Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Electromed, Inc. | |
Entity Central Index Key | 1,488,917 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,163,857 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Current Assets | ||
Cash | $ 3,782,977 | $ 3,598,240 |
Accounts receivable (net of allowances for doubtful accounts of $45,000) | 6,457,302 | 6,518,816 |
Inventories | 2,155,305 | 2,072,108 |
Prepaid expenses and other current assets | 501,036 | 397,833 |
Total current assets | 12,896,620 | 12,586,997 |
Property and equipment, net | 3,571,833 | 3,635,516 |
Finite-life intangible assets, net | 975,149 | 999,842 |
Other assets | 181,762 | 182,699 |
Total assets | 17,625,364 | 17,405,054 |
Current Liabilities | ||
Current maturities of long-term debt | 49,409 | 48,749 |
Accounts payable | 522,011 | 538,518 |
Accrued compensation | 501,135 | 700,370 |
Income tax payable | 147,181 | 122,657 |
Warranty reserve | 630,000 | 660,000 |
Other accrued liabilities | 282,258 | 208,983 |
Total current liabilities | 2,131,994 | 2,279,277 |
Long-term debt, less current maturities | 1,189,928 | 1,202,446 |
Total liabilities | $ 3,321,922 | $ 3,481,723 |
Commitments and Contingencies | ||
Equity | ||
Common stock, $0.01 par value; authorized: 13,000,000; shares issued and outstanding: 8,163,857 and 8,133,857 at September 30, 2015 and June 30, 2015, respectively | $ 81,639 | $ 81,339 |
Additional paid-in capital | 13,366,169 | 13,327,320 |
Retained earnings | 855,634 | 514,672 |
Total shareholders' equity | 14,303,442 | 13,923,331 |
Total liabilities and shareholders' equity | $ 17,625,364 | $ 17,405,054 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Condensed Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 45,000 | $ 45,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 13,000,000 | 13,000,000 |
Common stock, shares issued | 8,163,857 | 8,133,857 |
Common stock, shares outstanding | 8,163,857 | 8,133,857 |
Condensed Statements Of Operati
Condensed Statements Of Operations - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Statements Of Operations [Abstract] | ||
Net revenues | $ 5,001,188 | $ 4,770,539 |
Cost of revenues | 1,141,758 | 1,475,797 |
Gross profit | 3,859,430 | 3,294,742 |
Operating expenses | ||
Selling, general and administrative | 3,232,719 | 2,821,495 |
Research and development | 41,543 | 75,265 |
Total operating expenses | 3,274,262 | 2,896,760 |
Operating income | 585,168 | 397,982 |
Interest expense, net of interest income of $624 and $1,212 respectively | 20,206 | 20,453 |
Net income before income taxes | 564,962 | 377,529 |
Income tax expense | (224,000) | 0 |
Net income | $ 340,962 | $ 377,529 |
Income per share: | ||
Basic | $ 0.04 | $ 0.05 |
Diluted | $ 0.04 | $ 0.05 |
Weighted-average common shares outstanding: | ||
Basic | 8,133,857 | 8,114,252 |
Diluted | 8,173,684 | 8,114,252 |
Condensed Statements Of Operat5
Condensed Statements Of Operations (Parenthetical) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Statements Of Operations [Abstract] | ||
Interest income | $ 624 | $ 1,212 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Cash Flows From Operating Activities | |||
Net income | $ 340,962 | $ 377,529 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 154,849 | 155,341 | |
Amortization of finite-life intangible assets | 30,674 | 30,892 | $ 123,000 |
Amortization of debt issuance costs | 4,664 | 4,942 | |
Share-based compensation expense | 39,149 | 15,089 | |
Loss on disposal of property and equipment and intangibles assets | 24,965 | 18,824 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 61,514 | 125,578 | |
Inventories | (67,144) | (7,702) | |
Prepaid expenses and other assets | (106,930) | (80,750) | |
Accounts payable and accrued liabilities | (171,273) | 314,901 | |
Net cash provided by operating activities | 311,430 | 954,644 | |
Cash Flows From Investing Activities | |||
Expenditures for property and equipment | (101,006) | (156,669) | |
Expenditures for finite-life intangible assets | (13,829) | (9,320) | |
Net cash used in investing activities | (114,835) | (165,989) | |
Cash Flows From Financing Activities | |||
Principal payments on long-term debt including capital lease obligations | (11,858) | (11,231) | |
Net increase in cash | 184,737 | 777,424 | |
Cash | |||
Beginning of period | 3,598,240 | 1,502,702 | 1,502,702 |
End of period | $ 3,782,977 | $ 2,280,126 | $ 3,598,240 |
Interim Financial Reporting
Interim Financial Reporting | 3 Months Ended |
Sep. 30, 2015 | |
Interim Financial Reporting [Abstract] | |
