Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Feb. 13, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | ESCALON MEDICAL CORP. | |
Entity Central Index Key | 862668 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 7,526,430 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $101,891 | $101,891 |
ASSETS | ||
Cash and cash equivalents | 1,319,184 | 2,009,554 |
Accounts receivable, net | 2,030,200 | 1,690,156 |
Inventory, net | 2,384,630 | 2,910,727 |
Other current assets | 215,609 | 286,548 |
Total current assets | 5,949,623 | 6,896,985 |
Property and equipment, net | 40,702 | 24,456 |
Goodwill | 125,027 | 125,027 |
Trademarks and trade names | 605,006 | 605,006 |
Patents, net | 4,000 | 4,800 |
Total assets | 6,724,358 | 7,656,274 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 1,100,861 | 1,486,081 |
Accrued expenses | 1,135,481 | 1,169,943 |
Liabilities of discontinued operations | 608,941 | 592,837 |
Total current liabilities | 2,947,174 | 3,350,752 |
Accrued post-retirement benefits | 811,647 | 841,699 |
Total long-term liabilities | 811,647 | 841,699 |
Total liabilities | 3,758,821 | 4,192,451 |
Shareholders equity: | ||
Preferred stock, $0.001 par value; 2,000,000 shares authorized; no shares issued | 0 | 0 |
Common stock, $0.001 par value; 35,000,000 shares authorized; 7,526,430 issued and outstanding at December 31, 2012 and June 30, 2012 | 7,526 | 7,526 |
Additional paid-in capital | 69,597,284 | 69,562,522 |
Accumulated deficit | -66,639,273 | -66,106,225 |
Total shareholders' equity | 2,965,537 | 3,463,823 |
Total liabilities and shareholders' equity | $6,724,358 | $7,656,274 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 7,526,430 | 7,526,430 |
Common stock, shares outstanding | 7,526,430 | 7,526,430 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenues: | ||||
Product revenue | $3,699,654 | $3,078,485 | $6,329,974 | $6,208,568 |
Revenues, net | 3,699,654 | 3,078,485 | 6,329,974 | 6,208,568 |
Costs and expenses: | ||||
Cost of goods sold | 1,903,074 | 1,510,322 | 3,269,971 | 3,066,536 |
Marketing, general and administrative | 1,489,627 | 1,280,427 | 2,869,008 | 2,493,390 |
Research and development | 383,727 | 377,042 | 708,004 | 700,232 |
Total costs and expenses | 3,776,428 | 3,167,791 | 6,846,983 | 6,260,158 |
Loss from operations | -76,774 | -89,306 | -517,009 | -51,590 |
Other (expense) income: | ||||
Other Nonoperating Income (Expense) | 0 | 6,535 | 0 | 7,603 |
Interest income | 26 | 56 | 65 | 117 |
Total other (expense) income | 26 | 6,591 | 65 | 7,720 |
Net income (loss) from continuing operations | -76,748 | -82,715 | -516,944 | -43,870 |
Income (Loss) from Discontinued Operations, Net of Tax | 2,659 | -25,834 | -16,104 | -51,439 |
Net income (loss) | ($74,089) | ($108,549) | ($533,048) | ($95,309) |
Basic: | ||||
Continuing Operations | ($0.01) | ($0.01) | ($0.07) | $0 |
Discontinued Operations | $0 | $0 | $0 | ($0.01) |
Net income (loss) | ($0.01) | ($0.01) | ($0.07) | ($0.01) |
Diluted: | ||||
Continuing Operations | ($0.01) | ($0.01) | ($0.07) | $0 |
Discontinued operations | $0 | $0 | $0 | ($0.01) |
Net income (loss) | ($0.01) | ($0.01) | ($0.07) | ($0.01) |
Weighted Average Number of Shares Outstanding, Basic | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 |
Weighted Average Number of Shares Outstanding, Diluted | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity and Comprehensive Loass (USD $) | Total | Common Stock [Member] | Common Stock Warrants [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Jun. 30, 2014 | $3,463,823 | ||||
Net income | -533,048 | 0 | 0 | 0 | -533,048 |
Compensation expense | 34,762 | 0 | 0 | 34,762 | 0 |
Balance at Dec. 31, 2014 | $2,965,537 | $7,526 | $0 | $69,597,284 | ($66,639,273) |
Balance, shares at Dec. 31, 2014 | 7,526,430 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | ||||
Net income (loss) | ($74,089) | ($108,549) | ($533,048) | ($95,309) |
Adjustments to reconcile net income (loss) to cash provided by operating activities of continuing operations: | ||||
Income (loss) from discontinued operations | 2,659 | -25,834 | -16,104 | -51,439 |
Depreciation and amortization | 6,831 | 4,597 | ||
Compensation expense related to stock options | 34,762 | 4,315 | ||
Increase (Decrease) in Pension and Postretirement Obligations | -30,052 | -40,738 | ||
Change in operating assets and liabilities: | ||||
Accounts receivable, net | -340,044 | 38,284 | ||
Inventory, net | 526,097 | -381,802 | ||
Other current and long-term assets | 70,939 | 70,069 | ||
Accounts payable and accrued expenses | -419,682 | 304,712 | ||
Net cash (used in) operating activities from continuing operations | -668,093 | -44,433 | ||
Net cash provided by (used in) operating activities from discontinued operations | 0 | -26,282 | ||
Net cash (used in) operating activities | -668,093 | -70,715 | ||
Cash Flows from Investing Activities: | ||||
Purchase of fixed assets | -22,277 | -18,830 | ||
Net cash (used in) investing activities from continuing operations | -22,277 | -18,830 | ||
Net cash provided by (used in) investing activities | -22,277 | -18,830 | ||
Cash Flows from Financing Activities: | ||||
Net increase (decrease) in cash and cash equivalents | -690,370 | -89,545 | ||
Cash and cash equivalents, beginning of period | 2,009,554 | |||
Cash and cash equivalents, end of period | 1,319,184 | 2,565,156 | 1,319,184 | 2,565,156 |
Income Taxes Paid | $0 | $25,000 |
Note_9_Composition_of_Certain_
Note 9. Composition of Certain Financial Statement Caption Composition of Certain Assets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Inventory Disclosure [Abstract] | |||
Inventory, Raw Materials, Net of Reserves | $1,254,000 | $1,279,000 | |
Inventory, Work in Process, Net of Reserves | 155,000 | 599,000 | |
