Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000050471 | |
Entity Registrant Name | PARK CITY GROUP INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34941 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 37-1454128 | |
Entity Address, Address Line One | 5282 South Commerce Drive, Suite D292 | |
Entity Address, City or Town | Murray | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84107 | |
City Area Code | 435 | |
Local Phone Number | 645-2000 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | PCYG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,400,654 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Current Assets | ||
Cash | $ 21,627,727 | $ 21,460,948 |
Receivables, net of allowance for doubtful accounts of $193,151 and $206,093 at September 30, 2022 and June 30, 2022, respectively | 3,076,535 | 3,165,200 |
Contract asset – unbilled current portion | 551,546 | 649,433 |
Prepaid expense and other current assets | 1,116,014 | 1,307,128 |
Total Current Assets | 26,371,822 | 26,582,709 |
Property and equipment, net | 1,061,649 | 764,517 |
Other Assets: | ||
Deposits and other assets | 22,414 | 22,414 |
Prepaid expense – less current portion | 75,167 | 82,934 |
Contract asset – unbilled long-term portion | 108,052 | 108,052 |
Operating lease – right-of-use asset | 354,370 | 368,512 |
Goodwill | 20,883,886 | 20,883,886 |
Capitalized software costs, net | 68,625 | 114,488 |
Total Other Assets | 21,873,864 | 21,974,486 |
Total Assets | 49,307,335 | 49,321,712 |
Current liabilities | ||
Accounts payable | 425,927 | 690,638 |
Accrued liabilities | 1,459,437 | 1,206,284 |
Contract liability - deferred revenue | 1,727,041 | 1,555,143 |
Lines of credit | 1,296,590 | 2,590,907 |
Operating lease liability - current | 55,076 | 53,862 |
Notes payable and financing leases – current | 132,007 | 0 |
Total current liabilities | 5,096,078 | 6,096,834 |
Long-term liabilities | ||
Operating lease liability – less current portion | 307,601 | 321,818 |
Notes payable and financing leases – less current portion | 117,138 | 0 |
Total liabilities | 5,520,817 | 6,418,652 |
Stockholders’ equity: | ||
Common Stock, $0.01 par value, 50,000,000 shares authorized; 18,468,346 and 18,460,538 issued and outstanding at September 30, 2022 and June 30, 2022, respectively | 184,686 | 184,608 |
Additional paid-in capital | 68,675,402 | 68,653,361 |
Accumulated deficit | (25,081,948) | (25,943,287) |
Total stockholders’ equity | 43,786,518 | 42,903,060 |
Total liabilities and stockholders’ equity | 49,307,335 | 49,321,712 |
Series B Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock, value | 6,254 | 6,254 |
Series B-1 Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock, value | 2,124 | 2,124 |
Customer Relationships [Member] | ||
Other Assets: | ||
Customer relationships | $ 361,350 | $ 394,200 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) | Sep. 30, 2022 shares |
Series B Preferred Stock [Member] | |
Preferred Stock, issued (in shares) | 625,375 |
Series B-1 Preferred Stock [Member] | |
Preferred Stock, issued (in shares) | 212,402 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 4,720,477 | $ 4,559,677 |
Operating expense: | ||
Cost of revenue and product support | 832,704 | 846,487 |
Sales and marketing | 1,200,259 | 1,188,893 |
General and administrative | 1,223,462 | 1,096,656 |
Depreciation and amortization | 236,006 | 261,164 |
Total operating expense | 3,492,431 | 3,393,200 |
Income from operations | 1,228,046 | 1,166,477 |
Other income (expense): | ||
Interest income | 79,092 | 55,156 |
Interest expense | (24,652) | (2,898) |
Other gain (loss) | 70,047 | (83,081) |
Unrealized gain (loss) on short term investments | (7,415) | (149,291) |
Income before income taxes | 1,345,118 | 986,363 |
(Provision) for income taxes: | (60,006) | (39,546) |
Net income | 1,285,112 | 946,817 |
Dividends on preferred stock | (146,611) | (146,611) |
Net income applicable to Common Stockholders | $ 1,138,501 | $ 800,206 |
Weighted average shares, basic (in shares) | 18,465,000 | 19,383,000 |
Weighted average shares, diluted (in shares) | 18,753,000 | 19,669,000 |
Basic income per share (in dollars per share) | $ 0.06 | $ 0.04 |
Diluted income per share (in dollars per share) | $ 0.06 | $ 0.04 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 1,285,112 | $ 946,817 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 236,006 | 261,164 |
Amortization of operating right-of-use asset | 14,142 | 22,051 |
Stock compensation expense | 111,046 | 88,246 |
