Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 02, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | MAM SOFTWARE GROUP, INC. | |
Entity Central Index Key | 832,488 | |
Trading Symbol | mams | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 12,577,632 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 2,810 | $ 1,260 |
Accounts receivable, net of allowance of $272 and $332, respectively | 4,576 | 4,873 |
Inventories | 222 | 154 |
Prepaid expenses and other current assets | 905 | 1,260 |
Income tax receivable | 168 | |
Total Current Assets | 8,513 | 7,715 |
Property and Equipment, Net | 510 | 511 |
Other Assets | ||
Goodwill | 8,407 | 8,191 |
Deferred income taxes | 1,495 | 1,679 |
Other long-term assets | 460 | 283 |
TOTAL ASSETS | 28,465 | 26,652 |
Current Liabilities | ||
Accounts payable | 958 | 1,334 |
Accrued expenses and other liabilities | 1,220 | 1,137 |
Accrued payroll and related expenses | 1,189 | 1,605 |
Current portion of long-term debt | 1,864 | 1,734 |
Current portion of deferred revenues | 1,724 | 1,477 |
Sales tax payable | 832 | 761 |
Income tax payable | 864 | 506 |
Total Current Liabilities | 8,651 | 8,554 |
Long-Term Liabilities | ||
Deferred revenues, net of current portion | 988 | 772 |
Deferred income taxes | 1,272 | 682 |
Long-term debt, net of current portion | 5,611 | 6,386 |
Other long-term liabilities | 606 | 583 |
Total Liabilities | 17,128 | 16,977 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock: Par value $0.0001 per share; 2,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock: Par value $0.0001 per share; 18,000 shares authorized, 12,575 shares issued and 12,570 shares outstanding at December 31, 2017 and 12,313 shares issued and 12,308 shares outstanding at June 30, 2017 | 1 | 1 |
Additional paid-in capital | 14,447 | 14,180 |
Accumulated other comprehensive loss | (2,923) | (3,283) |
Accumulated deficit | (172) | (1,207) |
Treasury stock at cost, 5 shares at December 31, 2017 and June 30, 2017 | (16) | (16) |
Total Stockholders' Equity | 11,337 | 9,675 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 28,465 | 26,652 |
Amortizable Intangible Assets, Except Computer Software [Member] | ||
Other Assets | ||
Intangible assets, net | 621 | 639 |
Computer Software, Intangible Asset [Member] | ||
Other Assets | ||
Intangible assets, net | $ 8,459 | $ 7,634 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Accounts receivable, allowance | $ 272 | $ 332 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 18,000 | 18,000 |
Common stock, shares issued (in shares) | 12,575 | 12,313 |
Common stock, shares outstanding (in shares) | 12,570 | 12,308 |
Treasury stock, shares (in shares) | 5 | 5 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 8,500,000 | $ 7,382,000 | $ 17,138,000 | $ 15,444,000 |
Cost of revenues | 3,999,000 | 3,494,000 | 7,806,000 | 6,812,000 |
Gross Profit | 4,501,000 | 3,888,000 | 9,332,000 | 8,632,000 |
Operating Expenses | ||||
Research and development | 1,192,000 | 956,000 | 2,195,000 | 1,851,000 |
Sales and marketing | 986,000 | 1,032,000 | 1,739,000 | 1,942,000 |
General and administrative | 1,442,000 | 1,442,000 | 2,932,000 | 2,952,000 |
Depreciation and amortization | 58,000 | 56,000 | 116,000 | 118,000 |
Total Operating Expenses | 3,678,000 | 3,486,000 | 6,982,000 | 6,863,000 |
Operating Income | 823,000 | 402,000 | 2,350,000 | 1,769,000 |
Other Income (Expense) | ||||
Interest expense, net | (109,000) | (122,000) | (213,000) | (242,000) |
Total other income (expense), net | (109,000) | (122,000) | (213,000) | (242,000) |
Income before provision for income taxes | 714,000 | 280,000 | 2,137,000 | 1,527,000 |
Provision for income taxes | 793,000 | 30,000 | 1,102,000 | 64,000 |
Net Income (Loss) | $ (79,000) | $ 250,000 | $ 1,035,000 | $ 1,463,000 |
Basic earnings (loss) per common share (in dollars per share) | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.12 |
Diluted earnings (loss) per common share (in dollars per share) | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.12 |
Weighted average common shares outstanding – basic (in shares) | 11,825 | 11,716 | 11,820 | 11,709 |
Weighted average common shares outstanding – diluted (in shares) | 11,825 | 11,813 | 12,151 | 11,805 |
Net income (loss) | $ (79,000) | $ 250,000 | $ 1,035,000 | $ 1,463,000 |
Foreign currency translation gain (loss) | 95,000 | (196,000) | 360,000 | (672,000) |
Total Comprehensive Income | $ 16,000 | $ 54,000 | $ 1,395,000 | $ 791,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,035 | $ 1,463 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Bad debt expense | 5 | 237 |
Depreciation and amortization | 283 | 252 |
Amortization of debt issuance costs | 22 | 24 |
Deferred income taxes | 744 | 5 |
Stock-based compensation expense | 231 | 200 |
Changes in assets and liabilities: | ||
Accounts receivable | 392 | 111 |
Prepaid expenses and other assets | 140 | 304 |
Income tax receivable | 170 | 343 |
Accounts payable | (395) | 20 |
Accrued expenses and other liabilities | (297) | (349) |
Income taxes payable | 358 | |
Deferred revenues | 422 | 240 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,110 | 2,850 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (60) | (47) |
Capitalized software development costs | (864) | (1,519) |
NET CASH USED IN INVESTING ACTIVITIES | (924) | (1,566) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from long-term debt | 400 | |
Repayment of long-term debt | (667) | (1,264) |
Common stock surrendered to pay for tax withholding | (149) | |
Payment of fees for acquisition of debt | (25) | |
NET CASH USED IN FINANCING ACTIVITIES | (667) | (1,038) |
