clct20170930

Selling and marketing expenses

^[1]

$ 19,753

$ 15,748

Cost of revenues

7,450

6,138

Gross profit

12,303

9,610

Operating expenses:

2,754

2,422

General and administrative expenses

5,027

4,414

Total operating expenses

7,781

6,836

Interest income and other expense, net

4,522

2,774

Income before provision for income taxes

4,553

2,798

Provision for income taxes

919

1,210

Income from continuing operations

3,634

1,588

Loss from discontinued operations, net of income taxes

(1)

(7)

Net income

$ 3,633

$ 1,581

Net income per basic share

Income from continuing operations (in dollars per share)

$ 0.42

$ 0.19

Loss from discontinued operations (in dollars per share)

Net income per basic share (in dollars per share)

0.42

0.19

Net income per diluted share

Income from continuing operations (in dollars per share)

0.41

0.19

Loss from discontinued operations (in dollars per share)

(0.01)

Net income per diluted share (in dollars per share)

$ 0.41

$ 0.18

Weighted average shares outstanding

Basic (in shares)

8,573

8,474

Diluted (in shares)

8,765

8,561

Dividends declared per common share (in dollars per share)

$ 0.35

[1]	Includes service revenues of $4.9 million generated from outside the United States in the three months ended September 30, 2017 as compared to $1.5 million in the three months ended September 30, 2016.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,633,000	$ 1,581,000
Discontinued operations	1,000	7,000
Income from continuing operations	3,634,000	1,588,000
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization expense	442,000	420,000
Stock-based compensation expense	224,000	102,000
Provision for bad debts	(1,000)	11,000
Provision for inventory write-down		22,000
Provision for warranty	113,000	174,000
Gain on sale of property and equipment		5,000
Change in operating assets and liabilities:
Accounts receivable	(69,000)	408,000
Inventories	(123,000)	(257,000)
Prepaid expenses and other	201,000	55,000
Other assets	22,000	(57,000)
Accounts payable and accrued liabilities	885,000	(199,000)
Accrued compensation and benefits	(1,470,000)	(1,039,000)
Income taxes payable	287,000	840,000
Deferred revenue	43,000	(3,000)
Deferred rent	(33,000)	(20,000)
Net cash provided by operating activities of continuing operations	4,155,000	2,050,000
Net cash used in operating activities of discontinued businesses	(126,000)	(122,000)
Net cash provided by operating activities	4,029,000	1,928,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of business	4,000	5,000
Capital expenditures	(1,401,000)	(439,000)
Capitalized software	(274,000)	(172,000)
Patents and other intangibles	(4,000)	39,000
Net cash used in investing activities	(1,675,000)	(567,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Term Loan	1,000,000
Dividends paid to common stockholders	(2,973,000)	(2,984,000)
Net cash used in financing activities	(1,973,000)	(2,984,000)
Net decrease in cash and cash equivalents	381,000	(1,623,000)
Cash and cash equivalents at beginning of period	9,826,000	11,967,000
Cash and cash equivalents at end of period	10,207,000	10,344,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid during the period	6,000
Income taxes paid during the period	632,000	369,000
Leasehold Improvements contributed by landlord (See note 3)	$ 2,106,000

