27, 2020, purported shareholders Michael Cantrell and AML Pharm. Inc. DBA Golden International filed two separate derivative actions on behalf of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Andrew F Ngim, Gordon L. Ellis, Malcolm R. Fobes, III, Nicholas D. Gerber, Robert L. Nguyen, and Peter M. Robinson in the U.S. District Court for the Southern District of New York at Civil Action No. 1:20-cv-06974 (the “Cantrell Action”) and Civil Action No. 1:20-cv-06981 (the “AML Action”), respectively. The complaints in the Cantrell and AML Actions are nearly identical. They each allege violations of Sections 10(b), 20(a) and 21D of the Exchange Act, Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. These allegations stem from USO’s disclosures and defendants’ alleged actions in light of the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaints seek, on behalf of USO, compensatory damages, restitution, equitable relief, attorney’s fees, and costs. The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the Lucas Class Action. The Court consolidated the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation, In re: United States Oil Fund, LP Securities Litigation USCF, USO, and the other defendants intend to vigorously contest the claims in In re United States Oil Fund, LP Derivative Litigation Optimum Strategies Action On April 6, 2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option contracts on USO (the “Optimum Strategies Action”). The action was in the U.S. District Court for the District of Connecticut at Civil Action No. 3:22-cv-00511. The Optimum Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder, and the Connecticut Uniform Securities Act (“CUSA”). It purported to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint was seeking damages, interest, costs, attorney’s fees, and equitable relief. On March 15, 2023, the court granted the USO defendants’ motion to dismiss the complaint. In its ruling, the court granted the USO defendants’ motion to dismiss, with prejudice, the plaintiff’s claims under Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and a claim for control person liability under Section 20(a) of the Exchange Act. Having dismissed all claims over which the court had original jurisdiction, the court declined to exercise supplemental jurisdiction over the plaintiff’s state law claim under CUSA and dismissed the claim without prejudice. No notice of appeal was filed. No accrual has been recorded with respect to the above legal matters as of September 30, 2023 and June 30, 2023. We are currently unable to predict the timing or outcome of, or reasonably estimate the possible losses or range of, possible losses resulting from these matters. It is reasonably possible that this estimate will change in the near term. An adverse outcome regarding these matters could materially adversely affect the Company’s financial condition, results of operations and cash flows. Retirement Plan The Marygold Companies, through its wholly-owned subsidiary USCF, has a 401(k) Profit Sharing Plan (“401K Plan”) covering U.S. employees, including Original Sprout and Marygold, who are over 21 1,000 60 42 |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 16. SEGMENT REPORTING With the acquisition of USCF Investments, Gourmet Foods, Brigadier, Tiger, the launch of the Original Sprout business unit of Kahnalytics, and the transition of Marygold to an operating company as of July 1, 2023, the Company has identified seven The following table presents a summary of identifiable assets as of September 30, 2023 and June 30, 2023. SUMMARY OF IDENTIFIABLE ASSETS AND ASSET LOCATION OF PROPERTY PLANT AND EQUIPMENT September 30, June 30, 2023 2023 Identifiable assets: U.S.A.: corporate headquarters (1) $ 3,849,377 $ 4,133,619 U.S.A.: investment fund management – related party 19,666,773 19,601,960 U.S.A.: beauty products 2,911,041 2,888,721 New Zealand: food industry 3,705,553 3,933,463 Canada: security systems 2,174,608 2,820,798 U.K.: financial services 1,816,148 1,902,266 U.S.A.: financial services (1) 1,341,700 - Consolidated total $ 35,465,200 $ 35,280,827 (1) The assets of Marygold, identified as located in the U.S.A .: 897,024 The following table presents a summary of operating information for the three months ended September 30: SUMMARY OF OPERATING INFORMATION AND CAPITAL EXPENDITURE Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Revenues from external customers: U.S.A.: investment fund management – related party $ 5,049,550 $ 5,419,435 U.S.A.: beauty products 774,626 804,078 New Zealand: food industry 1,730,527 1,937,426 Canada : security systems 553,719 628,892 U.K.: financial services 126,691 133,457 U.S.A.: financial services (1) 401 - Consolidated total $ 8,235,514 $ 8,923,288 Net income (loss): U.S.A.: investment fund management – related party $ 1,951,786 $ 1,785,259 U.S.A.: beauty products (322,281 ) (19,757 ) New Zealand: food industry 24,889 200,554 Canada : security systems 57,973 107,124 U.K.: financial services (68,330 ) 10,155 U.S.A.: financial services (1) (1,453,061 ) - U.S.A.: corporate headquarters (1) (691,157 ) (1,586,167 ) Consolidated total $ (500,181 ) $ 497,168 (1) The revenues and net income of Marygold, identified as located in the U.S.A.: financial services segment for the three months ended September 30, 2023 were combined with those of the parent, identified as U.S.A.: corporate headquarters, for the three months ended September 30, 2022 where Marygold revenues were $ 0 641,363 The following table presents a summary of capital expenditures for the three month periods ended September 30: Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Capital expenditures: U.S.A.: investment fund management $ - $ - U.S.A.: beauty products 9,718 1,128 New Zealand: food industry 7,957 5,854 Canada: security systems - 698 U.K.: financial services - 1,738 U.S.A.: financial services 4,677 - U.S.A.: corporate headquarters 2,837 - Consolidated $ 25,189 $ 9,418 The following table represents the property, plant and equipment in use at each of the Company’s locations as of September 30, 2023 and June 30, 2023: As of September 30, 2023 As of June 30, 2023 Asset Location U.S.A.: investment fund management $ - $ - U.S.A. : beauty products 72,174 62,456 New Zealand: food industry 2,208,605 2,240,357 Canada: security systems 877,554 900,123 U.K.: financial services 22,905 23,695 U.S.A.: financial services (1) 36,508 - U.S.A. : corporate headquarters (1) 18,086 47,080 Total all locations 3,235,832 3,273,711 Less accumulated depreciation (2,026,093 ) (2,018,409 ) Net property, plant and equipment $ 1,209,739 $ 1,255,302 (1) The property, plant and equipment of Marygold, identified as located in the U.S.A.: financial services segment as of September 30, 2023, were combined with those of the parent, identified as U.S.A.: corporate headquarters, as of June 30, 2023 and totaled $ 31,831 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17. SUBSEQUENT EVENTS The Company evaluated subsequent events for recognition and disclosure through the date the financial statements were issued or filed. Nothing has occurred outside normal operations since that required recognition or disclosure in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Principles | Basis of Presentation and Accounting Principles The Company has prepared the accompanying unaudited financial statements on a consolidated basis. In the opinion of management, the accompanying unaudited condensed consolidated balance sheets, related statements of income and comprehensive income, and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The information included in this Form 10-Q should be read in conjunction with information included in the Company’s Annual Report on Form 10-K for year ended June 30, 2023 and filed with the U.S. Securities and Exchange Commission on September 25, 2023. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, which are referred herein as the “Financial Statements”, include the accounts of The Marygold Companies and its wholly-owned subsidiaries, USCF Investments, Gourmet Foods, Brigadier, Original Sprout, Marygold and Marygold UK are presented on a consolidated basis. All inter-company transactions and accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid debt instruments with original maturities of three months or less on the date of purchase. The Company maintains its cash and cash equivalents in financial institutions in the United States, United Kingdom, Canada, and New Zealand. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $ 250,000 100,000 85,000 |
Accounts Receivable, net and Accounts Receivable – Related Parties | Accounts Receivable, net and Accounts Receivable – Related Parties Accounts receivable, net consist of receivables related to the Brigadier, Gourmet Foods and Original Sprout businesses. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic trends, changes in customer payment patterns, and reasonable and supportable forecasts about the future to determine whether or not an account should be deemed uncollectible. Reserves, if any, are recorded on a specific identification basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30, 2023 and June 30, 2023, the Company had $ 213 1,427 Accounts receivable – related parties consist of fund asset management fees receivable related to the USCF Investments business. Management fees receivable generally consist of one month of management fees which are collected in the month after they are earned. As of September 30, 2023 and June 30, 2023, there is no allowance for credit losses as all amounts are deemed collectible. |