Effect of exchange rate changes | 31 | (105) |
Net change in cash and cash equivalents | 1,550 | 141 |
Cash and cash equivalents at beginning of period | 1,260 | 491 |
Cash and cash equivalents at end of period | 2,810 | 632 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Issuance of common stock in settlement of accrued liabilities | $ 48 | $ 91 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1. 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 United States 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 (“US”) has been omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not Operating results for the six December 31, 2017 not may June 30, 2018. 10 June 30, 2017, September 28, 2017. |
Note 2 - Nature of Operations a
Note 2 - Nature of Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. MAM Software Group, Inc. is a leading provider of integrated information management solutions and services and a leading provider of cloud-based software solutions for the automotive aftermarket sector. The Company conducts its businesses through wholly-owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd.”) is based in Tankersley, Barnsley, United Kingdom (“UK”), Origin Software Solutions, Ltd. (“Origin”) is based in the UK (MAM Ltd. and Origin are collectively referred to as “MAM UK”), and MAM Software, Inc. (“MAM NA”) is based in the US in Blue Bell, 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 Cash and Cash Equivalents In the US, the Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At times deposits held with financial institutions in the US may $250,000 In the UK, 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 UK may 85,000GBP 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 not Customers The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not ’s evaluation of historical experience and current industry trends. Although the Company expects to collect amounts due, actual collections may No 10% ’s accounts receivable at December 31, 2017 June 30, 2017. No 10% three six December 31, 2017 2016. Segment Reporting The Company operates in one Though the Company has two 280 10 50, Segment Reporting, one 1. The products and services are software and professional services; 2. The products are produced through professional services; 3. The customers for these products are primarily for the automotive aftermarket; 4. The methods used to distribute these products are via software that the customer can host locally or that the Company will host; and 5. They both operate in a non-regulatory environment. Geographic Concentrations The Company conducts business in the US and Canada (US and Canada are collectively referred to as the "NA Market"), and the UK and Ireland (UK and Ireland are collectively referred to as the “UK Market”). For customers headquartered in those respective countries, the Company derived approximately 65% 33% 1% 1% three December 31, 2017, 64% 34% 1% 1% three December 31, 2016. The Company derived approximately 63% 35% 1% 1% six December 31, 2017, 63% 35% 1% 1% six December 31, 2016. At December 31, 2017, 78% 22% June 30, 2017, 76% 24% Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the US 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 Fair Value of Financial Instruments The Company ’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and debt. Financial assets and liabilities that are re-measured and reported at fair value at each reporting period are classified and disclosed in one three • Level 1 • Level 2 1 • Level 3 Determining into which category within the hierarchy an asset or liability belong may The Company believes that the carrying values of all financial instruments, except long-term debt, approximate their values due to their nature and respective durations. The carrying value of long-term debt approximates fair value based on borrowing rates currently available to the Company. Allowance for Doubtful Accounts The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on specific identification of customer accounts and the Company's best estimate of the likelihood of potential loss, taking into account such factors as the financial condition and payment history of major customers. The Company evaluates the collectability of its receivables at least quarterly. The allowance for doubtful accounts is subject to estimates based on the historical actual costs of bad debt experienced, total accounts receivable amounts, age of accounts receivable and any knowledge of the customers' ability or inability to pay outstanding balances. If the financial condition of the Company's customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may Inventories Inventories are stated at the lower of cost or current estimated market value. Cost is determined using the first first ’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 five 37,000 $38,000 three December 31, 2017 2016, $75,000 $79,000 six December 31, 2017 2016. 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 ten 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 on software development costs included in costs of revenues was $83,000 $67,000 three December 31, 2017 2016, $167,000 $134,000 six December 31, 2017 2016. Amortizable Intangible Assets Amortizable intangible assets consist of completed software technology, customer contracts/relationships, automotive data services, and acquired intellectual property, and are recorded at cost. Completed software technology and customer contracts/relationships are amortized using the straight-line method over their estimated useful lives of 9 10 20 10 $21,000 $19,000 three December 31, 2017 2016, $41,000 $39,000 six December 31, 2017 2016. Goodwill Goodwill is not Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one As of December 31, 2017, not no not For the six December 31, 2017 2016, In thousands For the Six Months Ended December 31 , 2017 2016 Beginning Balance $ 8,191 $ 8,363 Effect of exchange rate changes 216 (467 ) Ending Balance $ 8,407 $ 7,896 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 can be recovered through projected undiscounted future cash flows over their remaining useful lives. