Misonix (MSON) 10-K 9 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2016	Feb. 01, 2017	Dec. 31, 2015
Document And Entity Information
Entity Registrant Name	MISONIX INC
Entity Central Index Key	880,432
Document Type	10-K
Trading Symbol	MSON
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 62,107,436
Entity Common Stock, Shares Outstanding		9,008,354
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 9,049,327	$ 9,623,749
Accounts receivable, less allowance for doubtful accounts of $96,868 and$126,868, respectively	3,869,427	4,481,247
Inventories, net	5,822,935	4,303,163
Prepaid expenses and other current assets	530,564	441,562
Deferred income tax		2,118,716
Total current assets	19,272,253	20,968,437
Property, plant and equipment, net of accumulated amortization and depreciation of $6,976,282 and $5,672,287, respectively	2,492,815	2,056,600
Patents, net of accumulated amortization of $885,394 and $791,551, respectively	604,916	566,028
Goodwill	1,701,094	1,701,094
Intangible and other assets	266,603	388,377
Deferred income tax	3,394,690	773,712
Total assets	27,732,371	26,454,248
Current liabilities:
Accounts payable	1,402,797	1,147,414
Accrued expenses and other current liabilities	1,887,337	1,532,094
Total current liabilities	3,290,134	2,679,508
Deferred lease liability	9,262
Deferred income	31,685	20,395
Total liabilities	3,331,081	2,699,903
Commitments and contingencies (Footnote 7)
Shareholders' equity:
Common stock, $.01 par value-shares authorized 20,000,000; 7,948,234 and 7,869,095 shares issued and 7,809,385 and 7,744,113 shares outstanding, respectively	79,482	78,691
Additional paid-in capital	32,502,521	30,531,129
Accumulated deficit	(7,081,361)	(5,909,215)
Treasury stock, at cost, 138,849 and 124,982 shares, respectively	(1,099,352)	(946,260)
Total shareholders' equity	24,401,290	23,754,345
Total liabilities and shareholders' equity	$ 27,732,371	$ 26,454,248

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in dollars)	$ 96,868	$ 126,868
Accumulated amortization and depreciation (in dollars)	6,976,282	5,672,287
Patents, Accumulated amortization (in dollars)	$ 885,394	$ 791,551
Common stock, par value (in dollars per share)	$ .01	$ .01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,948,234	7,869,095
Common stock, shares outstanding	7,809,385	7,744,113
Treasury stock, shares	138,849	124,982

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 23,113,194	$ 22,204,578	$ 17,060,435
Cost of goods sold, exclusive of depreciation from consigned product	7,611,240	7,280,276	5,933,867
Gross profit	15,501,954	14,924,302	11,126,568
Operating expenses:
Selling expenses	12,296,085	9,062,695	7,272,726
General and administrative expenses	7,364,910	5,983,623	4,691,055
Research and development expenses	1,670,347	1,592,923	1,711,751
Total operating expenses	21,331,342	16,639,241	13,675,532
Loss from operations	(5,829,388)	(1,714,939)	(2,548,964)
Other income (expense):
Interest income	81	75	69
Royalty income and license fees	3,948,757	4,256,321	3,725,436
Other	(21,878)	(22,033)	(19,331)
Total other income	3,926,960	4,234,363	3,706,174
(Loss)/income from continuing operations before income taxes	(1,902,428)	2,519,424	1,157,210
Income tax (benefit)/expense	(573,351)	(2,784,632)	30,630
Net (loss)/income from continuing operations	(1,329,077)	5,304,056	1,126,580
Discontinued operations:
Income from discontinued operations net of tax expense of $0, $1,127 and $235, respectively		17,115	19,666
Gain from sale of discontinued operations net of tax expense of $93,069, $0 and $2,947, respectively	156,931	250,000	247,053
Net income from discontinued operations	156,931	267,115	266,719
Net (loss)/income	$ (1,172,146)	$ 5,571,171	$ 1,393,299
Net (loss)/income per share from continuing operations - Basic (in dollars per share)	$ (0.17)	$ 0.7	$ 0.15
Net income per share from discontinued operations - Basic (in dollars per share)	0.02	0.04	0.04
Net (loss)/income per share - Basic (in dollars per share)	(0.15)	0.74	0.19
Net (loss)/income per share from continuing operations - Diluted (in dollars per share)	(0.17)	0.66	0.15
Net income per share from discontinued operations - Diluted (in dollars per share)	0.02	0.03	0.04
Net (loss)/income per share - Diluted (in dollars per share)	$ (0.15)	$ 0.69	$ 0.19
Weighted average shares - Basic (in shares)	7,776,949	7,580,450	7,232,004
Weighted average shares - Diluted (in shares)	7,776,949	8,094,119	7,467,592

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Income from discontinued operations, tax expense	$ 0	$ 1,127	$ 235
Gain from sale of discontinued operations, tax expense	$ 93,069	$ 0	$ 2,947

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]	Total
Balance at beginning at Jun. 30, 2013	$ 72,339	$ (410,993)	$ 26,989,559	$ (12,873,685)	$ 13,777,220
Balance at beginning (in shares) at Jun. 30, 2013	7,233,884	(77,560)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/comprehensive (loss)				1,393,299	1,393,299
Proceeds from exercise of stock options	$ 1,782		483,178		$ 484,960
Proceeds from exercise of stock options (in shares)	178,212				(178,212)
Stock-based compensation			696,885		$ 696,885
Balance at end at Jun. 30, 2014	$ 74,121	$ (410,993)	28,169,622	(11,480,386)	16,352,364
Balance at end (in shares) at Jun. 30, 2014	7,412,096	(77,560)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/comprehensive (loss)				5,571,171	5,571,171
Proceeds from exercise of stock options	$ 4,570	$ (535,267)	1,254,257		$ 723,560
Proceeds from exercise of stock options (in shares)	456,999	(47,422)			(579,463)
Stock-based compensation			1,107,250		$ 1,107,250
Balance at end at Jun. 30, 2015	$ 78,691	$ (946,260)	30,531,129	(5,909,215)	23,754,345
Balance at end (in shares) at Jun. 30, 2015	7,869,095	(124,982)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/comprehensive (loss)				(1,172,146)	(1,172,146)
Proceeds from exercise of stock options	$ 791	$ (153,092)	341,748		$ 189,447
Proceeds from exercise of stock options (in shares)	79,139	(13,867)			(82,737)
Stock-based compensation			1,629,644		$ 1,629,644
Balance at end at Jun. 30, 2016	$ 79,482	$ (1,099,352)	$ 32,502,521	$ (7,081,361)	$ 24,401,290
Balance at end (in shares) at Jun. 30, 2016	7,948,234	(138,849)

Consolidated Statements of Sha7

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ .01	$ .01	$ 0.01

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net (loss)/income from continuing operations	$ (1,329,077)	$ 5,304,056	$ 1,126,580
Adjustments to reconcile net (loss)/income to net cash provided by (used in) continuing operating activities:
Depreciation and amortization and other non-cash items	1,651,972	1,439,972	978,468
Bad debt expense	(30,000)	(10,000)	(77,773)
Deferred income tax benefit	(502,262)	(2,892,428)
Stock-based compensation	1,629,644	1,107,250	696,885
Deferred income	(8,966)	(46,052)	(17,786)
Deferred lease liability	9,262	(16,614)	(7,197)
Changes in operating assets and liabilities:
Accounts receivable	641,820	(712,095)	(706,738)
Inventories	(2,823,304)	(1,259,986)	(1,033,624)
Prepaid expenses and other assets	(186,211)	(129,828)	106,741
Accounts payable, accrued expenses and other non-cash items	630,882	(412,936)	(382,219)
Net cash (used in)/provided by continuing operating activities	(316,240)	2,371,339	683,337
Investing activities
Acquisition of property, plant and equipment	(471,829)	(345,312)	(72,437)
Payments for assets acquisition		(328,136)
Additional patents	(132,731)	(104,755)	(129,078)
Net cash used in investing activities	(604,560)	(778,203)	(201,515)
Financing activities
Proceeds from exercise of stock options	189,447	723,560	484,960
Net cash provided by financing activities	189,447	723,560	484,960
Cash flows from discontinued operations
Net cash provided by operating activities		17,115	16,719
Net cash provided by investing activities	156,931	250,000	250,000
Net cash provided by discontinued operations	156,931	267,115	266,719
Net (decrease)/increase in cash and cash equivalents	(574,422)	2,583,811	1,233,501
Cash and cash equivalents at beginning of period	9,623,749	7,039,938	5,806,437
Cash and cash equivalents at end of period	9,049,327	9,623,749	7,039,938
Supplemental disclosure of cash flow information:
Cash paid for Income taxes	$ 140,931	$ 86,070	$ 26,954

