Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity Registrant Name | Fonar Corporation | |
Entity Central Index Key | 355019 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 6,050,840 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 146 | |
Class C Common Stock | ||
Entity Common Stock, Shares Outstanding | 382,513 | |
Preferred Stock Class A | ||
Entity Common Stock, Shares Outstanding | 313,438 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $7,828 | $9,952 |
Accounts receivable - net | 4,071 | 4,450 |
Accounts receivable - Related party | 30 | |
Medical receivables -net | 9,037 | 8,808 |
Management and other fees receivable -net | 14,618 | 11,970 |
Management and other fees receivable - related medical practices -net | 3,669 | 3,427 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 681 | 760 |
Inventories | 2,286 | 2,444 |
Prepaid expenses and other current assets | 855 | 1,011 |
Total Current Assets | 43,075 | 42,822 |
Deferred income tax asset | 5,740 | 5,740 |
Property and equipment - net | 13,454 | 15,030 |
Goodwill | 1,767 | 1,767 |
Other intangible assets - net | 9,653 | 10,509 |
Other assets | 853 | 922 |
Total Assets | 74,542 | 76,790 |
Current Liabilities: | ||
Current portion of long-term debt and capital leases | 2,896 | 2,891 |
Accounts payable | 2,304 | 2,482 |
Other current liabilities | 8,994 | 9,024 |
Unearned revenue on service contracts | 4,232 | 4,731 |
Unearned revenue on service contracts - related parties | 28 | |
Customer advances | 1,668 | 1,927 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 142 | 142 |
Total Current Liabilities | 20,264 | 21,197 |
Long-Term Liabilities: | ||
Deferred income tax liability | 584 | 584 |
Due to related medical practices | 232 | 234 |
Long-term debt and capital leases, less current portion | 6,311 | 8,482 |
Other liabilities | 156 | 386 |
Total Long-Term Liabilities | 7,283 | 9,686 |
Total Liabilities | 27,547 | 30,883 |
STOCKHOLDERS' EQUITY: | ||
Common Stock | 1 | 1 |
Paid-in capital in excess of par value | 175,413 | 175,284 |
Accumulated deficit | -142,047 | -149,259 |
Notes receivable from employee stockholders | -33 | -39 |
Treasury stock, at cost - 12 shares of common stock at December 31, 2014 and June 30, 2014 | -675 | -675 |
Total Fonar Corporation Stockholder Equity | 32,659 | 25,312 |
Noncontrolling interests | 14,336 | 20,595 |
Total Stockholders' Equity | 46,995 | 45,907 |
Total Liabilities and Stockholders' Equity | $74,542 | $76,790 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Class A NonVoting Preferred Stock | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Authorized | 453,000 | 453,000 |
Preferred Stock, Issued | 313,000 | 313,000 |
Preferred Stock, Outstanding | 313,000 | 313,000 |
Preferred Stock | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Authorized | 567,000 | 567,000 |
Preferred Stock, Issued | ||
Preferred Stock, Outstanding | ||
Common Stock | ||
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Authorized | 8,500,000 | 8,500,000 |
Common Stock, Issued | 6,062,000 | 6,057,000 |
Common Stock, Outstanding | 6,051,000 | 6,046,000 |
Class B Common Stock | ||
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Authorized | 227,000 | 227,000 |
Common Stock, Issued | 146 | 146 |
Common Stock, Outstanding | 146 | 146 |
Class C Common Stock | ||
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Authorized | 567,000 | 567,000 |
Common Stock, Issued | 383,000 | 383,000 |
Common Stock, Outstanding | 383,000 | 383,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES | ||||
Product sales - net | $160 | $478 | $1,806 | $1,261 |
Service and repair fees - net | 2,299 | 2,518 | 7,288 | 7,578 |
Service and repair fees - related parties - net | 27 | 27 | 83 | 83 |
Patient fee revenue, net of contractual allowances and discounts | 7,284 | 6,090 | 20,700 | 17,811 |
Provision for bad debts for patient fee | -3,201 | -2,868 | -9,244 | -7,130 |
Management and other fees - net | 8,653 | 8,538 | 26,004 | 24,955 |
Management and other fees - related medical practices - net | 1,874 | 2,257 | 5,536 | 6,923 |
Total Revenues - Net | 17,096 | 17,040 | 52,173 | 51,481 |
COSTS AND EXPENSES | ||||
Costs related to product sales | 352 | 223 | 1,674 | 902 |
Costs related to service and repair fees | 630 | 623 | 1,611 | 1,755 |
Costs related to service and repair fees - related parties | 7 | 7 | 18 | 19 |
Costs related to patient fee revenue | 2,044 | 1,947 | 5,845 | 5,823 |
Costs related to management and other fees | 5,285 | 5,327 | 15,665 | 15,591 |
Costs related to management and other fees - related medical practices | 1,284 | 1,318 | 3,893 | 3,808 |
Research and development | 360 | 360 | 1,116 | 1,128 |
Selling, general and administrative | 3,706 | 3,935 | 11,108 | 12,024 |
Provision for bad debts | 762 | 981 | 1,540 | 763 |
Total Costs and Expenses | 14,430 | 14,721 | 42,470 | 41,813 |
Income From Operations | 2,666 | 2,319 | 9,703 | 9,668 |
Interest Expense | -169 | -203 | -545 | -682 |
Investment Income | 52 | 57 | 173 | 178 |
Other Income (Expense) | 39 | -2 | -113 | |
Income Before Provision for Income Taxes | 2,549 | 2,212 | 9,329 | 9,051 |
Provision for Income Taxes | 30 | 65 | 99 | 235 |
Net Income | 2,519 | 2,147 | 9,230 | 8,816 |
Net Income - Noncontrolling Interests | -500 | -408 | -2,018 | -2,497 |
Net Income - Controlling Interests | 2,019 | 1,739 | 7,212 | 6,319 |
Basic Net Income Per Common Share | $0.33 | $0.29 | $1.19 | $1.05 |
Weighted Average Basic Shares Outstanding | 6,050,000 | 6,022,000 | 6,050,000 | 6,002,000 |
Common Stock | ||||
COSTS AND EXPENSES | ||||
Net Income - Controlling Interests | 1,888 | 1,625 | 6,743 | 5,907 |
Basic Net Income Per Common Share | $0.31 | $0.27 | $1.11 | $0.98 |
Diluted Net Income Per Common Share | $0.31 | $0.26 | $1.09 | $0.96 |
Weighted Average Basic Shares Outstanding | 6,050,000 | 6,022,000 | 6,050,000 | 6,002,000 |
Weighted Average Diluted Shares Outstanding | 6,178,000 | 6,150,000 | 6,178,000 | 6,130,000 |
Preferred Stock Class A | ||||
COSTS AND EXPENSES | ||||
Net Income - Controlling Interests | 98 | 85 | 350 | 307 |
Class C Common Stock | ||||
COSTS AND EXPENSES | ||||
Net Income - Controlling Interests | $33 | $29 | $119 | $105 |
Basic Net Income Per Common Share | $0.09 | $0.08 | $0.31 | $0.27 |
Diluted Net Income Per Common Share | $0.09 | $0.08 | $0.31 | $0.27 |
Weighted Average Basic Shares Outstanding | 383,000 | 383,000 | 383,000 | 383,000 |
Weighted Average Diluted Shares Outstanding | 383,000 | 383,000 | 383,000 | 383,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net income | $9,230 | $8,816 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,665 | 2,887 |
Provision for bad debts | 10,784 | 7,894 |
Non-cash considerations | 76 | 407 |
Stock option exercised | 31 | |
Compensatory element of stock issuances | 53 | 86 |
(Increase) decrease in operating assets, net: | ||
Accounts, management fee and medical receivable(s) | -13,554 | -11,012 |
Notes receivable | 118 | 75 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 79 | -236 |
Inventories | 158 | -433 |
Prepaid expenses and other current assets | 89 | 31 |
Other assets | 18 | 63 |
Increase (decrease) in operating liabilities, net: | ||
