Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 22, 2014 | Dec. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'MAM SOFTWARE GROUP, INC. | ' | ' |
Entity Central Index Key | '0000832488 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'MAMS | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 14,298,053 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $32,325,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $7,008 | $4,061 |
Accounts receivable, net of allowance of $473 and $114 | 3,857 | 3,511 |
Inventories | 211 | 199 |
Prepaid expenses and other current assets | 1,505 | 1,976 |
Total Current Assets | 12,581 | 9,747 |
Property and Equipment, Net | 692 | 689 |
Other Assets | ' | ' |
Goodwill | 9,767 | 8,983 |
Amortizable intangible assets, net | 118 | 640 |
Software development costs, net | 1,553 | 1,248 |
Other long-term assets | 34 | 34 |
TOTAL ASSETS | 24,745 | 21,341 |
Current Liabilities | ' | ' |
Accounts payable | 1,464 | 1,400 |
Accrued expenses and other liabilities | 2,283 | 1,952 |
Payroll and other taxes | 1,224 | 718 |
Debt | 0 | 312 |
Current portion of deferred revenue | 833 | 742 |
Sales tax payable | 893 | 769 |
Income tax payable | 285 | 352 |
Total Current Liabilities | 6,982 | 6,245 |
Long-Term Liabilities | ' | ' |
Deferred revenue, net of current portion | 242 | 154 |
Deferred income taxes | 53 | 79 |
Other | 193 | 241 |
Total Liabilities | 7,470 | 6,719 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock: Par value $0.0001 per share; 2,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock: Par value $0.0001 per share; 18,000,000 shares authorized, 15,077,830 shares issued and 14,404,149 shares outstanding at June 30, 2014 and 14,813,172 shares issued and 14,139,491 shares issued and outstanding at June 30, 2013 | 2 | 2 |
Additional paid-in capital | 31,426 | 31,548 |
Accumulated other comprehensive loss | -65 | -1,168 |
Accumulated deficit | -12,342 | -14,014 |
Treasury stock at cost, 673,681 shares at June 30, 2014 and June 30, 2013 | -1,746 | -1,746 |
Total Stockholders' Equity | 17,275 | 14,622 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $24,745 | $21,341 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for accounts receivable | $473 | $114 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 18,000,000 | 18,000,000 |
Common stock, shares issued | 15,077,830 | 14,813,172 |
Common stock, shares outstanding | 14,404,149 | 14,139,491 |
Treasury stock, shares | 673,681 | 673,681 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $30,690 | $27,466 |
Cost of revenues | 13,968 | 11,392 |
Gross Profit | 16,722 | 16,074 |
Operating Expenses | ' | ' |
Research and development | 3,743 | 3,405 |
Sales and marketing | 4,518 | 3,348 |
General and administrative | 4,974 | 4,163 |
Depreciation and amortization | 1,031 | 1,149 |
Total Operating Expenses | 14,266 | 12,065 |
Operating Income | 2,456 | 4,009 |
Other Income (Expense) | ' | ' |
Interest expense | -40 | -146 |
Change in fair value of derivative liabilities | 0 | -271 |
Gain on settlement of derivative liabilities | 0 | 131 |
Gain on settlement of liabilities | 0 | 13 |
Total Other Expense, net | -40 | -273 |
Income before provision for income taxes | 2,416 | 3,736 |
Provision for income taxes | 744 | 723 |
Net Income | 1,672 | 3,013 |
Earnings per share attributed to common stockholders - basic (in dollars per share) | $0.13 | $0.24 |
Earnings per share attributed to common stockholders - diluted (in dollars per share) | $0.13 | $0.24 |
Weighted average common shares outstanding - basic (in shares) | 13,060,638 | 12,708,766 |
Weighted average common shares outstanding - diluted (in shares) | 13,153,752 | 12,825,708 |
Net Income | 1,672 | 3,013 |
Foreign currency translation income (loss) | 1,103 | -238 |
Total Comprehensive Income | $2,775 | $2,775 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||||
Balance at Jun. 30, 2012 | $13,141 | $0 | $2 | $33,453 | ($2,357) | ($930) | ($17,027) |
Balance (in shares) at Jun. 30, 2012 | ' | 0 | 15,492,730 | ' | -1,196,625 | ' | ' |
Common stock issued as compensation | 425 | 0 | 0 | 425 | 0 | 0 | 0 |
Common stock issued as compensation (in shares) | ' | 0 | 445,201 | ' | 0 | ' | ' |
Repurchase of common stock | -1,631 | 0 | 0 | 0 | -1,631 | 0 | 0 |
Repurchase of common stock (in shares) | ' | 0 | 0 | ' | -622,815 | ' | ' |
Retirement of treasury stock | 0 | 0 | 0 | -2,242 | 2,242 | 0 | 0 |
Retirement of treasury stock (in shares) | ' | 0 | -1,145,759 | ' | 1,145,759 | ' | ' |
Common stock issued for options exercised | 14 | 0 | 0 | 14 | 0 | 0 | 0 |
Common stock issued for options exercised (in shares) | ' | 0 | 21,000 | ' | 0 | ' | ' |
Foreign currency translation | -238 | 0 | 0 | 0 | 0 | -238 | 0 |
Stock options issued in settlement of accrued liabilities | 40 | 0 | 0 | 40 | 0 | 0 | 0 |
Retirement of warrants | -142 | 0 | 0 | -142 | 0 | 0 | 0 |
Net income | 3,013 | 0 | 0 | 0 | 0 | 0 | 3,013 |
Balance at Jun. 30, 2013 | 14,622 | 0 | 2 | 31,548 | -1,746 | -1,168 | -14,014 |
Balance (in shares) at Jun. 30, 2013 | ' | 0 | 14,813,172 | ' | -673,681 | ' | ' |
Common stock issued as compensation | 664 | 0 | 0 | 664 | 0 | 0 | 0 |
Common stock issued as compensation (in shares) | ' | 0 | 359,812 | ' | 0 | ' | ' |
Repurchase of common stock | -845 | 0 | 0 | 0 | -845 | 0 | 0 |
Repurchase of common stock (in shares) | ' | 0 | 0 | ' | -167,392 | ' | ' |
Retirement of treasury stock | 0 | 0 | 0 | -845 | 845 | 0 | 0 |
Retirement of treasury stock (in shares) | ' | 0 | -167,392 | ' | 167,392 | ' | ' |
Common stock issued for options exercised | 43 | ' | 0 | 43 | 0 | 0 | 0 |
Common stock issued for options exercised (in shares) | 52,000 | ' | 52,238 | ' | 0 | ' | ' |
Common stock issued in settlement of accrued liabilities | 16 | ' | 0 | 16 | 0 | 0 | 0 |
Common stock issued in settlement of accrued liabilities (in shares) | ' | ' | 20,000 | ' | 0 | ' | ' |
Foreign currency translation | 1,103 | 0 | 0 | 0 | 0 | 1,103 | 0 |
Stock options issued in settlement of accrued liabilities | 0 | ' | ' | ' | ' | ' | ' |
Net income | 1,672 | 0 | 0 | 0 | 0 | 0 | 1,672 |
Balance at Jun. 30, 2014 | $17,275 | $0 | $2 | $31,426 | ($1,746) | ($65) | ($12,342) |
Balance (in shares) at Jun. 30, 2014 | ' | 0 | 15,077,830 | ' | -673,681 | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity [Parenthetical] | 0 Months Ended | 12 Months Ended | |||
Jul. 02, 2013 | Mar. 01, 2013 | Apr. 27, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 250,892 | 282,254 | 1,165,359 | 250,892 | 282,254 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES : | ' | ' |
Net income | $1,672 | $3,013 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Bad debt expense | 494 | 73 |
Depreciation and amortization | 1,031 | 1,149 |
Amortization of debt discount and debt issuance costs | 1 | 11 |
Gain on settlement of derivative liabilities | 0 | -131 |
Change in fair value of derivative liabilities | 0 | 271 |
Gain on settlement of liabilities | 0 | -13 |
Deferred income taxes | -26 | -90 |
Fair value of stock issued for services and compensation | 664 | 414 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -523 | -147 |
Inventories | 11 | 155 |
Prepaid expenses and other assets | 529 | -1,033 |
Accounts payable | -52 | 99 |
Accrued expenses and other liabilities | 37 | -216 |
Payroll and other taxes | 454 | 144 |
Deferred revenue | 106 | 401 |
Taxes payables | 35 | 80 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,433 | 4,180 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -224 | -292 |
Capitalized software development costs | -523 | -387 |
NET CASH USED IN INVESTING ACTIVITIES | -747 | -679 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | 43 | 14 |
Retirement of outstanding warrants | 0 | -724 |
Repurchase of common stock for treasury | -845 | -1,631 |
Payments on debt | -325 | -725 |
NET CASH USED IN FINANCING ACTIVITIES | -1,127 | -3,066 |
Effect of exchange rate changes | 388 | -2 |
Net change in cash and cash equivalents | 2,947 | 433 |
Cash and cash equivalents at beginning of year | 4,061 | 3,628 |
Cash and cash equivalents at end of year | 7,008 | 4,061 |
Supplemental disclosures of cash flow information | ' | ' |
Interest | 40 | 120 |
Income taxes | 838 | 878 |
Supplemental disclosures of non-cash investing and financing activities: | ' | ' |
Issuance of stock options in settlement of accrued liabilities | 0 | 40 |
Issuance of common stock in settlement of accrued liabilities | 16 | 11 |
Treasury stock retired | $845 | $2,242 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Business Description and Accounting Policies [Text Block] | ' | |||||||
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Basis of Presentation | ||||||||
MAM Software Group, Inc. (the “Company”) is a leading provider of business and supply chain management solutions primarily to the automotive parts manufacturers, retailers, tire and service chains, independent installers and wholesale distributors in the automotive aftermarket. The Company conducts its business through wholly owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd”) is based in Tankersley, Barnsley, United Kingdom (“U.K.”) and MAM Software, Inc. (“MAM US”) has offices in the United States (“U.S.”) in Allentown, Pennsylvania. | ||||||||
Principles of Consolidation | ||||||||
The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | ||||||||
Concentrations of Credit Risk | ||||||||
The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. | ||||||||
Cash and Cash Equivalents | ||||||||
In the U.S., the Company maintains cash balances at financial institutions that are insured by Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At times deposits held with financial institutions in the U.S. may exceed the $250,000 limit. | ||||||||
In the U.K., the Company maintains cash balances at financial institutions that are insured by the Financial Services Compensation Scheme (“FSCS”) up to $145,000. At times deposits held with financial institutions in the U.K. may exceed the $145,000 limit. | ||||||||
The Company maintains its cash accounts at financial institutions which it believes to be credit worthy. The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | ||||||||
Customers | ||||||||
The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not require collateral to secure its accounts receivable. Credit risk is managed by discontinuing sales to customers who are delinquent. The Company estimates credit losses and returns based on management’s evaluation of historical experience and current industry trends. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. No customers accounted for more than 10% of the Company’s revenues for each of the years ended June 30, 2014 and 2013. One customer accounted for more than 10% or more of the Company’s accounts receivable at June 30, 2014 and no customers accounted for more than 10% or more of the Company’s accounts receivable at June 30, 2013. | ||||||||
Segment Reporting | ||||||||
The Company operates in one reportable segment. The Company evaluates financial performance on a Company-wide basis. The Company’s chief operating decision-maker is the chief executive officer, who evaluates the Company as a single segment. | ||||||||
Geographic Concentrations | ||||||||
The Company conducts business in the U.S., Canada and the U.K. For customers headquartered in their respective countries, the Company derived 27% of its revenues from the U.S. and Canada, and 73% from its U.K. operations during the year ended June 30, 2014 compared to 31% of its revenues from the U.S. and Canada, and 69% from its U.K. operations during the year ended June 30, 2013. | ||||||||
At June 30, 2014, the Company maintained 75% of its net property and equipment in the U.K. and the remaining 25% in the U.S. At June 30, 2013, the Company maintained 69% of its net property and equipment in the U.K. and the remaining 31% in the U.S. | ||||||||
Use of Estimates | ||||||||
The preparation of consolidated 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by the Company’s management include, but are not limited to, the collectability of accounts receivable, the realizability of inventories, the recoverability of goodwill and other long-lived assets, valuation of deferred tax assets and liabilities, the estimated fair value of stock options, warrants and shares issued for non-cash consideration. Actual results could materially differ from those estimates. | ||||||||
Fair Value of Financial Instruments | ||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and debt instruments. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three categories: | ||||||||
• Level 1 – Fair value based on quoted prices in active markets for identical assets or liabilities. | ||||||||
• Level 2 – Fair value based on significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data. | ||||||||
• Level 3 – Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entity’s own data and judgments about assumptions that market participants would use in pricing the asset or liability. | ||||||||
Determining which category an asset or liability falls within the hierarchy may require significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company believes that the carrying values of all financial instruments approximate their values due to their nature and respective durations. | ||||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or current estimated market value. Cost is determined using the first-in, first-out method. Inventories consist primarily of hardware that will be sold to customers. The Company periodically reviews its inventories and records a provision for excess and obsolete inventories based primarily on the Company’s estimated forecast of product demand and production requirements. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories. | ||||||||
Property and Equipment | ||||||||
Property and equipment are stated at cost, and are depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the related lease terms. Equipment under capital lease obligations is depreciated over the shorter of the estimated useful lives of the related assets or the term of the lease. Maintenance and routine repairs are charged to expense as incurred. Significant renewals and betterments are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of comprehensive income. | ||||||||
Software Development Costs | ||||||||
Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is capitalized and recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the amounts of: the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product; and, the straight-line method over the remaining estimated economic life (a period of three years) of the product including the period being reported on. If the future market viability of a software product is less than anticipated, impairment of the related unamortized development costs could occur, which could significantly impact the Company’s results of operations. | ||||||||
Amortizable Intangible Assets | ||||||||
Amortizable intangible assets consist of completed software technology, customer relationships and automotive data services and are recorded at cost. Completed software technology and customer relationships are amortized using the straight-line method over their estimated useful lives of 8 to 10 years, and automotive data services are amortized using the straight-line method over their estimated useful lives of 20 years. | ||||||||
