Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | MAM SOFTWARE GROUP, INC. | |
Entity Central Index Key | 832488 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | MAMS | |
Entity Common Stock, Shares Outstanding | 14,288,847 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $5,555 | $7,008 |
Accounts receivable, net of allowance of $250 and $473 | 3,854 | 3,857 |
Inventories | 365 | 211 |
Prepaid expenses and other current assets | 1,743 | 1,505 |
Total Current Assets | 11,517 | 12,581 |
Property and Equipment, Net | 726 | 692 |
Other Assets | ||
Goodwill | 8,821 | 9,767 |
Amortizable intangible assets, net | 0 | 118 |
Software development costs, net | 2,518 | 1,553 |
Other long-term assets | 34 | 34 |
TOTAL ASSETS | 23,616 | 24,745 |
Current Liabilities | ||
Accounts payable | 1,229 | 1,464 |
Accrued expenses and other liabilities | 2,104 | 2,283 |
Payroll and other taxes | 908 | 1,224 |
Current portion of deferred revenues | 923 | 833 |
Sales tax payable | 722 | 893 |
Income tax payable | 393 | 285 |
Total Current Liabilities | 6,279 | 6,982 |
Long-Term Liabilities | ||
Deferred revenues, net of current portion | 71 | 242 |
Deferred income taxes | 31 | 53 |
Other | 153 | 193 |
Total Liabilities | 6,534 | 7,470 |
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, 15,015,219 shares issued and 14,297,493 shares outstanding at March 31, 2015 and 15,077,830 shares issued and 14,404,149 shares outstanding at June 30, 2014 | 2 | 2 |
Additional paid-in capital | 31,136 | 31,426 |
Accumulated other comprehensive loss | -1,991 | -65 |
Accumulated deficit | -10,087 | -12,342 |
Treasury stock at cost, 717,726 shares at March 31, 2015 and 673,681 shares at June 30, 2014 | -1,978 | -1,746 |
Total Stockholders' Equity | 17,082 | 17,275 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $23,616 | $24,745 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets [Parenthetical] (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for accounts receivable | $250 | $473 |
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 | 15,015,219 | 15,077,830 |
Common stock, shares outstanding | 14,297,493 | 14,404,149 |
Treasury stock, shares | 717,726 | 673,681 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | $7,659 | $7,868 | $23,737 | $22,791 |
Cost of revenues | 3,342 | 3,484 | 9,856 | 9,955 |
Gross profit | 4,317 | 4,384 | 13,881 | 12,836 |
Operating expenses | ||||
Research and development | 973 | 985 | 2,854 | 2,719 |
Sales and marketing | 1,003 | 1,055 | 3,318 | 3,292 |
General and administrative | 1,255 | 1,237 | 4,325 | 3,797 |
Depreciation and amortization | 120 | 251 | 478 | 766 |
Total operating expenses | 3,351 | 3,528 | 10,975 | 10,574 |
Operating income | 966 | 856 | 2,906 | 2,262 |
Interest expense, net | -4 | -4 | -9 | -37 |
Income before provision for income taxes | 962 | 852 | 2,897 | 2,225 |
Provision for income taxes | 241 | 193 | 642 | 481 |
Net income | 721 | 659 | 2,255 | 1,744 |
Earnings per share attributed to common stockholders: | ||||
Basic | $0.05 | $0.05 | $0.17 | $0.14 |
Diluted | $0.05 | $0.05 | $0.17 | $0.13 |
Weighted average shares outstanding: | ||||
Basic | 13,430,568 | 13,177,644 | 13,398,748 | 12,900,154 |
Diluted | 13,525,148 | 13,318,457 | 13,493,328 | 12,992,589 |
Net income | 721 | 659 | 2,255 | 1,744 |
Foreign currency translation (loss) income | -673 | 89 | -1,926 | 924 |
Total comprehensive income | $48 | $748 | $329 | $2,668 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $2,255 | $1,744 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Bad debt expense | 119 | 150 |
Depreciation and amortization | 478 | 766 |
Amortization of debt discount and debt issuance costs | 0 | 1 |
Fair value of stock issued for services | 503 | 517 |
Deferred income taxes | -21 | -47 |
Changes in assets and liabilities: | ||
Accounts receivable | -502 | -1,004 |
Inventories | -194 | -51 |
Prepaid expenses and other assets | -337 | 356 |
Accounts payable | -117 | -166 |
Payroll and other taxes | -227 | -120 |
Deferred revenue | 22 | 211 |
Accrued expenses and other liabilities | -652 | 23 |
Sales tax payable | -62 | 21 |
Net cash provided by operating activities | 1,265 | 2,401 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -292 | -142 |
Capitalized software development costs | -1,227 | -408 |
Net cash used in investing activities | -1,519 | -550 |
Cash flows from financing activities: | ||
Payments for treasury stock | -232 | 0 |
Proceeds from the exercise of stock options | 0 | 43 |
Payments on long-term debt | 0 | -325 |
Net cash used in financing activities | -232 | -282 |
Effect of exchange rate changes | -967 | 246 |
Net change in cash and cash equivalents | -1,453 | 1,815 |
Cash and cash equivalents, beginning of period | 7,008 | 4,061 |
Cash and cash equivalents, end of period | 5,555 | 5,876 |
Supplemental disclosures of cash flow information : | ||
Interest | 0 | 26 |
Income taxes | 484 | 586 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Issuance of common stock in settlement of accrued liabilities | 0 | 16 |
Treasury stock retired | $793 | $0 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | NOTE 1. BASIS OF PRESENTATION |
The condensed consolidated financial statements included herein have been prepared by MAM Software Group, Inc. (“MAM” or the “Company”), without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information normally included in the condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America has been omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. | |
Operating results for the three and nine months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2015. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2014, which was filed with the SEC on September 23, 2014. The Company has evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q, and determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto, other than as disclosed in the accompanying notes. | |
NATURE_OF_OPERATIONS_AND_SUMMA
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Business Description and Accounting Policies [Text Block] | NOTE 2. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||
MAM Software Group, Inc. 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 and MAM Software, Inc. (“MAM US”) has offices in the United States in Allentown, Pennsylvania. | ||||||||
Principles of Consolidation | ||||||||
The condensed 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 condensed 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 the Federal Deposit Insurance Corporation 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 up to 85,000GBP. At times deposits held with financial institutions in the U.K. may exceed the 85,000GBP 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 customer accounted for more than 10% of the Company’s accounts receivable at March 31, 2015 and June 30, 2014. No customer accounted for more than 10% of the Company’s revenues for the three and nine months ended March 31, 2015 and 2014. | ||||||||