Bad debt expense | 150,000 | 125,000 |
Loss on sale of property and equipment | 0 | 107,820 |
Gain on disposal of assets | 0 | (24,737) |
(Increase) decrease in: | ||
Accounts receivables | (255,281) | (258,029) |
Long-term receivables, prepaid and other assets | 434,448 | 129,335 |
(Decrease) increase in: | ||
Accounts payable | (264,711) | (95,369) |
Accrued liabilities | (58,182) | (165,555) |
Operating lease liability | (13,003) | (22,051) |
Deferred revenue | 171,898 | 3,369 |
Net cash provided by operating activities | 1,811,475 | 1,118,061 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (19,533) | 0 |
Sale of property and equipment | 0 | 1,374,085 |
Net cash provided by (used in) investing activities | (19,533) | 1,374,085 |
Cash flows financing activities: | ||
Net decrease in lines of credit | (1,294,317) | (6,000,000) |
Common Stock buy-back | (103,657) | (41,276) |
Proceeds from employee stock purchase plan | 48,903 | 56,577 |
Dividends paid | (146,611) | (146,611) |
Payments on notes payable and capital leases | (129,481) | 0 |
Net cash used in financing activities | (1,625,163) | (6,131,310) |
Net increase (decrease) in cash and cash equivalents | 166,779 | (3,639,164) |
Cash and cash equivalents at beginning of period | 21,460,948 | 24,070,322 |
Cash and cash equivalents at end of period | 21,627,727 | 20,431,158 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 146,723 | 172,342 |
Cash paid for interest | 24,653 | 2,898 |
Cash paid for operating leases | $ 17,613 | $ 30,600 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Common Stock to pay accrued liabilities (in shares) | 76,873 | 172,500 |
Dividends accrued on preferred stock | $ 146,611 | $ 146,611 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series B-1 Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Jun. 30, 2021 | 625,375 | 212,402 | 19,351,935 | ||||
Balance at Jun. 30, 2021 | $ 6,254 | $ 2,124 | $ 193,522 | $ 74,298,924 | $ (29,359,938) | $ 45,140,886 | |
Accrued compensation (in shares) | 0 | 0 | 29,316 | ||||
Accrued compensation | $ 0 | $ 0 | $ 293 | 172,207 | 0 | 172,500 | |
Employee stock plan (in shares) | 0 | 0 | 13,901 | ||||
Employee stock plan | $ 0 | $ 0 | $ 139 | 56,438 | 0 | 56,577 | |
Stock buyback (in shares) | 0 | 0 | (7,600) | ||||
Stock buyback | $ 0 | $ 0 | $ (76) | (41,200) | 0 | (41,276) | |
Preferred Dividends-Declared | 0 | 0 | 0 | 0 | (146,611) | (146,611) | |
Net income | $ 0 | $ 0 | $ 0 | 0 | 946,817 | 946,817 | |
Balance (in shares) at Sep. 30, 2021 | 625,375 | 212,402 | 19,387,552 | ||||
Balance at Sep. 30, 2021 | $ 6,254 | $ 2,124 | $ 193,878 | 74,486,369 | (28,559,732) | 46,128,893 | |
Balance (in shares) at Jun. 30, 2022 | 625,375 | 212,402 | 18,460,538 | ||||
Balance at Jun. 30, 2022 | $ 6,254 | $ 2,124 | $ 184,608 | 68,653,361 | (25,943,287) | 42,903,060 | |
Accrued compensation (in shares) | 0 | 0 | 15,603 | ||||
Accrued compensation | $ 0 | $ 0 | $ 156 | 76,717 | 0 | 76,873 | |
Employee stock plan (in shares) | 0 | 0 | 13,064 | ||||
Employee stock plan | $ 0 | $ 0 | $ 131 | 48,772 | 0 | $ 48,903 | |
Stock buyback (in shares) | 0 | 0 | (20,859) | (20,859) | [1] | ||
Stock buyback | $ 0 | $ 0 | $ (209) | (103,448) | 0 | $ (103,657) | |
Preferred Dividends-Declared | 0 | 0 | 0 | 0 | (146,611) | (146,611) | |
Common Stock Dividends-Declared | 0 | 0 | 0 | 0 | (277,162) | (277,162) | |
Net income | $ 0 | $ 0 | $ 0 | 0 | 1,285,112 | 1,285,112 | |
Balance (in shares) at Sep. 30, 2022 | 625,375 | 212,402 | 18,468,346 | ||||
Balance at Sep. 30, 2022 | $ 6,254 | $ 2,124 | $ 184,686 | $ 68,675,402 | $ (25,081,948) | $ 43,786,518 | |
[1]We close our books and records on the last calendar day of each month to align our financial closing with our business processes. |
Note 1 - Overview of Operations
Note 1 - Overview of Operations and Basis for Presentation | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. OVERVIEW OF OPERATIONS AND BASIS FOR PRESENTATION Overview Park City Group, Inc., a Nevada corporation (“ Park City Group We us our Company SaaS ReposiTrak B2B The Company’s services are grouped in three MarketPlace B2B Compliance and Food Safety Supply Chain The Company’s Supply Chain and MarketPlace services provide its customers with greater flexibility in sourcing products by enabling them to choose new suppliers and integrate them into their supply chain faster and more cost effectively, and it helps them to manage these relationships more efficiently, enhancing revenue while lowering working capital, labor costs and waste. The Company’s Compliance and