ReposiTrak (TRAK) 10-Q 6 Feb 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2016	Feb. 06, 2017
Document And Entity Information
Entity Registrant Name	PARK CITY GROUP INC
Entity Central Index Key	50,471
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
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
Entity Common Stock, Shares Outstanding		19,385,161
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 12,062,764	$ 11,443,388
Receivables, net of allowance of $210,215 and $75,000 at December 31, 2016 and June 30, 2016, respectively	4,143,662	3,048,774
Prepaid expense and other current assets	350,043	393,275
Total current assets	16,556,469	14,885,437
Property and equipment, net	340,387	469,383
Other assets:
Long-term receivables, deposits, and other assets	1,533,082	514,060
Investments	471,584	471,584
Customer relationships	1,116,900	1,182,600
Goodwill	20,883,886	20,883,886
Capitalized software costs, net	167,696	182,942
Total other assets	24,173,148	23,235,072
Total assets	41,070,004	38,589,892
Current liabilities:
Accounts payable	483,289	580,309
Accrued liabilities	1,367,353	1,502,203
Deferred revenue	2,442,172	2,717,094
Line of credit	2,750,000	2,500,000
Current portion of notes payable	196,827	239,199
Total current liabilities	7,239,641	7,538,805
Long-term liabilities:
Notes payable, less current portion	399,734	491,253
Other long-term liabilities	49,176	57,275
Total liabilities	7,688,551	8,087,333
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 50,000,000 shares authorized; 19,309,832 and 19,229,313 issued and outstanding at September 30, 2016 and June 30, 2016, respectively	193,582	192,296
Additional paid-in capital	74,539,235	73,272,620
Accumulated deficit	(41,359,884)	(42,970,413)
Total stockholders' equity	33,381,453	30,502,559
Total liabilities and stockholders' equity	41,070,004	38,589,892
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred Stock: Series B Preferred stock, $0.01 par value, 700,000 shares authorized; 625,375 shares issued and outstanding at December 31, 2016 and June 30, 2016; Series B-1 Preferred stock, $0.01 par value, 300,000 shares authorized; 226,640 and 180,213 shares issued and outstanding at December 31, 2016 and June 30, 2016, respectively	6,254	6,254
Series B1 Preferred Stock [Member]
Stockholders' equity:
Preferred Stock: Series B Preferred stock, $0.01 par value, 700,000 shares authorized; 625,375 shares issued and outstanding at December 31, 2016 and June 30, 2016; Series B-1 Preferred stock, $0.01 par value, 300,000 shares authorized; 226,640 and 180,213 shares issued and outstanding at December 31, 2016 and June 30, 2016, respectively	$ 2,266	$ 1,802

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Current assets:
Receivables, net of allowance	$ 210,215	$ 75,000
Stockholders' equity:
Preferred stock, Authorized	30,000,000	30,000,000
Common stock, par value	$ .01	$ .01
Common stock, Authorized	50,000,000	50,000,000
Common stock, Issued	19,357,957	19,229,313
Common stock, outstanding	19,357,957	19,229,313
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, par value	$ .01	$ 0.01
Preferred stock, Authorized	700,000	700,000
Preferred stock, Issued	625,375	625,375
Preferred stock, outstanding	625,375	625,375
Series B1 Preferred Stock [Member]
Stockholders' equity:
Preferred stock, par value	$ .01	$ 0.01
Preferred stock, Authorized	300,000	300,000
Preferred stock, Issued	226,640	180,213
Preferred stock, outstanding	226,640	180,213

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 4,785,589	$ 3,536,792	$ 9,002,134	$ 6,635,423
Operating expenses:
Cost of services and product support	1,190,404	998,928	2,393,919	2,173,474
Sales and marketing	1,159,073	1,401,068	2,352,249	2,843,640
General and administrative	938,087	732,444	1,961,237	1,509,774
Depreciation and amortization	112,861	127,416	229,441	256,514
Total operating expenses	3,400,425	3,259,856	6,936,846	6,783,402
Income (loss) from operations	1,385,164	276,936	2,065,288	(147,979)
Other expense:
Interest income (expense)	(6,836)	3,691	(13,323)	21,314
Loss on disposition of investment	0	556	0	556
Income (loss) before income taxes	1,378,328	281,183	2,051,965	(126,109)
(Provision) benefit for income taxes	0	0	(59,184)	0
Net income (loss)	1,378,328	281,183	1,992,781	(126,109)
Dividends on preferred stock	(195,448)	(170,560)	(382,252)	(369,948)
Net income (loss) applicable to common shareholders	$ 1,182,880	$ 110,623	$ 1,610,529	$ (496,057)
Weighted average shares, basic	19,338,000	19,147,000	19,302,000	19,094,000
Weighted average shares, diluted	20,313,000	20,034,000	19,493,000	19,094,000
Basic income (loss) per share	$ 0.06	$ 0.01	$ 0.08	$ (0.03)
Diluted income (loss) per share	$ 0.06	$ 0.01	$ 0.08	$ (0.03)

