Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2013 |
Principles of Consolidation [Policy Text Block] | ' |
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| Principles of Consolidation |
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| The consolidated financial statements include the accounts of the Oakridge Holdings, Inc. and its subsidiaries, each of which is wholly-owned. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. |
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Segment Reporting [Policy Text Block] | ' |
| Segment Reporting |
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| The Company operates and manages the business under two reportable segments - cemeteries and aviation ground support equipment. |
Comprehensive Income (Loss) [Policy Text Block] | ' |
| Comprehensive Income (Loss) |
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| Comprehensive income (loss) includes net income (loss) and items defined as other comprehensive income (loss). Items defined as other comprehensive income (loss) include items such as foreign currency translation adjustments and unrealized gains and losses on certain marketable securities. For the years ended June 30, 2013 and 2012, there were no adjustments to net income (loss) to arrive at comprehensive income (loss). |
Fair Values of Financial Instruments [Policy Text Block] | ' |
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| Fair Values of Financial Instruments |
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| The estimated fair values of the Company's financial instruments at June 30, 2013 and 2012, and the methods and assumptions used to estimate such fair values, were as follows: |
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Cash and cash equivalents, accounts receivable, trade accounts payable and due to finance company - Fair value approximates the carrying amount because of the short maturity of those financial instruments. |
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Long-term debt and other notes payable – Fair value is estimated using discounted cash flow analyses, based on the interest rates that are currently available to the Company for issuance of debt with similar terms and remaining maturities as of June 30, 2013 and 2012. The fair value of long-term debt and other notes payable approximated their carrying values at June 30, 2013 and 2012. |
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Fixed income and debt securities - Cemetery perpetual care and pre-need trust investments - The fair value is determined based on valuations provided by external investment managers who obtain them from a variety of industry standard data providers. See Note 16 for further description. |
Estimates and Assumptions [Policy Text Block] | ' |
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Estimates and Assumptions |
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The preparation of consolidated financial statements in accordance with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. As a result, actual amounts could differ from those estimates. |
Concentrations [Policy Text Block] | ' |
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Concentrations |
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Credit Risk |
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The Company's cash deposits from time to time exceed federally insured limits. The Company has not experienced any losses on its cash deposits in the past. |
Cash and Cash Equivalents [Policy Text Block] | ' |
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Cash and Cash Equivalents |
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For purposes of the consolidated statements of cash flows and balance sheets, the Company considers all highly liquid non-trust investments purchased with a maturity of three months or less to be cash equivalents. |
Restricted Cash [Policy Text Block] | ' |
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Restricted Cash |
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Restricted cash represents amounts required to be held in escrow by certain Stinar customers until completion of certain projects. |
Accounts Receivable [Policy Text Block] | ' |
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Accounts Receivable |
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Accounts receivable are customer obligations generally due under normal trade terms for the industries served by the Company. The Company provides an allowance for doubtful accounts equal to estimated uncollectible amounts. The Company's estimate is based on historical collection experience and a review of the current status of accounts receivable. When management determines that it is probable that an account will not be collected, all or a portion of the amount is charged against the allowance for doubtful accounts. It is reasonably possible that the Company's estimate of the allowance for doubtful accounts will change. |
Inventories [Policy Text Block] | ' |
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Inventories |
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Finished goods, component parts and work-in-process inventories are stated at the lower of first-in, first-out cost or market. The cemetery and mausoleum space available for sale is stated at the lower of cost (determined by an allocation of the total purchase and development costs of each of the properties to the number of spaces available) or market. The Company reviews inventory on an annual basis and provides an inventory reserve for slow-moving, obsolete or unusable inventory, if necessary. As of June 30, 2013 and 2012, the Company has determined an inventory reserve to be unnecessary. |
Property and Equipment [Policy Text Block] | ' |
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Property and Equipment |
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Property and equipment are carried at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets and are generally depreciated over a 3 to 15 year period. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to operations as incurred and significant renewals and betterments are capitalized. |
Debt Issuance Costs [Policy Text Block] | ' |
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Debt Issuance Costs |
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Debt issuance costs are carried at cost and amortized using the straight-line method, which materially approximates the effective interest method, over the term of the related debt. Amortization of these debt costs, recognized and reported as interest expense for the years ended June 30, 2013 and 2012, was $8,757 and $7,743, respectively. |
Long lived Assets [Policy Text Block] | ' |
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Long-lived Assets |
