Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | Aeon Global Health Corp. | |
Entity Central Index Key | 885,074 | |
Trading Symbol | aghc | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 7,249,370 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 469,727 | $ 1,121,763 |
Restricted cash | 120,695 | |
Accounts receivable, net | 2,665,907 | 1,020,988 |
Inventory, net | 396,477 | 347,750 |
Prepaid expenses and other current assets | 92,794 | 58,711 |
Total current assets | 3,624,905 | 2,669,907 |
Property and equipment, net | 1,575,192 | 2,203,543 |
Other assets | ||
Security deposits | 10,211 | 10,211 |
Deferred tax asset | 7,357,436 | 11,848,017 |
Total assets | 12,567,744 | 16,731,678 |
Current liabilities | ||
Accounts payable | 1,360,633 | 2,177,722 |
Accrued expenses | 2,144,413 | 2,168,090 |
Accrued commissions | 602,857 | 427,627 |
Accrued dividends | 902,076 | 644,979 |
Deferred rent | 184,808 | 141,833 |
Related party notes payable and related party accrued interest | 3,171,660 | 2,545,199 |
Derivative liabilities | 1,471,018 | 551,040 |
Total current liabilities | 9,837,465 | 8,656,490 |
Deferred rent | 112,500 | 45,000 |
Total liabilities | 9,949,965 | 8,701,490 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock, $.10 par value; 5,000,000 shares authorized, Series D, 605,000 shares and Series E 25,000 shares issued and outstanding at March 31, 2018 , and June 30, 2017, respectively | 63,000 | 63,000 |
Common stock, $.001 par value; 190,000,000 shares authorized, 7,249,370 shares issued and outstanding on March 31, 2018, and June 30, 2017 , respectively | 25,579 | 8,938 |
Additional paid-in capital | 44,958,427 | 44,307,479 |
(Accumulated deficit) | (4,229,227) | (36,349,229) |
Total shareholders’ equity | 2,617,779 | 8,030,188 |
Total liabilities and shareholders’ equity | $ 12,567,744 | $ 16,731,678 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2018 | Jun. 30, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 190,000,000 | 190,000,000 |
Common stock, shares issued (in shares) | 7,249,370 | 7,249,370 |
Common stock, shares outstanding (in shares) | 7,249,370 | 7,249,370 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 605,000 | 605,000 |
Preferred stock, shares outstanding (in shares) | 605,000 | 605,000 |
Series E Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 30 | $ 30 |
Preferred stock, shares issued (in shares) | 25,000 | 25,000 |
Preferred stock, shares outstanding (in shares) | 25,000 | 25,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net revenues | ||||
Net revenues | $ 4,055,579 | $ 5,531,810 | $ 12,944,853 | $ 16,468,699 |
Operating expenses | ||||
Cost of revenues | 958,113 | 897,590 | 2,975,231 | 2,855,754 |
Write down of inventory | 0 | 237,674 | ||
Selling, general and administrative | 3,221,658 | 3,748,403 | 9,426,754 | 11,624,267 |
Depreciation and amortization | 204,931 | 393,510 | 628,351 | 1,196,435 |
Total operating expenses | 4,384,702 | 5,039,503 | 13,030,336 | 15,914,130 |
Operating income (loss) | (329,123) | 492,307 | (85,483) | 554,569 |
Other income (expense) | ||||
Interest | (44,614) | (73,017) | (108,976) | (443,785) |
Change in fair value of derivative liabilities | (1,285,842) | 256,806 | (919,978) | 392,407 |
Loss on extinguishment of debt | (247,539) | (258,037) | (258,037) | |
Other | (49,831) | (212,125) | ||
Total other (expense) income | (1,380,287) | (74,248) | (1,241,079) | (309,415) |
Income (loss) before provision for income taxes | (1,709,410) | 418,059 | (1,326,562) | 245,154 |
Provision for income taxes | (3,102) | (4,496,341) | ||
Net income (loss) | (1,686,242) | 418,059 | (5,796,633) | 245,154 |
Less: preferred dividends | (85,699) | (74,863) | (257,095) | (276,111) |
Net income (loss) available to common shareholders | $ (1,771,941) | $ 343,196 | $ (6,052,581) | $ (30,957) |
Income (loss) per share: | ||||
Basic income (loss) per common share (in dollars per share) | $ (0.25) | $ 0.05 | $ (0.83) | $ 0 |
Diluted income (loss) per common share (in dollars per share) | $ (0.25) | $ 0.04 | $ (0.83) | $ 0 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 7,249,370 | 7,168,329 | 7,249,370 | 6,312,344 |
Diluted (in shares) | 7,249,370 | 8,765,657 | 7,249,370 | 6,312,344 |
Fees for Service [Member] | ||||
Net revenues | ||||
Net revenues | $ 3,811,444 | $ 5,212,634 | $ 12,199,868 | $ 15,469,366 |
Hosted Software Service [Member] | ||||
Net revenues | ||||
Net revenues | 239,535 | 314,812 | 731,085 | 973,417 |
Telehealth Product and Service [Member] | ||||
Net revenues | ||||
Net revenues | $ 4,600 | $ 4,364 | $ 13,900 | $ 25,916 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net (loss) earnings | $ (5,796,633) | $ 245,154 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Impairment of deferred tax asset | 4,490,581 | |
Change in fair value of derivative liabilities | 919,978 | (392,407) |
Write down of inventory | 0 | 237,674 |
Loss on debt extinguishment | 258,037 | |
Depreciation and amortization | 628,351 | 1,196,435 |
Share based compensation | 650,948 | 186,753 |
Changes in assets and liabilities | ||
Restricted cash | 120,695 | |
Accounts receivable | (1,644,919) | 410,655 |
Inventory | (48,727) | (294,378) |
Prepaid expenses and other current assets | (34,083) | 46,011 |
Accounts payable | (559,992) | (1,454,907) |
Accrued expenses | (25,170) | (59,229) |
Accrued commissions | 175,230 | 182,054 |
Deferred rent | (2,025) | 8,629 |
Net cash provided by (used in) operating activities | (1,152,036) | 570,481 |
Cash flows from investing activities | ||
Purchases of property and equipment | (22,103) | |
Net cash (used in) investing activities | (22,103) | |
Cash flows from financing activities | ||
Proceeds from note payable - related party | 500,000 | 250,000 |
Repayments of notes payable | (1,057,811) | |
Net cash provided by (used in) financing activities | 500,000 | (807,811) |
Net decrease in cash | (652,036) | (259,433) |
Cash beginning of period | 1,121,763 | 1,414,706 |
Cash end of period | 469,727 | 1,155,273 |
Supplemental disclosure of cash paid for: | ||
Interest paid | ||
Income taxes paid | 108,998 | |
Non-cash investing and financing activities | ||
Non-cash preferred dividends | 257,097 | 276,111 |
Earn-out common dividends paid in stock | 5,472,598 | |
Conversion of accrued interest to notes payable | 4,452 | 375,199 |
Derivative liability resulting from issuance of convertible notes | $ 792,724 | $ 328,422 |
Note 1 - Description of Busines
Note 1 - Description of Business, Reverse Merger and Liquidity | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of Business, Reverse Merger and Liquidity Business AEON Global Health Corp. ("AGHC" or the "Company") and its subsidiaries primarily provides an array of clinical testing services to health care professionals through its wholly-owned subsidiary, Peachstate Health Management, LLC d/b/a AEON Clinical Laboratories ("AEON"). AGHC also continues to provide its legacy secure web-based revenue cycle management applications and telehealth products and services that enable healthcare organizations to increase revenues, improve productivity, reduce costs, coordinate care for patients and enhance related administrative and clinical workflows and compliance with regulatory requirements. Web-based services are delivered as Software as a Service (SaaS) to customers interfacing seamlessly with billing, information and records management systems. Reverse Merger On January 27, 2016, January 26, 2016, May 31, 2016 December 15, 2016 ( January 27, 2016. four Under accounting principles generally accepted in the United States of America ("U.S. GAAP"), the merger is treated as a "reverse merger" under the purchase method of accounting. The condensed consolidated financial statements reflect the historical results of AEON prior to the completion of the reverse merger since it was determined to be the accounting acquirer, and do not Going Concern As of the filing date of this Quarterly Report on Form 10 $3,049,651 March 20, 2019 $180,000 June 15, 2018 twelve no not The Company's capital requirements have been and will continue to be significant and it is expending significant amounts of capital to develop, promote and market its services. The Company's available cash and cash equivalents as of March 31, 2018 $470,000 $6,217,000. 10 $1,011,000 $1,200,000. The Company does not may may may may may may may not third no Management has concluded that due to the conditions described above, there is substantial doubt about the entity's ability to continue as a going concern. We have evaluated the significance of the conditions in relation to our ability to meet our obligations and believe that our current cash balance will provide sufficient capital to continue operations through fiscal 2018. not no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The Company's condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These interim financial statements have been prepared on the same basis as the Company's annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company's financial information. These interim results are not June 30, 2018 June 30, 2017, 2017 10 The balance sheet as of June 30, 2017 not Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most sensitive accounting estimates affecting the financial statements are revenue recognition, the allowance for doubtful accounts, depreciation of long-lived assets, fair value of intangible assets and goodwill, amortization of intangible assets, income taxes and associated deferrals and valuation allowances, commitments and contingencies and measurement of derivative liabilities. Accounts Receivable, Net Accounts receivable represent customer obligations due under normal trade terms, net of allowance for doubtful accounts. