Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Principles of Consolidation The accompanying consolidated financial statements include the accounts of Collectors Universe, Inc. and its wholly owned subsidiaries. At June 30, 2017, 100% Reclassification Certain prior period amounts have been reclassified to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results from continuing operations could differ from results expected on the basis of those estimates, and such differences could be material to our future results of operations and financial condition. Examples of such estimates that could be material include determinations made with respect to the capitalization and recovery of software development costs, the valuation of stock-based compensation awards and the timing of the recognition of related stock-based compensation expense, the valuation of coin inventory, the amount and assessment of goodwill for impairment, the sufficiency of warranty reserves, the provisions or benefit for income taxes and related valuation allowances and adjustment to the fair value of our remaining lease obligations for our discontinued jewelry businesses. Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three At June 30, 2017, one $6,680,000 June 30, 2017. $2,526,000 June 30, 2017. Concentrations Credit Risks. June 30, 2017 2016 Cash Balances. June 30, 2017 2016, $4,300,000, $7,600,000 June 30, 2017 2016, $5,500,000 $4,300,000 Accounts Receivable. June 30, 2017, one 10% may $77,000 $35,000 June 30, 2017 June 30, 2016, no Customers. 68%, 66%, 68% June 30, 2017, 2016 2015, 2017, 2016 2015, five 18%, 16%, 17% Suppliers two one not two two Fair Value of Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their estimated fair values due to the short-term nature of such instruments. Inventories Our inventories consist primarily of (i) collectible coin inventories, and (ii) consumable supplies that we use in our authentication and grading businesses. Collectible coin inventories are recorded at estimated market value using the specific identification method. Consumable supplies are recorded at the lower of cost (using the first first $977,000, $739,000 June 30, 2017 2016, Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives ranging from three five Goodwill and Other Intangible Assets The Company evaluates the carrying value of its goodwill and certain indefinite-lived intangible assets at least annually for impairment, or more frequently if facts and circumstances indicate that impairment may not two first No three June 30, 2017. Capitalized Software Software development costs are capitalized as part of intangible assets and amortized on a straight-line basis over its useful life of three June 30, 2017 2016, $5,326,000 $4,281,000 $3,741,000 $3,261,000, 2017, 2016 2015, $479,000, $272,000, $122,000, Long-Lived Assets The Company regularly reviews property and equipment and other long-lived assets, including certain identifiable intangibles, for possible impairment. This review occurs annually, or more frequently if events or changes in circumstances indicate that the carrying amount of the asset may not June 30, 2011, July 1, 2011; 10 No 2015 2017. Revenue Recognition We record revenue at the time of shipment of the authenticated and graded collectible to the customer, net of any taxes collected. Due to the insignificant delay between the completion of our authentication and grading services and the shipment of the collectible or high-value asset back to the customer, the time of shipment corresponds to the completion of our services. We recognize revenue for the sale of special coin inserts at the time the customer takes legal title to the insert. Many of our authentication and grading customers prepay our authentication and grading fees when they submit their collectibles to us for authentication and grading. We record those prepayments as deferred revenue until the collectibles have been authenticated and graded and shipped back to them. At that time, we record the revenues from the authentication and grading services we have performed for the customer and deduct this amount from deferred revenue. For certain dealers to whom we extend open account privileges, we record revenue at the time of shipment of the authenticated and graded collectible to the dealer. With respect to our Expos trade show business, we recognize fees earned from promoting, managing and operating the show in the periods in which the shows take place. A portion of our net revenues are comprised of subscription fees paid by customers for annual memberships in our Collectors Club. Those membership subscription fees entitle members to access our on-line and printed publications and, in some cases, to receive vouchers for free grading services during the membership period. We recognize revenue attributed to the free grading vouchers on a specific basis, and classify those revenues as part of authentication and grading fees. The balance of the membership fees is recognized over the life of the membership. We recognized Certified Coin Exchanges subscription revenues ratably over the relevant subscription period. Advertising