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations during the period in which long-lived asset impairment is determined by management. At December 31, 2017, no no not Debt Issuance Costs Debt issuance costs represent costs incurred in connection with the issuance of long-term debt. Debt issuance costs are amortized over the term of the financing instrument using the effective interest method. Debt issuance costs are presented in the condensed consolidated balance sheets as an offset to current and non-current portions of long-term debt. Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC No. 718, Compensation - Stock Compensation 718” 718 no 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 reasonably assured. If any of these criteria are not 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, the Company accounts for the arrangements using contract accounting, as follows: 1 When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized. 2 When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained. The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying consolidated balance sheets. Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement. The Company recognizes revenue on a net basis, which excludes sales tax collected from customers and remitted to governmental authorities. Cost of Revenues Cost of revenues primarily consists of expenses related to delivering our service and providing support, amortization expense associated with capitalized software related to our services, and acquired developed technologies and certain fees paid to various third third As we continue to invest in new products and services, the amortization expense associated with these capitalizable activities will be included in cost of revenues. Additionally, as we enter into new contracts with third may Advertising Expense The Company expenses advertising costs as incurred. For the three December 31, 2017 2016, 224,000 $215,000, $262,000 $272,000 six December 31, 2017 2016, Foreign Currency Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the UK subsidiaries are translated into US 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. The translation gain (loss) adjustment totaled $95,000 196,000 three December 31, 2017 2016, $360,000 672,000 six December 31, 2017 2016, Foreign currency gains and losses from transactions denominated in currencies other than the respective local currencies are included in income. The Company had no Comprehensive Income Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the three and six December 31, 2017 2016, Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company has an accrual of $0.1 December 31, 2017 June 30, 2017, not three six December 31, 2017 2016. Basic and Diluted Earnings Per Share Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the period. 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 For the three December 31, 2017, 332,888 six December 31, 2017, 330,786 three six December 31, 2017, 450,178 not three six December 31, 2016, 97,078 96,431 three six December 31, 2016, 503,951 not no The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computation for the three six December 31, 2017 2016 For the Three Months Ended December 31, 2017 2016 Numerator: Net income (loss) $ (79 ) $ 250 Denominator: Basic weighted-average shares outstanding 11,825 11,716 Effect of dilutive securities - 97 Diluted weighted-average shares outstanding 11,825 11,813 Basic earnings (loss) per common share $ (0.01 ) $ 0.02 Diluted earnings (loss) per common share $ (0.01 ) $ 0.02 For the Six Months Ended December 31, 2017 2016 Numerator: Net income $ 1,035 $ 1,463 Denominator: Basic weighted-average shares outstanding 11,820 11,709 Effect of dilutive securities 331 96 Diluted weighted-average shares outstanding 12,151 11,805 Basic earnings per common share $ 0.09 $ 0.12 Diluted earnings per common share $ 0.09 $ 0.12 Reclassifications Certain assets were reclassified from inventories to other current assets and other long-term assets and reclassified from other current assets to accounts receivable and certain liabilities were reclassified from accrued expenses to accrued payroll and related expenses and deferred revenues, net of current portion, as of June 30, 2017 no Recent Accounting Pronouncements Recently Adopted Accounting Standards In August 2016, 2016 15, Statement of Cash Flows (Topic 230 not July 1, 2017. In August 2014, 2014 15, Presentation of Financial Statements-Going Concern no 1 2 3 4 5 not 6 one December 31, 2017, not no Accounting Standards Not In May 2017, 2017 09, Compensation - Stock Compensation (Topic 718 718. 2017 09 June 30, 2019 not In January 2017, ASU 2017 04, Intangibles-Goodwill and Other (Topic 350 two not 2017 04 June 30, 2021. not 2017 04 In February 2016, 2016 02, Leases 12 June 30, 2021. 