Interim Financial Reporting | Note 1. Interim Financial Reporting Basis of presentation: 120,000 399,000 The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of the Company's financial position and results of operations as required by Regulation S-X. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by U.S. generally accepted accounting principles for annual reports. This interim report should be read in conjunction with the financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 ("fiscal 2015"). A summary of the Company's significant accounting policies follows: Use of estimates: Net income per common share: 449,300 684,900 New Accounting Pronouncements: In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard, which will become effective July 1, 2016 for the Company, requires that debt issuance costs be presented as a direct deduction from the carrying amount of long-term debt on the balance sheet. The new guidance aligns the presentation of debt issuance costs with debt discounts and premiums. The standard is to be applied retrospectively to all prior periods presented. As of September 30, 2015, the Company had approximately $ 16,000 In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330) Related to Simplifying the Measurement of Inventory," that applies to all inventory except that which is measured using last-in, first-out (LIFO) or the retail inventory method. Inventory measured using first-in, first-out (FIFO) or average cost is within the scope of the new guidance and should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO of the retail inventory method. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the impact of the standard on its financial statements. Reclassifications: |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 2. Inventories The components of inventory were approximately as follows: September 30, 2015 June 30, 2015 Parts inventory $ 1,488,000 $ 1,527,000 Work in process 223,000 245,000 Finished goods 584,000 440,000 Less: Reserve for obsolescence (140,000 ) (140,000 ) Total $ 2,155,000 $ 2,072,000 |
Finite-Life Intangible Assets
Finite-Life Intangible Assets | 3 Months Ended |
Sep. 30, 2015 | |
Finite-Life Intangible Assets [Abstract] | |
Finite-Life Intangible Assets | Note 3. Finite-life Intangible Assets The carrying value of patents and trademarks includes the original cost of obtaining the patents, periodic renewal fees, and other costs associated with maintaining and defending patent and trademark rights. Patents and trademarks are amortized over their estimated useful lives, generally 15 12 8,000 32,000 728,000 698,000 The activity and balances of finite-life intangible assets were approximately as follows: September 30, 2015 June 30, 2015 Balance, beginning $ 1,000,000 $ 1,039,000 Additions 14,000 116,000 Abandonments (8,000 ) (32,000 ) Amortization expense (31,000 ) (123,000 ) Balance, ending $ 975,000 $ 1,000,000 |
Warranty Liability
Warranty Liability | 3 Months Ended |
Sep. 30, 2015 | |
Warranty Liability [Abstract] | |
Warranty Liability | Note 4.Warranty Liability The Company provides a lifetime warranty on its products to the prescribed patient for sales within the United States and a three Changes in the Company's warranty liability were approximately as follows: Three Months Ended Fiscal Year Ended Beginning warranty reserve $ 660,000 $ 700,000 Accrual for products sold 5,000 139,000 Expenditures and costs incurred for warranty claims (35,000 ) (179,000 ) Ending warranty reserve $ 630,000 $ 660,000 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5. Income Taxes On a quarterly basis, the Company estimates its effective tax rate for the full fiscal year and records a quarterly income tax provision based on the anticipated rate. As the year progresses, the Company refines its estimate based on the facts and circumstances by each tax jurisdiction. Income tax expense was estimated at approximately $224,000 and the effective tax rate was 39.4 For the three months ended September 30, 2014, the Company recorded zero zero zero 155,000 During fiscal 2014, the Company recorded a full valuation allowance against all of its net US federal and state deferred tax assets. The Company assesses whether a valuation allowance should be established against its deferred tax assets based on consideration of all available evidence, using a "more likely than not" standard. In assessing the need for a valuation allowance, the Company considered both positive and negative evidence related to the likelihood of realization of deferred tax assets. In making such assessments, more weight was given to evidence that could be objectively verified. The Company's cumulative losses were given more weight than its recent profits and future outlook. Under this approach the cumulative losses is significant negative evidence that impairs the Company's ability to rely on future taxable income projections in determining