Inventory, Finished Goods, Net of Reserves | 976,000 | 1,033,000 | |
Inventory, net | $2,384,630 | $2,910,727 | $2,910,727 |
Note_1_Basis_of_Presentation
Note. 1 Basis of Presentation | 6 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation |
Escalon Medical Corp. (“Escalon” or the “Company” ) is a Pennsylvania corporation initially incorporated in California in 1987, and reincorporated in Pennsylvania in November 2001. Within this document, the “Company” collectively shall mean Escalon and its wholly owned subsidiaries: Sonomed, Inc. (“Sonomed”), Trek, Inc. (“Trek”), Escalon Medical Europe GmbH (“EME”), Escalon Digital Solutions, Inc. (“EMI”), Escalon Pharmaceutical, Inc. (“Pharmaceutical” inactive), Escalon Holdings, Inc. (“EHI”), Escalon IP Holdings, Inc., Sonomed IP Holdings, Inc., Drew Scientific Holdings, Inc. (discontinued), Drew Scientific Inc. (discontinued), and Drew Scientific Group, Plc (“Drew”) and its subsidiaries (discontinued). All intercompany accounts and transactions have been eliminated. | |
The Company operates in the healthcare market, specializing in the development, manufacture, marketing, and distribution of medical devices and pharmaceuticals in the area of ophthalmology. The Company and its products are subject to regulation and inspection by the United States Food and Drug Administration (the “FDA”). The FDA and other governmental authorities require extensive testing of new products prior to sale and have jurisdiction over the safety, efficacy and manufacture of products, as well as product labeling and marketing. | |
Management historically reviewed financial information, allocated resources, and managed the business as two segments: Sonomed-Escalon and Escalon Medical Corp. (“Corporate”). The Sonomed-Escalon segment consisted of Sonomed, Inc., EMI and Trek, all of which are engaged in the development and sale of Ophthalmic medical devices. The Escalon Medical Corp. segment includes the administrative corporate operations of the consolidated group. As the consolidated group is focused on one market, medical devices, segment reporting is no longer deemed necessary. Beginning with the first quarter of fiscal 2015 filing management reviews financial information and manages the business as one entity engaged in the development and sale of Ophthalmic medical devices. As a result of this change certain amounts in prior years were reclassified to conform to current year presentation. |
Note_2_StockBased_Compensation
Note 2. Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 2. Stock-Based Compensation |
Valuations are based upon highly subjective assumptions about the future, including stock price volatility and exercise patterns. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of the Company's stock. The Company uses historical data to estimate option exercise and employee terminations. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. | |
The Company has historically granted options under the Company's option plans with an option exercise price equal to the closing market value of the stock on the date of the grant and with vesting, primarily for Company employees, either in equal annual amounts over a two- to five-year period or immediately, and, primarily for non-employee directors, immediately. | |
As of December 31, 2014 and 2013 total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees under the 2004 Equity Incentive Plan was $83,120 and $6,472, respectively. The remaining cost is expected to be recognized over a weighted average period of 1.32 years. For the three-month periods ended December 31, 2014 and 2013, $11,941 and $2,158 was recorded as compensation expense, respectively. For the six-month periods ended December 31, 2014 and 2013, $23,859 and $4,315 was recorded as compensation expense, respectively. | |
The Company did not receive any cash from share option exercises under stock-based payment plans for the three-month periods ended December 31, 2014 and 2013. The Company did not realize any tax effect, which would be a reduction in its tax rate, on options due to the full valuation allowances established on its deferred tax assets. | |
The Company measures compensation expense for non-employee stock-based compensation based on the fair value of the options issued, as this is more reliable than the fair value of the services received. Fair value is measured as the value of the Company's common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital. There was $4,361 and $0 non-employee compensation expense for the three-month periods ended December 31, 2014 and 2013. There was $10,903 and $0 non-employee compensation expense for the six-month periods ended December 31, 2014 and 2013. |
Note_3_Earning_per_Share
Note 3. Earning per Share | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share [Text Block] | 3. Net Income (Loss) earnings per Share | |||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share: | ||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Numerator for basic and diluted earnings per share | ||||||||||||||||
(Loss) from continuing operations | $ | (76,748 | ) | $ | (82,715 | ) | $ | (516,944 | ) | $ | (43,870 | ) | ||||
Income (Loss) from discontinued operations | 2,659 | (25,834 | ) | (16,104 | ) | (51,439 | ) | |||||||||
Net (loss) | $ | (74,089 | ) | $ | (108,549 | ) | $ | (533,048 | ) | $ | (95,309 | ) | ||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - weighted average shares | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and warrants | — | — | — | — | ||||||||||||
Shares reserved for future exchange | — | — | — | — | ||||||||||||
Denominator for diluted earnings per share - weighted average and assumed conversion | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 | ||||||||||||