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Note 1 - Summary of Significant Accounting Policies	3 Months Ended
Note 1 - Summary of Significant Accounting Policies	Sep. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SUMMARY OF Significant Accounting Policies Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Collectors Universe, Inc. and its operating subsidiaries (the “Company”, “we”, “us”, or “our”). At September 30, 2017, our operating subsidiaries were Certified Asset Exchange, Inc. (“CAE”), Collectors Universe (Hong Kong) Limited, Collectors Universe (Shanghai) Limited, and Expos, LLC. (“Expos”), all of which are ultimately 100% owned by Collectors Universe, Inc. All significant intercompany transactions and accounts have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows for the periods presented in accordance with generally accepted accounting principles as in effect in the United States of America (“GAAP”). Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018 or for any other interim period during such year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10 -K for the fiscal year ended June 30, 2017, as filed with the SEC (our “Fiscal 2017 10 -K”). Amounts related to disclosure of June 30, 2017 balances within these interim condensed consolidated financial statements were derived from the aforementioned audited consolidated financial statements and the notes thereto. Reclassification s Certain prior period amounts have been reclassified to conform to the current period presentation. Revenue Recognition Policies We record revenue at the time of shipment of the authenticated and graded collectible to the customer, net of any taxes collected. Due to the insignificant delay between the completion of our authentication and grading services and the shipment of the collectible back to the customer, the time of shipment corresponds to the completion of our authentication and grading services. We recognize revenue from the sale of special coin inserts at the time the customer takes legal title to the insert. Many of our authentication and grading customers prepay our authentication and grading fees when they submit their collectibles to us for authentication and grading. We record those prepayments as deferred revenue until the collectibles have been authenticated and graded and shipped back to them. At that time, we record the revenues from the authentication and grading services we have performed for the customer and deduct this amount from deferred revenue. For certain dealers to whom we extend open account privileges, we record revenue at the time of shipment of the authenticated and graded collectible to the dealer. With respect to our Expos trade show business, we recognize revenue from each show in the period in which the show takes place. A portion of our net revenues are comprised of subscription fees paid by customers for one year memberships in our Collectors Club. Those membership subscription fees entitle members to access our on-line and printed publications and, in some cases, to receive limited life vouchers for free grading services. We recognize revenue attributable to free grading vouchers on a specific basis and classify those revenues as part of authentication and grading fees. The balance of the membership fee is recognized over the life of the one year membership on a time-apportioned basis. We recognize product sales when items are shipped to customers. Product revenues consist primarily of sales of collectible coins that we purchase pursuant to our coin authentication and grading warranty program. However, those sales are not considered an integral part of the Company’s ongoing revenue generating activities. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results from continuing and discontinued operations could differ from results expected on the basis of those estimates, and such differences could be material to our future results of operations and financial condition. Examples of such estimates that could be material include determinations made with respect to the capitalization and recovery of software development costs, the valuation of stock-based compensation awards and the timing of the recognition of related stock-based compensation expense, the valuation of coin inventory, the amount and assessment of goodwill for impairment, the sufficiency of warranty reserves and the provision or benefit for income taxes and related valuation allowances. Goodwill and Other Long-Lived Assets We evaluate the carrying value of goodwill and indefinite-lived intangible assets at least annually, or more frequently if facts and circumstances indicate that impairment may have occurred. Qualitative factors are considered in performing our goodwill impairment assessment, including the significant excess of fair value over carrying value in prior years, and any material changes in the estimated cash flows of the reporting unit. We also evaluate the carrying values of all other tangible and intangible assets for impairment if circumstances arise in which the carrying values of these assets may not be recoverable on the basis of future undiscounted cash flows. We determined that no impairment of goodwill or other long-lived assets existed as of September 30, 2017. Foreign Currency The Company has determined that the U.S. Dollar is the functional currency for its French branch office and its Hong Kong and China subsidiaries. Based on this determination, the Company’s foreign operations are re-measured by reflecting the financial results of such operations as if they had taken place within a U.S. dollar-based economic environment. Fixed assets and other non-monetary