Basis of Presentation, Organiza

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies	1. Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies Explanatory Note Misonix, Inc. (“Misonix” or the “Company”) was not able to file its Annual Report on Form 10-K (the “10-K”) for the fiscal year ended June 30, 2016 by its due date. For several months, with the assistance of outside counsel, Misonix has been conducting a voluntary investigation into the business practices of its independent Chinese entity that previously distributed its products in China and the Company’s knowledge of those business practices, which may have implications under the Foreign Corrupt Practices Act (“FCPA”), as well as into various internal controls issues identified during the investigation. On September 27, 2016 and September 28, 2016, Misonix voluntarily contacted the Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”), respectively, to advise both agencies of these potential issues. Misonix has provided and will continue to provide documents and other information to the SEC and the DOJ, and is cooperating fully with these agencies in their investigations of these matters. Although the investigation is now complete, additional issues or facts could arise which may expand the scope or severity of the potential violations. Misonix could also receive additional requests from the DOJ or SEC, which may require further investigation. Misonix has no current information derived from the investigation or otherwise to suggest that its previously reported financial statements and results are incorrect. Refer to footnote 7, Commitments and Contingencies, for additional information regarding these matters. Basis of Presentation These consolidated financial statements include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Organization and Business Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft and hard tumors, and tissue debridement, orthopedic surgery, plastic surgery, and wound and burn care. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company generally sells to distributors who then resell the product to hospitals. The Company operates as one business segment. High Intensity Focused Ultrasound Technology The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million. Cumulative payments through June 30, 2016 were $1,254,788. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. All of the Company’s cash is maintained in bank accounts and accordingly it does not have cash equivalents at June 30, 2016. The Company’s cash balance at June 30, 2016 was $9,049,327. The Company maintains cash balances at various financial institutions. At June 30, 2016, these financial institutions held cash that was approximately $8,798,987 in excess of amounts insured by the Federal Deposit Insurance Corporation and other government agencies. Major Customers and Concentration of Credit Risk Included in sales from continuing operations are sales to Cicel (Beijing) Science and Tech Co. Ltd. (“Cicel”) of $1,557,132, $2,974,086 and $2,495,960, for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Accounts receivable from Cicel were approximately $0 and $586,000 at June 30, 2016 and 2015, respectively. The Company terminated its agreement with Cicel in the first quarter of fiscal 2017. Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $3,903,000, $4,162,000 and $3,619,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Accounts receivable from MMIT royalties were approximately $973,000 and $1,012,000 at June 30, 2016 and 2015, respectively. The license agreement with MMIT expires in August 2017, after which no royalties will be paid. At June 30, 2016 and 2015, the Company’s accounts receivable with customers outside the United States were approximately $768,000 and $1,805,000, respectively, none of which is over 90 days. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates. Accounts Receivable Accounts receivable, principally trade, are generally due within 30 to 90 days and are stated at amounts due from customers, net of an allowance for doubtful accounts. The Company performs ongoing credit evaluations and adjusts credit limits based upon payment history and the customer's current credit worthiness, as determined by a review of their current credit information. The Company continuously monitors aging reports, collections and payments from customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been within expectations and the provisions established, the Company cannot guarantee that the same credit loss rates will be experienced in the future. The Company writes off accounts receivable when they become uncollectible. Inventories Inventories are stated at the lower of cost (first-in, first-out) or market and consist of raw materials, work-in process and finished goods and include purchased materials, direct labor and manufacturing overhead. Management evaluates the need to record adjustments to write down inventory to the lower of cost or market on a quarterly basis. The Company’s policy is to assess the valuation of all inventories, including raw materials, work-in-process and finished goods and it writes down its inventory for estimated obsolescence based upon the age of inventory and assumptions about future demand and usage. Inventory items used for demonstration purposes, rentals or on consignment are classified as property, plant and equipment. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Minor replacements and maintenance and repair expenses are charged to expense as incurred. Depreciation of property and equipment is provided using the straight-line method over estimated useful lives ranging from 3 to 5 years. Leasehold improvements are amortized over the life of the lease or the useful life of the related asset, whichever is shorter. The Company's policy is to periodically evaluate the appropriateness of the lives assigned to property, plant and equipment and make adjustments if necessary. Inventory items included in property, plant and equipment are depreciated using the straight line method over estimated useful lives of 3 to 5 years. Depreciation of BoneScapel and Sonic OneOR generators which are consigned to customers are depreciated over a 3 year period, and depreciation is charged to selling expenses. See Note 4. Revenue Recognition The Company records revenue upon shipment for products shipped F.O.B. shipping point. Products shipped F.O.B. destination points are recorded as revenue when received at the point of destination. Shipments under agreements with distributors are not subject to return, and payment for these shipments is not contingent on sales by the distributor. Accordingly, the Company recognizes revenue on shipments to distributors in the same manner as with other customers. Service contracts and royalty income are recognized when earned. The Company generally warrantees its product for a 12 month period, and accordingly records a related warranty reserve. Historical warranty costs have not been significant. The Company presents taxes collected from customers and remitted to governmental authorities in the consolidated statements of operations on a net basis. Long-Lived Assets The carrying values of intangible and other long-lived assets, excluding goodwill, are periodically reviewed to determine if any impairment indicators are present. If it is determined that such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization and depreciation period, their carrying values are reduced to estimated fair value. Impairment indicators include, among other conditions, cash flow deficits, an historic or anticipated decline in revenue or operating profit, adverse legal or regulatory developments, accumulation of costs significantly in excess of amounts originally expected to acquire the asset and a material decrease in the fair value of some or all of the assets. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. No such impairment was deemed to exist in fiscal 2016 and 2015. Goodwill Goodwill is not amortized. We review goodwill for impairment annually and whenever events or changes indicate that the carrying value of an asset may not be recoverable. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of significant assets or products. Application of these impairment tests requires significant judgments, including estimation of cash flows, which is dependent on internal forecasts, estimation of the long term rate of growth for the Company’s business, the useful lives over which cash flows will occur and determination of the Company’s weighted average cost of capital. The Company primarily utilizes the Company’s market capitalization and a discontinued cash flow model in determining the fair value which consists of Level 3 inputs. Changes in the projected cash flows and discount rate estimates and assumptions underlying the valuation of goodwill could materially affect the determination of fair value at acquisition or during subsequent periods when tested for impairment. The Company completed its annual goodwill impairment tests for fiscal 2016 and 2015 as of June 30th each year. No impairment of goodwill was deemed to exist in fiscal 2016 and 2015. Patents, Intangible and Other Assets The cost of acquiring or processing patents is capitalized at cost. This amount is being amortized using the straight-line method over the estimated useful lives of the underlying assets, which is approximately 17 years. Patents reported in intangible and other assets totaled $604,916 and $566,028 at June 30, 2016 and 2015, respectively. Amortization expense for the years ended June 30, 2016, 2015 and 2014 was approximately $94,000, $150,000 and $83,000, respectively. The following is a schedule of estimated future patent amortization expense as of June 30, 2016: 2017 $ 93,821 2018 89,592 2019 81,285 2020 57,856 2021 56,221 Thereafter 226,141 $ 604,916 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 and operating loss and tax credit carry forwards. 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 that includes the enactment date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not that some portion of the deferred tax asset will not be realized, a valuation allowance against the deferred tax asset would be established in the period such determination was made. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company classifies income tax related interest and penalties as a component of income tax expense. Income (Loss) Per Share Basic income (loss) per common share ("Basic EPS") is computed by dividing income (loss) by the weighted average number of common shares outstanding using the treasury stock method. Diluted income (loss) per common share ("Diluted EPS") is computed by dividing income (loss) by the weighted average number of common shares and the dilutive common share equivalents and convertible securities then outstanding. The number of weighted average common shares used in the calculation of Basic EPS and Diluted EPS were as follows: For the years ended June 30, 2016 2015 2014 Basic shares 7,776,949 7,580,450 7,232,004 Dilutive effect of stock options - 513,669 235,588 Diluted shares 7,776,949 8,094,119 7,467,592 Excluded from the calculation of diluted EPS are options to purchase 257,000 shares of common stock for the twelve months ended June 30, 2015. In addition, excluded from the calculation of Diluted EPS are options to purchase 312,630 shares of the Company’s common stock, par value $.01 (“Common Stock”) for the twelve months ended June 30, 2014. The excluded shares are any shares in which the average stock price for the year ended June 30 is less than the exercise price of the outstanding options in the period in which the Company has net income. Diluted EPS for the twelve months ended June 30, 2016 presented is the same as Basic EPS, as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. For this reason, excluded from the calculations of diluted EPS for the twelve months ended June 30, 2016 are outstanding options to purchase 1,790,224 shares. Comprehensive Income/(Loss) Total comprehensive (loss)/income was $(1,172,146) for the fiscal year ended June 30, 2016, $5,571,171 for the fiscal year ended June 30, 2015 and $1,393,299 for the fiscal year ended June 30, 2014. Research and Development All research and development expenses are expensed as incurred and are included in operating expenses. Advertising Expense The cost of advertising is expensed in the period the advertising first takes place. The Company incurred approximately $386,000, $155,000 and $100,000 in advertising costs during the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Advertising costs are reported in selling expenses on the statement of operations. Depreciation Expense for Consigned Inventory The Company typically provides to its United States customers, on a consignment basis, the generators used to power its BoneScapel and SonicOne products. Title to these generators remain at all times with the Company. When these generators are deployed in the field at customer locations, the Company depreciates these units over a three year period and charges the depreciation to selling expenses. Depreciation expense relating to consigned generators for the three years ended June 30, 2016 was $416,000, $232,000 and $111,000, respectively. Shipping and Handling Shipping and handling fees for the fiscal years ended June 30, 2016, 2015 and 2014 were approximately $109,000, $62,000 and $75,000 respectively, and are reported as a component of net sales. Shipping and handling costs for the fiscal years ended June 30, 2016, 2015 and 2014 were approximately $142,000, $87,000 and $85,000, respectively, and are reported as a component of selling expenses. Stock-Based Compensation The Company measures compensation cost for all share based payments at fair value and recognizes the cost over the vesting period. The Company uses the Black-Scholes method to value awards and utilizes the straight line amortization method to recognize the expense associated with the awards with graded vesting terms. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company's financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements. In August 2014, the FASB issued guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and related footnote disclosures. Management will be required to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. This guidance is effective prospectively for annual and interim reporting periods beginning in 2017; implementation of this guidance is not expected to have a material effect on the Company’s financial condition or results of operations. In July 2015, the FASB issued ASU “Inventory (Topic 330).” The amendments in this update are effective for fiscal years beginning after December 2016. We are in the early stages of determining the impact of this standard on our financial statements. In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes (Topic740)”. The amendments in this ASU require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments eliminate the guidance in Topic 740 that requires an entity to separate deferred tax liabilities and assets into a current amount and a noncurrent amount in a classified statement of financial position. The Company adopted ASU 2015-17 as of March 31, 2016 on a prospective basis in order to simplify the balance sheet classification of deferred taxes. Accordingly, the balance sheet for the period ended June 30, 2015 has been shown as previously reported. In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2019. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements. In March 2016, the FASB issued guidance on simplifying several aspects of accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance requires a mix of prospective, modified retrospective, and retrospective transition to all annual and interim periods presented and is effective for the Company beginning in fiscal 2018. We are in the early stages of determining the impact of this standard on our financial statements. In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements. There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company's financial position, results of operations or cash flows.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	2. Fair Value of Financial Instruments We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of "observable inputs" and minimize the use of "unobservable inputs." The three levels of inputs used to measure fair value are as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability. At June 30, 2016 and 2015, all of our cash, trade accounts receivable and trade accounts payable were short term in nature, and their carrying amounts approximate fair value.

Inventories

Inventories	12 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories are summarized as follows: June 30, June 30, 2016 2015 Raw material $ 3,102,175 $ 2,096,443 Work-in-process 854,631 660,267 Finished goods 3,101,234 2,536,699 7,058,040 5,293,409 Less valuation reserve 1,235,105 990,246 $ 5,822,935 $ 4,303,163

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	4. Property, Plant and Equipment Property, plant and equipment consist of the following: June 30, June 30, 2016 2015 Machinery and equipment $ 2,128,349 $ 1,998,574 Furniture and fixtures 1,387,883 1,287,070 Automobiles 22,328 22,328 Leasehold improvements 682,591 476,501 Demonstration and consignment inventory 5,247,946 3,944,414 9,469,097 7,728,887 Less: accumulated depreciation and amortization (6,976,282 ) (5,672,287 ) $ 2,492,815 $ 2,056,600 Depreciation and amortization of property, plant and equipment totaled approximately $1,339,000, $981,000 and $732,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities The following summarizes accrued expenses and other current liabilities: June 30, 2016 2015 Accrued payroll and vacation $ 648,705 $ 507,172 Accrued bonuses 300,000 300,000 Accrued commissions 433,000 321,440 Accrued professional fees 256,130 97,880 Income tax payable - 71,302 Deferred income 20,655 40,911 Other 228,847 193,389 $ 1,887,337 $ 1,532,094