Accounts payable | -178 | 110 |
Other current liabilities | -501 | 964 |
Customer advances | -259 | -67 |
Other liabilities | -230 | -221 |
Due to related medical practices | -2 | 1 |
Income tax payable | -20 | |
Net cash provided by operating activities | 8,546 | 9,376 |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | -125 | -375 |
Cost of patents | -108 | -172 |
Net cash used in investing activities | -233 | -547 |
Cash Flows from Financing Activities: | ||
Repayment of borrowings and capital lease obligations | -2,166 | -3,401 |
Distributions to noncontrolling interests | -3,306 | -3,724 |
Buyout of noncontrolling interests | -4,971 | |
Repayment of notes receivable from employee stockholders | 6 | 14 |
Net cash used in financing activities | -10,437 | -7,111 |
Net (Decrease) Increase in Cash and Cash Equivalents | -2,124 | 1,718 |
Cash and Cash Equivalents - Beginning of Period | 9,952 | 7,871 |
Cash and Cash Equivalents - End of Period | $7,828 | $9,589 |
NOTE_1_BASIS_OF_PRESENTATION_U
NOTE 1 - BASIS OF PRESENTATION (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
NOTE 1 - BASIS OF PRESENTATION & LIQUIDITY & CAPITAL RESOURCES | NOTE 1 - BASIS OF PRESENTATION |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended March 31, 2015, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K filed on September 29, 2014 for the fiscal year ended June 30, 2014. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (USD $) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||
The unaudited condensed consolidated financial statements include the accounts of FONAR Corporation, its majority and wholly-owned subsidiaries and partnerships (collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
Basic earnings per share (“EPS”) is computed based on weighted average number of shares common stock and stock equivalents outstanding, net of common stock. In accordance with ASC topic 260-10, “Participating Securities and the Two-Class method”, the Company used the Two-Class method for calculating basic earnings per share and applied the if converted method in calculating diluted earnings per share for the three and nine months ended March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||
Diluted EPS reflects the potential dilution from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares outstanding during the period. For the three and nine months ended March 31, 2015 and March 31, 2014, diluted EPS for common shareholders includes 128 shares upon conversion of Class C Common. | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
March 31, 2015 | 31-Mar-14 | ||||||||||||||||||||||||
Basic | Total | Common Stock | Class C Common Stock | Total | Common Stock | Class C Common Stock | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income Available to common stockholders | $ | 2,019 | $ | 1,888 | $ | 33 | $ | 1,739 | $ | 1,625 | $ | 29 | |||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 6,050 | 383 | 6,022 | 6,022 | 383 | |||||||||||||||||||
Basic income per common share | $ | 0.33 | $ | 0.31 | $ | 0.09 | $ | 0.29 | $ | 0.27 | $ | 0.08 | |||||||||||||
Diluted | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 383 | 6,022 | 383 | |||||||||||||||||||||
Stock options | — | — | — | — | |||||||||||||||||||||
Convertible Class C Stock | 128 | — | 128 | — | |||||||||||||||||||||
Total Denominator for diluted earnings per share | 6,178 | 383 | 6,150 | 383 | |||||||||||||||||||||
Diluted income per common share | $ | 0.31 | $ | 0.09 | $ | 0.26 | $ | 0.08 | |||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Basic | Total | Common Stock | Class C Common Stock | Total | Common Stock | Class C Common Stock | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income Available to common stockholders | $ | 7,212 | $ | 6,743 | $ | 119 | $ | 6,319 | $ | 5,907 | $ | 105 | |||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 6,050 | 383 | 6,002 | 6,002 | 383 | |||||||||||||||||||
Basic income per common share | $ | 1.19 | $ | 1.11 | $ | 0.31 | $ | 1.05 | $ | 0.98 | $ | 0.27 | |||||||||||||
Diluted | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 383 | 6,002 | 383 | |||||||||||||||||||||
Stock options | — | — | — | — | |||||||||||||||||||||
Convertible Class C Stock | 128 | — | 128 | — | |||||||||||||||||||||
Total Denominator for diluted earnings per share | 6,178 | 383 | 6,130 | 383 | |||||||||||||||||||||
Diluted income per common share | $ | 1.09 | $ | 0.31 | $ | 0.96 | $ | 0.27 | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
The FASB has issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU supercedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective on January 1, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial position and results of operations | |||||||||||||||||||||||||
FASB, the Emerging Issues Task Force and the SEC have issued certain other accounting standards, updates, and regulations as of March 31, 2015 that will become effective in subsequent periods; however, management does not believe that any of those updates would have significantly affected our financial accounting measures or disclosures had they been in effect during 2015 or 2014, and it does not believe that any of those pronouncements will have a significant impact on our condensed consolidated financial statements at the time they become effective. | |||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications did not have any effect on reported consolidated net income for any periods presented. |
NOTE_3_ACCOUNTS_RECEIVABLE_MED
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $) | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Receivables [Abstract] | |||||||||||||
NOTE 3 - ACCOUNTS RECEIVABLE. MEDICAL RECEIVABLES AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $) | NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE | ||||||||||||
Receivables, net is comprised of the following at March 31, 2015: | |||||||||||||
Gross | Allowance for | Net | |||||||||||
Receivable | doubtful accounts | ||||||||||||
Accounts receivable | $ | 4,433 | $ | 362 | $ | 4,071 | |||||||
Accounts receivable - related party | $ | 30 | — | $ | 30 | ||||||||
Medical receivable | $ | 31,199 | $ | 22,162 | $ | 9,037 | |||||||
Management and other fees receivable | $ | 26,955 | $ | 12,337 | $ | 14,618 | |||||||
Management and other fees receivable - related medical practices ("PC’s") | $ | 4,072 | $ | 403 | $ | 3,669 | |||||||
Receivables, net is comprised of the following at June 30, 2014: | |||||||||||||
Gross | Allowance for | Net | |||||||||||
Receivable | doubtful accounts | ||||||||||||
Accounts receivable | $ | 4,707 | $ | 257 | $ | 4,450 | |||||||
Accounts receivable - related party | $ | — | — | $ | — | ||||||||
Medical receivable | $ | 21,726 | $ | 12,918 | $ | 8,808 | |||||||
Management and other fees receivable | $ | 22,872 | $ | 10,902 | $ | 11,970 | |||||||
Management and other fees receivable - related medical practices ("PC’s") | $ | 3,830 | $ | 403 | $ | 3,427 | |||||||
The Company's customers are concentrated in the healthcare industry. | |||||||||||||
Accounts Receivable | |||||||||||||