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 23% of its revenues from the U.S., 1% from Canada and 76% from its U.K. operations during the three months ended March 31, 2015, compared to 27% of its revenues from the U.S., 1% from Canada and 72% from its U.K. operations during the three months ended March 31, 2014. | ||||||||
The Company derived 25% of its revenues from the U.S., 1% from Canada and 74% from its U.K. operations during the nine months ended March 31, 2015 compared to 27% of its revenues from the U.S., 1% from Canada and 72% from its U.K. operations during the nine months ended March 31, 2014. | ||||||||
At March 31, 2015, the Company maintained 82% of its net property and equipment in the U.K. and the remaining 18% in the U.S. 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. | ||||||||
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 condensed 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 and 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 and accrued expenses. 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. | ||||||||
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 being 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 condensed consolidated statements of comprehensive income. Depreciation and amortization expense was $59,000 and $59,000 for the three months ended March 31, 2015 and 2014, respectively, and was $182,000 and $175,000 for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||
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 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. Amortization expense was $61,000 and $60,000 for the three months ended March 31, 2015 and 2014, respectively, and $184,000 and $179,000 for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||
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 eight to ten years, and automotive data services are amortized using the straight-line method over their estimated useful lives of 20 years. Amortization expense on amortizable intangible assets was $0 and $132,000 for the three months ended March 31, 2015 and 2014, respectively, and $112,000 and $412,000 for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||
Goodwill | ||||||||
Goodwill is not amortized but rather is 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 March 31, 2015, 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 impairment of goodwill in the future. | ||||||||
For the nine months ended March 31, 2015, goodwill activity was as follows: | ||||||||
Balance, July 1, 2014 | $ | 9,767,000 | ||||||
Effect of exchange rate changes | -946,000 | |||||||
Balance, March 31, 2015 | $ | 8,821,000 | ||||||
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 March 31, 2015, 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 issuance for non-cash consideration received 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 should not be 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. Since 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, April 1, 2013 and July 1, 2014 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 of common stock to management and board members in fiscal 2015 and 2014. | ||||||||
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 condensed 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 three months ended March 31, 2015 and 2014, advertising expense totaled $82,000 and $117,000, respectively. For the nine months ended March 31, 2015 and 2014, advertising expense totaled $349,000 and $439,000, respectively. | ||||||||
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 quarter-end exchange rates. Income and expenses are translated at an average exchange rate for the period and the resulting translation gain adjustments are accumulated as a separate component of stockholders’ equity. Foreign currency translation income (loss) totaled $(673,000) and $89,000 for the three months ended March 31, 2015 and 2014, respectively, and $(1,926,000) and $924,000 for the nine months ended March 31, 2015 and 2014, 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 gains (losses) for all periods presented. | ||||||||
Comprehensive Income | ||||||||
Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the three and nine months ended March 31, 2015 and 2014, the components of comprehensive income consist of changes in foreign currency translation gains (losses). | ||||||||
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 taxation deferred by 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 condensed consolidated balance sheets at March 31, 2015 and June 30, 2014, and has not recognized interest and/or penalties in the condensed consolidated statements of comprehensive income for the three and nine months ended March 31, 2015 and 2014. | ||||||||
Basic and Diluted Earnings (Loss) Per Share | ||||||||
Basic earnings (loss) per share (“BEPS”) is computed by dividing the net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) 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 three and nine months ended March 31, 2015 there were 94,580 and 94,580 common share equivalents included in the computation of DEPS. For the three and nine months ended March 31, 2015, 866,252 shares of common stock vest based on the market price of the Company’s common stock and were excluded from the computation of DEPS because the shares have not vested (see below). For the three and nine months ended March 31, 2014, there were 140,813 and 92,435 common share equivalents included in the computation of DEPS. For the three and nine months ended March 31, 2014, 1,698,505 shares of common stock vest based on the market price of the Company’s common stock. A total of 1,175,910 were excluded from the computation of DEPS because the shares have not vested (see below). | ||||||||
On December 31, 2014, 4,630 common stock purchase warrants expired. | ||||||||
In connection with the employment agreements with the Company’s Chief Executive Officer and Chief Financial Officer (see Note 4), 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 September 18, 2014, the Company released from escrow 174,804 shares of common stock to the executives which vested, as our Compensation Committee determined that the second threshold had been met pursuant to the Company’s LTIP and the executive’s employment agreements. The Company withheld 66,347 shares of common stock which were used to pay income taxes and those shares of common stock were retired by the Company. | ||||||||