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stock-Based Compensation Plans	6. Stock-Based Compensation Plans At June 30, 2016, the Company had eight stock-based compensation plans (the “Plans”), as follows: Available Initial Expired / For Plan Shares Granted Exercised Forfeited Outstanding Issuance 2001 Employee Stock Option Plan 1,000,000 1,251,261 376,368 866,255 8,638 - 2005 Employee Equity Incentive Plan 500,000 547,125 295,900 47,750 203,475 - 2005 Non Employee Director Stock Option Plan 200,000 195,000 67,500 7,500 120,000 - 2009 Employee Equity Incentive Plan 500,000 567,925 165,164 89,025 313,736 21,100 2009 Non Employee Director Stock Option Plan 200,000 195,000 26,250 30,000 138,750 35,000 2012 Employee Equity Incentive Plan 500,000 507,000 16,500 8,375 482,125 1,375 2012 Non Employee Director Stock Option Plan 200,000 180,000 - 15,000 165,000 35,000 2014 Employee Equity Incentive Plan 750,000 361,500 - 3,000 358,500 391,500 Total 1,790,224 483,975 The compensation cost that has been charged against income for these plans was $1,629,644, $1,107,250 and $696,885 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively, and is recorded in general and administrative expenses. As of June 30, 2016, there was approximately $3,294,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements to be recognized over a weighted-average period of 2.4 years. Share based costs in cost of revenue, selling and research and development expenses were not significant for each of the years presented. Stock options typically expire 10 years from the date of grant and vest over service periods, which typically are 4 years. All options are granted at the average of the high and low prices of the Company’s Common Stock on the NASDAQ Stock Market on the date of grant. The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected volatility represents the historical price changes of the Company’s stock over a period equal to that of the expected term of the option. The Company uses the simplified method for determining the option term. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based upon historical and projected dividends. The Company has historically not paid dividends, and is not expected to do so in the near term. The weighted average fair value at date of grant for options granted during the fiscal years ended June 30, 2016, 2015 and 2014 was $4.68, $5.70 and $3.95 per share, respectively. The fair value was estimated based on the weighted average assumptions of: 2016 2015 2014 Risk-free interest rates 1.7 % 1.6 % 3.0 % Expected option life in years 6.25 6.50 6.50 Expected stock price volatility 55.41 % 61.13 % 76.09 % Expected dividend yield 0 % 0 % 0 % A summary of option activity under the Plans as of June 30, 2016, 2015 and 2014, and changes during the years ending on those dates is presented below: Options Weighted Average Aggregate Outstanding Exercise Intrinsic Shares Price Value Outstanding as of June 30, 2013 1,729,991 $ 3.65 Granted 324,000 4.94 Exercised (178,212 ) 2.72 Forfeited (50,250 ) 4.31 Expired (162,200 ) 4.67 Outstanding as of June 30, 2014 1,663,329 3.88 $ 4,879,106 Vested and exercisable at June 30, 2014 967,056 3.81 $ 2,937,802 Granted 549,000 10.11 Exercised (579,463 ) 4.11 Forfeited (47,250 ) 7.70 Expired (28,000 ) 8.00 Outstanding as of June 30, 2015 1,557,616 5.80 $ 6,553,821 Vested and exercisable at June 30, 2015 620,256 3.19 $ 3,911,604 Granted 320,000 8.80 Exercised (82,737 ) 4.60 Forfeited (4,375 ) 9.23 Expired (280 ) 5.82 Outstanding as of June 30, 2016 1,790,224 $ 6.38 $ 1,675,072 Vested and exercisable at June 30, 2016 813,349 $ 3.82 $ 1,501,208 The total fair value of shares vested during the year ended June 30, 2016 was $ 1,060,631. The number and weighted-average grant-date fair value of non-vested stock options at the beginning of fiscal 2016 was 937,361 and $4.71, respectively. The number and weighted-average grant-date fair value of stock options which vested during fiscal 2016 was 276,111 and $3.84, respectively. The following table summarizes information about stock options outstanding and exercisable at June 30, 2016: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Range of Contractual Average Average Exercise Life Exercise Exercise Prices Number (Yrs.) Price Number Price $0.85-2.96 566,199 4.5 $ 2.40 513,524 $ 2.34 $3.45-4.68 208,100 5.4 $ 4.65 90,850 $ 4.62 $5.42-13.89 1,015,925 8.2 $ 8.95 208,975 $ 7.08 1,790,224 6.6 $ 6.38 813,349 $ 3.82 Stock options are granted with exercise prices not less than the fair market value of the Company’s Common Stock, at the time of the grant, with an exercise term as determined by the Committee administering the applicable option plan (the "Committee") not to exceed 10 years. The Committee determines the vesting period for the Company's stock options. Generally, such stock options have vesting periods of immediate to four years. Certain option awards provide for accelerated vesting upon meeting specific retirement, death or disability criteria, and upon change of control. During the fiscal years ended June 30, 2016, 2015 and 2014, the Company granted options to purchase 320,000, 549,000 and 324,000 shares of Common Stock, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Leases The Company has entered into several non-cancellable operating leases for the rental of certain manufacturing and office space, equipment and automobiles expiring in various years through 2021. The principal building lease provides for a monthly rental of approximately $26,000. The Company also leases certain office equipment and automobiles under operating leases expiring through fiscal 2018. The following is a schedule of future minimum lease payments, by year and in the aggregate, under operating leases with initial or remaining terms of one year or more at June 30, 2016: Operating Leases 2017 $ 343,949 2018 348,985 2019 17,139 2020 17,139 2021 8,569 Total minimum lease payments $ 735,781 Certain of the leases provide for escalation clauses, renewal options and the payment of real estate taxes and other occupancy costs. Rent expense for all operating leases was approximately $411,000, $375,000 and $392,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Purchase Commitments As of June 30, 2016, 2015, and 2014, the Company had purchase and inventory commitments totaling $2,507,125, $2,982,198 and $2,300,949, respectively. Class Action Securities Litigation On September 19, 2016, Richard Scalfani, an individual shareholder of Misonix, filed a lawsuit against the Company and its former CEO and CFO in the U.S. District Court for the Eastern District of New York, alleging violations of the federal securities laws. The complaint alleges that the Company’s stock price was artificially inflated between November 5, 2015 and September 14, 2016 as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. Scalfani filed the action seeking to represent a putative class of all persons (other than defendants, officers and directors of the Company, and their affiliates) who purchased publicly traded Misonix securities between November 5, 2015 and September 14, 2016. Scalfani seeks an unspecified amount of damages for himself and for the putative class under the federal securities laws. On November 18, 2016, Scalfani and another individual Misonix shareholder, Tracey Angiuoli, moved the Court to be appointed lead plaintiffs for purposes of pursuing the action on behalf of the putative class. The Company believes it has various legal and factual defenses to the allegations in the complaint, and intends to vigorously defend the action. The case is at its earliest stages; there has been no discovery and there is no trial date. The Company is not able to estimate the amount of potential loss it may recognize, if any, from this claim. The Company believes that its insurance coverage is sufficient to cover a potential loss, after payment of the policy retention of $250,000. Chinese Distributor For several months, with the assistance of outside counsel, the Company has been conducting a voluntary investigation into the business practices of the independent Chinese entity that previously distributed its products in China and the Company’s knowledge of those business practices, which may have implications under the FCPA, as well as into various internal controls issues identified during the investigation. On September 27, 2016 and September 28, 2016, we voluntarily contacted the SEC and the DOJ, respectively, to advise both agencies of these potential issues. The Company has provided and will continue to provide documents and other information to the SEC and the DOJ, and is cooperating fully with these agencies in their investigations of these matters. Although the Company’s investigation is complete, additional issues or facts could arise which may expand the scope or severity of the potential violations. The Company has no current information derived from the investigation or otherwise to suggest that its previously reported financial statements and results are incorrect. At this stage, the Company is unable to predict what, if any, action the DOJ or the SEC may take or what, if any, penalties or remedial measures these agencies may seek. Nor can the Company predict the impact on the Company as a result of these matters, which may include the imposition of fines, civil and criminal penalties, which are not currently estimable, as well as equitable remedies, including disgorgement of any profits earned from improper conduct and injunctive relief, limitations on the Company’s conduct, and the imposition of a compliance monitor. The DOJ and the SEC periodically have based the amount of a penalty or disgorgement in connection with an FCPA action, at least in part, on the amount of profits that a company obtained from the business in which the violations of the FCPA occurred. Since the inception of its distributorship relationship with the prior Chinese distributor in 2012, the Company has generated sales of approximately $8 million from the relationship. Further, the Company may suffer other civil penalties or adverse impacts, including lawsuits by private litigants in addition to the lawsuit that has already been filed, or investigations and fines imposed by local authorities.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Stavros G. Vizirgianakis was appointed to Misonix’s Board of Directors on May 7, 2013 and became the Company’s CEO in December 2016. During the fiscal year ended June 30, 2014, Mr. Vizirgianakis owned (i) a controlling interest in MD Solutions Australasia PTY Ltd. (“MD Solutions”) and (ii) an interest in Surgical Innovations (“SI”). MD Solutions is an independent distributor for the Company outside of the United States. Applied BioSurgical, a company formerly owned by Mr. Vizirgianakis’ father and now owned by his brother, is an independent distributor for the Company outside of the United States. SI purchased certain of the Company’s products from Applied BioSurgical during the fiscal year ended June 30, 2014. Mr. Vizirgianakis disposed of his interest in each of MD Solutions and SI during the fiscal year ended June 30, 2014. Set forth below is a table showing the Company’s net sales for each of the past three fiscal years and accounts receivable at June 30 for the indicated time periods below with Applied BioSurgical and MD Solutions: Applied BioSurgical 2016 2015 2014 Sales $ 559,787 $ 540,185 $ 378,287 Accounts receivable $ 272,421 $ 294,683 $ 147,585 MD Solutions Australasia PTY Ltd. 2016 2015 2014 Sales - - $ 120,118 Accounts receivable - - $ 1,785

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Open tax years related to federal and state income tax filings are for the years ended June 30, 2013, 2014, 2015 and 2016. The Company’s net operating loss carryforwards from closed years can be adjusted by the tax authorities when they are utilized in an open year. The Company files state tax returns in California, Florida, New Jersey, New York, Pennsylvania, Texas and various other states. The Company's foreign subsidiaries, Misonix Ltd. and Misonix Urology Services Limited (formerly, UKHIFU Limited), filed tax returns in the United Kingdom. Open years related to the United Kingdom for filing are June 30, 2014, 2015 and 2016. As of June 30, 2016 and 2015, the Company has no material unrecognized tax benefits and no accrued interest and penalties. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: June 30, 2016 2015 Deferred tax assets - current Bad debt reserves $ - $ 44,697 Inventory reserves - 490,789 Accruals and allowances - 13,796 License fee and other income - 7,886 Net operating loss carryforwards - 1,561,548 Net deferred tax assets - current $ - $ 2,118,716 Deferred tax assets / (liabilities) - non-current Bad debt reserves $ 34,151 $ - Inventory reserves 624,808 - Accruals and allowances 148,479 - License fee and other income 2,139 - Net operating loss carryforwards 2,204,637 628,730 Tax credits 406,070 842,739 Stock based compensation 839,611 161,580 Deferred gain - HIFU and Labcaire 156,275 163,610 Amortization (599,802 ) (574,523 ) Depreciation 195,048 167,597 Other 12,004 12,709 4,023,420 1,402,442 Valuation Allowance (628,730 ) (628,730 ) Net deferred tax assets - non-current $ 3,394,690 $ 773,712 Total net deferred tax asset $ 3,394,690 $ 2,892,428 Prior to June 30, 2014 and through March 31, 2015, the Company had a full valuation allowance recorded against deferred tax assets. As of the year ended June 30, 2015, the Company reduced the valuation allowance by $5,503,417. The change in the valuation allowance includes a $1,499,297 write-off of deferred tax assets against its corresponding valuation allowance. The write-off primarily pertains to the loss in tax benefit for net operating losses subject to limitations under federal tax law that preclude its utilization. In addition, during the fourth quarter of fiscal 2015, based on the Company’s consideration of all available positive and negative evidence including achieving cumulative profitable operating performance over the prior three years and the Company’s positive outlook for taxable income in the future, the Company reevaluated its deferred tax asset. Based upon the guidance under ASC 740, the Company concluded that it was more likely than not that the Company would realize the benefit of such deferred tax assets. The portion of the valuation allowance release attributable to income in future years resulted in the recognition of a tax benefit of $2,892,000 in continuing operations in the fourth quarter of fiscal 2015. The deferred tax asset will be realized against future income tax expense that would be payable in the absence of the net operating loss carryforward. The Company still maintains a full valuation allowance on all foreign net operating losses in the amount of $628,730. At June 30, 2016, based upon the guidance under ASC 740, after consideration of all available positive and negative evidence, the Company concluded that it was more likely than not that the Company would realize the benefit of its deferred tax assets. Accordingly, the Company concluded that no valuation allowance was required at June 30, 2016. This determination was primarily based on the Company’s forecasted taxable income for future periods. As of June 30, 2016, the Company had approximately $4,889,000 of U.S. federal net operating loss carryforwards which expire in tax years between 2031 and 2033. Included in this amount are windfall tax benefits related to exercised stock options of $345,000, the benefit of which will be recorded in equity when realized. The Company has approximately $231,000 of research and development tax credit carryforwards which expire in the tax years between 2026 and 2036. In addition, the Company has approximately $175,000 of alternative minimum tax credit which has an indefinite carryforward period. Significant components of the income tax expense (benefit) attributable to continuing operations are as follows: Year ended June 30, 2016 2015 2014 Current: Federal $ 4,962 $ 59,686 $ 24,613 State 17,012 44,361 6,017 Total current 21,974 104,047 30,630 Deferred: Federal (558,133 ) (2,845,039 ) - State (37,192 ) (43,640 ) - Total deferred (595,325 ) (2,888,679 ) - $ (573,351 ) $ (2,784,632 ) $ 30,630 The reconciliation of income tax expense (benefit) computed at the Federal statutory tax rates to income tax expense (benefit) is as follows: Year ended June 30, 2016 2015 2014 Tax at federal statutory rates $ (646,828 ) $ 856,604 $ 393,451 State income taxes, net of federal benefit (13,319 ) 29,278 3,971 Research credit (49,593 ) (70,401 ) (140,044 ) Stock-based compensation 191,827 303,398 236,941 Deferred tax asset adjustments (1) (100,939 ) - - Valuation allowance - (3,914,045 ) (486,106 ) Travel and entertainment 35,010 21,508 21,587 Other 10,491 (10,974 ) 830 $ (573,351 ) $ (2,784,632 ) $ 30,630 (1) Relates to the correction of two errors from the fiscal 2015 tax provision in fiscal 2016 as the net impact was not material.

Licensing Agreements for Medica

Licensing Agreements for Medical Technology	12 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Licensing Agreements for Medical Technology	10. Licensing Agreements for Medical Technology In October 1996, the Company entered into a License Agreement with MMIT expiring August 2017, covering the further development and commercial exploitation of the Company's medical technology relating to laparoscopic products, which uses high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery. The MMIT license provides for exclusive worldwide marketing and sales rights for this technology. The Company receives a 5% royalty on sales of these products by MMIT. Royalties from this license agreement were $3,903,000, $4,162,000 and $3,619,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively.

Employee Profit Sharing Plan

Employee Profit Sharing Plan	12 Months Ended
	Jun. 30, 2016
Employee Profit Sharing Plan
Employee Profit Sharing Plan	11. Employee Profit Sharing Plan The Company sponsors a retirement plan pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”) for all full-time employees. Participants may contribute a percentage of compensation not to exceed the maximum allowed under the Code, which was $18,000 or $24,000 if the employee was over 50 years of age for the year ended June 30, 2016. The plan provides for a matching contribution by the Company of 10% of annual eligible compensation contributed by the participants based on years of service, which amounted to $52,145, $46,636 and $38,320 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively.