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The Company periodically evaluates the carrying value of long-lived assets to be held and used, including but not limited to, capital assets, when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from the use of such asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose. |
Product Warranty Liability [Policy Text Block] | ' |
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Product Warranty Liability |
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The Company’s aviation ground equipment segment warrants its products against certain defects based on contract terms. Generally, warranty periods are five years for workmanship and manufacturing defects and seven years for painting defects. The Company has recourse provisions for certain items that would enable recovery from third parties for amounts paid under the warranties. The Company calculates a product warranty liability based on historical activity. For the past several years, warranty claims have been nominal. There are no warranty costs accrued as of June 30, 2013 and 2012. |
Revenue Recognition [Policy Text Block] | ' |
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Revenue Recognition |
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Cemetery and Mausoleum Space Revenue |
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Sales of cemetery merchandise and services and at-need cemetery interment rights are recorded as revenue when the merchandise is delivered or service is performed. |
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Sales of pre-need cemetery grave plots rights are recognized in accordance with the retail land sales provisions of Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 976-10 “Accounting for Sales of Real Estate”. Accordingly, provided certain collectability criteria are met, pre-need cemetery interment right sales are deferred until cumulative payments exceed 10% of the contract price related to the interment right. Payment terms for pre-need contracts generally range from twelve to sixty months. A portion of the proceeds from cemetery sales for interment rights is generally required by law to be paid into perpetual care trusts. Earnings of perpetual care trusts are recognized in current cemetery revenue and are used to defray the maintenance costs of cemeteries, which are expensed as incurred. |
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Pursuant to various state and provincial laws, a portion of the proceeds from the sale of pre-need merchandise and services are required to be paid into trusts, which are included in pre-need trust investments in the Company’s consolidated financial statements. The un-trusted proceeds are initially included in deferred revenue. Sales of pre-need merchandise and services, including grave boxes and interment, are recorded as revenue when products and services have been delivered and collection of the resulting receivable is reasonably assured. |
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Selling costs related to the sale of pre-need cemetery contract revenues are expensed in the period incurred. |
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Aviation Ground Support Equipment |
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Revenue is recognized when all significant contractual obligations have been satisfied and collection of the resulting receivable is reasonably assured, which generally occurs after the customer has been notified that the products have been completed according to the customer specifications, have passed all of the Company’s quality control inspections, and are ready for delivery. |
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Shipping and Handling Costs |
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All shipping and handling revenue is included in revenue. All direct costs to ship the products to customers are classified as cost of goods sold. |
Income Taxes [Policy Text Block] | ' |
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Income Taxes |
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Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred income taxes. The significant temporary differences relate to research and development credit carry forwards, operating loss carry forwards, depreciation, inventories and certain accruals. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets are reduced through the establishment of a valuation allowance at the time, based upon available evidence, it becomes more likely than not that the deferred tax assets will not be realized. |
Environmental Costs [Policy Text Block] | ' |
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Environmental Costs |
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Environmental expenditures that pertain to current operations or relate to future revenue are expensed or capitalized consistent with the Company's capitalization policy. Expenditures that result from the remediation of an existing condition caused by past operations that do not contribute to current or future revenue are expensed. Liabilities are recognized for remedial activities when the clean-up is probable and the cost can be reasonably estimated. The Company has not identified any environmental cost liabilities as of June 30, 2013 and 2012. |
Advertising Costs [Policy Text Block] | ' |
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Advertising Costs |
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Advertising costs are expensed as incurred. |
Research and Development Costs [Policy Text Block] | ' |
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Research and Development Costs |
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Research and development costs in the product development process are expensed as incurred. Research and development costs consist primarily of engineering and material costs relating to design and prototype development activities. |
Basic and Diluted Net Earnings per Share [Policy Text Block] | ' |
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Basic and Diluted Net Earnings per Share |
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Basic net earnings (loss) per common share is computed by dividing net earnings (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of the shares that might be issued upon the conversion of subordinated debentures and adjusting the net earnings (loss) applicable to common stockholders resulting from the assumed conversions . In periods where losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. |
Recent Accounting Pronouncements [Policy Text Block] | ' |
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Recent Accounting Pronouncements |
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The Company reviewed all significant newly issued accounting pronouncements and determined they are either not applicable to its business or that no material effect is expected on its financial position, results of operations or disclosures. |