Net (loss) per share | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | — | |||||
Discontinued operations | — | — | — | (0.01 | ) | |||||||||||
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.01 | ) | |||||
Diluted: | ||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | — | |||||
Discontinued operations | — | — | — | (0.01 | ) | |||||||||||
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.01 | ) |
Note_4_Legal_proceeding
Note 4. Legal proceeding | 6 Months Ended |
Dec. 31, 2014 | |
4. Legal Proceedings [Abstract] | |
Legal Matters and Contingencies [Text Block] | 4. Legal Proceedings |
The Company, from time to time, is involved in various legal proceedings and disputes that arise in the normal course of business. These matters have previously and may in the future pertain to intellectual property disputes, commercial contract disputes, employment disputes, and other matters. The Company does not believe that the resolution of any of these matters has had or is likely to have a material adverse impact on the Company's business, financial condition or results of operations. |
Note_5_Recently_Issued_Account
Note 5. Recently Issued Accounting Standards | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | . Recently Issued Accounting Standards |
In July 2013, FASB issued Accounting Standards Update 2014-02 Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits. Under the new provision an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with some exceptions. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this standard did not have a material impact to the Company’s consolidated financial statements. | |
In March 2014, FASB issued Accounting Standards Update 2014-07 Consolidation (Topic 810) Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements. The amendments permit a private company lessee (the reporting entity) to elect an alternative not to apply VIE guidance to a lessor entity if (a) the private company lessee and the lessor entity are under common control, (b) the private company lessee has a lease arrangement with the lessor entity, (c) substantially all of the activities between the private company lessee and the lessor entity are related to leasing activities (including supporting leasing activities) between those two entities, and (d) if the private company lessee explicitly guarantees or provides collateral for any obligation of the lessor entity related to the asset leased by the private company, then the principal amount of the obligation at inception of such guarantee or collateral arrangement does not exceed the value of the asset leased by the private company from the lessor entity. The alternative will be effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |
In April 2014 FASB issued Accounting Standards Update 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new provision only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements; a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale is reported in discontinued operations; and a disposal of an equity method investment that meets the definition of discontinued operation is reported in discontinued operations. The amendments are effective for all disposals (or classifications as held for sale) of components of a public business entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years.The adoption of this standard did not have a material impact to the Company’s consolidated financial statements. | |
In May 2014 FASB issued Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606). Under the new provision, an entity should apply five steps for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For a public entity, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |
In June 2014 FASB issued Accounting Standards Update 2014-12 Compensation-Stock Compensation (Topic 718). Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. For all entities, the amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |
In August 2014 FASB issued Presentation of Financial Statements-Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. 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.The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |
In November 2014 FASB issued Derivatives and Hedging (Topic 815)Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. For hybrid financial instruments issued in the form of a share, an entity should determine the nature of the host contract by considering the economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting from the host contract.The amendments in this Update are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |
In November 2014 FASB issued Business Combinations (Topic 805) Pushdown Accounting. The amendments in this Update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity.The amendments in this Update are effective on November 18, 2014. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |
In December 2014 FASB issued Business Combinations (Topic 805) Accounting for Identifiable Intangible Assets in a Business Combination. An entity within the scope of this Update that elects the accounting alternative to recognize or otherwise consider the fair value of intangible assets as a result of any in-scope transactions should no longer recognize separately from goodwill.The amendments in this Update, at an entity’s election, apply to all entities except for public business entities and not-for-profit entities The decision to adopt the accounting alternative in this Update must be made upon the occurrence of the first transaction within the scope of this accounting alternative in fiscal years beginning after December 15, 2015, and the effective date of adoption depends on the timing of that first in-scope transaction. (1) customer-related intangible assets unless they are capable of being sold or licensed independently from the other assets of the business and (2) noncompetition agreements. The amendments in this Update are effective on November 18, 2014. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. |