Segment Reporting

Segment Reporting	12 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Reporting	12. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM") in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer is the CODM as he is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. These decisions, allocations and assessments are performed by the CODM using consolidated financial information. Consolidated financial information is utilized by the CODM as the Company's current product offering primarily consists of minimally invasive therapeutic ultrasonic medical devices. The Company's products are relatively consistent and manufacturing is centralized and consistent across product offerings. Based on these factors, key operating decisions and resource allocations are made by the CODM using consolidated financial data and as such the Company has concluded that it operates as one segment. Worldwide revenue for the Company's products is categorized as follows: For the Year Ended June 30, 2016 2015 2014 Total Consumables $ 16,091,651 $ 12,833,377 $ 8,579,137 Equipment 7,021,543 9,371,201 8,481,298 Total $ 23,113,194 $ 22,204,578 $ 17,060,435 Domestic: Consumables $ 11,277,449 $ 8,449,215 $ 5,042,496 Equipment 1,809,357 2,348,705 3,142,972 Total $ 13,086,806 $ 10,797,920 $ 8,185,468 International: Consumables $ 4,814,202 $ 4,384,162 $ 3,536,641 Equipment 5,212,186 7,022,496 5,338,326 Total $ 10,026,388 $ 11,406,658 $ 8,874,967 Substantially all of the Company’s long-lived assets are located in the United States.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Jun. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	13. Quarterly Results (unaudited) Fiscal 2016 Q1 Q2 Q3 Q4 Year Net sales $ 5,250,985 $ 6,039,355 $ 5,426,147 $ 6,396,707 $ 23,113,194 Cost of goods sold 1,769,565 1,944,101 1,850,838 2,046,736 7,611,240 Gross profit 3,481,420 4,095,254 3,575,309 4,349,971 15,501,954 Operating expenses: Selling expenses 2,636,601 2,882,935 3,224,962 3,551,587 12,296,085 General and administrative expenses 1,821,352 1,841,760 1,673,395 2,028,403 7,364,910 Research and development expenses 393,375 347,949 493,776 435,247 1,670,347 Total operating expenses 4,851,328 5,072,644 5,392,133 6,015,237 21,331,342 Loss from operations (1,369,908 ) (977,390 ) (1,816,824 ) (1,665,266 ) (5,829,388 ) Other income/(expense): Interest income 19 25 19 18 81 Royalty income and license fees 988,170 1,018,362 963,025 979,200 3,948,757 Other (6,021 ) (5,413 ) (5,464 ) (4,980 ) (21,878 ) Total other income 982,168 1,012,974 957,580 974,238 3,926,960 (Loss)/income from continuing operations before income taxes (387,740 ) 35,584 (859,244 ) (691,028 ) (1,902,428 ) Income tax expense/(benefit) (168,000 ) (139,000 ) (15,000 ) (251,351 ) (573,351 ) Net (loss)/income from continuing operations $ (219,740 ) $ 174,584 $ (844,244 ) $ (439,677 ) $ (1,329,077 ) Discontinued operations: Net income from discontinued operations net of income tax expense/(benefit) of $0, $0, $85,000 and $8,069, respectively - - 165,000 (8,069 ) 156,931 Net (loss)/income from discontinued operations - - 165,000 (8,069 ) 156,931 Net (loss)/income $ (219,740 ) $ 174,584 $ (679,244 ) $ (447,746 ) $ (1,172,146 ) Net (loss)/income per share from continuing operations - Basic $ (0.03 ) $ 0.02 $ (0.11 ) $ (0.06 ) $ (0.17 ) Net (loss)/income per share from discontinued operations - Basic - - 0.02 - 0.02 Net (loss)/income per share - Basic $ (0.03 ) $ 0.02 $ (0.09 ) $ (0.06 ) $ (0.15 ) Net (loss)/income per share from continuing operations - Diluted $ (0.03 ) $ 0.02 $ (0.11 ) $ (0.06 ) $ (0.17 ) Net (loss)/income per share from discontinued operations - Diluted - - 0.02 - 0.02 Net (loss)/income per share - Diluted $ (0.03 ) $ 0.02 $ (0.09 ) $ (0.06 ) $ (0.15 ) Fiscal 2015 Q1 Q2 Q3 Q4 Year Net sales $ 4,539,337 $ 5,601,008 $ 5,314,797 $ 6,749,436 $ 22,204,578 Cost of goods sold 1,586,105 1,767,175 1,670,359 2,256,637 7,280,276 Gross profit 2,953,232 3,833,833 3,644,438 4,492,799 14,924,302 Operating expenses: Selling expenses 2,019,286 2,085,174 2,465,803 2,492,432 9,062,695 General and administrative expenses 1,246,078 1,534,784 1,583,399 1,619,362 5,983,623 Research and development expenses 437,591 324,301 407,773 423,258 1,592,923 Total operating expenses 3,702,955 3,944,259 4,456,975 4,535,052 16,639,241 Loss from operations (749,723 ) (110,426 ) (812,537 ) (42,253 ) (1,714,939 ) Other income/(expense): Interest income 25 19 12 19 75 Royalty income and license fees 1,147,951 1,044,941 1,032,027 1,031,402 4,256,321 Other (5,679 ) (4,847 ) (6,452 ) (5,055 ) (22,033 ) Total other income 1,142,297 1,040,113 1,025,587 1,026,366 4,234,363 Income from continuing operations before income taxes 392,574 929,687 213,050 984,113 2,519,424 Income tax expense/(benefit) 14,352 33,465 8,406 (2,840,855 ) (1) (2,784,632 ) Net income from continuing operations $ 378,222 $ 896,222 $ 204,644 $ 3,824,968 $ 5,304,056 Discontinued operations: Net income from discontinued operations net of income tax expense/(benefit) of $0, $0, $5,280 and ($4,153), respectively 4,975 4,975 249,696 7,469 267,115 Net income from discontinued operations 4,975 4,975 249,696 7,469 267,115 Net income $ 383,197 $ 901,197 $ 454,340 $ 3,832,437 $ 5,571,171 Net income per share from continuing operations - Basic $ 0.05 $ 0.12 $ 0.03 $ 0.50 $ 0.70 Net income per share from discontinued operations - Basic - - 0.03 - 0.04 Net income per share - Basic $ 0.05 $ 0.12 $ 0.06 $ 0.50 $ 0.74 Net income per share from continuing operations - Diluted $ 0.05 $ 0.11 $ 0.02 $ 0.46 $ 0.66 Net income per share from discontinued operations - Diluted - - 0.03 - 0.03 Net income per share - Diluted $ 0.05 $ 0.11 $ 0.05 $ 0.46 $ 0.69 (1) relates to the reversal of the tax valuation allowance

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Employment Agreement - Michael A. McManus On May 22, 2015, the Employment Agreement, dated July 1, 2014, by and between Michael A. McManus, Jr. and the Company was mutually terminated and replaced by a new Employment Agreement whereby Mr. McManus would continue to serve as the Company's President and Chief Executive Officer (the "McManus Agreement"). The McManus Agreement, effective as of May 22, 2015, had an initial term expiring June 30, 2017 and with renewals for successive one-year periods thereafter unless terminated by either party not less than ninety (90) days prior to the end of the then-current term. The McManus Agreement provided for an annual base salary of (i) $299,000 through June 30, 2015 and (ii) $325,000 commencing July 1, 2015, and an annual bonus based on Mr. McManus' achievement of annual goals and objectives as determined by the Compensation Committee of the Company's Board of Directors. Mr. McManus also received a one-time grant of options to purchase 100,000 shares of Common Stock at an exercise price of $11.88 per share (the “McManus Options”). The McManus Options vest in their entirety on June 30, 2017. On August 26, 2016, the Company and Mr. McManus entered into a retirement agreement and general release (the “Retirement Agreement”). Pursuant to the Retirement Agreement, on September 2, 2016 Mr. McManus resigned as a Director and the Chairman of the Board of Directors of the Company and retired as President and Chief Executive Officer of the Company. Pursuant to the Retirement Agreement, which supersedes the McManus Agreement and letter agreements dated May 22, 2015, July 1, 2012 and July 1, 2012, respectively, the Company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017. In addition, Mr. McManus had continued use of the vehicle provided him pursuant to the McManus Agreement through December 31, 2016. The Retirement Agreement provides for customary releases by both the Company and Mr. McManus as well as customary provisions concerning confidentiality, non-disparagement and cooperation. The Retirement Agreement also provides that through June 30, 2017, upon request of the Company’s (i) Board of Directors or (ii) President and Chief Executive Officer, Mr. McManus will consult with the Company for up to ten (10) hours per month without compensation therefor except for reimbursement of reasonable travel expenses. Mr. McManus shall continue to be entitled to indemnification to the extent permitted to him by the Company’s By-Laws and Certificate of Incorporation. The Company has also agreed to maintain directors’ and officers’ liability insurance for Mr. McManus’ benefit, if any, that shall be no less favorable to him than such insurance made available to or for the benefit of former directors or officers of the Company. NASDAQ Deficiency Letter On September 15, 2016, Misonix received a deficiency letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company, as a result of not filing the 10-K on September 13, 2016 and disclosing that the Company likely would not be able to file the 10-K within the 15-day extension period provided in Rule 12b-25(b) under the Securities Exchange Act of 1934, as amended, was not in compliance with Listing Rule 5250(c)(1) of the Nasdaq Listing Rules (the “Rules”) for continued listing. In addition, on November 10, 2016, Misonix received a second deficiency letter from Nasdaq indicating that the Company, as a result of not filing its Quarterly Report on Form 10-Q (the “10-Q”) by November 9, 2016, together with its prior and ongoing failure to timely file the 10-K, was not in compliance with Listing Rule 5250(c)(1) for continued listing. In the letters, Nasdaq requested that Misonix submit a plan to regain compliance with the Rules by November 14, 2016. On November 14, 2016, Misonix submitted to Nasdaq a plan to regain compliance with the Rules. After reviewing Misonix's plan to regain compliance, Nasdaq granted an exception to enable the Company to regain compliance with the Rules. Under the terms of the exception, Misonix must file its 10-K and 10-Q on or before March 13, 2017. In the event that Misonix does not satisfy the terms set forth in the extension, Nasdaq will provide written notification that Misonix's common stock will be delisted. At that time, Misonix may appeal Nasdaq's determination for a panel review. Employment Agreement - Stavros G. Vizirgianakis On December 15, 2016, the Company entered into an Employment Agreement (the “Vizirgianakis Agreement”) with Stavros G. Vizirgianakis pursuant to which Mr. Vizirgianakis serves as the Company’s full time President and Chief Executive Officer. Mr. Vizirgianakis had been serving on an unpaid basis as interim Chief Executive Officer of the Company since September 2, 2016. Mr. Vizirgianakis continues to serve as a member of the Company’s Board of Directors. Pursuant to the Vizirgianakis Agreement, Mr. Vizirgianakis’ initial term of employment runs through September 13, 2019, provided that the term shall be automatically renewed and extended for consecutive one (1) year renewal terms, unless either party sends to the other party a notice of non-renewal at least ninety (90) days prior to the expiration of the initial term or any then-current renewal term. Mr. Vizirgianakis will receive an annual base salary of not less than three hundred sixty thousand dollars ($360,000) per annum, subject to review by the Board at least annually for increase but not for decrease. Mr. Vizirgianakis is also eligible to receive annual bonuses in the discretion of the Board. The Vizirgianakis Agreement also provides for a one-time $10,000 moving allowance and reimbursement of counsel fees relating to visa matters and the negotiation of the Vizirgianakis Agreement. If the Company terminates Mr. Vizirgianakis’ employment without cause (as defined in the Vizirgianakis Agreement), the Company provides a notice of non-renewal, or Mr. Vizirgianakis terminates his employment for good reason (as defined in the Vizirgianakis Agreement), Mr. Vizirgianakis shall be entitled to receive (i) a lump-sum cash payment from the Company in an amount equal to one and one-half (1.5) times the annual base salary as is in effect immediately prior to the date of such termination, and (ii) continuation of all employee benefits and fringe benefits to which he was entitled under the Vizirgianakis Agreement immediately prior to such termination of employment for a period of eighteen (18) months following the termination of employment. The Vizirgianakis Agreement also contains non-competition and non-solicitation covenants from Mr. Vizirgianakis during the term of employment and for a period of 18 months thereafter. In conjunction with the execution of the Vizirgianakis Agreement, Mr. Vizirgianakis received grants of an aggregate of 400,000 shares of restricted stock pursuant to the Company’s 2014 Equity Incentive Plan (the “Plan”) as follows: (i) a grant of 134,000 shares vesting in five equal installments on September 1, 2017, 2018, 2019, 2020 and 2021; (ii) a performance grant of 133,000 shares which vests if both of the following conditions are satisfied simultaneously: (A) at any time prior to the third anniversary of the grant date, the most recent publicly reported trailing four (4) fiscal quarter revenue of the Company (exclusive of the impact of any acquisitions after the grant date) is at least $35,000,000 and (B) the closing price of the Common Stock is at least $10.50 per share (subject to adjustment for stock splits, stock dividends and the like) for ten (10) consecutive trading days; and (iii) a performance grant of 133,000 shares which vests if both of the following conditions are satisfied simultaneously: (A) at any time prior to the fifth anniversary of the grant date, the most recent publicly reported trailing four (4) fiscal quarter revenue of the Company (exclusive of the impact of any acquisitions after the grant date) is at least $48,000,000 and (B) the closing price of the Common Stock is at least $13.00 per share (subject to adjustment for stock splits, stock dividends and the like) for ten (10) consecutive trading days. The aforementioned performance grants will vest on a change of control in accordance with the Plan only if the applicable share price threshold is met in such transaction. Director Resignation On December 15, 2016, T. Guy Minetti, a member of the Company’s Board of Directors, resigned from the Board. In connection with his resignation, the Board agreed to extend the exercisability of previously granted and then currently vested options to purchase shares of the Company’s common stock through December 15, 2017. Equity Investment On October 25, 2016, the Company sold 761,469 shares of Common Stock in a private placement to Stavros G. Vizirgianakis, a director of the Company and its current Chief Executive Officer, at a price per share of $5.253, representing total cash proceeds to the Company of approximately $4.0 million. Investigative Fees Subsequent to June 30, 2016, the Company has incurred approximately $1.5 million in fees relating to its FCPA investigation and related activities.