Major Customers and Suppliers – Concentration of Credit Risk | Major Customers and Suppliers – Concentration of Credit Risk The Marygold Companies, as a holding company, operates through its wholly-owned subsidiaries and has no concentration of risk either from customers or suppliers as a stand-alone entity. Marygold, as a newly formed development stage entity, had not commenced operations for the year ended June 30, 2023. Any transactions that did occur were combined with those of The Marygold Companies for periods prior to June 30, 2023. Our subsidiary USCF Investments relies on the revenues generated through the various funds it manages. The concentration of fund management revenue for the three months ended September 30, 2023 and 2022, and related receivables as of September 30, 2023 and June 30, 2023 were as follows : SCHEDULE OF CONCENTRATION RISK For the Three Months Ended For the Three Months Ended September 30, 2023 September 30, 2022 Revenue Revenue Fund USO $ 1,684,103 33 % $ 2,564,245 47 % UNG 1,688,916 34 % 807,940 15 % USCI 367,142 7 % 597,385 11 % All Others 1,309,389 26 % 1,449,865 27 % Total $ 5,049,550 100 % $ 5,419,435 100 % As of September 30, 2023 As of June 30, 2023 Accounts Receivable Accounts Receivable Fund USO $ 544,764 33 % $ 596,039 36 % UNG 565,460 34 % 554,011 33 % All Others 559,662 33 % 523,845 31 % Total $ 1,669,886 100 % $ 1,673,895 100 % The Marygold Companies, through Gourmet Foods and its wholly owned subsidiary, Printstock Products Limited, has two major customer groups comprising gross revenues: 1) baking, and 2) printing. For the purpose of segment reporting (Note 16), both revenue streams are considered part of the same “food industry” segment as they are evaluated as one segment by the Company’s Chief Operating Decision Maker. Baking: In the gasoline convenience store market customer group, Gourmet Foods supplies major consortiums of gasoline convenience stores who operate under various name brands. The third major customer group is independent retailers and cafes, which collectively accounted for the balance of baking sales revenue. Although some customers contributed significant revenues to Gourmet Foods, no single customer contributed a significant amount of revenues to the consolidated Company for the three month periods ending September 30, 2023 and 2022. One customer did account for 10 Printing: 17 12 11 Gourmet Foods, including Printstock, is not dependent upon any one major supplier as many alternative sources are available in the local marketplace should the need arise. However, the unavailability of, or increase in price in, any of the ingredients on which Gourmet Foods relies to produce its products could harm its operating results for such period. The Marygold Companies, through Brigadier, is partially dependent upon its contractual relationship with the alarm monitoring company who provides monitoring services to Brigadier’s customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring, or establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years, with alternate solutions available should the need arise. This monitoring company accounted for 12 11 12 Brigadier purchases alarm panels, digital and analog cameras, mounting hardware and accessory items needed to complete security installations from a variety of sources. The manufacture of electronic items such as those sought by Brigadier has expanded to a global scale thus providing Brigadier with a broad choice of suppliers. Brigadier bases its vendor selection on several criteria including: price, availability, shipping costs, quality, suitability for purpose and the technical support of the manufacturer. Brigadier is not reliant on any one supplier. The Marygold Companies, through Original Sprout, sells its products through 3 channels to market: 1) direct sales to end users via online shopping carts, 2) sales through international wholesale distributors who, in turn, sell to other retailers or wholesalers, and 3) to retail stores selling to end users either from the shelf or online. No single customer contributed significant sales revenues to the Company’s consolidated revenues for the three months ended September 30, 2023 and 2022. No single customer contributed a significant amount to the Company’s consolidated accounts receivable as of September 30, 2023 or as of June 30, 2023. The Marygold Companies, through Original Sprout, is dependent upon its relationships with product packaging companies who, at the direction of Original Sprout, produce the products in accordance with proprietary formulas, packages them in appropriate containers, and delivers the finished goods to Original Sprout for distribution to its customers. Original Sprout strives to maintain at least two packaging companies at all times, thus if one relationship were to fail the other would be able to continue to supply services. Because of the nature of the Original Sprout product ingredients, some of the ingredients may, at times, be difficult to source in timely fashion or at the expected price point. To safeguard against this possibility, Original Sprout endeavors to maintain at least a 90-day supply of all products in stock. Estimating and maintaining a reserve stock account is not a guarantee that a shortage of ingredient supplies will not affect production such that Original Sprout will not exhaust its reserves or be unable to fulfill customer orders. The Marygold Companies, through Marygold UK and its wholly owned subsidiary, Tiger Financial and Asset Management (“Tiger”), identifies its concentration of risk as the reliance on a relatively small number of clients to continue their relationship with Tiger as their investment advisor. Tiger acts as an investment advisor and financial planner to its clients and has two principal revenue streams which comprise ongoing fees for providing investment advice, and commissions for the intermediation of insurance-based products. Tiger does not provide investment management services directly, rather the clients’ assets are referred to third party investment managers, primarily discretionary investment managers, and Tiger receives fees for the ongoing advice and financial planning services which are charged as a percentage of the assets under management. Should the relationship with the current investment manager come to an end, management is confident that a similar arrangement can be easily made with alternative investment managers. Tiger advises approximately 50 families/clients who collectively account for approximately $ 40 million in assets under management as of September 30, 2023 and June 30, 2023. No single client accounted for a significant portion of the Company’s consolidated revenues. Marygold UK does not recognize any credit risk for accounts receivable. Marygold UK is seeking to further diversify its client base through ongoing outreach initiatives and, in the long term, add to its revenue streams through the development of the Marygold fintech app. |
Inventories | Inventories Inventories, consisting primarily of; (i) food products, printing supplies, and packaging in New Zealand, (ii) hair and skin care finished products and components in the U.S., (iii) security system hardware in Canada, and (iv) printed debit cards and wearables at Marygold are valued at the lower of cost or net realizable value. Inventories in Canada and New Zealand are maintained on the first-in, first-out method, while inventory in the U.S is maintained using the average cost method. Inventories include product cost, inbound freight and warehousing costs where applicable. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down the inventories to their net realizable value, if lower. An assessment is made at the end of each fiscal quarter to determine what slow-moving inventory items, if any, should be deemed obsolete and written down to their estimated net realizable value. For the three months ended September 30, 2023 and 2022, the expense for slow-moving or obsolete inventory was $ 0 0 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers, printers and other office equipment plus software and applicable packaging designs. Leasehold improvements, which are included in plant and equipment, are depreciated over the shorter of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is computed using the straight-line method over the estimated useful life of the asset (see Note 5 to the Condensed Consolidated Financial Statements). SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE Category Estimated Useful Life (in years) Building 39 Plant and equipment: 5 10 Furniture and office equipment 3 5 Vehicles 3 5 |
Intangible Assets | Intangible Assets Intangible assets consist of brand names, domain names, recipes, non-compete agreements and customer lists along with the internally developed software in process for the business applications of Marygold which launched in the latter part of June 2023, and the U.K. regulatory certification acquired by Marygold UK in the Tiger purchase transaction. Intangible assets with finite lives are amortized over the estimated useful life and are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When it is determined that an indefinite intangible asset is impaired, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no |
