ARC Group Worldwide (ARCW) 10-K 4 Oct 13 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Jun. 30, 2013	Oct. 04, 2013	Dec. 31, 2012
Document And Entity Information
Entity Registrant Name	ARC Group Worldwide, Inc.
Entity Central Index Key	826326
Trading Symbol	ARCW
Document Type	10-K
Document Period End Date	30-Jun-13
Current Fiscal Year End Date	-24
Amendment Flag	FALSE
Entity Filer Category	Smaller Reporting Company
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Common Stock, Par Value	$0.00
Entity Common Stock Shares Outstanding		5,877,683
Entity Public Float			$5,304,159
Entity Public Float, Common Stock Shares			878,172
Entity Public Float, Stock Price Per Share			$6.04
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Jun. 30, 2012
Current Assets:
Cash and cash equivalents	$3,601,000	$1,448,000
Accounts receivable, net	10,636,000	3,585,000
Inventories, net	10,780,000	3,649,000
Due from related party		205,000
Prepaid and other current assets	1,012,000	423,000
Current assets of discontinued operations	262,000	362,000
Total current assets	26,291,000	9,672,000
Property and Equipment, net	24,051,000	4,473,000
Long-Term Assets:
Goodwill	11,497,000	6,835,000
Intangible assets, net	4,622,000
Other	211,000	172,000
Long-term assets of discontinued operations		181,000
Total long-term assets	16,330,000	7,188,000
Total Assets	66,672,000	21,333,000
Current Liabilities:
Accounts payable	5,496,000	710,000
Accrued expenses	2,265,000	953,000
Due to related party	20,000	367,000
Deferred revenue	1,103,000	132,000
Current portion of long-term debt	7,410,000	1,491,000
Current liabilities of discontinued operations	7,000	7,000
Total current liabilities	16,301,000	3,660,000
Long-Term Liabilities:
Bank debt, noncurrent	8,788,000	5,377,000
Convertible debt, net of discount	15,866,000
Total long-term liabilities	24,654,000	5,377,000
Total Liabilities	40,955,000	9,037,000
Commitments (Note H)
Stockholders' Equity:
Preferred stock, $0.001 par value, 2,000,000 authorized, no shares issued and outstanding
Common stock, $0.0005 par value, 250,000,000 shares authorized, 5,672,618 and 4,029,700 shares outstanding at June 30, 2013 and June 30, 2012, respectively	3,000	2,000
Treasury stock, at cost	-1,000
Additional paid-in capital	13,280,000	2,607,000
Note Receivable from Related Party	-272,000	-303,000
Accumulated earning/deficit	11,627,000	9,146,000
Non-Controlling Interest	1,080,000	844,000
Total Stockholders' Equity	25,717,000	12,296,000
Total Liabilities and Stockholders' Equity	$66,672,000	$21,333,000

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Jun. 30, 2012
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized	2,000,000	2,000,000
Common stock, par value	$0.00	$0.00
Common stock, authorized	250,000,000	250,000,000
Common stock, outstanding	5,672,618	4,029,700

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Income Statement [Abstract]
Sales	$68,486	$30,407
Cost of sales	50,194	18,696
Gross Profit	18,292	11,711
Operating Expense:
Selling, general and administrative	11,620	6,408
Merger expenses	1,637
Income from Operations	5,035	5,303
Other Income (Expense):
Other income (expense)	52	131
Gain on bargain purchase	381
Interest expense, net	-1,142	-453
Total other income (expense)	-709	-322
Income before Income Taxes	4,326	4,981
Current and deferred income tax expense	722
Earnings from continuing operations	3,604	4,981
Loss from discontinued operations, net of tax of $132 and $0	-274	-164
Net Income	3,330	4,817
Less: Net Income (Loss) Attributable to Non-Controlling Interest	291	299
Net Income Attributable to ARC Group Worldwide, Inc	3,039	4,518
Amounts Attributable to ARC Group Worldwide, Inc.
Net Income from Continuing Operations	3,313	4,665
Net Income (Loss) from Discontinued Operations	($274)	($147)
Net Income (Loss) per Common Share:
Continuing operations (net of non-controlling interest)	$0.60	$1.16
Discontinued operations (net of non-controlling interest)	($0.05)	($0.04)
Basic and diluted	$0.55	$1.12
Weighted Average Common Shares Outstanding:
Basic and diluted	5,497,073	4,029,700

Consolidated_Statements_of_Ope1

Consolidated Statements of Operations (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Income Statement [Abstract]
Discontinued operations, tax benefit	$132

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Stockholders' Equity (USD $)	Common Stock	Treasury Stock	Retained Earnings / Members Equity	Noncontrolling Interest	Related Party Note	Additional paid-in Capital	Total
In Thousands, except Share data
Balance, beginning at Jun. 30, 2011	$2		$7,230	$2,157		$2,607	$11,996
Balance, beginning shares at Jun. 30, 2011	4,029,700
Transfer of Noncontrolling Interest			1,298	-1,298
Initial Capitalization			1				1
Exercise of Option for Member Note			303		-303
Recall of Share Options				-10			-10
Payment & Exercise of Share Options Issued				10			10
Net Income/(Loss)			4,518	299			4,817
Distributions			-4,204	-314			-4,518
Balance, ending at Jun. 30, 2012	2		9,146	844	-303	2,607	12,296
Balance, ending shares at Jun. 30, 2012	4,029,700						4,029,700
Net Income/(Loss)			3,039	291			3,330
Acquisition of TubeFit noncontrolling interest			-19	19
Distributions			-539	-74			-613
Shares Issued in Reverse Merger	1					10,673	10,674
Shares Issued in Reverse Merger, shares	1,643,000
Treasury Stock		-1					-1
Note Payment					31		31
Balance, ending at Jun. 30, 2013	$3	($1)	$11,627	$1,080	($272)	$13,280	$25,717
Balance, ending shares at Jun. 30, 2013	5,672,618						5,672,618

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Cash Flows from Operating Activities
Net Income	$3,330	$4,817
Loss from Discontinued Operations	274	164
Income from continuing operations	3,604	4,981
Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by (Used In) Operating Activities
Depreciation and Amortization	3,393	725
Gain on Bargain Purchase	-381
(Gain)/ Loss on Disposition of Assets	-5	27
Amortization of Debt Discount	378
Loss on Intangible Impairment	7
Bad Debt Expense	73	75
(Increase) Decrease in Assets
Accounts Receivable	214	-121
Related Party Receivable	205
Inventory	121	709
Prepaid Expenses and Other Assets	-285	292
Other Long-Term Assets	-33	146
Increase (Decrease) in Liabilities
Accounts Payable	-252	-364
Other Accrued Expenses	336	277
Related Party Payable	-347	0
Deferred Revenue	404	-65
Net Cash Provided by Operating Activities of Continuing Operations	7,432	6,682
Net Cash Used in Operating Activities of Discontinued Operations	-18	-520
Net Cash Provided by Operating Activities	7,414	6,162
Cash Flows from Investing Activities
Net Assets Acquired in the QMT and AFT Acquisitions	-25,122
Net Cash Acquired in the QMT and AFT Acquisitions	11,325
Investment in Plant and Equipment	-818	-628
Proceeds from sale on assets	143
Cash Received in Reverse Merger	449
Net Cash Used In Investing Activities of Continuing Operations	-14,023	-628
Net Cash Used In Investing Activities of Discontinued Operations	25	-173
Net Cash Used In Investing Activities	-13,998	-801
Cash Flows from Financing Activities
Proceeds from Issuance of Debt	25,000	2,318
Principal Payments on Existing Debt	-6,869	-3,505
Principal Payments on Newly Issued Debt	-8,802
Payment on Capital Lease Obligations	-9
Repurchase of Shares	-1
Payments on Recalled Share Options		-10
Receipt on Related Party Note	31
Due to Related Party		51
Proceeds from Member Shares Issued		10
Additional Cash Contribution		1
Distribution Payments to Non-controlling Interest Members	-74	-314
Distributions to Members	-539	-4,204
Net Cash Provided by (Used in) Financing Activities	8,737	-5,653
Net Increase in Cash and Cash Equivalents	2,153	-292
Cash and Cash Equivalents, Beginning of Period	1,448	1,740
Cash and Cash Equivalents, End of Period	3,601	1,448
Supplemental Disclosures of Cash Flow Information
Cash Paid During the Year for Interest	737	479
Cash Paid During the Year for Taxes	435
Non-Cash Transactions
Stock Issued in the Reverse Merger	10,225
Debt Discount	2,112
Convertible Debt Issued in AFT Acquisition	$17,600