Consolidated Condensed Statemen

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Net income (loss) applicable to common shareholders	$ 1,182,880	$ 110,623	$ 1,610,529	$ (496,057)
Other Comprehensive Income (Loss):
Unrealized loss on marketable securities	0	(33,994)	0	(37,548)
Reclassification adjustment	0	556	0	556
Net loss on marketable securities	0	(33,438)	0	(36,992)
Comprehensive income (loss)	$ 1,182,880	$ 77,185	$ 1,610,529	$ (533,049)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash Flows From Operating Activities:
Net income (loss)	$ 1,992,781	$ (126,109)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and Amortization	229,441	256,514
Stock compensation expense	578,080	484,859
Bad debt expense	155,700	33,576
Gain on short-term marketable securities	0	(556)
(Increase) decrease in:
Trade receivables	(2,269,610)	(955,116)
Prepaids and other assets	43,232	14,928
(Decrease) increase in:
Accounts payable	(97,020)	9,756
Accrued liabilities	21,385	(12,498)
Deferred revenue	(274,922)	375,447
Net cash provided by operating activities	379,067	80,801
Cash Flows From Investing Activities:
Cash from sale of marketable securities	0	668,634
Purchase of property and equipment	(19,499)	(24,065)
Purchase of marketable securities	0	(4,672,474)
Capitalization of software costs	0	(77,382)
Net cash used in investing activities	(19,499)	(4,105,287)
Cash Flows From Financing Activities:
Net increase in lines of credit	250,000	0
Proceeds from employee stock plans	113,987	93,194
Proceeds from exercise of options and warrants	35,000	0
Proceeds from exercise of warrants	0	33,002
Dividends paid	(5,288)	(5,288)
Payments on notes payable and capital leases	(133,891)	(112,427)
Net cash provided by financing activities	259,808	8,481
Net Increase (decrease) in cash and cash equivalents	619,376	(4,016,005)
Cash and cash equivalents at beginning of period	11,443,388	11,325,572
Cash and cash equivalents at end of period	12,062,764	7,309,567
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes	59,184	0
Cash paid for interest	22,452	16,761
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Preferred stock to pay accrued liabilities	100,000	200,000
Common stock to pay accrued liabilities	655,107	1,333,957
Dividends accrued on preferred stock	382,252	369,948
Dividends paid with preferred stock	$ 364,271	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
DESCRIPTION OF BUSINESS	The Company is incorporated in the state of Nevada. The Company has three subsidiaries, PC Group, Inc. (formerly, Park City Group, Inc.), a Utah Corporation (98.76% owned), Park City Group, Inc., (formerly, Prescient Applied Intelligence, Inc.), a Delaware Corporation (100% owned) and ReposiTrak, Inc., a Utah corporation (100% owned) (“ ReposiTrak The Company designs, develops, markets and supports proprietary software products. These products are designed for businesses having multiple locations to assist in the management of business operations on a daily basis and communicate results of operations in a timely manner. In addition, the Company has built a consulting practice for business improvement that centers on the Company’s proprietary software products. The principal markets for the Company's products are multi-store retail and convenience store chains, branded food manufacturers, suppliers and distributors, and manufacturing companies, which have operations in North America, Europe, Asia and the Pacific Rim. As a result of the acquisition of ReposiTrak in June 2015, the Company also provides food, pharmaceutical, and dietary supplement retailers and suppliers with a robust cloud-based solution to help protect their brands and remain in compliance with business records and regulatory requirements, such as the Food Safety Modernization Act (“ FSMA DQSA Our services are delivered through proprietary software products designed, developed, marketed and supported by the Company. These products are designed to facilitate improved business processes among all key constituents in the supply chain, starting with the retailer and moving back to suppliers and eventually raw material providers. In addition, the Company has also built a consulting practice for business improvement that centers on the Company’s proprietary software products and through establishment of a neutral and “trusted” third party relationship between retailers and suppliers. The principal markets for the Company's products are multi-store retail and convenience store chains, branded food manufacturers, suppliers and distributors, and manufacturing companies, which have operations in North America, Europe, Asia and the Pacific Rim. Basis of Financial Statement Presentation The interim financial information of the Company as of December 31, 2016 and for the three and six months ended December 31, 2016 and 2015 is unaudited, and the balance sheet as of June 30, 2016 is derived from audited financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense notes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 2 to the Notes to Financial Statements included in our Annual Report on Form 10-K for the year ended June 30, 2016. In the opinion of management, all adjustments necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the three and six months ended December 31, 2016 are not necessarily indicative of the results that can be expected for the fiscal year ending June 30, 2017. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2016.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2016
Significant Accounting Policies
SIGNIFICANT ACCOUNTING POLICIES	Principles of Consolidation The financial statements presented herein reflect the consolidated financial position of Park City Group, Inc. and subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results, and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, the Company’s most critical accounting policies include: income taxes, goodwill and other long-lived asset valuations, revenue recognition, stock-based compensation, and capitalization of software development costs. Earnings Per Share Basic net income or loss per common share (“ Basic EPS Diluted EPS For the six months ended December 31, 2015 warrants to purchase 1,426,178 shares of common stock were not included in the computation of diluted EPS due to the anti-dilutive effect. Such warrants were outstanding at prices ranging from $3.50 to $10.00 per share. Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Numerator Net income (loss) applicable to common shareholders $ 1,182,880 $ 110,623 $ 1,610,529 $ (496,057 ) Denominator Weighted average common shares outstanding, basic 19,338,000 19,147,000 19,302,000 19,094,000 Warrants to purchase common stock 975,000 888,000 191,000 - Weighted average common shares outstanding, diluted 20,313,000 20,034,000 19,493,000 19,094,000 Net income (loss) per share Basic $ 0.06 $ 0.01 $ 0.08 $ (0.03 ) Diluted $ 0.06 $ 0.01 $ 0.08 $ (0.03 ) Reclassifications Certain prior-year amounts have been reclassified to conform with the current year's presentation.