Goodwill | Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business combination transaction. Goodwill is tested for impairment on an annual basis during the fourth quarter of the Company’s fiscal year, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The Company first performs a qualitative test to determine if goodwill is impaired at a reporting unit. In performing this test, the Company evaluates macroeconomic factors, industry and market considerations, cost factors such as the increase in the cost of materials or labor or other costs, overall financial performance, changes in key personnel or customers or strategy, and other entity-specific events or trends that could indicate impairment, among other items. If the results of this test indicate that it is more likely than not that the fair value of the reporting is below its carrying value, a quantitative test is then performed to determine the amount of the impairment. When impaired, the carrying value of goodwill is written down to fair value. There was no |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. There was no |
Investments and Fair Value of Financial Instruments | Investments and Fair Value of Financial Instruments Equity securities included in short-term investments are classified as available-for-sale securities and debt securities are classified as trading securities. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized gains or (losses) which is included as part of other (expense) income in the consolidated statements of income. The Company values its investments in accordance with Accounting Standards Codification (“ASC”) 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Company (observable inputs) and (2) The Company’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. |
Warrants to Purchase Common Stock | Warrants to Purchase Common Stock The Company from time to time will issue warrant instruments to purchase common stock and accounts for warrant instruments as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). Generally, warrants issued in connection with debt and equity financings are presented as a component of equity unless the warrants include a conditional obligation to issue a variable number of shares among other conditions, or it is possible that the Company may need to settle the warrants in cash, in which instance the warrants would be accounted for as non-current liabilities in the accompanying balance sheets. As of September 30, 2023 and June 30, 2023 all outstanding warrants are classified as equity instruments. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense is measured based on grant date at fair value using the Black-Scholes option pricing model for stock options and the grant date closing stock price for restricted stock awards. The Company recognizes stock-based compensation expense related to stock options and restricted stock awards on a straight-line basis over the requisite service period of the awards, which is generally the vesting term of four to five years. The Company accounts for forfeitures as they occur. |
Revenue Recognition | Revenue Recognition Revenue consists of fees earned through management of investment funds in the United States and in the United Kingdom primarily based on assets under management (“AUM”), sales of gourmet meat pies and printing of food wrappers in New Zealand, sales of security alarm system installation and maintenance services in Canada, and sales of hair and skin care products internationally. Revenue is accounted for net of sales taxes, sales returns, and trade discounts. The performance obligation is satisfied when the product has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Company’s product sales or services, the revenue recognition criteria described below are met at the time the product is shipped, the subscription period commences, or the management services are provided. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring company that pays a percentage of its recurring monitoring fee to Brigadier in exchange for continued customer service and support functions with respect to each customer maintained under contract by the monitoring company. The Company has no costs of contracts which require capitalization. The Company’s only contract assets are accounts receivable, net, and accounts receivable – related parties. The Company has no contract liabilities other than deposits received periodically which are insignificant to the consolidated financial statements. The Company generates revenue, in part, through contractual monthly recurring fees received for providing ongoing customer support services to monitoring company clientele. The five-step process governing contract revenue reporting includes: 1. Identifying the contract(s) with customers 2. Identifying the performance obligations in the contract 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations in the contract 5. Recognizing revenue when or as the performance obligation is satisfied Transactions involve security systems that are sold outright to the customer where the Company’s performance obligations include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with the sale and installation of security systems is recognized once installation is complete, and is reflected as security system revenue in the Consolidated Statements of Income. Revenue associated with customer support services is recognized as those services are provided, and is included as a component of security system revenue in the Condensed Consolidated Statements of Income, which for the three months ended September 30, 2023 and 2022, were approximately $ 73,422 82,960 13 13 1 Because the Company has no contract with the end user, and the monthly payments for customer support services are made to the Company by the monitoring company who has a contract with the end user, and end user customers are subject to cancellation through no control of the Company; therefore, no deferred revenues or contingent liability reserves have been established with respect to these contracts. The services are deemed delivered as the obligation is acknowledged on a monthly basis. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. |
Advertising Costs | Advertising Costs The Company expenses the cost of advertising as incurred. Marketing and advertising costs for the three months ended September 30, 2023 and September 30, 2022 were $ 1.0 0.8 |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Foreign Currency Translation We record foreign currency translation adjustments and transaction gains and losses in accordance with ASC 830, Foreign Currency Matters |
Segment Reporting | Segment Reporting The Company defines operating segments as components for which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker in deciding how to allocate resources and in assessing performances. The Company allocates its resources and assesses the performance of its sales activities based on these segments (Refer to Note 16 of the Condensed Consolidated Financial Statements). |
Business Combinations | Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired trade names from a market participant perspective, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed. For the three months ended September 30, 2023 and year ended June 30, 2023 a determination was made that no adjustments were necessary. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Board Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40). |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CONCENTRATION RISK | SCHEDULE OF CONCENTRATION RISK For the Three Months Ended For the Three Months Ended September 30, 2023 September 30, 2022 Revenue Revenue Fund USO $ 1,684,103 33 % $ 2,564,245 47 % UNG 1,688,916 34 % 807,940 15 % USCI 367,142 7 % 597,385 11 % All Others 1,309,389 26 % 1,449,865 27 % Total $ 5,049,550 100 % $ 5,419,435 100 % As of September 30, 2023 As of June 30, 2023 Accounts Receivable Accounts Receivable Fund USO $ 544,764 33 % $ 596,039 36 % UNG 565,460 34 % 554,011 33 % All Others 559,662 33 % 523,845 31 % Total $ 1,669,886 100 % $ 1,673,895 100 % |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE | SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE Category Estimated Useful Life (in years) Building 39 Plant and equipment: 5 10 Furniture and office equipment 3 5 Vehicles 3 5 |
BASIC AND DILUTED NET INCOME _2
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Net (loss) income per common share | |
SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED | The components of basic and diluted earnings per share were as follows: SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED For the Three Months Ended September 30, 2023 Net Loss Shares Per Share Basic net (loss) per share: Net (loss) available to common shareholders $ (487,958 ) 39,410,175 $ (0.01 ) Net (loss) available to preferred shareholders (12,223 ) 987,200 $ (0.01 ) Basic net (loss) per share $ (500,181 ) 40,397,375 $ (0.01 ) Diluted net (loss) per share: Net (loss) available to common shareholders, basic $ (487,958 ) 39,410,175 Impact of dilutive securities - - Net (loss) available to common shareholders, diluted $ (487,958 ) 39,410,375 $ (0.01 ) Net (loss) available to preferred shareholders (12,223 ) 987,200 $ (0.01 ) Diluted net (loss) per share $ (500,181 ) 40,397,375 $ (0.01 ) For the Three Months Ended September 30, 2022 Net Income Shares Per Share Basic net income per share: Net income available to common shareholders $ 485,011 39,383,459 $ 0.01 Net income available to preferred shareholders 12,157 987,200 $ 0.01 Basic and diluted income per share $ 497,168 40,370,659 $ 0.01 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | Inventories for Gourmet Foods, Brigadier and Original Sprout consisted of the following totals as of September 30, 2023 and June 30, 2023: SCHEDULE OF INVENTORY September 30, June 30, 2023 2023 Raw materials $ 1,259,693 $ 1,299,564 Supplies and packing materials 146,920 156,050 Finished goods 788,214 798,525 Total inventories $ 2,194,827 $ 2,254,139 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Property, plant and equipment consisted of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT September 