Schedule II

Schedule II	12 Months Ended
	Jun. 30, 2016
Valuation and Qualifying Accounts [Abstract]
Schedule II	Schedule II Additions Balance at charged Balance at beginning to cost and end of Description of period expenses (Deductions) period Allowance for doubtful accounts Years ended June 30: 2016 $ 126,868 $ (30,000 )(A) $ - $ 96,868 2015 $ 136,868 $ (10,000 )(A) $ - $ 126,868 2014 $ 214,641 $ (39,811 )(A) $ (37,962 )(B) $ 136,868 (A) Reduction in allowance for doubtful accounts due to adjustment in reserve balance. (B) Reduction in allowance for doubtful accounts due to write off certain accounts receivable balances. Additions Balance at charged (credited) Balance at beginning to cost and end of Description of period expenses (Deductions) period Deferred tax valuation allowance Year ended June 30: 2016 $ 628,730 - - $ 628,730 2015 $ 6,132,147 $ (1,111,693 ) $ (4,391,724 )(A) $ 628,730 2014 $ 6,663,002 $ (530,855 ) - $ 6,132,147 (A) Reduction in deferred tax valuation allowance due to reevaluation of deferred tax assets.

Basis of Presentation, Organi24

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Organization and Business	Organization and Business Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft and hard tumors, and tissue debridement, orthopedic surgery, plastic surgery, and wound and burn care. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company generally sells to distributors who then resell the product to hospitals. The Company operates as one business segment.
High Intensity Focused Ultrasound Technology	High Intensity Focused Ultrasound Technology The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million. Cumulative payments through June 30, 2016 were $1,254,788.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. All of the Company’s cash is maintained in bank accounts and accordingly it does not have cash equivalents at June 30, 2016. The Company’s cash balance at June 30, 2016 was $9,049,327. The Company maintains cash balances at various financial institutions. At June 30, 2016, these financial institutions held cash that was approximately $8,798,987 in excess of amounts insured by the Federal Deposit Insurance Corporation and other government agencies.
Major Customers and Concentration of Credit Risk	Major Customers and Concentration of Credit Risk Included in sales from continuing operations are sales to Cicel (Beijing) Science and Tech Co. Ltd. (“Cicel”) of $1,557,132, $2,974,086 and $2,495,960, for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Accounts receivable from Cicel were approximately $0 and $586,000 at June 30, 2016 and 2015, respectively. The Company terminated its agreement with Cicel in the first quarter of fiscal 2017. Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $3,903,000, $4,162,000 and $3,619,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Accounts receivable from MMIT royalties were approximately $973,000 and $1,012,000 at June 30, 2016 and 2015, respectively. The license agreement with MMIT expires in August 2017, after which no royalties will be paid. At June 30, 2016 and 2015, the Company’s accounts receivable with customers outside the United States were approximately $768,000 and $1,805,000, respectively, none of which is over 90 days.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.
Accounts Receivable	Accounts Receivable Accounts receivable, principally trade, are generally due within 30 to 90 days and are stated at amounts due from customers, net of an allowance for doubtful accounts. The Company performs ongoing credit evaluations and adjusts credit limits based upon payment history and the customer's current credit worthiness, as determined by a review of their current credit information. The Company continuously monitors aging reports, collections and payments from customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been within expectations and the provisions established, the Company cannot guarantee that the same credit loss rates will be experienced in the future. The Company writes off accounts receivable when they become uncollectible.
Inventories	Inventories Inventories are stated at the lower of cost (first-in, first-out) or market and consist of raw materials, work-in process and finished goods and include purchased materials, direct labor and manufacturing overhead. Management evaluates the need to record adjustments to write down inventory to the lower of cost or market on a quarterly basis. The Company’s policy is to assess the valuation of all inventories, including raw materials, work-in-process and finished goods and it writes down its inventory for estimated obsolescence based upon the age of inventory and assumptions about future demand and usage. Inventory items used for demonstration purposes, rentals or on consignment are classified as property, plant and equipment.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Minor replacements and maintenance and repair expenses are charged to expense as incurred. Depreciation of property and equipment is provided using the straight-line method over estimated useful lives ranging from 3 to 5 years. Leasehold improvements are amortized over the life of the lease or the useful life of the related asset, whichever is shorter. The Company's policy is to periodically evaluate the appropriateness of the lives assigned to property, plant and equipment and make adjustments if necessary. Inventory items included in property, plant and equipment are depreciated using the straight line method over estimated useful lives of 3 to 5 years. Depreciation of BoneScapel and Sonic OneOR generators which are consigned to customers are depreciated over a 3 year period, and depreciation is charged to selling expenses. See Note 4.
Revenue Recognition	Revenue Recognition The Company records revenue upon shipment for products shipped F.O.B. shipping point. Products shipped F.O.B. destination points are recorded as revenue when received at the point of destination. Shipments under agreements with distributors are not subject to return, and payment for these shipments is not contingent on sales by the distributor. Accordingly, the Company recognizes revenue on shipments to distributors in the same manner as with other customers. Service contracts and royalty income are recognized when earned. The Company generally warrantees its product for a 12 month period, and accordingly records a related warranty reserve. Historical warranty costs have not been significant. The Company presents taxes collected from customers and remitted to governmental authorities in the consolidated statements of operations on a net basis.
Long-Lived Assets	Long-Lived Assets The carrying values of intangible and other long-lived assets, excluding goodwill, are periodically reviewed to determine if any impairment indicators are present. If it is determined that such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization and depreciation period, their carrying values are reduced to estimated fair value. Impairment indicators include, among other conditions, cash flow deficits, an historic or anticipated decline in revenue or operating profit, adverse legal or regulatory developments, accumulation of costs significantly in excess of amounts originally expected to acquire the asset and a material decrease in the fair value of some or all of the assets. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. No such impairment was deemed to exist in fiscal 2016 and 2015.
Goodwill	Goodwill Goodwill is not amortized. We review goodwill for impairment annually and whenever events or changes indicate that the carrying value of an asset may not be recoverable. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of significant assets or products. Application of these impairment tests requires significant judgments, including estimation of cash flows, which is dependent on internal forecasts, estimation of the long term rate of growth for the Company’s business, the useful lives over which cash flows will occur and determination of the Company’s weighted average cost of capital. The Company primarily utilizes the Company’s market capitalization and a discontinued cash flow model in determining the fair value which consists of Level 3 inputs. Changes in the projected cash flows and discount rate estimates and assumptions underlying the valuation of goodwill could materially affect the determination of fair value at acquisition or during subsequent periods when tested for impairment. The Company completed its annual goodwill impairment tests for fiscal 2016 and 2015 as of June 30th each year. No impairment of goodwill was deemed to exist in fiscal 2016 and 2015.
Patents, Intangible and Other Assets	Patents, Intangible and Other Assets The cost of acquiring or processing patents is capitalized at cost. This amount is being amortized using the straight-line method over the estimated useful lives of the underlying assets, which is approximately 17 years. Patents reported in intangible and other assets totaled $604,916 and $566,028 at June 30, 2016 and 2015, respectively. Amortization expense for the years ended June 30, 2016, 2015 and 2014 was approximately $94,000, $150,000 and $83,000, respectively. The following is a schedule of estimated future patent amortization expense as of June 30, 2016: 2017 $ 93,821 2018 89,592 2019 81,285 2020 57,856 2021 56,221 Thereafter 226,141 $ 604,916
Income Taxes	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 and operating loss and tax credit carry forwards. 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 that includes the enactment date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not that some portion of the deferred tax asset will not be realized, a valuation allowance against the deferred tax asset would be established in the period such determination was made. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company classifies income tax related interest and penalties as a component of income tax expense.
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share ("Basic EPS") is computed by dividing income (loss) by the weighted average number of common shares outstanding using the treasury stock method. Diluted income (loss) per common share ("Diluted EPS") is computed by dividing income (loss) by the weighted average number of common shares and the dilutive common share equivalents and convertible securities then outstanding. The number of weighted average common shares used in the calculation of Basic EPS and Diluted EPS were as follows: For the years ended June 30, 2016 2015 2014 Basic shares 7,776,949 7,580,450 7,232,004 Dilutive effect of stock options - 513,669 235,588 Diluted shares 7,776,949 8,094,119 7,467,592 Excluded from the calculation of diluted EPS are options to purchase 257,000 shares of common stock for the twelve months ended June 30, 2015. In addition, excluded from the calculation of Diluted EPS are options to purchase 312,630 shares of the Company’s common stock, par value $.01 (“Common Stock”) for the twelve months ended June 30, 2014. The excluded shares are any shares in which the average stock price for the year ended June 30 is less than the exercise price of the outstanding options in the period in which the Company has net income. Diluted EPS for the twelve months ended June 30, 2016 presented is the same as Basic EPS, as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. For this reason, excluded from the calculations of diluted EPS for the twelve months ended June 30, 2016 are outstanding options to purchase 1,790,224 shares.
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Total comprehensive (loss)/income was $(1,172,146) for the fiscal year ended June 30, 2016, $5,571,171 for the fiscal year ended June 30, 2015 and $1,393,299 for the fiscal year ended June 30, 2014.
Research and Development	Research and Development All research and development expenses are expensed as incurred and are included in operating expenses.
Advertising Expense	Advertising Expense The cost of advertising is expensed in the period the advertising first takes place. The Company incurred approximately $386,000, $155,000 and $100,000 in advertising costs during the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Advertising costs are reported in selling expenses on the statement of operations.
Depreciation Expense for Consigned Inventory	Depreciation Expense for Consigned Inventory The Company typically provides to its United States customers, on a consignment basis, the generators used to power its BoneScapel and SonicOne products. Title to these generators remain at all times with the Company. When these generators are deployed in the field at customer locations, the Company depreciates these units over a three year period and charges the depreciation to selling expenses. Depreciation expense relating to consigned generators for the three years ended June 30, 2016 was $416,000, $232,000 and $111,000, respectively.
Shipping and Handling	Shipping and Handling Shipping and handling fees for the fiscal years ended June 30, 2016, 2015 and 2014 were approximately $109,000, $62,000 and $75,000 respectively, and are reported as a component of net sales. Shipping and handling costs for the fiscal years ended June 30, 2016, 2015 and 2014 were approximately $142,000, $87,000 and $85,000, respectively, and are reported as a component of selling expenses.
Stock-Based Compensation	Stock-Based Compensation The Company measures compensation cost for all share based payments at fair value and recognizes the cost over the vesting period. The Company uses the Black-Scholes method to value awards and utilizes the straight line amortization method to recognize the expense associated with the awards with graded vesting terms.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company's financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements. In August 2014, the FASB issued guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and related footnote disclosures. Management will be required to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. This guidance is effective prospectively for annual and interim reporting periods beginning in 2017; implementation of this guidance is not expected to have a material effect on the Company’s financial condition or results of operations. In July 2015, the FASB issued ASU “Inventory (Topic 330).” The amendments in this update are effective for fiscal years beginning after December 2016. We are in the early stages of determining the impact of this standard on our financial statements. In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes (Topic740)”. The amendments in this ASU require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments eliminate the guidance in Topic 740 that requires an entity to separate deferred tax liabilities and assets into a current amount and a noncurrent amount in a classified statement of financial position. The Company adopted ASU 2015-17 as of March 31, 2016 on a prospective basis in order to simplify the balance sheet classification of deferred taxes. Accordingly, the balance sheet for the period ended June 30, 2015 has been shown as previously reported. In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2019. The Company is currently in the early Stages of evaluating this guidance to determine the impact it will have on its financial statements. In March 2016, the FASB issued guidance on simplifying several aspects of accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance requires a mix of prospective, modified retrospective, and retrospective transition to all annual and interim periods presented and is effective for the Company beginning in fiscal 2018. We are in the early stages of determining the impact of this standard on our financial statements. In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. The Company is currently in the early Stages of evaluating this guidance to determine the impact it will have on its financial statements. There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company's financial position, results of operations or cash flows.