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2013
Summary Of Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Organization and Nature of Business
	Quadrant Metals Technology, LLC ("referred to herein as "QMT" or "the Predecessor") was formed in March 2011, to function as a holding company for a group of diversified manufacturing and distribution companies. Upon formation, QMT acquired controlling interests in TeknaSeal LLC ("TeknaSeal") as of May 1, 2011 and in FloMet LLC ("FloMet") as of June 30, 2011. In addition, QMT acquired General Flange & Forge ("GF&F") as of April 18, 2011 and has held controlling interests in GF&F since that date. Furthermore, TubeFit LLC ("TubeFit") was formed on November 1, 2011 and QMT has held controlling interests in TubeFit since that date. While QMT was formed in 2011 as a holding company, affiliated companies have held controlling interests in FloMet and TeknaSeal for over 10 years.
	Advanced Forming Technology, Inc. ("AFT") is comprised of two operating units, AFT-US and AFT Hungary. AFT-US was founded in 1987. From 1991 until its acquisition by ARC, AFT was operated as a division of Precision Castparts Corporation, a publicly traded company.
	ARC Group Worldwide, Inc. (referred to herein as the "Company" or "ARC") was organized under the laws of the State of Utah on September 30, 1987.
	Basis of Presentation/Principles of Consolidation
	The Company’s fiscal year begins July 1 and ends June 30 and the quarters for interim reporting consist of thirteen weeks, therefore, the quarter end will not always coincide with the date of the calendar month.
	Prior to the date of the acquisitions noted above, the Predecessor operated in two business segments, identified as the Precision Components Group, consisting of FloMet and TeknaSeal, and the Flanges and Fittings Group, consisting of GF&F and TubeFit. After completion of the acquisitions mentioned above, ARC operates three business segments: the Precision Components Group, consisting of FloMet, AFT-US, AFT-Hungary, and TeknaSeal; the Flanges and Fittings Group, consisting of GF&F and TubeFit; and the Wireless Group, consisting of ARC Wireless LLC and ARC Wireless Ltd.
	During the third quarter of fiscal year 2013, the Company made the decision to discontinue the operations of TubeFit, which was previously included within its Flanges & Fittings segment. The operations of TubeFit have been included in our financial statements as discontinued operations for all periods presented.
	The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States. The accompanying consolidated financial statements include the amounts of the Company as well as the Predecessor Company and all wholly owned subsidiaries. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.
	Significant Business Acquisitions
	On August 8, 2012, ARC completed the acquisition of QMT and AFT (referred to herein as the “QMT Acquisition” and the “AFT Acquisition”). The QMT Acquisition was accounted for as a reverse acquisition under generally accepted accounting principles, whereby QMT was deemed to be the accounting acquirer in the acquisition. The financial statements for periods prior to August 8, 2012 reflect only the operations of QMT. The Company’s common stock was issued in exchange for 100% of the issued and outstanding membership interest of Quadrant Metals Technologies, LLC (equal to 4,029,700 shares of ARC’s common stock after giving effect to the 1:1.95 reverse stock split). The shares of common stock issued to QMT pursuant to the merger are presented as having been outstanding since July 1, 2011. The accompanying financial statements present the previously issued shares of ARC common stock as having been issued pursuant to the merger on August 8, 2012. All transactions between divisions and/or wholly owned subsidiaries of the Company or the Predecessor Company have been eliminated in the financial statements.
	Reasons for the acquisitions at the agreed upon purchase price include synergies between the businesses, including cross fertilization of product/customer applications, expanded R&D capabilities, and operational synergies, among others. It is also believed that the acquisitions will help generate further scale and lead to enhanced revenue and earnings growth. The combination of two of the largest recognized leaders in the metal injection molding (“MIM”) industry will provide distinct scale advantages creating substantial barriers to entry for other companies and providing ARC with long-term strategic positioning as the clear market leader in the MIM industry.
	Effective August 8, 2012, the Company acquired all shares of AFT and the net assets of AFT for approximately, $40.6 million. The acquisition was completed through the payment of cash totaling $7.1 million less post-closing adjustments of ($0.1) million, bank facility funds of $18.1 million, and a convertible note net of interest discount with Precision Castparts Corp. of $15.5 million. For the QMT Acquisition, effective August 8, 2012, the Company sold 57,505 shares of ARC Common Stock after giving effect to the proposed 1:1.95 reverse stock split to Carret P.T., LP in consideration for cash investment in ARC of $449 thousand. The purchase price for the reverse acquisition of $10.2 million was derived from the ARC common stock equal to 1,585,413 shares after giving effect to the 1:1.95 reverse stock split at the August 8, 2012 stock price. With regard to the assets acquired for the reverse merger of ARC by QMT, ARC’s historical accumulated deficit for periods prior to August 8, 2012, in the amount of $10.2 million was eliminated against additional paid in capital. The acquisition was accounted for using the purchase method of accounting and, accordingly the Company’s consolidated balance sheet as of June 30, 2013, includes the impact of the acquisition.
	The accompanying financial statements include the results of operations of ARC, QMT and AFT for periods subsequent to the acquisition; for periods prior to the acquisition the results of operations are presented only for QMT.
	The total adjusted purchase price of AFT was allocated to the tangible and intangible assets acquired based upon their respective estimated fair values at the acquisition date with the excess purchase price allocated to goodwill for AFT in the amount of $4.7 million. The goodwill arising from the AFT Acquisition consists of synergies and economies of scale expected from the QMT and AFT Acquisitions. The goodwill recognized is expected to be deductible for income tax purposes. For AFT, third party consultants were retained to perform valuation techniques to establish valuation for property and equipment, and identifiable intangible assets. For ARC the fair value of the identifiable assets acquired and liabilities assumed of $10.6 million exceeded the fair value of the purchase price of the business of $10.2 million. As a result, the Company reassessed the recognition and measurement of identifiable assets acquired and liabilities assumed and concluded that the valuation procedures and resulting measures were appropriate. Accordingly, the ARC reverse acquisition has been accounted for as a bargain purchase and, as a result, the Company recognized a gain of $0.4 million associated with the reverse acquisition. The gain is included in the line item “Gain on bargain purchase” in the 2013 Consolidated Statement of Operations.
	Significant Business Acquisitions
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.
	To record the assets and liabilities for the reverse merger of ARC by QMT (in thousands):
	Cash and cash equivalents		10,590
	Accounts receivable, net		1,096
	Inventories, net		737
	Prepaid and other current assets		40
	Property and equipment, net		236
	Intangible assets		109
	Other Assets		6
	Negative goodwill resulting from the acquisition accounted for as a bargain purchase		(381	)
	Accounts payable		(2,030	)
	Accrued expenses		(169	)
	Current portion of capital lease		(9	)
	Fair value of net assets acquired		10,225
	To record the assets and liabilities purchased in the acquisition of AFT (in thousands):
	Cash and cash equivalents		735
	Accounts receivable, net		6,236
	Inventories, net		6,521
	Prepaid and other current assets		264
	Property and equipment, net		21,590
	Other intangible assets		4,983
	Goodwill		4,663
	Accounts payable		(3,007	)
	Accrued expenses		(1,375	)
	Fair value of net assets acquired		40,610
	In the third quarter the Company revised its allocation to other identifiable intangibles based on the results from a third party valuation report. Additionally in the fourth quarter the Company revised its estimate of the fair value of the liabilities assumed based on additional analysis. If these adjustments were made at the acquisition date, amortization expense of intangibles and interest would have increased by $145 thousand, $230 thousand, and $104 thousand in the first three quarters, respectively. Adjustments were made in the third and fourth quarters to record the appropriate amount of amortization for the year.
	Pro forma Financial Information (Unaudited)
	The historical operating results of ARC and AFT have not been included in the Company's historical consolidated operating results prior to their acquisition dates. The following unaudited pro forma information presents the combined results of continuing operations for the years ended June 30, 2013 and June 30, 2012 as if the acquisition had been completed on July 1, 2011. The unaudited pro forma results do not reflect any material adjustments, operating efficiencies or potential cost savings which may result from the consolidation of operations but do reflect certain adjustments expected to have a continuing impact on the combined results.
	(In thousands, except per share data)	Year Ended			Year Ended
		30-Jun-13			30-Jun-12
	Revenue	$	71,929		$	70,417
	Income from continuing operations	$	2,535			2,932
	Loss from discontinued operations	$	(274	)		(147	)
	Net income (loss)	$	2,261		$	2,785
	Income per common share for continuing operation	$	0.45			0.52
	Loss per common share for discontinued operations	$	(.05	)		(.03	)
	Basic and diluted net income  per common share	$	0.4		$	0.49
	Cash and Cash Equivalents
	For purposes of reporting cash flows, the Company considers all highly liquid debt instruments with an initial maturity of three months or less to be cash equivalents. The Company places its cash with high credit quality financial institutions and does not believe it is exposed to any significant credit risk on cash and cash equivalents. At times, cash in the bank may exceed FDIC insurable limits.
	Accounts Receivable
	The Company uses the allowance method to account for uncollectible accounts receivable. The allowance is sufficient to cover both current and anticipated future losses. Uncollectible amounts are charged against the allowance account. Management estimates this amount based upon prior experience with customers and an analysis of individual trade accounts. An allowance for doubtful accounts of $222 thousand and $125 thousand has been reserved as of June 30, 2013 and June 30, 2012, respectively.
	The Company offers most customers between net 30 and 60 day terms. Accounts are considered past due if a payment is not received within credit terms.
	Inventories
	The Company values inventories at the lower of average cost or market using the first-in, first-out (FIFO) method. It is the Company’s practice to provide a valuation allowance for inventories to account for actual market pricing deflation and inventory shrinkage. Management actively reviews this inventory to determine that all materials are for products still in production to determine any potential obsolescence issues. An allowance for inventory obsolescence of $386 thousand and $45 thousand has been reserved as of June 30, 2013 and June 30, 2012, respectively.
	Plant and Equipment
	Plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
		Useful Life
Building and Improvements	7 to 40 years
Machinery and Equipment	3 to 12 years
Major additions and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred.
Depreciation expense totaled $2.9 million and $.7 million in the years ended June 30, 2013 and 2012, respectively.
Long-lived Assets
The carrying value of long-lived assets are reviewed annually; if at any time the facts or circumstances at any of our individual subsidiaries indicate impairment of long-lived asset values, as a result of a continual decline in performance, or as a result of fundamental changes in a subsidiary's market conditions, a determination is made as to whether the carrying value of the property's long-lived assets exceeds estimated realizable value. Long-lived assets consist primarily of Property and Equipment. No impairment was determined as of June 30, 2013.
Goodwill and Intangibles
Goodwill is recognized as a result of an acquisition when the price paid for the acquired business exceeds the fair value of its identified net assets. Identifiable intangible assets are recognized at their fair value when acquired. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead tested for impairment at least annually. The Company performs the qualitative assessment using a “more likely than not” concept first. The determination of the value of such intangible assets requires management to make estimates and assumptions that affect the consolidated financial statements. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is necessary. The Company is compared to its carrying value to determine whether an indication of impairment exists.  If impairment exists, then the fair value of the goodwill is determined by allocation of the Company’s fair value to its assets and liabilities (including any unrecognized intangible assets). Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment.
The Company has evaluated its goodwill and intangibles that were acquired in prior periods for impairment and have determined that goodwill and intangibles were not impaired for continuing operations with the exception of a patent that was retired in the amount of $12 thousand as of the year ended June 30, 2013. The Company has determined goodwill impairment for period ending June 30, 2013 in the amount of $129 thousand related to discontinued operations.
Acquisitions during fiscal year 2013 resulted in an increase in goodwill of approximately $4.7 million. The carrying amounts of goodwill are as follows (in thousands):
	June 30,			June 30,
	2013			2012
Precision Components	$	9,785		$	5,123
Flanges and Fitting		1,712			1,712
Wireless		—			—
Total	$	11,497		$	6,835
Goodwill and Intangibles
The gross carrying amount and accumulated amortization of acquired intangible assets are as follows (in thousands):
	June 30,			June 30,
	2013			2012
Patents	$	272			—
Tradenames		75			—
Customer Relationships		4,971			—
Total Gross Carrying Value		5,318			—
Accumulated Amortization		(696	)		—
Total Net Carrying Value	$	4,622			—
Intangible assets are being amortized using the straight-line method over estimated useful lives ranging from 5 to 15 years. Amortization expense totaled $463 thousand for other identifiable intangible assets for the year ended June 30, 2013.
Estimated future amortization expense for the next five years as of June 30, 2013 is as follows (in thousands):
Fiscal Years	Amount
2014	$	505
2015		503
2016		503
2017		503
2018		502
Deferred Revenue
Unearned revenue consists of customer deposits for the development of molds used in the manufacturing process. As of June 30, 2013 and 2012, unearned income was $1,103 thousand and $132 thousand respectively. The Company recognizes revenue and the related expenses when the customer approves the mold for production. Accordingly, as of June 30, 2013 and 2012, the Company and Predecessor has incurred costs of $897 thousand and $101 thousand, respectively, related to molds in the process of being developed which have been deferred and are included as part of the total current assets on the accompanying balance sheet.
Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer returns.
The Company recognizes revenue when the earnings process is complete. This generally occurs when products are shipped to the customer in accordance with the contract or purchase order, ownership and risk of loss have passed to the customer, collectability is reasonably assured, and pricing is fixed and determinable. In instances where title does not pass to the customer upon shipment, the Company recognizes revenue upon delivery or customer acceptance, depending on terms of the sales agreement. Service sales, representing maintenance and engineering activities, are recognized as services are performed.
Research and Development Costs
Research and development costs are expensed as incurred. The majority of these expenditures consist of salaries for engineering and manufacturing personnel and fees paid to consultants for services rendered. For the years ended June 30, 2013 and 2012, the Company incurred $794 thousand and $830 thousand, respectively, for research and development, which is included in selling, general and administrative expenses on the accompanying statement of income.
Financial Instruments
The Company's financial instruments consist of cash and cash equivalents, notes and accounts receivable, accrued liabilities, and notes and accounts payable. It is management's opinion that the Company is not exposed to significant interest rate or credit risks arising from these instruments. The fair values of these financial instruments approximate their carrying values.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes
The Company accounts for income taxes pursuant to Accounting Standards Codification (“ASC”) 740, Income Taxes, which utilizes the asset and liability method of computing deferred income taxes. The objective of this method is to establish deferred tax assets and liabilities for any temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The current and deferred tax provision is allocated among the members of the consolidated group on the separate income tax return basis.
ASC 740 also provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized. During the twelve months ended June 30, 2013 the Company recognized no adjustments for uncertain tax positions.
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. No interest and penalties related to uncertain tax positions were recognized at June 30, 2013 or June 30, 2012. The Company expects no material changes to unrecognized tax positions within the next twelve months.
Prior to the Reverse Merger the Company was a limited liability company; the Company’s taxable income or loss was allocated to the members in accordance with their respective percentage ownership. Therefore, no provision or liability for income taxes has been included in the financial statements prior to August 8, 2012.
The tax returns for the years ending June 30, 2010 through 2012 are open to examination by federal and state authorities.
Presentation of Certain Taxes
The Company collects various taxes from customers and remits these amounts to applicable taxing authorities. The Company's accounting policy is to exclude these taxes from revenues and cost of sales.
Advertising
Advertising costs are charged to operations when incurred. Total advertising costs for the years ended June 30, 2013 and 2012 was approximately $86 thousand and $99 thousand, respectively.
Foreign Currency Transactions
AFT-Hungary’s functional currency is the U.S. Dollar, transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.  Transaction gains and losses had no material impact on the Company’s results of operations for any year presented.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jun. 30, 2013
Recent Accounting Pronouncements
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE B – RECENT ACCOUNTING PRONOUNCEMENTS
	Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU’s) to the FASB’s Accounting Standards Codification.
	The Company considers the applicability and impact of all ASU’s. ASU’s not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.
	In June 2011, the FASB issued an update to ASC No. 220, “Presentation of Comprehensive Income,” which eliminates the option to present other comprehensive income and its components in the statement of shareholders’ equity. The Company can elect to present the items of net income and other comprehensive income in a single continuous statement of comprehensive income or in two separate, but consecutive, statements. Under either method the statement would need to be presented with equal prominence as the other primary financial statements. The amended guidance, which must be applied retroactively, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with earlier adoption permitted. In December 2011, the FASB issued another update on the topic, which deferred the effective date pertaining only to the presentation of reclassification adjustments on the face of the financial statements. The adoption of the new guidance did not have a material impact on the consolidated financial statements.
	In September 2011, the FASB issued amendments to the goodwill impairment guidance which provides an option for companies to use a qualitative approach to test goodwill for impairment if certain conditions are met. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 (early adoption is permitted). The implementation of the amended accounting guidance has not had a material impact on our consolidated financial position or results of operations.
	In December 2011, the FASB issued an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material impact on our financial statements when implemented.
	In July 2012, the Financial Accounting Standards Board (“FASB”) issued guidance which amends the guidance on testing indefinite-lived intangible assets, other than goodwill, for impairment. Under the new guidance, an entity testing an indefinite-lived intangible asset for impairment has the option of performing a qualitative assessment before calculating the fair value of the asset. If the entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is not more likely than not impaired, the entity would not need to calculate the fair value of the asset. The guidance is effective for the Company for our annual impairment test for fiscal 2014. The adoption of this guidance is not expected to have a significant impact on our consolidated financial position, results of operations, or cash flows.
	In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.
	In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.
	In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” (“ASU 2013-02”). ASU 2013-02 adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). ASU 2013-02 intends to help the Company improve the transparency of changes in other comprehensive income (“OCI”) and items reclassified out of AOCI in the Company’s financial statements. ASU 2013-02 does not amend any existing requirements for reporting net income or OCI in the Company’s financial statements. ASU 2013-02 is effective for annual and interim reporting periods beginning after December 15, 2012. Adoption of this guidance did not have a significant impact on the determination or reporting of the Company’s financial results.
	In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” (“ASU 2013-05”). The objective of ASU 2013-05 is to clarify the applicable guidance for the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. ASU 2013-05 is effective for annual and interim reporting periods beginning after December 15, 2013 with early adoption permitted. The Company is currently evaluating the impact that the adoption will have on the determination or reporting of its financial results.