2016 02 In May 2014, 2014 09 , Revenue from Contracts with Customers 606 2014 09 July 2015, one 2014 09, December 15, 2017, December 15, 2016. five 2014 09 July 1, 2018. not 2014 09 2014 09, not |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 3. Legal Matters From time to time, the Company is subject to various legal claims and proceedings arising in the ordinary course of business. The ultimate disposition of such a proceeding, if initiated, could have material adverse effects on the consolidated financial position or results of operations of the Company. There are currently no Indemnities and Guarantees The Company has made certain indemnities and guarantees under which it may 5 not may not not no |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4. ’ EQUITY Common Stock The Company issues shares of common stock to the non-management members of the Board of Directors under the Company ’s 2007 "2007 2017 “2017 three On July 1, 2015, 47,663 ’s 2007 three $255,000, On January 6, 2017, 37,795 2017 three $241,000, On July 3, 2017, 34,592 2017 The shares vest over a three $220,000, During the three and six December 31, 2017, 7,649 15,273 2007 2017 Treasury Stock No six December 31, 2017 2016. Stock-Based Compensation Stock-based compensation expense for restricted stock and stock issuances of $0.1 $0.1 three December 31, 2017 2016, $0.2 $0.2 six December 31, 2017 2016, A summary of the Company's common stock option activity is presented below (shares in thousands): Options Outstanding Weighted- Number of Weighted- Average Shares Average Remaining (in Exercise Contractual thousands) Price Life (in years) Options outstanding - July 1, 2017 68 $ 1.30 Options granted - - Options exercised - - Options cancelled - - Options outstanding – December 31, 2017 68 $ 1.30 3.5 Options exercisable - December 31, 2017 68 $ 1.30 3.5 Options exercisable and vested - December 31, 2017 68 $ 1.30 3.5 During the three December 31, 2017 , the Company granted a total of 240,000 2017 $1.5 A summary of the Company's restricted common stock activity is presented below (shares in thousands): Weighted Average Number of Initial Value Price Shares Per Share Restricted stock outstanding - July 1, 2017 504 $ 0.94 Issuance of restricted stock 240 6.19 Vesting (294 ) 0.48 Forfeitures - - Restricted stock outstanding - December 31, 2017 450 $ 4.25 A summary of the vesting levels of the Company's restricted common stock is presented below (shares in thousands): Weighted Average Number of Initial Value Price Shares Per Share 30-day VWAP per share vesting level (1): $9.00 per share 130 $ 3.22 $10.00 per share 120 $ 4.68 $11.00 per share 120 $ 4.68 $12.00 per share 80 $ 4.68 (1) The restricted stock becomes vested when the Company ’s 30-day VWAP per share is at or above these levels. Employee Stock Purchase Plan The Company has established Employee Stock Purchase Plans ("ESPP Plans"). Under the ESPP Plans, the Company will grant eligible employees the right to purchase common stock through payroll deductions. US employees purchase stock at a price equal to the lesser of 85 85 100 100 15 During the six December 31, 2017, 6,958 No three December 31, 2017. During the six December 31, 2016, 7,008 No three December 31, 2016. |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5. Debt obligations consisted of the following at December 31, 2017 June 30, 2017: As of (in thousands) December 31 , 2017 June 30, 2017 Debt obligations: Revolving loan facility $ - $ - Term loan 7,550 8,217 Less: unamortized debt issuance costs (75 ) (97 ) Total 7,475 8,120 Less current portion (1,864 ) (1,734 ) Long-term debt $ 5,611 $ 6,386 On March 2, 2017, In connection with the New Credit Facility, the parties entered into ancillary agreements, including a credit agreement, a revolving credit note and a term note (collectively, the "Credit Agreements"). The New Credit Facility allows for borrowings up to $11.5 $8.75 $2.75 2.75% 3.25%, $133,333 December 1, 2017, $158,333 December 1, 2018, $175,000 August 1, 2021. As of December 31, 2017, not not 65% December 31, 2017, |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6. On December 22, 2017, and the imposition of a territorial tax system with a one As the Company has a June 30 34%, 28% June 30, 2018 21% three December 31, 2017, $0.7 $0.5 $0.2 one The changes included in the Tax Act are broad and complex. The final impact of the Tax Act may due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one For the Three Months Ended December 31, 2017 2016 Provision for income taxes $ 793 $ 30 Effective tax rate 111 % 11 % For the Six Months Ended December 31, 2017 2016 Provision for income taxes $ 1,102 $ 64 Effective tax rate 52 % 4 % For the three and six December 31, 2017, one For the three and six December 31, 2016, |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 7. The Company has performed an evaluation of events occurring subsequent to December 31, 2017 10 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
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 [Policy Text Block] | Concentrations of Credit Risk The Company has no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents In the US, the Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At times deposits held with financial institutions in the US may $250,000 In the UK, 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 UK may 85,000GBP 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 not |
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 ’s evaluation of historical experience and current industry trends. Although the Company expects to collect amounts due, actual collections may No 10% ’s accounts receivable at December 31, 2017 June 30, 2017. No 10% three six December 31, 2017 2016. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company operates in one Though the Company has two 280 10 50, Segment Reporting, one 1. The products and services are software and professional services; 2. The products are produced through professional services; 3. The customers for these products are primarily for the automotive aftermarket; 4. The methods used to distribute these products are via software that the customer can host locally or that the Company will host; and 5. They both operate in a non-regulatory environment. |