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. The allowance for doubtful accounts was approximately $1,090,000 $923,000 March 31, 2018 June 30, 2017, Fair Value Measurements The Company follows ASC 820 10, "Fair Value Measurements and Disclosures" 820 10 820 10 three three 820 10 Level 1 - Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 - Pricing inputs other than quoted prices in active markets included in Level 1, Level 3 - Pricing inputs that are generally unobservable input and not The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lower priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one 3. Revenue Recognition The Company provides laboratory testing services, web-based hosted software services, telehealth products and post contract customer support services. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC- 605 "Revenue Recognition" third Revenue from laboratory testing services are recognized at the time test results are delivered, net of estimated contractual allowances. Third-party reimbursement revenue is estimated based on cash received over a 12 Revenue for hosted software services, telehealth products, and customer support services are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed and collectability is reasonably assured. Multiple-element arrangements are assessed to determine whether they can be separated into more than one one not Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts which, at times, may March 31, 2018 June 30, 2017, $223,000 $871,000 not At March 31, 2018, one $1,491,000. June 30, 2017. 39% March 31, 2018. Income Taxes The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. Management considers the likelihood of changes by taxing authorities in its filed income tax returns and recognizes a liability for or discloses potential changes that management believes are more likely than not not Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. Recent Accounting Pronouncements In May 2014, 2014 09, "Revenue from Contracts with Customers" 606 2014 09" not July 1, 2018. In August 2014, No. 2014 15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". one one December 15, 2016 2014 15 10 In July 2015, 2015 11, "Inventory Topic 330 Simplifying the Measurement of Inventory" 2015 11 first 2015 11 December 15, 2016. no not In February 2016, No. 2016 02, "Leases" 12 December 15, 2018, 2016 02 July 1, 2019. In March 2016, No. 2016 09, "Compensation-Stock Compensation (Topic 718 ): Improvements to Employee Share-Based Payment Accounting" December 15, 2016, no In August 2016, No. 2016 15, "Statement of Cash Flows (Topic 230 ): Classification of Certain Cash Receipts and Cash Payments," July 1, 2018 July 1, 2018. In November 2016, 2016 18, "Restricted Cash" first 2019 1, 2018 July 1, 2018. In May 2017, 2017 09, "Compensation-Stock Compensation (Topic 718 ): Scope of Modification Accounting", December 15, 2017. July 1, 2018. In July 2017, 2017 11, "Earnings Per Share (Topic 260 ), Distinguishing Liabilities from Equity (Topic 480 ) and Derivatives and Hedging (Topic 815 ); Part I. Accounting for Certain Financial Instruments with Down Round Features and Part II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception", no no 260 July 1, 2019. In December 2017, No. 118, 740, Income Taxes December 22, 2017, No. 118 December 22, 2017. No. 118 10 March 31, 2018 |
Note 3 - Restatement and Correc
Note 3 - Restatement and Correction of Error | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 3. Restatement and Correction of Error As previously reported, the Company has concluded that its results for the quarter ending March 31, 2017 10 June 30, 2017. not The following adjustments were made to the March 31, 2017 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) As Originally As Originally Reported As Restated Reported As Restated Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Mar 31, Mar 31, Mar 31, Mar 31, 2017 Adj 2017 2017 Adj 2017 Net revenues Fees for services $ 5,212,634 $ - $ 5,212,634 $ 15,469,366 $ - $ 15,469,366 Hosted software services 314,812 - 314,812 973,417 - 973,417 Telehealth services 4,364 - 4,364 25,916 - 25,916 Total net revenues 5,531,810 - 5,531,810 16,468,699 - 16,468,699 Cost of revenues 908,290 (10,700 ) 897,590 3,203,504 (347,750 ) 2,855,754 Write-down of inventory - - - 237,674 237,674 Selling, general and administrative 3,388,403 360,000 3,748,403 11,264,267 360,000 11,624,267 Depreciation and amortization 393,510 - 393,510 1,196,435 - 1,196,435 Total operating expenses 4,690,203 349,300 5,039,503 15,901,880 12,250 15,914,130 Operating income 841,607 (349,300 ) 492,307 566,819 (12,250 ) 554,569 Other (expense), net (74,248 ) - (74,248 ) (309,415 ) - (309,415 ) 767,359 (349,300 ) 418,059 257,404 (12,250 ) 245,154 Income tax provision - - - - - - Net income $ 767,359 $ (349,300 ) $ 418,059 $ 257,404 $ (12,250 ) $ 245,154 less: preferred dividends $ (74,863 ) $ - $ (74,863 ) $ (276,111 ) $ - $ (276,111 ) Net income (loss) available to common shareholders $ 692,496 $ (349,300 ) $ 343,196 $ (18,707 ) $ (12,250 ) $ (30,957 ) Basic loss per common share $ 0.10 $ (0.05 ) $ 0.05 $ 0.00 $ 0.00 $ (0.00 ) Diluted loss per common share $ 0.08 $ (0.04 ) $ 0.04 $ 0.00 $ 0.00 $ (0.00 ) The following adjustments were made to the March 31, 2017 CONSOLIDATED STATEMENT OF CASH FLOWS As Originally Reported As Restated Nine Months Nine Months Ended Ended March 31, March 31, 2017 Adj 2017 Cash Flows from Operating Activities Net Income $ 257,404 $ (12,250 ) $ 245,154 Adjustments to reconcile net loss to cash provided by operating activities Write off of inventory 237,674 - 237,674 Loss on debt extinguishment 258,037 - 258,037 Change in fair value of derivative liabilities (392,407 ) - (392,407 ) Deferred taxes - - - Depreciation and amortization 1,196,435 - 1,196,435 Share based compensation 186,753 - 186,753 Deferred rent - - - Changes in assets and liabilities Accounts receivable 410,655 - 410,655 Inventory 53,372 (347,750 ) (294,378 ) Prepaid expenses and other current assets 46,011 - 46,011 Accounts payable (1,454,907 ) - (1,454,907 ) Accrued expenses (419,229 ) 360,000 (59,229 ) Accrued commissions 182,054 - 182,054 Deferred rent 8,629 - 8,629 Net cash provided by operating activities 570,481 - 570,481 Cash flows from investing activities Purchases of property and equipment (22,103 ) - (22,103 ) Net cash used in investing activities (22,103 ) - (22,103 ) Cash flows from financing activities Proceeds from note payable - related party 250,000 - - Repayment of notes payable (1,057,811 ) - (1,057,811 ) Net cash used in financing activities (807,811 ) - (1,057,811 ) Net decrease in cash and cash equivalents (259,433 ) - (259,433 ) Cash and cash equivalents beginning of year 1,414,706 - 1,414,706 Cash and cash equivalents end of year $ 1,155,273 $ - $ 1,155,273 |
Note 4 - Inventory
Note 4 - Inventory | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventory Inventory consists of the following: March 31, June 30, 2018 2017 Laboratory testing supplies $ 396,477 $ 347,750 Total inventory $ 396,477 $ 347,750 Purchased components of approximately $31,000 $207,000 nine March 31, 2017 No nine March 31, 2018. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. Income Taxes The Company's effective tax rate for the three nine March 31, 2018 0.2 371.1 nine March 31, 2018 $4,491,000, three nine March 31, 2018, 21 On December 22, 2017, 2017 740, 740" nine March 31, 2018, $4,491,000 At March 31, 2018, $7,357,000. $31,291,000 not |
Note 6 - Related Party Notes Pa
Note 6 - Related Party Notes Payable | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 6. Related Party Notes Payable March 31, 2018 June 30, 2017 Accrued Total Interest rate Note Interest rate Principal Interest Outstanding per annum Payable per annum Secured Secured $ 1,056,875 $ 1,593 $ 1,058,468 5% interest paid annually $ 1,056,875 5% interest paid annually 641,294 966 642,260 5% interest paid annually 641,294 5% interest paid annually 255,417 385 255,802 5% interest paid annually 255,417 5% interest paid annually 591,613 891 592,504 5% interest paid annually 591,613 5% interest paid annually 504,452 760 505,212 5% interest paid annually Total $ 3,049,651 $ 4,595 $ 3,054,246 Total $ 2,545,199 Prior Year Exchange Transaction On March 20, 2017, $2,170,000 $2,545,199, $2.03 1,253,792 85% not $328,422. one $950,000 $2.25 $520,000 $3.00 $700,000 The New Senior Notes bear interest at the rate of 5% one 110% first may 110% During the year ended June 30, 2017, March 20, 2017, 25,000 $30.00 187,500 $4.00 4.99% may not 9.99% Prior Year Loss on Extinguishment of Debt In accordance with ASC 470 50, Debt - Modifications and Extinguishments $258,037 2017. $328,422 $50,000 $120,385. Current Year Exchange Transaction On March 27, 2018, $500,000, Note Amendment Transaction In the Note Amendment Transaction, the holders (the "Senior Holders") of the outstanding principal amount of $2,545,199 twelve March 20, 2019 $1.20 2,120,999 not 1 $255,417 $591,613 825,144 $2.07 $1.22 March 31, 2018 $122,000, not March 20, 2019 Note Exchange Transaction In connection with the Note Amendment Transaction, on March 27, 2018, $500,000, $504,452, March 27, 2018. The Additional Senior Note is the same, in all material respects, as the New Senior Notes described above in the Note Amendment Transaction and is convertible into shares of the Company's Common Stock at an initial conversion price of $1.20. 420,376 may first In accordance with ASC 470 50, Debt - Modifications and Extinguishments $247,539 2018. $908,728 |