30, June 30, 2023 2023 Plant and equipment $ 1,888,585 $ 1,914,568 Furniture and office equipment 300,543 287,344 Land and building 560,333 574,744 Vehicles 353,791 362,085 Solar energy system 132,580 134,970 Total property, plant and equipment, gross 3,235,832 3,273,711 Accumulated depreciation (2,026,093 ) (2,018,409 ) Total property, plant and equipment, net $ 1,209,739 $ 1,255,302 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS | Intangible assets consisted of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS September 30, June 30, 2023 2023 Customer relationships $ 1,363,935 $ 1,363,935 Brand name 1,297,789 1,297,789 Domain name 36,913 36,913 Recipes 1,221,601 1,221,601 Non-compete agreement 274,982 274,982 Internally developed software 217,990 217,990 Total 4,413,210 4,413,210 Less : accumulated amortization (2,192,455 ) (2,083,240 ) Net intangibles $ 2,220,755 $ 2,329,970 September 30, June 30, 2023 2023 Customer relationships $ 1,363,935 $ 1,363,935 Less: accumulated amortization (672,673 ) (629,568 ) Total customer relationships, net $ 691,262 $ 734,367 September 30, June 30, 2023 2023 Brand name $ 1,297,789 $ 1,297,789 Less: accumulated amortization (300,178 ) (290,042 ) Total brand name, net $ 997,611 $ 1,007,747 September 30, June 30, 2023 2023 Domain name $ 36,913 $ 36,913 Less: accumulated amortization (36,913 ) (36,913 ) Total domain name, net $ - $ - September 30, June 30, 2023 2023 Recipes and formulas $ 1,221,601 $ 1,221,601 Less: accumulated amortization (889,543 ) (851,735 ) Total recipes and formulas, net $ 332,058 $ 369,866 September 30, June 30, 2023 2023 Non-compete agreement $ 274,982 $ 274,982 Finite-lived intangible assets, gross $ 274,982 $ 274,982 Less: accumulated amortization (274,982 ) (274,982 ) Total non-compete agreement, net $ - $ - Finite-lived intangible assets, net $ - $ - September 30, June 30, 2023 2023 Internally developed software $ 217,990 $ 217,990 Finite-lived intangible assets, gross $ 217,990 $ 217,990 Less: accumulated amortization (18,166 ) - Total internally developed software $ 199,824 $ 217,990 Finite-lived intangible assets, net $ 199,824 $ 217,990 |
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE | Estimated remaining amortization expenses of intangible assets for the next five fiscal years, are as follows: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE Years Ending June 30, Expense Remainder of fiscal 2024 $ 324,673 2025 418,625 2026 306,858 2027 92,417 2028 92,417 Thereafter 985,765 Total $ 2,220,755 Total $ 2,220,755 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
SCHEDULE OF OTHER ASSETS | SCHEDULE OF OTHER ASSETS As of As of Prepaid expenses $ 949,064 $ 889,128 Other current assets 24,498 15,025 Total $ 973,562 $ 904,153 |
SCHEDULE OF AVAILABLE-FOR-SALE SECURITIES RECONCILIATION | All of the Company’s short-term investments are classified as Level 1 assets as of September 30, 2023 and June 30, 2023. Investments measured at estimated fair value consist of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF AVAILABLE-FOR-SALE SECURITIES RECONCILIATION September 30, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 3,427,983 $ - $ - $ 3,427,983 Other short-term investments 283,883 - (1,420 ) 282,463 Short-term treasury bills 1,944,981 19,339 - 1,964,320 Other equities – related parties 7,479,426 646,085 (538,494 ) 7,587,017 Total short-term investments $ 13,136,273 $ 665,424 $ (539,914 ) $ 13,261,783 June 30, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 3,402,472 $ - $ - $ 3,402,472 Other short-term investments 280,401 - (1,653 ) 278,748 Short-term treasury bills 1,952,010 16,950 - 1,968,960 Other equities – related parties 5,971,926 88,345 (229,470 ) 5,830,801 Total short-term investments $ 11,606,809 $ 105,295 $ (231,123 ) $ 11,480,981 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF GOODWILL | Goodwill is comprised of the following amounts as of September 30, 2023 and June 30, 2023: SCHEDULE OF GOODWILL September 30, June 30, 2023 2023 Goodwill – Original Sprout $ 416,817 $ 416,817 Goodwill – Gourmet Foods 275,311 275,311 Goodwill – Brigadier 351,345 351,345 Goodwill – Marygold & Co. (UK) 1,263,729 1,263,729 Total $ 2,307,202 $ 2,307,202 Goodwill $ 2,307,202 $ 2,307,202 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | Accounts payable and accrued expenses consisted of the following as of September 30, 2023 and June 30, 2023: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES September 30, June 30, 2023 2023 Accounts payable $ 2,449,564 $ 1,325,539 Taxes payable 66,680 97,453 Accrued payroll, vacation and bonus payable 331,968 454,786 Accrued operating expenses 643,331 834,153 Total $ 3,491,543 $ 2,711,931 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
SCHEDULE OF SHARE BASED COMPENSATION | SCHEDULE OF SHARE BASED COMPENSATION For the Three Months Ended September 30, 2023 Expected volatility 166 197 % Expected term 6.4 Risk-Free interest rate 3.5 4.1 % Weighted-average fair value per share of grants $ 1.41 Expected dividend yield 0 % |
SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS | SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS Options Outstanding as of September 30, 2023 Outstanding Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of July 1, 2023 270,000 $ 1.61 Granted 240,881 $ 1.18 Exercised - $ - Forfeited (20,000 ) $ 1.64 Outstanding and expected to vest as of September 30, 2023 490,881 $ 1.40 9.6 $ - Exercisable as of September 30, 2023 - $ - - $ - |
SCHEDULE OF SHARE BASED COMPENSATION RESTRICTED STOCK OUTSTANDING | SCHEDULE OF SHARE BASED COMPENSATION RESTRICTED STOCK OUTSTANDING Restricted Stock Outstanding as of September 30, 2023 Number of Weighted Nonvested as of July 1, 2023 288,733 $ 1.36 Granted 447,543 $ 1.03 Vested (26,716 ) $ - Forfeited - $ - Nonvested as of September 30, 2023 709,560 $ 1.15 Expected to vest 709,560 |
SCHEDULE OF SHARE BASED PAYMENT ARRANGEMENT | The table below summarizes total remaining stock-based compensation for all outstanding awards: SCHEDULE OF SHARE BASED PAYMENT ARRANGEMENT Fiscal Period Remainder of fiscal 2024 $ 329,882 Fiscal 2025 474,180 Fiscal 2026 346,121 Fiscal 2027 176,233 Fiscal 2028 10,290 Total stock-based compensation $ 1,336,706 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES | SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES Item Amount Cash in bank $ 1,159,020 Prepayments/deposits 17,962 Plant, property and equipment 2,922 Intangible assets 684,768 Goodwill 1,263,729 Tax liability (86,277 ) Deferred tax liability (113,833 ) Accounts payable and accrued expenses (15,127 ) Total Purchase Price $ 2,913,164 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE MINIMUM CONSOLIDATED LEASE PAYMENTS | Future minimum consolidated lease payments for The Marygold Companies and its subsidiaries are as follows: SCHEDULE OF FUTURE MINIMUM CONSOLIDATED LEASE PAYMENTS Year Ended June 30, Operating Leases Finance Lease Remainder of fiscal 2024 $ 328,594 $ 14,151 2025 222,898 18,868 2026 173,972 18,868 2027 55,193 18,868 2028 - 18,868 Thereafter - 64,465 Total minimum lease payments 780,657 154,088 Less: present value discount (67,297 ) (45,080 ) Total lease liabilities $ 713,360 $ 109,008 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SUMMARY OF IDENTIFIABLE ASSETS AND ASSET LOCATION OF PROPERTY PLANT AND EQUIPMENT | The following table presents a summary of identifiable assets as of September 30, 2023 and June 30, 2023. SUMMARY OF IDENTIFIABLE ASSETS AND ASSET LOCATION OF PROPERTY PLANT AND EQUIPMENT September 30, June 30, 2023 2023 Identifiable assets: U.S.A.: corporate headquarters (1) $ 3,849,377 $ 4,133,619 U.S.A.: investment fund management – related party 19,666,773 19,601,960 U.S.A.: beauty products 2,911,041 2,888,721 New Zealand: food industry 3,705,553 3,933,463 Canada: security systems 2,174,608 2,820,798 U.K.: financial services 1,816,148 1,902,266 U.S.A.: financial services (1) 1,341,700 - Consolidated total $ 35,465,200 $ 35,280,827 (1) The assets of Marygold, identified as located in the U.S.A .: 897,024 As of September 30, 2023 As of June 30, 2023 Asset Location U.S.A.: investment fund management $ - $ - U.S.A. : beauty products 72,174 62,456 New Zealand: food industry 2,208,605 2,240,357 Canada: security systems 877,554 900,123 U.K.: financial services 22,905 23,695 U.S.A.: financial services (1) 36,508 - U.S.A. : corporate headquarters (1) 18,086 47,080 Total all locations 3,235,832 3,273,711 Less accumulated depreciation (2,026,093 ) (2,018,409 ) Net property, plant and equipment $ 1,209,739 $ 1,255,302 (1) The property, plant and equipment of Marygold, identified as located in the U.S.A.: financial services segment as of September 30, 2023, were combined with those of the parent, identified as U.S.A.: corporate headquarters, as of June 30, 2023 and totaled $ 31,831 |