Goodwill | ||||||||
Goodwill that has indefinite useful lives are not amortized but rather are tested at least annually for impairment. | ||||||||
Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one level below the segments reported by the Company. As of June 30, 2014, the Company does not believe there is an impairment of its goodwill. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue which could result in additional impairment of goodwill in the future. | ||||||||
Goodwill activity for the years ended June 30, 2014 and 2013 are as follows: | ||||||||
Balance, July 1, 2012 | $ | 9,158,000 | ||||||
Effect of exchange rate changes | -175,000 | |||||||
Balance, June 30, 2013 | $ | 8,983,000 | ||||||
Effect of exchange rate changes | 784,000 | |||||||
Balance, June 30, 2014 | $ | 9,767,000 | ||||||
Long-Lived Assets | ||||||||
The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of long-lived assets over their remaining lives can be recovered through projected undiscounted future cash flows over its remaining life. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June 30, 2014, management believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue, which could result in impairment of long-lived assets in the future. | ||||||||
Issuance of Equity Instruments to Non-Employees | ||||||||
All issuances of the Company’s equity instruments to non-employees are measured at fair value based upon either the fair value of the equity instruments issued or the fair value of consideration received, whichever is more readily determinable. The majority of stock issuances for non-cash consideration pertains to services rendered by consultants and others and has been valued at the fair value of the equity instruments on the dates issued. | ||||||||
The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Assets acquired in exchange for the issuance of fully vested, non-forfeitable equity instruments is not presented or classified as an offset to equity on the grantor’s balance sheet once the equity instrument is granted for accounting purposes. | ||||||||
Stock-Based Compensation | ||||||||
For valuing stock options awards, the Company has elected to use the Black-Scholes Merton option pricing valuation model (“Black-Scholes”). For the expected term, the Company uses a simple average of the vesting period and the contractual term of the option. Volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the expected term of the option. For volatility, the Company considers its own volatility as applicable for valuing its options and warrants. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The risk-free interest rate is based on the relevant U.S. Treasury Bill Rate at the time of each grant. The dividend yield represents the dividend rate expected to be paid over the option’s expected term; the Company currently has no plans to pay dividends. | ||||||||
On June 12, 2008, the Company’s shareholders approved the Company’s 2007 Long-Term Stock Incentive Plan (“LTIP”). Stock awarded under the LTIP are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10-25-5 because the awards were unilateral grants, the recipients do not have the ability to negotiate the key terms, and the conditions of the grant, and the key terms and conditions were communicated to the individual recipients within a relatively short period of time. Therefore the grant and measurement dates are May 13, 2008, July 1, 2008, July 1, 2009, July 1, 2010, July 1, 2011, July 1, 2012, and April 1, 2013 for each respective stock award. The maximum aggregate number of shares of common stock that may be issued under the LTIP, including stock awards and stock appreciation rights, is limited to 15% of the shares of common stock outstanding on the first trading day of any fiscal year. The Company issued restricted shares to management and board members in fiscal 2014 and 2013 and issued stock options to employees in fiscal 2013 under the LTIP (see Note 7). | ||||||||
Revenue Recognition | ||||||||
Software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product component has occurred, the fee is fixed and determinable, and collectability is probable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met. | ||||||||
The Company accounts for delivered elements in accordance with the selling price when arrangements include multiple product components or other elements and vendor-specific objective evidence exists for the value of all undelivered elements. Revenues on undelivered elements are recognized once delivery is complete. | ||||||||
In those instances in which arrangements include significant customization, contractual milestones, acceptance criteria or other contingencies (which represents the majority of the Company’s arrangements), the Company accounts for the arrangements using contract accounting, as follows: | ||||||||
1) | When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized. | |||||||
2) | When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained. | |||||||
The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying consolidated balance sheets. Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement. | ||||||||
Advertising Expense | ||||||||
The Company expenses advertising costs as incurred. For the years ended June 30, 2014 and 2013, advertising expense totaled $564,000 and $353,000, respectively. | ||||||||
Gain on Settlement of Liabilities | ||||||||
The Company realized $13,000 of income from settlement with creditors during the year ended June 30, 2013, which is included in other income (expense) in the accompanying consolidated statements of income and comprehensive income. | ||||||||
Foreign Currency | ||||||||
Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the U.K. subsidiaries are translated into U.S. dollars at the year-end exchange rates. Income and expenses are translated at an average exchange rate for the year and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain (loss) adjustment totaled $1,103,000 and $(238,000) for the years ended June 30, 2014 and 2013, respectively. | ||||||||
Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in income. The Company had no foreign currency transaction gain (loss) for all periods presented. | ||||||||
Comprehensive Income | ||||||||
Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the years ended June 30, 2014 and 2013, the components of comprehensive income consist of foreign currency translation income (loss). | ||||||||
Income Taxes | ||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets at June 30, 2014 and 2013, and has not recognized interest and/or penalties in the consolidated statements of comprehensive income for the years ended June 30, 2014 and 2013. | ||||||||
Basic and Diluted Earnings Per Share | ||||||||
Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the year. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the year. Dilutive potential common shares consist of incremental shares issuable upon the exercise of stock options and warrants using the “treasury stock” method. The computation of DEPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings. For the year ended June 30, 2014, there were 93,114, common share equivalents included in the computation of the diluted earnings per share. For the year ended June 30, 2014 there were no anti-dilutive common stock purchase warrants or stock options outstanding that were excluded from the computation of diluted loss per share. For the year ended June 30, 2013, there were 116,942 common share equivalents included in the computation of the diluted earnings per share. For the year ended June 30, 2013, a total of 62,502 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive. | ||||||||
In connection with the employment agreements with the Company’s Chief Executive Officer and Chief Financial Officer (see Note 6), on April 27, 2012, the Board of Directors approved the issuance of 1,165,359 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the executives and they are being held by an escrow agent and will be released to the executives when they vest. On April 10, 2014, the Company released from escrow 466,144 shares of common stock to the executives which vested, as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the executives employment agreements. The Company withheld 151,806 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 699,215 of these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreements during the reporting period. | ||||||||
In connection with the employment agreement with an officer of a Company subsidiary (see Note 7), on March 1, 2013, the Board of Directors approved the issuance of 282,254 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the officer and they are being held by an escrow agent and will be released to the officer when they vest. On April 10, 2014, the Company released from escrow 56,451 shares of common stock to the officer which vested as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the officer’s employment agreements. The Company withheld 15,586 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 225,803 of these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreements during the reporting period. | ||||||||
In connection with the employment agreement with the Company’s Chief Technology Officer (see Note 6), on July 1, 2013, the Board of Directors approved the issuance of 250,892 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the executive and they are being held by an escrow agent and will be released to the executive when they vest. The Company excludes these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreement during the reporting period. | ||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the years ended June 30: | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 1,672,000 | $ | 3,013,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,060,638 | 12,708,766 | ||||||
Effect of dilutive securities | 93,114 | 116,942 | ||||||
Diluted weighted-average diluted shares | 13,153,752 | 12,825,708 | ||||||
Basic earnings per common share | $ | 0.13 | $ | 0.24 | ||||
Diluted earnings per common share | $ | 0.13 | $ | 0.24 | ||||
Derivative Liabilities | ||||||||
For purposes of determining whether certain instruments are derivatives for accounting treatment, the Company follows the accounting standard that provides guidance for determining whether an equity-linked financial instrument, or embedded feature, is indexed to an entity’s own stock. The standard applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. | ||||||||
The Company had certain common stock purchase warrants that were accounted for as derivative liabilities as they did not meet the requirements to be treated as equity instruments. On September 26, 2012, the Company repurchased a portion of the outstanding warrants that were accounted for as derivative liabilities having a fair value of $396,000 and $548,000 on June 30, 2012 and September 26, 2012, respectively. The fair value of these derivative liabilities increased during the period ended September 26, 2012 and as a result, the Company recognized a loss of approximately $152,000 from the change in fair value of the derivative liability for the period ended September 26, 2012. The Company repurchased the warrants for $475,000 and recorded a gain on settlement of derivative liabilities of $73,000 for the year ended June 30, 2013. On February 21, 2013, the Company repurchased the remaining outstanding warrants that were accounted for as derivative liabilities having a fair value of $46,000 and $165,000 on June 30, 2012 and February 21, 2013, respectively. The fair value of these derivative liabilities increased during the period ended February 21, 2013 and as a result, the Company recognized a loss of approximately $119,000, from the change in fair value of the derivative liability for the period ended February 21, 2013. The Company repurchased the warrants for $107,000 and recorded a gain on settlement of derivative liabilities of $58,000 for the year ended June 30, 2013. The total gain on the settlement of derivative liabilities was $131,000 for the year ended June 30, 2013. | ||||||||
As of June 30, 2014 and 2013, the Company had no warrants outstanding that are treated as derivative liabilities. Prior to June 30, 2013, these warrants were treated as derivatives and changes in the fair value were recognized in earnings. These common stock purchase warrants did not trade in an active securities market, and as such, the Company estimated the fair value of these warrants using Black-Scholes and the following assumptions: | ||||||||
June 30, | ||||||||
2013 | ||||||||
Annual dividend yield | 0 | % | ||||||
Expected life (years) | 0.86-1.25 | |||||||
Risk-free interest rate | 0.15%– 0.18 | % | ||||||
Expected volatility | 27% - 32 | % | ||||||
The fair value of these common stock purchase warrants was $442,000 on June 30, 2012. The total value of these derivative liabilities increased for the year ended June 30, 2013, and as a result, the Company recognized a loss of approximately $271,000 from the change in fair value of these warrants for the year ended June 30, 2013. | ||||||||
Expected volatility was based primarily on historical volatility. Historical volatility was computed using weekly pricing observations for recent periods. The Company believed this method produced an estimate that was representative of the Company’s expectations of future volatility over the expected term of these warrants. The Company had no reason to believe future volatility over the expected remaining life of these warrants was likely to differ materially from historical volatility. The expected life was based on the remaining contractual term of the warrants. The risk-free rate was based on the U.S. Treasury rate that corresponded to the expected term of the warrants. | ||||||||
The Company has no assets or liabilities that are measured at fair value on a recurring basis as of June 30, 2014 and 2013. There were no assets or liabilities measured at fair value on a non-recurring basis during the years ended June 30, 2014 and 2013. | ||||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for the Company beginning in its first quarter of 2018. Early adoption is not permitted. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements. | ||||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
NOTE 2. PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consist of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Leasehold improvements | $ | 793,000 | $ | 748,000 | ||||
Computer and office equipment | 955,000 | 723,000 | ||||||
Equipment under capital leases | 10,000 | 10,000 | ||||||
Furniture and equipment | 349,000 | 304,000 | ||||||
2,107,000 | 1,785,000 | |||||||
Less: Accumulated depreciation and amortization | -1,415,000 | -1,096,000 | ||||||
$ | 692,000 | $ | 689,000 | |||||
Depreciation and amortization expense on property and equipment for the years ended June 30, 2014 and 2013 was $232,000 and $195,000, respectively. | ||||||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||