Note_6_Fair_Value_Measurements
Note 6. Fair Value Measurements | 6 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | . Fair Value Measurements |
On July 1, 2008, the Company adopted the FASB-issued authoritative guidance for the fair value of financial assets and liabilities. This standard defines fair value and establishes a hierarchy for reporting the reliability of input measurements used to assess fair value for all assets and liabilities. The FASB-issued authoritative guidance defines fair value as the selling price that would be received for an asset, or paid to transfer a liability, in the principal or most advantageous market on the measurement date. The hierarchy prioritizes fair value measurements based on the types of inputs used in the valuation technique. The inputs are categorized into the following levels: | |
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities. | |
Level 2—Directly or indirectly observable inputs for quoted and other than quoted prices for identical or similar assets and liabilities in active or non-active markets. | |
Level 3—Unobservable inputs not corroborated by market data, therefore requiring the entity to use the best available information available in the circumstances, including the entity’s own data. | |
Certain financial instruments are carried at cost on the consolidated balance sheets, which approximates fair value due to their short-term, highly liquid nature. These instruments include cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses. |
Note_7_Continuing_Operations
Note 7. Continuing Operations | 6 Months Ended |
Dec. 31, 2014 | |
Continuing Operations [Abstract] | |
Quarterly Financial Information [Text Block] | 7. Continuing Operations |
The accompanying condensed consolidated financial statements have been prepared on the going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. | |
We believe that our existing cash and cash flow from operations will be sufficient to fund our activities throughout fiscal 2015. However, we have based this estimate on assumptions that may prove to be wrong, and we may use our available capital resources sooner than we currently expect. Further, our operating plan may change, and we may need additional funds to meet operational needs and capital requirements for product development and commercialization sooner than planned. Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors, including the factors discussed in “Risk Factors” on the Company's Form 10-K for the year ended June 30, 2014. |
Note_8_Discontinued_Operations
Note 8. Discontinued Operations | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Discontinued Operations | . Discontinued Operations | |||||||
BH Holdings, S.A.S ("BHH") | ||||||||
On January 12, 2012 BHH initiated the filing of an insolvency declaration with the Tribunal de Commerce de Rennes, France ("Commercial Court"). The Commercial Court on January 18, 2012 opened the liquidation proceedings with continuation of BHH's activity for 3 months and named an administrator to manage BHH. Since Drew no longer had a controlling financial interest in BHH it was deconsolidated in the December 31, 2011 quarterly condensed consolidated financial statements and prior period amounts were presented as discontinued operations. | ||||||||
The following tables summarize the results of discontinued operations of BHH for the three months and six months periods ended December 31, 2014 and 2013 (in thousands): | ||||||||
For the Three Months Ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 25 | ||||||
Research & development | — | — | ||||||
Total Costs and expenses | — | 25 | ||||||
Loss from discontinued operations | — | (25 | ) | |||||
Other income | 3 | — | ||||||
Net income (loss) | $ | 3 | $ | (25 | ) | |||
For the Six-months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | 19 | 50 | ||||||
Research & development | — | — | ||||||
Total Costs and expenses | 19 | 50 | ||||||
Other income and expenses: | ||||||||
Other income | 3 | — | ||||||
Net loss | $ | (16 | ) | $ | (50 | ) | ||
Assets and liabilities of discontinued operations of BHH included in the condensed consolidated balance sheets are summarized as follows at December 31, 2014 and June 30, 2014 (in thousands): | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Assets | ||||||||
Cash | $ | — | $ | — | ||||
Accounts receivable | — | — | ||||||
Inventory | — | — | ||||||
Other current assets | — | — | ||||||
Fixed assets | — | — | ||||||
Covenant not to compete and customer list, net | — | — | ||||||
Other assets | — | — | ||||||
Total assets | — | — | ||||||
Liabilities | ||||||||
Accrued lease termination costs | 609 | 593 | ||||||
Total liabilities | 609 | 593 | ||||||
Net liabilities of discontinued operations | $ | (609 | ) | $ | (593 | ) | ||
The following tables summarize the results of discontinued operations of ECD for the three month and six month periods ended December 31, 2014 and 2013 (in thousands): | ||||||||
For the three months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 1 | ||||||
Research & development | — | — | ||||||
Total costs and expenses | — | 1 | ||||||
Net (loss) from discontinued operations | $ | — | $ | (1 | ) | |||
For the six months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 2 | ||||||
Research & development | — | — | ||||||
Total costs and expenses | — | 2 | ||||||