assets and liabilities are re-measured from foreign currencies to U.S. dollars at historical exchange rates; whereas cash, accounts receivable and other monetary assets and liabilities are re-measured at current exchange rates. Gains and losses resulting from those re-measurements, which are included in income for the current period, were not material. Stock-Based Compensation We recognize stock-based compensation attributable to service-based equity grants over the service period based on the grant date fair values of the awards. For performance-based equity grants with financial performance goals, we begin recognizing compensation expense based on their respective grant date fair values when it becomes probable that we will achieve the financial performance goals. Restricted Stock Awards As previously disclosed, in fiscal 2013, the Compensation Committee of the Board of Directors adopted a Long-Term Incentive Plan (“LTIP”) for the Company ’s Chief Executive Officer and Chief Financial Officer, as well as for other selected key management employees (collectively, “Participants”). At the time of the adoption of the LTIP, the Compensation Committee established a threshold annual financial performance goal, and four increasingly higher annual financial performance goals and made the vesting of the LTIP shares conditioned on the Company’s achievement of one or more of those financial performance goals during any fiscal year within a six -year period ending on June 30, 2018 ( the “Performance Period”). As previously reported in our 2017 Form 10K, based on the financial results achieved in fiscal 2017, a determination was made that the Company had achieved the maximum performance goal under the LTIP in fiscal 2017. Therefore in accordance with the terms of the LTIP, 50% of the then remaining shares available under the LTIP vested at the determination date and assuming continuous service by the participants the remaining 50% of the shares will vest on June 30, 2018. Stock-based compensation in the three months ended September 30, 2017 was $224,000 as compared to $102,000 in the three months ended September 30, 2016. Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Financial Instruments and Cash Balances. At September 30, 2017, we had cash and cash equivalents totaling approximately $10,207,000, of which approximately $3,823,000 was invested in money market accounts, and the balance of $6,384,000 (including cash in overseas bank accounts) was in non-interest bearing bank accounts for general day-to-day operations. Cash in overseas bank accounts was approximately $4,282,000 at September 30, 2017 of which $3,899,000 was in China. We plan to remit excess cash from China in accordance with Chinese exchange control regulations. Due to the evolving exchange control rules in China, delays can be experienced in transferring funds from China. Substantially all of our cash in the United States is deposited at one FDIC insured financial institution. We maintained cash due from banks, inclusive of cash in overseas accounts, in excess of the bank’s FDIC insured deposit limits of approximately $5,239,000 at September 30, 2017. Revolving Credit Line. As previously reported, in January 2017 we obtained a three -year, $10,000,000 unsecured revolving credit line from a commercial bank to enhance the Company’s liquidity and to support the growth of the Company’s business. We are entitled to obtain borrowings under the credit line at such times and in such amounts as we may request, provided that the maximum principal amount of credit line borrowings that may be outstanding at any one time may not exceed $10,000,000. We also may repay outstanding borrowings in whole or in part at any time or from time to time and reborrow amounts based upon availability under the line of credit, except that no borrowings may be outstanding under the credit line during a 30 consecutive day “out of loan” period each year. Borrowings bear interest, at the Company’s option, at LIBOR plus 2.25% or at 0.25% below the highest prime lending rate published from time to time by the Wall Street Journal. The Company is required to pay a quarterly unused commitment fee of 0.0625% of the amount by which (if any) that the average of the borrowings outstanding under the credit line in any calendar quarter is less than $4,000,000. During the quarter ended September 30, 2017 we borrowed $3,000,000 under the credit line. Those borrowings were subsequently repaid and no borrowings were outstanding under the credit line at September 30, 2017. We were in compliance with all of our financial and other covenants under our credit line agreement at September 30, 2017. Term Loan . As previously reported, on September 15, 2017 the Company obtained a five -year, $3,500,000 unsecured term loan from the same commercial bank from which we obtained the above-described credit line. During its first year, the term loan will take the form of a non-revolving credit line during which period the Company is entitled to draw down borrowings at such times and in such amounts as it may request, up to a maximum of $3,500,000. During that first year the Company is required to make monthly payments of accrued but unpaid interest, only, at whichever of the following two interest rates it may select: (i) LIBOR plus 2.25% per annum (the "LIBOR Rate"), or (ii) the highest prime lending rate published from time to time by the Wall Street Journal less 0.25% per annum (the "Prime Rate"), in either case subject to an interest rate floor of 2.250% per annum. At the end of that first year, the loan will automatically convert into a four -year term loan in the principal amount of the