On April 10, 2014, the Company released from escrow 466,144 shares of common stock to its Chief Executive Officer and the Chief Financial Officer which vested, as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the employment agreements of the Chief Executive Officer and the Chief Financial Officer. The Company withheld 151,806 shares of common stock which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 524,411 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 4), 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 August 28, 2014, the Company released from escrow 84,676 shares of common stock to the officer which vested as our Compensation Committee determined that the second threshold had been met pursuant to the Company’s LTIP and the officer’s employment agreements. The Company withheld 44,455 shares of common stock which were used to pay income taxes and those shares were retired by the Company. | ||||||||
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 of common stock which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 141,127 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 4), 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. On September 18, 2014, the Company released from escrow 50,178 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 23,584 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 200,714 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 agreement during the reporting period. | ||||||||
The following tables present the computation of the basic and diluted earnings per share of the three and nine months ended March 31, 2015 and 2014, respectively: | ||||||||
Three Months Ended March 31, | 2015 | 2014 | ||||||
Numerator: | ||||||||
Net income | $ | 721,000 | $ | 659,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,430,568 | 13,177,644 | ||||||
Effect of dilutive securities | 94,580 | 140,813 | ||||||
Diluted weighted-average diluted shares | 13,525,148 | 13,318,457 | ||||||
Basic earnings per common share | $ | 0.05 | $ | 0.05 | ||||
Diluted earnings per common share | $ | 0.05 | $ | 0.05 | ||||
Nine Months Ended March 31, | 2015 | 2014 | ||||||
Numerator: | ||||||||
Net income | $ | 2,255,000 | $ | 1,744,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,398,748 | 12,900,154 | ||||||
Effect of dilutive securities | 94,580 | 92,435 | ||||||
Diluted weighted-average diluted shares | 13,493,328 | 12,992,589 | ||||||
Basic earnings per common share | $ | 0.17 | $ | 0.14 | ||||
Diluted earnings per common share | $ | 0.17 | $ | 0.13 | ||||
Reclassification | ||||||||
Certain prior period amounts have been reclassified to conform to the current presentation. | ||||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 to when products are transferred to customers. 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. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date for reporting periods beginning after December 15, 2016. The Company has not selected a transition method and is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements. | ||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern. Currently, there is no guidance in accounting principles generally accepted in the United States of America about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the reporting periods beginning after December 15, 2016 and early application is permitted. The Company is currently assessing the impact the adoption of ASU 2014-15 will have on its consolidated financial statements. | ||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 3. COMMITMENTS AND CONTINGENCIES |
Legal Matters | |
From time to time, the Company may become subject to various legal claims and proceedings arising in the ordinary course of business. The ultimate disposition of such a proceeding if initiated could have a material adverse effect on the consolidated financial position or results of operations of the Company. There are currently no pending legal proceedings. | |
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 condensed consolidated balance sheets. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4. STOCKHOLDERS’ EQUITY | |||||||||||
Common Stock | ||||||||||||
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. The Company issued 5,346 shares of common stock valued at $9,000 during the nine months ended March 31, 2015. | ||||||||||||
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. The Company issued 18,975 shares of common stock valued at $42,000 during the nine months ended March 31, 2015. | ||||||||||||
During the quarter ended June 30, 2013, the Company approved the issuance of 66,169 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. 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. The Company issued 15,282 shares of common stock valued at $57,000 during the nine months ended March 31, 2015. | ||||||||||||
During the quarter ended June 30, 2014, the Company approved the issuance of 44,112 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. The Company issued 6,790 shares of common stock valued at $37,000 during the nine months ended March 31, 2015. | ||||||||||||
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 18, 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 18, 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 18, 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. | ||||||||||||
On October 7, 2014, the Company issued, under the 2007 LTIP, 3,340 shares of common stock to certain directors, in lieu of cash compensation, which were valued at $17,000, based on the closing market price of the Company common stock on the date of grant. | ||||||||||||
On January 7, 2015, the Company issued, under the 2007 LTIP, 3,024 shares of common stock to certain directors, in lieu of cash compensation, which were valued at $17,000, based on the closing market price of the Company’s common stock on the date of issuance. | ||||||||||||
Treasury Stock | ||||||||||||
On September 18, 2014, the Company repurchased and retired 134,386 shares of common stock at a cost of approximately $793,000. | ||||||||||||
From July 1, 2014 until March 31, 2015, the Company repurchased 44,045 shares of common stock at a cost of $232,000. As of March 31, 2015, the Company has repurchased 1,907,197 shares at a cost of $4,294,000 and has a remaining approval to repurchase an additional $2,456,000 of treasury stock. | ||||||||||||
Stock-Based Compensation: | ||||||||||||
A summary of the Company's common stock option activity is presented below (shares in thousands) | ||||||||||||
Options Outstanding | ||||||||||||
Weighted- | ||||||||||||
Average | Aggregate | |||||||||||