whether a valuation allowance is appropriate. Future sources of taxable income considered in determining the amount of recorded valuation allowance include: Taxable income in prior carryback years, if carryback is permitted under the tax law; Future reversals of existing taxable temporary differences, excluding those related to indefinite-lived intangible assets; Tax planning strategies; and Future taxable income exclusive of reversing temporary differences and carryforwards. On a quarterly basis, the Company evaluates all positive and negative evidence, as discussed above, in determining if the valuation allowance is fairly stated. Based on the evaluation of these factors, the Company determined that a full valuation allowance remains appropriate at September 30, 2015. However, given the Company's current earnings and anticipated future earnings, it believes that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow it to reach a conclusion that a significant portion, if not all, of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain net deferred tax assets and a decrease to income tax expense for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve. |
Financing Arrangements And Subs
Financing Arrangements And Subsequent Event | 3 Months Ended |
Sep. 30, 2015 | |
Financing Arrangements And Subsequent Event [Abstract] | |
Financing Arrangements And Subsequent Event | Note 6. Financing Arrangements and Subsequent Event The Company has a $ 2,500,000 no 1.00 4.50 December 18, 2015 2,500,000 57.00 4.50 effect and the maximum $ 2,500,000 In connection with the line of credit, the Company also has a term loan with Venture Bank, which had an outstanding principal balance of approximately $ 1,231,000 5.00 8,600 1,090,000 December 18, 2018 The documents governing the line of credit and term loan with Venture Bank contain certain financial and nonfinancial covenants that include a minimum tangible net worth covenant of not less than $ 10,125,000 Subsequent to the end of the period, on November 5, 2015, the Company renewed the line of credit with Venture Bank for an additional year, such that it will be scheduled to expire on December 18, 2016 December 18, 2015 no |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 7.Stock-Based Compensation The Company recorded $35,399, and $15,089 211,000 1.6 Stock Options The Company issued 143,500 stock options pursuant to its 2014 Stock Compensation Plan during the three-month period ended September 30, 2015. The following is a summary of employee stock option activity during the three months ended September 30, 2015: Number of shares Weighted average Outstanding at June 30, 2015 450,800 $ 2.80 Granted 143,500 $ 1.80 Exercised — — Cancelled or Forfeited — — Outstanding at September 30, 2015 594,300 $ 2.56 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. At September 30, 2015, the weighted average remaining contractual term for all outstanding stock options was 4.31 47,000 190,000 44,100 389,000 $22,000 Restricted Stock The Company's 2014 Stock Compensation Plan permits its Compensation Committee to grant other stock-based awards. The Company makes restricted stock grants to key employees and non-employee directors that vest over six months to three years. During the three-month period ended September 30, 2015, the Company issued to employees restricted stock awards totaling 30,000 shares of common stock, with a vesting term of one three Number of shares Weighted average Unvested shares at June 30, 2015 — — Granted 30,000 $ 1.80 Vested — — Forfeited — — Unvested at September 30, 2015 30,000 $ 1.80 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 8.Commitments and Contingencies The Company is occasionally involved in claims and disputes arising in the ordinary course of business. The Company insures its business risks where possible to mitigate the financial impact of individual claims, and establishes reserves for an estimate of any probable cost of settlement or other disposition. |
Interim Financial Reporting (Po
Interim Financial Reporting (Policy) | 3 Months Ended |
Sep. 30, 2015 | |
Interim Financial Reporting [Abstract] | |
Nature Of Business | Electromed, Inc. (the "Company") develops, manufactures and markets innovative airway clearance products that apply High Frequency Chest Wall Oscillation ("HFCWO") therapy in pulmonary care for patients of all ages. The Company markets its products in the United States to the home health care and institutional markets for use by patients in personal residences, hospitals and clinics. The Company also sells internationally both directly and through distributors. International sales were approximately $120,000 and $399,000 for the three months ended September 30, 2015 and 2014, respectively. Since its inception, the Company has operated in a single industry segment: developing, manufacturing and marketing medical equipment. |