Food Safety solutions help reduce a company’s potential regulatory, legal, and criminal risk from its supply chain partners by providing a way for them to ensure these suppliers are compliant with food safety regulations, such as the Food Safety Modernization Act of 2011 FSMA The Company’s services are delivered though proprietary software products designed, developed, marketed and supported by the Company. These products provide visibility and facilitate improved business processes among all key constituents in the supply chain, starting with the retailer and moving backwards to suppliers and eventually to raw material providers. The Company provides cloud-based applications and services that address e-commerce, supply chain, food safety and compliance activities. The principal customers for the Company’s products are household name multi-store food retail chains and their suppliers, branded food manufacturers, food wholesalers and distributors, and other food service businesses. The Company has a hub and spoke business model. The Company is typically engaged by retailers and wholesalers (“ Hubs Spokes The Company is incorporated in the state of Nevada and has three principal subsidiaries: PC Group, Inc., a Utah corporation (98.76% owned) (“ PCG Utah PCG Delaware Subsidiaries no The Company’s principal executive offices are located at 5282 D292 , 84107 . 435 645 - 2000. Basis of Financial Statement Presentation The interim financial information of the Company as of September 30, 2022 three September 30, 2022 June 30, 2022 U.S. GAAP 10 June 30, 2022. three September 30, 2022 not June 30, 2022. 10 June 30, 2022. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The financial statements presented herein reflect the consolidated financial position of Park City Group, Inc. and our 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. GAAP 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 U.S. Securities and Exchange Commission (“ SEC Revenue Recognition The Company recognizes revenue as it transfers control of deliverables (products, solutions and services) to its customers in an amount reflecting the consideration to which it expects to be entitled. To recognize revenue, the Company applies the following five 1 2 3 4 5 The Company may may not not For performance obligations where control is transferred over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the deliverables to be provided. Revenue related to fixed-price contracts for application development and systems integration services, consulting or other technology services is recognized as the service is performed using the output method, under which the total value of revenue is recognized based on each contract’s deliverable(s) as they are completed and when value is transferred to a customer. Revenue related to fixed-price application maintenance, testing and business process services is recognized based on our right to invoice for services performed for contracts in which the invoicing is representative of the value being delivered, in accordance with the practical expedient in FASB ASC Topic 606, Revenue from Contracts with Customers Topic 606 606 10 55 18 ASC 606 10 55 18 If the Company’s invoicing is not 606 10 55 18. not Revenue related to the Company’s software license arrangements that do not Management expects that incremental commission fees paid as a result of obtaining a contract are recoverable and therefore the Company capitalized them as contract costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is one Revenue related to transaction-based or volume-based contracts is recognized over the period the services are provided in a manner that corresponds with the value transferred to the customer to-date relative to the remaining services to be provided. From time to time, the Company may third first not, may The Company provides customers with assurance that the related deliverable will function as the parties intended because it complies with agreed-upon specifications. General updates or patch fixes are not Variable consideration is estimated using either the sum of probability weighted amounts in a range of possible consideration amounts (expected value), or the single most likely amount in a range of possible consideration amounts (most likely amount), depending on which method better predicts the amount of consideration to which we may not may The Company assesses the timing of the transfer of goods or services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, the Company does not