Number of | Weighted- | Remaining | Intrinsic | |||||||||
Shares | Average | Contractual | Value | |||||||||
(in | Exercise | Life | (in | |||||||||
thousands) | Price | (in years) | thousands) | |||||||||
Options outstanding - July 1, 2014 | 121 | $ | 1.23 | |||||||||
Options granted | - | - | ||||||||||
Options exercised | - | - | ||||||||||
Options cancelled | - | - | ||||||||||
Options outstanding - March 31, 2015 | 121 | $ | 1.23 | 6.2 | $ | 515 | ||||||
Options exercisable - March 31, 2015 | 121 | $ | 1.23 | 6.2 | $ | 515 | ||||||
Options exercisable and expected to vest - March 31, 2015 | 121 | $ | 1.23 | 6.2 | $ | 515 | ||||||
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 LTIP. These shares were issued to Mr. Jamieson, our Chief Executive Officer, and the unvested shares 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 officers’ employment agreements. The Company withheld 85,217 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||||||
On September 18, 2014, the Company released from escrow 109,253 shares of common stock to the officer which vested, as our Compensation Committee determined that the second threshold had been met pursuant to the Company’s LTIP and the officers’ employment agreement. The Company withheld 31,957 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 $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 common stock grant was approximately $244,000 and as of March 31, 2015, the total amount of stock based compensation has been expensed. 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 Company recognized $11,000 and $21,000 of expense for the three months ended March 31, 2015 and 2014, respectively. The Company recognized $55,000 and $65,000 of expense for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||||||
On April 27, 2012 the Board of Directors approved the issuance of restricted 437,009 shares of Company common stock pursuant to the Company’s 2007 LTIP. 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 178,804 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 officers’ employment agreements. The Company withheld 66,589 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||||||
On September 18, 2014, the Company released from escrow 65,551 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 officers’ employment agreements. The Company withheld 34,390 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 $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 common stock grant was approximately $146,000 and as of March 31, 2015, the total amount of stock based compensation has been expensed. 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 Company recognized $7,000 and $13,000 of expense for each of the three months ended March 31, 2015 and 2014, respectively. The Company recognized $33,000 and $39,000 of expense for each of the nine months ended March 31, 2015 and 2014, respectively. | ||||||||||||
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. 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 September 18, 2014, the Company released from escrow 84,676 shares of common stock to the subsidiary officer which vested, as our compensation committee determined the second threshold had been met pursuant to the Company’s LTIP and the subsidiary officer’s employment agreement. The Company withheld 44,455 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 $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 common stock grant was approximately $109,000 and as of March 31, 2015, the total amount of stock based compensation has been expensed. 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 $1,000 and $14,000 of expense for the three months ended March 31, 2015 and 2014, respectively. The Company recognized $31,000 and $44,000 of expense for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||||||
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 LTIP. These shares were issued to Mr. Broad, our Chief Technology Officer, and are being held in escrow until they vest. On September 18, 2014, the Company released from escrow 50,178 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 officers’ employment agreements. The Company withheld 23,584 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: | ||||||||||||
- | 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. | |||||||||||
- | 20% 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 March 31, 2015, the amount of unamortized stock based compensation that has not been expensed related to the unvested common stock grant is approximately $6,000. 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 Company recognized $26,000 and $39,000 of expense for the three months ended March 31, 2015 and 2014, respectively. The Company recognized $104,000 and $117,000 of expense for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||||||
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. | ||||||||||||
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 Company’s 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% of the fair market value of a share of common stock on the Exercise Date of the current Offering Period or 85% 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, as amended. 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 nine months ended March 31, 2015, the Company issued 15,957 shares of common stock to employees including an officer, under the ESPP in lieu of cash compensation, which were valued at approximately $85,000 based on the closing market price of the Company’s common stock on July 1, 2014 and December 31, 2014. | ||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 6. SUBSEQUENT EVENTS |
On April 1, 2015, the Company issued 14,814 shares of common stock valued at $52,000 to the non-management members of the Board of Directors under the 2007 LTIP based on the closing market price of the Company’s common stock on the date of grant. | |
From April 1, 2015 to May 4, 2015 the Company repurchased 23,460 treasury shares at a cost of approximately $129,000. | |
On April 7, 2015, the Company retired 2,766 shares valued at approximately $9,300. | |
NATURE_OF_OPERATIONS_AND_SUMMA1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |||||||
The condensed 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 condensed 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 the Federal Deposit Insurance Corporation 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 up to 85,000GBP. At times deposits held with financial institutions in the U.K. may exceed the 85,000GBP 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 customer accounted for more than 10% of the Company’s accounts receivable at March 31, 2015 and June 30, 2014. No customer accounted for more than 10% of the Company’s revenues for the three and nine months ended March 31, 2015 and 2014. | ||||||||
