Note 12 - Stockholders' Equity

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 1 2 . STOCKHOLDERS' EQUITY

Convertible Preferred Stock

Each issued 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. On

February 7, 2019,

the Company converted

383,919

shares of Series B Voting, Convertible Preferred Stock to

7,678,380

shares of common stock per the request of the shareholder and pursuant to the stock designation. After the conversion, there remain

53,032

shares of Series B Voting, Convertible Preferred Stock outstanding as of

June 30, 2020

.

Shares Issued for Services

On

August 15, 2019

the Company issued

175,000

shares of its common stock, par value

$0.001,

 as partial payment for services to be rendered in connection with an investment banking engagement letter. The fair market value of the shares, as determined by the closing price of CNCG stock listed at

$0.87

on the OTCQB exchange on

August 15, 2019,

was determined to be

$152,250.

The terms of the engagement provided for an earn-out of the shares over a

6

-month period from the effective date of the agreement. Accordingly, the Company released a portion of the shares each month. For the year ended

June 30, 2020, 

the Company incurred an expense of

$152,075

attributed to the release of shares due to performance under the engagement and

$175

recorded in the par value of common stock issued. 

Accumulated Other Comprehensive Income (Loss)

The following table presents activity for the years ending

June 30, 2020

 and

June 30, 2019

:

Balance as of June 30, 2018	$	148,808
Foreign currency translation (loss)		(44,516	)
Change in short-term investment valuation due to reclassification to earnings		(279,951	)
Balance as of June 30, 2019		(175,659	)
Foreign currency translation gain		30,915
Balance as of June 30, 2020	$	(144,744	)