Net (loss) from discontinued operations | $ | — | $ | (2 | ) | |||
BH Holdings, S.A.S [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Schedule of Discontinued Operations | BH Holdings, S.A.S ("BHH") | |||||||
On January 12, 2012 BHH initiated the filing of an insolvency declaration with the Tribunal de Commerce de Rennes, France ("Commercial Court"). The Commercial Court on January 18, 2012 opened the liquidation proceedings with continuation of BHH's activity for 3 months and named an administrator to manage BHH. Since Drew no longer had a controlling financial interest in BHH it was deconsolidated in the December 31, 2011 quarterly condensed consolidated financial statements and prior period amounts were presented as discontinued operations. | ||||||||
The following tables summarize the results of discontinued operations of BHH for the three months and six months periods ended December 31, 2014 and 2013 (in thousands): | ||||||||
For the Three Months Ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 25 | ||||||
Research & development | — | — | ||||||
Total Costs and expenses | — | 25 | ||||||
Loss from discontinued operations | — | (25 | ) | |||||
Other income | 3 | — | ||||||
Net income (loss) | $ | 3 | $ | (25 | ) | |||
For the Six-months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | 19 | 50 | ||||||
Research & development | — | — | ||||||
Total Costs and expenses | 19 | 50 | ||||||
Other income and expenses: | ||||||||
Other income | 3 | — | ||||||
Net loss | $ | (16 | ) | $ | (50 | ) | ||
Assets and liabilities of discontinued operations of BHH included in the condensed consolidated balance sheets are summarized as follows at December 31, 2014 and June 30, 2014 (in thousands): | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Assets | ||||||||
Cash | $ | — | $ | — | ||||
Accounts receivable | — | — | ||||||
Inventory | — | — | ||||||
Other current assets | — | — | ||||||
Fixed assets | — | — | ||||||
Covenant not to compete and customer list, net | — | — | ||||||
Other assets | — | — | ||||||
Total assets | — | — | ||||||
Liabilities | ||||||||
Accrued lease termination costs | 609 | 593 | ||||||
Total liabilities | 609 | 593 | ||||||
Net liabilities of discontinued operations | $ | (609 | ) | $ | (593 | ) | ||
ECD [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Schedule of Discontinued Operations | The following tables summarize the results of discontinued operations of ECD for the three month and six month periods ended December 31, 2014 and 2013 (in thousands): | |||||||
For the three months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 1 | ||||||
Research & development | — | — | ||||||
Total costs and expenses | — | 1 | ||||||
Net (loss) from discontinued operations | $ | — | $ | (1 | ) | |||
For the six months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 2 | ||||||
Research & development | — | — | ||||||
Total costs and expenses | — | 2 | ||||||
Net (loss) from discontinued operations | $ | — | $ | (2 | ) | |||
Note_9_Composition_of_Certain_1
Note 9. Composition of Certain Financial Statement Caption Composition of Certain Financial Statement (Notes) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | ||||||||
(In thousands) | December 31, | June 30, | ||||||
2014 | 2014 | |||||||
Inventories, net: | ||||||||
Raw Material | $ | 1,254 | $ | 1,279 | ||||
Work-In-Process | 155 | 599 | ||||||
Finished Goods | 976 | 1,033 | ||||||
Total | $ | 2,385 | $ | 2,911 | ||||
Note_10_Related_Party_Notes
Note 10. Related Party (Notes) | 6 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | The Company purchased competitively priced furniture from DePiano Interiors, L.L.C. which is owned by the mother of the Company's Chief Executive Officer, Richard DePiano, Jr. Total purchases were $25,762 and $12,611 for the three and six-month periods ended December 31, 2014 and 2013, respectively. |
Sigificant_accounting_policies
Sigificant accounting policies Revenue Recognition (Policies) | 6 Months Ended | ||
Dec. 31, 2014 | |||
Revenue Recognition [Abstract] | |||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||
The Company recognizes revenue from the sale of its products at the time of shipment, when title and risk of loss transfer. The Company provides products to its distributors at agreed upon wholesale prices and to the balance of its customers at set retail prices. Distributors can receive discounts for accepting high volume shipments. The discounts are reflected immediately in the net invoice price, which is the basis for revenue recognition. No further material discounts are given. | |||
The Company's considerations for recognizing revenue upon shipment of product to a distributor are based on the following: | |||
Persuasive evidence that an arrangement (purchase order and sales invoice) exists between a willing buyer (distributor) and the Company that outlines the terms of the sale (company information, quantity of goods, purchase price and payment terms). The buyer (distributor) does not have a right of return. | |||
Shipping terms are ex-factory shipping point. At this point the buyer (distributor) takes title to the goods and is responsible for all risks and rewards of ownership, including insuring the goods as necessary. | |||
The Company's price to the buyer (distributor) is fixed and determinable as specifically outlined on the sales invoice. The sales arrangement does not have customer cancellation or termination clauses. | |||
The buyer (distributor) places a purchase order with the Company; the terms of the sale are cash, COD or credit. Customer credit is determined based on the Company's policies and procedures related to the buyer's (distributor's) creditworthiness. Based on this determination, the Company believes that collectibility is reasonably assured. | |||