NOTE 3. INTANGIBLE ASSETS | ||||||||
Intangible assets consist of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Assets not subject to amortization: | ||||||||
Goodwill | $ | 9,767,000 | $ | 8,983,000 | ||||
Assets subject to amortization: | ||||||||
Completed software technology (9-10 years useful life) | $ | 3,150,000 | $ | 3,002,000 | ||||
Customer contracts / relationships (10 years useful life) | 3,790,000 | 3,716,000 | ||||||
Automotive data services (20 years useful life) | 334,000 | 298,000 | ||||||
7,274,000 | 7,016,000 | |||||||
Less : Accumulated amortization | -7,156,000 | -6,376,000 | ||||||
Amortizable intangible assets, net | $ | 118,000 | $ | 640,000 | ||||
Software development costs | $ | 4,204,000 | $ | 3,406,000 | ||||
Less : Accumulated amortization | -2,651,000 | -2,158,000 | ||||||
Software development costs, net | $ | 1,553,000 | $ | 1,248,000 | ||||
For the years ended June 30, 2014 and 2013, the Company recognized amortization expense on its software development costs and other amortizable intangible assets of $799,000 and $954,000, respectively. | ||||||||
Estimated future amortization of software development costs and intangibles is as follows: | ||||||||
Years Ending June 30, | ||||||||
2015 | 776,000 | |||||||
2016 | 37,000 | |||||||
2017 | 37,000 | |||||||
2018 | 37,000 | |||||||
2019 | 37,000 | |||||||
Thereafter | 747,000 | |||||||
Total | $ | 1,671,000 | ||||||
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
NOTE 4. LONG-TERM DEBT | ||||||||
Long-term debt consists of the following as of June 30: | ||||||||
2014 | 2013 | |||||||
HSBC term loan | $ | - | $ | 292,000 | ||||
Secured notes | - | 20,000 | ||||||
- | 312,000 | |||||||
Less current portion | - | -312,000 | ||||||
Long term portion | $ | - | $ | - | ||||
HSBC Bank plc. | ||||||||
On October 25, 2010, MAM Ltd., entered into a three-year term loan agreement with HSBC Bank plc. (“HSBC”) as lender (the “HSBC Term Loan”). The HSBC Term Loan provided for £1,324,550 (approximately $2.0 million at the exchange rate on October 25, 2010) with a term of three years from the date the HSBC Term Loan was first drawn down. The HSBC Term Loan was repayable in thirty-six (36) monthly installments, inclusive of interest, together with such sums in the final month to discharge the balance of the HSBC Term Loan. | ||||||||
The interest rate under the HSBC Term Loan was 2.9% per annum over HSBC’s Sterling Base Rate, as published from time to time, which totaled 3.4% at June 30, 2013. | ||||||||
The Company recorded debt issuance fees of $60,000 related to the HSBC Term Loan, which was being amortized over the life of the loan. Amortization expense was $1,000 and $11,000 for the years ended June 30, 2014 and 2013 respectively. The Company repaid the loan in October 2013. | ||||||||
Secured Notes | ||||||||
The Company had secured notes with monthly payments ranging from $980 to $2,700 which matured during fiscal 2014. The notes bore interest rates of 5.49% to 9.54% and were secured by equipment with a net carrying value of $237,000 as of June 30, 2013.The notes were repaid in fiscal 2014. | ||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||||
NOTE 5. INCOME TAXES | ||||||||||||||
The Company is subject to taxation in the U.S., U.K. and various U.S. state jurisdictions. The Company’s tax years for 1999 and forward are subject to examination by the U.S. and state tax authorities due to losses incurred since inception. The company is currently not under examination by any taxing authorities. | ||||||||||||||
The Company follows the provision of FASB ASC 740-10, Income Taxes, that defines a recognition threshold and measurement attributes for the financial recognition and measurement of a tax position taken or expected to be taken in a tax return. The Income Tax Topic also provides guidance on the de- recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Under the Income Tax Topic, the impact of an uncertain income tax income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likely of being sustained. | ||||||||||||||
Due to the recognition of a full valuation allowance, against these NOLs, future changes in the Company’s unrecognized tax benefits will not impact the Company’s tax provision. | ||||||||||||||
The Company’s practice is to recognize interest and/or penalties related to income matters in income tax expense. During the twelve months ended June 30, 2014 and 2013, the Company did not recognize and interest or penalties. | ||||||||||||||
The provision (benefit) for income taxes consists of the following for the years ended June 30, 2014 and 2013: | ||||||||||||||
U.S. | U.S. | U.K. | Total | |||||||||||
Federal | State | Corporate | ||||||||||||
2014 | ||||||||||||||
Current | $ | - | $ | 34,000 | 741,000 | 775,000 | ||||||||
Deferred | - | - | -31,000 | -31,000 | ||||||||||
Total | $ | - | $ | 34,000 | 710,000 | 744,000 | ||||||||
2013 | ||||||||||||||
Current | $ | -37,000 | $ | 40,000 | 810,000 | 813,000 | ||||||||
Deferred | - | - | -90,000 | -90,000 | ||||||||||
Total | $ | -37,000 | $ | 40,000 | 720,000 | 723,000 | ||||||||
At June 30, 2014, the Company had net U.S. deferred tax assets of approximately $5,157,000. Due to uncertainties surrounding the Company’s ability to generate future U.S. taxable income to realize these assets, a full valuation allowance has been established to offset carry-forwards of not only the net operating losses (“NOLs”), but also its capital losses due to investments previously written off. Additionally, the future utilization of the Company’s federal and state NOLs to offset future taxable income have been determined to be subject to an annual limitation pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383 as a result of ownership changes that have previously occurred. | ||||||||||||||
Through its Section 382 study, the Company has analyzed any NOLs from its acquired subsidiaries to determine the maximum potential future tax benefit that might be available, and the corresponding limitation imposed based on IRC Section 382. As a result, by the year ended June 30, 2011, the Company adjusted the aforementioned net operating losses previously estimated. The outcome resulted in a determination that it could utilize, annually, approximately $560,000 of previously incurred NOLs; presuming, however, there is taxable income in future periods affording utilization prior to expiration. | ||||||||||||||
At June 30, 2014, the Company had combined federal and state NOLs of approximately $8.4 million and $4.7 million, respectively. The federal and state tax loss carry-forwards will begin to expire in 2019 and 2013 respectively, unless previously utilized. | ||||||||||||||
Significant components of the Company’s net deferred tax assets at June 30, 2014 and 2013 are shown below. A valuation allowance of $5.2 million and $5.2 million has been established to offset the net deferred tax assets as of June 30, 2014 and 2013, respectively, due to uncertainties surrounding the Company’s ability to generate future taxable income to realize these assets. The change in the valuation allowance is primarily attributable to the change in deferred tax assets and NOLs, as capital loss carry-forwards have not changed year to year. | ||||||||||||||
The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets consist of the following at June 30, 2014 and 2013: | ||||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets: | ||||||||||||||
State taxes | $ | 2,000 | $ | 9,000 | ||||||||||
Net operating loss carry-forwards | 2,998,000 | 3,239,000 | ||||||||||||
Write-down of investments | 1,761,000 | 1,720,000 | ||||||||||||
Deferred revenue | - | - | ||||||||||||
Equity based compensation | - | - | ||||||||||||
Reserves and accruals | 177,000 | 210,000 | ||||||||||||
Deferred rent | 80,000 | 93,000 | ||||||||||||
Derivative liabilities | - | - | ||||||||||||
Total deferred tax assets | 5,018,000 | 5,271,000 | ||||||||||||
Deferred tax (liabilities): | - | |||||||||||||
Intangible and other long-lived assets | 86,000 | -107,000 | ||||||||||||
Total deferred tax (liabilities) | 5,104,000 | -107,000 | ||||||||||||
Valuation allowance | -5,157,000 | -5,243,000 | ||||||||||||
Net deferred tax (liabilities) | $ | -53,000 | $ | -79,000 | ||||||||||
The provision for income taxes for the years ended June 30, 2014 and 2013 differs from the amount computed by applying the U.S. federal income tax rates to net income from continuing operations before taxes as a result of the following: | ||||||||||||||
June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Taxes at federal statutory rates | $ | 821,000 | $ | 1,270,000 | ||||||||||
State taxes, net of federal benefit | 26,000 | 18,000 | ||||||||||||
Rate changes | 12,000 | 1,039,000 | ||||||||||||
Adjustment to reserves and accruals | 57,000 | -309,000 | ||||||||||||
NOL expiration | 265,000 | - | ||||||||||||
Differential in U.K. corporate tax rate | -351,000 | -321,000 | ||||||||||||
Change in valuation allowance –federal | -86,000 | -974,000 | ||||||||||||
Provision for income taxes | $ | 744,000 | $ | 723,000 | ||||||||||
A provision has not been made at June 30, 2014 and 2013, for U.S. or additional foreign withholding taxes on undistributed earnings of its U.K. subsidiaries because it is the present intention of management to reinvest the undistributed earnings indefinitely in foreign operations. Generally, such earnings become subject to U.S. tax upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability on such undistributed earnings. | ||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
NOTE 6. COMMITMENTS AND CONTINGENCIES | |||||
Legal Matters | |||||
From time to time, the Company is subject to various legal claims and proceedings arising in the ordinary course of business. The ultimate disposition of these proceedings could have a material adverse effect on the consolidated financial position or results of operations of the Company. | |||||
Indemnities and Guarantees | |||||
The Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party, in relation to certain actions or transactions. The Company indemnifies its directors, officers, employees and agents, as permitted under the laws of the State of Delaware. In connection with its facility leases, the Company has indemnified its lessors for certain claims arising from the use of the facilities. In connection with its customers’ contracts the Company indemnifies the customer that the software provided does not violate any U.S. patent. The duration of the guarantees and indemnities varies, and is generally tied to the life of the agreement. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheets. | |||||
Operating Leases | |||||
The Company leases its facilities and certain equipment pursuant to month-to-month and non-cancelable operating lease agreements that expire on various dates through October 2028. Terms of the leases provide for monthly payments ranging from $500 to $17,300. For the years ended June 30, 2014 and 2013, the Company incurred rent expense totaling approximately $374,000 and $413,000, respectively. Future annual minimum payments under non-cancelable operating leases are as follows: | |||||
For the years ended June 30, | |||||
2015 | 393,000 | ||||
2016 | 375,000 | ||||
2017 | 233,000 | ||||
2018 | 210,000 | ||||
2019 | 245,000 | ||||
Thereafter | 2,587,000 | ||||
$ | 4,043,000 | ||||
Employment Agreements | |||||
On July 13, 2010, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved employment agreements, including a bonus plan, with Michael Jamieson, the Company’s President and Chief Executive Officer and Charles F. Trapp, the Company’s Executive Vice President and Chief Financial Officer. Such employments agreements and bonus plans were entered into as of July 1, 2010 (the “Effective Date”), the first day of the 2011 fiscal year. Effective July 1, 2012, the Company agreed to extend the terms of the employment agreements, and as a result, the employment terms now expire on June 30, 2015, as opposed to June 30, 2014. | |||||
Michael Jamieson Employment Agreement | |||||
The Employment Agreement with Mr. Jamieson (the “Jamieson Agreement”) is for an initial term of three years from the Effective Date, and is automatically renewable for successive one-year periods unless terminated by Mr. Jamieson or the Company. Mr. Jamieson will receive an annual base salary of 178,200 GBP (approximately U.S. $290,000), payable in British Pounds Sterling. Effective July 1, 2012, the Company extended the Employment Agreement from the original term of three (3) years to five (5) years, commencing July 1, 2012. As a result of the amendment, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013. | |||||
Mr. Jamieson is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance goal(s) of the Company, which are to be established by our Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established a revenue related target, an EBITDA-related target and strategic targets for the fiscal year ended June 30, 2014 with respect to Mr. Jamieson’s potential incentive compensation for fiscal 2014. The Company paid approximately $27,000 to Mr. Jamieson for his fiscal 2014 incentive compensation. | |||||
In addition, Mr. Jamieson is entitled to participate in all of the Company’s benefit plans and our equity-based compensation plans, which currently consists of the Company’s LTIP. Pursuant to the Jamieson Agreement, Mr. Jamieson was awarded 50,000 restricted common shares under the LTIP (the “Stock Grant”). The shares vested ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant. As of June 30, 2013, the Company had recorded a cumulative expense of $40,000 from the vesting of the Stock Grant. As of June 30, 2014, all shares have vested and 50,000 shares have been issued. | |||||
On April 27, 2012, the Board of Directors approved the issuance of 728,350 restricted shares of Company common stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Jamieson and are being held in escrow until they vest. | |||||
On April 10, 2014, the Company released from escrow 291,340 shares of common stock to the officer which vested, as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the officer’s employment agreement. The Company withheld 85,217 shares which were used to pay income taxes and those shares were retired by the Company. | |||||
The remaining unvested restricted shares will vest according to the following schedule: | |||||
- | 15% when the market price of the Company’s common stock trades at or above $6 for the previous 30 day VWAP. | ||||
- | 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP. | ||||
- | 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP. | ||||
The initial value of the restricted shares was approximately $244,000, which is being amortized over the life of the employment agreement. As of June 30, 2014, the amount of unamortized stock based compensation that has not been expensed related to the unvested restricted shares is approximately $56,000. The Company recorded an expense $87,000 and $86,000 from the amortization of the restricted shares for the years ended June 30, 2014 and 2013, respectively. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%. | |||||