Geographic Concentrations [Policy Text Block] | Geographic Concentrations The Company conducts business in the US and Canada (US and Canada are collectively referred to as the "NA Market"), and the UK and Ireland (UK and Ireland are collectively referred to as the “UK Market”). For customers headquartered in those respective countries, the Company derived approximately 65% 33% 1% 1% three December 31, 2017, 64% 34% 1% 1% three December 31, 2016. The Company derived approximately 63% 35% 1% 1% six December 31, 2017, 63% 35% 1% 1% six December 31, 2016. At December 31, 2017, 78% 22% June 30, 2017, 76% 24% |
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 US 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 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company ’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and debt. Financial assets and liabilities that are re-measured and reported at fair value at each reporting period are classified and disclosed in one three • Level 1 • Level 2 1 • Level 3 Determining into which category within the hierarchy an asset or liability belong may The Company believes that the carrying values of all financial instruments, except long-term debt, approximate their values due to their nature and respective durations. The carrying value of long-term debt approximates fair value based on borrowing rates currently available to the Company. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on specific identification of customer accounts and the Company's best estimate of the likelihood of potential loss, taking into account such factors as the financial condition and payment history of major customers. The Company evaluates the collectability of its receivables at least quarterly. The allowance for doubtful accounts is subject to estimates based on the historical actual costs of bad debt experienced, total accounts receivable amounts, age of accounts receivable and any knowledge of the customers' ability or inability to pay outstanding balances. If the financial condition of the Company's customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may |
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 first ’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 five 37,000 $38,000 three December 31, 2017 2016, $75,000 $79,000 six December 31, 2017 2016. |
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 ten 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 on software development costs included in costs of revenues was $83,000 $67,000 three December 31, 2017 2016, $167,000 $134,000 six December 31, 2017 2016. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Amortizable Intangible Assets Amortizable intangible assets consist of completed software technology, customer contracts/relationships, automotive data services, and acquired intellectual property, and are recorded at cost. Completed software technology and customer contracts/relationships are amortized using the straight-line method over their estimated useful lives of 9 10 20 10 $21,000 $19,000 three December 31, 2017 2016, $41,000 $39,000 six December 31, 2017 2016. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is not Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one As of December 31, 2017, not no not For the six December 31, 2017 2016, In thousands For the Six Months Ended December 31 , 2017 2016 Beginning Balance $ 8,191 $ 8,363 Effect of exchange rate changes 216 (467 ) Ending Balance $ 8,407 $ 7,896 |
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 can be recovered through projected undiscounted future cash flows over their remaining useful lives. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations during the period in which long-lived asset impairment is determined by management. At December 31, 2017, no no not |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Debt issuance costs represent costs incurred in connection with the issuance of long-term debt. Debt issuance costs are amortized over the term of the financing instrument using the effective interest method. Debt issuance costs are presented in the condensed consolidated balance sheets as an offset to current and non-current portions of long-term debt. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC No. 718, Compensation - Stock Compensation 718” 718 no |
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 reasonably assured. If any of these criteria are not 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, the Company accounts for the arrangements using contract accounting, as follows: 1 When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized. 2 When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained. The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying consolidated balance sheets. Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement. The Company recognizes revenue on a net basis, which excludes sales tax collected from customers and remitted to governmental authorities. |
Cost of Sales, Policy [Policy Text Block] | Cost of Revenues Cost of revenues primarily consists of expenses related to delivering our service and providing support, amortization expense associated with capitalized software related to our services, and acquired developed technologies and certain fees paid to various third third As we continue to invest in new products and services, the amortization expense associated with these capitalizable activities will be included in cost of revenues. Additionally, as we enter into new contracts with third may |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense The Company expenses advertising costs as incurred. For the three December 31, 2017 2016, 224,000 $215,000, $262,000 $272,000 six December 31, 2017 2016, |