EQUITY

EQUITY	6 Months Ended
	Dec. 31, 2016
Warrants
EQUITY	During the six months ended December 31, 2016 the Company issued 26,862 shares to its directors and 91,782 shares to employees and consultants under the Company’s stock compensation plans, 101,249 of which are included in the rollforward of Restricted Stock units below. Restricted Stock Units Restricted Stock Units Weighted Average Grant Date Fair Value ($/share) Outstanding at June 30, 2016 1,051,144 5.82 Granted 50,989 9.81 Vested and issued (101,249 ) 6.25 Forfeited (26,560 ) 10.23 Outstanding at December 31, 2016 974,324 5.06 As of December 31, 2016, there was approximately $5.7 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a straight line basis over a weighted average period of 5.06 years. Warrants The following tables summarize information about warrants outstanding and exercisable at December 31, 2016: Warrants Outstanding Warrants Exercisable at December 31, 2016 at December 31, 2016 Range of exercise prices Warrants Number outstanding at December 31, 2016 Weighted average remaining contractual life (years) Weighted average exercise price Number exercisable at December 31, 2016 Weighted average exercise price $ 3.50–4.00 1,306,268 2.78 $ 3.93 1,306,268 $ 3.93 $ 6.45–10.00 100,481 1.99 $ 7.29 100,481 $ 7.29 1,406,749 2.72 $ 4.17 1,406,749 $ 4.17 Preferred Stock The Company’s certificate of incorporation currently authorizes the issuance of up to 30,000,000 shares of ‘blank check’ preferred stock with designations, rights, and preferences as may be determined from time to time by the Company’s Board of Directors, of which 700,000 shares are currently designated as Series B Preferred Stock (“ Series B Preferre Series B-1Preferred PIK Shares During the six months ended December 31, 2016, the Company issued 36,427 PIK Shares for accrued dividends payable with respect to the Series B Preferred, and 10,000 shares of Series B-1 Preferred in satisfaction of an accrued bonus payable to the Company's CEO.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	During the six months ended December 31, 2016, the Company continued to be a party to a Service Agreement with Fields Management, Inc. (“ FMI The Company had payables of $145,478 and $32,253 to FMI at December 31, 2016 and June 30, 2016, respectively, under this agreement. In addition, during the six months ended December 31, 2016, 10,000 shares of Series B-1 Preferred were paid to FMI in satisfaction of an accrued bonus payable to Mr. Fields. During the six months ended December, 2016, the Company issued 36,427 PIK Shares for accrued dividends payable with respect to the Series B Preferred, of which 4,227 were issued to Robert W. Allen, a director of the Company, and 32,200 were issued to Riverview Financial Corp., an entity beneficially owned by Mr. Fields. In addition, $5,288 was paid to Julie Fields, Mr. Fields spouse, as a dividend paid with respect to the Series B Preferred beneficially owned by Ms. Fields.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Dec. 31, 2016
Income Taxes
RECENT ACCOUNTING PRONOUNCEMENTS	In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. Historically, there has been a diversity in practice in how certain cash receipts/payments are presented and classified in the statement of cash flows under Topic 230. To reduce the existing diversity in practice, this update addresses multiple cash flow issues. The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company notes that this guidance applies to its reporting requirements and will implement the new guidance accordingly. In May 2014, August 2015, April 2016 and May 2016, the Financial Accounting Standards Board (" FASB In March 2016, the FASB issued ASU 2016-09 (ASC Topic 718), Stock Compensation—Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU are intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax consequences, classification on the consolidated statement of cash flows and treatment of forfeitures. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is in the process of assessing the impact, if any, of this ASU on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 (ASC Topic 842), Leases. The ASU amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of assessing the impact on its consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Subsequent to December 31, 2016, the Company issued 27,204 shares of common stock in connection with the vesting of stock grants issued pursuant to its Stock Plans. The Company also issued 19,280 PIK Shares of Series B-1 Preferred for dividends payable on the outstanding shares of Series B Preferred. In accordance with the Subsequent Events Topic of the FASB ASC 855, we have evaluated subsequent events, through the filing date and noted no additional subsequent events that are reasonably likely to impact the financial statements.