Basis Of Presentation | The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of the Company's financial position and results of operations as required by Regulation S-X. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by U.S. generally accepted accounting principles for annual reports. This interim report should be read in conjunction with the financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 ("fiscal 2015"). |
Use Of Estimates | Use of estimates: |
Net Income Per Common Share | Net income per common share: 449,300 684,900 |
New Accounting Pronouncements | New Accounting Pronouncements: In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard, which will become effective July 1, 2016 for the Company, requires that debt issuance costs be presented as a direct deduction from the carrying amount of long-term debt on the balance sheet. The new guidance aligns the presentation of debt issuance costs with debt discounts and premiums. The standard is to be applied retrospectively to all prior periods presented. As of September 30, 2015, the Company had approximately $ 16,000 In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330) Related to Simplifying the Measurement of Inventory," that applies to all inventory except that which is measured using last-in, first-out (LIFO) or the retail inventory method. Inventory measured using first-in, first-out (FIFO) or average cost is within the scope of the new guidance and should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO of the retail inventory method. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the impact of the standard on its financial statements. |
Reclassifications | Reclassifications: |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Schedule Of Components Of Inventory | September 30, 2015 June 30, 2015 Parts inventory $ 1,488,000 $ 1,527,000 Work in process 223,000 245,000 Finished goods 584,000 440,000 Less: Reserve for obsolescence (140,000 ) (140,000 ) Total $ 2,155,000 $ 2,072,000 |
Finite-Life Intangible Assets (
Finite-Life Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Finite-Life Intangible Assets [Abstract] | |
Schedule Of Finite-Life Intangible Assets | September 30, 2015 June 30, 2015 Balance, beginning $ 1,000,000 $ 1,039,000 Additions 14,000 116,000 Abandonments (8,000 ) (32,000 ) Amortization expense (31,000 ) (123,000 ) Balance, ending $ 975,000 $ 1,000,000 |
Warranty Liability (Tables)
Warranty Liability (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Warranty Liability [Abstract] | |
Schedule Of Warranty Liability | Three Months Ended Fiscal Year Ended Beginning warranty reserve $ 660,000 $ 700,000 Accrual for products sold 5,000 139,000 Expenditures and costs incurred for warranty claims (35,000 ) (179,000 ) Ending warranty reserve $ 630,000 $ 660,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Employee Option Activity | Number of shares Weighted average Outstanding at June 30, 2015 450,800 $ 2.80 Granted 143,500 $ 1.80 Exercised — — Cancelled or Forfeited — — Outstanding at September 30, 2015 594,300 $ 2.56 |
Schedule Of Restricted Stock Activity | Number of shares Weighted average Unvested shares at June 30, 2015 — — Granted 30,000 $ 1.80 Vested — — Forfeited — — Unvested at September 30, 2015 30,000 $ 1.80 |
Interim Financial Reporting (Na
Interim Financial Reporting (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Interim Financial Reportingss [Line Items] | |||
Sales | $ 5,001,188 | $ 4,770,539 | |
Accounts receivable, allowance for doubtful accounts | $ 45,000 | $ 45,000 | |
Common stock equivalents excluded from calculation of diluted earnings per share | 449,300 | 684,900 | |
Unamortized debt issuance costs recorded in other non-current assets | $ 16,000 | ||
International [Member] | |||
Interim Financial Reportingss [Line Items] | |||
Sales | $ 120,000 | $ 399,000 |
Inventories (Details)
Inventories (Details) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Inventories [Abstract] | ||
Parts inventory | $ 1,488,000 | $ 1,527,000 |
Work in process | 223,000 | 245,000 |
Finished goods | 584,000 | 440,000 |
Less: Reserve for obsolescence | (140,000) | (140,000) |
Total | $ 2,155,305 | $ 2,072,108 |
Finite-Life Intangible Assets22
Finite-Life Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net value of certain domestic and foreign patents that were abandoned | $ 8,000 | $ 32,000 |
Accumulated amortization | $ 728,000 | $ 698,000 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life | 15 years | |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life | 12 years |