no not not Trade Accounts Receivable and Contract Balances We classify our right to consideration in exchange for deliverables as either a receivable or a contract asset (unbilled receivable). A receivable is a right to consideration that is unconditional (i.e. only the passage of time is required before payment is due). For example, we recognize a receivable for revenue related to our transaction or volume-based contracts when earned regardless of whether amounts have been billed. We present such receivables in trade accounts receivable, net in our consolidated statements of financial position at their net estimated realizable value. We maintain an allowance for doubtful accounts to provide for the estimated amount of receivables that may not A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets are presented in current and other assets in our consolidated balance sheets and primarily relate to unbilled amounts on fixed-price contracts utilizing the output method of revenue recognition. The table below shows movements in contract assets: Contract assets Balance – June 30, 2022 $ 757,485 Revenue recognized during the period but not billed - Amounts reclassified to accounts receivable (98,000 ) Other 113 Balance – September 30, 2022 $ 659,598 (1) ( 1 Contract asset balances for September 30, 2022 Our contract assets and liabilities are reported at the end of each reporting period. The difference between the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between our performance obligations and the customer’s payment. We receive payments from customers based on the terms established in our contracts, which may The table below shows movements in the deferred revenue balances (current and noncurrent) for the period: Contract liability Balance – June 30, 2022 $ 1,555,143 Amounts billed but not recognized as revenue 1,269,010 Revenue recognized related to the opening balance of deferred revenue (1,097,112 ) Balance – September 30, 2022 $ 1,727,041 Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. The difference between the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between our performance obligations and the customer’s payment. We receive payments from customers based on the terms established in our contracts, which may Disaggregation of Revenue The table below presents disaggregated revenue from contracts with customers by contract-type. We believe this disaggregation best depicts the nature, amount, timing and uncertainty of our revenue and cash flows that may Three Months Ended September 30 2022 2021 Chg $ Chg % Recurring - Subscription, Support and Services $ 4,677,977 $ 4,405,444 $ 272,533 6 % Non-Recurring - Services 42,500 50,900 (8,400 ) 17 % Transaction Based - 103,333 (103,333 ) -100 % Total $ 4,720,477 $ 4,559,677 $ 160,800 4 % Earnings Per Share Basic net income per share of Common Stock (“ Basic EPS Diluted EPS not For the three September 30, 2022 2021, not The following table presents the components of the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended September 30, 2022 2021 Numerator Net income applicable to Common Stockholders $ 1,138,501 $ 800,206 Denominator Weighted average Common Stock outstanding, basic 18,465,000 19,383,000 Warrants to purchase Common Stock 288,000 286,000 Weighted average Common Stock outstanding, diluted 18,753,000 19,669,000 Net income per share Basic $ 0.06 $ 0.04 Diluted $ 0.06 $ 0.04 Reclassifications Certain prior year amounts have been reclassified to conform with the current year’s presentation. These reclassifications have no |
Note 3 - Equity
Note 3 - Equity | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 3. EQUITY Restricted Stock Units Restricted Stock Units Weighted Average ($/share) Outstanding at June 30, 2022 906,155 $ 5.34 Granted 50,000 4.82 Vested and issued (4,950 ) 6.06 Forfeited - - Outstanding at September 30, 2022 951,205 $ 5.31 As of September 30, 2022, not As of September 30, 2022, Warrants Outstanding warrants were issued in connection with private placements of the Company’s Common Stock and with the restructuring of the Series B Preferred that occurred in March 2018. September 30, 2022: Warrants Outstanding at September 30, 2022 Warrants Exercisable at September 30, 2022 Range of exercise prices Number Outstanding Weighted average remaining life (years) Weighted average exercise price Number exercisable Weighted average exercise price $ 4.00 1,085,068 0.35 $ 4.00 1,085,068 $ 4.00 $ 10.00 23,737 0.32 $ 10.00 23,737 $ 10.00 1,108,805 0.35 $ 4.13 1,108,805 $ 4.13 Preferred