Note 7 - Equity
Note 7 - Equity | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Equity Preferred Stock As of March 31, 2018, 25,000 187,500 $4.00 not $30.00 one 5% March 31, 2018, $39,000 As of March 31, 2018, 605,000 619,154 $9.77139 may not $10.00 June 2016. 5% March 31, 2018, $863,000 The Company's preferred stock takes precedence over Common Stock but ranks below debt in the event of liquidation. In addition, the Series D Convertible Preferred Stock ranks above the Series E Convertible Preferred Stock. Earnings per Share FASB ASC Topic 260, Earnings per Share three nine March 31, 2018, Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Basic earnings (loss) per share Net (loss) earnings $ (1,686,242 ) $ 418,059 $ (5,796,633 ) $ 245,154 Preferred stock dividends (85,699 ) (74,863 ) (255,948 ) (276,111 ) Net (loss) earnings available to common shareholders after preferred stock dividends $ (1,771,941 ) $ 343,196 $ (6,052,581 ) $ (30,957 ) Weighted average shares used in the computation of basic earning per share 7,249,370 7,168,329 7,249,370 6,312,344 (Loss) earnings per share - basic $ (0.25 ) $ 0.05 $ (0.83 ) $ (0.00 ) Dilutive earnings (loss) per share (Loss) earnings available to common shareholders $ (1,771,941 ) $ 343,196 $ (6,052,581 ) $ (30,957 ) Weighted average shares used in the computation of diluted (loss) earnings per share 7,249,370 7,168,329 7,249,370 6,312,344 Dilutive effect of options, warrants, convertible debt and convertible preferred stock - 1,597,328 - - Shares used in the computation of diluted (loss) earnings per share 7,249,370 8,765,657 7,249,370 6,312,344 (Loss) earnings per share - diluted $ (0.25 ) $ 0.04 $ (0.83 ) $ (0.00 ) Anti-Dilutive Options Excluded 6,611,355 3,545,077 6,611,355 6,919,034 Common Stock Warrants A schedule of common stock warrant activity for the nine March 31, 2018 Warrant Activity Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding June 30, 2017 4,150,535 $ 4.67 3.87 $ 42,582 Issued - Expired (25,000 ) $ 12.06 - Outstanding March 31, 2018 4,125,535 $ 4.44 3.11 $ - Exercisable, March 31, 2018 4,069,979 $ 4.05 3.35 $ - Due to the adjustment of the conversion price of the New Senior Notes, the exercise price of outstanding warrants to purchase an aggregate of 825,144 $2.07 $1.22 |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. Share-Based Compensation Stock option activity under the Company's stock option plans for employees and non-executive directors for the nine March 31, 2018 Employee Option Activity Number of Options Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding June 30, 2017 226,902 9.04 6.34 Granted 50,000 2.00 9.45 Expired/Forfeited (11,556 ) 23.40 - Outstanding March 31, 2018 265,346 7.08 6.80 Exercisable March 31, 2018 143,917 11.50 4.69 Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Non-Executive Option Activity Options Price Life (Years) Value Outstanding June 30, 2017 602,311 3.57 6.11 $ - Granted 45,555 1.59 9.50 - Expired/forfeited (102,807 ) 5.33 - - Outstanding and exercisable March 31, 2018 545,059 3.07 7.99 $ - Share based compensation for the three March 31, 2018 2017 $117,000 $38,000, nine March 31, 2018 2017 $562,000 $186,000, No March 31, 2018 March 31, 2018. Restricted stock unit activity under the Company's restricted stock unit plans for employees and non-executive directors for the nine March 31, 2018 Number of RSUs Weighted Average Grant Date Fair Value Outstanding June 30, 2017 411,429 $ 1.75 Granted 201,448 0.78 Expired/Forfeited (57,429 ) 0.48 Outstanding March 31, 2018 555,448 $ 1.42 On March 31, 2018, 40,724 40,724 2011 "2011 five March 31, 2018. |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements and Other Financial Instruments | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurements and Other Financial Instruments The carrying amounts of the Company's financial assets and liabilities, such as cash, accounts receivable, inventory, prepaid expenses, and other current assets, accounts payable and accrued expenses approximate their fair values because of the short maturity of these instruments. In connection with the issuance of a convertible promissory note as discussed in Note 6, The Company's Level 3 2011 2015. three September 30, 2016 2018 The Company utilized the following assumptions in valuing the derivative conversion features: Exercise Price $ 1.20 - $ 1.22 Risk free interest rate 2.07 % - 2.55 % Expected volatility 115 % - 150 % Remaining Term (years) 0.97 - 5.32 Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis The fair value of AGHC financial instruments, using the fair value hierarchy under U.S. GAAP detailed in "Fair Value Measurements" in Note 2, The Company uses Level 3 3 The following tables provide a summary of the changes in fair value, including net transfers in and/or out, of all financial assets / (liabilities) measured at the fair value on a recurring basis using significant unobservable inputs during the nine March 31, 2018. Convertible Warrants Notes Total Balance - June 30, 2017 $ 435,036 $ 116,004 $ 551,040 Change in fair value of derivative liabilities 127,254 792,724 919,978 Balance - March 31, 2018 $ 562,290 $ 908,728 $ 1,471,018 Fair Value Level 1 Level 2 Level 3 June 30, 2017 derivative liabilities $ 551,040 $ - $ - $ 551,040 March 31, 2018 derivative liabilities $ 1,471,018 $ - $ - $ 1,471,018 Derivative Instruments For the three nine March 31, 2018 2017, $1,286,000 $920,000 $257,000 $392,000 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies A complaint was filed by a former independent contractor in the State of Louisiana who was involved in the sales and marketing of the Company's products and services. The caption of the case is Medlogic, LLC and Malena F. Badon v. Peachstate Health Management, LLC., et al. not not Regarding the termination of the Company's employment relationship with certain executives, including the former Chief Executive Officer ("CEO") of Authentidate Holding Corp., O’Connell Benjamin, the Company has been reviewing its severance obligations to them and the vesting of other post-termination provisions. The Company believes that it has accrued all related severance costs as of March 31, 2018 June 22, 2016 $341,620 October 30, 2017, no On May 3, 2017, 1996, May 23, 2017 may, not The Company is the plaintiff in a case captioned Peachstate Health Management, LLC d/b/a Aeon Clinical Laboratories v. Radius Foundation, Inc. and William Bramlett, Ph.D., June 13, 2017 No. 2017 312 $116,865 March 29, 2018, The Company is the plaintiff in a case captioned Peachstate Health Management, LLC d/b/a Aeon Clinical Laboratories v. Trimana, LLC d/b/a Via Medical Center No. 2016 246D April 29, 2016 $104,652 March 12, 2018. The Company is a defendant in an action captioned Cogmedix, Inc. v. Authentidate Holding Corp No. 1685CV013188. September 6, 2016, December 6, 2013, $227,061, February 15, 2018, $320,638 The Company, along with its chief executive officer and certain unnamed persons, are defendants in a case captioned Carlotta Miraflor v. Peachstate Health Management, LLC d/b/a Aeon Global Health, et al. October 4, 2017 No. 5:17 02046 January 3, 2018 July 2017 The Company has a lease for its offices in New Jersey, which has a term of six $135,000 first $148,000 one five 18 27 36 $121,000, first 2018. not 2018. The Company is also subject to claims and litigation arising in the ordinary course of business. Management considers that any liability from any reasonably foreseeable disposition of such claims and litigation, individually or in the aggregate, would not The Company has entered into various agreements by which it may may may third not not March 31, 2018, not |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Transactions Except as disclosed herein, the Company has not 5% July 1, 2017. AEON leases its facilities from Centennial Properties of Georgia, LLC under a lease agreement commencing April 2014, January 20, 2016. 12 March 2026. $46,500 $60,000. first three nine March 31, 2018 2017 $144,000 $432,000, $140,000 $419,000, The Company holds certain related party notes payable to certain shareholders, its Chief Executive Officer and affiliates of board members of the Company, as detailed in Note 6. $37,000 $106,000, $87,000 $286,000 three nine March 31, 2018 2017, $2,545,199 twelve 20, 2019 $1.20 2,120,999 not 1 $255,417 $591,613 825,144 $2.07 $1.22 31, 2018 $122,000, not 20, 2019 Effective January 23, 2018, $500,000. not April 23, 2018 5% 6 AGHC entered into a lease agreement with Hanif A. ("Sonny") Roshan (the "landlord") for a residential premises at 5455 30517 one January 1, 2018 December 31, 2018 $7,500 first 3% $22,500 $67,500 three nine March 31, 2018. On January 4, 2018, $40,000 $25,000 February 2018, not February 21, 2018. |