Credit risk with respect to the Company’s accounts receivable related to product sales and service and repair fees is limited due to the customer advances received prior to the commencement of work performed and the billing of amounts to customers as sub-assemblies are completed. Service and repair fees are billed on a monthly or quarterly basis and the Company does not continue providing these services if accounts receivable become past due. The Company controls credit risk with respect to accounts receivable from service and repair fees through its credit evaluation process, credit limits, monitoring procedures and reasonably short collection terms. The Company performs ongoing credit authorizations before a product sales contract is entered into or service and repair fees are provided. | |||||||||||||
Medical Receivable | |||||||||||||
Medical receivables are due under fee-for-service contracts from third party payors, such as hospitals, government sponsored healthcare programs, patient’s legal counsel and directly from patients. Substantially all the revenue relates to patients residing in Florida. The carrying amount of the medical receivable is reduced by an allowance that reflects management’s best estimate of the amounts that will not be collected. The Company continuously monitors collections from its clients and maintains an allowance for bad debts based upon the Company’s historical collection experience. The Company determines allowances for contractual adjustments and uncollectible accounts based on specific agings, specific payor collection issues that have been identified and based on payor classifications and historical experience at each site. | |||||||||||||
Management and Other Fees Receivable | |||||||||||||
The Company's receivables from the related and non-related professional corporations (PC's) substantially consist of fees outstanding under management agreements. Payment of the outstanding fees is dependent on collection by the PC's of fees from third party medical reimbursement organizations, principally insurance companies and health management organizations. | |||||||||||||
Payment of the management fee receivables from the PC’s may be impaired by the inability of the PC’s to collect in a timely manner their medical fees from the third party payors, particularly insurance carriers covering automobile no-fault and workers compensation claims due to longer payment cycles and rigorous informational requirements and certain other disallowed claims. Approximately 55% and 50% of the PCs’ net revenues for the three months ended March 31, 2015 and 2014, respectively, were derived from no-fault and personal injury protection claims. Approximately 54% and 50% of the PCs’ net revenues for the nine months ended March 31, 2015 and 2014, respectively, were derived from no-fault and personal injury protection claims. The Company considers the aging of its accounts receivable in determining the amount of allowance for doubtful accounts. The Company generally takes all legally available steps to collect its receivables. Credit losses associated with the receivables are provided for in the condensed consolidated financial statements and have historically been within management's expectations. | |||||||||||||
Net revenues from management and other fees charged to the related PCs accounted for approximately 11% and 13.2% of the consolidated net revenues for the three months ended March 31, 2015 and 2014, respectively. Net revenues from management and other fees charged to the related PCs accounted for approximately 10.6% and 13.4% of the consolidated net revenues for the nine months ended March 31, 2015 and 2014, respectively. | |||||||||||||
Tallahassee Magnetic Resonance Imaging, PA, Stand Up MRI of Boca Raton, PA and Stand Up MRI & Diagnostic Center, PA (all related medical practices) entered into a guaranty agreement, pursuant to which they cross guaranteed all management fees which are payable to the Company, which have arisen under each individual management agreement. | |||||||||||||
The Company’s patient fee revenue, net of contractual allowances and discounts less the provision for bad debts for the three and nine months ended March 31, 2015 and 2014 are summarized in the following tables. | |||||||||||||
For the Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Commercial Insurance/ Managed Care | $ | 1,091 | $ | 1,033 | |||||||||
Medicare/Medicaid | 292 | 343 | |||||||||||
Workers' Compensation/Personal Injury | 4,513 | 3,329 | |||||||||||
Other | 1,388 | 1,385 | |||||||||||
Patient Fee Revenue, net of contractual allowances and discounts | 7,284 | 6,090 | |||||||||||
Provision for Bad Debts | (3,201 | ) | (2,868 | ) | |||||||||
Net Patient Fee for Revenue | $ | 4,083 | $ | 3,222 | |||||||||
For the Nine Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Commercial Insurance/ Managed Care | $ | 3,245 | $ | 3,144 | |||||||||
Medicare/Medicaid | 896 | 1,161 | |||||||||||
Workers' Compensation/Personal Injury | 11,354 | 9,679 | |||||||||||
Other | 5,205 | 3,827 | |||||||||||
Patient Fee Revenue, net of contractual allowances and discounts | 20,700 | 17,811 | |||||||||||
Provision for Bad Debts | (9,244 | ) | (7,130 | ) | |||||||||
Net Patient Fee for Revenue | $ | 11,456 | $ | 10,681 |
NOTE_4_INVENTORIES
NOTE 4 - INVENTORIES | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
NOTE 4 - INVENTORIES | NOTE 4 - INVENTORIES | ||||||||
Inventories included in the accompanying condensed consolidated balance sheet consist of the following: | |||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
Purchased parts, components and supplies | $ | 2,091 | $ | 2,094 | |||||
Work-in-process | 195 | 350 | |||||||
Total Inventories | $ | 2,286 | $ | 2,444 | |||||
NOTE_5_COSTS_AND_ESTIMATED_EAR
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | NOTE 5 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | ||||||||
Information relating to uncompleted contracts is as follows: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Costs incurred on uncompleted contracts | $ | 1,859 | $ | 1,885 | |||||
Estimated earnings | 1,373 | 1,746 | |||||||
Subtotal | 3,232 | 3,631 | |||||||
Less: Billings to date | 2,693 | 3,013 | |||||||
Total Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 539 | $ | 618 | |||||
Included in the accompanying condensed consolidated balance sheets under the following captions: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 681 | $ | 760 | |||||
Less: Billings in excess of costs and estimated earnings on uncompleted contracts | 142 | 142 | |||||||
Total Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 539 | $ | 618 |
NOTE_6_OTHER_INTANGIBLE_ASSETS
NOTE 6 - OTHER INTANGIBLE ASSETS | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
NOTE 6 - OTHER INTANGIBLE ASSETS | NOTE 6 – OTHER INTANGIBLE ASSETS | ||||||||
Other intangible assets, net of accumulated amortization, in the accompanying condensed consolidated balance sheet consist of the following: | |||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
Capitalized software development costs | $ | 7,418 | $ | 7,418 | |||||
Patents and copyrights | 4,516 | 4,408 | |||||||
Non-compete | 4,100 | 4,100 | |||||||
Customer relationships | 3,800 | 3,800 | |||||||