INVENTORY

INVENTORY	12 Months Ended
	Jun. 30, 2013
Inventory
INVENTORY	NOTE C – INVENTORY
	Inventories consisted of the following (in thousands):
		June 30,		June 30,
		2013		2012
	Raw Materials and Supplies	$	3,172	$	1,332
	Work In Process		4,772		768
	Finished Goods		3,222		1,594
			11,166		3,694
	Less: Reserve for Obsolescence		386		45
		$	10,780	$	3,649

PLANT_AND_EQUIPMENT

PLANT AND EQUIPMENT	12 Months Ended
	Jun. 30, 2013
Plant And Equipment
PLANT AND EQUIPMENT	NOTE D – PLANT and EQUIPMENT
	Plant and equipment consisted of the following (in thousands):
		June 30,		June 30,
		2013		2012
	Land	$	1,197	$	—
	Building and Improvements		12,859		2,201
	Machinery and Equipment		18,277		8,058
	Office Equipment		766		528
	Leasehold Improvements		65		44
	Automobiles		186		147
	Construction in Process		281		146
			33,631		11,124
	Less: Accumulated Depreciation		9,580		6,651
		$	24,051	$	4,473

LONGTERM_DEBT

LONG-TERM DEBT	12 Months Ended
	Jun. 30, 2013
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBT	NOTE E – LONG-TERM DEBT
	Long-term debt payable consists of the following:
	On August 8, 2012, QMT entered into an agreement with TD Bank, N.A. for a $25.0 million credit facility to fund the purchase of Precision Castparts Corp.’s (“PCC”) interest in Advanced Forming Technology Inc. and AFT-Hungary Kft., and to pay off the balances of outstanding loans held as of that date.
	The Credit facility is described in the first four notes below. Unless otherwise noted, interest rate for the Credit facility below is variable and can range from one month Libor plus 250-300bps and is determined based on total leverage ratio as measured on a rolling four quarter basis at the end of each fiscal quarter.
			Balance as of
			(in thousands)
			30-Jun-13			30-Jun-12
	Revolving line of credit not to exceed $10.0 million with a maturity date of August 8, 2015; collateralized by accounts receivable and inventory; the amount available from this line is determined by a monthly borrowing base, at June 30, 2013. Interest is accrued and payable monthly.		$	2,868			—
	Term Loan A in the amount of $3.6 million, collateralized by equipment payable in equal monthly payments of $60 thousand plus accrued interest, with a maturity date of August 8, 2017.		$	3,010			—
	Term Loan B (commercial mortgage) in the amount of $5.5 million payable in equal monthly installments of $18 thousand plus accrued interest with maturity date of August 8, 2022, with a five year call option.		$	5,288			—
	Term Bridge Loans-amounting to $8.9 million consisting of :
	a) $6.9 million with interest only payments for the first 6 months and 23 monthly principal payments of $300 thousand plus interest with maturity date of February 8, 2015.		$	5,032			—
	b) $2.0 million, with interest rate at one month Libor + 400bps with a 5% floor; payable in 6 equal payments of $341 thousand plus accrued interest with maturity date of February 8, 2013.		$	—			—
	Subtotal			16,198			—
	Convertible Note Payable to Precision Castparts in the amount of $17.6 million; due at 8/8/2017; interest is equal to the Five-Year U.S. Treasury Note Constant Maturity rate adjusted on each anniversary and is paid on a quarterly basis; this Note is subordinated to the first priority security interest of TD Bank, N.A.  Subject to certain terms of the agreement the Holder has the option to convert outstanding principal and unpaid interest into shares of the Company’s Common Stock.			17,600			—
	Convertible note interest discount (1)		$	(1,734	)		—
	Convertible note, net of discount		$	15,866			—
	Notes Payable to bank; these notes were all paid off as part of the QMT and AFT Acquisitions on August 8, 2012						6,868
	Total Long-Term Debt from Continuing Operations		$	32,064		$	6,868
	Less: Current Portion from Continuing Operations			(7,410	)		(1,491	)
	Total Long-Term Debt Less Current Portion		$	24,654		$	5,377
	-1	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company’s assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2013 non-cash interest discount amortization reduces the interest discount balance by $378 thousand, resulting in an ending balance as of June 30, 2013 of $1.7 million.
	Maturities are as follows on notes payable and Line of Credit at June 30, 2013
	2014		$	7,410
	2015			2,373
	2016			941
	2017			16,808
	2018			339
	2019 – 2022			4,193
	Total			32,064

DERIVATIVES_AND_HEDGING_ACTIVI

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Jun. 30, 2013
Derivatives And Hedging Activities
DERIVATIVES AND HEDGING ACTIVITIES	NOTE F - DERIVATIVES AND HEDGING ACTIVITIES
	Pay Fixed, Receive-Variable Interest Rate Swaps
	Objective of the swaps: QMT entered into two separate pay-fixed, receive-variable interest rate swaps with the objective of eliminating the variability in the Company’s interest expense on 50% of its $3,612 thousand Term Loan (“Term Loan A”) and of its $5,470 thousand Term Loan (Term Loan B) attributable to changes in one month LIBOR. The Term Loans were made pursuant to the Loan and Security Agreement (“Agreement”) dated August 8, 2012 between QMT and the Bank.
	The terms, of the outstanding swaps as of June 30, 2013 were as follows:
	Associated Debt	Notional	Effective Date	Fixed Rate Paid	Variable Rate Received	Fair Value	Swap Termination Date
		Amount				(thousands)
		(thousands)
	Term Loan A	$1,505	8-Aug-12	0.85%	LIBOR*	$3	8-Aug-17
	Term Loan B	$2,644	8-Aug-12	1.10%	LIBOR*	($5)	8-Aug-17
	*One month London Interbank Offered Rate
	The Company estimated the fair value of these instruments based on a market position at close of business June 30, 2013 and on such basis determined the fair value to be ($2) thousand.
	Termination of Swap prior to maturity will be settled at market value and may result in a payment to or from borrower determined at the time of termination.

BENEFIT_PLANS

BENEFIT PLANS	12 Months Ended
	Jun. 30, 2013
Benefit Plans
BENEFIT PLANS	NOTE G – BENEFIT PLANS
	401(k) Plan
	Each of the operating entities of the Predecessor sponsors a 401(k) plan and matches employee contributions as determined by resolution of the Board on an annual basis. The employer contribution criterion currently varies by operating entity. The amount charged to expense under the Plan was $259 thousand and $188 thousand for years ended June 30, 2013 and 2012, respectively.
	Cash Incentive Plan
	Certain full-time salaried employees of the Company are covered under a contributory cash incentive plan. The Company’s contributions are based on amounts established at the discretion of the Board. The Company's contributions to this plan for years ended June 30, 2013 and 2012 were $578 thousand and $646 thousand, respectively.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2013
Commitments And Contingencies
COMMITMENTS AND CONTINGENCIES	NOTE H – COMMITMENTS AND CONTINGENCIES
	The Company leases land, facilities and equipment under various non-cancellable operating lease agreements expiring through August 31, 2017 and contain various renewal options.
	At June 30, 2013, future rental commitments under non-cancellable operating leases were as follows (in thousands):
	June 30,
	2014	$	424
	2015		242
	2016		219
	2017		146
	2018		112
	Thereafter		—
	Total		1,143
	Rent expense was $418 thousand and $323 thousand for the years ended June 30, 2013 and 2012, respectively.
	The Company entered into an employee agreement with the president and CEO of Quadrant Metal Technologies (“QMT”) dated March 1, 2011. The agreement will expire February 24, 2014, with an automatic one year renewal option. The President and CEO of QMT’s annual salary is $267.3 thousand and he is eligible for benefits as provided to similar situated employees of QMT.
	We are currently involved in a controversy with one of the former suppliers to our subsidiary, ARC Wireless, LLC (our “Wireless Subsidiary”).  The controversy involves claims by the former supplier for approximately $2 million related to an alleged breach of contract by our Wireless Subsidiary.  The former supplier has threatened to sue our Wireless Subsidiary.  We believe that we have meritorious defenses to any litigation which may be initiated by the former supplier.  Other than the foregoing, we know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation.  There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder of more than 5% of our issued and outstanding common stock, or associates of such persons, is an adverse party or has a material interest adverse to us.

CUSTOMER_AND_SUPPLIER_CONCENTR

CUSTOMER AND SUPPLIER CONCENTRATION RISK	12 Months Ended
	Jun. 30, 2013
Customer And Supplier Concentration Risk
CUSTOMER AND SUPPLIER CONCENTRATION RISK	NOTE I – CUSTOMER AND SUPPLIER CONCENTRATION RISK
	The Company had sales to four and three customers for the years ended June 30, 2013 and 2012, respectively, which represented approximately 37.3% and 31.6% of our sales. The concentration of the Company’s business with a relatively small number of customers may expose us to a material adverse effect if one or more of these large customers were to experience financial difficulty or were to cease being customer for non-financial related issues. The Company sells a majority of its products in the MIM business to medical, firearm, consumer, and automotive industries.
	Customer	Percentage of Sales
		2013			2012
	1		10.7	%			*
	2		10.2	%			*
	3		8.7	%		18.3	%
	4		7.7	%			*
	5			*		7.4	%
	6			*		5.9	%
	*Customer represented less than 5% of sales for the years presented.
	For the years ended June 30, 2013 and 2012 these customers represented approximately 35.6% and 5.5%, respectively, of our net trade accounts receivable.
	Customer	Percentage of Receivables
		2013			2012
	1		14.2	%			*
	2		14.3	%			*
	3		1.4	%		5.5	%
	4		5.7	%			*
	*Customer represented less than 5% of total receivables balance for the years presented
	For the years ended June 30, 2013 and 2012, respectively, there was no concentration in the volume of business above 5% transacted with a particular supplier(s) for which the Company had no alternative sources of supply.

FLOMET_SHARE_OPTION_NOTE_RECEI

FLOMET SHARE OPTION NOTE RECEIVABLE	12 Months Ended
	Jun. 30, 2013
Flomet Share Option Note Receivable
FLOMET SHARE OPTION NOTE RECEIVABLE	NOTE J – FLOMET RELATED PARTY NOTE RECEIVABLE
	For the years ended June 30, 2013 and 2012, the Company had a balance of notes receivable related to financed options in the amounts of $272 thousand and $303 thousand, respectively. Payments on the notes receivable are to be made from incentive compensation earned by the optionee. In the event insufficient incentive compensation is earned by the optionee to meet the principal payments due under the note receivable, the payments can be waived until sufficient incentive compensation is earned. The note has been classified as a reduction of equity. See Note P - Subsequent Events and Note N – Related Party Transactions.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	12 Months Ended
	Jun. 30, 2013
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE K – EARNINGS PER SHARE
	Basic earnings (loss) per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share, reflects the potential dilution of securities that could share in the earnings of the entity. As of June 30, 2013 the Company had no outstanding stock options, therefore there was no computation of effect of dilutive securities. In addition, there was no effect of the convertible debt to the dilutive calculation since the non-market based contingency had not been met.
	The following table represents a reconciliation of the shares used to calculate basic and diluted earnings (loss) per share for the respective periods indicated (in thousands, except per share amounts):
		For the Years Ended
		June 30,								June 30,
		2013								2012
		Net Earnings (Loss) Attributed to Common Stock			Weighted Average Shares		Per Share Earnings (Loss)			Net Earnings (Loss) Attributed to Common Stock			Weighted Average Shares		Per Share Earnings (Loss)
	Basic and Diluted EPS:
	Net Earnings from Continuing Operations	$	3,313			5,497	$	0.6		$	4,665			4,030	$	1.16
	Net Loss from Discontinued Operations		(274	)		5,497		(0.05	)		(147	)		4,030		(0.04	)
	Effect of Dilutive Securities		—			—		—			—			—		—
	Employee stock options		—			—		—			—			—		—
	Diluted earnings per share	$	3,039			5,497	$	0.55		$	4,518			4,030	$	1.12

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2013
Income Taxes
INCOME TAXES	NOTE L - INCOME TAXES
	Prior to the Reverse Merger the Company was a limited liability company; the Company’s taxable income or loss was allocated to the members in accordance with their respective percentage ownership. Therefore, no provision or liability for income taxes has been included in the financial statements prior to August 8, 2012. Income tax provision for the years ended June 30, 2013 and June 30, 2012 consist of the following:
			30-Jun-13			30-Jun-12
	Federal tax expense	$	426		$	—
	State tax expense		64
	Foreign tax expense		232			—
	Provision for income taxes from continuing operations		722			—
	Federal income tax (benefit) from discontinued operations		(132	)		—
	Total Provision for income taxes		590			—
	A reconciliation of the federal statutory rate to the effective income tax rate follows:
			30-Jun-13			30-Jun-12
	Federal Income Taxes		34	%		—
	State Income Taxes		1.1	%		—
	Foreign Taxes		5.9	%		—
	Permanent Items		(4.7	%)		—
	Utilization of Operating Loss Carryforward		(13.2	%)		—
	Valuation Allowance and Other		(8.0	%)		—
	Effective Rate		15.1	%		—
	Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis, as well as from net operating loss and tax credit carryforwards, and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets and liabilities represent amounts available to reduce or increase taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including carrybacks (if applicable), reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent we do not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established.
	Goodwill recorded as part of an asset purchase agreement is deductible for tax purposes and only recorded as a book charge if it is impaired. A deferred tax liability is recorded as the tax deduction is realized, which will not be reversed unless and until the goodwill is disposed of or impaired.  The Company will continue to record an income tax expense related to the amortization of goodwill as a discrete item each quarter unless and until such impairment occurs.
	Based upon the weight of available evidence, which includes historical operating performance and uncertainties in forecasting our future results, we provided a full valuation allowance against our net deferred tax assets. The Company will reassess the need for a valuation allowance on a quarterly basis. A subsequent determination that the valuation allowance should be reduced would generally result in a benefit to the income tax provision.
	Components of our deferred tax assets and liabilities were as follows (thousands):
		30-Jun-13			30-Jun-12
	Deferred tax assets arising from:					—
	Accrued liabilities and reserves		140			—
	Bad debt reserves		96			—
	IRC Section 263(A)		155			—
	Inventory Reserve		129			—
	Intangibles		2,530			—
	Tax effects of Net operating loss carry-forwards		2,119			—
	Less Valuation Allowances		(4,430	)		—
	Deferred Tax Assets		739			—
	Deferred tax liabilities arising from:
	Property and equipment		(727	)		—
	Deferred revenue on asset transfer		(12	)		—
	Deferred Tax Liabilities		(739	)		—
	Net Deferred Tax Asset		—			—
	As of June 30, 2013, our net deferred tax assets of $4,430 thousand are fully offset by a valuation allowance of ($4,430) thousand. The Company acquired net operating loss “NOL” carryforwards in the reverse merger. The reverse merger, however, was considered a “change in ownership” within the meaning of Section 382 of the Internal Revenue Code and, as a result, such NOL carryforwards are subject to an annual limitation, reducing the amount available to offset income tax liabilities absent the limitation. As of June 30, 2013, the Company had $5,830 thousand NOL carryforwards which will begin expiring in 2023 and is subject to U.S. Internal Revenue Code Section 382 limitations.