Stock The Company’s articles of incorporation currently authorizes the issuance of up to 30,000,000 shares of ‘blank check’ preferred stock, par value $0.01 (“ Preferred Stock may Series B Preferred 1 Series B- 1 1 The Company does business with some of the largest retailers and wholesalers in the world. Management believes the Series B- 1 1 Section 4 1 Series B- 1 1 1 ten Redemption Notice As of September 30, 2022, 1 Share Repurchase Program On May 9, 2019, may not Share Repurchase Program 12b 18 On March 17, 2020, 19 On May 18, 2021, On August 31, 2021, On May 10, 2022, Since inception of the Share Repurchase Program, a total of $21,000,000 in shares of Common Stock have been approved under the Share Repurchase Program. The total remaining authorization for future shares of Common Stock repurchases under our Share Repurchase Program was $10,713,447 as of September 30, 2022. may may The following table provides information about repurchases of our Common Stock registered pursuant to Section 12 three September 30, 2022: Period (1) Total Average Dollars Expended by Period Under the Plans or Programs Remaining July 1, 2022 – September 30, 2022: 20,859 $ 4.97 $ 103,657 $ 10,713,447 ( 1 We close our books and records on the last calendar day of each month to align our financial closing with our business processes. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 4. RELATED PARTY TRANSACTIONS Service Agreement. three September 30, 2022, FMI September 30, 2022 2021 |
Note 5 - Recent Accounting Pron
Note 5 - Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 5. RECENT ACCOUNTING PRONOUNCEMENTS The Company has reviewed newly issued accounting pronouncements and concluded that they are either not no |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 6. SUBSEQUENT EVENTS In accordance with the Subsequent Events Topic of the FASB ASC 855, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The financial statements presented herein reflect the consolidated financial position of Park City Group, Inc. and our subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP 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 U.S. Securities and Exchange Commission (“ SEC |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue as it transfers control of deliverables (products, solutions and services) to its customers in an amount reflecting the consideration to which it expects to be entitled. To recognize revenue, the Company applies the following five 1 2 3 4 5 The Company may may not not For performance obligations where control is transferred over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the deliverables to be provided. Revenue related to fixed-price contracts for application development and systems integration services, consulting or other technology services is recognized as the service is performed using the output method, under which the total value of revenue is recognized based on each contract’s deliverable(s) as they are completed and when value is transferred to a customer. Revenue related to fixed-price application maintenance, testing and business process services is recognized based on our right to invoice for services performed for contracts in which the invoicing is representative of the value being delivered, in accordance with the practical expedient in FASB ASC Topic 606, Revenue from Contracts with Customers Topic 606 606 10 55 18 ASC 606 10 55 18 If the Company’s invoicing is not 606 10 55 18. not Revenue related to the Company’s software license arrangements that do not Management expects that incremental commission fees paid as a result of obtaining a contract are recoverable and therefore the Company capitalized them as contract costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is one Revenue related to transaction-based or volume-based contracts is recognized over the period the services are provided in a manner that corresponds with the value transferred to the customer to-date relative to the remaining services to be provided. From time to time, the Company may third first not, may The Company provides customers with assurance that the related deliverable will function as the parties intended because it complies with agreed-upon specifications. General updates or patch fixes are not Variable consideration is estimated using either the sum of probability weighted amounts in a range of possible consideration amounts (expected value), or the single most likely amount in a range of possible consideration amounts (most likely amount), depending on which method better predicts the amount of consideration to which we may not may The Company assesses the timing of the transfer of goods or services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, the Company does not no not not |