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 23% of its revenues from the U.S., 1% from Canada and 76% from its U.K. operations during the three months ended March 31, 2015, compared to 27% of its revenues from the U.S., 1% from Canada and 72% from its U.K. operations during the three months ended March 31, 2014. | ||||||||
The Company derived 25% of its revenues from the U.S., 1% from Canada and 74% from its U.K. operations during the nine months ended March 31, 2015 compared to 27% of its revenues from the U.S., 1% from Canada and 72% from its U.K. operations during the nine months ended March 31, 2014. | ||||||||
At March 31, 2015, the Company maintained 82% of its net property and equipment in the U.K. and the remaining 18% in the U.S. 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. | ||||||||
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 condensed 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 and 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 and accrued expenses. 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. | ||||||||
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 being 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 condensed consolidated statements of comprehensive income. Depreciation and amortization expense was $59,000 and $59,000 for the three months ended March 31, 2015 and 2014, respectively, and was $182,000 and $175,000 for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||
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 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. Amortization expense was $61,000 and $60,000 for the three months ended March 31, 2015 and 2014, respectively, and $184,000 and $179,000 for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||
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 eight to ten years, and automotive data services are amortized using the straight-line method over their estimated useful lives of 20 years. Amortization expense on amortizable intangible assets was $0 and $132,000 for the three months ended March 31, 2015 and 2014, respectively, and $112,000 and $412,000 for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | |||||||
Goodwill is not amortized but rather is 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 March 31, 2015, 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 impairment of goodwill in the future. | ||||||||
For the nine months ended March 31, 2015, goodwill activity was as follows: | ||||||||
Balance, July 1, 2014 | $ | 9,767,000 | ||||||
Effect of exchange rate changes | -946,000 | |||||||
Balance, March 31, 2015 | $ | 8,821,000 | ||||||
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 March 31, 2015, 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 issuance for non-cash consideration received 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 should not be 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. Since 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, April 1, 2013 and July 1, 2014 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 of common stock to management and board members in fiscal 2015 and 2014. | ||||||||
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 condensed 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 three months ended March 31, 2015 and 2014, advertising expense totaled $82,000 and $117,000, respectively. For the nine months ended March 31, 2015 and 2014, advertising expense totaled $349,000 and $439,000, respectively. | ||||||||
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 quarter-end exchange rates. Income and expenses are translated at an average exchange rate for the period and the resulting translation gain adjustments are accumulated as a separate component of stockholders’ equity. Foreign currency translation income (loss) totaled $(673,000) and $89,000 for the three months ended March 31, 2015 and 2014, respectively, and $(1,926,000) and $924,000 for the nine months ended March 31, 2015 and 2014, 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 gains (losses) 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 three and nine months ended March 31, 2015 and 2014, the components of comprehensive income consist of changes in foreign currency translation gains (losses). | ||||||||
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 taxation deferred by 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 condensed consolidated balance sheets at March 31, 2015 and June 30, 2014, and has not recognized interest and/or penalties in the condensed consolidated statements of comprehensive income for the three and nine months ended March 31, 2015 and 2014. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings (Loss) Per Share | |||||||
Basic earnings (loss) per share (“BEPS”) is computed by dividing the net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) 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 three and nine months ended March 31, 2015 there were 94,580 and 94,580 common share equivalents included in the computation of DEPS. For the three and nine months ended March 31, 2015, 866,252 shares of common stock vest based on the market price of the Company’s common stock and were excluded from the computation of DEPS because the shares have not vested (see below). For the three and nine months ended March 31, 2014, there were 140,813 and 92,435 common share equivalents included in the computation of DEPS. For the three and nine months ended March 31, 2014, 1,698,505 shares of common stock vest based on the market price of the Company’s common stock. A total of 1,175,910 were excluded from the computation of DEPS because the shares have not vested (see below). | ||||||||
On December 31, 2014, 4,630 common stock purchase warrants expired. | ||||||||
In connection with the employment agreements with the Company’s Chief Executive Officer and Chief Financial Officer (see Note 4), 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 September 18, 2014, the Company released from escrow 174,804 shares of common stock to the executives which vested, as our Compensation Committee determined that the second threshold had been met pursuant to the Company’s LTIP and the executive’s employment agreements. The Company withheld 66,347 shares of common stock which were used to pay income taxes and those shares of common stock were retired by the Company. | ||||||||
