Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2014 |
Accounting Policies [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates |
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The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. |
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These estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, analysis of impairments of recorded goodwill and intangibles, accruals for potential liabilities and assumptions made in valuing equity instruments issued for services or acquisitions. |
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Concentrations Credit Risk Policy [Policy Text Block] | ' |
Concentration of Credit Risk |
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Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents and accounts receivable. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit. The Company does not anticipate incurring any losses related to these credit risks. The Company extends credit based on an evaluation of the customer's financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. The Company monitors its exposure for credit losses and intends to maintain allowances for anticipated losses, as required. |
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Cash denominated in Euros with a US Dollar equivalent of $191,349 and $393,093 at March 31, 2014 and June 30, 2013, respectively, was held in accounts at financial institutions located in Europe. |
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The following table summarizes accounts receivable concentrations: |
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| As of March 31, 2014 | | As of June 30, 2013 | | | | | | | | | | |
Customer A | | | * | | | 11 | % | | | | | | | | | |
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The following table summarizes revenue concentrations: |
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| | Three Months Ended | | | Nine Months Ended | | | |
March 31, | March 31, | | |
| | 2014 | | 2013 | | | 2014 | | 2013 | | | |
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Customer A | | | * | | | * | | | | 13 | % | | 12 | % | | |
Customer B | | | * | | | 16 | % | | | * | | | 11 | % | | |
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The following table summarizes vendor concentrations: |
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| | Three Months Ended | | | Nine Months Ended | |
March 31, | March 31, |
| | 2014 | | | 2013 | | | 2014 | | | 2013 | |
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Vendor A | | | 18 | % | | | 13 | % | | | 23 | % | | | 19 | % |
Vendor B | | | 11 | % | | | 14 | % | | | 11 | % | | | * | |
Vendor C | | | * | | | | * | | | | 11 | % | | | * | |
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* Less than 10% |
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Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition |
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The Company’s policy is to recognize revenue when services have been performed, risk of loss and title to the product transfers to the customer, the selling price is fixed or determinable, and collectability is reasonably assured. We generate revenue by providing three types of services to our customers: Article Galaxy, Reprints and ePrints, and Printing and Logistics. |
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Article Galaxy |
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We charge a transactional service fee for the electronic delivery of single articles, and a corresponding copyright fee for the permitted use of the content. This service, known in the industry as single article delivery or document delivery, generates nearly all of the revenue attributable to the Article Galaxy journal article platform. We recognize revenue from single article delivery services upon delivery to the customer only when the selling price is fixed or determinable, and collectability is reasonably assured. |
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Reprints and ePrints |
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We charge a transactional fee for each Reprint or ePrint order and are responsible for printing and delivery of Reprint orders, and the electronic delivery and, in some cases, the electronic delivery mechanism of ePrint orders. The majority of content publishers print their content in-house and prohibit others from printing their content, however, when not prohibited by the content publisher, we use a third party to print Reprint orders delivered to North American customers, and TAAG to print Reprint orders delivered to mostly European customers. We recognize revenue from reprints and ePrints services upon shipment or electronic delivery to the customer only when the selling price is fixed or determinable, and collectability is reasonably assured. |
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Printing and Logistics |
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We charge a transactional fee for each order of hard copy printed material. We are responsible for printing and delivering the order. Printing and Logistics services are exclusively performed by TAAG, our French operating subsidiary. The majority of TAAG’s customers are in France. Only a small percentage of the printing work performed by TAAG is for Reprint orders for our North American operations delivered to mostly European customers. We recognize revenue from printing services when the printed materials have been shipped to the customer only when the selling price is fixed or determinable, and collectability is reasonably assured. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation |
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The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic 718 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's Statements of Operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with Topic 505 of the FASB Accounting Standards Codification, whereby the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates. |
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Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency Translation |
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The accompanying condensed consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the revenues and costs of TAAG are in Euros, and the costs of Reprints Desk Latin America are in Mexican pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities. |
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The following table summarizes the exchange rates used: |
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| | Nine Months Ended | | Year Ended | | | | |
March 31, | June 30, | | | |
| | 2014 | | 2013 | | 2013 | | 2012 | | | | |
Period end Euro : US Dollar exchange rate | | | 1.38 | | | 1.28 | | | 1.3 | | | 1.26 | | | | |
Average period Euro : US Dollar exchange rate | | | 1.35 | | | 1.29 | | | 1.29 | | | 1.34 | | | | |
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Period end Mexican Peso : US Dollar exchange rate | | | 0.08 | | | 0.08 | | | 0.08 | | | 0.08 | | | | |
Average period Mexican Peso : US Dollar exchange rate | | | 0.08 | | | 0.08 | | | 0.08 | | | 0.08 | | | | |
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Earnings Per Share, Policy [Policy Text Block] | ' |
Net Income (Loss) Per Share |
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Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted net income per share is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive securities had been issued. At March 31, 2014 potentially dilutive securities include options to acquire 1,885,437 shares of common stock and warrants to acquire 907,998 shares of common stock. At March 31, 2013 potentially dilutive securities include options to acquire 1,680,898 shares of common stock and warrants to acquire 2,376,173 shares of common stock. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period. |
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Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period, excluding unvested restricted common stock. Basic and diluted net loss per common share is the same for all periods presented with a net loss because all warrants and stock options outstanding are anti-dilutive. |
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The calculation of basic and diluted net income (loss) per share is presented below: |
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| | Three Months Ended | | Nine Months Ended | | | | |
March 31, | March 31, | | | |
| | 2014 | | 2013 | | 2014 | | 2013 | | | | |
Numerator: | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | -676,333 | | $ | -475,434 | | $ | -1,265,836 | | $ | -351,148 | | | | |
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Denominator: | | | | | | | | | | | | | | | | |
Weighted average shares outstanding (basic) | | | 17,392,213 | | | 17,254,551 | | | 17,176,541 | | | 17,181,559 | | | | |
Effect of diluted securities | | | - | | | - | | | - | | | - | | | | |
Weighted average shares outstanding (diluted) | | | 17,392,213 | | | 17,254,551 | | | 17,176,541 | | | 17,181,559 | | | | |
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Net income (loss) per share: | | | | | | | | | | | | | | | | |
Basic | | $ | -0.04 | | $ | -0.03 | | $ | -0.07 | | $ | -0.02 | | | | |
Diluted | | $ | -0.04 | | $ | -0.03 | | $ | -0.07 | | $ | -0.02 | | | | |
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New accounting Pronouncements Policy [Policy Text Block] | ' |
Recently Issued Accounting Pronouncements |
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In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition. |
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Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
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