Note 12 - Segment Information
Note 12 - Segment Information | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Segment Information The Company is operated as two Selected financial information related to the Company's segments is presented below: Laboratory Web-Based Software Testing Services Total Three Months ended March 31, 2018 Net revenues $ 244,135 $ 3,811,444 $ 4,055,579 Cost of revenues 44,297 913,816 958,113 Operating expenses 436,359 3,948,343 4,384,702 Operating loss (192,223 ) (110,629 ) (329,123 ) Nine Months ended March 31, 2018 Net revenues $ 744,985 $ 12,199,868 $ 12,944,853 Cost of revenues 164,403 2,810,828 2,975,231 Operating expenses 1,644,812 11,385,524 13,030,336 Operating income (loss) (899,827 ) 840,614 (85,483) Three Months Ended March 31, 2017 Net revenues $ 319,176 $ 5,212,634 $ 5,531,810 Cost of revenues 52,438 845,152 897,590 Operating expenses 393,510 4,645,993 5,039,503 Operating income (loss) (74,334 ) 566,641 492,307 Nine Months ended March 31, 2017 Net revenues $ 999,333 $ 15,469,366 $ 16,468,699 Cost of revenues 203,691 2,652,063 2,855,754 Operating expenses 1,558,364 14,355,766 15,914,130 Operating income (loss) (559,031 ) 1,113,600 554,569 March 31, 2018 Total assets $ 7,520,405 $ 5,073,608 $ 12,594,013 June 30, 2017 Total assets $ 11,772,874 $ 4,958,804 $ 16,731,678 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company's condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These interim financial statements have been prepared on the same basis as the Company's annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company's financial information. These interim results are not June 30, 2018 June 30, 2017, 2017 10 The balance sheet as of June 30, 2017 not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most sensitive accounting estimates affecting the financial statements are revenue recognition, the allowance for doubtful accounts, depreciation of long-lived assets, fair value of intangible assets and goodwill, amortization of intangible assets, income taxes and associated deferrals and valuation allowances, commitments and contingencies and measurement of derivative liabilities. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable, Net Accounts receivable represent customer obligations due under normal trade terms, net of allowance for doubtful accounts. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. The allowance for doubtful accounts was approximately $1,090,000 $923,000 March 31, 2018 June 30, 2017, |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company follows ASC 820 10, "Fair Value Measurements and Disclosures" 820 10 820 10 three three 820 10 Level 1 - Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 - Pricing inputs other than quoted prices in active markets included in Level 1, Level 3 - Pricing inputs that are generally unobservable input and not The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lower priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one 3. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company provides laboratory testing services, web-based hosted software services, telehealth products and post contract customer support services. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC- 605 "Revenue Recognition" third Revenue from laboratory testing services are recognized at the time test results are delivered, net of estimated contractual allowances. Third-party reimbursement revenue is estimated based on cash received over a 12 Revenue for hosted software services, telehealth products, and customer support services are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed and collectability is reasonably assured. Multiple-element arrangements are assessed to determine whether they can be separated into more than one one not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts which, at times, may March 31, 2018 June 30, 2017, $223,000 $871,000 not At March 31, 2018, one $1,491,000. June 30, 2017. 39% March 31, 2018. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. Management considers the likelihood of changes by taxing authorities in its filed income tax returns and recognizes a liability for or discloses potential changes that management believes are more likely than not not |
Reclassification, Policy [Policy Text Block] | Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, "Revenue from Contracts with Customers" 606 2014 09" not July 1, 2018. In August 2014, No. 2014 15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". one one December 15, 2016 2014 15 10 In July 2015, 2015 11, "Inventory Topic 330 Simplifying the Measurement of Inventory" 2015 11 first 2015 11 December 15, 2016. no not In February 2016, No. 2016 02, "Leases" 12 December 15, 2018, 2016 02 July 1, 2019. In March 2016, No. 2016 09, "Compensation-Stock Compensation (Topic 718 ): Improvements to Employee Share-Based Payment Accounting" December 15, 2016, no In August 2016, No. 2016 15, "Statement of Cash Flows (Topic 230 ): Classification of Certain Cash Receipts and Cash Payments," July 1, 2018 July 1, 2018. In November 2016, 2016 18, "Restricted Cash" first 2019 1, 2018 July 1, 2018. In May 2017, 2017 09, "Compensation-Stock Compensation (Topic 718 ): Scope of Modification Accounting", December 15, 2017. July 1, 2018. In July 2017, 2017 11, "Earnings Per Share (Topic 260 ), Distinguishing Liabilities from Equity (Topic 480 ) and Derivatives and Hedging (Topic 815 ); Part I. Accounting for Certain Financial Instruments with Down Round Features and Part II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception", no no 260 July 1, 2019. In December 2017, No. 118, 740, Income Taxes December 22, 2017, No. 118 December 22, 2017. No. 118 10 March 31, 2018 |
Note 3 - Restatement and Corr19
Note 3 - Restatement and Correction of Error (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) As Originally As Originally Reported As Restated Reported As Restated Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Mar 31, Mar 31, Mar 31, Mar 31, 2017 Adj 2017 2017 Adj 2017 Net revenues Fees for services $ 5,212,634 $ - $ 5,212,634 $ 15,469,366 $ - $ 15,469,366 Hosted software services 314,812 - 314,812 973,417 - 973,417 Telehealth services 4,364 - 4,364 25,916 - 25,916 Total net revenues 5,531,810 - 5,531,810 16,468,699 - 16,468,699 Cost of revenues 908,290 (10,700 ) 897,590 3,203,504 (347,750 ) 2,855,754 Write-down of inventory - - - 237,674 237,674 Selling, general and administrative 3,388,403 360,000 3,748,403 11,264,267 360,000 11,624,267 Depreciation and amortization 393,510 - 393,510 1,196,435 - 1,196,435 Total operating expenses 4,690,203 349,300 5,039,503 15,901,880 12,250 15,914,130 Operating income 841,607 (349,300 ) 492,307 566,819 (12,250 ) 554,569 Other (expense), net (74,248 ) - (74,248 ) (309,415 ) - (309,415 ) 767,359 (349,300 ) 418,059 257,404 (12,250 ) 245,154 Income tax provision - - - - - - Net income $ 767,359 $ (349,300 ) $ 418,059 $ 257,404 $ (12,250 ) $ 245,154 less: preferred dividends $ (74,863 ) $ - $ (74,863 ) $ (276,111 ) $ - $ (276,111 ) Net income (loss) available to common shareholders $ 692,496 $ (349,300 ) $ 343,196 $ (18,707 ) $ (12,250 ) $ (30,957 ) Basic loss per common share $ 0.10 $ (0.05 ) $ 0.05 $ 0.00 $ 0.00 $ (0.00 ) Diluted loss per common share $ 0.08 $ (0.04 ) $ 0.04 $ 0.00 $ 0.00 $ (0.00 ) As Originally Reported As Restated Nine Months Nine Months Ended Ended March 31, March 31, 2017 Adj 2017 Cash Flows from Operating Activities Net Income $ 257,404 $ (12,250 ) $ 245,154 Adjustments to reconcile net loss to cash provided by operating activities Write off of inventory 237,674 - 237,674 Loss on debt extinguishment 258,037 - 258,037 Change in fair value of derivative liabilities (392,407 ) - (392,407 ) Deferred taxes - - - Depreciation and amortization 1,196,435 - 1,196,435 Share based compensation 186,753 - 186,753 Deferred rent - - - Changes in assets and liabilities Accounts receivable 410,655 - 410,655 Inventory 53,372 (347,750 ) (294,378 ) Prepaid expenses and other current assets 46,011 - 46,011 Accounts payable (1,454,907 ) - (1,454,907 ) Accrued expenses (419,229 ) 360,000 (59,229 ) Accrued commissions 182,054 - 182,054 Deferred rent 8,629 - 8,629 Net cash provided by operating activities 570,481 - 570,481 Cash flows from investing activities Purchases of property and equipment (22,103 ) - (22,103 ) Net cash used in investing activities (22,103 ) - (22,103 ) Cash flows from financing activities Proceeds from note payable - related party 250,000 - - Repayment of notes payable (1,057,811 ) - (1,057,811 ) Net cash used in financing activities (807,811 ) - (1,057,811 ) Net decrease in cash and cash equivalents (259,433 ) - (259,433 ) Cash and cash equivalents beginning of year 1,414,706 - 1,414,706 Cash and cash equivalents end of year $ 1,155,273 $ - $ 1,155,273 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, June 30, 2018 2017 Laboratory testing supplies $ 396,477 $ 347,750 Total inventory $ 396,477 $ 347,750 |