Accounts Receivable [Policy Text Block] | Trade Accounts Receivable and Contract Balances We classify our right to consideration in exchange for deliverables as either a receivable or a contract asset (unbilled receivable). A receivable is a right to consideration that is unconditional (i.e. only the passage of time is required before payment is due). For example, we recognize a receivable for revenue related to our transaction or volume-based contracts when earned regardless of whether amounts have been billed. We present such receivables in trade accounts receivable, net in our consolidated statements of financial position at their net estimated realizable value. We maintain an allowance for doubtful accounts to provide for the estimated amount of receivables that may not A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets are presented in current and other assets in our consolidated balance sheets and primarily relate to unbilled amounts on fixed-price contracts utilizing the output method of revenue recognition. The table below shows movements in contract assets: Contract assets Balance – June 30, 2022 $ 757,485 Revenue recognized during the period but not billed - Amounts reclassified to accounts receivable (98,000 ) Other 113 Balance – September 30, 2022 $ 659,598 (1) ( 1 Contract asset balances for September 30, 2022 Our contract assets and liabilities are reported at the end of each reporting period. The difference between the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between our performance obligations and the customer’s payment. We receive payments from customers based on the terms established in our contracts, which may The table below shows movements in the deferred revenue balances (current and noncurrent) for the period: Contract liability Balance – June 30, 2022 $ 1,555,143 Amounts billed but not recognized as revenue 1,269,010 Revenue recognized related to the opening balance of deferred revenue (1,097,112 ) Balance – September 30, 2022 $ 1,727,041 Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. The difference between the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between our performance obligations and the customer’s payment. We receive payments from customers based on the terms established in our contracts, which may |
Revenue from Contract with Customer [Policy Text Block] | Disaggregation of Revenue The table below presents disaggregated revenue from contracts with customers by contract-type. We believe this disaggregation best depicts the nature, amount, timing and uncertainty of our revenue and cash flows that may Three Months Ended September 30 2022 2021 Chg $ Chg % Recurring - Subscription, Support and Services $ 4,677,977 $ 4,405,444 $ 272,533 6 % Non-Recurring - Services 42,500 50,900 (8,400 ) 17 % Transaction Based - 103,333 (103,333 ) -100 % Total $ 4,720,477 $ 4,559,677 $ 160,800 4 % |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic net income per share of Common Stock (“ Basic EPS Diluted EPS not For the three September 30, 2022 2021, not The following table presents the components of the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended September 30, 2022 2021 Numerator Net income applicable to Common Stockholders $ 1,138,501 $ 800,206 Denominator Weighted average Common Stock outstanding, basic 18,465,000 19,383,000 Warrants to purchase Common Stock 288,000 286,000 Weighted average Common Stock outstanding, diluted 18,753,000 19,669,000 Net income per share Basic $ 0.06 $ 0.04 Diluted $ 0.06 $ 0.04 |
Reclassification [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified to conform with the current year’s presentation. These reclassifications have no |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract assets Balance – June 30, 2022 $ 757,485 Revenue recognized during the period but not billed - Amounts reclassified to accounts receivable (98,000 ) Other 113 Balance – September 30, 2022 $ 659,598 (1) Contract liability Balance – June 30, 2022 $ 1,555,143 Amounts billed but not recognized as revenue 1,269,010 Revenue recognized related to the opening balance of deferred revenue (1,097,112 ) Balance – September 30, 2022 $ 1,727,041 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30 2022 2021 Chg $ Chg % Recurring - Subscription, Support and Services $ 4,677,977 $ 4,405,444 $ 272,533 6 % Non-Recurring - Services 42,500 50,900 (8,400 ) 17 % Transaction Based - 103,333 (103,333 ) -100 % Total $ 4,720,477 $ 4,559,677 $ 160,800 4 % |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, 2022 2021 Numerator Net income applicable to Common Stockholders $ 1,138,501 $ 800,206 Denominator Weighted average Common Stock outstanding, basic 18,465,000 19,383,000 Warrants to purchase Common Stock 288,000 286,000 Weighted average Common Stock outstanding, diluted 18,753,000 19,669,000 Net income per share Basic $ 0.06 $ 0.04 Diluted $ 0.06 $ 0.04 |