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 UK subsidiaries are translated into US 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. The translation gain (loss) adjustment totaled $95,000 196,000 three December 31, 2017 2016, $360,000 672,000 six December 31, 2017 2016, Foreign currency gains and losses from transactions denominated in currencies other than the respective local currencies are included in income. The Company had no |
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 six December 31, 2017 2016, |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company has an accrual of $0.1 December 31, 2017 June 30, 2017, not three six December 31, 2017 2016. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings Per Share Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the period. 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 For the three December 31, 2017, 332,888 six December 31, 2017, 330,786 three six December 31, 2017, 450,178 not three six December 31, 2016, 97,078 96,431 three six December 31, 2016, 503,951 not no The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computation for the three six December 31, 2017 2016 For the Three Months Ended December 31, 2017 2016 Numerator: Net income (loss) $ (79 ) $ 250 Denominator: Basic weighted-average shares outstanding 11,825 11,716 Effect of dilutive securities - 97 Diluted weighted-average shares outstanding 11,825 11,813 Basic earnings (loss) per common share $ (0.01 ) $ 0.02 Diluted earnings (loss) per common share $ (0.01 ) $ 0.02 For the Six Months Ended December 31, 2017 2016 Numerator: Net income $ 1,035 $ 1,463 Denominator: Basic weighted-average shares outstanding 11,820 11,709 Effect of dilutive securities 331 96 Diluted weighted-average shares outstanding 12,151 11,805 Basic earnings per common share $ 0.09 $ 0.12 Diluted earnings per common share $ 0.09 $ 0.12 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain assets were reclassified from inventories to other current assets and other long-term assets and reclassified from other current assets to accounts receivable and certain liabilities were reclassified from accrued expenses to accrued payroll and related expenses and deferred revenues, net of current portion, as of June 30, 2017 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Standards In August 2016, 2016 15, Statement of Cash Flows (Topic 230 not July 1, 2017. In August 2014, 2014 15, Presentation of Financial Statements-Going Concern no 1 2 3 4 5 not 6 one December 31, 2017, not no Accounting Standards Not In May 2017, 2017 09, Compensation - Stock Compensation (Topic 718 718. 2017 09 June 30, 2019 not In January 2017, ASU 2017 04, Intangibles-Goodwill and Other (Topic 350 two not 2017 04 June 30, 2021. not 2017 04 In February 2016, 2016 02, Leases 12 June 30, 2021. 2016 02 In May 2014, 2014 09 , Revenue from Contracts with Customers 606 2014 09 July 2015, one 2014 09, December 15, 2017, December 15, 2016. five 2014 09 July 1, 2018. not 2014 09 2014 09, not |
Note 2 - Nature of Operations14
Note 2 - Nature of Operations and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | In thousands For the Six Months Ended December 31 , 2017 2016 Beginning Balance $ 8,191 $ 8,363 Effect of exchange rate changes 216 (467 ) Ending Balance $ 8,407 $ 7,896 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended December 31, 2017 2016 Numerator: Net income (loss) $ (79 ) $ 250 Denominator: Basic weighted-average shares outstanding 11,825 11,716 Effect of dilutive securities - 97 Diluted weighted-average shares outstanding 11,825 11,813 Basic earnings (loss) per common share $ (0.01 ) $ 0.02 Diluted earnings (loss) per common share $ (0.01 ) $ 0.02 For the Six Months Ended December 31, 2017 2016 Numerator: Net income $ 1,035 $ 1,463 Denominator: Basic weighted-average shares outstanding 11,820 11,709 Effect of dilutive securities 331 96 Diluted weighted-average shares outstanding 12,151 11,805 Basic earnings per common share $ 0.09 $ 0.12 Diluted earnings per common share $ 0.09 $ 0.12 |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Outstanding Weighted- Number of Weighted- Average Shares Average Remaining (in Exercise Contractual thousands) Price Life (in years) Options outstanding - July 1, 2017 68 $ 1.30 Options granted - - Options exercised - - Options cancelled - - Options outstanding – December 31, 2017 68 $ 1.30 3.5 Options exercisable - December 31, 2017 68 $ 1.30 3.5 Options exercisable and vested - December 31, 2017 68 $ 1.30 3.5 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Number of Initial Value Price Shares Per Share Restricted stock outstanding - July 1, 2017 504 $ 0.94 Issuance of restricted stock 240 6.19 Vesting (294 ) 0.48 Forfeitures - - Restricted stock outstanding - December 31, 2017 450 $ 4.25 |