borrowings then outstanding. The Company will be required to repay those borrowings in 48 equal monthly principal payments, together with interest at whichever of the following three rates as is selected by the Company: (i) the LIBOR Rate, (ii) the Prime Rate, or (iii) a fixed rate (the Fixed Rate"), in any case subject to an interest rate floor of 2.250% per annum. If the Company chooses the Fixed Rate of interest, it will be required to pay the bank a prepayment penalty if the Company prepays more than 20% of the principal amount after the end of the first year and prior to the last year of the term loan. No penalty will be payable on a prepayment of the loan if the Company selects the LIBOR Rate or the Prime Rate. The agreement governing the term loan contains two financial covenants, which require the Company to maintain (a) a funded debt coverage ratio and (b) a debt service coverage ratio, respectively. The loan agreement also contains certain other covenants typical for this type of loan, including a covenant which provides that, without the bank’s consent, the Company may not incur additional indebtedness for borrowed money, except for (i) borrowings under the above-described revolving credit line, (ii) purchase money indebtedness and (iii) capitalized lease obligations. The Company plans to use borrowings under the term loan primarily to fund the Company’s share of the construction and related facility costs for its new corporate headquarters, as well as its moving costs, and lease exit costs for its existing corporate headquarters. The Company also may use the loan proceeds for other general corporate purposes. At September 30, 2017, the Company had $1,000,000 of outstanding borrowings under the term loan and was in compliance with its loan covenants. Accounts Receivable. A substantial portion of accounts receivable are due from collectibles dealers. One individual customer’s accounts receivable balance exceeded 10% of the Company’s total gross accounts receivable balances at September 30, 2017 and at June 30, 2017. We perform analyses of the expected collectability of accounts receivable based on several factors, including the age and extent of significant past due accounts and economic conditions or trends that may adversely affect the ability of debtors to pay their account receivable balances. Based on that review, we establish an allowance for doubtful accounts, when deemed necessary. The allowance for doubtful accounts receivable was $78,000 and $77,000 at September 30, 2017 and June 30, 2017, respectively. Ultimately, we will write-off accounts receivable balances when it is determined that there is no possibility of collection. Coin Revenues . The authentication, grading and sales of collectible coins, related services and coin product sales accounted for approximately 68% of our net revenues for three months ended September 30, 2017, as compared to 63% of our net revenues for the three months ended September 30, 2016. Customers. One of our customers, accounted for approximately 18% of our net revenues in the three months ended September 30, 2017. There were no customers that exceeded 10% of revenues in the three months ended September 30, 2016. Inventories Our inventories consist primarily of (i) coin s which we have purchased pursuant to our coin authentication and grading warranty program and (ii) consumable supplies and special inserts that we use in our continuing authentication and grading businesses. Coin collectibles inventories are recorded at the lower of cost or estimated market value using the specific identification method. Consumable supplies are recorded at the lower of cost (using the first -in first -out method) or market. Inventories are periodically reviewed to identify slow-moving items, and an allowance for inventory losses is recognized, as considered necessary. It is possible that our estimates of market value of collectible coins in inventory could change due to market conditions in the various collectibles markets served by the Company, which could require us to increase that allowance for inventory losses. Capitalized Software We capitalize certain costs incurred in the development and upgrading of our software, either from internal or external sources, as part of intangible assets and we amortize these costs on a straight-line basis over the estimated useful life of the software of three years. In the three months ended September 30, 2017 we capitalized approximately $274,000 of software development costs as compared to $172,000 in the three months ended September 30, 2016. In the three months ended September 30, 2017, we recorded approximately $154,000 as amortization expense for capitalized software as compared to $104,000 in the three months ended September 30, 2016. Planning, training, support and maintenance costs incurred either prior to or following the implementation phase of software development projects are recognized as expense in the period in which they are incurred. We evaluate the carrying value of capitalized software for possible impairment, and, if necessary, an impairment loss is recorded in the period in which any impairment is determined to have occurred. Warranty Costs We offer a limited warranty covering the coins and trading cards that we authenticate and grade. Under the warranty, if any collectible coin or trading card that was previously authenticated and graded by us is later submitted to us for re-grading and either (i) receives a lower grade upon that re-submittal or (ii) is determined not to have been authentic, we will offer to purchase the collectible or, in the alternative, at the customer’s option, pay the difference in