Note 3 - Equity (Tables)
Note 3 - Equity (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Units Restricted Stock Units Weighted Average ($/share) Outstanding at June 30, 2022 906,155 $ 5.34 Granted 50,000 4.82 Vested and issued (4,950 ) 6.06 Forfeited - - Outstanding at September 30, 2022 951,205 $ 5.31 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Outstanding at September 30, 2022 Warrants Exercisable at September 30, 2022 Range of exercise prices Number Outstanding Weighted average remaining life (years) Weighted average exercise price Number exercisable Weighted average exercise price $ 4.00 1,085,068 0.35 $ 4.00 1,085,068 $ 4.00 $ 10.00 23,737 0.32 $ 10.00 23,737 $ 10.00 1,108,805 0.35 $ 4.13 1,108,805 $ 4.13 |
Share Repurchase Program [Table Text Block] | Period (1) Total Average Dollars Expended by Period Under the Plans or Programs Remaining July 1, 2022 – September 30, 2022: 20,859 $ 4.97 $ 103,657 $ 10,713,447 |
Note 1 - Overview of Operatio_2
Note 1 - Overview of Operations and Basis for Presentation (Details Textual) | Sep. 30, 2022 |
Number of Subsidiaries | 3 |
PC Group, Inc. [Member] | UTAH | |
Noncontrolling Interest, Ownership Percentage by Parent | 98.76% |
PC Group, Inc. [Member] | GERMANY | |
Noncontrolling Interest, Ownership Percentage by Parent | 100% |
ReposiTrak [Member] | UTAH | |
Noncontrolling Interest, Ownership Percentage by Parent | 100% |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 551,546 | $ 649,433 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent, Total | $ 108,052 | $ 108,052 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 23,737 | 23,737 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 10 | $ 10 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Schedule of Changes in Contract Assets and Liabilities (Details) | 3 Months Ended | |
Sep. 30, 2022 USD ($) | ||
Balance | $ 757,485 | |
Amounts reclassified to accounts receivable | (98,000) | |
Other | 113 | |
Balance | 659,598 | [1] |
Balance | 1,555,143 | |
Amounts billed but not recognized as revenue | 1,269,010 | |
Revenue recognized related to the opening balance of deferred revenue | (1,097,112) | |
Balance | $ 1,727,041 | |
[1]Contract asset balances for June 30, 2022 include a current and a long-term contract asset of $649,433 and $108,052, respectively. |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer | $ 4,720,477 | $ 4,559,677 |
Revenue From Contract With Customer, Change From Previous Period, Amount | $ 160,800 | |
Revenue From Contract With Customer, Change From Previous Period, Percentage | 4% | |
Subscription and Support [Member] | ||
Revenue from Contract with Customer | $ 4,677,977 | 4,405,444 |
Revenue From Contract With Customer, Change From Previous Period, Amount | $ 272,533 | |
Revenue From Contract With Customer, Change From Previous Period, Percentage | 6% | |
Professional Services [Member] | ||
Revenue from Contract with Customer | $ 42,500 | 50,900 |
Revenue From Contract With Customer, Change From Previous Period, Amount | $ (8,400) | |
Revenue From Contract With Customer, Change From Previous Period, Percentage | 17% | |
Transaction Based [Member] | ||
Revenue from Contract with Customer | $ 0 | $ 103,333 |
Revenue From Contract With Customer, Change From Previous Period, Amount | $ (103,333) | |
Revenue From Contract With Customer, Change From Previous Period, Percentage | (100.00%) |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies - Schedule of Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net income applicable to Common Stockholders | $ 1,138,501 | $ 800,206 |
Weighted average shares, basic (in shares) | 18,465,000 | 19,383,000 |
Warrants to purchase Common Stock (in shares) | 288,000 | 286,000 |
Weighted average shares, diluted (in shares) | 18,753,000 | 19,669,000 |
Basic (in dollars per share) | $ 0.06 | $ 0.04 |
Diluted (in dollars per share) | $ 0.06 | $ 0.04 |
Note 3 - Equity (Details Textua