Gross Other intangible assets | 19,834 | 19,726 | |||||||
Less: Accumulated amortization | 10,181 | 9,217 | |||||||
Other Intangible Assets | $ | 9,653 | $ | 10,509 | |||||
Amortization of patents and copyrights for the three months ended March 31, 2015 and 2014 amounted to $46 and $44, respectively. | |||||||||
Amortization of capitalized software development costs for the three months ended March 31, 2015 and 2014 amounted to $81 and $104, respectively. | |||||||||
Amortization of non-compete for the three months ended March 31, 2015 and 2014 amounted to $146 and $146, respectively. | |||||||||
Amortization of customer relationships for the three months ended March 31, 2015 and 2014 amounted to $47 and $47, respectively. | |||||||||
Amortization of patents and copyrights for the nine months ended March 31, 2015 and 2014 amounted to $137 and $133, respectively. | |||||||||
Amortization of capitalized software development costs for the nine months ended March 31, 2015 and 2014 amounted to $246 and $321, respectively. | |||||||||
Amortization of non-compete for the nine months ended March 31, 2015 and 2014 amounted to $439 and $439, respectively. | |||||||||
Amortization of customer relationships for the nine months ended March 31, 2015 and 2014 amounted to $142 and $139, respectively. |
NOTE_7_OTHER_CURRENT_LIABILITI
NOTE 7 - OTHER CURRENT LIABILITIES | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
NOTE 7 - OTHER CURRENT LIABILITIES | NOTE 7 – OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities in the accompanying condensed consolidated balance sheet consist of the following: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Accrued salaries, commissions and payroll taxes | $ | 1,154 | $ | 835 | |||||
Accrued interest | 117 | 117 | |||||||
Litigation accruals | 579 | 664 | |||||||
Sales tax payable | 2,602 | 2,665 | |||||||
Legal and other professional fees | 404 | 439 | |||||||
Accounting fees | 231 | 325 | |||||||
Self-funded health insurance reserve | 415 | 306 | |||||||
Interest and penalty - sales tax | 2,462 | 2,374 | |||||||
Purchase scanners | — | 450 | |||||||
Other | 1,030 | 849 | |||||||
Total Other Current Liabilities | $ | 8,994 | $ | 9,024 | |||||
NOTE_8_STOCKHOLDERS_EQUITY
NOTE 8 - STOCKHOLDERS EQUITY | 9 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
NOTE 8 - STOCKHOLDERS EQUITY | NOTE 8 – STOCKHOLDERS EQUITY |
Common Stock | |
During the nine months ended March 31, 2015, the Company issued 5 shares of common stock to employees and consultants as compensation valued at $53 under a stock bonus plan. |
NOTE_9_CONTROLLING_AND_NONCONT
NOTE 9 - CONTROLLING AND NONCONTROLLING INTERESTS | 9 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
NOTE 9 - CONTROLLING AND NONCONTROLLING | NOTE 9 – CONTROLLING AND NONCONTROLLING INTERESTS |
On January 8, 2015, the Company purchased 20% of the Class A members ownership interest in Health Diagnostic Management LLC for a cost of $4,971. The Company has a 60.4% ownership interest in Health Diagnostic Management LLC after this transaction. |
NOTE_10_SEGMENT_AND_RELATED_IN
NOTE 10 - SEGMENT AND RELATED INFORMATION | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
NOTE 10 - SEGMENT AND RELATED INFORMATION | NOTE 10 - SEGMENT AND RELATED INFORMATION | ||||||||||||
The Company operates in two industry segments - manufacturing and the servicing of medical equipment and management of diagnostic imaging centers. | |||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies as disclosed in the Company’s 10-K as of June 30, 2014. All inter-segment sales are market-based. The Company evaluates performance based on income or loss from operations. | |||||||||||||
Summarized financial information concerning the Company's reportable segments is shown in the following table: | |||||||||||||
Medical | Management | Totals | |||||||||||
Equipment | of | ||||||||||||
Diagnostic | |||||||||||||
Imaging | |||||||||||||
Centers | |||||||||||||
For the three months ended March 31, 2015 | |||||||||||||
Net revenues from external customers | $ | 2,486 | $ | 14,610 | $ | 17,096 | |||||||
Inter-segment net revenues | $ | 502 | $ | — | $ | 502 | |||||||
(Loss) income from operations | $ | (367 | ) | $ | 3,033 | $ | 2,666 | ||||||
Depreciation and amortization | $ | 78 | $ | 811 | $ | 889 | |||||||
Capital expenditures | $ | 111 | $ | — | $ | 111 | |||||||
For the three months ended March 31, 2014 | |||||||||||||
Net revenues from external customers | $ | 3,023 | $ | 14,017 | $ | 17,040 | |||||||
Inter-segment net revenues | $ | 495 | $ | — | $ | 495 | |||||||
Income from operations | $ | 192 | $ | 2,127 | $ | 2,319 | |||||||
Depreciation and amortization | $ | 104 | $ | 829 | $ | 933 | |||||||
Capital expenditures | $ | 114 | $ | 98 | $ | 212 | |||||||
For the nine months ended March 31, 2015 | |||||||||||||
Net revenues from external customers | $ | 9,177 | $ | 42,996 | $ | 52,173 | |||||||
Inter-segment net revenues | $ | 1,504 | $ | — | $ | 1,504 | |||||||
Income from operations | $ | 457 | $ | 9,246 | $ | 9,703 | |||||||
Depreciation and amortization | $ | 229 | $ | 2,436 | $ | 2,665 | |||||||
Capital expenditures | $ | 178 | $ | 55 | $ | 233 | |||||||
For the nine months ended March 31, 2014 | |||||||||||||
Net revenues from external customers | $ | 8,922 | $ | 42,559 | $ | 51,481 | |||||||
Inter-segment net revenues | $ | 1,485 | $ | — | $ | 1,485 | |||||||
Income from operations | $ | 323 | $ | 9,345 | $ | 9,668 | |||||||
Depreciation and amortization | $ | 322 | $ | 2,565 | $ | 2,887 | |||||||
Capital expenditures | $ | 187 | $ | 360 | $ | 547 | |||||||
NOTE_11_SUPPLEMENTAL_CASH_FLOW
NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Mar. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 11– SUPPLEMENTAL CASH FLOW INFORMATION |
During the nine months ended March 31, 2015 and March 31, 2014, the Company paid $406 and $521 for interest, respectively. | |
During the nine months ended March 31, 2015 and March 31, 2014, the Company paid $99 and $255 for income taxes, respectively. |
NOTE_12_COMMITMENTS_AND_CONTIN
NOTE 12 - COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 12 - COMMITMENTS AND CONTINGENCIES | NOTE 12 – COMMITMENTS AND CONTINGENCIES |
Litigation | |
The Company is subject to legal proceedings and claims arising from the ordinary course of its business, including personal injury, customer contract and employment claims. In the opinion of management, the aggregate liability, if any, with respect to such actions, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. | |
There were no material changes in litigation from that reported in our Form 10-K for the fiscal year ended June 30, 2014 and our form 10-Q for the first and second quarters of fiscal 2015. | |
Other Matters | |
The Company is also delinquent in filing sales tax returns for certain states, for which the Company has transacted business. As of March 31, 2015, the Company has recorded tax obligations of approximately $2,602 plus interest and penalties of approximately $2,462. The Company is in the process of determining the regulatory requirements in order to become compliant. | |