The Jamieson Agreement provides that in the event Mr. Jamieson’s employment is terminated by the Company other than for cause or disability, or Mr. Jamieson shall terminate his employment for good reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary. In addition, under such circumstances, all of Mr. Jamieson’s stock appreciation rights and restricted stock will immediately vest and all vested stock options and stock appreciation rights shall be payable in shares of our common stock. | |||||
Charles F. Trapp Employment Agreement | |||||
The Employment Agreement with Mr. Trapp (the “Trapp Agreement”) is for an initial term of three years from the Effective Date, and is automatically renewable for successive one-year periods unless terminated by Mr. Trapp or the Company. Effective July 1, 2012, the Company extended the Employment Agreement from the original term of three (3) years to five (5) years, commencing July 1, 2012. Commencing July 1, 2013 Mr. Trapp will receive an annual base salary of $225,200, payable in U.S. dollars. As a result of the amendment, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013. | |||||
Mr. Trapp is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance goal(s) of the Company, which are to be established by the Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established a revenue related target, an EBITDA-related target and a strategic targets for the fiscal year ended June 30, 2014, with respect to Mr. Trapp’s potential incentive compensation for fiscal 2014. The Company has accrued $0 for Mr. Trapp for his fiscal 2014 incentive compensation. | |||||
In addition, Mr. Trapp is entitled to participate in all of our benefit plans and equity-based compensation plans, which currently consists of the LTIP. Pursuant to the Trapp Agreement, Mr. Trapp was awarded 20,000 restricted common shares under the LTIP (the “Trapp Stock Grant”). The shares vested ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Trapp Stock Grant, and 50% vesting on the third anniversary of the Trapp Stock Grant. As of June 30, 2013, the Company recorded a cumulative expense of $16,000 from the vesting of the Trapp Stock Grant. As of June 30, 2013, all shares have vested and 20,000 shares have been issued. | |||||
On April 27, 2012 the Board of Directors approved the issuance of 437,009 restricted shares of Company common Stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Trapp and are being held in escrow until they vest. | |||||
On April 10, 2014, the Company released from escrow 174,804 shares of common stock to the officer which vested, as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the officer’s employment agreement. The Company withheld 66,589 shares which were used to pay income taxes and those shares were retired by the Company. | |||||
The remaining unvested restricted shares will vest according to the following schedule: | |||||
- | 15% when the market price of the Company’s common stock trades at or above $6 for the previous 30 day VWAP. | ||||
- | 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP. | ||||
- | 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP. | ||||
The initial value of the restricted shares was approximately $146,000, which will be amortized over the life of the employment agreement. As of June 30, 2014, the amount of unamortized stock based compensation that has not been expensed related to the unvested restricted shares is approximately $33,000. The Company recorded an expense of $52,000 and $42,000 from the amortization of the unvested restricted shares for the years ended June 30, 2014 and 2013, respectively. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%. | |||||
The Trapp Agreement provides that in the event Mr. Trapp’s employment is terminated by the Company other than for cause or disability, or Mr. Trapp shall terminate his employment for good reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary. In addition, under such circumstances, all of Mr. Trapp’s stock appreciation rights and restricted stock will immediately vest and all vested stock options and stock appreciation rights shall be payable in shares of the Company’s common stock. | |||||
Lee Broad Employment Agreement | |||||
The Employment Agreement with Mr. Broad (the “Broad Agreement”) is for an initial term of two years from July 1, 2013, and is automatically renewable for successive one-year periods unless terminated by Mr. Broad or the Company. Mr. Broad received an annual base salary of 125,000GBP (approximately $203,000), payable in British Pound Sterling. | |||||
Mr. Broad is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance goal(s) of the Company, which are to be established by the Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. | |||||
In addition, Mr. Broad is entitled to participate in all of our benefit plans and equity-based compensation plans, which currently consists of the LTIP. | |||||
On July 1, 2013, the Board of Directors approved the issuance of 250,892 restricted shares of Company common stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Broad and are being held in escrow until they vest. The restricted shares will vest according to the following schedule: | |||||
- | 20% when the market price of the Company’s Common stock trades at or above $6 for the previous 30 day volume weighted average price (“VWAP”) | ||||
- | 30% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP. | ||||
- | 30% when the market price of the Company’s Common stock trades at or above $8 for the previous 30 day VWAP. | ||||
- | 30% when the market price of the Company’s Common stock trades at or above $9 for the previous 30 day VWAP. | ||||
The initial value of the common stock grant was approximately $265,000, which will be amortized over the life of the employment agreement. As of June 30, 2014, the amount of unamortized stock based compensation that has not been expensed related to the unvested restricted shares is $110,000. The Company recorded an expense of $155,000 from the amortization of the unvested restricted shares for the year ended June 30, 2014. The shares were valued using a Monte Carlo Simulation with a two year life, 124.8% volatility and a risk free interest rate of 0.39%. | |||||
The Broad Agreement provides that in the event Mr. Broad’s employment is terminated by the Company other than for cause or disability, or Mr. Broad shall terminate his employment for good reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary. | |||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||
NOTE 7. STOCKHOLDERS’ EQUITY | ||||||||||||
Common Stock | ||||||||||||
During the quarter ended September 30, 2010, the Company approved the issuance of 155,625 shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation. The shares vest over a three year period and are issued quarterly. During the years ended June 30, 2014 and 2013, the Company issued 9,508 and 43,396 shares of common stock valued at $8,000 and $34,000, respectively. | ||||||||||||
During the quarter ended September 30, 2011, the Company approved the issuance of 88,398 shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation. The shares vest over a three year period and are issued quarterly. During the years ended June 30, 2014 and 2013, the Company issued 21,360 and 24,510 shares of common stock valued at $39,000 and $44,000, respectively. | ||||||||||||
During the quarter ended September 30, 2012, the Company approved the issuance of 98,654 shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation. The shares vest over a three year period and are issued quarterly. During the year ended June 30, 2014 and 2013, the Company issued 25,300 and 20,283 shares valued at $56,000 and $45,000. | ||||||||||||
During the quarter ended June 30, 2013, the Company approved the issuance of 66,169 shares to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation. The shares vest over a three year period and are issued quarterly. The shares were valued at approximately $244,000, based on the closing market price of the Company’s common stock on the date of the grant, April 1, 2013. During the year ended June 30, 2014, the Company issued 20,376 shares valued at approximately $75,000. No shares were issued during the year ended June 30, 2013. | ||||||||||||
During the years ended June 30, 2014 and 2013, the Company issued 12,769 and 6,063 shares of common stock to certain directors in lieu of quarterly cash compensation valued at $59,000 and $17,000, respectively. | ||||||||||||
On July 3, 2012, the Company issued 21,000 shares of common stock to officers of the Company in accordance with their employment agreements, which were valued at approximately $17,000 based on the closing market price of the Company’s common stock on the date of the grant. | ||||||||||||
On September 13, 2012, the Company issued 10,972 shares of common stock valued at $24,000 based on closing market price of the Company’s common stock on the date of the grant and 5,370 shares of common stock valued at $11,000 based on closing market price of the Company’s common stock on the date of the grant for payment of accrued compensation. | ||||||||||||
On January 4, 2013, the Company issued 1,155 shares of common stock to employees, under the ESPP in lieu of compensation, which were valued at approximately $2,000 based on the closing market price of the Company’s common stock on July 2, 2012. | ||||||||||||
On January 4, 2013, the Company issued 5,354 shares of common stock to a certain directors in lieu of compensation, which were valued at approximately $16,000 based on the closing market price of the Company’s common stock on January 3, 2013. | ||||||||||||
On January 4, 2013, the Company issued 11,900 shares of common stock to a certain officer in lieu of compensation, valued at approximately $36,000 based on the closing market price of the Company’s common stock on January 3, 2013. | ||||||||||||
On April 25, 2013 the Company received proceeds of approximately $14,000 from the exercise of 21,000 stock options. | ||||||||||||
On August 7, 2013, the Company issued 20,000 shares of common stock to officers of the Company in accordance with employment agreements, which were valued at $16,000 based on the closing market price of the common stock on the date of the grant. | ||||||||||||
During the fiscal year ended June 30, 2014 the Company received proceeds of approximately $43,000 from the exercise of 52,238 stock options. | ||||||||||||
On March 1, 2013, the Board of Directors approved the issuance of 282,254 restricted shares of Company common stock to a certain subsidiary officer pursuant to the Company’s 2007 LTIP. These shares were issued to the officer and are being held in escrow until they vest. The restricted shares will vest according to the following schedule: | ||||||||||||
- | 20% when the market price of the Company’s common stock trades at or above $5 for the previous 30 day volume weighted average price (“VWAP”) | |||||||||||
- | 30% when the market price of the Company’s common stock trades at or above $6 for the previous 30 day VWAP. | |||||||||||
- | 30% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP. | |||||||||||
- | 20% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP. | |||||||||||
The initial value of the restricted shares was approximately $109,000, which will be amortized over the life of the employment agreement. As of June 30, 2014, the amount of unamortized stock based compensation related to the restricted shares is approximately $31,000. The shares were valued using a Monte Carlo Simulation with a two year life, 39.6% volatility and a risk free interest rate of 0.25%. The Company recognized $58,000 of expense for the year ended June 30, 2014. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense or calculate and record additional expense. Future stock-based compensation expense and unearned stock-based compensation will increase to the extent that the Company grants additional common stock options or other stock-based awards common stock only upon the approval of the Company's shareholders to amend the Company's certificate of incorporation to increase the number of authorized shares. | ||||||||||||
On April 10, 2014, the Company released from escrow 56,451 shares of common stock to the officer which vested, as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the officer’s employment agreement. The Company withheld 15,586 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||||||
On July 1, 2013, the Board of Directors approved the issuance of 250,892 restricted shares of Company common stock pursuant to the Company’s 2007 Long-term Incentive Plan (See Note 6). | ||||||||||||
Treasury Stock | ||||||||||||
From July 1, 2012 until June 30, 2013, the Company repurchased 622,815 shares of the common stock at a cost of approximately $1,631,000. On July 25, 2012, the Company retired 1,145,759 shares of common stock that were acquired at an approximate cost of $2,242,000. | ||||||||||||
From July 1, 2013 until June 30, 2014, the Company repurchased 167,392 shares of common stock at a cost of approximately $845,000. On April 10, 2014, the Company retired 167,392 shares of common stock that were acquired at an approximate cost of $845,000. As of June 30, 2014, the Company has a remaining approval to repurchase an additional $1,475,000 of treasury stock. | ||||||||||||
Stock-Based Compensation: | ||||||||||||
A summary of the Company's common stock option activity is presented below (shares in thousands): | ||||||||||||
Options Outstanding | ||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||
Shares | Average | Average | Intrinsic | |||||||||
(in | Exercise | Remaining | Value | |||||||||
thousands) | Price | Contractual | (in thousands) | |||||||||
Life | ||||||||||||
(in years) | ||||||||||||
Options outstanding - July 1, 2013 | 173 | $ | 1.11 | |||||||||
Options granted | - | - | ||||||||||
Options exercised | -52 | 0.82 | ||||||||||
Options cancelled | - | - | ||||||||||
Options outstanding - June 30, 2014 | 121 | $ | 1.23 | 7 | $ | 495 | ||||||
Options exercisable - June 30, 2014 | 121 | $ | 1.23 | 7 | $ | 495 | ||||||
Options exercisable and expected to vest - June 30, 2014 | 121 | $ | 1.23 | 7 | $ | 495 | ||||||
During the year ended June 30, 2014, the Company received proceeds of approximately $43,000 from the exercise of 52,238 stock options. | ||||||||||||
Employee Stock Purchase Plan | ||||||||||||