Basis of Presentation, Organi25

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of estimated future patent amortization expense	The following is a schedule of estimated future patent amortization expense as of June 30, 2016: 2017 $ 93,821 2018 89,592 2019 81,285 2020 57,856 2021 56,221 Thereafter 226,141 $ 604,916
Schedule of number of weighted average common shares used in the calculation of Basic EPS and Diluted EPS	The number of weighted average common shares used in the calculation of Basic EPS and Diluted EPS were as follows: For the years ended June 30, 2016 2015 2014 Basic shares 7,776,949 7,580,450 7,232,004 Dilutive effect of stock options - 513,669 235,588 Diluted shares 7,776,949 8,094,119 7,467,592

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories are summarized as follows: June 30, June 30, 2016 2015 Raw material $ 3,102,175 $ 2,096,443 Work-in-process 854,631 660,267 Finished goods 3,101,234 2,536,699 7,058,040 5,293,409 Less valuation reserve 1,235,105 990,246 $ 5,822,935 $ 4,303,163

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	Property, plant and equipment consist of the following: June 30, June 30, 2016 2015 Machinery and equipment $ 2,128,349 $ 1,998,574 Furniture and fixtures 1,387,883 1,287,070 Automobiles 22,328 22,328 Leasehold improvements 682,591 476,501 Demonstration and consignment inventory 5,247,946 3,944,414 9,469,097 7,728,887 Less: accumulated depreciation and amortization (6,976,282 ) (5,672,287 ) $ 2,492,815 $ 2,056,600

Accrued Expenses and Other Cu28

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of accrued expenses and other current liabilities	The following summarizes accrued expenses and other current liabilities: June 30, 2016 2015 Accrued payroll and vacation $ 648,705 $ 507,172 Accrued bonuses 300,000 300,000 Accrued commissions 433,000 321,440 Accrued professional fees 256,130 97,880 Income tax payable - 71,302 Deferred income 20,655 40,911 Other 228,847 193,389 $ 1,887,337 $ 1,532,094

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Share-based compensation plan	At June 30, 2016, the Company had eight stock-based compensation plans (the “Plans”), as follows: Available Initial Expired / For Plan Shares Granted Exercised Forfeited Outstanding Issuance 2001 Employee Stock Option Plan 1,000,000 1,251,261 376,368 866,255 8,638 - 2005 Employee Equity Incentive Plan 500,000 547,125 295,900 47,750 203,475 - 2005 Non Employee Director Stock Option Plan 200,000 195,000 67,500 7,500 120,000 - 2009 Employee Equity Incentive Plan 500,000 567,925 165,164 89,025 313,736 21,100 2009 Non Employee Director Stock Option Plan 200,000 195,000 26,250 30,000 138,750 35,000 2012 Employee Equity Incentive Plan 500,000 507,000 16,500 8,375 482,125 1,375 2012 Non Employee Director Stock Option Plan 200,000 180,000 - 15,000 165,000 35,000 2014 Employee Equity Incentive Plan 750,000 361,500 - 3,000 358,500 391,500 Total 1,790,224 483,975
Schedule of weighted average fair value at date of grant for options	The fair value was estimated based on the weighted average assumptions of: 2016 2015 2014 Risk-free interest rates 1.7 % 1.6 % 3.0 % Expected option life in years 6.25 6.50 6.50 Expected stock price volatility 55.41 % 61.13 % 76.09 % Expected dividend yield 0 % 0 % 0 %
Schedule of summary of option activity	A summary of option activity under the Plans as of June 30, 2016, 2015 and 2014, and changes during the years ending on those dates is presented below: Options Weighted Average Aggregate Outstanding Exercise Intrinsic Shares Price Value Outstanding as of June 30, 2013 1,729,991 $ 3.65 Granted 324,000 4.94 Exercised (178,212 ) 2.72 Forfeited (50,250 ) 4.31 Expired (162,200 ) 4.67 Outstanding as of June 30, 2014 1,663,329 3.88 $ 4,879,106 Vested and exercisable at June 30, 2014 967,056 3.81 $ 2,937,802 Granted 549,000 10.11 Exercised (579,463 ) 4.11 Forfeited (47,250 ) 7.70 Expired (28,000 ) 8.00 Outstanding as of June 30, 2015 1,557,616 5.80 $ 6,553,821 Vested and exercisable at June 30, 2015 620,256 3.19 $ 3,911,604 Granted 320,000 8.80 Exercised (82,737 ) 4.60 Forfeited (4,375 ) 9.23 Expired (280 ) 5.82 Outstanding as of June 30, 2016 1,790,224 $ 6.38 $ 1,675,072 Vested and exercisable at June 30, 2016 813,349 $ 3.82 $ 1,501,208
Schedule of stock options outstanding and exercisable	The following table summarizes information about stock options outstanding and exercisable at June 30, 2016: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Range of Contractual Average Average Exercise Life Exercise Exercise Prices Number (Yrs.) Price Number Price $0.85-2.96 566,199 4.5 $ 2.40 513,524 $ 2.34 $3.45-4.68 208,100 5.4 $ 4.65 90,850 $ 4.62 $5.42-13.89 1,015,925 8.2 $ 8.95 208,975 $ 7.08 1,790,224 6.6 $ 6.38 813,349 $ 3.82

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments	The following is a schedule of future minimum lease payments, by year and in the aggregate, under operating leases with initial or remaining terms of one year or more at June 30, 2016: Operating Leases 2017 $ 343,949 2018 348,985 2019 17,139 2020 17,139 2021 8,569 Total minimum lease payments $ 735,781

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of net sales and accounts receivables	Set forth below is a table showing the Company’s net sales for each of the past three fiscal years and accounts receivable at June 30 for the indicated time periods below with Applied BioSurgical and MD Solutions: Applied BioSurgical 2016 2015 2014 Sales $ 559,787 $ 540,185 $ 378,287 Accounts receivable $ 272,421 $ 294,683 $ 147,585 MD Solutions Australasia PTY Ltd. 2016 2015 2014 Sales - - $ 120,118 Accounts receivable - - $ 1,785

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets and liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: June 30, 2016 2015 Deferred tax assets - current Bad debt reserves $ - $ 44,697 Inventory reserves - 490,789 Accruals and allowances - 13,796 License fee and other income - 7,886 Net operating loss carryforwards - 1,561,548 Net deferred tax assets - current $ - $ 2,118,716 Deferred tax assets / (liabilities) - non-current Bad debt reserves $ 34,151 $ - Inventory reserves 624,808 - Accruals and allowances 148,479 - License fee and other income 2,139 - Net operating loss carryforwards 2,204,637 628,730 Tax credits 406,070 842,739 Stock based compensation 839,611 161,580 Deferred gain - HIFU and Labcaire 156,275 163,610 Amortization (599,802 ) (574,523 ) Depreciation 195,048 167,597 Other 12,004 12,709 4,023,420 1,402,442 Valuation Allowance (628,730 ) (628,730 ) Net deferred tax assets - non-current $ 3,394,690 $ 773,712 Total net deferred tax asset $ 3,394,690 $ 2,892,428
Schedule of significant components of the income tax expense (benefit)	Significant components of the income tax expense (benefit) attributable to continuing operations are as follows: Year ended June 30, 2016 2015 2014 Current: Federal $ 4,962 $ 59,686 $ 24,613 State 17,012 44,361 6,017 Total current 21,974 104,047 30,630 Deferred: Federal (558,133 ) (2,845,039 ) - State (37,192 ) (43,640 ) - Total deferred (595,325 ) (2,888,679 ) - $ (573,351 ) $ (2,784,632 ) $ 30,630
Schedule of reconciliation of income tax expense (benefit)	The reconciliation of income tax expense (benefit) computed at the Federal statutory tax rates to income tax expense (benefit) is as follows: Year ended June 30, 2016 2015 2014 Tax at federal statutory rates $ (646,828 ) $ 856,604 $ 393,451 State income taxes, net of federal benefit (13,319 ) 29,278 3,971 Research credit (49,593 ) (70,401 ) (140,044 ) Stock-based compensation 191,827 303,398 236,941 Deferred tax asset adjustments (1) (100,939 ) - - Valuation allowance - (3,914,045 ) (486,106 ) Travel and entertainment 35,010 21,508 21,587 Other 10,491 (10,974 ) 830 $ (573,351 ) $ (2,784,632 ) $ 30,630 (1) Relates to the correction of two errors from the fiscal 2015 tax provision in fiscal 2016 as the net impact was not material.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of revenue	Worldwide revenue for the Company's products is categorized as follows: For the Year Ended June 30, 2016 2015 2014 Total Consumables $ 16,091,651 $ 12,833,377 $ 8,579,137 Equipment 7,021,543 9,371,201 8,481,298 Total $ 23,113,194 $ 22,204,578 $ 17,060,435 Domestic: Consumables $ 11,277,449 $ 8,449,215 $ 5,042,496 Equipment 1,809,357 2,348,705 3,142,972 Total $ 13,086,806 $ 10,797,920 $ 8,185,468 International: Consumables $ 4,814,202 $ 4,384,162 $ 3,536,641 Equipment 5,212,186 7,022,496 5,338,326 Total $ 10,026,388 $ 11,406,658 $ 8,874,967

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Jun. 30, 2016
Valuation and Qualifying Accounts [Abstract]
Schedule of quarterly results	Fiscal 2016 Q1 Q2 Q3 Q4 Year Net sales $ 5,250,985 $ 6,039,355 $ 5,426,147 $ 6,396,707 $ 23,113,194 Cost of goods sold 1,769,565 1,944,101 1,850,838 2,046,736 7,611,240 Gross profit 3,481,420 4,095,254 3,575,309 4,349,971 15,501,954 Operating expenses: Selling expenses 2,636,601 2,882,935 3,224,962 3,551,587 12,296,085 General and administrative expenses 1,821,352 1,841,760 1,673,395 2,028,403 7,364,910 Research and development expenses 393,375 347,949 493,776 435,247 1,670,347 Total operating expenses 4,851,328 5,072,644 5,392,133 6,015,237 21,331,342 Loss from operations (1,369,908 ) (977,390 ) (1,816,824 ) (1,665,266 ) (5,829,388 ) Other income/(expense): Interest income 19 25 19 18 81 Royalty income and license fees 988,170 1,018,362 963,025 979,200 3,948,757 Other (6,021 ) (5,413 ) (5,464 ) (4,980 ) (21,878 ) Total other income 982,168 1,012,974 957,580 974,238 3,926,960 (Loss)/income from continuing operations before income taxes (387,740 ) 35,584 (859,244 ) (691,028 ) (1,902,428 ) Income tax expense/(benefit) (168,000 ) (139,000 ) (15,000 ) (251,351 ) (573,351 ) Net (loss)/income from continuing operations $ (219,740 ) $ 174,584 $ (844,244 ) $ (439,677 ) $ (1,329,077 ) Discontinued operations: Net income from discontinued operations net of income tax expense/(benefit) of $0, $0, $85,000 and $8,069, respectively - - 165,000 (8,069 ) 156,931 Net (loss)/income from discontinued operations - - 165,000 (8,069 ) 156,931 Net (loss)/income $ (219,740 ) $ 174,584 $ (679,244 ) $ (447,746 ) $ (1,172,146 ) Net (loss)/income per share from continuing operations - Basic $ (0.03 ) $ 0.02 $ (0.11 ) $ (0.06 ) $ (0.17 ) Net (loss)/income per share from discontinued operations - Basic - - 0.02 - 0.02 Net (loss)/income per share - Basic $ (0.03 ) $ 0.02 $ (0.09 ) $ (0.06 ) $ (0.15 ) Net (loss)/income per share from continuing operations - Diluted $ (0.03 ) $ 0.02 $ (0.11 ) $ (0.06 ) $ (0.17 ) Net (loss)/income per share from discontinued operations - Diluted - - 0.02 - 0.02 Net (loss)/income per share - Diluted $ (0.03 ) $ 0.02 $ (0.09 ) $ (0.06 ) $ (0.15 ) Fiscal 2015 Q1 Q2 Q3 Q4 Year Net sales $ 4,539,337 $ 5,601,008 $ 5,314,797 $ 6,749,436 $ 22,204,578 Cost of goods sold 1,586,105 1,767,175 1,670,359 2,256,637 7,280,276 Gross profit 2,953,232 3,833,833 3,644,438 4,492,799 14,924,302 Operating expenses: Selling expenses 2,019,286 2,085,174 2,465,803 2,492,432 9,062,695 General and administrative expenses 1,246,078 1,534,784 1,583,399 1,619,362 5,983,623 Research and development expenses 437,591 324,301 407,773 423,258 1,592,923 Total operating expenses 3,702,955 3,944,259 4,456,975 4,535,052 16,639,241 Loss from operations (749,723 ) (110,426 ) (812,537 ) (42,253 ) (1,714,939 ) Other income/(expense): Interest income 25 19 12 19 75 Royalty income and license fees 1,147,951 1,044,941 1,032,027 1,031,402 4,256,321 Other (5,679 ) (4,847 ) (6,452 ) (5,055 ) (22,033 ) Total other income 1,142,297 1,040,113 1,025,587 1,026,366 4,234,363 Income from continuing operations before income taxes 392,574 929,687 213,050 984,113 2,519,424 Income tax expense/(benefit) 14,352 33,465 8,406 (2,840,855 ) (1) (2,784,632 ) Net income from continuing operations $ 378,222 $ 896,222 $ 204,644 $ 3,824,968 $ 5,304,056 Discontinued operations: Net income from discontinued operations net of income tax expense/(benefit) of $0, $0, $5,280 and ($4,153), respectively 4,975 4,975 249,696 7,469 267,115 Net income from discontinued operations 4,975 4,975 249,696 7,469 267,115 Net income $ 383,197 $ 901,197 $ 454,340 $ 3,832,437 $ 5,571,171 Net income per share from continuing operations - Basic $ 0.05 $ 0.12 $ 0.03 $ 0.50 $ 0.70 Net income per share from discontinued operations - Basic - - 0.03 - 0.04 Net income per share - Basic $ 0.05 $ 0.12 $ 0.06 $ 0.50 $ 0.74 Net income per share from continuing operations - Diluted $ 0.05 $ 0.11 $ 0.02 $ 0.46 $ 0.66 Net income per share from discontinued operations - Diluted - - 0.03 - 0.03 Net income per share - Diluted $ 0.05 $ 0.11 $ 0.05 $ 0.46 $ 0.69 (1) relates to the reversal of the tax valuation allowance