The Company maintains a self-funded health insurance program with a stop-loss umbrella policy with a third party insurer to limit the maximum potential liability for individual claims to $100 per person and for a maximum potential claim liability based on member enrollment. With respect to this program, the Company considers historical and projected medical utilization data when estimating its health insurance program liability and related expense. As of March 31, 2015 and June 30, 2014, the Company had approximately $415 and $306, respectively, in reserve for its self-funded health insurance programs. The reserves are included in “Other current liabilities” in the condensed consolidated balance sheets. | |
The Company regularly analyzes its reserves for incurred but not reported claims, and for reported but not paid claims related to its reinsurance and self-funded insurance programs. The Company believes its reserves are adequate. However, significant judgment is involved in assessing these reserves such as assessing historical paid claims, average lags between the claims’ incurred date, reported dates and paid dates, and the frequency and severity of claims. There may be differences between actual settlement amounts and recorded reserves and any resulting adjustments are included in expense once a probable amount is known. There were no significant adjustments recorded in the periods covered by this report. |
NOTE_13_INCOME_TAXES
NOTE 13 - INCOME TAXES | 9 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
NOTE 13 - INCOME TAXES | NOTE 13 - INCOME TAXES |
ASC topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a corporate tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryforward or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC topic 740. | |
In accordance with ASC topic 740, interest costs related to unrecognized tax benefits are required to be calculated (if applicable) and would be classified as “Interest expense, net”. Penalties if incurred would be recognized as a component of “Selling, general and administrative” expenses. | |
The Company files corporate income tax returns in the United States (federal) and in various state and local jurisdictions. In most instances, the Company is no longer subject to federal, state and local income tax examinations by tax authorities for years prior to 2009. | |
The Company netted a deferred tax asset of $5,740 and a deferred tax liability of $584 as of March 31, 2015, primarily relating to net operating loss carryforwards of approximately $137,252 available to offset future taxable income through 2034. The net operating losses begin to expire in 2019 for federal tax purposes and in 2014 for state income tax purposes. | |
The ultimate realization of deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. At present, the Company does have a sufficient history of income and anticipates profitability in the coming years and has concluded that it is more-likely-than-not that the Company will be able to realize a portion of its tax benefits in the near future and therefore a valuation allowance was established for the partial value of the deferred tax asset. | |
A valuation allowance will be maintained until sufficient positive evidence exists to support the reversal of any portion or all of the valuation allowance. Should the Company continue to remain profitable in future periods with supportable trends, the valuation allowance will be reversed accordingly. |
NOTE_14_SUBSEQUENT_EVENTS
NOTE 14 - SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
NOTE 14 - SUBSEQUENT EVENTS | NOTE 14 - SUBSEQUENT EVENTS |
On May 1, 2015, the Company repaid a portion of the Class A Stockholders capital contribution in the amount of $1,125. As a result, the Company’s subsidiary, HMCA, owns a 96% interest in Imperial Management Services. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Note 2 - Summary Of Significant Accounting Policies Policies | |||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||||||||||||||
The unaudited condensed consolidated financial statements include the accounts of FONAR Corporation, its majority and wholly-owned subsidiaries and partnerships (collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||||||||||
Basic earnings per share (“EPS”) is computed based on weighted average number of shares common stock and stock equivalents outstanding, net of common stock. In accordance with ASC topic 260-10, “Participating Securities and the Two-Class method”, the Company used the Two-Class method for calculating basic earnings per share and applied the if converted method in calculating diluted earnings per share for the three and nine months ended March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||
Diluted EPS reflects the potential dilution from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares outstanding during the period. For the three and nine months ended March 31, 2015 and March 31, 2014, diluted EPS for common shareholders includes 128 shares upon conversion of Class C Common. | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
March 31, 2015 | 31-Mar-14 | ||||||||||||||||||||||||
Basic | Total | Common Stock | Class C Common Stock | Total | Common Stock | Class C Common Stock | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income Available to common stockholders | $ | 2,019 | $ | 1,888 | $ | 33 | $ | 1,739 | $ | 1,625 | $ | 29 | |||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 6,050 | 383 | 6,022 | 6,022 | 383 | |||||||||||||||||||
Basic income per common share | $ | 0.33 | $ | 0.31 | $ | 0.09 | $ | 0.29 | $ | 0.27 | $ | 0.08 | |||||||||||||
Diluted | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 383 | 6,022 | 383 | |||||||||||||||||||||
Stock options | — | — | — | — | |||||||||||||||||||||
Convertible Class C Stock | 128 | — | 128 | — | |||||||||||||||||||||
Total Denominator for diluted earnings per share | 6,178 | 383 | 6,150 | 383 | |||||||||||||||||||||
Diluted income per common share | $ | 0.31 | $ | 0.09 | $ | 0.26 | $ | 0.08 | |||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Basic | Total | Common Stock | Class C Common Stock | Total | Common Stock | Class C Common Stock | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income Available to common stockholders | $ | 7,212 | $ | 6,743 | $ | 119 | $ | 6,319 | $ | 5,907 | $ | 105 | |||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 6,050 | 383 | 6,002 | 6,002 | 383 | |||||||||||||||||||
Basic income per common share | $ | 1.19 | $ | 1.11 | $ | 0.31 | $ | 1.05 | $ | 0.98 | $ | 0.27 | |||||||||||||
Diluted | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 383 | 6,002 | 383 | |||||||||||||||||||||
Stock options | — | — | — | — | |||||||||||||||||||||
Convertible Class C Stock | 128 | — | 128 | — | |||||||||||||||||||||
Total Denominator for diluted earnings per share | 6,178 | 383 | 6,130 | 383 | |||||||||||||||||||||
Diluted income per common share | $ | 1.09 | $ | 0.31 | $ | 0.96 | $ | 0.27 | |||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||||||
The FASB has issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU supercedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective on January 1, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial position and results of operations | |||||||||||||||||||||||||