Note 6 - Related Party Notes 21
Note 6 - Related Party Notes Payable (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2018 June 30, 2017 Accrued Total Interest rate Note Interest rate Principal Interest Outstanding per annum Payable per annum Secured Secured $ 1,056,875 $ 1,593 $ 1,058,468 5% interest paid annually $ 1,056,875 5% interest paid annually 641,294 966 642,260 5% interest paid annually 641,294 5% interest paid annually 255,417 385 255,802 5% interest paid annually 255,417 5% interest paid annually 591,613 891 592,504 5% interest paid annually 591,613 5% interest paid annually 504,452 760 505,212 5% interest paid annually Total $ 3,049,651 $ 4,595 $ 3,054,246 Total $ 2,545,199 |
Note 7 - Equity (Tables)
Note 7 - Equity (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Basic earnings (loss) per share Net (loss) earnings $ (1,686,242 ) $ 418,059 $ (5,796,633 ) $ 245,154 Preferred stock dividends (85,699 ) (74,863 ) (255,948 ) (276,111 ) Net (loss) earnings available to common shareholders after preferred stock dividends $ (1,771,941 ) $ 343,196 $ (6,052,581 ) $ (30,957 ) Weighted average shares used in the computation of basic earning per share 7,249,370 7,168,329 7,249,370 6,312,344 (Loss) earnings per share - basic $ (0.25 ) $ 0.05 $ (0.83 ) $ (0.00 ) Dilutive earnings (loss) per share (Loss) earnings available to common shareholders $ (1,771,941 ) $ 343,196 $ (6,052,581 ) $ (30,957 ) Weighted average shares used in the computation of diluted (loss) earnings per share 7,249,370 7,168,329 7,249,370 6,312,344 Dilutive effect of options, warrants, convertible debt and convertible preferred stock - 1,597,328 - - Shares used in the computation of diluted (loss) earnings per share 7,249,370 8,765,657 7,249,370 6,312,344 (Loss) earnings per share - diluted $ (0.25 ) $ 0.04 $ (0.83 ) $ (0.00 ) Anti-Dilutive Options Excluded 6,611,355 3,545,077 6,611,355 6,919,034 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrant Activity Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding June 30, 2017 4,150,535 $ 4.67 3.87 $ 42,582 Issued - Expired (25,000 ) $ 12.06 - Outstanding March 31, 2018 4,125,535 $ 4.44 3.11 $ - Exercisable, March 31, 2018 4,069,979 $ 4.05 3.35 $ - |
Note 8 - Share-based Compensa23
Note 8 - Share-based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Employee Option Activity Number of Options Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding June 30, 2017 226,902 9.04 6.34 Granted 50,000 2.00 9.45 Expired/Forfeited (11,556 ) 23.40 - Outstanding March 31, 2018 265,346 7.08 6.80 Exercisable March 31, 2018 143,917 11.50 4.69 Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Non-Executive Option Activity Options Price Life (Years) Value Outstanding June 30, 2017 602,311 3.57 6.11 $ - Granted 45,555 1.59 9.50 - Expired/forfeited (102,807 ) 5.33 - - Outstanding and exercisable March 31, 2018 545,059 3.07 7.99 $ - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of RSUs Weighted Average Grant Date Fair Value Outstanding June 30, 2017 411,429 $ 1.75 Granted 201,448 0.78 Expired/Forfeited (57,429 ) 0.48 Outstanding March 31, 2018 555,448 $ 1.42 |
Note 9 - Fair Value Measureme24
Note 9 - Fair Value Measurements and Other Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Exercise Price $ 1.20 - $ 1.22 Risk free interest rate 2.07 % - 2.55 % Expected volatility 115 % - 150 % Remaining Term (years) 0.97 - 5.32 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Convertible Warrants Notes Total Balance - June 30, 2017 $ 435,036 $ 116,004 $ 551,040 Change in fair value of derivative liabilities 127,254 792,724 919,978 Balance - March 31, 2018 $ 562,290 $ 908,728 $ 1,471,018 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Level 1 Level 2 Level 3 June 30, 2017 derivative liabilities $ 551,040 $ - $ - $ 551,040 March 31, 2018 derivative liabilities $ 1,471,018 $ - $ - $ 1,471,018 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Laboratory Web-Based Software Testing Services Total Three Months ended March 31, 2018 Net revenues $ 244,135 $ 3,811,444 $ 4,055,579 Cost of revenues 44,297 913,816 958,113 Operating expenses 436,359 3,948,343 4,384,702 Operating loss (192,223 ) (110,629 ) (329,123 ) Nine Months ended March 31, 2018 Net revenues $ 744,985 $ 12,199,868 $ 12,944,853 Cost of revenues 164,403 2,810,828 2,975,231 Operating expenses 1,644,812 11,385,524 13,030,336 Operating income (loss) (899,827 ) 840,614 (85,483) Three Months Ended March 31, 2017 Net revenues $ 319,176 $ 5,212,634 $ 5,531,810 Cost of revenues 52,438 845,152 897,590 Operating expenses 393,510 4,645,993 5,039,503 Operating income (loss) (74,334 ) 566,641 492,307 Nine Months ended March 31, 2017 Net revenues $ 999,333 $ 15,469,366 $ 16,468,699 Cost of revenues 203,691 2,652,063 2,855,754 Operating expenses 1,558,364 14,355,766 15,914,130 Operating income (loss) (559,031 ) 1,113,600 554,569 March 31, 2018 Total assets $ 7,520,405 $ 5,073,608 $ 12,594,013 June 30, 2017 Total assets $ 11,772,874 $ 4,958,804 $ 16,731,678 |
Note 1 - Description of Busin26
Note 1 - Description of Business, Reverse Merger and Liquidity (Details Textual) - USD ($) | May 04, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 |
Short-term Debt, Total | $ 3,171,660 | $ 2,545,199 | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 469,727 | 1,121,763 | $ 1,155,273 | $ 1,414,706 | |
Working Capital (Deficit) | 6,217,000 | ||||
Subsequent Event [Member] | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 1,011,000 | ||||
Estimated Monthly Operational Requirement | 1,200,000 | ||||
Subsequent Event [Member] | Subordinated Secured Note Payable [Member] | Former Chief Financial Officer [Member] | Accrued Expenses [Member] | |||||
Due to Related Parties, Total | 180,000 | ||||
Secured Convertible Note Payable [Member] | |||||
Short-term Debt, Total | $ 3,054,246 | $ 2,545,199 | |||
Secured Convertible Note Payable [Member] | Subsequent Event [Member] | |||||
Short-term Debt, Total | $ 3,049,651 |
Note 2 - Summary of Significa27
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended | |
Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($) | |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 1,090,000 | $ 923,000 |
Cash, Uninsured Amount | 223,000 | $ 871,000 |
One Customer [Member] | ||
Accounts Receivable, Net, Total | $ 1,491,000 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Number of Major Customers | 1 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 39.00% |
Note 3 - Restatement and Corr28
Note 3 - Restatement and Correction of Error - Restated Statements of Income and Cash Flows (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | |
Net revenues | $ 4,055,579 | $ 5,531,810 | $ 12,944,853 | $ 16,468,699 | |
Cost of revenues | 958,113 | 897,590 | 2,975,231 | 2,855,754 | |
Inventory Write-down | 0 | 237,674 | |||
Selling, general and administrative | 3,221,658 | 3,748,403 | 9,426,754 | 11,624,267 | |
Depreciation and amortization | 204,931 | 393,510 | 628,351 | 1,196,435 | |
Operating expenses | 4,384,702 | 5,039,503 | 13,030,336 | 15,914,130 | |
Operating income | (329,123) | 492,307 | (85,483) | 554,569 | |
Other (expense), net | (1,380,287) | (74,248) | (1,241,079) | (309,415) | |
(1,709,410) | 418,059 | (1,326,562) | 245,154 | ||
Income tax provision | (3,102) | (4,496,341) | |||
Net (loss) earnings | (1,686,242) | 418,059 | (5,796,633) | 245,154 | |
Less: preferred dividends | (85,699) | (74,863) | (257,095) | (276,111) | |
Net income (loss) available to common shareholders | $ (1,771,941) | $ 343,196 | $ (6,052,581) | $ (30,957) | |
Basic income (loss) per common share (in dollars per share) | $ (0.25) | $ 0.05 | $ (0.83) | $ 0 | |
Diluted income (loss) per common share (in dollars per share) | $ (0.25) | $ 0.04 | $ (0.83) | $ 0 | |
Cash flows from operating activities | |||||
Net (loss) earnings | $ (1,686,242) | $ 418,059 | $ (5,796,633) | $ 245,154 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||
Inventory Write-down | 0 | 237,674 | |||
Loss on debt extinguishment | 247,539 | 258,037 | 258,037 | ||
Change in fair value of derivative liabilities | 919,978 | (392,407) | |||
Deferred taxes | |||||
Depreciation and amortization | 204,931 | 393,510 | 628,351 | 1,196,435 | |
Share based compensation | 650,948 | 186,753 | |||
Deferred rent | |||||
Changes in assets and liabilities | |||||
Accounts receivable | (1,644,919) | 410,655 | |||
Inventory | (48,727) | (294,378) | |||
Prepaid expenses and other current assets | (34,083) | 46,011 | |||
Accounts payable | (559,992) | (1,454,907) | |||
Accrued expenses | (25,170) | (59,229) | |||
Accrued commissions | 175,230 | 182,054 | |||
Deferred rent | (2,025) | 8,629 | |||
Net cash provided by operating activities | (1,152,036) | 570,481 | |||
Cash flows from investing activities | |||||
Purchases of property and equipment | (22,103) | ||||
Net cash used in investing activities | (22,103) | ||||
Cash flows from financing activities | |||||