SEGMENT_INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Jun. 30, 2013
Segment Information
SEGMENT INFORMATION	NOTE M – SEGMENT INFORMATION
	Prior to August 8, 2012 the Company operated as a diversified manufacturing holding company active in metal injection molding, specialty hermetic seals, and flanges & fittings. and operated under two reportable business segments: Precision Components and Flanges & Fittings. The Precision Components segment included results of its precision miniature components manufacturing subsidiary, FloMet, as well as its hermetic sealing manufacturing subsidiary, TeknaSeal. Whereas, the Flanges & Fittings business segment included the results of the remaining two subsidiaries specializing in the manufacture and distribution of carbon, stainless and alloy flanges and fittings, namely GF&F and TubeFit, which is currently classified as a discontinued operation. Subsequent to the acquisitions on August 8, 2012, the Company operates three business segments: the Precision Components Group, consisting of FloMet, AFT-US, AFT-Hungary, and TeknaSeal; the Flanges and Fittings Group, consisting of GF&F and TubeFit; and the Wireless Group, consisting of ARC Wireless LLC and ARC Wireless Ltd.
	During the third quarter of fiscal 2013, the Company made the decision to discontinue the operations of TubeFit, which was previously included within its Flanges & Fittings segment. Consequently, the Company has classified the results of operations of TubeFit as a discontinued operation for all periods presented.
	Summarized segment information for our three continuing segments for years ended June 30, 2013 and 2012 is as follows:
		For the years ended
		(in thousands)
		30-Jun-13			30-Jun-12
	Net sales:
	Precision Components	$	59,941		$	22,353
	Flanges and Fittings		6,494			8,054
	Wireless		2,051			—
	Consolidated net sales	$	68,486		$	30,407
	Operating Costs:
	Precision Components		52,159			18,022
	Flanges and Fittings		5,880			6,453
	Wireless		2,255			—
	Consolidated Operating Costs	$	60,294		$	24,475
	Segment operating income/(loss) from continuing operations:
	Precision Components		7,782			4,331
	Flanges and Fittings		614			1,601
	Wireless		(204	)		—
	Corporate Expense		(3,157	)		(629	)
	Total segment operating income from continuing operations	$	5,035		$	5,303
	Interest expense, net		(1,142	)		(453	)
	Gain on bargain purchase		381			—
	Other non-operating income(expense)		52			131
	Non- Operating Income (Expenses)	$	(709	)	$	(322	)
	Consolidated income from continuing operations before income tax expense and non-controlling interest	$	4,326		$	4,981
	Fiscal Years		2013			2012
	Capital Expenditures:
	Precision Components	$	803		$	582
	Flanges and Fittings		15			46
	Wireless		—			—
	Consolidated Capital Expenditures	$	818		$	628
	Depreciation Expense:
	Precision Components	$	2,735		$	629
	Flanges and Fittings		102			96
	Wireless		93			—
	Consolidated Depreciation Expense	$	2,930		$	725
	Total Assets:		2013			2012
	Precision Components	$	60,467		$	15,645
	Flanges and Fittings		4,521			5,145
	Wireless		1,422			—
	Discontinued Operations		262			543
	Consolidated Total Assets	$	66,672		$	21,333
	Our business is conducted on a global basis with manufacturing, service and sales undertaken in both North America and Europe. Net sales are attributed to geographic areas based on the location of the assets producing the revenues. Long-lived assets consist of net property, plant and equipment of continuing operations. Geographic information regarding our net sales and long-lived assets is as follows:
	Fiscal Years		2013			2012
	North America	$	57,597		$	30,407
	Europe		10,889			—
	Net Sales	$	68,486		$	30,407
	North America	$	14,496		$	4,473
	Europe		9,555			—
	Total Tangible Long-Lived Assets	$	24,051		$	4,473

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2013
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE N – RELATED PARTY TRANSACTIONS
	Quadrant Management Inc. and Brean Murray Carret Group, Inc.
	Quadrant Management Inc. ("QMI") is under common control with Brean Murray Carret Group, Inc. (“Brean Murray”). Quadrant indirectly owned 74% of the membership interests of Quadrant Metals Technologies LLC (“QMT”) prior to the acquisition. Brean Murray is the controlling shareholder of ARC. Brean Murray and QMI are under common control and therefore Brean Murray, QMI, ARC and QMT are affiliates under common control. Specifically, Brean Murray controls 100% of the ownership interests of QMI as well as, via certain wholly-owned intermediaries, 61.5% of the shares of ARC.
	Pursuant to the original terms of the ARC Advisory Agreement entered into on January 21, 2009, (the “ARC Advisory Agreement”), QMI has provided ARC financial advisory and business consulting services, including restructuring services.  In consideration for the restructuring services provided by QMI since November 2008 and for ongoing services, ARC originally agreed to pay QMI the following compensation: (1) an initial cash fee of $250 thousand upon signing the ARC Advisory Agreement; (2) an annual fee of the greater of: (i) $250 thousand; (ii) 20% of any increase in reported earnings before interest, taxes, depreciation and amortization after adjusting for one-time and non-recurring items (“EBITDA”) for the current financial year over preceding year; or (iii) 20% of reported EBITDA for the current financial year; and (3) all reasonable out-of-pocket expenses incurred QMI in performing services under the ARC Advisory Agreement.
	The ARC Advisory Agreement technically provides QMI the right to receive 20% of ARC’s EBITDA, even if such EBITDA is derived from the QMT Acquisition and the AFT Acquisition.  However, QMI has granted waivers to certain provisions of the ARC Advisory Agreement, (the “Quadrant Waiver”), such that:  (I) in calendar year 2012 QMI shall only be paid an annual fee equal to the greater of (i) $250 thousand; (ii) the product of (a) 20% and (b) the EBITDA of ARC for the twelve months ending December 31, 2012 less the combined EBITDA of QMT and AFT for the twelve months ending February 29, 2012 less the EBITDA of ARC for the twelve months ending December 31, 2011; or (iii) the product of (a) 20% and (b)  the reported EBITDA for the financial year of the Company minus the reported EBITDA for QMT and AFT for the twelve months ended February 29, 2012; and (II) in calendar year 2013 QMI shall only be paid an annual fee equal to the greater of (i) $250 thousand; (ii) the product of (a) 20% and (b) the EBITDA of ARC for the twelve months ending December 31, 2013 less the EBITDA of ARC for the twelve months ending December 31, 2012; or (iii) the product of (a) 20% and (b) the reported EBITDA for the financial year of the Company minus the reported EBITDA for QMT and AFT for the twelve months ended February 29, 2012. The ARC Advisory Agreement has been further revised such that it shall no longer extend for additional one-year periods after its expiration on December 31, 2013 in the absence of written termination notice by either party.
	In consideration for granting the foregoing waiver, and in consideration for substantial merger and acquisition support services rendered to ARC over the past several years, QMI and ARC entered into a Letter Agreement pursuant to which ARC agreed to pay QMI transaction fees upon the closing of the QMT and AFT Acquisitions, calculated by reference to 2% of the total enterprise value for the QMT Acquisition and AFT Acquisition. As a result of the Closing of the QMT and AFT Acquisitions on August 8, 2012, a fee of $1.6 million has been paid to QMI.
	In addition, QMI and QMT have entered into a non-exclusive financial advisory agreement, (the “QMT Financial Advisory Agreement”), whereby QMI performs ongoing consulting and advisory services for QMT through QMI personnel (acting at all times as independent contractors to QMT). The scope of such services includes business consulting services, financial advisory services, and other services. In consideration for such services, on April 1, 2012 QMT commenced paying an annual cash fee to QMI of $250 thousand to be paid in quarterly installments. QMT shall reimburse QMI for all reasonable out-of-pocket costs and expenses incurred by QMI in connection with the performance of its services. The QMT-QMI financial advisory agreement continues in effect following the acquisition of QMT by the Company and will remain effective through December 31, 2013 in accordance with the Amendment to the QMT Financial Advisory Agreement.
	As a result of the accounting for the reverse merger, the statement of operations reflect only the fees earned by QMI for financial advisory services provided to QMT prior to August 8, 2012 and subsequent to August 8, 2012, fees earned by QMI for financial advisory services provided to ARC and QMT.
	Fees earned by QMI for the years ended June 30, 2013 and 2012 were $650 thousand and $600 thousand, respectively.
	In addition, the following officers and directors of ARC are also affiliated with QMI and Brean Murray: Mr. Jason Young, the Company’s Chairman, has been a Managing Director at QMI since 2005, where he is responsible for making investments in US and emerging market companies, and where he frequently serves in active management or director-level roles.  Mr. Theodore Deinard, who served as the Company’s Interim Chief Executive Officer and as a director of the Company until he resigned as the Interim Chief Executive Officer of the Company and as a member of the Company’s Board of Directors on April 29, 2013, is a Managing Director of QMI. Mr. Deinard is also related by marriage to an officer of QMI. Mr. Jason Young and Mr. Alan Quasha, an officer of QMI, each serve on the Board of Directors of QMT and receive fees for such services. Mr. Young and Mr. Deinard are each deemed to share voting and investment power over the shares beneficially owned by Brean Murray.
	Robert Marten, Former Officer and Director
	During fiscal year ending June 30, 2012, FloMet loaned its president, Mr. Robert Marten, $303 thousand as represented by a promissory note dated July 1, 2011 (the “FloMet Loan”). The balance due to FloMet for the years ended June 30, 2013 and 2012 was $272 thousand and $303 thousand. Interest accrued at June 30, 2013 associated with this loan amounted to $3 thousand. The principal of the FloMet Loan corresponded to the purchase price of certain membership interests which Mr. Marten acquired from FloMet through transactions that originated in 2006 (the “FloMet Membership Interests”). Upon the acquisition of FloMet by Quadrant Metals Technologies LLC (“QMT”), Mr. Marten received membership interests in QMT (the “QMT Membership Interests”) as consideration in exchange for the FloMet Membership Interests. Effective August 8, 2012, the Company acquired all of the membership interests of QMT pursuant to the Membership Interest Purchase Agreement (the “QMT Acquisition Agreement”). The QMT Acquisition Agreement included the acquisition of QMT’s subsidiary FloMet. As a result of the acquisition of QMT by ARC, Mr. Marten was issued 83,941 shares of ARC common stock in exchange for his QMT Membership Interests. The FloMet Note survived all of the foregoing exchanges. After the acquisition of QMT by ARC, Mr. Martin became President, Chief Executive Officer and a director of the Company. See, Note P - Subsequent Events.
	As of June 30, 2013, Quadrant Metals Technologies owed its members $20 thousand for state income tax withheld on membership distributions.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Jun. 30, 2013
Discontinued Operations:
DISCONTINUED OPERATIONS	NOTE O – DISCONTINUED OPERATIONS
	During the third quarter of fiscal year 2013, the Company made the decision to discontinue operation of TubeFit, which was previously included within its Flanges & Fittings segment. The inventory and equipment were sold in the fourth quarter of fiscal year 2013. The operations of TubeFit have been included in our consolidated statement of operations as discontinued operations for all periods presented. Results for discontinued operations for the years ended June 30, 2013 and 2012, (in thousands):
		For the Years Ended
		June 30,			June 30,
		2013			2012
	Net sales from discontinued operations	$	822		$	688
	Operating loss from discontinued operations	$	(262	)	$	(164	)
	Other income (expense)	$	(144	)	$	—
	Income tax benefit		132
	Loss from discontinued operations	$	(274	)	$	(164	)
	The following assets and liabilities of TubeFit were segregated into Assets of Discontinued Operations and Liabilities of Discontinued Operations as appropriate in the balance sheet for the years ended June 30, 2013 and 2012 as follows (in thousands):
		June 30,			June 30,
		2013			2012
	Accounts receivable, net	$	256		$	121
	Inventories, net	$	—		$	224
	Prepaid/Other Current Assets	$	6		$	17
	Property and Equipment, net	$	—		$	40
	Goodwill	$	—		$	129
	Other	$	—		$	12
	Assets of Discontinued Operations	$	262		$	543
	Accounts payable	$	6		$	5
	Accrued expenses	$	1		$	2
	Liabilities of Discontinued Operations	$	7		$	7