Basis of Presentation, Organi35

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Total	$ 604,916	$ 566,028
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
2,017	93,821
2,018	89,592
2,019	81,285
2,020	57,856
2,021	56,221
Thereafter	226,141
Total	$ 604,916	$ 566,028

Basis of Presentation, Organi36

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Details 1) - shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Basic shares	7,776,949	7,580,450	7,232,004
Dilutive effect of stock options		513,669	235,588
Diluted shares	7,776,949	8,094,119	7,467,592

Basis of Presentation, Organi37

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Details Narrative)	May 10, 2010USD ($)	Oct. 31, 1996	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2016USD ($)Segmentshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)$ / sharesshares
Ownership percentage			100.00%								100.00%
Number of operating segment | Segment											1
Cash and cash equivalents			$ 9,049,327								$ 9,049,327
Cash held uninsured amount			8,798,987								8,798,987
Sales from continuing operations			6,396,707	$ 5,426,147	$ 6,039,355	$ 5,250,985	$ 6,749,436	$ 5,314,797	$ 5,601,008	$ 4,539,337	23,113,194	$ 22,204,578	$ 17,060,435
Finite lived intangible assets, net			604,916				566,028				$ 604,916	$ 566,028
Common stock (in dollars per share) | $ / shares													$ 0.01
Excluded from the calculation of Diluted EPS | shares											1,790,224	257,000	312,630
Total comprehensive income/(loss)											$ (1,172,146)	$ 5,571,171	$ 1,393,299
Advertising expense											386,000	155,000	100,000
Generators [Member]
Depreciation expense											416,000	232,000	111,000
Net Sales [Member]
Shipping and handling fees											109,000	62,000	75,000
Selling Expenses [Member]
Shipping and handling fees											$ 142,000	87,000	85,000
Patents [Member]
Intangible assets estimated useful lives											17 years
Finite lived intangible assets, net			604,916				566,028				$ 604,916	566,028
Amortization expense											$ 94,000	150,000	83,000
BoneScapel Generators [Member]
Estimated useful lives											P3Y
Sonic OneOR Generators [Member]
Estimated useful lives											P3Y
Minimum [Member]
Estimated useful lives											P3Y
Maximum [Member]
Estimated useful lives											P5Y
International [Member]
Sales from continuing operations											$ 10,026,388	11,406,658	8,874,967
Accounts receivable			768,000				1,805,000				768,000	1,805,000
SonaCare Medical ("SonaCare") [Member]
Proceeds from sale of intangible assets	$ 5,800,000										1,254,788
Earn-out percentage	7.00%
Proceeds from sale of intangible assets	$ 3,000,000
Earn-out percentage	5.00%
Proceeds from sale of intangible assets	$ 5,800,000
Cicel (Beijing) Science and Tech Co. Ltd. ("Cicel") [Member]
Sales from continuing operations											1,557,132	2,974,086	2,495,960
Accounts receivable			0				586,000				0	586,000
Medtronic Minimally Invasive Therapies ("MMIT") [Member]
Accounts receivable			$ 973,000				$ 1,012,000				973,000	1,012,000
Medtronic Minimally Invasive Therapies ("MMIT") [Member] | License Agreement [Member]
Royalty revenue											$ 3,903,000	$ 4,162,000	$ 3,619,000
Agreement expiration date		2017-08

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Inventory Disclosure [Abstract]
Raw material	$ 3,102,175	$ 2,096,443
Work-in-process	854,631	660,267
Finished goods	3,101,234	2,536,699
Inventory, gross	7,058,040	5,293,409
Less valuation reserve	1,235,105	990,246
Inventory, net	$ 5,822,935	$ 4,303,163

Property, Plant and Equipment39

Property, Plant and Equipment (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 9,469,097	$ 7,728,887
Less: accumulated depreciation and amortization	(6,976,282)	(5,672,287)
Property, plant and equipment, net	2,492,815	2,056,600
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,128,349	1,998,574
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,387,883	1,287,070
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	22,328	22,328
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	682,591	476,501
Demonstration and Consignment Inventory [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,247,946	$ 3,944,414

Property, Plant and Equipment40

Property, Plant and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 1,339,000	$ 981,000	$ 732,000

Accrued Expenses and Other Cu41

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued payroll and vacation	$ 648,705	$ 507,172
Accrued bonuses	300,000	300,000
Accrued commissions	433,000	321,440
Accrued professional fees	256,130	97,880
Income tax payable		71,302
Deferred income	20,655	40,911
Other	228,847	193,389
Accrued expenses and other current liabilities	$ 1,887,337	$ 1,532,094

Stock-Based Compensation Plan42

Stock-Based Compensation Plans (Details) - shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	320,000	549,000	324,000
Exercised	(82,737)	(579,463)	(178,212)
Outstanding	1,790,224	1,557,616	1,663,329	1,729,991
Available For Issuance	483,975
2001 Employee Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	1,000,000
Granted	1,251,261
Exercised	376,368
Expired/ Forfeited	866,255
Outstanding	8,638
Available For Issuance
2005 Employee Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	500,000
Granted	547,125
Exercised	295,900
Expired/ Forfeited	47,750
Outstanding	203,475
Available For Issuance
2005 Non Employee Director Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	200,000
Granted	195,000
Exercised	67,500
Expired/ Forfeited	7,500
Outstanding	120,000
Available For Issuance
2009 Employee Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	500,000
Granted	567,925
Exercised	165,164
Expired/ Forfeited	89,025
Outstanding	313,736
Available For Issuance	21,100
2009 Non Employee Director Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	200,000
Granted	195,000
Exercised	26,250
Expired/ Forfeited	30,000
Outstanding	138,750
Available For Issuance	35,000
2012 Employee Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	500,000
Granted	507,000
Exercised	16,500
Expired/ Forfeited	8,375
Outstanding	482,125
Available For Issuance	1,375
2012 Non Employee Director Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	200,000
Granted	180,000
Exercised
Expired/ Forfeited	15,000
Outstanding	165,000
Available For Issuance	35,000
2014 Employee Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial Shares	750,000
Granted	361,500
Exercised
Expired/ Forfeited	3,000
Outstanding	358,500
Available For Issuance	391,500

Stock-Based Compensation Plan43

Stock-Based Compensation Plans (Details 1)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Risk-free interest rates	1.70%	1.60%	3.00%
Expected option life in years	6 years 3 months	6 years 6 months	6 years 6 months
Expected stock price volatility	55.41%	61.13%	76.09%
Expected dividend yield	0.00%	0.00%	0.00%

Stock-Based Compensation Plan44

Stock-Based Compensation Plans (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Outstanding Shares [Roll Forward]
Outstanding at beginning	1,557,616	1,663,329	1,729,991
Granted	320,000	549,000	324,000
Excercised	(82,737)	(579,463)	(178,212)
Forfeited	(4,375)	(47,250)	(50,250)
Expired	(280)	(28,000)	(162,200)
Outstanding at ending	1,790,224	1,557,616	1,663,329
Vested and exercisable at ending	813,349	620,256	967,056
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning	$ 5.80	$ 3.88	$ 3.65
Granted	8.80	10.11	4.94
Excercised	4.60	4.11	2.72
Forfeited	9.23	7.70	4.31
Expired	5.82	8	4.67
Outstanding at ending	6.38	5.80	3.88
Vested and exercisable at ending	$ 3.82	$ 3.19	$ 3.81
Aggregate Intrinsic Value [Roll Forward]
Outstanding at ending	$ 1,675,072	$ 6,553,821	$ 4,879,106
Vested and exercisable at ending	$ 1,501,208	$ 3,911,604	$ 2,937,802

Stock-Based Compensation Plan45

Stock-Based Compensation Plans (Details 3)	12 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number | shares	1,790,224
Options Outstanding, Weighted Average Contractual Life (Yrs.)	6 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price | $ / shares	$ 6.38
Options Exercisable, Number | shares	813,349
Options Exercisable, Weighted Average Exercise Price | $ / shares	$ 3.82
Exercise Prices $0.85-2.96 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number | shares	566,199
Options Outstanding, Weighted Average Contractual Life (Yrs.)	4 years 6 months
Options Outstanding, Weighted Average Exercise Price | $ / shares	$ 2.40
Options Exercisable, Number | shares	513,524
Options Exercisable, Weighted Average Exercise Price | $ / shares	$ 2.34
Exercise Prices $3.45-4.68 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number | shares	208,100
Options Outstanding, Weighted Average Contractual Life (Yrs.)	5 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price | $ / shares	$ 4.65
Options Exercisable, Number | shares	90,850
Options Exercisable, Weighted Average Exercise Price | $ / shares	$ 4.62
Exercise Prices $5.42-13.89 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number | shares	1,015,925
Options Outstanding, Weighted Average Contractual Life (Yrs.)	8 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price | $ / shares	$ 8.95
Options Exercisable, Number | shares	208,975
Options Exercisable, Weighted Average Exercise Price | $ / shares	$ 7.08

Stock-Based Compensation Plan46

Stock-Based Compensation Plans (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Compensation cost	$ 1,629,644	$ 1,107,250	$ 696,885
Unrecognized compensation cost	$ 3,294,000
Period of recognition	2 years 4 months 24 days
Weighted average fair value at date of grant (in dollars per share)	$ 4.68	$ 5.70	$ 3.95
Fair value of shares vested	$ 1,060,631
Number of non-vested stock options	276,111	937,361
Weighted-average grant-date fair value of non-vested stock options (in dollars per share)	$ 3.84	$ 4.71
Number of shares granted	320,000	549,000	324,000
Stock Options [Member]
Option Expiration period	10 years
Option vesting period	4 years
General and Administrative Expense [Member]
Compensation cost	$ 1,629,643	$ 1,107,250	$ 696,885

Commitments and Contingencies47

Commitments and Contingencies (Details)	Jun. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 343,949
2,018	348,985
2,019	17,139
2,020	17,139
2,021	8,569
Total minimum lease payments	$ 735,781

Commitments and Contingencies48

Commitments and Contingencies (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Rent expense	$ 411,000	$ 375,000	$ 392,000
Payment of insurance retention policy	250,000
Inventories [Member]
Purchase and inventory commitments	2,507,125	$ 2,982,198	$ 2,300,949
Building [Member]
Rent expense	$ 26,000
Frequency of rent expense	Monthly
Office Equipment & Automobiles [Member]
Description of operating lease expiration term	Expiring through fiscal 2018.