value of the item at its original grade, as compared to its value at its lower grade. However, this warranty is voided if the collectible, upon re-submittal to us, is not in the same tamper-resistant holder in which it was placed at the time we last graded it. We accrue for estimated warranty costs based on historical trends and related experience. We monitor the adequacy of our warranty reserves on an ongoing basis for significant claims resulting from resubmissions receiving lower grades, or deemed not to be authentic. As previously disclosed, in the fourth quarter of fiscal 2017, the Company re-evaluated its warranty policy and changed its warranty accrual rate effective July 1, 2017. As a result, warranty expense recognized in the three months ended September 30, 2017 was $113,000 as compared to $174,000 in the three months ended September 30, 2016. Dividends In accordance with the Company ’s current quarterly dividend policy, we paid quarterly cash dividends of $0.35 per share of common stock in the first quarter of fiscal 2018. The declaration of cash dividends in the future is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources, its cash requirements and alternative uses of cash that the Board may conclude would represent an opportunity to generate a greater return on investment for the Company. Recent Accounting Pronouncements In May 2014, FASB issued ASU 2014 - 09, on Revenue from Contracts with Customers . The updated guidance modifies the guidance companies use to recognize revenue from contracts with customers for transfers of goods or services and transfers of nonfinancial assets, unless those contracts are within the scope of other standards. The guidance also requires new qualitative and quantitative disclosures, including information about contract balances and performance obligations. In July 2015, the FASB approved a one year deferral of the effective date. Accordingly, the update is effective for us in the first quarter of fiscal 2019 with retrospective application to prior periods presented or as a cumulative effect adjustment in the period of adoption. Early adoption is permitted in the first quarter of 2018. In March 2016, the FASB issued ASU 2016 - 08, "Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)." This new guidance provides additional implementation guidance on how an entity should identify the unit of accounting for the principal versus agent evaluations. In May 2016, the FASB issued 2016 ASU 2016 - 12, "Revenue from Contracts with Customers (Topic 606 ): Narrow-Scope Improvements and Practical Expedients." This new ASU provides more specific guidance on certain aspects of Topic 606. The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. Most of the Company’s services are primarily short-term in nature, and the assessment at this stage is that the Company does not expect the adoption of the new revenue recognition standard to have a material impact on its financial statements. The Company plans to adopt the standard in the first quarter of 2019 using the modified retrospective method by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. In February 2016, FASB issued Accounting Standards Update 2016 - 02 on Accounting for Leases . The core principle of this guidance is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The adoption of this guidance is expected to have a material effect on the Company’s consolidated financial statement and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods thereafter. Early adoption is permitted. In March 2016, FASB issued Accounting Standards Update 2016 - 09 Compensation–Stock Compensation: Improvements to Employee Share-Based Payment Accounting . Under this updated guidance all excess tax benefits and tax deficiencies, should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. The Company adopted this guidance effective July 1, 2017. The adoption of this guidance reduced the Company’s tax provision in the three months ended September 30, 2017 by approximately $832,000, primarily due to the vesting of LTIP shares in the quarter. In August 2016, FASB issued Accounting Standards Update No, 2016 - 15 on Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments. The updated guidance addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero -coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The adoption of this guidance is not expected to have a material effect on the Company’s Consolidated Financial Statements and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods thereafter. In January 2017, FASB issued 2017 - 04, on Simplifying the Test for Goodwill Impairment . The updated guidance eliminated step 2 from the goodwill impairment test. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for fiscal years beginning after December 9, 2019. The guidance is not expected to have a material effect on the Company’s financial statements. In May 2017, FASB issued ASU 2017 - 09 on Compensation-Stock Compensation which provides guidance about which changes to the terms and conditions of a share based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all the following are met: (i) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. (ii) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. (iii) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for ( 1 ) public business entities for reporting periods for which financial statements have not yet been issued and ( 2 ) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The guidance should be applied prospectively to an award modified on or after the adoption date. The guidance is not expected to have a material effect on the Company’s financial statements.