Schedule of Vesting Level of Restricted Stock [Table Text Block] | Weighted Average Number of Initial Value Price Shares Per Share 30-day VWAP per share vesting level (1): $9.00 per share 130 $ 3.22 $10.00 per share 120 $ 4.68 $11.00 per share 120 $ 4.68 $12.00 per share 80 $ 4.68 (1) The restricted stock becomes vested when the Company ’s 30-day VWAP per share is at or above these levels. |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of (in thousands) December 31 , 2017 June 30, 2017 Debt obligations: Revolving loan facility $ - $ - Term loan 7,550 8,217 Less: unamortized debt issuance costs (75 ) (97 ) Total 7,475 8,120 Less current portion (1,864 ) (1,734 ) Long-term debt $ 5,611 $ 6,386 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Provision (Benefit) for Income Taxes and Effective Tax Rate [Text Block] | For the Three Months Ended December 31, 2017 2016 Provision for income taxes $ 793 $ 30 Effective tax rate 111 % 11 % For the Six Months Ended December 31, 2017 2016 Provision for income taxes $ 1,102 $ 64 Effective tax rate 52 % 4 % |
Note 2 - Nature of Operations18
Note 2 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Jun. 30, 2017USD ($) | Dec. 31, 2017GBP (£) | |
Number of Reportable Segments | 1 | |||||
Number of Operating Segments | 2 | |||||
Depreciation, Depletion and Amortization | $ 37,000 | $ 38,000 | $ 75,000 | $ 79,000 | ||
Amortization | 21,000 | 19,000 | 41,000 | 39,000 | ||
Goodwill, Impairment Loss | 0 | |||||
Impairment of Long-Lived Assets Held-for-use | 0 | |||||
Advertising Expense | 224,000 | 215,000 | 262,000 | 272,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 95,000 | (196,000) | 360,000 | (672,000) | ||
Income Tax Examination, Penalties Accrued | 100,000 | 100,000 | $ 100,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 | $ 0 | $ 0 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | shares | 97,078 | 330,786 | 96,431 | |||
Nonvested Securities Excluded from Computation of Diluted Earnings Per Share | shares | 450,178 | 503,951 | 450,178 | 503,951 | ||
Common Share Equivalents [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 332,888 | |||||
Computer Software, Intangible Asset [Member] | ||||||
Amortization | $ 83,000 | $ 67,000 | $ 167,000 | $ 134,000 | ||
Automotive Data Services [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||
Acquired Intellectual Property [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Minimum [Member] | Computer Software, Intangible Asset [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||
Minimum [Member] | Completed Software Technology and Customer Contracts/Relationships [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Maximum [Member] | Completed Software Technology and Customer Contracts/Relationships [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Number of Major Customers | 0 | 0 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Number of Major Customers | 0 | 0 | 0 | 0 | ||
UNITED STATES | ||||||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 | ||||
Percentage of Property, Plant and Equipment, Net | 22.00% | 22.00% | 24.00% | 22.00% | ||
UNITED STATES | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Concentration Risk, Percentage | 33.00% | 34.00% | 35.00% | 35.00% | ||
UNITED STATES | Insured by the Federal Desposit Insurance Corporation [Member] | ||||||
Foreign Financial Institutions, Mandated Deposits | $ 250,000 | $ 250,000 | ||||
UNITED KINGDOM | ||||||
Cash, FSCS Insured Amount | £ | £ 85,000 | |||||
Percentage of Property, Plant and Equipment, Net | 78.00% | 78.00% | 76.00% | 78.00% | ||
UNITED KINGDOM | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Concentration Risk, Percentage | 65.00% | 64.00% | 63.00% | 63.00% | ||
IRELAND | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Concentration Risk, Percentage | 1.00% | 1.00% | 1.00% | 1.00% | ||
CANADA | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Concentration Risk, Percentage | 1.00% | 1.00% | 1.00% | 1.00% |
Note 2 - Nature of Operations19
Note 2 - Nature of Operations and Summary of Significant Accounting Policies - Goodwill Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning Balance | $ 8,191 | $ 8,363 |
Effect of exchange rate changes | 216 | (467) |
Ending Balance | $ 8,407 | $ 7,896 |
Note 2 - Nature of Operations20
Note 2 - Nature of Operations and Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||||
Net income (loss) | $ (79) | $ 250 | $ 1,035 | $ 1,463 |
Denominator: | ||||
Basic weighted-average shares outstanding (in shares) | 11,825,000 | 11,716,000 | 11,820,000 | 11,709,000 |
Effect of dilutive securities (in shares) | 97,078 | 330,786 | 96,431 | |
Diluted weighted-average shares outstanding (in shares) | 11,825,000 | 11,813,000 | 12,151,000 | 11,805,000 |
Basic earnings (loss) per common share (in dollars per share) | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.12 |
Diluted earnings (loss) per common share (in dollars per share) | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.12 |
Note 4 - Stockholders' Equity21
Note 4 - Stockholders' Equity (Details Textual) - USD ($) | Jul. 03, 2017 | Jan. 06, 2017 | Jul. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 240,000 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 1,500,000 | ||||||
Restricted Stock [Member] | |||||||
Allocated Share-based Compensation Expense | $ 100,000 | $ 100,000 | $ 200,000 | $ 200,000 | |||
Treasury Stock [Member] | |||||||
Treasury Stock, Shares, Retired | 0 | 0 | |||||
LITP 2007 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 47,663 | 7,649 | 15,273 | ||||
Stock Issued During Period, Value, New Issues | $ 255,000 | ||||||
EIP 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 34,592 | 37,795 | 7,649 | 15,273 | |||
Stock Issued During Period, Value, New Issues | $ 220,000 | $ 241,000 | |||||
Employee Stock Purchase Plan [Member] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | 0 | 6,958 | 7,008 | |||
Employee Stock Purchase Plan [Member] | US Employees [Member] | |||||||
Common Stock, Percent of Fair Market Value, Exercise Date | 85.00% | 85.00% | |||||
Common Stock, Percent of Fair Market Value, Grant Date | 85.00% | 85.00% | |||||
