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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Sales, net $ 10,654 $ 10,971 $ 35,707 $ 30,830
Cost of sales 9,315 9,647 30,747 27,216
Gross profit 1,339 1,324 4,960 3,614
Selling and administrative expenses 910 874 2,603 2,511
Operating income 429 450 2,357 1,103
Interest expense (225) (248) (684) (728)
Change in fair value of derivative liabilities 92 (130) (639) (127)
Other income, net 10 15 41 65
Other income (expense), net (123) (363) (1,282) (790)
Income before income taxes 306 87 1,075 313
Income tax expense, net 68 54 265 102
Net income 238 33 810 211
Change in fair value of derivative liability (92)
Interest expense on Convertible debt-CD Financial, LLC 80
Accretion of Convertible debt - CD Financial, LLC 10
Diluted net income $ 236 $ 33 $ 810 $ 211
Basic net income per common share (in dollars per share) $ 0.01 $ 0 $ 0.04 $ 0.01
Diluted net income per common share (in dollars per share) $ 0.01 $ 0 $ 0.04 $ 0.01
Weighted average common shares outstanding - basic (in shares) 21,125,952 21,105,174 21,113,696 21,105,174
Add: Equivalent shares oustanding - stock options (in shares) 1,434,853 176,754 856,927 92,527
Shares issuable upon conversion of Convertible Debt - CD Financial, LLC (in shares) 8,230,769
Weighted average common shares outstanding - diluted (in shares) 30,791,574 21,281,928 21,970,623 21,197,701