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Note 2 - Inventories

3 Months Ended

Sep. 30, 2017

Inventory Disclosure [Text Block]

INVENTORIES

Inventories consist of the following (in thousands):

	September 30 ,			June 30,
	2017			201 7
Coins	$	464		$	458
Other collectibles		326			391
Grading raw materials consumable inventory		2,837			2,850
		3,627			3,699
Less inventory reserve		(782	)		(977	)
Inventories, net	$	2,845		$	2,722

The inventory reserve represents a valuation allowanc

e on certain items of our coins, other collectibles and consumable inventories based upon our review of the current market value of such coins and collectibles and the usage of consumables.

he estimated value of coins can be subjective and can vary depending on market conditions for precious metals, the number of qualified buyers for a particular coin and the uniqueness and special features of a particular coin.

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Note 3 - Property and Equipment

3 Months Ended

Sep. 30, 2017

Property, Plant and Equipment Disclosure [Text Block]

PROPERTY AND EQUIPMENT

Property and equipment consist of the following (in thousands):

	September 30 ,			June 30,
	201 7			201 7
Coins grading reference sets	$	263		$	263
Computer hardware and equipment		3,018			2,916
Computer software		1,478			1,276
Equipment		6,129			6,063
Furniture and office equipment		1,392			1,177
Leasehold improvements		4,238			1,316
Trading card reference library		52			52
		16,570			13,063
Less accumulated depreciation and amortization		(10,169	)		(9,900	)
Property and equipment, net	$	6,401		$	3,163

Leasehold Improvements at

September 30, 2017

includes approximately

$2,976,000

of leasehold improvements for the Company’s new corporate headquarter, of which approximately

$2,106,000

was contributed by the landlord.

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Note 4 - Accrued Liabilities

3 Months Ended

Sep. 30, 2017

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

4.	ACCRUED LIABILITIES

Accrued liabilities consist of the following (in thousands):

	September 30 ,		June 30,
	2017		201 7
Warranty reserves	$	843	$	834
Professional fees		162		84
Other		1,259		734
	$	2,264	$	1,652

The following table presents the changes in the Company

’s warranty reserve during the

three

months ended

September 30, 2017

and

2016

(in thousands):

	Three Months Ended September 30 ,
	2017			2016
Warranty reserve beginning of period	$	834		$	892
Provision charged to cost of revenues		113			174
Payments		(104	)		(56	)
Warranty reserve, end of period	$	843		$	1,010

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Note 5 - Discontinued Operations

3 Months Ended

Sep. 30, 2017

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

5.	DISCONTINUED OPERATIONS

During fiscal

2009,

the Board of Directors authorized the divesture and sale of the

Company’s jewelry and currency grading businesses, the remaining assets and liabilities of which have been reclassified as assets and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets as of

September 30, 2017

and

June 30, 2017.

The operating results of the discontinued businesses that are included in the accompanying Condensed Consolidated Statements of Operations were

not

material.

The

remaining lease obligation in connection with the fiscal

2009

disposal of our jewelry businesses was

$121,000

September 30, 2017,

all of which was classified as a current liability in the accompanying condensed consolidated balance sheet at

September 30, 2017.

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Note 6 - Income Taxes	3 Months Ended
Note 6 - Income Taxes	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6. INCOME TAXES In the three months ended September 30, 2017 and 2016, we recognized provisions for income taxes based upon estimated annual effective tax rates of approximately 20% and 43% respectively. Both three month periods had normalized tax rates of about 38% ; however, the tax rate in the three months ended September 30, 2017 was reduced by excess tax benefits, primarily resulting from the vesting of the LTIP shares in August 2017, whereas the tax rate in the three months ended September 30, 2016 increased due to valuation allowances established against losses incurred by the Company’s foreign operations.

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Note 7 - Net Income Per Share

3 Months Ended

Sep. 30, 2017

Earnings Per Share [Text Block]

7.	NET INCOME PER SHARE

The following table presents the changes in the Company

’s weighted average shares outstanding for the

three

months ended

September 30, 2017

and

2016

(in thousands):

	Three Months Ended September 30,
	2017		20 16
Weighted average shares outstanding: Basic		8,573		8,474
Dilutive effect of restricted shares		192		87
Weighted average shares outstanding: Diluted		8,765		8,561

A total of

3,000

anti-dilutive unvested restricted shares of common stock were excluded from the computation of diluted income per share in the

three

months ended

September 30, 2017

as compared to

4,000

anti-dilutive unvested restricted shares that were excluded from the computation in the

three

months ended

September 30, 2016.