Proceeds from note payable - related party | |||||
Repayment of notes payable | (1,057,811) | ||||
Net cash used in financing activities | 500,000 | (807,811) | |||
Net decrease in cash and cash equivalents | (652,036) | (259,433) | |||
Cash beginning of period | 1,121,763 | 1,414,706 | $ 1,414,706 | ||
Cash end of period | 469,727 | 1,155,273 | 469,727 | 1,155,273 | 1,121,763 |
Fees for Service [Member] | |||||
Net revenues | 3,811,444 | 5,212,634 | 12,199,868 | 15,469,366 | |
Hosted Software Service [Member] | |||||
Net revenues | 239,535 | 314,812 | 731,085 | 973,417 | |
Telehealth Product and Service [Member] | |||||
Net revenues | $ 4,600 | 4,364 | $ 13,900 | 25,916 | |
Previously Reported [Member] | |||||
Net revenues | 5,531,810 | 16,468,699 | |||
Cost of revenues | 908,290 | 3,203,504 | |||
Inventory Write-down | 237,674 | ||||
Selling, general and administrative | 3,388,403 | 11,264,267 | |||
Depreciation and amortization | 393,510 | 1,196,435 | |||
Operating expenses | 4,690,203 | 15,901,880 | |||
Operating income | 841,607 | 566,819 | |||
Other (expense), net | (74,248) | (309,415) | |||
767,359 | 257,404 | ||||
Income tax provision | |||||
Net (loss) earnings | 767,359 | 257,404 | |||
Less: preferred dividends | (74,863) | (276,111) | |||
Net income (loss) available to common shareholders | $ 692,496 | $ (18,707) | |||
Basic income (loss) per common share (in dollars per share) | $ 0.10 | $ 0 | |||
Diluted income (loss) per common share (in dollars per share) | $ 0.08 | $ 0 | |||
Cash flows from operating activities | |||||
Net (loss) earnings | $ 767,359 | $ 257,404 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||
Inventory Write-down | 237,674 | ||||
Loss on debt extinguishment | 258,037 | ||||
Change in fair value of derivative liabilities | (392,407) | ||||
Deferred taxes | |||||
Depreciation and amortization | 393,510 | 1,196,435 | |||
Share based compensation | 186,753 | ||||
Deferred rent | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 410,655 | ||||
Inventory | 53,372 | ||||
Prepaid expenses and other current assets | 46,011 | ||||
Accounts payable | (1,454,907) | ||||
Accrued expenses | (419,229) | ||||
Accrued commissions | 182,054 | ||||
Deferred rent | 8,629 | ||||
Net cash provided by operating activities | 570,481 | ||||
Cash flows from investing activities | |||||
Purchases of property and equipment | (22,103) | ||||
Net cash used in investing activities | (22,103) | ||||
Cash flows from financing activities | |||||
Proceeds from note payable - related party | 250,000 | ||||
Repayment of notes payable | (1,057,811) | ||||
Net cash used in financing activities | (807,811) | ||||
Net decrease in cash and cash equivalents | (259,433) | ||||
Cash beginning of period | 1,414,706 | 1,414,706 | |||
Cash end of period | 1,155,273 | 1,155,273 | |||
Previously Reported [Member] | Fees for Service [Member] | |||||
Net revenues | 5,212,634 | 15,469,366 | |||
Previously Reported [Member] | Hosted Software Service [Member] | |||||
Net revenues | 314,812 | 973,417 | |||
Previously Reported [Member] | Telehealth Product and Service [Member] | |||||
Net revenues | 4,364 | 25,916 | |||
Restatement Adjustment [Member] | |||||
Net revenues | |||||
Cost of revenues | (10,700) | (347,750) | |||
Inventory Write-down | |||||
Selling, general and administrative | 360,000 | 360,000 | |||
Depreciation and amortization | |||||
Operating expenses | 349,300 | 12,250 | |||
Operating income | (349,300) | (12,250) | |||
Other (expense), net | |||||
(349,300) | (12,250) | ||||
Income tax provision | |||||
Net (loss) earnings | (349,300) | (12,250) | |||
Less: preferred dividends | |||||
Net income (loss) available to common shareholders | $ (349,300) | $ (12,250) | |||
Basic income (loss) per common share (in dollars per share) | $ (0.05) | $ 0 | |||
Diluted income (loss) per common share (in dollars per share) | $ (0.04) | $ 0 | |||
Cash flows from operating activities | |||||
Net (loss) earnings | $ (349,300) | $ (12,250) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||
Inventory Write-down | |||||
Loss on debt extinguishment | |||||
Change in fair value of derivative liabilities | |||||
Deferred taxes | |||||
Depreciation and amortization | |||||
Share based compensation | |||||
Deferred rent | |||||
Changes in assets and liabilities | |||||
Accounts receivable | |||||
Inventory | (347,750) | ||||
Prepaid expenses and other current assets | |||||
Accounts payable | |||||
Accrued expenses | 360,000 | ||||
Accrued commissions | |||||
Deferred rent | |||||
Net cash provided by operating activities | |||||
Cash flows from investing activities | |||||
Purchases of property and equipment | |||||
Net cash used in investing activities | |||||
Cash flows from financing activities | |||||
Proceeds from note payable - related party | |||||
Repayment of notes payable | |||||
Net cash used in financing activities | |||||
Net decrease in cash and cash equivalents | |||||
Cash beginning of period | |||||
Cash end of period | |||||
Restatement Adjustment [Member] | Fees for Service [Member] | |||||
Net revenues | |||||
Restatement Adjustment [Member] | Hosted Software Service [Member] | |||||
Net revenues | |||||
Restatement Adjustment [Member] | Telehealth Product and Service [Member] | |||||
Net revenues |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Inventory Write-down | $ 0 | $ 237,674 | ||
Purchased Components [Member] | ||||
Inventory Write-down | 31,000 | |||
Finished Goods [Member] | ||||
Inventory Write-down | $ 207,000 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Laboratory testing supplies | $ 396,477 | $ 347,750 |
Total inventory | $ 396,477 | $ 347,750 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (0.20%) | (371.10%) | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 4,490,581 | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 21.00% | ||
Deferred Tax Assets, Net, Total | $ 7,357,000 | $ 7,357,000 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 31,291,000 | $ 31,291,000 |
Note 6 - Related Party Notes 32
Note 6 - Related Party Notes Payable (Details Textual) | Mar. 27, 2018USD ($)$ / sharesshares | Mar. 20, 2017USD ($)$ / shares | Mar. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2017USD ($) | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($) | Jun. 30, 2017USD ($)$ / sharesshares | Mar. 26, 2018$ / shares | Jan. 23, 2018USD ($) |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (247,539) | $ (258,037) | $ (258,037) | |||||||
New Notes Warrants [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 825,144 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.22 | $ 2.07 | ||||||||
Series E Convertible Preferred Stock [Member] | ||||||||||
Stock Issued During Period, Shares, Exchange of Convertible Securities | shares | 25,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 30 | $ 30 | $ 30 | $ 30 | ||||||
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion | shares | 187,500 | 187,500 | 187,500 | 187,500 | ||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 4 | $ 4 | $ 4 | $ 4 | ||||||
Convertible Preferred Stock, Beneficial Ownership Limitation for Conversion Rights without Issuer Consent | 4.99% | 4.99% | ||||||||
Convertible Preferred Stock, Beneficial Ownership Limitation for Conversion Rights with Issuer Consent | 9.99% | 9.99% | ||||||||
Stock Issued During Period, Excess Value, Exchange of Convertible Securities | $ 50,000 | |||||||||
Series B Preferred Stock [Member] | ||||||||||
Preferred Stock, Preferred Dividends in Arrears Waived During Period | 120,385 | |||||||||
Secured Convertible Note Payable [Member] | ||||||||||
Debt Instrument, Face Amount | $ 3,049,651 | $ 3,049,651 | ||||||||
Interest Payable, Current | 4,595 | 4,595 | ||||||||
Chief Executive Officer [Member] | Promissory Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.20 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||
Original Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 2,170,000 | |||||||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 328,422 | 328,422 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (258,037) | |||||||||
Original Notes [Member] | Secured Convertible Note Payable [Member] | ||||||||||
Interest Payable, Current | 122,000 | $ 122,000 | ||||||||
Original Notes [Member] | Lender One [Member] | Secured Convertible Note Payable [Member] | ||||||||||
Debt Instrument, Face Amount | $ 950,000 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.25 | |||||||||
Original Notes [Member] | J. David Luce [Member] | Convertible Notes Payable [Member] | ||||||||||
Debt Instrument, Face Amount | $ 520,000 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3 | |||||||||
Original Notes [Member] | Unsecured Promissory Note [Member] | Optimum Ventures, LLC and Hanif A. Roshan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 700,000 | |||||||||
New Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 2,545,199 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.03 | |||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 1,253,792 | |||||||||
Debt Instrument, Percentage of Conversion Price to Price per Share if Lower than Original Conversion Price | 85.00% | |||||||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 328,422 | |||||||||