SUMMARY OF OPERATING INFORMATION AND CAPITAL EXPENDITURE | The following table presents a summary of operating information for the three months ended September 30: SUMMARY OF OPERATING INFORMATION AND CAPITAL EXPENDITURE Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Revenues from external customers: U.S.A.: investment fund management – related party $ 5,049,550 $ 5,419,435 U.S.A.: beauty products 774,626 804,078 New Zealand: food industry 1,730,527 1,937,426 Canada : security systems 553,719 628,892 U.K.: financial services 126,691 133,457 U.S.A.: financial services (1) 401 - Consolidated total $ 8,235,514 $ 8,923,288 Net income (loss): U.S.A.: investment fund management – related party $ 1,951,786 $ 1,785,259 U.S.A.: beauty products (322,281 ) (19,757 ) New Zealand: food industry 24,889 200,554 Canada : security systems 57,973 107,124 U.K.: financial services (68,330 ) 10,155 U.S.A.: financial services (1) (1,453,061 ) - U.S.A.: corporate headquarters (1) (691,157 ) (1,586,167 ) Consolidated total $ (500,181 ) $ 497,168 (1) The revenues and net income of Marygold, identified as located in the U.S.A.: financial services segment for the three months ended September 30, 2023 were combined with those of the parent, identified as U.S.A.: corporate headquarters, for the three months ended September 30, 2022 where Marygold revenues were $ 0 641,363 The following table presents a summary of capital expenditures for the three month periods ended September 30: Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Capital expenditures: U.S.A.: investment fund management $ - $ - U.S.A.: beauty products 9,718 1,128 New Zealand: food industry 7,957 5,854 Canada: security systems - 698 U.K.: financial services - 1,738 U.S.A.: financial services 4,677 - U.S.A.: corporate headquarters 2,837 - Consolidated $ 25,189 $ 9,418 The following table represents the property, plant and equipment in use at each of the Company’s locations as of September 30, 2023 and June 30, 2023: As of September 30, 2023 As of June 30, 2023 Asset Location U.S.A.: investment fund management $ - $ - U.S.A. : beauty products 72,174 62,456 New Zealand: food industry 2,208,605 2,240,357 Canada: security systems 877,554 900,123 U.K.: financial services 22,905 23,695 U.S.A.: financial services (1) 36,508 - U.S.A. : corporate headquarters (1) 18,086 47,080 Total all locations 3,235,832 3,273,711 Less accumulated depreciation (2,026,093 ) (2,018,409 ) Net property, plant and equipment $ 1,209,739 $ 1,255,302 (1) The property, plant and equipment of Marygold, identified as located in the U.S.A.: financial services segment as of September 30, 2023, were combined with those of the parent, identified as U.S.A.: corporate headquarters, as of June 30, 2023 and totaled $ 31,831 |
SCHEDULE OF CONCENTRATION RISK
SCHEDULE OF CONCENTRATION RISK (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Related Party [Member] | |||
Product Information [Line Items] | |||
Accounts receivable | $ 1,669,886 | $ 1,673,895 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 100% | 100% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 5,049,550 | $ 5,419,435 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 33% | 47% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 1,684,103 | $ 2,564,245 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 34% | 15% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 1,688,916 | $ 807,940 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the USCI Fund [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 7% | 11% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the USCI Fund [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 367,142 | $ 597,385 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | All Other Customers [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 26% | 27% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | All Other Customers [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 1,309,389 | $ 1,449,865 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 100% | 100% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Accounts receivable | $ 1,669,886 | $ 1,673,895 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 33% | 36% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the USO Fund [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Accounts receivable | $ 544,764 | $ 596,039 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 34% | 33% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | Customers Related to the UNG Fund [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Accounts receivable | $ 565,460 | $ 554,011 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | All Other Customers [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 33% | 31% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wainwright [Member] | All Other Customers [Member] | Related Party [Member] | |||
Product Information [Line Items] | |||
Accounts receivable | $ 559,662 | $ 523,845 |
SCHEDULE OF PROPERTY PLANT AND
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE (Details) | Sep. 30, 2023 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (Year) | 39 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (Year) | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 GBP (£) | Sep. 30, 2023 CAD ($) | |
Product Information [Line Items] | |||||
Allowance of doubtful debt | $ 213 | $ 1,427 | |||
Inventory | 0 | $ 0 | |||
Impairment of intangible assets | 0 | 0 | |||
Goodwill impairment loss | 0 | 0 | 0 | ||
Impairment of long lived assets | 0 | 0 | |||
Revenue | 8,235,514 | 8,923,288 | |||
Advertising Expense | 1,000,000 | 800,000 | |||
Tiger Financial and Asset Management Ltd [Member] | |||||
Product Information [Line Items] | |||||
Assets under Management, Carrying Amount | $ 40,000,000 | ||||
Security Alarm Monitoring Customer Support Services [Member] | |||||
Product Information [Line Items] | |||||
Revenue | $ 73,422 | $ 82,960 | |||
Percentage of revenue | 13% | 13% | |||
Revenue recognized | 1% | 1% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Printing Sector [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 17% | 12% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 10% | 12% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | Printing Sector [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 11% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customers [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 12% | 12% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 11% | ||||
UNITED STATES | |||||
Product Information [Line Items] | |||||
Federal deposit insured amount | $ 250,000 | ||||
CANADA | |||||
Product Information [Line Items] | |||||
Federal deposit insured amount | $ 100,000 | ||||
UNITED KINGDOM | |||||
Product Information [Line Items] | |||||
Federal deposit insured amount | £ | £ 85,000 |
SCHEDULE OF EARNINGS PER SHARE,
SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) income per common share | ||
Net income available to common shareholders | $ (487,958) | $ 485,011 |
Net income available to common shareholders, shares | 39,410,175 | 39,383,459 |
Net income available to common shareholders, per share | $ (0.01) | $ 0.01 |
Net income available to common shareholders | $ (12,223) | |
Net income available to preferred shareholders, shares | 987,200 | 987,200 |
Net income available to preferred shareholders,, per share | $ (0.01) | $ 0.01 |
Basic income per share | $ (500,181) | |
Basic income per share, shares | 40,397,375 | 40,370,659 |
Basic income per share | $ (0.01) | $ 0.01 |
Net income available to common shareholders, basic | $ (487,958) | |
Impact of dilutive securities | ||
Impact of dilutive securities, shares | ||
Net income available to common shareholders, diluted | $ (487,958) | |
Net income available to common shareholders, diluted, shares | 39,410,375 | |
Net income available to common shareholders, diluted, per share | $ (0.01) | 0.01 |
Net income available to preferred shareholders | $ (12,223) | |
Net income available to preferred shareholders, per share | $ (0.01) | $ 0.01 |
Diluted income per share | $ (500,181) | |
Diluted income per share, shares | 40,397,375 | 40,399,873 |
Diluted income per share | $ (0.01) | $ 0.01 |
Net income available to preferred shareholders | $ 12,157 | |
Basic income per share | $ (500,181) | $ 497,168 |
Basic income per share, shares | 40,370,659 |
BASIC AND DILUTED NET INCOME _3
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details Narrative) - shares | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) income per common share | ||
Antidilutive securities excluded from computation of earnings per share, amount, shares | 1,237,157 | 29,200 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,259,693 | $ 1,299,564 |
Supplies and packing materials | 146,920 | 156,050 |
Finished goods | 788,214 | 798,525 |
Total inventories | $ 2,194,827 | $ 2,254,139 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 3,235,832 | $ 3,273,711 |
Accumulated depreciation | (2,026,093) | (2,018,409) |
Total property, plant and equipment, net | 1,209,739 | 1,255,302 |
Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 1,888,585 | 1,914,568 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 300,543 | 287,344 |
Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 560,333 | 574,744 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 353,791 | 362,085 |
Solar Energy System [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 132,580 | $ 134,970 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 44,762 | $ 48,581 |
SCHEDULE OF INDEFINITE-LIVED IN
SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 4,413,210 | $ 4,413,210 |
Less: accumulated amortization | 2,192,455 | 2,083,240 |
Finite-lived intangible assets, net | 2,220,755 | 2,329,970 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 1,363,935 | 1,363,935 |
Less: accumulated amortization | (672,673) | (629,568) |
Finite-lived intangible assets, net | 691,262 | 734,367 |
Brand Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 1,297,789 | 1,297,789 |
Less: accumulated amortization | (300,178) | (290,042) |
Finite-lived intangible assets, net | 997,611 | 1,007,747 |
Domain Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 36,913 | 36,913 |
Less: accumulated amortization | (36,913) | (36,913) |
Finite-lived intangible assets, net | ||
Recipes [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 1,221,601 | 1,221,601 |
Less: accumulated amortization | (889,543) | (851,735) |
Finite-lived intangible assets, net | 332,058 | 369,866 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 274,982 | 274,982 |