Employee Stock Purchase Plan [Member] | UK Employees [member] | |||||||
Common Stock, Percent of Fair Market Value, Exercise Date | 100.00% | 100.00% | |||||
Common Stock, Percent of Fair Market Value, Grant Date | 100.00% | 100.00% | |||||
Employee Stock Purchase Plan, Employer Matching Contribution, Percent of Share Price | 15.00% | 15.00% |
Note 4 - Stockholders' Equity -
Note 4 - Stockholders' Equity - Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of options outstanding (in shares) | shares | 68 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.30 |
Number of options granted (in shares) | shares | 0 |
Options granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 0 |
Number of options exercised (in shares) | shares | 0 |
Options exercised, weighted-average exercise price (in dollars per share) | $ / shares | |
Number of options cancelled (in shares) | shares | 0 |
Options cancelled, weighted-average exercise price (in dollars per share) | $ / shares | $ 0 |
Number of options outstanding (in shares) | shares | 68 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.30 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 182 days |
Number of options exercisable (in shares) | shares | 68 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.30 |
Options exercisable, weighted-average remaining contractual life (Year) | 3 years 182 days |
Number of options exercisable and vested (in shares) | shares | 68 |
Options exercisable and vested, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.30 |
Options exercisable and vested, weighted-average remaining contractual life (Year) | 3 years 182 days |
Note 4 - Stockholders' Equity23
Note 4 - Stockholders' Equity - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of shares, restricted stock outstanding, beginning balance (in shares) | shares | 504 |
Weighted average initial value price per share, beginning balance (in dollars per share) | $ / shares | $ 0.94 |
Number of shares, issuance of restricted stock (in shares) | shares | 240 |
Weighted average initial value price per share, issuance of restricted stock (in dollars per share) | $ / shares | $ 6.19 |
Number of shares, vesting (in shares) | shares | (294) |
Weighted average initial value price per share, vesting (in dollars per share) | $ / shares | $ 0.48 |
Number of shares, forfeitures (in shares) | shares | |
Weighted average initial value price per share, forfeitures (in dollars per share) | $ / shares | |
Number of shares, restricted stock outstanding, ending balance (in shares) | shares | 450 |
Weighted average initial value price per share, ending balance (in dollars per share) | $ / shares | $ 4.25 |
Note 4 - Stockholders' Equity24
Note 4 - Stockholders' Equity - Vesting Levels of Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | |
Restricted stock (in shares) | 450 | 504 | |
Weighted average initial value price (in dollars per share) | $ 4.25 | $ 0.94 | |
Share-based Compensation Award, Tranche One [Member] | |||
Restricted stock (in shares) | [1] | 130 | |
Weighted average initial value price (in dollars per share) | [1] | $ 3.22 | |
Share-based Compensation Award, Tranche Two [Member] | |||
Restricted stock (in shares) | [1] | 120 | |
Weighted average initial value price (in dollars per share) | [1] | $ 4.68 | |
Share-based Compensation Award, Tranche Three [Member] | |||
Restricted stock (in shares) | [1] | 120 | |
Weighted average initial value price (in dollars per share) | [1] | $ 4.68 | |
Share-based Compensation Award, Tranche Four [Member] | |||
Restricted stock (in shares) | [1] | 80 | |
Weighted average initial value price (in dollars per share) | [1] | $ 4.68 | |
[1] | The restricted stock becomes vested when the Company's 30-day VWAP per share is at or above these levels. |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) | Mar. 02, 2017 | Dec. 01, 2017 | Dec. 01, 2018 | Dec. 31, 2017 | Aug. 01, 2021 | Jun. 30, 2017 |
Long-term Debt | $ 7,475,000 | $ 8,120,000 | ||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 11,500,000 | |||||
Long-term Debt | $ 8,750,000 | |||||
Debt Instrument, Periodic Payment | $ 133,333 | |||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument, Periodic Payment | $ 158,333 | $ 175,000 | ||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Either LIBO Rate or Prime Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Either LIBO Rate or Prime Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||
Univest Bank and Trust Co. [Member] | New Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750,000 | |||||
Long-term Line of Credit | $ 0 | |||||
J.P. Morgan Chase Bank, N.A. [Member] | JMP Credit Facility [Member] | ||||||
Percentage of Pledged Stock | 65.00% |
Note 5 - Long-term Debt - Summa
Note 5 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Less: unamortized debt issuance costs | $ (75) | $ (97) |
Long-term debt | 7,475 | 8,120 |
Less current portion | (1,864) | (1,734) |
Long-term debt, noncurrent | 5,611 | 6,386 |
Line of Credit [Member] | ||
Long-term debt, gross | ||
Term Loan [Member] | ||
Long-term debt, gross | $ 7,550 | $ 8,217 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |||
Income Tax Expense (Benefit) Continuing Operations Increase (Decrease) | $ 0.7 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 0.5 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 0.2 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.00% |
Note 6 - Income Taxes - Provisi
Note 6 - Income Taxes - Provision (Benefit) for Income Taxes and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Provision for income taxes | $ 793 | $ 30 | $ 1,102 | $ 64 |
Effective tax rate | 111.00% | 11.00% | 52.00% | 4.00% |