Debt Instrument, Term | 1 year | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||
Debt Instrument, Period Following National Securities Exchange Listing of Common Stock to Commence Redemption Right by Debtor | 1 year | |||||||||
Debt Instrument, Redemption Price, Percentage | 110.00% | |||||||||
Debt Instrument, Event of Default, Outstanding Principal and Interest Payable at Lenders' Option, Percent | 110.00% | |||||||||
New Notes [Member] | Secured Convertible Note Payable [Member] | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.20 | |||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 2,120,999 | |||||||||
Embedded Derivative, Loss on Embedded Derivative | $ 908,728 | |||||||||
New Notes [Member] | Chief Executive Officer [Member] | Secured Convertible Note Payable [Member] | ||||||||||
Debt Instrument, Face Amount | $ 255,417 | |||||||||
New Notes [Member] | Optimum Ventures, LLC [Member] | Secured Convertible Note Payable [Member] | ||||||||||
Debt Instrument, Face Amount | 591,613 | |||||||||
Additional Senior Note [Member] | Secured Convertible Note Payable [Member] | ||||||||||
Debt Instrument, Face Amount | $ 504,452 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.20 | |||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 420,376 |
Note 6 - Related Party Notes 33
Note 6 - Related Party Notes Payable - Related Party Notes Payable (Details) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Related party notes payable and related party accrued interest | $ 3,171,660 | $ 2,545,199 |
Secured Convertible Note Payable [Member] | ||
Related party notes payable, principal | 3,049,651 | |
Accrued interest | 4,595 | |
Related party notes payable and related party accrued interest | 3,054,246 | 2,545,199 |
Secured Convertible Note Payable [Member] | Lender One [Member] | ||
Related party notes payable, principal | 1,056,875 | |
Accrued interest | 1,593 | |
Related party notes payable and related party accrued interest | $ 1,058,468 | $ 1,056,875 |
Debt instrument, stated percentage | 5.00% | 5.00% |
Secured Convertible Note Payable [Member] | Lender Two [Member] | ||
Related party notes payable, principal | $ 641,294 | |
Accrued interest | 966 | |
Related party notes payable and related party accrued interest | $ 642,260 | $ 641,294 |
Debt instrument, stated percentage | 5.00% | 5.00% |
Secured Convertible Note Payable [Member] | Lender Three [Member] | ||
Related party notes payable, principal | $ 255,417 | |
Accrued interest | 385 | |
Related party notes payable and related party accrued interest | $ 255,802 | $ 255,417 |
Debt instrument, stated percentage | 5.00% | 5.00% |
Secured Convertible Note Payable [Member] | Lender Four [Member] | ||
Related party notes payable, principal | $ 591,613 | |
Accrued interest | 891 | |
Related party notes payable and related party accrued interest | $ 592,504 | $ 591,613 |
Debt instrument, stated percentage | 5.00% | 5.00% |
Secured Convertible Note Payable [Member] | Lender Five [Member] | ||
Related party notes payable, principal | $ 504,452 | |
Accrued interest | 760 | |
Related party notes payable and related party accrued interest | $ 505,212 | |
Debt instrument, stated percentage | 5.00% |
Note 7 - Equity (Details Textua
Note 7 - Equity (Details Textual) - USD ($) | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 27, 2018 | Mar. 26, 2018 | Jun. 30, 2017 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | ||
New Notes Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 825,144 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.22 | $ 2.07 | ||
Series E Convertible Preferred Stock [Member] | ||||
Preferred Stock, Shares Outstanding, Ending Balance | 25,000 | 25,000 | ||
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion | 187,500 | 187,500 | ||
Convertible Preferred Stock, Conversion Price | $ 4 | $ 4 | ||
Preferred Stock, Par or Stated Value Per Share | $ 30 | $ 30 | ||
Preferred Stock, Period Following Issuance Date to Initiate Redemption | 1 year | |||
Preferred Stock, Dividend Rate, Percentage | 5.00% | |||
Dividends Payable | $ 39,000 | |||
Series D Convertible Preferred Stock [Member] | ||||
Preferred Stock, Shares Outstanding, Ending Balance | 605,000 | 605,000 | ||
Convertible Preferred Stock, Aggregate Shares Issued upon Conversion | 619,154 | |||
Convertible Preferred Stock, Conversion Price | $ 9.77139 | |||
Preferred Stock, Dividend Rate, Percentage | 5.00% | |||
Dividends Payable | $ 863,000 | |||
Preferred Stock, Redemption Price Per Share | $ 10 |
Note 7 - Equity - Earnings Per
Note 7 - Equity - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Basic earnings (loss) per share | ||||
Net (loss) earnings | $ (1,686,242) | $ 418,059 | $ (5,796,633) | $ 245,154 |
Preferred stock dividends | (85,699) | (74,863) | (255,948) | (276,111) |
Net (loss) earnings available to common shareholders after preferred stock dividends | $ (1,771,941) | $ 343,196 | $ (6,052,581) | $ (30,957) |
Weighted average shares used in the computation of basic earning per share (in shares) | 7,249,370 | 7,168,329 | 7,249,370 | 6,312,344 |
(Loss) earnings per share - basic (in dollars per share) | $ (0.25) | $ 0.05 | $ (0.83) | $ 0 |
Dilutive earnings (loss) per share | ||||
(Loss) earnings available to common shareholders | $ (1,771,941) | $ 343,196 | $ (6,052,581) | $ (30,957) |
Weighted average shares used in the computation of diluted (loss) earnings per share (in shares) | 7,249,370 | 7,168,329 | 7,249,370 | 6,312,344 |
Dilutive effect of options, warrants, convertible debt and convertible preferred stock (in shares) | 1,597,328 | |||
Shares used in the computation of diluted (loss) earnings per share (in shares) | 7,249,370 | 8,765,657 | 7,249,370 | 6,312,344 |
(Loss) earnings per share - diluted (in dollars per share) | $ (0.25) | $ 0.04 | $ (0.83) | $ 0 |
Employee Stock Option [Member] | ||||
Dilutive earnings (loss) per share | ||||
Anti-Dilutive Options Excluded (in shares) | 6,611,355 | 3,545,077 | 6,611,355 | 6,919,034 |
Note 7 - Equity - Warrant Activ
Note 7 - Equity - Warrant Activity (Details) - Warrant [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Warrants outstanding (in shares) | 4,150,535 | |
Warrants outstanding, weighted average exercise price per share (in dollars per share) | $ 4.67 | |
Warrants outstanding, weighted average remaining contractual life (Year) | 3 years 40 days | 3 years 317 days |
Warrants outstanding, aggregate intrinsic value | $ 42,582 | |
Warrants issued (in shares) | ||
Warrants issued, weighted average exercise price per share (in dollars per share) | ||
Warrants expired (in shares) | (25,000) | |
Warrants expired, weighted average exercise price per share (in dollars per share) | $ 12.06 | |
Warrants outstanding (in shares) | 4,125,535 | 4,150,535 |
Warrants outstanding, weighted average exercise price per share (in dollars per share) | $ 4.44 | $ 4.67 |
Warrants exercisable (in shares) | 4,069,979 | |
Warrants exercisable, weighted average exercise price per share (in dollars per share) | $ 4.05 | |
Warrants exercisable, weighted average remaining contractual life (Year) | 3 years 127 days | |
Warrants exercisable, aggregate intrinsic value |
Note 8 - Share-based Compensa37
Note 8 - Share-based Compensation (Details Textual) - USD ($) | Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Allocated Share-based Compensation Expense, Total | $ 117,000 | $ 38,000 | $ 562,000 | $ 186,000 | |
Non-employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||
Chief Executive Officer [Member] | Omnibus Equity Incentive Plan 2011 [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,724 | ||||
Non-Executives [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 45,555 | ||||
Non-Executives [Member] | Omnibus Equity Incentive Plan 2011 [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,724 |
Note 8 - Share-based Compensa38
Note 8 - Share-based Compensation - Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Employees [Member] | ||
Outstanding, beginning of period (in shares) | 226,902 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.04 | |
Outstanding, average remaining contractual life (Year) | 6 years 292 days | 6 years 124 days |
Number of options granted (in shares) | 50,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 2 | |
Granted, average remaining contractual life (Year) | 9 years 164 days | |
Number of options expired/forfeited (in shares) | (11,556) | |
Expired/forfeited, weighted average exercise price (in dollars per share) | $ 23.40 | |
Expired/forfeited, average remaining contractual life (Year) | ||
Outstanding, end of period (in shares) | 265,346 | 226,902 |
Outstanding, weighted average exercise price (in dollars per share) | $ 7.08 | $ 9.04 |
Exercisable (in shares) | 143,917 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 11.50 | |
Exercisable, average remaining contractual life (Year) | 4 years 251 days | |
Non-Executives [Member] | ||
Outstanding, beginning of period (in shares) | 602,311 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.57 | |
Outstanding, average remaining contractual life (Year) | 7 years 361 days | 6 years 40 days |
Number of options granted (in shares) | 45,555 | |