Less: accumulated amortization | (274,982) | (274,982) |
Finite-lived intangible assets, net | ||
Software Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 217,990 | 217,990 |
Less: accumulated amortization | (18,166) | |
Finite-lived intangible assets, net | $ 199,824 | $ 217,990 |
SCHEDULE OF FINITE-LIVED INTANG
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of fiscal 2024 | $ 324,673 | |
2025 | 418,625 | |
2026 | 306,858 | |
2027 | 92,417 | |
2028 | 92,417 | |
Thereafter | 985,765 | |
Finite-lived intangible assets, net | $ 2,220,755 | $ 2,329,970 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | ||||||||
Jun. 20, 2023 | Jun. 20, 2022 | Jul. 01, 2020 | Dec. 18, 2017 | Jun. 02, 2016 | Aug. 11, 2015 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets, gross | $ 4,413,210 | $ 4,413,210 | |||||||
Amortization of intangible assets | 109,215 | $ 100,627 | |||||||
Customer Relationships [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets, gross | 1,363,935 | 1,363,935 | |||||||
Brand Name [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Indefinite-Lived Intangible Assets Acquired | $ 97,824 | ||||||||
Finite-lived intangible assets, gross | 1,297,789 | 1,297,789 | |||||||
Domain Name [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets, gross | 36,913 | 36,913 | |||||||
Recipes [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets, gross | 1,221,601 | 1,221,601 | |||||||
Noncompete Agreements [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets, gross | $ 274,982 | 274,982 | |||||||
Internally Developed Software [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period (year) | 3 years | ||||||||
Gourmet Foods Ltd [Member] | Customer Relationships [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 66,153 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 10 years | ||||||||
Gourmet Foods Ltd [Member] | Brand Name [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 61,429 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 10 years | ||||||||
Gourmet Foods Ltd [Member] | Domain Name [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 21,601 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 5 years | 5 years | |||||||
Gourmet Foods Ltd [Member] | Recipes [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 21,601 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 5 years | ||||||||
Brigadier Security Systems [Member] | Customer Relationships [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 434,099 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 10 years | ||||||||
Brigadier Security Systems [Member] | Brand Name [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 340,694 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 10 years | ||||||||
Brigadier Security Systems [Member] | Domain Name [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 15,312 | ||||||||
Brigadier Security Systems [Member] | Noncompete Agreements [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 84,982 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 5 years | ||||||||
Original Sprout LLC [Member] | Customer Relationships [Member] | Kahnalytics Inc [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 200,000 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 7 years | ||||||||
Original Sprout LLC [Member] | Brand Name [Member] | Kahnalytics Inc [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 740,000 | ||||||||
Original Sprout LLC [Member] | Recipes [Member] | Kahnalytics Inc [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 1,200,000 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 8 years | ||||||||
Original Sprout LLC [Member] | Noncompete Agreements [Member] | Kahnalytics Inc [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 190,000 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 5 years | ||||||||
Printstock Products Ltd [Member] | Customer Relationships [Member] | Gourmet Foods Ltd [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 77,123 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 9 years | ||||||||
Printstock Products Ltd [Member] | Brand Name [Member] | Gourmet Foods Ltd [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 57,842 | ||||||||
Tiger Financial and Asset Management Ltd [Member] | Customer Relationships [Member] | Marygold and Co (UK) Limited [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets acquired | $ 587,328 | ||||||||
Finite-lived intangible assets, remaining amortization period (year) | 7 years | ||||||||
Tiger Financial And Asset Management Limited [Member] | Brand Name [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Indefinite-Lived Intangible Assets Acquired | 24,456 | ||||||||
Tiger Financial And Asset Management Limited [Member] | Brand Name [Member] | Regulatory Business Certification [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Indefinite-Lived Intangible Assets Acquired | $ 73,368 | ||||||||
Marygold and Co [Member] | Internally Developed Software [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets, gross | $ 217,990 |
SCHEDULE OF OTHER ASSETS (Detai
SCHEDULE OF OTHER ASSETS (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 949,064 | $ 889,128 |
Other current assets | 24,498 | 15,025 |
Total | $ 973,562 | $ 904,153 |
SCHEDULE OF AVAILABLE-FOR-SALE
SCHEDULE OF AVAILABLE-FOR-SALE SECURITIES RECONCILIATION (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Investments, cost | $ 13,136,273 | $ 11,606,809 |
Investments, gross unrealized gains | 665,424 | 105,295 |
Investments, gross unrealized losses | (539,914) | (231,123) |
Investments | 11,480,981 | |
Investments | 13,261,783 | 11,480,981 |
Money Market Funds [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Investments, cost | 3,427,983 | 3,402,472 |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | ||
Investments | 3,427,983 | 3,402,472 |
Other Short Term Investments [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Investments, cost | 283,883 | 280,401 |
Investments, gross unrealized gains | ||
Investments, gross unrealized losses | (1,420) | (1,653) |
Investments | 282,463 | 278,748 |
US Treasury and Government Short-Term Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Investments, cost | 1,944,981 | 1,952,010 |
Investments, gross unrealized gains | 19,339 | 16,950 |
Investments, gross unrealized losses | ||
Investments | 1,964,320 | 1,968,960 |
Other Equities - Related Parties [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Investments, cost | 7,479,426 | 5,971,926 |
Investments, gross unrealized gains | 646,085 | 88,345 |
Investments, gross unrealized losses | (538,494) | (229,470) |
Investments | $ 7,587,017 | $ 5,830,801 |
OTHER ASSETS (Details Narrative
OTHER ASSETS (Details Narrative) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 NZD ($) | Sep. 30, 2023 GBP (£) | Jun. 30, 2023 NZD ($) | Jun. 30, 2023 GBP (£) | |
Other Assets, Current | $ 973,562 | $ 904,153 | |||||
Unrealized Gain (Loss) on Investments | 266,000 | $ 112,000 | |||||
Marketable Securities | 13,300,000 | 11,500,000 | |||||
Other Assets, Noncurrent | 552,660 | 552,660 | |||||
Equity securities without readily determinable fair value, amount | $ 500,000 | $ 500,000 | |||||
Equity securities without readily determinable fair value, ownership percentage | 10% | 10% | 10% | 10% | 10% | 10% | |
Equity securities without readily determinable fair value, impairment loss, annual amount | $ 0 | $ 0 | |||||
Deposits and prepayments of rent | 52,660 | 52,660 | |||||
Gourmet Foods Ltd [Member] | |||||||
Restricted cash and cash equivalents | 11,993 | 12,209 | $ 20,000 | $ 20,000 | |||
Marygold and Co (UK) Limited [Member] | |||||||
Restricted cash and cash equivalents | 401,622 | 413,560 | £ 329,212 | £ 327,694 | |||
USCF Investments and Original Sprout LLC [Member] | |||||||
Other Assets, Noncurrent | 552,660 | 552,660 | |||||
USCF Gold Strategy Plus Income Fund [Member] | USCF Advisers [Member] | |||||||
Investment Owned, Fair Value | 1,200,000 | 1,300,000 | |||||
USCF Sustainable Battery Metals Strategy Fund [Member] | USCF Advisers [Member] | |||||||
Investment Owned, Fair Value | 500,000 | 1,900,000 | |||||
USCF Energy Commodity Strategy Absolute Return Fund [Member] | USCF Advisers [Member] | |||||||
Investment Owned, Fair Value | 3,200,000 | $ 2,600,000 | |||||
USCF Sustainable Commodity Strategy Fund [Member] | USCF Advisers [Member] | |||||||
Investment Owned, Fair Value | $ 2,700,000 |
SCHEDULE OF GOODWILL (Details)
SCHEDULE OF GOODWILL (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | $ 2,307,202 | $ 2,307,202 |
Original Sprout LLC [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | 416,817 | 416,817 |
Gourmet Foods Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | 275,311 | 275,311 |
Brigadier Security Systems [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | 351,345 | 351,345 |
Marygold and Co (UK) Limited [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | $ 1,263,729 | $ 1,263,729 |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 2,449,564 | $ 1,325,539 |
Taxes payable | 66,680 | 97,453 |
Accrued payroll, vacation and bonus payable | 331,968 | 454,786 |
Accrued operating expenses | 643,331 | 834,153 |
Total | $ 3,491,543 | $ 2,711,931 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USCF and USCF Advisers [Member] - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 5,000,000 | $ 5,400,000 | |
Accounts Receivable, after Allowance for Credit Loss | 1,700,000 | $ 1,700,000 | |
Expense waiver funds related party | 100,000 | ||
Fund expense limitation amount related party | $ 100,000 | ||
Waivers payable related party | $ 100,000 | $ 100,000 | |
Percentage of outstanding shares of investment | 62% | 68% | |