On September 21, 2011, the Company approved the MAM Software Group, Inc. Employee Stock Purchase Plan (“ESPP” or the “Plan”). On December 16, 2011 the shareholders approved the ESPP. Under the ESPP the Company will grant eligible employees the right to purchase common stock through payroll deductions at a price equal to the lesser of 85 percent of the fair market value of a share of common stock on the Exercise Date of the current Offering Period or 85 percent of the fair market value of our common stock on the Grant Date of the Offering Period. No employee will be granted an option to purchase more than $2,400 of fair market value common stock in a calendar year. The Plan is intended to be an “employee stock purchase plan” as defined in Section 423 of the Internal Revenue Code. The Plan covers a maximum of 100,000 shares of common Stock which will be offered to employees until January 2, 2022 or until the Plan is terminated by the Board of Directors. During the quarter ended March 31, 2014, the Company issued 9,442 shares of common stock to employees including an officer, under the ESPP in lieu of compensation, which were valued at approximately $44,000 based on the closing market price of the Company’s common stock on July 1, 2013. During the quarter ended September 30, 2013, the Company issued 10,165 shares of common stock to employees including an officer under the ESPP in lieu of compensation, which were valued at approximately $31,000 based on the closing market price of the Company’s common stock on January 2, 2013. During the quarter ended March 31, 2013, the Company issued 5,450 shares of common stock to employees, under the ESPP in lieu of compensation, which were valued at approximately $12,000 based on the closing market price of the Company’s common stock on July 1, 2012. | ||||||||||||
Warrants: | ||||||||||||
The following is a summary of warrant activity for the year ended June 30, 2014: | ||||||||||||
Balance as of June 30, 2013 | 71,854 | |||||||||||
Warrants expired | -67,224 | |||||||||||
Warrants issued and outstanding at June 30, 2014 | 4,630 | |||||||||||
The outstanding warrants are all exercisable; have an exercise price of $0.80 and remaining life of 0.5 years. The weighted average exercise price is $0.80 per share and the weighted remaining life is 0.5 years. | ||||||||||||
During the year ended June 30, 2014, 67,224 warrants with an exercise price ranging from $0.80 to $10.00 expired. | ||||||||||||
During the year ended June 30, 2013, the Company repurchased 147,056 warrants with exercise prices from $0.80 to $3.00 for approximately $142,000 and reduced additional paid-in capital. | ||||||||||||
During the year ended June 30, 2013, 508,334 warrants, which were accounted for as derivative liabilities, with exercise prices from $0.92 to $2.49 and a weighted average exercise price of $1.57 were retired for approximately $582,000. | ||||||||||||
401k_PLAN
401(k) PLAN | 12 Months Ended |
Jun. 30, 2014 | |
Benefit Plan Four Zero One K [Abstract] | ' |
Benefit Plan Four Zero One K Plan [Text Block] | ' |
NOTE 8. 401(k) PLAN | |
The Company has a retirement plan that complies with Section 401(k) of the Internal Revenue Code. All U.S. employees are eligible to participate in the plan. The Company’s contribution to the 401(k) Plan is at the discretion of the Board of Directors. Starting January 1, 2013 the Company matches 100% of elective deferrals subject to a maximum of 3% of the participant’s eligible earnings. The Company’s matching contributions for the years ended June 30, 2014 and 2013 were $69,000 and $33,000, respectively. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 9. SUBSEQUENT EVENTS | |
During the quarter ended September 30, 2014, the Company issued 8,464 shares of common stock to employees, including officers, under the ESPP in lieu of compensation, which were valued at approximately $37,000 based on the closing market price of the Company’s common stock on January 2, 2014. | |
On July 8, 2014, the Company issued 16,765 shares of common stock to certain directors, which were valued at approximately $43,000 based on the closing market price of the Company’s common stock on the date of the grant. | |
On July 8, 2014, the Company issued 3,061 shares of common stock to certain directors, in lieu of cash compensation, which were valued at approximately $17,000 based on the closing market price of the Company’s common stock on the date of the grant. | |
On September 23, 2014, the Company released from escrow 174,804 shares of common stock to certain executives of the Company which vested pursuant to the terms of the April 20, 2012 grant as the market price threshold of the common stock had been achieved. The shares were issued pursuant to the Company’s LTIP and the executives employment agreements. The Company withheld 66,347 shares which were used to pay taxes and those shares were retired by the Company. | |
On September 23, 2014, the Company released from escrow 84,676 shares of common stock to an officer of a subsidiary of the Company which vested pursuant to the terms of the March 1, 2013 grant as the market price threshold of the common stock had been achieved. The shares were issued pursuant to the Company’s LTIP and the officer’s employment agreement. The Company withheld 44,455 shares which were used to pay taxes and those shares were retired by the Company. | |
On September 23, 2014, the Company released from escrow 50,178 shares of common stock to a certain executive of the Company which vested pursuant to the terms of the July 1, 2013 grant as the market price threshold of the common stock had been achieved. The shares were issued pursuant to the Company’s LTIP and the executive’s employment agreement. The Company withheld 23,584 shares which were used to pay taxes and those shares were retired by the Company. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Basis of Accounting, Policy [Policy Text Block] | ' | |||||||
Basis of Presentation | ||||||||
MAM Software Group, Inc. (the “Company”) is a leading provider of business and supply chain management solutions primarily to the automotive parts manufacturers, retailers, tire and service chains, independent installers and wholesale distributors in the automotive aftermarket. The Company conducts its business through wholly owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd”) is based in Tankersley, Barnsley, United Kingdom (“U.K.”) and MAM Software, Inc. (“MAM US”) has offices in the United States (“U.S.”) in Allentown, Pennsylvania. | ||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | ||||||||
Concentration Risk Credit Risk [Policy Text Block] | ' | |||||||
Concentrations of Credit Risk | ||||||||
The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
Cash and Cash Equivalents | ||||||||
In the U.S., the Company maintains cash balances at financial institutions that are insured by Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At times deposits held with financial institutions in the U.S. may exceed the $250,000 limit. | ||||||||
In the U.K., the Company maintains cash balances at financial institutions that are insured by the Financial Services Compensation Scheme (“FSCS”) up to $145,000. At times deposits held with financial institutions in the U.K. may exceed the $145,000 limit. | ||||||||
The Company maintains its cash accounts at financial institutions which it believes to be credit worthy. The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | ||||||||
Major Customers Policy [Policy Text Block] | ' | |||||||
Customers | ||||||||
The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not require collateral to secure its accounts receivable. Credit risk is managed by discontinuing sales to customers who are delinquent. The Company estimates credit losses and returns based on management’s evaluation of historical experience and current industry trends. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. No customers accounted for more than 10% of the Company’s revenues for each of the years ended June 30, 2014 and 2013. One customer accounted for more than 10% or more of the Company’s accounts receivable at June 30, 2014 and no customers accounted for more than 10% or more of the Company’s accounts receivable at June 30, 2013. | ||||||||
Segment Reporting, Policy [Policy Text Block] | ' | |||||||
Segment Reporting | ||||||||
The Company operates in one reportable segment. The Company evaluates financial performance on a Company-wide basis. The Company’s chief operating decision-maker is the chief executive officer, who evaluates the Company as a single segment. | ||||||||
Geographic Concentrations [Policy Text Block] | ' | |||||||
Geographic Concentrations | ||||||||
The Company conducts business in the U.S., Canada and the U.K. For customers headquartered in their respective countries, the Company derived 27% of its revenues from the U.S. and Canada, and 73% from its U.K. operations during the year ended June 30, 2014 compared to 31% of its revenues from the U.S. and Canada, and 69% from its U.K. operations during the year ended June 30, 2013. | ||||||||
At June 30, 2014, the Company maintained 75% of its net property and equipment in the U.K. and the remaining 25% in the U.S. At June 30, 2013, the Company maintained 69% of its net property and equipment in the U.K. and the remaining 31% in the U.S. | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
Use of Estimates | ||||||||
The preparation of consolidated 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by the Company’s management include, but are not limited to, the collectability of accounts receivable, the realizability of inventories, the recoverability of goodwill and other long-lived assets, valuation of deferred tax assets and liabilities, the estimated fair value of stock options, warrants and shares issued for non-cash consideration. Actual results could materially differ from those estimates. | ||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||
Fair Value of Financial Instruments | ||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and debt instruments. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three categories: | ||||||||
• Level 1 – Fair value based on quoted prices in active markets for identical assets or liabilities. | ||||||||
• Level 2 – Fair value based on significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data. | ||||||||
• Level 3 – Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entity’s own data and judgments about assumptions that market participants would use in pricing the asset or liability. | ||||||||
Determining which category an asset or liability falls within the hierarchy may require significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company believes that the carrying values of all financial instruments approximate their values due to their nature and respective durations. | ||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or current estimated market value. Cost is determined using the first-in, first-out method. Inventories consist primarily of hardware that will be sold to customers. The Company periodically reviews its inventories and records a provision for excess and obsolete inventories based primarily on the Company’s estimated forecast of product demand and production requirements. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories. | ||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||
Property and Equipment | ||||||||
Property and equipment are stated at cost, and are depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the related lease terms. Equipment under capital lease obligations is depreciated over the shorter of the estimated useful lives of the related assets or the term of the lease. Maintenance and routine repairs are charged to expense as incurred. Significant renewals and betterments are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of comprehensive income. | ||||||||
Research, Development, and Computer Software, Policy [Policy Text Block] | ' | |||||||
Software Development Costs | ||||||||
Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is capitalized and recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the amounts of: the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product; and, the straight-line method over the remaining estimated economic life (a period of three years) of the product including the period being reported on. If the future market viability of a software product is less than anticipated, impairment of the related unamortized development costs could occur, which could significantly impact the Company’s results of operations. | ||||||||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | ' | |||||||
Amortizable Intangible Assets | ||||||||
Amortizable intangible assets consist of completed software technology, customer relationships and automotive data services and are recorded at cost. Completed software technology and customer relationships are amortized using the straight-line method over their estimated useful lives of 8 to 10 years, and automotive data services are amortized using the straight-line method over their estimated useful lives of 20 years. | ||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | |||||||
Goodwill | ||||||||
Goodwill that has indefinite useful lives are not amortized but rather are tested at least annually for impairment. | ||||||||
Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one level below the segments reported by the Company. As of June 30, 2014, the Company does not believe there is an impairment of its goodwill. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue which could result in additional impairment of goodwill in the future. | ||||||||
Goodwill activity for the years ended June 30, 2014 and 2013 are as follows: | ||||||||
Balance, July 1, 2012 | $ | 9,158,000 | ||||||
Effect of exchange rate changes | -175,000 | |||||||
Balance, June 30, 2013 | $ | 8,983,000 | ||||||
Effect of exchange rate changes | 784,000 | |||||||
Balance, June 30, 2014 | $ | 9,767,000 | ||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||
Long-Lived Assets | ||||||||
The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of long-lived assets over their remaining lives can be recovered through projected undiscounted future cash flows over its remaining life. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June 30, 2014, management believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue, which could result in impairment of long-lived assets in the future. | ||||||||
Issuance Of Equity Instruments To Non-Employees [Policy Text Block] | ' | |||||||
Issuance of Equity Instruments to Non-Employees | ||||||||
All issuances of the Company’s equity instruments to non-employees are measured at fair value based upon either the fair value of the equity instruments issued or the fair value of consideration received, whichever is more readily determinable. The majority of stock issuances for non-cash consideration pertains to services rendered by consultants and others and has been valued at the fair value of the equity instruments on the dates issued. | ||||||||
The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Assets acquired in exchange for the issuance of fully vested, non-forfeitable equity instruments is not presented or classified as an offset to equity on the grantor’s balance sheet once the equity instrument is granted for accounting purposes. | ||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||
Stock-Based Compensation | ||||||||
For valuing stock options awards, the Company has elected to use the Black-Scholes Merton option pricing valuation model (“Black-Scholes”). For the expected term, the Company uses a simple average of the vesting period and the contractual term of the option. Volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the expected term of the option. For volatility, the Company considers its own volatility as applicable for valuing its options and warrants. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The risk-free interest rate is based on the relevant U.S. Treasury Bill Rate at the time of each grant. The dividend yield represents the dividend rate expected to be paid over the option’s expected term; the Company currently has no plans to pay dividends. | ||||||||