On April 10, 2014, the Company released from escrow 466,144 shares of common stock to its Chief Executive Officer and the Chief Financial Officer which vested, as our Compensation Committee determined that the initial threshold had been met pursuant to the Company’s LTIP and the employment agreements of the Chief Executive Officer and the Chief Financial Officer. The Company withheld 151,806 shares of common stock which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 524,411 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 4), 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 August 28, 2014, the Company released from escrow 84,676 shares of common stock to the officer which vested as our Compensation Committee determined that the second threshold had been met pursuant to the Company’s LTIP and the officer’s employment agreements. The Company withheld 44,455 shares of common stock which were used to pay income taxes and those shares were retired by the Company. | ||||||||
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 of common stock which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 141,127 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 4), 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. On September 18, 2014, the Company released from escrow 50,178 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 23,584 shares which were used to pay income taxes and those shares were retired by the Company. | ||||||||
The Company excludes the remaining 200,714 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 agreement during the reporting period. | ||||||||
The following tables present the computation of the basic and diluted earnings per share of the three and nine months ended March 31, 2015 and 2014, respectively: | ||||||||
Three Months Ended March 31, | 2015 | 2014 | ||||||
Numerator: | ||||||||
Net income | $ | 721,000 | $ | 659,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,430,568 | 13,177,644 | ||||||
Effect of dilutive securities | 94,580 | 140,813 | ||||||
Diluted weighted-average diluted shares | 13,525,148 | 13,318,457 | ||||||
Basic earnings per common share | $ | 0.05 | $ | 0.05 | ||||
Diluted earnings per common share | $ | 0.05 | $ | 0.05 | ||||
Nine Months Ended March 31, | 2015 | 2014 | ||||||
Numerator: | ||||||||
Net income | $ | 2,255,000 | $ | 1,744,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,398,748 | 12,900,154 | ||||||
Effect of dilutive securities | 94,580 | 92,435 | ||||||
Diluted weighted-average diluted shares | 13,493,328 | 12,992,589 | ||||||
Basic earnings per common share | $ | 0.17 | $ | 0.14 | ||||
Diluted earnings per common share | $ | 0.17 | $ | 0.13 | ||||
Reclassification, Policy [Policy Text Block] | Reclassification | |||||||
Certain prior period amounts have been reclassified to conform to the current presentation. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 to when products are transferred to customers. 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. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date for reporting periods beginning after December 15, 2016. The Company has not selected a transition method and is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements. | ||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern. Currently, there is no guidance in accounting principles generally accepted in the United States of America about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the reporting periods beginning after December 15, 2016 and early application is permitted. The Company is currently assessing the impact the adoption of ASU 2014-15 will have on its consolidated financial statements. | ||||||||
NATURE_OF_OPERATIONS_AND_SUMMA2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Goodwill [Table Text Block] | For the nine months ended March 31, 2015, goodwill activity was as follows: | |||||||
Balance, July 1, 2014 | $ | 9,767,000 | ||||||
Effect of exchange rate changes | -946,000 | |||||||
Balance, March 31, 2015 | $ | 8,821,000 | ||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following tables present the computation of the basic and diluted earnings per share of the three and nine months ended March 31, 2015 and 2014, respectively: | |||||||
Three Months Ended March 31, | 2015 | 2014 | ||||||
Numerator: | ||||||||
Net income | $ | 721,000 | $ | 659,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,430,568 | 13,177,644 | ||||||
Effect of dilutive securities | 94,580 | 140,813 | ||||||
Diluted weighted-average diluted shares | 13,525,148 | 13,318,457 | ||||||
Basic earnings per common share | $ | 0.05 | $ | 0.05 | ||||
Diluted earnings per common share | $ | 0.05 | $ | 0.05 | ||||
Nine Months Ended March 31, | 2015 | 2014 | ||||||
Numerator: | ||||||||
Net income | $ | 2,255,000 | $ | 1,744,000 | ||||
Denominator: | ||||||||
Basic weighted-average shares outstanding | 13,398,748 | 12,900,154 | ||||||
Effect of dilutive securities | 94,580 | 92,435 | ||||||
Diluted weighted-average diluted shares | 13,493,328 | 12,992,589 | ||||||
Basic earnings per common share | $ | 0.17 | $ | 0.14 | ||||
Diluted earnings per common share | $ | 0.17 | $ | 0.13 | ||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 | ||||||||||||
Weighted- | ||||||||||||
Average | Aggregate | |||||||||||
Number of | Weighted- | Remaining | Intrinsic | |||||||||
Shares | Average | Contractual | Value | |||||||||
(in | Exercise | Life | (in | |||||||||
thousands) | Price | (in years) | thousands) | |||||||||
Options outstanding - July 1, 2014 | 121 | $ | 1.23 | |||||||||
Options granted | - | - | ||||||||||
Options exercised | - | - | ||||||||||
Options cancelled | - | - | ||||||||||
Options outstanding - March 31, 2015 | 121 | $ | 1.23 | 6.2 | $ | 515 | ||||||
Options exercisable - March 31, 2015 | 121 | $ | 1.23 | 6.2 | $ | 515 | ||||||
Options exercisable and expected to vest - March 31, 2015 | 121 | $ | 1.23 | 6.2 | $ | 515 | ||||||
NATURE_OF_OPERATIONS_AND_SUMMA3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 |
Goodwill, Beginning Balance | $9,767 | $9,767 |
Effect of exchange rate changes | -946 | |
Goodwill, Ending Balance | $8,821 | $9,767 |
NATURE_OF_OPERATIONS_AND_SUMMA4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||||
Net income | $721 | $659 | $2,255 | $1,744 |
Denominator: | ||||
Basic weighted-average shares outstanding (in shares) | 13,430,568 | 13,177,644 | 13,398,748 | 12,900,154 |
Effect of dilutive securities (in shares) | 94,580 | 140,813 | 94,580 | 92,435 |
Diluted weighted-average diluted shares (in shares) | 13,525,148 | 13,318,457 | 13,493,328 | 12,992,589 |
Basic earnings per common share (in dollars per share) | $0.05 | $0.05 | $0.17 | $0.14 |
Diluted earnings per common share (in dollars per share) | $0.05 | $0.05 | $0.17 | $0.13 |
NATURE_OF_OPERATIONS_AND_SUMMA5