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2013
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE P - SUBSEQUENT EVENTS
	Equity Exchange
	The Company issued common shares to two of its’ Minority Interest Subscribers in exchange for all of their membership interest in the Company’s FloMet and General Flange & Fittings subsidiaries. The issuance of common stock took place on July 16th, 2013. The 0.60% interest in FloMet owned by Daniel Tasseff was exchanged for 26,265 shares of common stock of the Company. The 10% interest in General Flange & Fittings owned by Victor Smollar was exchanged for 32,964 shares of common stock of the Company.
	FloMet Loan
	The Company has determined that the continuation of effectiveness of the FloMet Loan (See Note N above) following the acquisition of QMT by the Company on August 8, 2012 constituted a violation of Section 13(k) of the Securities Exchange Act of 1934, as amended, corresponding to Section 402 of the Sarbanes-Oxley Act of 2002, which prohibits loans to officers and directors of public companies. Mr. Robert Marten, president of FloMet and the beneficiary of the FloMet Loan, stepped down as President and Chief Executive Officer of the Company on August 8, 2013 and resigned as a director on September 24, 2013. Disclosure of the existence of the FloMet Loan had been included in all of the Company’s financial statements as filed with the U.S. Securities & Exchange Commission (the “SEC”) from the date of filing of the Company’s definitive proxy statement on July 18, 2012 through the date of this Report.  The Company notified its independent accountants on September 24, 2013 regarding the violation and the Company’s determination to terminate the FloMet Loan and voluntarily self-report the violation to the SEC.  The FloMet Loan terminated on September 25, 2013 pursuant to the terms and conditions of the FloMet Loan Termination Agreement, described below.  The Board of Directors plans to promptly initiate implementation of additional controls and procedures with respect to all compliance matters.
	On September 25, 2013, pursuant to the terms of the FloMet Loan Termination Agreement, the promissory note representing the FloMet Loan terminated and the $272,463 remaining principal upon the promissory note owed to the Company by Mr. Marten was cancelled. As part of the FloMet Loan Termination Agreement, the parties agreed Mr. Marten will retain ownership of all 83,941 shares of Company common stock that were acquired by Mr. Marten through the successive acquisition of FloMet Membership Interests and the subsequent exchange of such interests for QMT Membership Interests and thereafter exchanged for shares of Company common stock, provided, however, 44,159 of such Company shares of common stock (the “Lien Shares”) will remain subject to forfeiture, representing the remaining unpaid principal upon the terminated FloMet Loan divided by the closing price of the Company’s common stock as quoted on the NASDAQ Stock Market on the date immediately preceding the FloMet Loan Termination Agreement. The Lien Shares shall become free of forfeiture in an amount equal to one-third (1/3) of the total amount of Lien Shares on each of June 30, 2014, June 30, 2015, and June 30, 2016, respectively, so long as Mr. Marten remains employed on such date by ARC, FloMet or any direct or indirect subsidiary or affiliated company thereof (an “ARC Employee”). The value of any and all Lien Shares released from risk of forfeiture shall be construed as additional compensation paid to Mr. Marten and netted against the gross cash bonus Mr. Marten would have otherwise been entitled to receive with respect to each such fiscal year. Should Mr. Marten cease to be an ARC Employee (other than for reasons of death, disability or good reason), any and all unvested Lien Shares shall be forfeited and cancelled.
	Stock Grant to Jason Young
	On August 7, 2013, Mr. Jason Young was re-appointed as Chief Executive Officer of the Company.  Mr. Young previously served as Chief Executive Officer of the Company but had resigned on August 16, 2011.  The Company issued an equity grant of 145,456 shares of common stock to Mr. Jason Young, approved by the Compensation Committee of the Board of Directors on August 19th, 2013 as inducement for Mr. Young to accept reappointment as Chief Executive Officer (the “Stock Grant”). The Company’s Compensation Committee consists of all of the Company's Independent Directors. The Compensation Committee had determined that the value date of the Stock Grant would be determined by reference to the closing quoted price of the Company’s common stock on NASDAQ Stock Market of the immediately preceding trading day, August 16, 2013, which was $4.82 per share. For purposes of remediating a deficiency letter issued by NASDAQ to the Company on September 9, 2013, the Stock Grant will be subject to ratification and approval by the Company shareholders at the Annual Meeting of Shareholders planned to be held in November 2013. On the basis of reliance upon a support letter issued by Brean Murray Carret Group, Inc., the controlling shareholder of approximately 64% of the issued and outstanding shares of Company common stock, the Company fully anticipates obtaining ratification and approval of the Stock Grant at the annual meeting of shareholders to be held in November 2013. Until such ratification, the Stock Grant shares are subject to the terms of a Lock-Up Agreement whereby Mr. Young may not vote such shares or receive any dividends in respect of the Stock Grant shares. The shares of common stock issued pursuant to the Stock Grant are not otherwise subject to vesting or any conditions of forfeiture, and are restricted only to the extent applicable under the Securities Act of 1933, as amended, and the Rules and Regulations promulgated thereunder.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2013
Summary Of Significant Accounting Policies Policies
Basis of Presentation/Principles of Consolidation	Basis of Presentation/Principles of Consolidation
	The Company’s fiscal year begins July 1 and ends June 30 and the quarters for interim reporting consist of thirteen weeks, therefore, the quarter end will not always coincide with the date of the calendar month.
	Prior to the date of the acquisitions noted above, the Predecessor operated in two business segments, identified as the Precision Components Group, consisting of FloMet and TeknaSeal, and the Flanges and Fittings Group, consisting of GF&F and TubeFit. After completion of the acquisitions mentioned above, ARC operates three business segments: the Precision Components Group, consisting of FloMet, AFT-US, AFT-Hungary, and TeknaSeal; the Flanges and Fittings Group, consisting of GF&F and TubeFit; and the Wireless Group, consisting of ARC Wireless LLC and ARC Wireless Ltd.
	During the third quarter of fiscal year 2013, the Company made the decision to discontinue the operations of TubeFit, which was previously included within its Flanges & Fittings segment. The operations of TubeFit have been included in our financial statements as discontinued operations for all periods presented.
	The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States. The accompanying consolidated financial statements include the amounts of the Company as well as the Predecessor Company and all wholly owned subsidiaries. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.
Significant Business Acquisitions	Significant Business Acquisitions
	On August 8, 2012, ARC completed the acquisition of QMT and AFT (referred to herein as the “QMT Acquisition” and the “AFT Acquisition”). The QMT Acquisition was accounted for as a reverse acquisition under generally accepted accounting principles, whereby QMT was deemed to be the accounting acquirer in the acquisition. The financial statements for periods prior to August 8, 2012 reflect only the operations of QMT. The Company’s common stock was issued in exchange for 100% of the issued and outstanding membership interest of Quadrant Metals Technologies, LLC (equal to 4,029,700 shares of ARC’s common stock after giving effect to the 1:1.95 reverse stock split). The shares of common stock issued to QMT pursuant to the merger are presented as having been outstanding since July 1, 2011. The accompanying financial statements present the previously issued shares of ARC common stock as having been issued pursuant to the merger on August 8, 2012. All transactions between divisions and/or wholly owned subsidiaries of the Company or the Predecessor Company have been eliminated in the financial statements.
	Reasons for the acquisitions at the agreed upon purchase price include synergies between the businesses, including cross fertilization of product/customer applications, expanded R&D capabilities, and operational synergies, among others. It is also believed that the acquisitions will help generate further scale and lead to enhanced revenue and earnings growth. The combination of two of the largest recognized leaders in the metal injection molding (“MIM”) industry will provide distinct scale advantages creating substantial barriers to entry for other companies and providing ARC with long-term strategic positioning as the clear market leader in the MIM industry.
	Effective August 8, 2012, the Company acquired all shares of AFT and the net assets of AFT for approximately, $40.6 million. The acquisition was completed through the payment of cash totaling $7.1 million less post-closing adjustments of ($0.1) million, bank facility funds of $18.1 million, and a convertible note net of interest discount with Precision Castparts Corp. of $15.5 million. For the QMT Acquisition, effective August 8, 2012, the Company sold 57,505 shares of ARC Common Stock after giving effect to the proposed 1:1.95 reverse stock split to Carret P.T., LP in consideration for cash investment in ARC of $449 thousand. The purchase price for the reverse acquisition of $10.2 million was derived from the ARC common stock equal to 1,585,413 shares after giving effect to the 1:1.95 reverse stock split at the August 8, 2012 stock price. With regard to the assets acquired for the reverse merger of ARC by QMT, ARC’s historical accumulated deficit for periods prior to August 8, 2012, in the amount of $10.2 million was eliminated against additional paid in capital. The acquisition was accounted for using the purchase method of accounting and, accordingly the Company’s consolidated balance sheet as of June 30, 2013, includes the impact of the acquisition.
	The accompanying financial statements include the results of operations of ARC, QMT and AFT for periods subsequent to the acquisition; for periods prior to the acquisition the results of operations are presented only for QMT.
	The total adjusted purchase price of AFT was allocated to the tangible and intangible assets acquired based upon their respective estimated fair values at the acquisition date with the excess purchase price allocated to goodwill for AFT in the amount of $4.7 million. The goodwill arising from the AFT Acquisition consists of synergies and economies of scale expected from the QMT and AFT Acquisitions. The goodwill recognized is expected to be deductible for income tax purposes. For AFT, third party consultants were retained to perform valuation techniques to establish valuation for property and equipment, and identifiable intangible assets. For ARC the fair value of the identifiable assets acquired and liabilities assumed of $10.6 million exceeded the fair value of the purchase price of the business of $10.2 million. As a result, the Company reassessed the recognition and measurement of identifiable assets acquired and liabilities assumed and concluded that the valuation procedures and resulting measures were appropriate. Accordingly, the ARC reverse acquisition has been accounted for as a bargain purchase and, as a result, the Company recognized a gain of $0.4 million associated with the reverse acquisition. The gain is included in the line item “Gain on bargain purchase” in the 2013 Consolidated Statement of Operations.
	Significant Business Acquisitions
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.
	To record the assets and liabilities for the reverse merger of ARC by QMT (in thousands):
	Cash and cash equivalents		10,590
	Accounts receivable, net		1,096
	Inventories, net		737
	Prepaid and other current assets		40
	Property and equipment, net		236
	Intangible assets		109
	Other Assets		6
	Negative goodwill resulting from the acquisition accounted for as a bargain purchase		(381	)
	Accounts payable		(2,030	)
	Accrued expenses		(169	)
	Current portion of capital lease		(9	)
	Fair value of net assets acquired		10,225
	To record the assets and liabilities purchased in the acquisition of AFT (in thousands):
	Cash and cash equivalents		735
	Accounts receivable, net		6,236
	Inventories, net		6,521
	Prepaid and other current assets		264
	Property and equipment, net		21,590
	Other intangible assets		4,983
	Goodwill		4,663
	Accounts payable		(3,007	)
	Accrued expenses		(1,375	)
	Fair value of net assets acquired		40,610
	In the third quarter the Company revised its allocation to other identifiable intangibles based on the results from a third party valuation report. Additionally in the fourth quarter the Company revised its estimate of the fair value of the liabilities assumed based on additional analysis. If these adjustments were made at the acquisition date, amortization expense of intangibles and interest would have increased by $145 thousand, $230 thousand, and $104 thousand in the first three quarters, respectively. Adjustments were made in the third and fourth quarters to record the appropriate amount of amortization for the year.
	Pro forma Financial Information (Unaudited)
	The historical operating results of ARC and AFT have not been included in the Company's historical consolidated operating results prior to their acquisition dates. The following unaudited pro forma information presents the combined results of continuing operations for the years ended June 30, 2013 and June 30, 2012 as if the acquisition had been completed on July 1, 2011. The unaudited pro forma results do not reflect any material adjustments, operating efficiencies or potential cost savings which may result from the consolidation of operations but do reflect certain adjustments expected to have a continuing impact on the combined results.
	(In thousands, except per share data)	Year Ended			Year Ended
		30-Jun-13			30-Jun-12
	Revenue	$	71,929		$	70,417
	Income from continuing operations	$	2,535			2,932
	Loss from discontinued operations	$	(274	)		(147	)
	Net income (loss)	$	2,261		$	2,785
	Income per common share for continuing operation	$	0.45			0.52
	Loss per common share for discontinued operations	$	(.05	)		(.03	)
	Basic and diluted net income  per common share	$	0.4		$	0.49
Cash and Cash Equivalents	Cash and Cash Equivalents
	For purposes of reporting cash flows, the Company considers all highly liquid debt instruments with an initial maturity of three months or less to be cash equivalents. The Company places its cash with high credit quality financial institutions and does not believe it is exposed to any significant credit risk on cash and cash equivalents. At times, cash in the bank may exceed FDIC insurable limits.
Accounts Receivable	Accounts Receivable
	The Company uses the allowance method to account for uncollectible accounts receivable. The allowance is sufficient to cover both current and anticipated future losses. Uncollectible amounts are charged against the allowance account. Management estimates this amount based upon prior experience with customers and an analysis of individual trade accounts. An allowance for doubtful accounts of $222 thousand and $125 thousand has been reserved as of June 30, 2013 and June 30, 2012, respectively.
	The Company offers most customers between net 30 and 60 day terms. Accounts are considered past due if a payment is not received within credit terms.
Inventories	Inventories
	The Company values inventories at the lower of average cost or market using the first-in, first-out (FIFO) method. It is the Company’s practice to provide a valuation allowance for inventories to account for actual market pricing deflation and inventory shrinkage. Management actively reviews this inventory to determine that all materials are for products still in production to determine any potential obsolescence issues. An allowance for inventory obsolescence of $386 thousand and $45 thousand has been reserved as of June 30, 2013 and June 30, 2012, respectively.
Plant and Equipment	Plant and Equipment
	Plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
		Useful Life
	Building and Improvements	7 to 40 years
	Machinery and Equipment	3 to 12 years
	Major additions and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred.
	Depreciation expense totaled $2.9 million and $.7 million in the years ended June 30, 2013 and 2012, respectively.
Long-lived Assets	Long-lived Assets
	The carrying value of long-lived assets are reviewed annually; if at any time the facts or circumstances at any of our individual subsidiaries indicate impairment of long-lived asset values, as a result of a continual decline in performance, or as a result of fundamental changes in a subsidiary's market conditions, a determination is made as to whether the carrying value of the property's long-lived assets exceeds estimated realizable value. Long-lived assets consist primarily of Property and Equipment. No impairment was determined as of June 30, 2013.
Goodwill and Intangibles	Goodwill and Intangibles
	Goodwill is recognized as a result of an acquisition when the price paid for the acquired business exceeds the fair value of its identified net assets. Identifiable intangible assets are recognized at their fair value when acquired. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead tested for impairment at least annually. The Company performs the qualitative assessment using a “more likely than not” concept first. The determination of the value of such intangible assets requires management to make estimates and assumptions that affect the consolidated financial statements. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is necessary. The Company is compared to its carrying value to determine whether an indication of impairment exists.  If impairment exists, then the fair value of the goodwill is determined by allocation of the Company’s fair value to its assets and liabilities (including any unrecognized intangible assets). Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment.
	The Company has evaluated its goodwill and intangibles that were acquired in prior periods for impairment and have determined that goodwill and intangibles were not impaired for continuing operations with the exception of a patent that was retired in the amount of $12 thousand as of the year ended June 30, 2013. The Company has determined goodwill impairment for period ending June 30, 2013 in the amount of $129 thousand related to discontinued operations.
	Acquisitions during fiscal year 2013 resulted in an increase in goodwill of approximately $4.7 million. The carrying amounts of goodwill are as follows (in thousands):
		June 30,			June 30,
		2013			2012
	Precision Components	$	9,785		$	5,123
	Flanges and Fitting		1,712			1,712
	Wireless		—			—
	Total	$	11,497		$	6,835
	Goodwill and Intangibles
	The gross carrying amount and accumulated amortization of acquired intangible assets are as follows (in thousands):
		June 30,			June 30,
		2013			2012
	Patents	$	272			—
	Tradenames		75			—
	Customer Relationships		4,971			—
	Total Gross Carrying Value		5,318			—
	Accumulated Amortization		(696	)		—
	Total Net Carrying Value	$	4,622			—
	Intangible assets are being amortized using the straight-line method over estimated useful lives ranging from 5 to 15 years. Amortization expense totaled $463 thousand for other identifiable intangible assets for the year ended June 30, 2013.
	Estimated future amortization expense for the next five years as of June 30, 2013 is as follows (in thousands):
	Fiscal Years	Amount
	2014	$	505
	2015		503
	2016		503
	2017		503
	2018		502
Deferred Revenue	Deferred Revenue
	Unearned revenue consists of customer deposits for the development of molds used in the manufacturing process. As of June 30, 2013 and 2012, unearned income was $1,103 thousand and $132 thousand respectively. The Company recognizes revenue and the related expenses when the customer approves the mold for production. Accordingly, as of June 30, 2013 and 2012, the Company and Predecessor has incurred costs of $897 thousand and $101 thousand, respectively, related to molds in the process of being developed which have been deferred and are included as part of the total current assets on the accompanying balance sheet.
Revenue Recognition	Revenue Recognition
	Revenue is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer returns.
	The Company recognizes revenue when the earnings process is complete. This generally occurs when products are shipped to the customer in accordance with the contract or purchase order, ownership and risk of loss have passed to the customer, collectability is reasonably assured, and pricing is fixed and determinable. In instances where title does not pass to the customer upon shipment, the Company recognizes revenue upon delivery or customer acceptance, depending on terms of the sales agreement. Service sales, representing maintenance and engineering activities, are recognized as services are performed.
Research and Development Costs	Research and Development Costs
	Research and development costs are expensed as incurred. The majority of these expenditures consist of salaries for engineering and manufacturing personnel and fees paid to consultants for services rendered. For the years ended June 30, 2013 and 2012, the Company incurred $794 thousand and $830 thousand, respectively, for research and development, which is included in selling, general and administrative expenses on the accompanying statement of income.
Financial Instruments	Financial Instruments
	The Company's financial instruments consist of cash and cash equivalents, notes and accounts receivable, accrued liabilities, and notes and accounts payable. It is management's opinion that the Company is not exposed to significant interest rate or credit risks arising from these instruments. The fair values of these financial instruments approximate their carrying values.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes
	The Company accounts for income taxes pursuant to Accounting Standards Codification (“ASC”) 740, Income Taxes, which utilizes the asset and liability method of computing deferred income taxes. The objective of this method is to establish deferred tax assets and liabilities for any temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The current and deferred tax provision is allocated among the members of the consolidated group on the separate income tax return basis.
	ASC 740 also provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized. During the twelve months ended June 30, 2013 the Company recognized no adjustments for uncertain tax positions.
	The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. No interest and penalties related to uncertain tax positions were recognized at June 30, 2013 or June 30, 2012. The Company expects no material changes to unrecognized tax positions within the next twelve months.
	Prior to the Reverse Merger the Company was a limited liability company; the Company’s taxable income or loss was allocated to the members in accordance with their respective percentage ownership. Therefore, no provision or liability for income taxes has been included in the financial statements prior to August 8, 2012.
	The tax returns for the years ending June 30, 2010 through 2012 are open to examination by federal and state authorities.
Presentation of certain taxes	Presentation of Certain Taxes
	The Company collects various taxes from customers and remits these amounts to applicable taxing authorities. The Company's accounting policy is to exclude these taxes from revenues and cost of sales.
Advertising	Advertising
	Advertising costs are charged to operations when incurred. Total advertising costs for the years ended June 30, 2013 and 2012 was approximately $86 thousand and $99 thousand, respectively.
Foreign Currency Transactions	Foreign Currency Transactions
	AFT-Hungary’s functional currency is the U.S. Dollar, transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.  Transaction gains and losses had no material impact on the Company’s results of operations for any year presented.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2013
Summary Of Significant Accounting Policies Tables
Schedule of assets and liabilities for the reverse merger and acquisition	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.
	To record the assets and liabilities for the reverse merger of ARC by QMT (in thousands):
	Cash and cash equivalents		10,590
	Accounts receivable, net		1,096
	Inventories, net		737
	Prepaid and other current assets		40
	Property and equipment, net		236
	Intangible assets		109
	Other Assets		6
	Negative goodwill resulting from the acquisition accounted for as a bargain purchase		(381	)
	Accounts payable		(2,030	)
	Accrued expenses		(169	)
	Current portion of capital lease		(9	)
	Fair value of net assets acquired		10,225
	To record the assets and liabilities purchased in the acquisition of AFT (in thousands):
	Cash and cash equivalents		735
	Accounts receivable, net		6,236
	Inventories, net		6,521
	Prepaid and other current assets		264
	Property and equipment, net		21,590
	Other intangible assets		4,983
	Goodwill		4,663
	Accounts payable		(3,007	)
	Accrued expenses		(1,375	)
	Fair value of net assets acquired		40,610
Schedule of Pro-Forma Financial Information, inclduing reverse merger and acquisition	The following unaudited pro forma information presents the combined results of continuing operations for the years ended June 30, 2013 and June 30, 2012 as if the acquisition had been completed on July 1, 2011. The unaudited pro forma results do not reflect any material adjustments, operating efficiencies or potential cost savings which may result from the consolidation of operations but do reflect certain adjustments expected to have a continuing impact on the combined results.
	(In thousands, except per share data)	Year Ended			Year Ended
		30-Jun-13			30-Jun-12
	Revenue	$	71,929		$	70,417
	Income from continuing operations	$	2,535			2,932
	Loss from discontinued operations	$	(274	)		(147	)
	Net income (loss)	$	2,261		$	2,785
	Income per common share for continuing operation	$	0.45			0.52
	Loss per common share for discontinued operations	$	(.05	)		(.03	)
	Basic and diluted net income  per common share	$	0.4		$	0.49
Schedule of useful life of plant and equipment	Plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
		Useful Life
	Building and Improvements	7 to 40 years
	Machinery and Equipment	3 to 12 years
Schedule of carrying amounts of goodwill	The carrying amounts of goodwill are as follows (in thousands):
		June 30,			June 30,
		2013			2012
	Precision Components	$	9,785		$	5,123
	Flanges and Fitting		1,712			1,712
	Wireless		—			—
	Total	$	11,497		$	6,835
Schedule of gross carrying amount and accumulated amortization of acquired intangible assets	The gross carrying amount and accumulated amortization of acquired intangible assets are as follows (in thousands):
		June 30,			June 30,
		2013			2012
	Patents	$	272			—
	Tradenames		75			—
	Customer Relationships		4,971			—
	Total Gross Carrying Value		5,318			—
	Accumulated Amortization		(696	)		—
	Total Net Carrying Value	$	4,622			—
Schedule of estimated future amortization expense of intangible assets	Estimated future amortization expense for the next five years as of June 30, 2013 is as follows (in thousands):
	Fiscal Years	Amount
	2014	$	505
	2015		503
	2016		503
	2017		503
	2018		502