FASB, the Emerging Issues Task Force and the SEC have issued certain other accounting standards, updates, and regulations as of March 31, 2015 that will become effective in subsequent periods; however, management does not believe that any of those updates would have significantly affected our financial accounting measures or disclosures had they been in effect during 2015 or 2014, and it does not believe that any of those pronouncements will have a significant impact on our condensed consolidated financial statements at the time they become effective. | |||||||||||||||||||||||||
Reclassifications | Reclassifications | ||||||||||||||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications did not have any effect on reported consolidated net income for any periods presented. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||
Earnings Per Share | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
Diluted EPS reflects the potential dilution from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares outstanding during the period. For the three and nine months ended March 31, 2015 and March 31, 2014, diluted EPS for common shareholders includes 128 shares upon conversion of Class C Common. | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
March 31, 2015 | 31-Mar-14 | ||||||||||||||||||||||||
Basic | Total | Common Stock | Class C Common Stock | Total | Common Stock | Class C Common Stock | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income Available to common stockholders | $ | 2,019 | $ | 1,888 | $ | 33 | $ | 1,739 | $ | 1,625 | $ | 29 | |||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 6,050 | 383 | 6,022 | 6,022 | 383 | |||||||||||||||||||
Basic income per common share | $ | 0.33 | $ | 0.31 | $ | 0.09 | $ | 0.29 | $ | 0.27 | $ | 0.08 | |||||||||||||
Diluted | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 383 | 6,022 | 383 | |||||||||||||||||||||
Stock options | — | — | — | — | |||||||||||||||||||||
Convertible Class C Stock | 128 | — | 128 | — | |||||||||||||||||||||
Total Denominator for diluted earnings per share | 6,178 | 383 | 6,150 | 383 | |||||||||||||||||||||
Diluted income per common share | $ | 0.31 | $ | 0.09 | $ | 0.26 | $ | 0.08 | |||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Basic | Total | Common Stock | Class C Common Stock | Total | Common Stock | Class C Common Stock | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income Available to common stockholders | $ | 7,212 | $ | 6,743 | $ | 119 | $ | 6,319 | $ | 5,907 | $ | 105 | |||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 6,050 | 383 | 6,002 | 6,002 | 383 | |||||||||||||||||||
Basic income per common share | $ | 1.19 | $ | 1.11 | $ | 0.31 | $ | 1.05 | $ | 0.98 | $ | 0.27 | |||||||||||||
Diluted | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding | 6,050 | 383 | 6,002 | 383 | |||||||||||||||||||||
Stock options | — | — | — | — | |||||||||||||||||||||
Convertible Class C Stock | 128 | — | 128 | — | |||||||||||||||||||||
Total Denominator for diluted earnings per share | 6,178 | 383 | 6,130 | 383 | |||||||||||||||||||||
Diluted income per common share | $ | 1.09 | $ | 0.31 | $ | 0.96 | $ | 0.27 | |||||||||||||||||
NOTE_3_ACCOUNTS_RECEIVABLE_MED1
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $) (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Receivables - net | NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE | ||||||||||||
Receivables, net is comprised of the following at March 31, 2015: | |||||||||||||
Gross | Allowance for | Net | |||||||||||
Receivable | doubtful accounts | ||||||||||||
Accounts receivable | $ | 4,433 | $ | 362 | $ | 4,071 | |||||||
Accounts receivable - related party | $ | 30 | — | $ | 30 | ||||||||
Medical receivable | $ | 31,199 | $ | 22,162 | $ | 9,037 | |||||||
Management and other fees receivable | $ | 26,955 | $ | 12,337 | $ | 14,618 | |||||||
Management and other fees receivable - related medical practices ("PC’s") | $ | 4,072 | $ | 403 | $ | 3,669 | |||||||
Receivables, net is comprised of the following at June 30, 2014: | |||||||||||||
Gross | Allowance for | Net | |||||||||||
Receivable | doubtful accounts | ||||||||||||
Accounts receivable | $ | 4,707 | $ | 257 | $ | 4,450 | |||||||
Accounts receivable - related party | $ | — | — | $ | — | ||||||||
Medical receivable | $ | 21,726 | $ | 12,918 | $ | 8,808 | |||||||
Management and other fees receivable | $ | 22,872 | $ | 10,902 | $ | 11,970 | |||||||
Management and other fees receivable - related medical practices ("PC’s") | $ | 3,830 | $ | 403 | $ | 3,427 | |||||||
Patient fee revenue - net | NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE | ||||||||||||
Management and Other Fees Receivable | |||||||||||||
The Company’s patient fee revenue, net of contractual allowances and discounts less the provision for bad debts for the three and nine months ended March 31, 2015 and 2014 are summarized in the following tables. | |||||||||||||
For the Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Commercial Insurance/ Managed Care | $ | 1,091 | $ | 1,033 | |||||||||
Medicare/Medicaid | 292 | 343 | |||||||||||
Workers' Compensation/Personal Injury | 4,513 | 3,329 | |||||||||||
Other | 1,388 | 1,385 | |||||||||||
Patient Fee Revenue, net of contractual allowances and discounts | 7,284 | 6,090 | |||||||||||
Provision for Bad Debts | (3,201 | ) | (2,868 | ) | |||||||||
Net Patient Fee for Revenue | $ | 4,083 | $ | 3,222 | |||||||||
For the Nine Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Commercial Insurance/ Managed Care | $ | 3,245 | $ | 3,144 | |||||||||
Medicare/Medicaid | 896 | 1,161 | |||||||||||
Workers' Compensation/Personal Injury | 11,354 | 9,679 | |||||||||||
Other | 5,205 | 3,827 | |||||||||||
Patient Fee Revenue, net of contractual allowances and discounts | 20,700 | 17,811 | |||||||||||
Provision for Bad Debts | (9,244 | ) | (7,130 | ) | |||||||||
Net Patient Fee for Revenue | $ | 11,456 | $ | 10,681 | |||||||||
NOTE_4_INVENTORIES_Tables
NOTE 4 - INVENTORIES (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | NOTE 4 - INVENTORIES | ||||||||
Inventories included in the accompanying condensed consolidated balance sheet consist of the following: | |||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
Purchased parts, components and supplies | $ | 2,091 | $ | 2,094 | |||||
Work-in-process | 195 | 350 | |||||||
Total Inventories | $ | 2,286 | $ | 2,444 | |||||
NOTE_5_COSTS_AND_ESTIMATED_EAR1
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Information relating to uncompleted contracts | NOTE 5 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | ||||||||
Information relating to uncompleted contracts is as follows: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Costs incurred on uncompleted contracts | $ | 1,859 | $ | 1,885 | |||||
Estimated earnings | 1,373 | 1,746 | |||||||
Subtotal | 3,232 | 3,631 | |||||||
Less: Billings to date | 2,693 | 3,013 | |||||||
Total Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 539 | $ | 618 | |||||