USCF Gold Strategy Plus Income Fund [Member] | GLDX [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | $ 1,200,000 | $ 1,300,000 | |
USCF Sustainable Battery Metals Strategy Fund [Member] | GLDX [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | 500,000 | ||
USCF Sustainable Battery Metals Strategy Fund [Member] | ZSB [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | 1,900,000 | ||
USCF Energy Commodity Strategy Absolute Return Fund [Member] | ZSB [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | 3,200,000 | ||
USCF Energy Commodity Strategy Absolute Return Fund [Member] | USE [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | 2,600,000 | ||
USCF Energy Commodity Strategy Absolute Return Fund [Member] | Z S E [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | $ 0 | ||
USCF Sustainable Commodity Strategy Fund [Member] | USE [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | $ 2,700,000 |
LOANS _ PROPERTY AND EQUIPMENT
LOANS – PROPERTY AND EQUIPMENT (Details Narrative) | 3 Months Ended | |||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 NZD ($) | Sep. 30, 2023 CAD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 NZD ($) | |
Debt Instrument [Line Items] | ||||||
Loans Payable, Current | $ 346,282 | $ 358,802 | ||||
Finance lease, liability | 109,008 | |||||
Solar Energy System [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Finance lease, liability | 100,178 | $ 167,057 | 106,469 | $ 174,405 | ||
Note Payable on Office Land and Building [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Payable, Current | 328,646 | $ 446,533 | $ 340,849 | |||
Interest Expense, Debt | $ 4,727 | $ 3,706 |
SCHEDULE OF SHARE BASED COMPENS
SCHEDULE OF SHARE BASED COMPENSATION (Details) | 3 Months Ended |
Sep. 30, 2023 $ / shares | |
Equity [Abstract] | |
Expected volatility, minimum | 166% |
Expected volatility, maximum | 197% |
Expected term | 6 years 4 months 24 days |
Risk-Free interest rate, minimum | 3.50% |
Risk-Free interest rate, maximum | 4.10% |
Weighted-average fair value per share of grants | $ 1.41 |
Expected dividend yield | 0% |
SCHEDULE OF SHARE BASED COMPE_2
SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS (Details) | 3 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Equity [Abstract] | |
Outstanding,Stock Options, Beginning | shares | 270,000 |
Weighted average exercise price, outstanding beginning | $ / shares | $ 1.61 |
Granted, number of options | shares | 240,881 |
weighted average exercise price options granted | $ / shares | $ 1.18 |
Exercised, number of options | shares | |
weighted average exercise price options exercised | $ / shares | |
Forfeited, number of options | shares | (20,000) |
weighted average exercise price options forfeited | $ / shares | $ 1.64 |
Outstanding,Stock Options, Ending | shares | 490,881 |
Weighted average exercise price, outstanding ending | $ / shares | $ 1.40 |
weighted average remaining contractual life, outstanding | 9 years 7 months 6 days |
Aggregate intrinsic value, outstanding | $ | |
Exercisable, number of options | shares | |
weighted average exercise price options exercisable | $ / shares | |
Weighted average remaining contractual life, exercisable | 0 years |
Aggregate intrinsic value, exercisable | $ |
SCHEDULE OF SHARE BASED COMPE_3
SCHEDULE OF SHARE BASED COMPENSATION RESTRICTED STOCK OUTSTANDING (Details) - Restricted Stock [Member] | 3 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Nonvested, restricted stock number (in shares) | 288,733 |
Balance, restricted stock weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.36 |
Nonvested, restricted stock number (in shares) | 447,543 |
Balance, restricted stock weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.03 |
Nonvested, restricted stock number (in shares) | (26,716) |
Balance, restricted stock weighted average grant date fair value (in dollars per share) | $ / shares | |
Nonvested, restricted stock number (in shares) | |
Balance, restricted stock weighted average grant date fair value (in dollars per share) | $ / shares | |
Nonvested, restricted stock number (in shares) | 709,560 |
Balance, restricted stock weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.15 |
Nonvested, restricted stock number (in shares) | 709,560 |
SCHEDULE OF SHARE BASED PAYMENT
SCHEDULE OF SHARE BASED PAYMENT ARRANGEMENT (Details) | Sep. 30, 2023 USD ($) |
Equity [Abstract] | |
Remainder of fiscal 2024 | $ 329,882 |
Fiscal 2025 | 474,180 |
Fiscal 2026 | 346,121 |
Fiscal 2027 | 176,233 |
Fiscal 2028 | 10,290 |
Total stock-based compensation | $ 1,336,706 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 15, 2021 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Mar. 14, 2022 | Aug. 31, 2021 | |
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | ||||
Common stock, shares issued | 39,383,459 | 39,383,459 | 39,383,459 | ||||
Common stock, shares outstanding | 39,383,459 | 39,383,459 | 39,383,459 | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 240,881 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.41 | ||||||
Share-based compensation arrangement by share-based payment award, options, exercisable, intrinsic value | |||||||
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | 1,336,706 | $ 1,336,706 | |||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year) | 3 years 4 months 24 days | ||||||
Stock issued during period, shares, issued for services (in shares) | 0 | 0 | |||||
Restricted Stock Awards [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based payment arrangement, expense | $ 61,888 | $ 0 | |||||
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | 758,035 | $ 758,035 | |||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year) | 3 years 4 months 24 days | ||||||
Fair value of RSA vesting period | 4 years | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 447,543 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.03 | ||||||
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGrantsInPeriod] | $ 461,210 | ||||||
Share-based compensation srrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, outstanding | $ 766,325 | $ 766,325 | |||||
Restricted Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 26,716 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.03 | ||||||
Omnibus Equity Incentive Plan 2021 [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized in shares | 5,000,000 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grants | 3,772,843 | 3,772,843 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 240,881 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.18 | ||||||
Share-based compensation arrangement by share-based payment award, options, exercisable, intrinsic value | $ 0 | $ 0 | |||||
Omnibus Equity Incentive Plan 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | ||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, fair value | 658,644 | ||||||
Share-based payment arrangement, expense | 31,742 | $ 0 | |||||
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ 578,671 | $ 578,671 | |||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year) | 3 years 7 months 6 days | ||||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||
Preferred stock, shares issued | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Series B Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized | 45,000,000 | 45,000,000 | |||||
Preferred stock, shares issued | 49,360 | 49,360 | 49,360 | ||||
Preferred stock, shares outstanding | 49,360 | 49,360 | 49,360 | ||||
Series B Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares outstanding | 49,360 | 49,360 | 49,360 | ||||
Issuance of series B preferred stock | 20 | 20 | |||||
Conversion of series B convertible preferred stock | 3,672 | ||||||
Conversion of stock into common shares | 73,440 | ||||||
Underwriting Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of securities called by warrants or rights per share | $ 2.40 | ||||||
Percentage of offering price | 120% | ||||||
Warrants and rights outstanding | $ 132,000 | ||||||
Underwriting Agreement [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants and rights outstanding, measurement input | 0.0210 | ||||||
Underwriting Agreement [Member] | Measurement Input, Expected Term [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants and rights outstanding term period | 5 years | ||||||
Underwriting Agreement [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants and rights outstanding, measurement input | 0 | ||||||
Underwriting Agreement [Member] | Measurement Input, Price Volatility [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants and rights outstanding, measurement input | 1.17 | ||||||
Underwriting Agreement [Member] | Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of securities called by warrants or rights in shares | 82,500 |
SCHEDULE OF RECOGNIZED IDENTIFI
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Jul. 01, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,307,202 | $ 2,307,202 | |
Tiger Financial and Asset Management Ltd [Member] | Marygold and Co (UK) Limited [Member] | |||
Business Acquisition [Line Items] | |||
Cash in bank | $ 1,159,020 | ||
Prepayments/deposits | 17,962 | ||
Plant, property and equipment | 2,922 | ||
Intangible assets | 684,768 | ||
Goodwill | 1,263,729 | ||
Tax liability | (86,277) | ||
Deferred tax liability | $ (113,833) | (113,833) | |
Accounts payable and accrued expenses | (15,127) | ||
Total Purchase Price | $ 2,913,164 |
BUSINESS COMBINATIONS (Details
BUSINESS COMBINATIONS (Details Narrative) - Tiger Financial and Asset Management Ltd [Member] - Marygold and Co (UK) Limited [Member] | Aug. 17, 2021 USD ($) | Aug. 17, 2021 GBP (£) | Dec. 31, 2023 GBP (£) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 GBP (£) | Dec. 31, 2022 GBP (£) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 GBP (£) | Jun. 20, 2022 GBP (£) | Jul. 01, 2020 USD ($) |