On June 12, 2008, the Company’s shareholders approved the Company’s 2007 Long-Term Stock Incentive Plan (“LTIP”). Stock awarded under the LTIP are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10-25-5 because the awards were unilateral grants, the recipients do not have the ability to negotiate the key terms, and the conditions of the grant, and the key terms and conditions were communicated to the individual recipients within a relatively short period of time. Therefore the grant and measurement dates are May 13, 2008, July 1, 2008, July 1, 2009, July 1, 2010, July 1, 2011, July 1, 2012, and April 1, 2013 for each respective stock award. The maximum aggregate number of shares of common stock that may be issued under the LTIP, including stock awards and stock appreciation rights, is limited to 15% of the shares of common stock outstanding on the first trading day of any fiscal year. The Company issued restricted shares to management and board members in fiscal 2014 and 2013 and issued stock options to employees in fiscal 2013 under the LTIP (see Note 7). | ||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||
Revenue Recognition | ||||||||
Software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product component has occurred, the fee is fixed and determinable, and collectability is probable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met. | ||||||||
The Company accounts for delivered elements in accordance with the selling price when arrangements include multiple product components or other elements and vendor-specific objective evidence exists for the value of all undelivered elements. Revenues on undelivered elements are recognized once delivery is complete. | ||||||||
In those instances in which arrangements include significant customization, contractual milestones, acceptance criteria or other contingencies (which represents the majority of the Company’s arrangements), the Company accounts for the arrangements using contract accounting, as follows: | ||||||||
1) | When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized. | |||||||
2) | When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained. | |||||||
The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying consolidated balance sheets. Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement. | ||||||||
Advertising Costs, Policy [Policy Text Block] | ' | |||||||
Advertising Expense | ||||||||
The Company expenses advertising costs as incurred. For the years ended June 30, 2014 and 2013, advertising expense totaled $564,000 and $353,000, respectively. | ||||||||
Gain On Extinguishment Of Liability For Services [Policy Text Block] | ' | |||||||
Gain on Settlement of Liabilities | ||||||||
The Company realized $13,000 of income from settlement with creditors during the year ended June 30, 2013, which is included in other income (expense) in the accompanying consolidated statements of income and comprehensive income. | ||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||
Foreign Currency | ||||||||
Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the U.K. subsidiaries are translated into U.S. dollars at the year-end exchange rates. Income and expenses are translated at an average exchange rate for the year and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain (loss) adjustment totaled $1,103,000 and $(238,000) for the years ended June 30, 2014 and 2013, respectively. | ||||||||
Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in income. The Company had no foreign currency transaction gain (loss) for all periods presented. | ||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||||||
Comprehensive Income | ||||||||
Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the years ended June 30, 2014 and 2013, the components of comprehensive income consist of foreign currency translation income (loss). | ||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||
Income Taxes | ||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets at June 30, 2014 and 2013, and has not recognized interest and/or penalties in the consolidated statements of comprehensive income for the years ended June 30, 2014 and 2013. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||
Basic and Diluted Earnings Per Share | ||||||||
Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the year. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the year. Dilutive potential common shares consist of incremental shares issuable upon the exercise of stock options and warrants using the “treasury stock” method. The computation of DEPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings. For the year ended June 30, 2014, there were 93,114, common share equivalents included in the computation of the diluted earnings per share. For the year ended June 30, 2014 there were no anti-dilutive common stock purchase warrants or stock options outstanding that were excluded from the computation of diluted loss per share. For the year ended June 30, 2013, there were 116,942 common share equivalents included in the computation of the diluted earnings per share. For the year ended June 30, 2013, a total of 62,502 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive. | ||||||||
In connection with the employment agreements with the Company’s Chief Executive Officer and Chief Financial Officer (see Note 6), on April 27, 2012, the Board of Directors approved the issuance of 1,165,359 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the executives and they are being held by an escrow agent and will be released to the executives when they vest. On April 10, 2014, the Company released from escrow 466,144 shares of common stock to the executives which vested, as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the executives employment agreements. The Company withheld 151,806 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 699,215 of these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreements during the reporting period. | ||||||||
In connection with the employment agreement with an officer of a Company subsidiary (see Note 7), on March 1, 2013, the Board of Directors approved the issuance of 282,254 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the officer and they are being held by an escrow agent and will be released to the officer when they vest. On April 10, 2014, the Company released from escrow 56,451 shares of common stock to the officer which vested as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the officer’s employment agreements. The Company withheld 15,586 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 225,803 of these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreements during the reporting period. | ||||||||
In connection with the employment agreement with the Company’s Chief Technology Officer (see Note 6), on July 1, 2013, the Board of Directors approved the issuance of 250,892 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the executive and they are being held by an escrow agent and will be released to the executive when they vest. The Company excludes these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreement during the reporting period. | ||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the years ended June 30: | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 1,672,000 | $ | 3,013,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,060,638 | 12,708,766 | ||||||
Effect of dilutive securities | 93,114 | 116,942 | ||||||
Diluted weighted-average diluted shares | 13,153,752 | 12,825,708 | ||||||
Basic earnings per common share | $ | 0.13 | $ | 0.24 | ||||
Diluted earnings per common share | $ | 0.13 | $ | 0.24 | ||||
Derivatives and Fair Value [Policy Text Block] | ' | |||||||
Derivative Liabilities | ||||||||
For purposes of determining whether certain instruments are derivatives for accounting treatment, the Company follows the accounting standard that provides guidance for determining whether an equity-linked financial instrument, or embedded feature, is indexed to an entity’s own stock. The standard applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. | ||||||||
The Company had certain common stock purchase warrants that were accounted for as derivative liabilities as they did not meet the requirements to be treated as equity instruments. On September 26, 2012, the Company repurchased a portion of the outstanding warrants that were accounted for as derivative liabilities having a fair value of $396,000 and $548,000 on June 30, 2012 and September 26, 2012, respectively. The fair value of these derivative liabilities increased during the period ended September 26, 2012 and as a result, the Company recognized a loss of approximately $152,000 from the change in fair value of the derivative liability for the period ended September 26, 2012. The Company repurchased the warrants for $475,000 and recorded a gain on settlement of derivative liabilities of $73,000 for the year ended June 30, 2013. On February 21, 2013, the Company repurchased the remaining outstanding warrants that were accounted for as derivative liabilities having a fair value of $46,000 and $165,000 on June 30, 2012 and February 21, 2013, respectively. The fair value of these derivative liabilities increased during the period ended February 21, 2013 and as a result, the Company recognized a loss of approximately $119,000, from the change in fair value of the derivative liability for the period ended February 21, 2013. The Company repurchased the warrants for $107,000 and recorded a gain on settlement of derivative liabilities of $58,000 for the year ended June 30, 2013. The total gain on the settlement of derivative liabilities was $131,000 for the year ended June 30, 2013. | ||||||||
As of June 30, 2014 and 2013, the Company had no warrants outstanding that are treated as derivative liabilities. Prior to June 30, 2013, these warrants were treated as derivatives and changes in the fair value were recognized in earnings. These common stock purchase warrants did not trade in an active securities market, and as such, the Company estimated the fair value of these warrants using Black-Scholes and the following assumptions: | ||||||||
June 30, | ||||||||
2013 | ||||||||
Annual dividend yield | 0 | % | ||||||
Expected life (years) | 0.86-1.25 | |||||||
Risk-free interest rate | 0.15%– 0.18 | % | ||||||
Expected volatility | 27% - 32 | % | ||||||
The fair value of these common stock purchase warrants was $442,000 on June 30, 2012. The total value of these derivative liabilities increased for the year ended June 30, 2013, and as a result, the Company recognized a loss of approximately $271,000 from the change in fair value of these warrants for the year ended June 30, 2013. | ||||||||
Expected volatility was based primarily on historical volatility. Historical volatility was computed using weekly pricing observations for recent periods. The Company believed this method produced an estimate that was representative of the Company’s expectations of future volatility over the expected term of these warrants. The Company had no reason to believe future volatility over the expected remaining life of these warrants was likely to differ materially from historical volatility. The expected life was based on the remaining contractual term of the warrants. The risk-free rate was based on the U.S. Treasury rate that corresponded to the expected term of the warrants. | ||||||||
The Company has no assets or liabilities that are measured at fair value on a recurring basis as of June 30, 2014 and 2013. There were no assets or liabilities measured at fair value on a non-recurring basis during the years ended June 30, 2014 and 2013. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for the Company beginning in its first quarter of 2018. Early adoption is not permitted. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements. | ||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||
Goodwill activity for the years ended June 30, 2014 and 2013 are as follows: | ||||||||
Balance, July 1, 2012 | $ | 9,158,000 | ||||||
Effect of exchange rate changes | -175,000 | |||||||
Balance, June 30, 2013 | $ | 8,983,000 | ||||||
Effect of exchange rate changes | 784,000 | |||||||
Balance, June 30, 2014 | $ | 9,767,000 | ||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the years ended June 30: | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 1,672,000 | $ | 3,013,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,060,638 | 12,708,766 | ||||||
Effect of dilutive securities | 93,114 | 116,942 | ||||||
Diluted weighted-average diluted shares | 13,153,752 | 12,825,708 | ||||||
Basic earnings per common share | $ | 0.13 | $ | 0.24 | ||||
Diluted earnings per common share | $ | 0.13 | $ | 0.24 | ||||
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | ' | |||||||
These common stock purchase warrants did not trade in an active securities market, and as such, the Company estimated the fair value of these warrants using Black-Scholes and the following assumptions: | ||||||||
June 30, | ||||||||
2013 | ||||||||
Annual dividend yield | 0 | % | ||||||
Expected life (years) | 0.86-1.25 | |||||||
Risk-free interest rate | 0.15%– 0.18 | % | ||||||
Expected volatility | 27% - 32 | % | ||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment consist of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Leasehold improvements | $ | 793,000 | $ | 748,000 | ||||
Computer and office equipment | 955,000 | 723,000 | ||||||
Equipment under capital leases | 10,000 | 10,000 | ||||||
Furniture and equipment | 349,000 | 304,000 | ||||||
2,107,000 | 1,785,000 | |||||||
Less: Accumulated depreciation and amortization | -1,415,000 | -1,096,000 | ||||||
$ | 692,000 | $ | 689,000 | |||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||
Intangible assets consist of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Assets not subject to amortization: | ||||||||
Goodwill | $ | 9,767,000 | $ | 8,983,000 | ||||
Assets subject to amortization: | ||||||||
Completed software technology (9-10 years useful life) | $ | 3,150,000 | $ | 3,002,000 | ||||
Customer contracts / relationships (10 years useful life) | 3,790,000 | 3,716,000 | ||||||
Automotive data services (20 years useful life) | 334,000 | 298,000 | ||||||
7,274,000 | 7,016,000 | |||||||
Less : Accumulated amortization | -7,156,000 | -6,376,000 | ||||||
Amortizable intangible assets, net | $ | 118,000 | $ | 640,000 | ||||
Software development costs | $ | 4,204,000 | $ | 3,406,000 | ||||
Less : Accumulated amortization | -2,651,000 | -2,158,000 | ||||||
Software development costs, net | $ | 1,553,000 | $ | 1,248,000 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||
Estimated future amortization of software development costs and intangibles is as follows: | ||||||||
Years Ending June 30, | ||||||||
2015 | 776,000 | |||||||
2016 | 37,000 | |||||||
2017 | 37,000 | |||||||
2018 | 37,000 | |||||||
2019 | 37,000 | |||||||
Thereafter | 747,000 | |||||||
Total | $ | 1,671,000 | ||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consists of the following as of June 30: | ||||||||