revenues are recognized in the period when the advertisement is displayed in our publications or websites. Click-through commissions earned through our website from third We recognize revenues from coin sales when they are shipped to customers. Coin sales consist primarily of sales of collectible coins that we have purchased pursuant to our coin authentication and grading warranty program. However, those sales are not Shipping and Handling Costs Shipping and handling costs incurred to return to our customers their collectibles property submitted to us for grading or authentication are recorded as costs of revenues, net of amounts received from such customers. Warranty Costs We offer a warranty covering the coins and trading cards that we authenticate and grade. Under the warranty, if any coin or trading card that was previously authenticated and graded by us is later submitted to us for re-grading and either (i) receives a lower grade upon that re-submittal or (ii) is determined not not third 2016, no five $145,000 2016 $535,000 2015. fourth 2017, five June 30, 2017 March 31, 2016. $405,000 fourth 2017. 7 $302,000, $145,000 $535,000 2017, 2016 2015, $834,000 $892,000 June 30, 2017 2016, Advertising Costs Advertising costs are expensed as incurred and amounted to approximately $328,000, $725,000, $401,000 June 30, 2017, 2016 2015, Income Taxes Deferred tax assets and liabilities are recorded for the future consequences of events that have been recognized in the Company’s financial statements or tax returns. Measurement of the deferred tax items is based on enacted tax laws. In the event the future consequences of differences between financial reporting bases and tax bases of the Company’s assets or liabilities result in a deferred tax asset, we evaluate the probability of realizing the future benefits comprising that asset and record a valuation allowance if considered necessary. Accounting standards prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of the positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not not" fifty Foreign Currency not Stock-Based Compensation Stock-based compensation expense is measured at the grant date fair value of an equity-incentive award, and is recognized as expense over the employee or non-employee director’s requisite service period, which is generally the vesting period of the award. However, if the vesting of a stock-based compensation award is subject to satisfaction of a performance requirement or condition, the stock-based compensation expense is recognized if, and when, management determines that the achievement of the performance requirement or condition (and therefore the vesting of the award) has become probable. If stock-based compensation is recognized due to a determination that a performance condition is probable, and it is subsequently determined that the performance condition was not not We recognized stock-based compensation expense for service-based stock option awards, using the Black-Scholes option-pricing model. No 2015 2017 June 30, 2012. Net Income Per Share Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the periods presented. Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common and common equivalent shares outstanding during the period presented assuming the exercise of all outstanding stock options and other dilutive securities. However, options with exercise prices that exceed the average market price of the Company’s common shares for the period for which the calculation of diluted net income per share was made, were disregarded because they would be anti-dilutive in their effect. The following table sets forth the computation of basic and diluted net income (loss) per common share (in thousands except per share data): Year Ended June 30, 2017 2016 2015 Income from continuing operations $ 8,516 $ 7,599 $ 7,384 Income (loss) from discontinued operations (net of income taxes) (7 ) 41 17 Net income $ 8,509 $ 7,640 $ 7,401 Net income per basic share: From continuing operations $ 1.00 $ 0.90 $ 0.88 From discontinued operations (net of income taxes) - - 0.01 Net income per share $ 1.00 $ 0.90 $ 0.89 Net income per diluted share: From continuing operations $ 0.99 $ 0.89 $ 0.87 From discontinued operations (net of income taxes) - - - Net income per share $ 0.99 $ 0.89 $ 0.87 Weighted-average shares outstanding: Basic 8,480 8,445 8,345 Effect of dilutive shares 150 100 173 Diluted 8,630 8,545 8,518 In the years ended 2016 2015 267,000 263,000 not June 30, 2017 no Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers July 2015, one first 2019 first 2018. March 2016, 2016 08, 606 May 2016, 2016 2016 12, 606 606. In February 2016, 2016 02 Accounting for Leases 12 not December 15, 2018, In March 2016, 2016 09 Compensation–Stock Compensation: Improvements to Employee Share-Based Payment Accounting not December 5, 2016 In August 2016, No, 2016 15 Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments. eight zero not December 15, 2017 In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 not December 9, 2019. not In May 2017, 2017 09 Compensation-Stock Compensation not not December 15, 2017. 1 not 2 not not |