In addition, in the

three

months ended

September 30, 2016,

262,000

of unvested performance based shares were excluded from the computation of diluted earnings per share because we had

not

achieved the related performance goals required for those shares to vest.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Note 8 - Business Segments

3 Months Ended

Sep. 30, 2017

Segment Reporting Disclosure [Text Block]

8.	BUSINESS SEGMENTS

Operating segments are defined as the components or “segments” of an enterprise for which separate financial information is available that is evaluated regularly by the Company

’s chief operating decision maker, or decision-making group, in deciding how to allocate resources to and in assessing performance of those components or “segments”. The Company’s chief operating decision-maker is its Chief Executive Officer. The Company’s operating segments are organized based on the respective services that they offer to customers. Similar operating segments have been aggregated to reportable operating segments based on having similar services, types of customers, and other criteria.

For our continuing operations, we operate principally in

three

reportable service segments: coins, trading cards and autographs and other collectibles. Services provided by these segments include authentication, grading, publications, advertising and commission

s earned, subscription-based revenues and product sales. The other collectibles segment is comprised of CCE, Coinflation.com, Collectors.com and our collectibles trade show business.

We allocate

certain operating expenses to each service segment based upon each segment’s estimated expense usage. The following tables set forth on a segment basis, including a reconciliation with the condensed consolidated financial statements, (i) revenues, (ii) depreciation and amortization, (iii) stock-based compensation expense, and (iv) operating income for the

three

months ended

September 30, 2017

and

2016,

respectively. Net identifiable assets are provided by business segment as of

September 30, 2017

and

June 30, 2017,

respectively (in thousands):

	Three Months Ended
	September 30,
	20 17			20 16
Net revenues :
Coins (1)	$	13,449		$	9,971
Trading cards and autographs		5,088			4,439
Other		1,216			1,338
Consolidated total revenue	$	19,753		$	15,748
D epreciation and amortization:
Coins	$	176		$	137
Trading cards and autographs		60			56
Other		134			150
Total		370			343
Unallocated depreciation and amortization		72			77
Consolidated depreciation and amortization	$	442		$	420
Stock-based compensation :
Coins	$	57		$	11
Trading cards and autographs		16			3
Other		11			2
Total		84			16
Unallocated stock-based compensation		140			86
Consolidated stock-based compensation	$	224		$	102
Operating income :
Coins	$	4,527		$	2,755
Trading cards and autographs		1,376			1,081
Other		265			295
Total		6,168			4,131
Unallocated operating expenses		(1,646	)		(1,357	)
Consolidated operating income	$	4,522		$	2,774

(

)

Includes service revenues of

$4.9

million generated from outside the United States in the

three

months ended

September 30, 2017

as compared to

$1.5

million in the

three

months ended

September 30, 2016.

	September 30 ,		June 30,
	2017		201 7
Identifiable Assets:
Coins	$	9,369	$	9,128
Trading cards and autographs		1,617		1,547
Other		3,035		3,198
Total		14,021		13,873
Unallocated assets		18,280		14,736
Consolidated assets	$	32,301	$	28,609
Goodwill:
Coins	$	515	$	515
Other		1,568		1,568
Consolidated goodwill	$	2,083	$	2,083

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Note 9 - Related-party Transactions	3 Months Ended
Note 9 - Related-party Transactions	Sep. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. RELATED-PARTY TRANSACTIONS During the three months ended September 30, 2017, an adult member of the immediate family of Mr. David Hall, the President of the Company, paid grading and authentication fees to us of $804,000 as compared to $466,000 for the three months ended September 30, 2016. At September 30, 2017, the amount owed to the Company by that person for these services was approximately $206,000 as compared to $268,000 at June 30, 2017. An associate of Richard Kenneth Duncan Sr., who as of July 2015 was the beneficial owner of approximately 5% of our outstanding shares, paid us grading and authentication fees of $202,000 in the three months ended September 30, 2017 as compared to $239,000, in the same three months of fiscal 2017. At September 30, 2017, there was $37,000 owed to the Company for these services as compared to $50,000 at June 30, 2017. In each case, these authentication and grading fees were comparable in amount to the fees which we charge, in the ordinary course of our business, for similar authentication and grading services we render to unaffiliated customers.