2014 | 2013 | |||||||
HSBC term loan | $ | - | $ | 292,000 | ||||
Secured notes | - | 20,000 | ||||||
- | 312,000 | |||||||
Less current portion | - | -312,000 | ||||||
Long term portion | $ | - | $ | - | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||||
The provision (benefit) for income taxes consists of the following for the years ended June 30, 2014 and 2013: | ||||||||||||||
U.S. | U.S. | U.K. | Total | |||||||||||
Federal | State | Corporate | ||||||||||||
2014 | ||||||||||||||
Current | $ | - | $ | 34,000 | 741,000 | 775,000 | ||||||||
Deferred | - | - | -31,000 | -31,000 | ||||||||||
Total | $ | - | $ | 34,000 | 710,000 | 744,000 | ||||||||
2013 | ||||||||||||||
Current | $ | -37,000 | $ | 40,000 | 810,000 | 813,000 | ||||||||
Deferred | - | - | -90,000 | -90,000 | ||||||||||
Total | $ | -37,000 | $ | 40,000 | 720,000 | 723,000 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||||
The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets consist of the following at June 30, 2014 and 2013: | ||||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets: | ||||||||||||||
State taxes | $ | 2,000 | $ | 9,000 | ||||||||||
Net operating loss carry-forwards | 2,998,000 | 3,239,000 | ||||||||||||
Write-down of investments | 1,761,000 | 1,720,000 | ||||||||||||
Deferred revenue | - | - | ||||||||||||
Equity based compensation | - | - | ||||||||||||
Reserves and accruals | 177,000 | 210,000 | ||||||||||||
Deferred rent | 80,000 | 93,000 | ||||||||||||
Derivative liabilities | - | - | ||||||||||||
Total deferred tax assets | 5,018,000 | 5,271,000 | ||||||||||||
Deferred tax (liabilities): | - | |||||||||||||
Intangible and other long-lived assets | 86,000 | -107,000 | ||||||||||||
Total deferred tax (liabilities) | 5,104,000 | -107,000 | ||||||||||||
Valuation allowance | -5,157,000 | -5,243,000 | ||||||||||||
Net deferred tax (liabilities) | $ | -53,000 | $ | -79,000 | ||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||||
The provision for income taxes for the years ended June 30, 2014 and 2013 differs from the amount computed by applying the U.S. federal income tax rates to net income from continuing operations before taxes as a result of the following: | ||||||||||||||
June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Taxes at federal statutory rates | $ | 821,000 | $ | 1,270,000 | ||||||||||
State taxes, net of federal benefit | 26,000 | 18,000 | ||||||||||||
Rate changes | 12,000 | 1,039,000 | ||||||||||||
Adjustment to reserves and accruals | 57,000 | -309,000 | ||||||||||||
NOL expiration | 265,000 | - | ||||||||||||
Differential in U.K. corporate tax rate | -351,000 | -321,000 | ||||||||||||
Change in valuation allowance –federal | -86,000 | -974,000 | ||||||||||||
Provision for income taxes | $ | 744,000 | $ | 723,000 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Future annual minimum payments under non-cancelable operating leases are as follows: | |||||
For the years ended June 30, | |||||
2015 | 393,000 | ||||
2016 | 375,000 | ||||
2017 | 233,000 | ||||
2018 | 210,000 | ||||
2019 | 245,000 | ||||
Thereafter | 2,587,000 | ||||
$ | 4,043,000 | ||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||
A summary of the Company's common stock option activity is presented below (shares in thousands): | ||||||||||||
Options Outstanding | ||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||
Shares | Average | Average | Intrinsic | |||||||||
(in | Exercise | Remaining | Value | |||||||||
thousands) | Price | Contractual | (in thousands) | |||||||||
Life | ||||||||||||
(in years) | ||||||||||||
Options outstanding - July 1, 2013 | 173 | $ | 1.11 | |||||||||
Options granted | - | - | ||||||||||
Options exercised | -52 | 0.82 | ||||||||||
Options cancelled | - | - | ||||||||||
Options outstanding - June 30, 2014 | 121 | $ | 1.23 | 7 | $ | 495 | ||||||
Options exercisable - June 30, 2014 | 121 | $ | 1.23 | 7 | $ | 495 | ||||||
Options exercisable and expected to vest - June 30, 2014 | 121 | $ | 1.23 | 7 | $ | 495 | ||||||
Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] | ' | |||||||||||
The following is a summary of warrant activity for the year ended June 30, 2014: | ||||||||||||
Balance as of June 30, 2013 | 71,854 | |||||||||||
Warrants expired | -67,224 | |||||||||||
Warrants issued and outstanding at June 30, 2014 | 4,630 | |||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Goodwill, Beginning Balance | $8,983,000 | $9,158,000 |
Effect of exchange rate changes | 784,000 | -175,000 |
Goodwill, Ending Balance | $9,767,000 | $8,983,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' |
Net income | $1,672 | $3,013 |
Denominator: | ' | ' |
Basic weighted-average shares outstanding (in shares) | 13,060,638 | 12,708,766 |
Effect of dilutive securities (in shares) | 93,114 | 116,942 |
Diluted weighted-average diluted shares (in shares) | 13,153,752 | 12,825,708 |
Basic earnings per common share (in dollars per share) | $0.13 | $0.24 |
Diluted earnings per common share (in dollars per share) | $0.13 | $0.24 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (Warrant [Member]) | 12 Months Ended |
Jun. 30, 2013 | |
Annual dividend yield | 0.00% |
Maximum [Member] | ' |
Expected life (years) | '1 year 3 months |
Risk-free interest rate | 0.18% |
Expected volatility | 32.00% |
Minimum [Member] | ' |
Expected life (years) | '10 months 10 days |
Risk-free interest rate | 0.15% |
Expected volatility | 27.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Jul. 02, 2013 | Mar. 01, 2013 | Apr. 27, 2012 | Feb. 21, 2013 | Sep. 26, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 12, 2008 | Apr. 10, 2014 | Jun. 30, 2014 | Apr. 10, 2014 | Jun. 30, 2014 | Apr. 10, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 26, 2012 | Jun. 30, 2012 | Feb. 21, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | One Customer [Member] | One Customer [Member] | Repurchase One [Member] | Repurchase One [Member] | Repurchase Two [Member] | Repurchase Two [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Common Stock [Member] | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Automotive data services [Member] | Minimum [Member] | Maximum [Member] | UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | CANADA [Member] | CANADA [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | ||||||||||
Officer [Member] | Officer [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Software Technology and Customer Relationships [Member] | Software Technology and Customer Relationships [Member] | Federal Deposit Insurance Corporation [Member] | Financial Services Compensation Scheme [Member] | ||||||||||||||||||||||||||||||
Concentration Risk, Percentage | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Accounts Receivable, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue Net Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.00% | 31.00% | ' | 27.00% | 31.00% | 73.00% | 69.00% | ' |
Percentage Of Property, Plant and Equipment, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 31.00% | ' | ' | ' | 75.00% | 69.00% | ' |
Advertising Expense | ' | ' | ' | ' | ' | $564,000 | $353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on settlement of liability | ' | ' | ' | ' | ' | ' | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation income (loss) | ' | ' | ' | ' | ' | 1,103,000 | -238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 1,103,000 | -238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities (in shares) | ' | ' | ' | ' | ' | 93,114 | 116,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Loss on Derivative | ' | ' | ' | 119,000 | 152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 548,000 | 396,000 | 165,000 | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | ' | ' | ' | 58,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Repurchased During Period Value | ' | ' | ' | ' | ' | ' | 107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Loss On Settlement Of Derivative Liabilities | ' | ' | ' | ' | ' | 0 | 131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '8 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Of Non Employee Warrants Decrease In Additional Paid In Capital | ' | ' | ' | ' | ' | ' | 475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Of Non Employee Warrants Increase In Derivative Liability | ' | ' | ' | ' | ' | ' | 73,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) On Derivatives | ' | ' | ' | ' | ' | 0 | -271,000 | 442,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Shares Issued Under Long Term Stock Incentive Plan, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 250,892 | 282,254 | 1,165,359 | ' | ' | 250,892 | 282,254 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | ' | ' | ' | ' | ' | ' | ' | ' | ' | 291,340 | ' | 56,451 | ' | 466,144 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Held in Employee Stock Option Plan, Allocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,217 | ' | 15,586 | ' | 151,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | 62,502 | ' | ' | ' | 225,803 | ' | 699,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Financial Institutions, Actual Deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | 145,000 |
Foreign Financial Institutions, Mandated Deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000 | ' | ' | ' | ' | $145,000 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment | $2,107,000 | $1,785,000 |
Less: Accumulated depreciation and amortization | -1,415,000 | -1,096,000 |
Property, Plant and Equipment, Net | 692,000 | 689,000 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment | 793,000 | 748,000 |
Computer and office equipment [Member] | ' | ' |
Property, Plant and Equipment | 955,000 | 723,000 |
Equipment under capital leases [Member] | ' | ' |
Property, Plant and Equipment | 10,000 | 10,000 |
Furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment | $349,000 | $304,000 |
PROPERTY_AND_EQUIPMENT_Details1
PROPERTY AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Depreciation, Depletion and Amortization, Total | $232,000 | $195,000 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill | $9,767,000 | $8,983,000 | $9,158,000 |
Finite-Lived Intangible Assets, Gross | 7,274,000 | 7,016,000 | ' |
Less : Accumulated amortization | -7,156,000 | -6,376,000 | ' |
Amortizable intangible assets, net | 118,000 | 640,000 | ' |
Software development costs | 4,204,000 | 3,406,000 | ' |
Less : Accumulated amortization | -2,651,000 | -2,158,000 | ' |
Software development costs, net | 1,553,000 | 1,248,000 | ' |
Completed software technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 3,150,000 | 3,002,000 | ' |
Customer contracts / relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 3,790,000 | 3,716,000 | ' |
Automotive data services [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $334,000 | $298,000 | ' |
INTANGIBLE_ASSETS_Details_1
INTANGIBLE ASSETS (Details 1) (USD $) | Jun. 30, 2014 |
2015 | $776,000 |
2016 | 37,000 |
2017 | 37,000 |
2018 | 37,000 |
2019 | 37,000 |
Thereafter | 747,000 |
Total | $1,671,000 |
INTANGIBLE_ASSETS_Details_Text
INTANGIBLE ASSETS (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Amortization | $799,000 | $954,000 |
Customer contracts / relationships [Member] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' |
Completed software technology [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' |
Completed software technology [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '9 years | ' |
Automotive data services [Member] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Total | $0 | $312,000 |
Less current portion | 0 | -312,000 |
Long term portion | 0 | 0 |
HSBC term loan [Member] | ' | ' |
Total | 0 | 292,000 |
Secured notes [Member] | ' | ' |
Total | $0 | $20,000 |
LONGTERM_DEBT_Details_Textual
LONG-TERM DEBT (Details Textual) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Oct. 31, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Oct. 25, 2010 | Oct. 25, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
HSBC term loan [Member] | HSBC term loan [Member] | HSBC term loan [Member] | HSBC term loan [Member] | HSBC term loan [Member] | Secured Notes Payable [Member] | Secured Notes Payable [Member] | Secured Notes Payable [Member] | Secured Notes Payable [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | Maximum [Member] | Minimum [Member] | |||
USD ($) | USD ($) | ||||||||
Debt Instrument, Face Amount | ' | ' | ' | $2,000,000 | £ 1,324,550 | ' | ' | ' | ' |
Debt Instrument, Maturity Period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayment Terms | 'repayable in thirty-six (36) monthly installments, | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | 'monthly | ' | ' | ' | ' | 'monthly | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 2.90% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | 3.40% | ' | ' | ' | ' | 9.54% | 5.49% |
Debt Issuance Costs | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization of Debt Discount Premium | ' | 1,000 | 11,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | 2,700 | 980 |
Property, Plant and Equipment, Pledged As Collateral, Carrying Value | ' | ' | ' | ' | ' | ' | $237,000 | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Current - U.S. Federal | $0 | ($37,000) |
Deferred - U.S. Federal | 0 | 0 |
Total - U.S. Federal | 0 | -37,000 |
Current - U.S. State | 34,000 | 40,000 |
Deferred - U.S. State | 0 | 0 |
Total - U.S. State | 34,000 | 40,000 |
Current - U.K. Corporate | 741,000 | 810,000 |
Deferred - U.K. Corporate | -31,000 | -90,000 |
Total - U.K. Corporate | 710,000 | 720,000 |
Current | 775,000 | 813,000 |
Deferred income taxes | -26,000 | -90,000 |
Provision for income taxes | $744,000 | $723,000 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Deferred tax assets: | ' | ' |
State taxes | $2,000 | $9,000 |
Net operating loss carry-forwards | 2,998,000 | 3,239,000 |
Write-down of investments | 1,761,000 | 1,720,000 |
Deferred revenue | 0 | 0 |
Equity based compensation | 0 | 0 |
Reserves and accruals | 177,000 | 210,000 |
Deferred rent | 80,000 | 93,000 |
Derivative liabilities | 0 | 0 |
Total deferred tax assets | 5,018,000 | 5,271,000 |
Deferred tax (liabilities): | ' | ' |
Intangible and other long-lived assets | 86,000 | -107,000 |
Total deferred tax (liabilities) | 5,104,000 | -107,000 |
Valuation allowance | -5,157,000 | -5,243,000 |
Net deferred tax (liabilities) | ($53,000) | ($79,000) |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Taxes at federal statutory rates | $821,000 | $1,270,000 |
State taxes, net of federal benefit | 26,000 | 18,000 |
Rate changes | 12,000 | 1,039,000 |
Adjustment to reserves and accruals | 57,000 | -309,000 |
NOL expiration | 265,000 | 0 |
Differential in U.K. corporate tax rate | -351,000 | -321,000 |
Change in valuation allowance -federal | -86,000 | -974,000 |
Provision for income taxes | $744,000 | $723,000 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Annual Utilization Of Previously Incurred Net Operating Loss | $560,000 | ' |
Deferred Tax Assets, Valuation Allowance | 5,157,000 | 5,243,000 |
US Federal [Member] | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Total | 5,157,000 | ' |