Finite-Life Intangible Assets23
Finite-Life Intangible Assets (Schedule Of Finite-Life Intangible Assets) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Finite-Life Intangible Assets [Abstract] | |||
Balance, beginning | $ 999,842 | $ 1,039,000 | $ 1,039,000 |
Additions | 14,000 | 116,000 | |
Abandonments | (8,000) | (32,000) | |
Amortization expense | (30,674) | $ (30,892) | (123,000) |
Balance, ending | $ 975,149 | $ 999,842 |
Warranty Liability (Narrative)
Warranty Liability (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2015 | |
Outside United States [Member] | |
Warranty Liability [Line Items] | |
Warranty term | 3 years |
Warranty Liability (Schedule Of
Warranty Liability (Schedule Of Warranty Liability) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Jun. 30, 2015 | |
Warranty Liability [Abstract] | ||
Beginning warranty reserve | $ 660,000 | $ 700,000 |
Accrual for products sold | 5,000 | 139,000 |
Expenditures and costs incurred for warranty claims | (35,000) | (179,000) |
Ending warranty reserve | $ 630,000 | $ 660,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Abstract] | ||
Effective tax rate | 39.40% | |
Income tax expense (benefit) | $ 224,000 | $ 0 |
Current tax expense (benefit) | 0 | |
Change in valuation allowance on deferred tax assets | $ 155,000 |
Financing Arrangements And Su27
Financing Arrangements And Subsequent Event (Narrative) (Details) - Venture Bank [Member] - USD ($) | Dec. 18, 2015 | Sep. 30, 2015 |
Line of Credit Facility [Line Items] | ||
Term loan | $ 1,231,000 | |
Term loan, interest rate | 5.00% | |
Monthly payments of principal and interest | $ 8,600 | |
Final payment of principal and interest | $ 1,090,000 | |
Term loan maturity date | Dec. 18, 2018 | |
Minimum tangible net worth to be maintained | $ 10,125,000 | |
Revolving Credit Facility, Expires December 2015 [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 2,500,000 | |
Outstanding principal balance | $ 0 | |
Amount added to prime rate for interest rate | 1.00% | |
Interest rate, floor | 4.50% | |
Effective interest rate including prime rate | 4.50% | |
Borrowing restriction, revolving line of credit | $ 2,500,000 | |
Borrowing restriction, percent of eligible accounts receivable | 57.00% | |
Amount eligible for borrowing, revolving line of credit | $ 2,500,000 | |
Credit facility expiration date | Dec. 18, 2015 | |
Revolving Credit Facility, Expires December 2016 [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility effective date | Dec. 18, 2015 | |
Credit facility expiration date | Dec. 18, 2016 | |
Subsequent Event [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate, floor | 0.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 39,149 | $ 15,089 | |
Unrecognized compensation expense | $ 211,000 | ||
Unrecognized compensation expense, period for recognition | 1 year 7 months 6 days | ||
Employee Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 143,500 | ||
Weighted average remaining contractual term | 4 years 3 months 22 days | ||
Aggregate intrinsic value | $ 47,000 | ||
Warrants outstanding | 594,300 | 450,800 | |
Options exercisable | 389,000 | ||
Options exercisable, intrinsic value | $ 22,000 | ||
Granted, Weighted Average Grant Date Fair Value | $ 1.80 | ||
IPO [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares available for purchase | 190,000 | ||
Convertible Debt With Warrants Attached [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrants outstanding and exercisable | 44,100 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock units Granted, Number of Units | 30,000 | ||
Minimum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Maximum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Employee Option Activity) (Details) - Employee Options [Member] | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Options outstanding, Number of Shares, Beginning Of Year | 450,800 |
Granted, Number of Shares | 143,500 |
Options outstanding, Number of Shares, End Of Year | 594,300 |
Options outstanding, Weighted Average Grant Date Fair Value, Beginning Of Year | $ / shares | $ 2.80 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 1.80 |
Options outstanding, Weighted-Average Exercise Price, End Of Year | $ / shares | $ 2.56 |
Stock-Based Compensation (Sch30
Stock-Based Compensation (Schedule Of Restricted Stock Activity) (Details) - Restricted Stock [Member] | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units Granted, Number of Units | 30,000 |
Stock units outstanding, Number of Units, Ending Of Year | 30,000 |
Stock units Granted, Weighted-Average Grant Date Fair Value per Share | $ / shares | $ 1.80 |
Stock units outstanding, Weighted-Average Grant Date Fair Value per Share, Ending Of Year | $ / shares | $ 1.80 |