The Company assesses collectibility based on creditworthiness of the customer and past transaction history. The Company performs ongoing credit evaluations of its customers and does not require collateral from its customers. For many of the Company's international customers, the Company requires an irrevocable letter of credit to be issued by the customer before the purchase order is accepted. |
Sigificant_accounting_policies1
Sigificant accounting policies Valuation of Intangible Assets (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Company overview [Abstract] | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Intangible Assets |
The Company annually, and as circumstances require, evaluates for impairment its intangible assets and goodwill in accordance with FASB guidance related to goodwill and other intangible assets, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. These intangible assets include goodwill, trademarks and trade names. Recoverability of these assets is measured by comparison of their carrying amounts to future discounted cash flows the assets are expected to generate. If identifiable intangibles are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value. The Company does not amortize intangible assets with indefinite useful lives; rather, such assets are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. The Company performs its intangible asset impairment tests on or about June 30, of each year. Any such impairment charge could be significant and could have a material adverse impact on the Company's financial statements if and when an impairment charge is recorded. |
Sigificant_accounting_policies2
Sigificant accounting policies Income (Loss) Per Share (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Income (Loss) Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Income/(Loss) Per Share |
The Company computes net income/(loss) per share under the provisions of FASB issued authoritative guidance. | |
Under the provisions of FASB issued authoritative guidance, basic and diluted net income/(loss) per share is computed by dividing the net income/(loss) for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net income/(loss) per share excludes potential common shares if the impact is anti-dilutive. Basic earnings per share are computed by dividing net income/(loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are determined in the same manner as basic earnings per share, except that the number of shares is increased by assuming exercise of dilutive stock options and warrants using the treasury stock method. |
Sigificant_accounting_policies3
Sigificant accounting policies Taxes (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Taxes [Abstract] | |
Income Tax, Policy [Policy Text Block] | Taxes |
Estimates of taxable income of the various legal entities and jurisdictions are used in the tax rate calculation. Management uses judgment in estimating what the Company's income tax will be for the year. Since judgment is involved, there is a risk that the tax rate may increase or decrease in any period. | |
In determining income/(loss) for financial statement purposes, management must make certain estimates and judgments. These estimates and judgments occur in the calculation of certain tax liabilities and in the determination of the recoverability of certain deferred tax assets, which arise from temporary differences between the tax and financial statement recognition of revenue and expense. FASB issued authoritative guidance concerning accounting for income taxes also requires that the deferred tax assets be reduced by a valuation allowance if, based on the available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. | |
In evaluating the Company's ability to recover the Company's deferred tax assets, management considers all available positive and negative evidence including the Company's past operating results, the existence of cumulative losses and near-term forecasts of future taxable income that is consistent with the plans and estimates management is using to manage the underlying businesses. | |
Through December 31, 2014, the Company has recorded a valuation allowance against the Company's deferred tax assets arising from net operating losses due to uncertainty of their realization as a result of the Company's earnings history, the number of years the Company's net operating losses and tax credits can be carried forward, the existence of taxable temporary differences and near-term earnings expectations. The amount of the valuation allowance could decrease if facts and circumstances change that materially increase taxable income prior to the expiration of the loss carryforwards. Any reduction in the valuation allowance would result in an income tax benefit in the period such determination is made by the Company. | |
The Company has adopted FASB issued guidance related to accounting for uncertainty in income taxes, which provides a comprehensive model for the recognition, measurement, and disclosure in financial statements of uncertain income tax positions that a company has taken or expects to take on a tax return. Under the FASB guidance a company can recognize the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit can be recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Additionally, companies are required to accrue interest and related penalties, if applicable, on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. The Company has elected to recognize interest expense and penalties, if any, related to uncertain tax positions as a component of its provision for income taxes. |
Sigificant_accounting_policies4