INVENTORY_Tables

INVENTORY (Tables)	12 Months Ended
	Jun. 30, 2013
Inventory Tables
Schedule of inventories	Inventories consisted of the following (in thousands):
		June 30,		June 30,
		2013		2012
	Raw Materials and Supplies	$	3,172	$	1,332
	Work In Process		4,772		768
	Finished Goods		3,222		1,594
			11,166		3,694
	Less: Reserve for Obsolescence		386		45
		$	10,780	$	3,649

PLANT_AND_EQUIPMENT_Tables

PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Jun. 30, 2013
Plant And Equipment Tables
Schedule of plant and equipment	Plant and equipment consisted of the following (in thousands):
		June 30,		June 30,
		2013		2012
	Land	$	1,197	$	—
	Building and Improvements		12,859		2,201
	Machinery and Equipment		18,277		8,058
	Office Equipment		766		528
	Leasehold Improvements		65		44
	Automobiles		186		147
	Construction in Process		281		146
			33,631		11,124
	Less: Accumulated Depreciation		9,580		6,651
		$	24,051	$	4,473

LONGTERM_DEBT_Tables

LONG-TERM DEBT (Tables)	12 Months Ended
	Jun. 30, 2013
Long-Term Debt Tables
Schedule of Debt			Balance as of
			(in thousands)
			30-Jun-13			30-Jun-12
	Revolving line of credit not to exceed $10.0 million with a maturity date of August 8, 2015; collateralized by accounts receivable and inventory; the amount available from this line is determined by a monthly borrowing base, at June 30, 2013. Interest is accrued and payable monthly.		$	2,868			—
	Term Loan A in the amount of $3.6 million, collateralized by equipment payable in equal monthly payments of $60 thousand plus accrued interest, with a maturity date of August 8, 2017.		$	3,010			—
	Term Loan B (commercial mortgage) in the amount of $5.5 million payable in equal monthly installments of $18 thousand plus accrued interest with maturity date of August 8, 2022, with a five year call option.		$	5,288			—
	Term Bridge Loans-amounting to $8.9 million consisting of :
	a) $6.9 million with interest only payments for the first 6 months and 23 monthly principal payments of $300 thousand plus interest with maturity date of February 8, 2015.		$	5,032			—
	b) $2.0 million, with interest rate at one month Libor + 400bps with a 5% floor; payable in 6 equal payments of $341 thousand plus accrued interest with maturity date of February 8, 2013.		$	—			—
	Subtotal			16,198			—
	Convertible Note Payable to Precision Castparts in the amount of $17.6 million; due at 8/8/2017; interest is equal to the Five-Year U.S. Treasury Note Constant Maturity rate adjusted on each anniversary and is paid on a quarterly basis; this Note is subordinated to the first priority security interest of TD Bank, N.A.  Subject to certain terms of the agreement the Holder has the option to convert outstanding principal and unpaid interest into shares of the Company’s Common Stock.			17,600			—
	Convertible note interest discount (1)		$	(1,734	)		—
	Convertible note, net of discount		$	15,866			—
	Notes Payable to bank; these notes were all paid off as part of the QMT and AFT Acquisitions on August 8, 2012						6,868
	Total Long-Term Debt from Continuing Operations		$	32,064		$	6,868
	Less: Current Portion from Continuing Operations			(7,410	)		(1,491	)
	Total Long-Term Debt Less Current Portion		$	24,654		$	5,377
	-1	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company’s assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2013 non-cash interest discount amortization reduces the interest discount balance by $378 thousand, resulting in an ending balance as of June 30, 2013 of $1.7 million.
Schedule of Maturities of Long-term Debt	Maturities are as follows on notes payable and Line of Credit at June 30, 2013
	2014		$	7,410
	2015			2,373
	2016			941
	2017			16,808
	2018			339
	2019 – 2022			4,193
	Total			32,064

DERIVATIVES_AND_HEDGING_ACTIVI1

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Jun. 30, 2013
Derivatives And Hedging Activities Tables
Schedule of outstanding fixed, receive - variable interest rate swaps	The terms, of the outstanding swaps as of June 30, 2013 were as follows:
	Associated Debt	Notional	Effective Date	Fixed Rate Paid	Variable Rate Received	Fair Value	Swap Termination Date
		Amount				(thousands)
		(thousands)
	Term Loan A	$1,505	8-Aug-12	0.85%	LIBOR*	$3	8-Aug-17
	Term Loan B	$2,644	8-Aug-12	1.10%	LIBOR*	($5)	8-Aug-17
	*One month London Interbank Offered Rate