Granted, weighted average exercise price (in dollars per share) | $ 1.59 | |
Granted, average remaining contractual life (Year) | 9 years 182 days | |
Number of options expired/forfeited (in shares) | (102,807) | |
Expired/forfeited, weighted average exercise price (in dollars per share) | $ 5.33 | |
Expired/forfeited, average remaining contractual life (Year) | ||
Outstanding, end of period (in shares) | 545,059 | 602,311 |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.07 | $ 3.57 |
Outstanding, aggregate intrinsic value | ||
Granted, aggregate intrinsic value | ||
Expired/forfeited, aggregate intrinsic value |
Note 8 - Share-based Compensa39
Note 8 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of RSUs outstanding (in shares) | shares | 411,429 |
RSUs outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.75 |
Number of RSUs granted (in shares) | shares | 201,448 |
RSUs granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.78 |
Number of RSUs expired/forfeited (in shares) | shares | (57,429) |
RSUs expired/forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.48 |
Number of RSUs outstanding (in shares) | shares | 555,448 |
RSUs outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.42 |
Note 9 - Fair Value Measureme40
Note 9 - Fair Value Measurements and Other Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (1,285,842) | $ 256,806 | $ (919,978) | $ 392,407 |
Note 9 - Fair Value Measureme41
Note 9 - Fair Value Measurements and Other Financial Instruments - Valuation Techniques (Details) | Mar. 31, 2018 |
Minimum [Member] | Measurement Input, Exercise Price [Member] | |
Derivative valuation assumption | 1.2 |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Derivative valuation assumption | 2.07 |
Minimum [Member] | Measurement Input, Price Volatility [Member] | |
Derivative valuation assumption | 115 |
Minimum [Member] | Measurement Input, Expected Term [Member] | |
Derivative valuation assumption | 0.97 |
Maximum [Member] | Measurement Input, Exercise Price [Member] | |
Derivative valuation assumption | 1.22 |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Derivative valuation assumption | 2.55 |
Maximum [Member] | Measurement Input, Price Volatility [Member] | |
Derivative valuation assumption | 150 |
Maximum [Member] | Measurement Input, Expected Term [Member] | |
Derivative valuation assumption | 5.32 |
Note 9 - Fair Value Measureme42
Note 9 - Fair Value Measurements and Other Financial Instruments - Summary in Changes in Fair Value (Details) | 9 Months Ended |
Mar. 31, 2018USD ($) | |
Balance, beginning of period | $ 551,040 |
Change in fair value of derivative liabilities | 919,978 |
Balance, end of period | 1,471,018 |
Warrant [Member] | |
Balance, beginning of period | 435,036 |
Change in fair value of derivative liabilities | 127,254 |
Balance, end of period | 562,290 |
Convertible Notes [Member] | |
Balance, beginning of period | 116,004 |
Change in fair value of derivative liabilities | 792,724 |
Balance, end of period | $ 908,728 |
Note 9 - Fair Value Measureme43
Note 9 - Fair Value Measurements and Other Financial Instruments - Derivative Liabilities (Details) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Derivative liabilities | $ 1,471,018 | $ 551,040 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities | $ 1,471,018 | $ 551,040 |
Note 10 - Commitments and Con44
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | Mar. 29, 2018 | Mar. 12, 2018 | Feb. 15, 2018 | Sep. 06, 2016 | Jun. 22, 2016 | Mar. 31, 2018 |
Offices in New Jersey [Member] | ||||||
Lessee, Operating Lease, Term of Contract | 6 years | |||||
Lessee, Operating Lease, Renewal Term | 5 years | |||||
Offices in New Jersey [Member] | Letter of Credit [Member] | ||||||
Repayments of Debt | $ 121,000 | |||||
Offices in New Jersey [Member] | Minimum [Member] | ||||||
Operating Leases, Yearly Rent Expense | 135,000 | |||||
Offices in New Jersey [Member] | Maximum [Member] | ||||||
Operating Leases, Yearly Rent Expense | $ 148,000 | |||||
Severance Compensation Arbitration Filed by Former CEO [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 341,620 | |||||
Peachstate Health Management, LLC d/b/a Aeon Clinical Laboratories v. Radius Foundation, Inc. and William Bramlett, Ph.D. [Member] | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 116,865 | |||||
Peachstate Health Management, LLC d/b/a Aeon Clinical Laboratories v. Trimana, LLC d/b/a Via Medical Center [Member] | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 104,652 | |||||
Cogmedix, Inc. v. Authentidate Holding Corp [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 227,061 | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 320,638 |
Note 11 - Related Party Trans45
Note 11 - Related Party Transactions (Details Textual) | Mar. 27, 2018USD ($)$ / sharesshares | Mar. 20, 2017USD ($)$ / shares | Jan. 01, 2017USD ($) | Jan. 20, 2016USD ($) | Feb. 28, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 26, 2018$ / shares | Jan. 23, 2018USD ($) | Jan. 04, 2018USD ($) | Jan. 31, 2017USD ($) |
Interest Expense, Related Party | $ 37,000 | $ 87,000 | $ 106,000 | $ 286,000 | |||||||||
Moncada [Member] | |||||||||||||
Consulting Agreement, Fee Amount upon Execution | $ 40,000 | ||||||||||||
Consulting Agreement, Fee Amount Per Month | $ 25,000 | ||||||||||||
New Notes Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 825,144 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.22 | $ 2.07 | |||||||||||
New Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 2,545,199 | ||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 1,253,792 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.03 | ||||||||||||
Original Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 2,170,000 | ||||||||||||
Secured Convertible Note Payable [Member] | |||||||||||||
Debt Instrument, Face Amount | 3,049,651 | 3,049,651 | |||||||||||
Interest Payable, Current | 4,595 | 4,595 | |||||||||||
Secured Convertible Note Payable [Member] | New Notes [Member] | |||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 2,120,999 | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.20 | ||||||||||||
Secured Convertible Note Payable [Member] | Original Notes [Member] | |||||||||||||
Interest Payable, Current | 122,000 | 122,000 | |||||||||||
Hanif A. Roshan [Member] | Unsecured Promissory Note [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 2,545,199 | ||||||||||||
Chief Executive Officer [Member] | Secured Convertible Note Payable [Member] | New Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 255,417 | ||||||||||||
Chief Executive Officer [Member] | Promissory Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.20 | ||||||||||||
Optimum Ventures, LLC [Member] | Secured Convertible Note Payable [Member] | New Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 591,613 | ||||||||||||
Facilities Leased [Member] | Centennial Properties of Georgia, LLC [Member] | |||||||||||||
Lessee, Operating Lease, Term of Contract | 12 years | ||||||||||||
Operating Leases, Rent Expense, Net, Total | 144,000 | $ 140,000 | 432,000 | $ 419,000 | |||||||||
Facilities Leased [Member] | Centennial Properties of Georgia, LLC [Member] | Minimum [Member] | |||||||||||||
Operating Leases, Monthly Rent Expense | $ 46,500 | ||||||||||||
Facilities Leased [Member] | Centennial Properties of Georgia, LLC [Member] | Maximum [Member] | |||||||||||||
Operating Leases, Monthly Rent Expense | $ 60,000 | ||||||||||||
Residential Premises Leased [Member] | Hanif A. Roshan [Member] | |||||||||||||
Lessee, Operating Lease, Term of Contract | 1 year | ||||||||||||
Operating Leases, Monthly Rent Expense | $ 7,500 | ||||||||||||
Operating Leases, Rent Expense, Net, Total | $ 22,500 | $ 67,500 | |||||||||||
Operating Leases, Increase in Rent Expense Upon Each Renewal | 3.00% |
Note 12 - Segment Information46
Note 12 - Segment Information (Details Textual) | 9 Months Ended |
Mar. 31, 2018 | |
Number of Operating Segments | 2 |
Note 12 - Segment Information -
Note 12 - Segment Information - Selected Financial Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | |
Net revenues | $ 4,055,579 | $ 5,531,810 | $ 12,944,853 | $ 16,468,699 | |
Cost of revenues | 958,113 | 897,590 | 2,975,231 | 2,855,754 | |
Operating expenses | 4,384,702 | 5,039,503 | 13,030,336 | 15,914,130 | |
Operating income (loss) | (329,123) | 492,307 | (85,483) | 554,569 | |
Total assets | 12,567,744 | 12,567,744 | $ 16,731,678 | ||
Web-based Software [Member] | |||||
Net revenues | 244,135 | 319,176 | 744,985 | 999,333 | |
Cost of revenues | 44,297 | 52,438 | 164,403 | 203,691 | |
Operating expenses | 436,359 | 393,510 | 1,644,812 | 1,558,364 | |
Operating income (loss) | (192,223) | (74,334) | (899,827) | (559,031) | |
Total assets | 7,520,405 | 7,520,405 | 11,772,874 | ||
Laboratory Testing Services [Member] | |||||
Net revenues | 3,811,444 | 5,212,634 | 12,199,868 | 15,469,366 | |
Cost of revenues | 913,816 | 845,152 | 2,810,828 | 2,652,063 | |
Operating expenses | 3,948,343 | 4,645,993 | 11,385,524 | 14,355,766 | |
Operating income (loss) | (110,629) | $ 566,641 | 840,614 | $ 1,113,600 | |
Total assets | $ 5,073,608 | $ 5,073,608 | $ 4,958,804 |