SIGNIFICANT ACCOUNTING POLICI13

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	The financial statements presented herein reflect the consolidated financial position of Park City Group, Inc. and subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The Securities and Exchange Commission has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results, and require the Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, the Company’s most critical accounting policies include: income taxes, goodwill and other long-lived asset valuations, revenue recognition, stock-based compensation, and capitalization of software development costs.
Earnings Per Share	Basic net income or loss per common share (“ Basic EPS Diluted EPS For the six months ended December 31, 2015 warrants to purchase 1,426,178 shares of common stock were not included in the computation of diluted EPS due to the anti-dilutive effect. Such warrants were outstanding at prices ranging from $3.50 to $10.00 per share. Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Numerator Net income (loss) applicable to common shareholders $ 1,182,880 $ 110,623 $ 1,610,529 $ (496,057 ) Denominator Weighted average common shares outstanding, basic 19,338,000 19,147,000 19,302,000 19,094,000 Warrants to purchase common stock 975,000 888,000 191,000 - Weighted average common shares outstanding, diluted 20,313,000 20,034,000 19,493,000 19,094,000 Net income (loss) per share Basic $ 0.06 $ 0.01 $ 0.08 $ (0.03 ) Diluted $ 0.06 $ 0.01 $ 0.08 $ (0.03 )
Reclassifications	Certain prior-year amounts have been reclassified to conform with the current year's presentation.

SIGNIFICANT ACCOUNTING POLICI14

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Dec. 31, 2016
Significant Accounting Policies Tables
Basic and diluted earnings per share	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Numerator Net income (loss) applicable to common shareholders $ 1,182,880 $ 110,623 $ 1,610,529 $ (496,057 ) Denominator Weighted average common shares outstanding, basic 19,338,000 19,147,000 19,302,000 19,094,000 Warrants to purchase common stock 975,000 888,000 191,000 - Weighted average common shares outstanding, diluted 20,313,000 20,034,000 19,493,000 19,094,000 Net income (loss) per share Basic $ 0.06 $ 0.01 $ 0.08 $ (0.03 ) Diluted $ 0.06 $ 0.01 $ 0.08 $ (0.03 )