Included in the accompanying condensed consolidated balance sheets | NOTE 5 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | ||||||||
Included in the accompanying condensed consolidated balance sheets under the following captions: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 681 | $ | 760 | |||||
Less: Billings in excess of costs and estimated earnings on uncompleted contracts | 142 | 142 | |||||||
Total Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 539 | $ | 618 | |||||
NOTE_6_OTHER_INTANGIBLE_ASSETS1
NOTE 6 - OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Other intangible assets - net | NOTE 6 – OTHER INTANGIBLE ASSETS | ||||||||
Other intangible assets, net of accumulated amortization, in the accompanying condensed consolidated balance sheet consist of the following: | |||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
Capitalized software development costs | $ | 7,418 | $ | 7,418 | |||||
Patents and copyrights | 4,516 | 4,408 | |||||||
Non-compete | 4,100 | 4,100 | |||||||
Customer relationships | 3,800 | 3,800 | |||||||
Gross Other intangible assets | 19,834 | 19,726 | |||||||
Less: Accumulated amortization | 10,181 | 9,217 | |||||||
Other Intangible Assets | $ | 9,653 | $ | 10,509 | |||||
NOTE_7_OTHER_CURRENT_LIABILITI1
NOTE 7 - OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other current liabilities | NOTE 7 – OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities in the accompanying condensed consolidated balance sheet consist of the following: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Accrued salaries, commissions and payroll taxes | $ | 1,154 | $ | 835 | |||||
Accrued interest | 117 | 117 | |||||||
Litigation accruals | 579 | 664 | |||||||
Sales tax payable | 2,602 | 2,665 | |||||||
Legal and other professional fees | 404 | 439 | |||||||
Accounting fees | 231 | 325 | |||||||
Self-funded health insurance reserve | 415 | 306 | |||||||
Interest and penalty - sales tax | 2,462 | 2,374 | |||||||
Purchase scanners | — | 450 | |||||||
Other | 1,030 | 849 | |||||||
Total Other Current Liabilities | $ | 8,994 | $ | 9,024 | |||||
NOTE_10_SEGMENT_AND_RELATED_IN1
NOTE 10 - SEGMENT AND RELATED INFORMATION (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment information | NOTE 10 - SEGMENT AND RELATED INFORMATION | ||||||||||||
Summarized financial information concerning the Company's reportable segments is shown in the following table: | |||||||||||||
Medical | Management | Totals | |||||||||||
Equipment | of | ||||||||||||
Diagnostic | |||||||||||||
Imaging | |||||||||||||
Centers | |||||||||||||
For the three months ended March 31, 2015 | |||||||||||||
Net revenues from external customers | $ | 2,486 | $ | 14,610 | $ | 17,096 | |||||||
Inter-segment net revenues | $ | 502 | $ | — | $ | 502 | |||||||
(Loss) income from operations | $ | (367 | ) | $ | 3,033 | $ | 2,666 | ||||||
Depreciation and amortization | $ | 78 | $ | 811 | $ | 889 | |||||||
Capital expenditures | $ | 111 | $ | — | $ | 111 | |||||||
For the three months ended March 31, 2014 | |||||||||||||
Net revenues from external customers | $ | 3,023 | $ | 14,017 | $ | 17,040 | |||||||
Inter-segment net revenues | $ | 495 | $ | — | $ | 495 | |||||||
Income from operations | $ | 192 | $ | 2,127 | $ | 2,319 | |||||||
Depreciation and amortization | $ | 104 | $ | 829 | $ | 933 | |||||||
Capital expenditures | $ | 114 | $ | 98 | $ | 212 | |||||||
For the nine months ended March 31, 2015 | |||||||||||||
Net revenues from external customers | $ | 9,177 | $ | 42,996 | $ | 52,173 | |||||||
Inter-segment net revenues | $ | 1,504 | $ | — | $ | 1,504 | |||||||
Income from operations | $ | 457 | $ | 9,246 | $ | 9,703 | |||||||
Depreciation and amortization | $ | 229 | $ | 2,436 | $ | 2,665 | |||||||
Capital expenditures | $ | 178 | $ | 55 | $ | 233 | |||||||
For the nine months ended March 31, 2014 | |||||||||||||
Net revenues from external customers | $ | 8,922 | $ | 42,559 | $ | 51,481 | |||||||
Inter-segment net revenues | $ | 1,485 | $ | — | $ | 1,485 | |||||||
Income from operations | $ | 323 | $ | 9,345 | $ | 9,668 | |||||||
Depreciation and amortization | $ | 322 | $ | 2,565 | $ | 2,887 | |||||||
Capital expenditures | $ | 187 | $ | 360 | $ | 547 | |||||||
NOTE_2_SUMMARY_OF_SIGNIFICANT_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Basic Numerator: Net income available to common stockholders | $2,019 | $1,739 | $7,212 | $6,319 |
Basic Denominator: Weighted average shares outstanding | 6,050,000 | 6,022,000 | 6,050,000 | 6,002,000 |
Basic Income Per Common Share | $0.33 | $0.29 | $1.19 | $1.05 |
Convertible Class C Stock | 128,000 | 128,000 | 128,000 | 128,000 |
Common Stock | ||||
Basic Numerator: Net income available to common stockholders | 1,888 | 1,625 | 6,743 | 5,907 |
Basic Denominator: Weighted average shares outstanding | 6,050,000 | 6,022,000 | 6,050,000 | 6,002,000 |
Basic Income Per Common Share | $0.31 | $0.27 | $1.11 | $0.98 |
Stock options | ||||
Convertible Class C Stock | 128,000 | 128,000 | 128,000 | 128,000 |
Total Denominator for diluted earnings per share | 6,178,000 | 6,150,000 | 6,178,000 | 6,130,000 |
Diluted Income Per Share | $0.31 | $0.26 | $1.09 | $0.96 |
Class C Common Stock | ||||
Basic Numerator: Net income available to common stockholders | $33 | $29 | $119 | $105 |
Basic Denominator: Weighted average shares outstanding | 383,000 | 383,000 | 383,000 | 383,000 |
Basic Income Per Common Share | $0.09 | $0.08 | $0.31 | $0.27 |
Stock options | ||||
Convertible Class C Stock | ||||
Total Denominator for diluted earnings per share | 383,000 | 383,000 | 383,000 | 383,000 |
Diluted Income Per Share | $0.09 | $0.08 | $0.31 | $0.27 |
NOTE_3_ACCOUNTS_RECEIVABLE_MED2
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE - Receivables, Net - (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts receivable | $4,071 | $4,450 |
Accounts receivable - Related party | 30 | |
Medical Receivables | 9,037 | 8,808 |
Management and other fees receivable | 14,618 | 11,970 |
Management and other fees receivable from related medical practices ("PC's") | 3,669 | 3,427 |
Accounts Receivable [Member] | ||
Accounts receivable | 4,433 | 4,707 |
Accounts receivable - Related party | 30 | |
Medical Receivables | 31,199 | 21,726 |
Management and other fees receivable | 26,955 | 22,872 |
Management and other fees receivable from related medical practices ("PC's") | 4,072 | 3,830 |
Allowance for Doubtful Accounts, Current | ||
Accounts receivable | 362 | 257 |
Accounts receivable - Related party | ||
Medical Receivables | 22,162 | 12,918 |
Management and other fees receivable | 12,337 | 10,902 |
Management and other fees receivable from related medical practices ("PC's") | $403 | $403 |
NOTE_3_ACCOUNTS_RECEIVABLE_MED3
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE - Patient Fees Revenue - (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Patient fee revenue, net of contractual allowances and discounts | $7,284 | $6,090 | $20,700 | $17,811 |
Provision for bad debts for patient fee | -3,201 | -2,868 | -9,244 | -7,130 |
Net patient fee revenue | 4,083 | 3,222 | 11,456 | 10,681 |
Commercial Insurance / Managed Care | ||||
Patient fee revenue, net of contractual allowances and discounts | 1,091 | 1,033 | 3,245 | 3,144 |