Related Party Transactions (Det

Related Party Transactions (Details) - Mr. Stavros G. Vizirgianakis [Member] - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Applied BioSurgical [Member]
Sales	$ 559,787	$ 540,185	$ 378,287
Accounts receivable	272,421	294,683	147,585
MD Solutions Australasia PTY Ltd [Member]
Sales			120,118
Accounts receivable			$ 1,785

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Deferred tax assets - current
Bad debt reserves		$ 44,697
Inventory reserves		490,789
Accruals and allowances		13,796
License fee and other income		7,886
Net operating loss carryforwards		1,561,548
Other
Net deferred tax assets - current		2,118,716
Deferred tax assets / (liabilities) - non-current
Bad debt reserves	34,151
Inventory reserves	624,808
Accruals and allowances	148,479
License fee and other income	2,139
Net operating loss carryforwards	2,204,637	628,730
Tax credits	406,070	842,739
Stock based compensation	839,611	161,580
Deferred gain - HIFU and Labcaire	156,275	163,610
Amortization	(599,802)	(574,523)
Depreciation	195,048	167,597
Other	12,004	12,709
Total deferred tax assets liabilities non-current	4,023,420	1,402,442
Valuation Allowance	(628,730)	(628,730)
Net deferred tax assets - non-current	3,394,690	773,712
Total net deferred tax asset	$ 3,394,690	$ 2,892,428

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	3 Months Ended									12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	[1]	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Current:
Federal										$ 4,962	$ 59,686	$ 24,613
State										17,012	44,361	6,017
Total current										21,974	104,047	30,630
Deferred:
Federal										(558,133)	(2,845,039)
State										(37,192)	(43,640)
Total deferred										(595,325)	(2,888,679)
Total income tax expense (benefit)	$ (251,351)	$ (15,000)	$ (139,000)	$ (168,000)	$ (2,840,855)		$ 8,406	$ 33,465	$ 14,352	$ (573,351)	$ (2,784,632)	$ 30,630
[1]	relates to the reversal of the tax valuation allowance

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)		3 Months Ended									12 Months Ended
		Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	[2]	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Tax at federal statutory rates											$ (646,828)	$ 856,604	$ 393,451
State income taxes, net of federal benefit											(13,319)	29,278	3,971
Research credit											49,593	70,401	140,044
Stock-based compensation											191,827	303,398	236,941
Deferred tax asset adjustments	[1]										(100,939)
Valuation allowance												(3,914,045)	(486,106)
Travel and entertainment											35,010	21,508	21,587
Other											10,491	(10,974)	830
Total income tax expense (benefit)		$ (251,351)	$ (15,000)	$ (139,000)	$ (168,000)	$ (2,840,855)		$ 8,406	$ 33,465	$ 14,352	$ (573,351)	$ (2,784,632)	$ 30,630
[1]	Relates to the correction of two errors from the fiscal 2015 tax provision in fiscal 2016 as the net impact was not material.
[2]	relates to the reversal of the tax valuation allowance

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Decrease in valuation allowance			$ 5,503,417
Written-off of deferred tax assets	$ 1,499,297		$ 1,499,297
Recognition of a tax benefit in continuing operations	$ 2,892,000
Valuation allowance on foreign net operating losses		$ 628,730
Domestic operating loss carryforwards		4,889,000
Tax benefits related to exercised stock options		345,000
Research and development tax credits carryforwards		231,000
Alternative minimum tax credit		$ 175,000
Minimum [Member]
U.S. federal net operating loss carryforwards expiration year		2,031
Research and development net operating loss carryforwards expiration year		2,026
Maximum [Member]
U.S. federal net operating loss carryforwards expiration year		2,033
Research and development net operating loss carryforwards expiration year		2,036

Licensing Agreements for Medi54

Licensing Agreements for Medical Technology (Details Narrative) - License Agreement [Member] - Medtronic Minimally Invasive Therapies ("MMIT") [Member] - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 1996	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Agreement expiration date	2017-08
Percentage royalties on sales of product	5.00%
Revenues for royalties		$ 3,903,000	$ 4,162,000	$ 3,619,000

Employee Profit Sharing Plan (D

Employee Profit Sharing Plan (Details Narrative) - Retirement Plan 401(k) [Member] - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Exceed age limit of employee	P50Y
Pecentage of employer contribution	10.00%
Contribution amount	$ 52,145	$ 46,636	$ 38,320
Minimum [Member]
Amount of maximum annual contributions by employee	18,000
Maximum [Member]
Amount of maximum annual contributions by employee	$ 24,000

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Total	$ 6,396,707	$ 5,426,147	$ 6,039,355	$ 5,250,985	$ 6,749,436	$ 5,314,797	$ 5,601,008	$ 4,539,337	$ 23,113,194	$ 22,204,578	$ 17,060,435
Domestic [Member]
Total									13,086,806	10,797,920	8,185,468
International [Member]
Total									10,026,388	11,406,658	8,874,967
Consumables [Member]
Total									16,091,651	12,833,377	8,579,137
Consumables [Member] | Domestic [Member]
Total									11,277,449	8,449,215	5,042,496
Consumables [Member] | International [Member]
Total									4,814,202	4,384,162	3,536,641
Equipment [Member]
Total									7,021,543	9,371,201	8,481,298
Equipment [Member] | Domestic [Member]
Total									1,809,357	2,348,705	3,142,972
Equipment [Member] | International [Member]
Total									$ 5,212,186	$ 7,022,496	$ 5,338,326

Segment Reporting (Details Narr

Segment Reporting (Details Narrative)	12 Months Ended
	Jun. 30, 2016Segment
Segment Reporting [Abstract]
Number of operating segment	1

Quarterly Results (unaudited)58

Quarterly Results (unaudited) (Details) - USD ($)	3 Months Ended									12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 6,396,707	$ 5,426,147	$ 6,039,355	$ 5,250,985	$ 6,749,436		$ 5,314,797	$ 5,601,008	$ 4,539,337	$ 23,113,194	$ 22,204,578	$ 17,060,435
Cost of goods sold	2,046,736	1,850,838	1,944,101	1,769,565	2,256,637		1,670,359	1,767,175	1,586,105	7,611,240	7,280,276	5,933,867
Gross profit	4,349,971	3,575,309	4,095,254	3,481,420	4,492,799		3,644,438	3,833,833	2,953,232	15,501,954	14,924,302	11,126,568
Operating expenses:
Selling expenses	3,551,587	3,224,962	2,882,935	2,636,601	2,492,432		2,465,803	2,085,174	2,019,286	12,296,085	9,062,695	7,272,726
General and administrative expenses	2,028,403	1,673,395	1,841,760	1,821,352	1,619,362		1,583,399	1,534,784	1,246,078	7,364,910	5,983,623	4,691,055
Research and development expenses	435,247	493,776	347,949	393,375	423,258		407,773	324,301	437,591	1,670,347	1,592,923	1,711,751
Total operating expenses	6,015,237	5,392,133	5,072,644	4,851,328	4,535,052		4,456,975	3,944,259	3,702,955	21,331,342	16,639,241	13,675,532
Loss from operations	(1,665,266)	(1,816,824)	(977,390)	(1,369,908)	(42,253)		(812,537)	(110,426)	(749,723)	(5,829,388)	(1,714,939)	(2,548,964)
Other income/(expense):
Interest income	18	19	25	19	19		12	19	25	81	75	69
Royalty income and license fees	979,200	963,025	1,018,362	988,170	1,031,402		1,032,027	1,044,941	1,147,951	3,948,757	4,256,321	3,725,436
Other	(4,980)	(5,464)	(5,413)	(6,021)	(5,055)		(6,452)	(4,847)	(5,679)	(21,878)	(22,033)	(19,331)
Total other income	974,238	957,580	1,012,974	982,168	1,026,366		1,025,587	1,040,113	1,142,297	3,926,960	4,234,363	3,706,174
(Loss)/income from continuing operations before income taxes	(691,028)	(859,244)	35,584	(387,740)	984,113		213,050	929,687	392,574	(1,902,428)	2,519,424	1,157,210
Income tax expense/(benefit)	(251,351)	(15,000)	(139,000)	(168,000)	(2,840,855)	[1]	8,406	33,465	14,352	(573,351)	(2,784,632)	30,630
Net (loss)/income from continuing operations	(439,677)	(844,244)	174,584	(219,740)	3,824,968		204,644	896,222	378,222	(1,329,077)	5,304,056	1,126,580
Discontinued operations:
Net income from discontinued operations net of income tax expense/(benefit) of $0, $0, $85,000 and $8,069 for 2016 and $0, $0, $5,280 and ($4,153) for 2015, respectively	(8,069)	165,000			7,469		249,696	4,975	4,975	156,931	267,115
Net (loss)/income from discontinued operations	(8,069)	165,000			7,469		249,696	4,975	4,975	156,931	267,115	266,719
Net (loss)/income	$ (447,746)	$ (679,244)	$ 174,584	$ (219,740)	$ 3,832,437		$ 454,340	$ 901,197	$ 383,197	$ (1,172,146)	$ 5,571,171	$ 1,393,299
Net (loss)/income per share from continuing operations - Basic (in dollars per share)	$ (0.06)	$ (0.11)	$ 0.02	$ (0.03)	$ 0.5		$ 0.03	$ 0.12	$ 0.05	$ (0.17)	$ 0.7	$ 0.15
Net (loss)/income per share from discontinued operations - Basic (in dollars per share)		0.02					0.03			0.02	0.04	0.04
Net (loss)/income per share - Basic (in dollars per share)	(0.06)	(0.09)	0.02	(0.03)	0.5		0.06	0.12	0.05	(0.15)	0.74	0.19
Net (loss)/income per share from continuing operations - Diluted (in dollars per share)	(0.06)	(0.11)	0.02	(0.03)	0.46		0.02	0.11	0.05	(0.17)	0.66	0.15
Net (loss)/income per share from discontinued operations - Diluted (in dollars per share)		0.02					0.03			0.02	0.03	0.04
Net (loss)/income per share - Diluted (in dollars per share)	$ (0.06)	$ (0.09)	$ 0.02	$ (0.03)	$ 0.46		$ 0.05	$ 0.11	$ 0.05	$ (0.15)	$ 0.69	$ 0.19
Net income from discontinued operations, income tax expense/(benefit)	$ 8,069	$ 85,000	$ 0	$ 0	$ (4,153)		$ 5,280	$ 0	$ 0	$ 0	$ 1,127	$ 235
[1]	relates to the reversal of the tax valuation allowance

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Dec. 31, 2016	Dec. 15, 2016	Oct. 25, 2016	Sep. 02, 2016	May 22, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Number of shares granted						320,000	549,000	324,000
Weighted average exercise price (in dollars per share)						$ 8.80	$ 10.11	$ 4.94
2014 Employee Equity Incentive Plan [Member]
Number of shares granted						361,500
Subsequent Event [Member]
Investigative fees	$ 1,500,000
Mr. Michael A. McManus, Jr. [Member] | New Employment Agreement [Member]
Agreement expiration date					Jun. 30, 2017
Description of agreement					Renewals for successive one-year periods thereafter unless terminated by either party not less than ninety (90) days prior to the end of the then-current term.
Description of annual base salary					(i) $299,000 through June 30, 2015 and (ii) $325,000 commencing July 1, 2015.
Number of shares granted					100,000
Weighted average exercise price (in dollars per share)					$ 11.88
Description of vesting rights					Options vest in their entirety on June 30, 2017.
Mr. Michael A. McManus, Jr. [Member] | Retirement Agreement and General Release [Member] | Subsequent Event [Member]
Description of agreement				Renewed and extended for consecutive one (1) year renewal terms, unless either party sends to the other party a notice of non-renewal at least ninety (90) days prior to the expiration of the initial term or any then-current renewal term.
Description of annual base salary				Company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of the Company’s common stock, par value $.01 per share, through June 30, 2017.
Mr. Stavros G. Vizirgianakis [Member] | Subsequent Event [Member] | Private Placement [Member]
Number of shares sold			761,469
Share price (in dollars per share)			$ 5.253
Proceeds from stock sold			$ 4,000,000
Mr. Stavros G. Vizirgianakis [Member] | Employment Agreement [Member] | Subsequent Event [Member]
Description of annual base salary		Annual base salary of not less than three hundred sixty thousand dollars ($360,000) per annum, subject to review by the Board at least annually for increase but not for decrease.
Counsel fees		$ 10,000
Mr. Stavros G. Vizirgianakis [Member] | Employment Agreement [Member] | Subsequent Event [Member] | 2014 Employee Equity Incentive Plan [Member] | Restricted Stock [Member]
Number of shares granted		400,000
Description of vesting rights		(i) a grant of 134,000 shares vesting in five equal installments on September 1, 2017, 2018, 2019, 2020 and 2021; (ii) a performance grant of 133,000 shares which vests if both of the following conditions are satisfied simultaneously: (A) at any time prior to the third anniversary of the grant date, the most recent publicly reported trailing four (4) fiscal quarter revenue of the Company (exclusive of the impact of any acquisitions after the grant date) is at least $35,000,000 and (B) the closing price of the Company’s common stock is at least $10.50 per share (subject to adjustment for stock splits, stock dividends and the like) for ten (10) consecutive trading days; and (iii) a performance grant of 133,000 shares which vests if both of the following conditions are satisfied simultaneously: (A) at any time prior to the fifth anniversary of the grant date, the most recent publicly reported trailing four (4) fiscal quarter revenue of the Company (exclusive of the impact of any acquisitions after the grant date) is at least $48,000,000 and (B) the closing price of the Company’s common stock is at least $13.00 per share (subject to adjustment for stock splits, stock dividends and the like) for ten (10) consecutive trading days.

Schedule II (Details)

Schedule II (Details) - USD ($)		12 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Allowance for Doubtful Accounts [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period		$ 126,868	$ 136,868	$ 214,641
Additions charged (credited) to cost and expenses	[1]	(30,000)	(10,000)	(39,811)
(Deductions)	[2]			(37,962)
Balance at end of period		96,868	126,868	136,868
Valuation Allowance of Deferred Tax Assets [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period		628,730	6,132,147	6,663,002
Additions charged (credited) to cost and expenses			(1,111,693)	(530,855)
(Deductions)	[3]		(4,391,724)
Balance at end of period		$ 628,730	$ 628,730	$ 6,132,147
[1]	Reduction in allowance for doubtful accounts due to adjustment in reserve balance.
[2]	Reduction in allowance for doubtful accounts due to write off certain accounts receivable balances.
[3]	Reduction in deferred tax valuation allowance due to reevaluation of deferred tax assets.