Sigificant accounting policies Stock-based Compensation (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Stock-based Compensation [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
Stock-based compensation expense for all stock-based compensation awards granted after July 1, 2006 is based on the grant-date fair value estimate in accordance with the provisions of the FASB issued guidance. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award. | |
Valuations are based on highly subjective assumptions about the future, including stock price volatility and exercise patterns. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of the Company's stock. The Company uses historical data to estimate option exercise and employee terminations. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. |
Note_3_Earning_per_Share_Table
Note 3. Earning per Share (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted net income (loss) per share: | |||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Numerator for basic and diluted earnings per share | ||||||||||||||||
(Loss) from continuing operations | $ | (76,748 | ) | $ | (82,715 | ) | $ | (516,944 | ) | $ | (43,870 | ) | ||||
Income (Loss) from discontinued operations | 2,659 | (25,834 | ) | (16,104 | ) | (51,439 | ) | |||||||||
Net (loss) | $ | (74,089 | ) | $ | (108,549 | ) | $ | (533,048 | ) | $ | (95,309 | ) | ||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - weighted average shares | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and warrants | — | — | — | — | ||||||||||||
Shares reserved for future exchange | — | — | — | — | ||||||||||||
Denominator for diluted earnings per share - weighted average and assumed conversion | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 | ||||||||||||
Net (loss) per share | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | — | |||||
Discontinued operations | — | — | — | (0.01 | ) | |||||||||||
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.01 | ) | |||||
Diluted: | ||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | — | |||||
Discontinued operations | — | — | — | (0.01 | ) | |||||||||||
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.01 | ) |
Note_8_Discontinued_Operations1
Note 8. Discontinued Operations (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
BH Holdings, S.A.S [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Schedule of Discontinued Operations | BH Holdings, S.A.S ("BHH") | |||||||
On January 12, 2012 BHH initiated the filing of an insolvency declaration with the Tribunal de Commerce de Rennes, France ("Commercial Court"). The Commercial Court on January 18, 2012 opened the liquidation proceedings with continuation of BHH's activity for 3 months and named an administrator to manage BHH. Since Drew no longer had a controlling financial interest in BHH it was deconsolidated in the December 31, 2011 quarterly condensed consolidated financial statements and prior period amounts were presented as discontinued operations. | ||||||||
The following tables summarize the results of discontinued operations of BHH for the three months and six months periods ended December 31, 2014 and 2013 (in thousands): | ||||||||
For the Three Months Ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 25 | ||||||
Research & development | — | — | ||||||
Total Costs and expenses | — | 25 | ||||||
Loss from discontinued operations | — | (25 | ) | |||||
Other income | 3 | — | ||||||
Net income (loss) | $ | 3 | $ | (25 | ) | |||
For the Six-months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | 19 | 50 | ||||||
Research & development | — | — | ||||||
Total Costs and expenses | 19 | 50 | ||||||
Other income and expenses: | ||||||||
Other income | 3 | — | ||||||
Net loss | $ | (16 | ) | $ | (50 | ) | ||
Assets and liabilities of discontinued operations of BHH included in the condensed consolidated balance sheets are summarized as follows at December 31, 2014 and June 30, 2014 (in thousands): | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Assets | ||||||||
Cash | $ | — | $ | — | ||||
Accounts receivable | — | — | ||||||
Inventory | — | — | ||||||
Other current assets | — | — | ||||||
Fixed assets | — | — | ||||||
Covenant not to compete and customer list, net | — | — | ||||||
Other assets | — | — | ||||||
Total assets | — | — | ||||||
Liabilities | ||||||||
Accrued lease termination costs | 609 | 593 | ||||||
Total liabilities | 609 | 593 | ||||||
Net liabilities of discontinued operations | $ | (609 | ) | $ | (593 | ) | ||
ECD [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Schedule of Discontinued Operations | The following tables summarize the results of discontinued operations of ECD for the three month and six month periods ended December 31, 2014 and 2013 (in thousands): | |||||||
For the three months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 1 | ||||||
Research & development | — | — | ||||||
Total costs and expenses | — | 1 | ||||||
Net (loss) from discontinued operations | $ | — | $ | (1 | ) | |||
For the six months ended December 31, | 2014 | 2013 | ||||||
Revenue, net | $ | — | $ | — | ||||
Cost of goods sold | — | — | ||||||
Marketing, general and administrative | — | 2 | ||||||
Research & development | — | — | ||||||
Total costs and expenses | — | 2 | ||||||
Net (loss) from discontinued operations | $ | — | $ | (2 | ) | |||
Note_9_Composition_of_Certain_2
Note 9. Composition of Certain Financial Statement Caption Composition of Certain Financial Statement (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | ||||||||
(In thousands) | December 31, | June 30, | ||||||
2014 | 2014 | |||||||
Inventories, net: | ||||||||
Raw Material | $ | 1,254 | $ | 1,279 | ||||
Work-In-Process | 155 | 599 | ||||||
Finished Goods | 976 | 1,033 | ||||||
