Note 14 - Stockholders' Equity

6 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 14 . STOCKHOLDERS' EQUITY

Reverse Stock Split

On

November 17, 2017,

the Board of Directors (the “Board’) of the Company approved the implementation of a

one

-for-

thirty

(

1:30

) reverse stock split of all of the Company’s issued and outstanding common and preferred stock (the “Reverse Stock Split”).  The Reverse Stock Split became effective when trading opened on

December 15, 2017.

The Reverse Stock Split was previously approved by the Company’s shareholders pursuant to a majority written consent and by the Board pursuant to unanimous written consent on

February 13, 2017.

The approvals provided discretion to the Board to implement the Reverse Stock Split by the end of

2017.

 The number of the Company’s authorized shares of common stock did

not

change. All figures have been presented on the basis of reverse split where ever applicable for all the periods presented in these financial statements.

Convertible Preferred Stock

Series B Voting, Convertible Preferred Stock is convertible into

20

shares of common stock and carries a vote of

20

shares of common stock in all matters brought before the shareholders for a vote. The Series B stock is eligible for conversion only after the elapse of

270

days from the date of

issuance has transpired, and provided there are sufficient authorized, unissued, shares of common stock available to convert all shares of Series B Voting, Convertible Preferred Stock.

Prior to the Reverse Stock Split, the Company did

not

have sufficient authorized, unissued, shares of common stock available to convert all shares of Series B Voting, Convertible Preferred Stock. Accordingly, the Series B Voting, Convertible Preferred Stock was

reclassified to the mezzanine section as a contingent liability on the Company’s prior Consolidated Balance Sheets with other equity accounts being adjusted to reflect the historical cost basis of Wainwright. As a result of the Reverse Stock Split, sufficient shares were made available to allow for conversion of the Series B Voting, Convertible, Preferred Stock such that the shares have been reclassified to the equity section of the Consolidated Balance Sheet as of

December 31, 2017.