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jun. 30, 2013
Commitments And Contingencies Tables
Schedule of future minimum rental commitments under non-cancellable operating leases	At June 30, 2013, future rental commitments under non-cancellable operating leases were as follows (in thousands):
	30-Jun-14	$	424
	2015		242
	2016		219
	2017		146
	2018		112
	Thereafter		—
	Total		1,143

CUSTOMER_AND_SUPPLIER_CONCENTR1

CUSTOMER AND SUPPLIER CONCENTRATION RISK (Tables)	12 Months Ended
	Jun. 30, 2013
Customer And Supplier Concentration Risk Tables
Schedule of sales and accounts receivable customer concentration risk	Sales:
	Customer	Percentage of Sales
		2013			2012
	1		10.7	%			*
	2		10.2	%			*
	3		8.7	%		18.3	%
	4		7.7	%			*
	5			*		7.4	%
	6			*		5.9	%
	*Customer represented less than 5% of sales for the years presented.
	Net trade accounts receivable:
	Customer	Percentage of Receivables
		2013			2012
	1		14.2	%			*
	2		14.3	%			*
	3		1.4	%		5.5	%
	4		5.7	%			*
	*Customer represented less than 5% of total receivables balance for the years presented

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	12 Months Ended
	Jun. 30, 2013
Earnings Per Share Tables
Schedule of reconciliation of shares used to calculate basic and diluted earnings (loss) per share	The following table represents a reconciliation of the shares used to calculate basic and diluted earnings (loss) per share for the respective periods indicated (in thousands, except per share amounts):
		For the Years Ended
		June 30,								June 30,
		2013								2012
		Net Earnings (Loss) Attributed to Common Stock			Weighted Average Shares		Per Share Earnings (Loss)			Net Earnings (Loss) Attributed to Common Stock			Weighted Average Shares		Per Share Earnings (Loss)
	Basic and Diluted EPS:
	Net Earnings from Continuing Operations	$	3,313			5,497	$	0.6		$	4,665			4,030	$	1.16
	Net Loss from Discontinued Operations		(274	)		5,497		(0.05	)		(147	)		4,030		(0.04	)
	Effect of Dilutive Securities		—			—		—			—			—		—
	Employee stock options		—			—		—			—			—		—
	Diluted earnings per share	$	3,039			5,497	$	0.55		$	4,518			4,030	$	1.12

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2013
Income Taxes Tables
Schedule of income tax provision	Income tax provision for the years ended June 30, 2013 and June 30, 2012 consist of the following:
			30-Jun-13			30-Jun-12
	Federal tax expense	$	426		$	—
	State tax expense		64
	Foreign tax expense		232			—
	Provision for income taxes from continuing operations		722			—
	Federal income tax (benefit) from discontinued operations		(132	)		—
	Total Provision for income taxes		590			—
Schedule of reconciliation of the federal statutory rate to the effective income tax rate	A reconciliation of the federal statutory rate to the effective income tax rate follows:
			30-Jun-13			30-Jun-12
	Federal Income Taxes		34	%		—
	State Income Taxes		1.1	%		—
	Foreign Taxes		5.9	%		—
	Permanent Items		(4.7	%)		—
	Utilization of Operating Loss Carryforward		(13.2	%)		—
	Valuation Allowance and Other		(8.0	%)		—
	Effective Rate		15.1	%		—
Schedule of components of deferred tax assets and liabilities	Components of our deferred tax assets and liabilities were as follows (thousands):
		30-Jun-13			30-Jun-12
	Deferred tax assets arising from:					—
	Accrued liabilities and reserves		140			—
	Bad debt reserves		96			—
	IRC Section 263(A)		155			—
	Inventory Reserve		129			—
	Intangibles		2,530			—
	Tax effects of Net operating loss carry-forwards		2,119			—
	Less Valuation Allowances		(4,430	)		—
	Deferred Tax Assets		739			—
	Deferred tax liabilities arising from:
	Property and equipment		(727	)		—
	Deferred revenue on asset transfer		(12	)		—
	Deferred Tax Liabilities		(739	)		—
	Net Deferred Tax Asset		—			—

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2013
Segment Information Tables
Schedule of segment reporting, by operating segment	Summarized segment information for our three continuing segments for years ended June 30, 2013 and 2012 is as follows:
		For the years ended
		(in thousands)
		30-Jun-13			30-Jun-12
	Net sales:
	Precision Components	$	59,941		$	22,353
	Flanges and Fittings		6,494			8,054
	Wireless		2,051			—
	Consolidated net sales	$	68,486		$	30,407
	Operating Costs:
	Precision Components		52,159			18,022
	Flanges and Fittings		5,880			6,453
	Wireless		2,255			—
	Consolidated Operating Costs	$	60,294		$	24,475
	Segment operating income/(loss) from continuing operations:
	Precision Components		7,782			4,331
	Flanges and Fittings		614			1,601
	Wireless		(204	)		—
	Corporate Expense		(3,157	)		(629	)
	Total segment operating income from continuing operations	$	5,035		$	5,303
	Interest expense, net		(1,142	)		(453	)
	Gain on bargain purchase		381			—
	Other non-operating income(expense)		52			131
	Non- Operating Income (Expenses)	$	(709	)	$	(322	)
	Consolidated income from continuing operations before income tax expense and non-controlling interest	$	4,326		$	4,981
	Fiscal Years		2013			2012
	Capital Expenditures:
	Precision Components	$	803		$	582
	Flanges and Fittings		15			46
	Wireless		—			—
	Consolidated Capital Expenditures	$	818		$	628
	Depreciation Expense:
	Precision Components	$	2,735		$	629
	Flanges and Fittings		102			96
	Wireless		93			—
	Consolidated Depreciation Expense	$	2,930		$	725
	Total Assets:		2013			2012
	Precision Components	$	60,467		$	15,645
	Flanges and Fittings		4,521			5,145
	Wireless		1,422			—
	Discontinued Operations		262			543
	Consolidated Total Assets	$	66,672		$	21,333
Schedule of revenue and long-lived assets, by geographical location	Geographic information regarding our net sales and long-lived assets is as follows:
	Fiscal Years		2013			2012
	North America	$	57,597		$	30,407
	Europe		10,889			—
	Net Sales	$	68,486		$	30,407
	North America	$	14,496		$	4,473
	Europe		9,555			—
	Total Tangible Long-Lived Assets	$	24,051		$	4,473

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Jun. 30, 2013
Discontinued Operations Tables
Schedule of results and assets and liabilities of discontinued operations	The operations of TubeFit have been included in our consolidated statement of operations as discontinued operations for all periods presented. Results for discontinued operations for the years ended June 30, 2013 and 2012, (in thousands):
		For the Years Ended
		June 30,			June 30,
		2013			2012
	Net sales from discontinued operations	$	822		$	688
	Operating loss from discontinued operations	$	(262	)	$	(164	)
	Other income (expense)	$	(144	)	$	—
	Income tax benefit		132
	Loss from discontinued operations	$	(274	)	$	(164	)
	The following assets and liabilities of TubeFit were segregated into Assets of Discontinued Operations and Liabilities of Discontinued Operations as appropriate in the balance sheet for the years ended June 30, 2013 and 2012 as follows (in thousands):
		June 30,			June 30,
		2013			2012
	Accounts receivable, net	$	256		$	121
	Inventories, net	$	—		$	224
	Prepaid/Other Current Assets	$	6		$	17
	Property and Equipment, net	$	—		$	40
	Goodwill	$	—		$	129
	Other	$	—		$	12
	Assets of Discontinued Operations	$	262		$	543
	Accounts payable	$	6		$	5
	Accrued expenses	$	1		$	2
	Liabilities of Discontinued Operations	$	7		$	7

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	0 Months Ended	3 Months Ended			12 Months Ended
	Aug. 08, 2012	Mar. 31, 2013	Dec. 30, 2012	Sep. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Significant Business Acquisitions
Cash investment from Carret PT	$449,000
Goodwill					11,497,000	6,835,000
Gain on bargain purchase					381,000
Additional amortization that should have been recognized		104,000	230,000	145,000
Accounts Receivable
Allowance for doubtful accounts receivable					222,000	125,000
Inventories
Allowance for inventory obsolescence					386,000	45,000
Plant and equipment
Depreciation expense					2,930,000	725,000
Goodwill and intangibles
Patent retired					12,000
Goodwill impairment					129,000
Goodwill acquired during period					4,700,000
Amortization expense					463,000
Deferred Revenue
Unearned income					1,103,000	132,000
Deferred costs					897,000	101,000
Research and Development Costs
Research and development expense					794,000	830,000
Advertising costs
Advertising Expense					86,000	99,000
Lower Range
Goodwill and intangibles
Amortization period					5 years
Upper Range
Goodwill and intangibles
Amortization period					15 years
Quadrant Metals Technologies LLC
Significant Business Acquisitions
Ownership percentage acquired	100.00%
ARC shares re-acquired in acquisition	4,029,700
Reverse stock split	0102.0
Date acquired	8-Aug-12
Total acquisition price	10,200,000
Shares sold	57,505
Shares issued in acquisition	1,585,413
Net assets acquired and liabilities assumed	10,600,000
Fair value of purchase price	10,200,000
Gain on bargain purchase	381,000
Advanced Forming Technology Inc
Significant Business Acquisitions
Ownership percentage acquired	100.00%
Date acquired	8-Aug-12
Total acquisition price	40,600,000
Cash paid for acquisition	7,100,000
Post-closing adjustments	-100,000
Bank facility funds used for acquisition	18,100,000
Convertible note, net with Precision Castparts used in acquisition	15,500,000
Goodwill	$4,663,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Aug. 08, 2012	Aug. 08, 2012
In Thousands, unless otherwise specified			Quadrant Metals Technologies LLC	Advanced Forming Technology Inc
Assets Acquired and Liabilities Assumed
Cash and cash equivalents			$10,590	$735
Accounts receivable, net			1,096	6,236
Inventories, net			737	6,521
Prepaid and other current assets			40	264
Property and equipment, net			236	21,590
Intangible assets, other than goodwill			109	4,983
Other assets			6
Negative goodwill resulting from the acquisition accounted for as a bargain purchase			-381
Goodwill	11,497	6,835		4,663
Accounts payable			-2,030	-3,007
Accrued expenses			-169	-1,375
Current portion of capital lease			-9
Fair value of net assets acquired			$10,225	$40,610

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Pro forma Financial Information
Revenue	$71,929	$70,417
Income from continuing operations	2,535	2,932
Loss from discontinued operations	-274	-147
Net income (loss)	$2,261	$2,785
Income per common share for continuing operation	$0.45	$0.52
Loss per common share for discontinued operations	($0.05)	($0.03)
Basic and diluted net income per common share	$0.40	$0.49

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Jun. 30, 2013
Building and Improvements | Lower Range
Estimated useful life	7 years
Building and Improvements | Upper Range
Estimated useful life	40 years
Machinery and Equipment | Lower Range
Estimated useful life	3 years
Machinery and Equipment | Upper Range
Estimated useful life	12 years

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	Jun. 30, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Goodwill	$11,497	$6,835
Precision Components
Goodwill	9,785	5,123
Flanges and Fitting
Goodwill	$1,712	$1,712

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified
Intangible Assets, Gross (Excluding Goodwill)	$5,318
Accumulated Amortization	-696
Intangible Assets, Net (Excluding Goodwill)	4,622
Patents
Intangible Assets, Gross (Excluding Goodwill)	272
Tradenames
Intangible Assets, Gross (Excluding Goodwill)	75
Customer Relationships
Intangible Assets, Gross (Excluding Goodwill)	$4,971

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified
Estimated future amortization expense for the year ending June 30,
2014	$505
2015	503
2016	503
2017	503
2018	$502

INVENTORY_Details

INVENTORY (Details) (USD $)	Jun. 30, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Inventory Details
Raw Materials and Supplies	$3,172	$1,332
Work In Process	4,772	768
Finished Goods	3,222	1,594
[InventoryGross]	11,166	3,694
Less: Reserve for Obsolescence	386	45
[InventoryNet]	$10,780	$3,649

PLANT_AND_EQUIPMENT_Details

PLANT AND EQUIPMENT (Details) (USD $)	Jun. 30, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Property, Plant and Equipment, Gross	$33,631	$11,124
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	9,580	6,651
Property and Equipment, net	24,051	4,473
Land
Property, Plant and Equipment, Gross	1,197
Building and Improvements
Property, Plant and Equipment, Gross	12,859	2,201
Machinery and Equipment
Property, Plant and Equipment, Gross	18,277	8,058
Office Equipment
Property, Plant and Equipment, Gross	766	528
Leasehold Improvements
Property, Plant and Equipment, Gross	65	44
Automobiles
Property, Plant and Equipment, Gross	186	147
Construction In Progress
Property, Plant and Equipment, Gross	$281	$146

LONGTERM_DEBT_Details_Narrativ

LONG-TERM DEBT (Details Narrative) (USD $)	12 Months Ended						12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013		Aug. 08, 2012	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013
			Convertible Note		Convertible Note	Convertible Note	Credit Facility	Credit Facility	Credit Facility
								Lower Range	Upper Range
Line of Credit Facility, Maximum Borrowing Capacity							$25,000
Interest Rate description							One Month LIBOR
Basis spread								2.50%	3.00%
Assumption of market interest rate					4.00%
Convertible debt, interest discount			-1,734	[1]	2,100
Amortization of interest discount	$378
Economic hedging instrument, percentage of notional amounts	50.00%
[1]	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company's assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2013 non-cash interest discount amortization reduces the interest discount balance by $378 thousand, resulting in an ending balance as of June 30, 2013 of $1.7 million.