Total | $ | 2,385 | $ | 2,911 | ||||
Note_2_StockBased_Compensation1
Note 2. Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $83,120 | $6,472 | $83,120 | $6,472 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 3 months 26 days | |||
Non-employee compensation expense | 10,903 | 0 | ||
Stock Options [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $11,941 | $2,158 | $23,859 | $4,315 |
Note_3_Earning_per_Share_Detai
Note 3. Earning per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($76,748) | ($82,715) | ($516,944) | ($43,870) |
Income(loss) from discontinued operations | 2,659 | -25,834 | -16,104 | -51,439 |
Net income (loss) | -74,089 | -108,549 | -533,048 | -95,309 |
Weighted Average Number of Shares Outstanding, Basic | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 |
Proceeds from Stock Options Exercised | $0 | $0 | $0 | $0 |
Shares reserved for future exchange | 0 | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 7,526,430 | 7,526,430 | 7,526,430 | 7,526,430 |
Continuing Operations | ($0.01) | ($0.01) | ($0.07) | $0 |
Discontinued Operations | $0 | $0 | $0 | ($0.01) |
Earnings Per Share, Basic | ($0.01) | ($0.01) | ($0.07) | ($0.01) |
Continuing Operations | ($0.01) | ($0.01) | ($0.07) | $0 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0 | $0 | ($0.01) |
Earnings Per Share, Diluted | ($0.01) | ($0.01) | ($0.07) | ($0.01) |
Note_8_Discontinued_Operations2
Note 8. Discontinued Operations (BH Holdings, S.A.S) (Narrative) (Details) (BH Holdings, S.A.S [Member]) | 0 Months Ended |
Jan. 18, 2012 | |
BH Holdings, S.A.S [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Liquidation period | 3 months |
Note_8_Discontinued_Operations3
Note 8. Discontinued Operations (Results of Discontinued Operations - BH Holdings, S.A.S) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net income | $2,659 | ($25,834) | ($16,104) | ($51,439) | ||
BH Holdings, S.A.S [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Other Income | 3,000 | 0 | ||||
Revenue, net | 0 | 0 | 0 | 0 | ||
Cost of goods | 0 | 0 | 0 | 0 | ||
Market, general and administrative | 0 | 25,000 | 19,000 | 50,000 | ||
Research and development | 0 | 0 | 0 | 0 | ||
Total Costs and expenses | 0 | 25,000 | 19,000 | 50,000 | ||
Net income | -16,000 | -50,000 | ||||
ECD [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Other Income | 2,659 | 0 | ||||
Revenue, net | 0 | 0 | 0 | 0 | ||
Cost of goods | 0 | 0 | 0 | 0 | ||
Market, general and administrative | 0 | 1,000 | 0 | 2,000 | ||
Research and development | 0 | 0 | 0 | 0 | ||
Total Costs and expenses | 0 | 1,000 | 0 | 2,000 | ||
Income (loss) from discontinued operations | $0 | ($1,000) | $0 | ($2,000) |
Note_8_Discontinued_Operations4
Note 8. Discontinued Operations (Assets and Liabilities of Discontinued Operations - BH Holdings, S.A.S) (Details) (BH Holdings, S.A.S [Member], USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
BH Holdings, S.A.S [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Intangible Assets | $0 | $0 | |
Assets [Abstract] | |||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Inventory | 0 | 0 | |
Other Assets, Current | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Other Assets | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities [Abstract] | |||
Other current liabilities | 609 | 593 | |
Total liabilities | 609 | 593 | |
Net assets of discontinued operations | ($609) | ($593) |
Note_8_Discontinued_Operations5
Note 8. Discontinued Operations (Results of Discontinued Operations - ECD) (Details) (ECD [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
ECD [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue, net | $0 | $0 | $0 | $0 |
Cost of goods | 0 | 0 | 0 | 0 |
Market, general and administrative | 0 | 1 | 0 | 2 |
Research and development | 0 | 0 | 0 | 0 |
Total Costs and expenses | 0 | 1 | 0 | 2 |
Income (loss) from discontinued operations | $0 | ($1) | $0 | ($2) |
Note_8_Discontinued_Operations6
Note 8. Discontinued Operations Assets and Liabilities of Discontinued Operations -ECD (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts payable | $1,100,861 | $1,486,081 |
Accrued Liabilities, Current | $1,135,481 | $1,169,943 |
Note_8_Discontinued_Operations7
Note 8. Discontinued Operations Results of discontinued operation -ECD (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Amount of Other Income (Loss) from Disposition of Discontinued Operation, Net of Tax | $3,000 | ($25,000) | ||
BH Holdings, S.A.S [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 0 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 0 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Selling, General and Administrative Expense | 0 | 25,000 | 19,000 | 50,000 |
Disposal Group, Including Discontinued Operation, Research and Development Expense | 0 | 0 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Operating Expense | 0 | 25,000 | 19,000 | 50,000 |
ECD [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 0 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 0 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Selling, General and Administrative Expense | 0 | 1,000 | 0 | 2,000 |
Disposal Group, Including Discontinued Operation, Research and Development Expense | 0 | 0 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Operating Expense | 0 | 1,000 | 0 | 2,000 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $0 | ($1,000) | $0 | ($2,000) |
Note_10_Related_Party_Details
Note 10. Related Party (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Related Party Transaction, Purchases from Related Party | $25,762 | $12,611 |
Uncategorized_Items
Uncategorized Items | |||||
[us-gaap_SharesOutstanding] | 7,526,430 | ||||
[us-gaap_StockholdersEquity] | 69,562,522 | 7,526 | -66,106,225 | 0 |