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 18, 2014 | Jul. 02, 2013 | Mar. 01, 2013 | Apr. 27, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 12, 2008 | Sep. 18, 2014 | Sep. 18, 2014 | Aug. 28, 2014 | Apr. 10, 2014 | Apr. 27, 2012 | Sep. 18, 2014 | Aug. 28, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Sep. 18, 2014 | Apr. 10, 2014 | Mar. 31, 2015 | Sep. 18, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | |
USD ($) | USD ($) | USD ($) | USD ($) | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | Escrow Shares [Member] | No Customer [Member] | No Customer [Member] | No Customer [Member] | Warrant [Member] | Automotive data services [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Software Development Costs [Member] | Software Development Costs [Member] | Software Development Costs [Member] | Software Development Costs [Member] | Customer Relationships [Member] | Completed Software Technology [Member] | UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | UNITED STATES [Member] | CANADA [Member] | CANADA [Member] | CANADA [Member] | CANADA [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | UNITED KINGDOM [Member] | ||||||
Officerbs Employment Agreements [Member] | Officerbs Employment Agreements [Member] | Officer [Member] | Officer [Member] | Officer [Member] | Officer [Member] | Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer and Chief Financial Officer [Member] | Chief Technology Officer [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Accounts Receivable [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Federal Deposit Insurance Corporation [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Financial Services Compensation Scheme [Member] | |||||||||||||||||||
Long-Term Stock Incentive Plan [Member] | Long-Term Stock Incentive Plan [Member] | Employment Agreement [Member] | USD ($) | GBP (£) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Stock Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 0.05% | 23.00% | 27.00% | 25.00% | 27.00% | 1.00% | 1.00% | 1.00% | 1.00% | 76.00% | 72.00% | 74.00% | 72.00% | ||||||||||||||||||||||||||||||||||||||||
Percentage Of Property, Plant and Equipment, Net | 18.00% | 25.00% | 82.00% | 75.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising Expense | $82,000 | $117,000 | $349,000 | $439,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation income (loss) | -673,000 | 89,000 | -1,926,000 | 924,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities (in shares) | 94,580 | 140,813 | 94,580 | 92,435 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 0 years | 0 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Shares Issued Under Long Term Stock Incentive Plan, Maximum | 15.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 174,804 | 65,551 | 50,178 | 84,676 | 56,451 | 291,340 | 109,253 | 466,144 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares Held in Employee Stock Option Plan, Allocated | 66,347 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 866,252 | 1,698,505 | 866,252 | 1,175,910 | 141,127 | 200,714 | 524,411 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Financial Institutions, Actual Deposits | 250,000 | 85,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Financial Institutions, Mandated Deposits | 250,000 | 85,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 4,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 34,390 | 15,586 | 85,217 | 31,957 | 44,455 | 151,806 | 23,584 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 59,000 | 59,000 | 182,000 | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Intangible Assets | $0 | $132,000 | $112,000 | $412,000 | $61,000 | $60,000 | $184,000 | $179,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 250,892 | 282,254 | 1,165,359 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Number of Shares, Options outstanding - Beginning balance | 121 |
Number of Shares, Options granted | 0 |
Number of Shares, Options exercised | 0 |
Number of Shares, Options cancelled | 0 |
Number of Shares, Options outstanding - Ending balance | 121 |
Number of Shares, Options exercisable | 121 |
Number of Shares, Options exercisable and expected to vest | 121 |
Weighted- Average Exercise Price, Options outstanding - Beginning balance | $1.23 |
Weighted- Average Exercise Price, Options granted | $0 |
Weighted- Average Exercise Price, Options exercised | $0 |
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) | 6 years 2 months 12 days |
Weighted- Average Remaining Contractual Life, Options exercisable (in years) | 6 years 2 months 12 days |
Weighted- Average Remaining Contractual Life, Options exercisable and expected to vest (in years) | 6 years 2 months 12 days |
Aggregate Intrinsic Value, Options outstanding | $515 |
Aggregate Intrinsic Value, Options exercisable | 515 |
Aggregate Intrinsic Value, Options exercisable and expected to vest | $515 |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
Sep. 18, 2014 | Mar. 31, 2015 | Apr. 07, 2015 | Jul. 08, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | 4-May-15 | Sep. 30, 2012 | Sep. 30, 2011 | Jan. 07, 2015 | Oct. 07, 2014 | Sep. 30, 2011 | Apr. 27, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 01, 2013 | Apr. 10, 2014 | Aug. 28, 2014 | |
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 174,804 | ||||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 34,390 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Treasury Stock, Shares, Retired | -2,766 | ||||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | $9,300 | ||||||||||||||||||
Officer [Member] | |||||||||||||||||||
Stock Issued During Period Shares Share Based Compensation | 3,061 | ||||||||||||||||||
Stock Issued During Period Value Share Based Compensation | 17,000 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Stock Issued During Period Shares Issued For Cash | 15,957 | ||||||||||||||||||
Stock Issued During Period Value Issued For Cash | 85,000 | 244,000 | 244,000 | ||||||||||||||||
Stock Repurchased During Period, Shares | 44,045 | ||||||||||||||||||
Stock Repurchased During Period, Value | 232,000 | ||||||||||||||||||
Treasury Stock, Shares, Retired | 134,386 | ||||||||||||||||||
Treasury Stock [Member] | |||||||||||||||||||
Stock Repurchased During Period, Shares | 1,907,197 | ||||||||||||||||||
Stock Repurchased During Period, Value | 4,294,000 | ||||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | 793,000 | ||||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 2,456,000 | 2,456,000 | |||||||||||||||||
Treasury Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Stock Repurchased During Period, Shares | 23,460 | ||||||||||||||||||
Stock Repurchased During Period, Value | 129,000 | ||||||||||||||||||
LTIP 2007 [Member] | |||||||||||||||||||