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013		Aug. 08, 2012	Jun. 30, 2012
Loans payable	$16,198
Convertible debt, net of discount	15,866
Total Long-Term Debt from Continuing Operations	32,064			6,868
Less: Current Portion from Continuing Operations	-7,410			-1,491
Total Long-Term Debt Less Current Portion	24,654			5,377
Term Loan A
Loans payable	3,010
Face amount of debt	3,612
Term Loan B - Commercial Mortgage
Loans payable	5,288
Face amount of debt	5,470
Periodic payment amount	18
Frequency of Periodic Payment	Monthly
Debt maturity date	8-Aug-22
Term Bridge Loans
Face amount of debt	8,900
Term Bridge Loan 1
Loans payable	5,032
Face amount of debt	6,900
Periodic payment amount	300
Frequency of Periodic Payment	Monthly
Debt maturity date	8-Feb-15
Interest rate terms	Interest only payments for the first 6 months and 23 monthly principal payments
Number of months for interest-only payments	0 years 6 months
Number of months for principal payments	0 years 23 months
Term Bridge Loan 2
Loans payable
Face amount of debt	2,000
Periodic payment amount	341
Frequency of Periodic Payment	6 Equal Payments
Debt maturity date	8-Feb-13
Interest Rate description	One Month LIBOR
Basis spread	4.00%
Interest rate floor	5.00%
Convertible Note
Convertible debt, gross	17,600
Face amount of debt	17,600
Debt maturity date	8-Aug-17
Convertible debt, interest discount	-1,734	[1]	2,100
Convertible debt, net of discount	15,866
Notes Payable to Banks
Notes payable				6,868
Revolving Line of Credit
Revolving line of credit	2,868
Line of Credit Facility, Maximum Borrowing Capacity	10,000
Credit facility expiration date	8-Aug-15
Term Loan A
Periodic payment amount	$60
Frequency of Periodic Payment	Monthly
Debt maturity date	8-Aug-17
[1]	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company's assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2013 non-cash interest discount amortization reduces the interest discount balance by $378 thousand, resulting in an ending balance as of June 30, 2013 of $1.7 million.

LONGTERM_DEBT_Details_1

LONG-TERM DEBT (Details 1) (USD $)	Jun. 30, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Maturities are as follows:
2014	$7,410
2015	2,373
2016	941
2017	16,808
2018	339
2019-2022	4,193
Total	$32,064	$6,868

DERIVATIVES_AND_HEDGING_ACTIVI2

DERIVATIVES AND HEDGING ACTIVITIES (Details Narrative) (USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified
Derivatives And Hedging Activities Details Narrative
Fair value of interest rate derivatives	($2)

DERIVATIVES_AND_HEDGING_ACTIVI3

DERIVATIVES AND HEDGING ACTIVITIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013
Swap - Term Loan A
Associated Debt	Term Loan A
Notional Amount	$1,505
Effective Date	8-Aug-12
Fixed Rate Paid	0.85%
Variable Rate Received	LIBOR	[1]
Fair Value	3
Swap Termination Date	8-Aug-17
Swap - Term Loan B
Associated Debt	Term Loan B
Notional Amount	2,644
Effective Date	8-Aug-12
Fixed Rate Paid	1.10%
Variable Rate Received	LIBOR	[1]
Fair Value	($5)
Swap Termination Date	8-Aug-17
[1]	One month London Interbank Offered Rate

BENEFIT_PLANS_Details_Narrativ

BENEFIT PLANS (Details Narrative) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Benefit Plans Details Narrative
401(k) plan cost recognized	$259	$188
Company's contribution to cash incentive plan	$578	$646

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating Leases, rent expense	$418,000	$323,000
Employee Agreement Expiration Date	24-Feb-14
Quadrant Metals Technologies LLC | CEO
Annual Salary	267,300
ARC Wireless, LLC
Breach of contract, amount of damages sought	$2,000,000

COMMITMENTS_Details

COMMITMENTS (Details) (USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified
Future rental commitments under non-cancellable operating leases for the year ended June 30,
2014	$424
2015	242
2016	219
2017	146
2018	112
Thereafter
Total	$1,143

CUSTOMER_AND_SUPPLIER_CONCENTR2

CUSTOMER AND SUPPLIER CONCENTRATION RISK (Details Narrative)	12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Concentration Risk Supplier	There was no concentration in the volume of business above 5% transacted with a particular supplier(s) for which the Company had no alternative sources of supply.	There was no concentration in the volume of business above 5% transacted with a particular supplier(s) for which the Company had no alternative sources of supply.
Customers | Sales Revenue
Description of customer concentration risk	Four customers	Three Customers
Concentration risk, percentage	37.30%	31.60%
Customers | Accounts Receivable
Description of customer concentration risk	Four customers	Three Customers
Concentration risk, percentage	35.60%	5.50%

CUSTOMER_AND_SUPPLIER_CONCENTR3

CUSTOMER AND SUPPLIER CONCENTRATION RISK (Details)	12 Months Ended
	Jun. 30, 2013		Jun. 30, 2012
Customer 1 | Sales Revenue
Concentration risk, percentage	10.70%			[1]
Customer 1 | Accounts Receivable
Concentration risk, percentage	14.20%			[2]
Customer 2 | Sales Revenue
Concentration risk, percentage	10.20%			[1]
Customer 2 | Accounts Receivable
Concentration risk, percentage	14.30%			[2]
Customer 3 | Sales Revenue
Concentration risk, percentage	8.70%		18.30%
Customer 3 | Accounts Receivable
Concentration risk, percentage	1.40%		5.50%
Customer 4 | Sales Revenue
Concentration risk, percentage	7.70%			[1]
Customer 4 | Accounts Receivable
Concentration risk, percentage	5.70%			[2]
Customer 5 | Sales Revenue
Concentration risk, percentage		[1]	7.40%
Customer 6 | Sales Revenue
Concentration risk, percentage		[1]	5.90%
Concentration risk reporting threshold			5.00%
Customers | Sales Revenue
Concentration risk, percentage	37.30%		31.60%
Concentration risk reporting threshold	5.00%
Customers | Accounts Receivable
Concentration risk, percentage	35.60%		5.50%
Concentration risk reporting threshold	5.00%		5.00%
[1]	Customer represented less than 5% of sales for the years presented.
[2]	Customer represented less than 5% of total receivables balance for the years presented

FLOMET_SHARE_OPTION_NOTE_RECEI1

FLOMET SHARE OPTION NOTE RECEIVABLE (Details Narrative) (USD $)	Jun. 30, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Notes receivable related to financed options	$272	$303
FloMet LLC
Notes receivable related to financed options	$272	$303

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Basic EPS:
Weighted average shares	5,497,000	4,030,000
Continuing Operations:
Net earnings (loss) attributed to common stock	$3,313	$4,665
Per share earnings (loss)	$0.60	$1.16
Discontinued Operations:
Net earnings (loss) attributed to common stock	-274	-147
Per share earnings (loss)	($0.05)	($0.04)
Diluted EPS:
Net earnings (loss) attributed to common stock	$3,039	$4,518
Weighted average shares	5,497,000	4,030,000
Per share earnings (loss)	$0.55	$1.12

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified
Net deferred tax assets	$4,430
Valuation Allowance	-4,430
Internal Revenue Service (IRS)
Net operating loss carryforwards	$5,830

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Components of income tax expense (benefit)
Federal tax expense	$426
State tax expense	64
Foreign tax expense	232
Provision for income taxes from continuing operations	722
Federal income tax (benefit) from discontinued operations	-132
Total Provision for income taxes	$590

INCOME_TAXES_Details_1

INCOME TAXES (Details 1)	12 Months Ended
	Jun. 30, 2013
Reconciliation of federal statutory tax rate to the effective income tax rate
Federal Income Taxes	34.00%
State Income Taxes	1.10%
Foreign Taxes	5.90%
Permanent Items	-4.70%
Utilization of Operating Loss Carryforward	-13.20%
Valuation Allowance and Other	-8.00%
Effective Rate	15.10%

INCOME_TAXES_Details_2

INCOME TAXES (Details 2) (USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified
Deferred tax assets arising from:
Accrued liabilities and reserves	$140
Bad debt reserves	96
IRC Section 263(A)	155
Inventory Reserve	129
Intangibles	2,530
Tax effects of Net operating loss carryforwards	2,119
Less Valuation Allowances	-4,430
Deferred tax assets	739
Deferred tax liabilities arising from:
Property and equipment	-727
Deferred revenue on asset transfer	-12
Deferred tax liabilities	-739
Net Deferred Tax Asset

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Net sales	$68,486	$30,407
Operating costs	60,294	24,475
Operating income (loss)	5,035	5,303
Interest expense, net	-1,142	-453
Gain on bargain purchase	381
Other non-operating income (expense)	52	131
Total non-operating income (expense)	-709	-322
Consolidated income before income tax expense and non-controlling interest	4,326	4,981
Purchase of plant and equipment	818	628
Depreciation	2,930	725
Total Assets	66,672	21,333
Precision Components
Net sales	59,941	22,353
Operating costs	52,159	18,022
Operating income (loss)	7,782	4,331
Purchase of plant and equipment	803	582
Depreciation	2,735	629
Total Assets	60,467	15,645
Flanges and Fitting
Net sales	6,494	8,054
Operating costs	5,880	6,453
Operating income (loss)	614	1,601
Purchase of plant and equipment	15	46
Depreciation	102	96
Total Assets	4,521	5,145
Wireless
Net sales	2,051
Operating costs	2,255
Operating income (loss)	-204
Purchase of plant and equipment
Depreciation	93
Total Assets	1,422
Corporate
Operating income (loss)	-3,157	-629
Discontinued Operations
Total Assets	$262	$543

SEGMENT_INFORMATION_Details_1

SEGMENT INFORMATION (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Net sales	$68,486	$30,407
Total Tangible Long-Lived Assets	24,051	4,473
North America
Net sales	57,597	30,407
Total Tangible Long-Lived Assets	14,496	4,473
Europe
Net sales	10,889
Total Tangible Long-Lived Assets	$9,555

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2013

Aug. 16, 2013

Dec. 30, 2012

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2012

Jun. 30, 2013

Quadrant Metals Technologies LLC

Brean Murray Carret Group, Inc.

Brean Murray Carret Group, Inc.

Quadrant Management Inc.

Flomet President Robert Marten

Quadrant Management Inc.

Quadrant Management Inc.

Quadrant Management Inc.

Quadrant Management Inc.

Quadrant Management Inc.

Quadrant Management Inc.

Quadrant Management Inc.

FloMet LLC

FloMet LLC

FloMet LLC

FloMet LLC

Quadrant Metals Technologies LLC

Brean Murray Carret Group, Inc.

FloMet LLC

General Flange and Fittings

TubeFit Financial

Flomet President Robert Marten

Flomet President Robert Marten

Common control relationship description

Via certain wholly-owned intermediaries controls 61.5% of the shares of ARC

Indirectly owned 74% of the membership interests of Quadrant Metals Technologies LLC

Ownership percentage

61.50%

64.00%

74.00%

100.00%

Description of advisory agreements

Financial advisory and business consulting services, including restructuring services

Non-exclusive financial advisory agreement performing onging consulting and advisory services

Expiration date of advisory agreements

31-Dec-13

31-Dec-13

Initial advisory fee amount

$250,000

Annual advisory fee - 1st tier pricing

250,000

250,000

Advisory fee amount computed on increase in EBITDA - 2nd tier pricing

20.00%

Advisory fee amount computed on EBITDA - 3rd tier pricing

20.00%

20.00%

Total enterprise value, percentage used for transaction fees

2.00%

Transaction fees

1,600,000

Annual Advisory Fee

250,000

200,000

200,000

100,000

Annual advisory fees paid

650,000

600,000

200,000

200,000

100,000

Due to related parties

20,000

367,000

125,000

Amount loaned to President of the Company

303,000

Note Receivable from Related Party

272,000

303,000

272,000

303,000

303,000

272,000

Interest accrued on loan

3,000

Shares of ARC common stock in exchange for QMT Membership Interests

83,941

Due to members

$20,000

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Results of discontinued operations - TubeFit
Net sales from discontinued operations	$822	$688
Operating loss from discontinued operations	-262	-164
Other income (expense)	-144
Income tax benefit	132
Loss from discontinued operations	($274)	($164)

DISCONTINUED_OPERATIONS_Detail1

DISCONTINUED OPERATIONS (Details 1) (USD $)	Jun. 30, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Discontinued Operations Details 1
Accounts receivable, net	$256	$121
Inventories, net		224
Prepaid/Other Current Assets	6	17
Property and Equipment, net		40
Goodwill		129
Other		12
Assets of Discontinued Operations	262	543
Accounts payable	6	5
Accrued expenses	1	2
Liabilities of Discontinued Operations	$7	$7

SUBSEQUENT_EVENTS_Details_Narr

SUBSEQUENT EVENTS (Details Narrative) (USD $)	0 Months Ended		12 Months Ended			0 Months Ended
	Aug. 16, 2013	Sep. 25, 2013	Jun. 30, 2013	Aug. 16, 2013	Jun. 30, 2013	Jul. 16, 2013	Jul. 16, 2013
		Flomet President Robert Marten	Flomet President Robert Marten	Brean Murray Carret Group, Inc.	Brean Murray Carret Group, Inc.	FloMet LLC	General Flange and Fittings
						Interest Holder Daniel Tasseff	Interest Holder Victor Smollar
Ownership percentage						0.60%	10.00%
Shares issued for acquisition of minority interest ownership			83,941			26,265	32,964
Promissory note owed to the company terminated		$272,463
Shares retained		83,941
Shares subject to forfeiture		44,159
Equity grant of common stock	145,456
Closing share price per NASDAQ	$4.82
Ownership percentage				64.00%	61.50%