Medicare/Medicaid | ||||
Patient fee revenue, net of contractual allowances and discounts | 292 | 343 | 896 | 1,161 |
Workers Compensation/Personal Injury | ||||
Patient fee revenue, net of contractual allowances and discounts | 4,513 | 3,329 | 11,354 | 9,679 |
Other | ||||
Patient fee revenue, net of contractual allowances and discounts | $1,388 | $1,385 | $5,205 | $3,827 |
NOTE_4_INVENTORIES_Details
NOTE 4 - INVENTORIES (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Total inventories | $2,286 | $2,444 |
InventoriesMember | ||
Purchased parts, components and supplies | 2,091 | 2,094 |
Work-in-process | 195 | 350 |
Total inventories | $2,286 | $2,444 |
NOTE_5_COSTS_AND_ESTIMATED_EAR2
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS - Information relating to uncompleted contracts - (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Notes to Financial Statements | ||
Costs incurred on uncompleted contracts | $1,859 | $1,885 |
Estimated earnings | 1,373 | 1,746 |
Subtotal | 3,232 | 3,631 |
Less: Billings to date | 2,693 | 3,013 |
Total Costs and estimated earnings in excess of billings on uncompleted contracts | $539 | $618 |
NOTE_5_COSTS_AND_ESTIMATED_EAR3
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS - Balance Sheet Items - (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Note 5 - Costs And Estimated Earnings On Uncompleted Contracts - Balance Sheet Items - Details | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $681 | $760 |
Less: Billings in excess of costs and estimated earnings on uncompleted contracts | 142 | 142 |
Total Costs and estimated earnings in excess of billings on uncompleted contracts | $539 | $618 |
NOTE_6_OTHER_INTANGIBLE_ASSETS2
NOTE 6 - OTHER INTANGIBLE ASSETS - (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accumulated Amortization | $10,181 | $9,217 |
Intangible asset value, net | 9,653 | 10,509 |
Software Development Costs | ||
Intangible asset value, gross | 7,418 | 7,418 |
Patents and copyrights | ||
Intangible asset value, gross | 4,516 | 4,408 |
Non-compete Agreements | ||
Intangible asset value, gross | 4,100 | 4,100 |
Customer Relationships | ||
Intangible asset value, gross | 3,800 | 3,800 |
Other Intangible Assets | ||
Intangible asset value, gross | $19,834 | $19,726 |
NOTE_7_OTHER_CURRENT_LIABILITI2
NOTE 7 - OTHER CURRENT LIABILITIES - (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued salaries, commissions and payroll taxes | $1,154 | $835 |
Accrued interest | 117 | 117 |
Litigation accruals | 579 | 664 |
Sales tax payable | 2,602 | 2,665 |
Legal and other professional fees | 404 | 439 |
Accounting fees | 231 | 325 |
Self-funded health insurance reserve | 415 | 306 |
Interest and penalty - sales tax | 2,462 | 2,374 |
Purchase Scanners | 450 | |
Other | 1,030 | 849 |
Total Other current liabilities | $8,994 | $9,024 |
NOTE_10_SEGMENT_AND_RELATED_IN2
NOTE 10 - SEGMENT AND RELATED INFORMATION - Segment Information - (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Net revenues from external customers | $17,096 | $17,040 | $52,173 | $51,481 |
Inter-segment net revenues | 502 | 495 | 1,504 | 1,485 |
Income from operations | 2,666 | 2,319 | 9,703 | 9,668 |
Depreciation and amortization | 889 | 933 | 2,665 | 2,887 |
Capital expenditures | 111 | 212 | 233 | 547 |
Medical Equipment | ||||
Net revenues from external customers | 2,486 | 3,023 | 9,177 | 8,922 |
Inter-segment net revenues | 502 | 495 | 1,504 | 1,485 |
Income from operations | -367 | 192 | 457 | 323 |
Depreciation and amortization | 78 | 104 | 229 | 322 |
Capital expenditures | 111 | 114 | 178 | 187 |
Management Of Diagnostic Imaging Centers | ||||
Net revenues from external customers | 14,610 | 14,017 | 42,996 | 2,559 |
Inter-segment net revenues | ||||
Income from operations | 3,033 | 2,127 | 9,246 | 9,345 |
Depreciation and amortization | 811 | 829 | 2,436 | 2,565 |
Capital expenditures | $98 | $55 | $360 |
NOTE_2_SUMMARY_OF_SIGNIFICANT_4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting Policies [Abstract] | ||||
Shares included upon conversion of Class C Common to calculate a diluted EPS | 128,000 | 128,000 | 128,000 | 128,000 |
NOTE_3_ACCOUNTS_RECEIVABLE_MED4
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE - (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Note 3 - Accounts Receivable Medical Receivable And Management And Other Fees Receivable - Details Narrative | ||||
Net revenues derived from no-fault and personal injury protection claims | 55.00% | 50.00% | 54.00% | 50.00% |
Net revenues from management and other fees charged to related PCs | 11.00% | 13.20% | 10.60% | 13.40% |
NOTE_6_OTHER_INTANGIBLE_ASSETS3
NOTE 6 - OTHER INTANGIBLE ASSETS - (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Patents and copyrights | ||||
Amortization of intangible assets | $46 | $44 | $137 | $133 |
Software Development Costs | ||||
Amortization of intangible assets | 81 | 104 | 246 | 321 |
Non-compete Agreements | ||||
Amortization of intangible assets | 146 | 146 | 439 | 439 |
Customer Relationships | ||||
Amortization of intangible assets | $47 | $47 | $142 | $139 |
NOTE_8_STOCKHOLDERS_EQUITY_Det
NOTE 8 - STOCKHOLDERS EQUITY - (Details Narrative) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Equity [Abstract] | |
Common shares issued for compensation (shares) | 5,000 |
Common shares issued for compensation ($) | $53 |
NOTE_9_CONTROLLING_AND_NONCONT1
NOTE 9 - CONTROLLING AND NONCONTROLLING INTERESTS - (Details Narrative) (USD $) | Jan. 08, 2015 |
In Thousands, unless otherwise specified | |
Note 9 - Controlling And Noncontrolling Interests - Details Narrative | |
Company purchased Class A members ownership interest in Health Diagnostic Management, LLC (%) | 20.00% |
Company purchase price for 20% ownership in Health Diagnostic Management, LLC ($) | $4,971 |
Current Company ownership of Health Diagnostic Management, LLC (%) | 60.40% |
NOTE_11_SUPPLEMENTAL_CASH_FLOW1
NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION ($)- (Details Narrative) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 11 - Supplemental Cash Flow Information - Details Narrative | ||
Interest paid | $406 | $521 |
Income Taxes Paid | $99 | $255 |
NOTE_12_COMMITMENTS_AND_CONTIN1
NOTE 12 - COMMITMENTS AND CONTINGENCIES - (Details Narrative) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Recorded tax obligations | $2,602 | |
Tax interest and penalties | 2,462 | |
Maximum limit for individual claims under stop-loss umbrella policy for health insurance | 100 | |
Self-funded health insurance reserve | $415 | $306 |
NOTE_13_INCOME_TAXES_Details_N
NOTE 13 - INCOME TAXES - (Details Narrative) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred income tax asset | $5,740 | $5,740 |
Deferred income tax liability | 584 | 584 |
Net deferred operating loss carryforwards | $137,252 |
NOTE_14_SUBSEQUENT_EVENTS_Deta
NOTE 14 - SUBSEQUENT EVENTS - (Details Narrative) (USD $) | 1-May-15 |
In Thousands, unless otherwise specified | |
Note 14 - Subsequent Events - Details Narrative | |
Repayment of portion of Class A Stockholders Capital Contribution (value) | $1,125 |
HMCA ownership size of Imperial Management Services (percent) | 96.00% |