Note 3 - Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
May 10, 2022 | Aug. 31, 2021 | May 18, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | May 09, 2019 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,000,000 | $ 5,000,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 20 days | |||||
Stock Repurchase Program, Authorized Amount | $ 12,000,000 | $ 8,000,000 | 21,000,000 | $ 21,000,000 | $ 4,000,000 | |
Stock Repurchase Program, Increase in Authorized Amount | $ 9,000,000 | $ 4,000,000 | $ 4,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 10,713,447 | $ 10,713,447 | ||||
Blank Check [Member] | ||||||
Preferred Stock, Shares Authorized (in shares) | 30,000,000 | 30,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Series B Preferred Stock [Member] | ||||||
Preferred Stock, Shares, Number (in shares) | 700,000 | |||||
Preferred Stock, Shares Issued, Total (in shares) | 625,375 | 625,375 | ||||
Series B-1 Preferred Stock [Member] | ||||||
Preferred Stock, Shares, Number (in shares) | 550,000 | |||||
Preferred Stock, Cash, Dividend Rate, Percentage | 7% | |||||
Preferred Stock, Series B Preferred Shares, Dividend Rate, Percentage | 9% | |||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 10.70 | $ 10.70 | ||||
Preferred Stock, Shares Issued, Total (in shares) | 212,402 | 212,402 | ||||
Restricted Stock Units (RSUs) [Member] | Vested and Unissued [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 16,703 | 16,703 |
Note 3 - Equity - Schedule of R
Note 3 - Equity - Schedule of Restricted Stock Units (Details) - Share-Based Payment Arrangement, Nonemployee [Member] | 3 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 906,155 |
Granted (in shares) | shares | 50,000 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding (in dollars per share) | $ / shares | $ 5.34 |
Granted (in dollars per share) | $ / shares | $ 4.82 |
Vested and issued (in shares) | shares | (4,950) |
Vested and issued (in dollars per share) | $ / shares | $ 6.06 |
Forfeited (in shares) | shares | 0 |
Forfeited (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 951,205 |
Outstanding (in dollars per share) | $ / shares | $ 5.31 |
Note 3 - Equity - Schedule of W
Note 3 - Equity - Schedule of Warrants (Details) | 3 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Class of Warrant or Right, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 4.13 |
Class of Warrant or Right, Outstanding (in shares) | shares | 1,108,805 |
Class of Warrant or Right, Weighted Average Remaining Contractual Term (Year) | 4 months 6 days |
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 4.13 |
Class of Warrant or Right, Warrants, Exercisable, Number (in shares) | shares | 1,108,805 |
Exercise Price, Four Dollars, Minimum [Member] | |
Class of Warrant or Right, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 4 |
Class of Warrant or Right, Outstanding (in shares) | shares | 1,085,068 |
Class of Warrant or Right, Weighted Average Remaining Contractual Term (Year) | 4 months 6 days |
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 4 |
Class of Warrant or Right, Warrants, Exercisable, Number (in shares) | shares | 1,085,068 |
Exercise Price, Ten Dollars, Maximum [Member] | |
Class of Warrant or Right, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 10 |
Class of Warrant or Right, Outstanding (in shares) | shares | 23,737 |
Class of Warrant or Right, Weighted Average Remaining Contractual Term (Year) | 3 months 25 days |
Class of Warrant or Right, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 10 |
Class of Warrant or Right, Warrants, Exercisable, Number (in shares) | shares | 23,737 |
Note 3 - Equity - Share Repurch
Note 3 - Equity - Share Repurchase Program (Details) | 3 Months Ended | |
Sep. 30, 2022 USD ($) $ / shares shares | ||
Total number of shares purchased (in shares) | shares | 20,859 | [1] |
Average price paid per share (in dollars per share) | $ / shares | $ 4.97 | [1] |
Amount available for future share repurchases under the plans or programs | $ | $ 10,713,447 | |
Share Repurchase Program [Member] | ||
Total number of shares purchased (in shares) | shares | 103,657 | [1] |
Amount available for future share repurchases under the plans or programs | $ | $ 10,713,447 | [1] |
[1]We close our books and records on the last calendar day of each month to align our financial closing with our business processes. |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Fields Management Service Agreement [Member] | ||
Due to Related Parties, Total | $ 0 | $ 0 |