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Dec. 31, 2016
Warrants
Restricted stock	Restricted Stock Units Weighted Average Grant Date Fair Value ($/share) Outstanding at June 30, 2016 1,051,144 5.82 Granted 50,989 9.81 Vested and issued (101,249 ) 6.25 Forfeited (26,560 ) 10.23 Outstanding at December 31, 2016 974,324 5.06
Warrants	Warrants Outstanding Warrants Exercisable at December 31, 2016 at December 31, 2016 Range of exercise prices Warrants Number outstanding at December 31, 2016 Weighted average remaining contractual life (years) Weighted average exercise price Number exercisable at December 31, 2016 Weighted average exercise price $ 3.50–4.00 1,306,268 2.78 $ 3.93 1,306,268 $ 3.93 $ 6.45–10.00 100,481 1.99 $ 7.29 100,481 $ 7.29 1,406,749 2.72 $ 4.17 1,406,749 $ 4.17

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative)	6 Months Ended
	Dec. 31, 2016
Incorporated state	State of Nevada
PC Group Inc. [Member]
Incorporated state	Utah
Ownership interest by parent	98.76%
Park City Group Inc. [Member]
Incorporated state	Delaware
Ownership interest by parent	100.00%
ReposiTrak [Member]
Incorporated state	Utah
Ownership interest by parent	100.00%

SIGNIFICANT ACCOUNTING POLICI17

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Numerator
Net income (loss) applicable to common shareholders	$ 1,182,880	$ 110,623	$ 1,610,529	$ (496,057)
Denominator
Weighted average shares, basic	19,338,000	19,147,000	19,302,000	19,094,000
Warrants to purchase common stock	975,000	888,000	191,000	0
Weighted average shares, diluted	20,313,000	20,034,000	19,493,000	19,094,000
Net income (loss per share)
Basic income (loss) per share	$ 0.06	$ 0.01	$ 0.08	$ (0.03)
Diluted income (loss) per share	$ 0.06	$ 0.01	$ 0.08	$ (0.03)

SIGNIFICANT ACCOUNTING POLICI18

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Allowance for Doubtful Accounts	$ 210,215	$ 75,000
Minimum [Member]
Warrant exercise price	$ 3.50
Maximum [Member]
Warrant exercise price	$ 10

EQUITY (Details)

EQUITY (Details) - Restricted Stock [Member]	6 Months Ended
	Dec. 31, 2016$ / sharesshares
Restricted stock units
Outstanding, beginning of period | shares	1,051,144
Granted | shares	50,989
Vested and issued | shares	(101,249)
Forfeited | shares	(26,560)
Outstanding, end of period | shares	974,324
Outstanding, beginning of period | $ / shares	$ 5.82
Granted | $ / shares	9.81
Vested and issued | $ / shares	6.25
Forfeited | $ / shares	10.23
Outstanding, end of period | $ / shares	$ 5.74

EQUITY (Details 1)

EQUITY (Details 1) - Warrant [Member]	6 Months Ended
	Dec. 31, 2016$ / sharesshares
Outstanding at End of Period, Shares | shares	1,406,749
Weighted average remaining contractual life (years), Shares Outstanding	2 years 8 months 19 days
Weighted average exercise price, Shares Outstanding	$ 4.17
Exercisable at End of Period, Shares | shares	1,406,749
Weighted average exercise price, Shares Exercisable	$ 4.17
$3.50-4.00 [Member]
Outstanding at End of Period, Shares | shares	1,306,268
Weighted average remaining contractual life (years), Shares Outstanding	279 months 11 days
Weighted average exercise price, Shares Outstanding	$ 3.93
Exercisable at End of Period, Shares | shares	1,306,268
Weighted average exercise price, Shares Exercisable	$ 3.93
$6.45-10.00 [Member]
Outstanding at End of Period, Shares | shares	100,481
Weighted average remaining contractual life (years), Shares Outstanding	1 year 11 months 26 days
Weighted average exercise price, Shares Outstanding	$ 7.29
Exercisable at End of Period, Shares | shares	100,481
Weighted average exercise price, Shares Exercisable	$ 7.29
Minimum [Member] | $3.50-4.00 [Member]
Range of exercise prices	3.50
Minimum [Member] | $6.45-10.00 [Member]
Range of exercise prices	6.45
Maximum [Member] | $3.50-4.00 [Member]
Range of exercise prices	4
Maximum [Member] | $6.45-10.00 [Member]
Range of exercise prices	$ 10

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
PIK shares issued, shares	36,427
Dividends paid	$ 5,288
FMI [Member]
Due to related parties	$ 145,478	$ 32,253
PIK shares issued, shares	32,200
FMI [Member] | Series B Preferred Stock [Member]
Shares issued to related party	10,000
Allen [Member]
PIK shares issued, shares	4,227