Deferred Tax Assets, Valuation Allowance | 5,200,000 | 5,200,000 |
Federal Income Tax [Member] | ' | ' |
Operating Loss Carryforwards | 8,400,000 | ' |
State And Local [Member] | ' | ' |
Operating Loss Carryforwards | $4,700,000 | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Jun. 30, 2014 |
2015 | $393,000 |
2016 | 375,000 |
2017 | 233,000 |
2018 | 210,000 |
2019 | 245,000 |
Thereafter | 2,587,000 |
Operating Leases, Future Minimum Payments Due, Total | $4,043,000 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Textual) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 01, 2013 | Mar. 01, 2013 | Mar. 01, 2013 | Mar. 01, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 27, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 10, 2014 | Apr. 10, 2014 | |
USD ($) | USD ($) | Criteria One [Member] | Criteria Two [Member] | Criteria Three [Member] | Criteria Four [Member] | Common Stock [Member] | Common Stock [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Michael Jamieson Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Charles F. Trapp Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Minimum [Member] | Maximum [Member] | Escrow Shares [Member] | Escrow Shares [Member] | |
USD ($) | GBP (£) | USD ($) | Criteria One [Member] | Criteria Two [Member] | Criteria Three [Member] | Restricted Stock [Member] | Second Anniversary Of Stock Grant [Member] | First Anniversary Of Stock Grant [Member] | Third Anniversary Of Stock Grant [Member] | USD ($) | USD ($) | Criteria One [Member] | Criteria Two [Member] | Criteria Three [Member] | Second Anniversary Of Stock Grant [Member] | First Anniversary Of Stock Grant [Member] | Third Anniversary Of Stock Grant [Member] | USD ($) | GBP (£) | Criteria One [Member] | Criteria Two [Member] | Criteria Three [Member] | Criteria Four [Member] | Subsequent Event [Member] | USD ($) | USD ($) | Charles F. Trapp Employment Agreement [Member] | |||||||||||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||||||
Operating Leases, Rent Expense, Net, Total | $374,000 | $413,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500 | $17,300 | ' | ' |
Employment Agreement Original Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment Agreement Original Term Extended | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Officers Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,000 | 178,200 | ' | ' | ' | ' | ' | ' | ' | ' | 225,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,000 | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive Compensation Amount Accrued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Share Based Payment Award Equity Instruments Other Than Options Vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 20.00% | 50.00% | ' | ' | ' | ' | ' | ' | 30.00% | 20.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | 359,812 | 445,201 | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Rights | ' | ' | '20% when the market price of the Companys common stock trades at or above $5 for the previous 30 day volume weighted average price (VWAP) | '30% when the market price of the Companys common stock trades at or above $6 for the previous 30 day VWAP | '30% when the market price of the Companys common stock trades at or above $7 for the previous 30 day VWAP | '20% when the market price of the Companys common stock trades at or above $8 for the previous 30 day VWAP | ' | ' | ' | ' | ' | ' | '15% when the market price of the Companys common stock trades at or above $6 for the previous 30 day VWAP. | '15% when the market price of the Companys common stock trades at or above $7 for the previous 30 day VWAP. | '30% when the market price of the Companys common stock trades at or above $8 for the previous 30 day VWAP. | ' | ' | ' | ' | ' | ' | ' | '15% when the market price of the Companys common stock trades at or above $6 for the previous 30 day VWAP. | '15% when the market price of the Companys common stock trades at or above $7 for the previous 30 day VWAP. | '30% when the market price of the Companys common stock trades at or above $8 for the previous 30 day VWAP. | ' | ' | ' | ' | ' | ' | '20% when the market price of the Companys Common stock trades at or above $6 for the previous 30 day volume weighted average price (VWAP) | '30% when the market price of the Companys common stock trades at or above $7 for the previous 30 day VWAP. | '30% when the market price of the Companys Common stock trades at or above $8 for the previous 30 day VWAP. | '30% when the market price of the Companys Common stock trades at or above $9 for the previous 30 day VWAP. | ' | ' | ' | ' | ' |
Share Based Compensation Restricted Stock Approved For Issuance | ' | ' | ' | ' | ' | ' | ' | ' | 728,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 437,009 | ' | ' | ' | ' | ' | ' | 250,892 | ' | ' | ' | ' | ' | ' | 250,892 | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Value Of Common Stock Grant | 109,000 | ' | ' | ' | ' | ' | ' | ' | ' | 244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Of Unvested Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,000 | ' | 86,000 | ' | ' | ' | ' | ' | ' | ' | 52,000 | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | $56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124.80% | 124.80% | ' | ' | ' | ' | ' | ' | ' | ' | 124.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124.80% | 124.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.39% | 0.39% | ' | ' | ' | ' | ' | ' | ' | ' | 0.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.39% | 0.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Held in Employee Stock Option Plan, Allocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,217 | 66,589 |
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 291,340 | 174,804 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 25, 2013 | Jun. 30, 2014 |
Number of Shares, Options outstanding - Beginning balance | ' | 173,000 |
Number of Shares, Options granted | ' | 0 |
Number of Shares, Options exercised | -21,000 | -52,000 |
Number of Shares, Options cancelled | ' | 0 |
Number of Shares, Options outstanding - Ending balance | ' | 121,000 |
Number of Shares, Options exercisable | ' | 121,000 |
Number of Shares, Options exercisable and expected to vest | ' | 121,000 |
Weighted- Average Exercise Price, Options outstanding - Beginning balance | ' | $1.11 |
Weighted- Average Exercise Price, Options granted | ' | $0 |
Weighted- Average Exercise Price, Options exercised | ' | $0.82 |
Weighted- Average Exercise Price, Options cancelled | ' | $0 |
Weighted- Average Exercise Price, Options outstanding - Ending balance | ' | $1.23 |
Weighted- Average Exercise Price, Options exercisable | ' | $1.23 |
Weighted- Average Exercise Price, Options exercisable and expected to vest | ' | $1.23 |
Weighted- Average Remaining Contractual Life, Options outstanding (in years) | ' | '7 years |
Weighted- Average Remaining Contractual Life, Options exercisable (in years) | ' | '7 years |
Weighted- Average Remaining Contractual Life, Options exercisable and expected to vest (in years) | ' | '7 years |
Aggregate Intrinsic Value, Options outstanding | ' | $495 |
Aggregate Intrinsic Value, Options exercisable | ' | 495 |
Aggregate Intrinsic Value, Options exercisable and expected to vest | ' | $495 |
STOCKHOLDERS_EQUITY_Details_2
STOCKHOLDERS' EQUITY (Details 2) | 12 Months Ended |
Jun. 30, 2014 | |
Warrants issued and outstanding- Beginning balance | 71,854 |
Warrants expired | -67,224 |
Warrants issued and outstanding- Ending balance | 4,630 |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||
Apr. 10, 2014 | Jul. 25, 2012 | Apr. 25, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jul. 31, 2013 | Jun. 30, 2014 | Jul. 31, 2013 | Jul. 03, 2012 | Jun. 30, 2013 | Mar. 01, 2013 | Jun. 30, 2014 | Mar. 01, 2013 | Jun. 30, 2014 | Mar. 01, 2013 | Jun. 30, 2014 | Mar. 01, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 07, 2013 | Apr. 10, 2014 | Jul. 25, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 01, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 31, 2013 | Jun. 30, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Apr. 10, 2014 | Apr. 10, 2014 | |
Subsequent Event [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Officer [Member] | Derivative Financial Instruments, Liabilities [Member] | Criteria One [Member] | Criteria One [Member] | Criteria Two [Member] | Criteria Two [Member] | Criteria Three [Member] | Criteria Three [Member] | Criteria Four [Member] | Criteria Four [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Quarterly Cash Compensation [Member] | Quarterly Cash Compensation [Member] | LTIP 2007 [Member] | LTIP 2007 [Member] | LTIP 2007 [Member] | LTIP 2007 [Member] | LTIP 2007 [Member] | Employee Stock Purchase Plan [Member] | Issue 1 [Member] | Issue 1 [Member] | Issue 1 [Member] | Issue 2 [Member] | Issue 2 [Member] | Issue 2 [Member] | Issue 3 [Member] | Issue 3 [Member] | Issue 3 [Member] | Issue 4 [Member] | Issue 4 [Member] | Issue 5 [Member] | Escrow Shares [Member] | Escrow Shares [Member] | ||||||
Subsequent Event [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Lee Broad Employment Agreement [Member] | Officer [Member] | Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Officer [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period Shares Share Based Compensation | ' | ' | ' | ' | ' | 8,464 | ' | ' | ' | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,769 | 6,063 | ' | 66,169 | 98,654 | 88,398 | 155,625 | ' | ' | ' | 10,972 | ' | ' | 5,370 | ' | ' | 1,155 | ' | 5,354 | 11,900 | ' | ' |
Stock Issued During Period Shares Issued For Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,442 | 10,165 | ' | 5,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,508 | 43,396 | ' | 21,360 | 24,510 | ' | 25,300 | 20,283 | ' | 20,376 | ' | ' | ' | ' |
Stock Issued During Period Value Issued For Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44,000 | $31,000 | $244,000 | $12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $59,000 | $17,000 | ' | ' | ' | ' | ' | ' | $8,000 | $34,000 | ' | $39,000 | $44,000 | ' | $56,000 | $45,000 | ' | $75,000 | ' | ' | ' | ' |
Stock Issued During Period Value Share Based Compensation | ' | ' | ' | ' | ' | 37,000 | ' | ' | ' | 17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000 | ' | ' | 11,000 | ' | ' | 2,000 | ' | 16,000 | 36,000 | ' | ' |
Share-based Compensation | ' | ' | ' | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions Expected Volatility Rate | ' | ' | ' | 39.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions Risk Free Interest Rate | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 167,392 | 622,815 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | ' | ' | 845,000 | 1,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 845,000 | 1,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Restricted Stock Approved For Issuance | ' | ' | ' | ' | ' | ' | 250,892 | ' | 250,892 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 282,254 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Right To Purchase Common Stock Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'equal to the lesser of 85 percent of the fair market value of a share of common stock on the Exercise Date of the current Offering Period or 85 percent of the fair market value of our common stock on the Grant Date of the Offering Period. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Number Of Common Stock Covered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Fair Market Value Of Common Stock To Be Granted To Employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20% when the market price of the Companys common stock trades at or above $5 for the previous 30 day volume weighted average price (VWAP) | '20% when the market price of the Companys Common stock trades at or above $6 for the previous 30 day volume weighted average price (VWAP) | '30% when the market price of the Companys common stock trades at or above $6 for the previous 30 day VWAP | '30% when the market price of the Companys common stock trades at or above $7 for the previous 30 day VWAP. | '30% when the market price of the Companys common stock trades at or above $7 for the previous 30 day VWAP | '30% when the market price of the Companys Common stock trades at or above $8 for the previous 30 day VWAP. | '20% when the market price of the Companys common stock trades at or above $8 for the previous 30 day VWAP | '30% when the market price of the Companys Common stock trades at or above $9 for the previous 30 day VWAP. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Value Of Common Stock Grant | ' | ' | ' | 109,000 | ' | ' | ' | 265,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | ' | $2.49 | $0.80 | ' | $0.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments To Additional Paid In Capital Warrants Repurchased | ' | ' | ' | ' | 142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | ' | ' | 14,000 | 43,000 | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | ' | ' | 21,000 | 52,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,238 | 21,000 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,392 | 1,145,759 | ' | 167,392 | 1,145,759 | -167,392 | -1,145,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Retired, Cost Method, Amount | 845,000 | 2,242,000 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | -845,000 | -2,242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Warrants Exercisable Weighted Average Exercise Price | ' | ' | ' | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 508,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercisable Remaining Contractual Term | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercisable Weighted Average Remaining Contractual Term | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Retired During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 582,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 291,340 | 56,451 |
Warrants Repurchased During Period | ' | ' | ' | ' | 147,056 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Held in Employee Stock Option Plan, Allocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,217 | 15,586 |
Stock or Unit Option Plan Expense | ' | ' | ' | $58,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
401k_PLAN_Details_Textual
401(k) PLAN (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ' |
Defined Contribution Plan Percentage Of Employee Compensation Eligible For Employer Match | 3.00% | ' |
Defined Benefit Plan, Contributions by Employer | $69,000 | $33,000 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||
Jul. 03, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Officer [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Officer [Member] | Subsidiaries [Member] | Issue 1 [Member] | Issue 1 [Member] | Issue 2 [Member] | |||
Director [Member] | Officer [Member] | Director [Member] | |||||
Stock Issued During Period Shares Share Based Compensation | 21,000 | 8,464 | ' | ' | 16,765 | ' | 3,061 |
Stock Issued During Period Value Share Based Compensation | $17,000 | $37,000 | ' | ' | $43,000 | ' | $17,000 |
Stock Issued Escrow Account | ' | ' | 174,804 | 84,676 | ' | 50,178 | ' |
Stock WithHeld | ' | ' | 66,347 | 44,455 | ' | 23,584 | ' |