Stock Issued During Period Shares Share Based Compensation | 44,112 | 66,169 | 98,654 | 88,398 | |||||||||||||||
LTIP 2007 [Member] | Officer [Member] | |||||||||||||||||||
Stock Issued During Period Shares Share Based Compensation | 3,024 | 3,340 | |||||||||||||||||
Stock Issued During Period Value Share Based Compensation | 17,000 | 17,000 | |||||||||||||||||
Employee Stock Purchase Plan [Member] | |||||||||||||||||||
Right To Purchase Common Stock Description | equal to the lesser of 85% of the fair market value of a share of common stock on the Exercise Date of the current Offering Period | ||||||||||||||||||
Maximum Number Of Common Stock Covered | 100,000 | ||||||||||||||||||
Maximum Fair Market Value Of Common Stock To Be Granted To Employees | 2,400 | ||||||||||||||||||
Issue 1 [Member] | |||||||||||||||||||
Stock Issued During Period Shares Issued For Cash | 5,346 | ||||||||||||||||||
Stock Issued During Period Value Issued For Cash | 9,000 | ||||||||||||||||||
Issue 2 [Member] | |||||||||||||||||||
Stock Issued During Period Shares Issued For Cash | 18,975 | ||||||||||||||||||
Stock Issued During Period Value Issued For Cash | 42,000 | ||||||||||||||||||
Issue 3 [Member] | |||||||||||||||||||
Stock Issued During Period Shares Issued For Cash | 15,282 | ||||||||||||||||||
Stock Issued During Period Value Issued For Cash | 57,000 | ||||||||||||||||||
Issue 4 [Member] | |||||||||||||||||||
Stock Issued During Period Shares Issued For Cash | 6,790 | ||||||||||||||||||
Stock Issued During Period Value Issued For Cash | 37,000 | ||||||||||||||||||
April 2012 Issue [Member] | Mr. Jamieson [Member] | |||||||||||||||||||
Fair Value Assumptions Expected Volatility Rate | 124.80% | ||||||||||||||||||
Fair Value Assumptions Risk Free Interest Rate | 0.39% | ||||||||||||||||||
Share Based Compensation Restricted Stock Approved For Issuance | 728,350 | ||||||||||||||||||
Initial Value Of Common Stock Grant | 244,000 | 244,000 | |||||||||||||||||
Stock or Unit Option Plan Expense | 55,000 | 11,000 | 21,000 | 65,000 | |||||||||||||||
April 2012 Issue [Member] | Mr. Trapp [Member] | |||||||||||||||||||
Fair Value Assumptions Expected Volatility Rate | 124.80% | ||||||||||||||||||
Fair Value Assumptions Risk Free Interest Rate | 0.39% | ||||||||||||||||||
Share Based Compensation Restricted Stock Approved For Issuance | 437,009 | ||||||||||||||||||
Initial Value Of Common Stock Grant | 146,000 | 146,000 | |||||||||||||||||
Stock or Unit Option Plan Expense | 33,000 | 7,000 | 13,000 | 39,000 | |||||||||||||||
April 2012 Issue [Member] | Criteria One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP. | ||||||||||||||||||
April 2012 Issue [Member] | Criteria Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP. | ||||||||||||||||||
April 2012 Issue [Member] | Criteria Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP. | ||||||||||||||||||
April 2012 Issue [Member] | Criteria Four [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP. | ||||||||||||||||||
March 2013 Issue [Member] | |||||||||||||||||||
Fair Value Assumptions Expected Volatility Rate | 39.60% | ||||||||||||||||||
Fair Value Assumptions Risk Free Interest Rate | 0.25% | ||||||||||||||||||
Share Based Compensation Restricted Stock Approved For Issuance | 282,254 | ||||||||||||||||||
Initial Value Of Common Stock Grant | 109,000 | 109,000 | |||||||||||||||||
Stock or Unit Option Plan Expense | 31,000 | 1,000 | 14,000 | 44,000 | |||||||||||||||
July 2013 Issue [Member] | |||||||||||||||||||
Share Based Compensation Restricted Stock Approved For Issuance | 250,892 | ||||||||||||||||||
Initial Value Of Common Stock Grant | 265,000 | 265,000 | |||||||||||||||||
July 2013 Issue [Member] | Mr. Broad [Member] | |||||||||||||||||||
Fair Value Assumptions Expected Volatility Rate | 124.80% | ||||||||||||||||||
Fair Value Assumptions Risk Free Interest Rate | 0.39% | ||||||||||||||||||
Stock or Unit Option Plan Expense | 104,000 | 26,000 | 39,000 | 117,000 | |||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 6,000 | $6,000 | |||||||||||||||||
July 2013 Issue [Member] | Criteria One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 30% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP. | ||||||||||||||||||
July 2013 Issue [Member] | Criteria Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP. | ||||||||||||||||||
July 2013 Issue [Member] | Criteria Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 20% when the market price of the Company’s common stock trades at or above $9 for the previous 30 day VWAP. | ||||||||||||||||||
Escrow Shares [Member] | |||||||||||||||||||
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 65,551 | ||||||||||||||||||
Escrow Shares [Member] | Officer [Member] | |||||||||||||||||||
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 109,253 | 291,340 | 56,451 | ||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 31,957 | 85,217 | 15,586 | 44,455 | |||||||||||||||
Escrow Shares [Member] | April 2012 Issue [Member] | Officer [Member] | |||||||||||||||||||
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 174,804 | 178,804 | |||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 66,347 | 66,589 | |||||||||||||||||
Escrow Shares [Member] | March 2013 Issue [Member] | Officer [Member] | |||||||||||||||||||
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 84,676 | ||||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 44,455 | ||||||||||||||||||
Escrow Shares [Member] | July 2013 Issue [Member] | Officer [Member] | |||||||||||||||||||
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 50,178 | ||||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 23,584 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended |
Jul. 08, 2014 | Sep. 18, 2014 | Mar. 31, 2015 | Apr. 07, 2015 | Apr. 01, 2015 | 4-May-15 | |
Officer [Member] | ||||||
Stock Issued During Period Shares Share Based Compensation | 3,061 | |||||
Stock Issued During Period Value Share Based Compensation | $17,000 | |||||
Treasury Stock [Member] | ||||||
Stock Repurchased During Period, Shares | 1,907,197 | |||||
Stock Repurchased During Period, Value | 4,294,000 | |||||
Treasury Stock, Retired, Cost Method, Amount | 793,000 | |||||
Subsequent Event [Member] | ||||||
Treasury Stock, Shares, Retired | 2,766 | |||||
Treasury Stock, Retired, Cost Method, Amount | 9,300 | |||||
Subsequent Event [Member] | Issue 1 [Member] | Officer [Member] | ||||||
Stock Issued During Period Shares Share Based Compensation | 14,814 | |||||
Stock Issued During Period Value Share Based Compensation | 52,000 | |||||
Subsequent Event [Member] | Treasury Stock [Member] | ||||||
Stock Repurchased During Period, Shares | 23,460 | |||||
Stock Repurchased During Period, Value | $129,000 |