Business Acquisition [Line Items] | ||||||||||
Assets under management, carrying amount | £ 42,000,000 | |||||||||
Business combination, price of acquisition, expected | $ 2,913,164 | £ 2,382,372 | ||||||||
Business combination, consideration payable | $ 604,990 | £ 500,000 | $ 1,245,954 | £ 1,018,935 | ||||||
Business combination, consideration payable, within twenty days after closing | $ 23,154 | £ 18,935 | ||||||||
Business combination, consideration transferred, subsequent payments | £ 500,000 | |||||||||
Business combination, consideration arrangements, maximum downward adjustment, liability | 500,000 | |||||||||
Business combination, consideration arrangements, maximum upward adjustment, liability | £ 0 | |||||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, tax liability | $ | $ 86,277 | |||||||||
Deferred tax liability | $ | $ 113,833 | $ 113,833 | ||||||||
Forecast [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, consideration transferred, subsequent payments | £ 500,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Unrecognized tax benefits | $ 300,000 | |
Unrecognized tax benefits penalties and interest expense | 0 | $ 0 |
Provision of income tax benefit (expense) | 302,621 | (226,330) |
Provision of income tax benefit (expense) | $ (302,621) | $ 226,330 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Open for examination | 2018 through 2022 | |
Foreign Tax Authority [Member] | New Zealand Revenue Agency [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Open for examination | 2018 through 2022 |
SCHEDULE OF FUTURE MINIMUM CONS
SCHEDULE OF FUTURE MINIMUM CONSOLIDATED LEASE PAYMENTS (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024, operating lease | $ 328,594 | |
2024, finance lease | 14,151 | |
2025, operating lease | 222,898 | |
2025, finance lease | 18,868 | |
2026, operating lease | 173,972 | |
2026, finance lease | 18,868 | |
2027, operating lease | 55,193 | |
2027, finance lease | 18,868 | |
2028, operating lease | ||
2028, finance lease | 18,868 | |
Thereafter, operating lease | ||
Thereafter, finance lease | 64,465 | |
Total minimum lease payments, operating lease | 780,657 | |
Total minimum lease payments, finance lease | 154,088 | |
Less: present value discount, operating lease | (67,297) | |
Less: present value discount, finance lease | (45,080) | |
Operating Lease, Liability | $ 713,360 | 713,360 |
Finance Lease, Liability | $ 109,008 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 3 Months Ended | |||
Sep. 30, 2023 USD ($) Integer | Sep. 30, 2022 USD ($) | Sep. 30, 2023 NZD ($) | Jun. 30, 2023 USD ($) | |
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Operating Lease, Expense | $ 205,046 | $ 198,487 | ||
Operating Lease, Right-of-Use Asset | 701,248 | $ 821,021 | ||
Operating Lease, Liability | $ 713,360 | $ 713,360 | ||
Operating lease term | 2 years 10 months 28 days | |||
Operatin lease weighted average discount rate, percent | 5.49% | 5.49% | ||
Finance lease term | 8 years 2 months 12 days | 8 years 2 months 12 days | ||
Finance lease, annual interest rate | 6.99% | 6.99% | ||
Finance lease, weighted average discount rate, percent | 28% | 28% | ||
Expense waivers | $ 107,213 | $ 58,685 | ||
Penalties paid | 2,500,000 | |||
Defined contribution plan, employer discretionary contribution amount | 60,000 | $ 42,000 | ||
Primary Service Vendors [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Purchase obligation | 1,500,000 | |||
Purchase obligation, to be paid, year one | 1,100,000 | |||
Purchase obligation, to be paid, year two | 400,000 | |||
UNL [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Expense waivers | 100,000 | $ 100,000 | ||
Gourmet Foods [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Restricted cash and cash equivalents | 11,993 | $ 20,000 | ||
USCF [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Penalties paid | $ 1,250,000 | |||
Defined contribution plan, minimum age | 21 years | |||
Hours of service | Integer | 1,000 | |||
Leased Factory and Warehouse Located in Tauranga, New Zealand [Member] | Gourmet Foods [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 3 years | 3 years | ||
cncgd_FinanceLeaseMinimumLeaseObligationMonthlyPayments | $ 22,843 | |||
Finance lease monthly rent | 1,580 | |||
Leases Office and Storage Facilities in Regina, Saskatchewan [Member] | Gourmet Foods [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
cncgd_FinanceLeaseMinimumLeaseObligationMonthlyPayments | 2,427 | |||
Leases Office and Storage Facilities in Regina, Saskatchewan [Member] | San Clemente [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
cncgd_FinanceLeaseMinimumLeaseObligationMonthlyPayments | $ 23,625 | |||
Office and Warehouse Space in San Clemente, CA [Member] | The Original Sprout LLC [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 3 years | 3 years | ||
Monthly lease payments | $ 13,455 | |||
General Security Lease Agreement [Member] | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Operating lease arrangement, collateral amount | $ 65,963 | $ 110,000 |
SCHEDULE OF RECONCILIATION OF A
SCHEDULE OF RECONCILIATION OF ASSETS FROM SEGMENT TO CONSOLIDATED (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 35,465,200 | $ 35,280,827 | |
Total all locations | 3,235,832 | 3,273,711 | |
Less accumulated depreciation | (2,026,093) | (2,018,409) | |
Net property, plant and equipment | 1,209,739 | 1,255,302 | |
USA Corporate Headquarters [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 3,849,377 | 4,133,619 |
Total all locations | [2] | 18,086 | 47,080 |
U.S.A Investment Fund Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 19,666,773 | 19,601,960 | |
Total all locations | |||
USA Beauty Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,911,041 | 2,888,721 | |
Total all locations | 72,174 | 62,456 | |
New Zealand Food Industry Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,705,553 | 3,933,463 | |
Total all locations | 2,208,605 | 2,240,357 | |
Canada Security Alarm [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,174,608 | 2,820,798 | |
Total all locations | 877,554 | 900,123 | |
U.K. Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,816,148 | 1,902,266 | |
Total all locations | 22,905 | 23,695 | |
USA Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | 1,341,700 | |
Total all locations | [2] | $ 36,508 | |
Corporate Headquarters and Financial Services [Member] | Marygold [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 897,024 | ||
[1]The assets of Marygold, identified as located in the U.S.A .: 897,024 31,831 |
SUMMARY OF OPERATING INFORMATIO
SUMMARY OF OPERATING INFORMATION AND CAPITAL EXPENDITURE (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 8,235,514 | $ 8,923,288 | |
Net (loss) income | (500,181) | 497,168 | |
Capital expenditures | 25,189 | 9,418 | |
U.S.A Investment Fund Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | |||
USA Beauty Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 9,718 | 1,128 | |
New Zealand Food Industry Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 7,957 | 5,854 | |
Canada Security Alarm [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 698 | ||
U.K. Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 1,738 | ||
USA Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 4,677 | ||
Corporate Headquarters [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | ||
Net (loss) income | 641,363 | ||
USA Corporate Headquarters [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 2,837 | ||
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 8,235,514 | 8,923,288 | |
Net (loss) income | (500,181) | 497,168 | |
Operating Segments [Member] | U.S.A Investment Fund Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,049,550 | 5,419,435 | |
Net (loss) income | 1,951,786 | 1,785,259 | |
Operating Segments [Member] | USA Beauty Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 774,626 | 804,078 | |
Net (loss) income | (322,281) | (19,757) | |
Operating Segments [Member] | New Zealand Food Industry Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,730,527 | 1,937,426 | |
Net (loss) income | 24,889 | 200,554 | |
Operating Segments [Member] | Canada Security Alarm [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 553,719 | 628,892 | |
Net (loss) income | 57,973 | 107,124 | |
Operating Segments [Member] | U.K. Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 126,691 | 133,457 | |
Net (loss) income | (68,330) | 10,155 | |
Operating Segments [Member] | USA Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 401 | |
Net (loss) income | [1] | (1,453,061) | |
Operating Segments [Member] | Corporate Headquarters [Member] | |||
Segment Reporting Information [Line Items] | |||
Net (loss) income | [1] | $ (691,157) | $ (1,586,167) |
[1]The revenues and net income of Marygold, identified as located in the U.S.A.: financial services segment for the three months ended September 30, 2023 were combined with those of the parent, identified as U.S.A.: corporate headquarters, for the three months ended September 30, 2022 where Marygold revenues were $ 0 641,363 |
SUMMARY OF IDENTIFIABLE ASSETS
SUMMARY OF IDENTIFIABLE ASSETS AND ASSET LOCATION OF PROPERTY PLANT AND EQUIPMENT (Details) | Sep. 30, 2023 USD ($) |
Corporate Headquarters [Member] | |
Segment Reporting Information [Line Items] | |
Property plant and equipment | $ 31,831 |
SEGMENT REPORTING (Details Narr
SEGMENT REPORTING (Details Narrative) | 3 Months Ended |
Sep. 30, 2023 Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 7 |