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Note 10 - Contingencies	3 Months Ended
Note 10 - Contingencies	Sep. 30, 2017
Notes to Financial Statements
Contingencies Disclosure [Text Block]	10. CONTINGENCIES The Company is named from time to time, as a defendant in lawsuits and disputes that arise in the ordinary course of business. We believe that none of the lawsuits or disputes currently pending against the Company is likely to have a material adverse effect on the Company’s financial position or results of operations.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Note 11 - Subsequent Events	3 Months Ended
Note 11 - Subsequent Events	Sep. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	11. SUBSEQUENT EVENTS On October 24, 2017, the Company announced that, in accordance with its dividend policy the Board of Directors had approved a second quarter cash dividend of $0.35 per share of common stock, which will be paid on November 24, 2017 to stockholders of record on November 15, 2017.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Collectors Universe, Inc. and its operating subsidiaries (the “Company”, “we”, “us”, or “our”). At September 30, 2017, our operating subsidiaries were Certified Asset Exchange, Inc. (“CAE”), Collectors Universe (Hong Kong) Limited, Collectors Universe (Shanghai) Limited, and Expos, LLC. (“Expos”), all of which are ultimately 100% owned by Collectors Universe, Inc. All significant intercompany transactions and accounts have been eliminated in consolidation.
Basis of Accounting, Policy [Policy Text Block]	Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows for the periods presented in accordance with generally accepted accounting principles as in effect in the United States of America (“GAAP”). Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018 or for any other interim period during such year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10 -K for the fiscal year ended June 30, 2017, as filed with the SEC (our “Fiscal 2017 10 -K”). Amounts related to disclosure of June 30, 2017 balances within these interim condensed consolidated financial statements were derived from the aforementioned audited consolidated financial statements and the notes thereto.
Reclassification, Policy [Policy Text Block]	Reclassification s Certain prior period amounts have been reclassified to conform to the current period presentation.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Policies We record revenue at the time of shipment of the authenticated and graded collectible to the customer, net of any taxes collected. Due to the insignificant delay between the completion of our authentication and grading services and the shipment of the collectible back to the customer, the time of shipment corresponds to the completion of our authentication and grading services. We recognize revenue from the sale of special coin inserts at the time the customer takes legal title to the insert. Many of our authentication and grading customers prepay our authentication and grading fees when they submit their collectibles to us for authentication and grading. We record those prepayments as deferred revenue until the collectibles have been authenticated and graded and shipped back to them. At that time, we record the revenues from the authentication and grading services we have performed for the customer and deduct this amount from deferred revenue. For certain dealers to whom we extend open account privileges, we record revenue at the time of shipment of the authenticated and graded collectible to the dealer. With respect to our Expos trade show business, we recognize revenue from each show in the period in which the show takes place. A portion of our net revenues are comprised of subscription fees paid by customers for one year memberships in our Collectors Club. Those membership subscription fees entitle members to access our on-line and printed publications and, in some cases, to receive limited life vouchers for free grading services. We recognize revenue attributable to free grading vouchers on a specific basis and classify those revenues as part of authentication and grading fees. The balance of the membership fee is recognized over the life of the one year membership on a time-apportioned basis. We recognize product sales when items are shipped to customers. Product revenues consist primarily of sales of collectible coins that we purchase pursuant to our coin authentication and grading warranty program. However, those sales are not considered an integral part of the Company’s ongoing revenue generating activities.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results from continuing and discontinued operations could differ from results expected on the basis of those estimates, and such differences could be material to our future results of operations and financial condition. Examples of such estimates that could be material include determinations made with respect to the capitalization and recovery of software development costs, the valuation of stock-based compensation awards and the timing of the recognition of related stock-based compensation expense, the valuation of coin inventory, the amount and assessment of goodwill for impairment, the sufficiency of warranty reserves and the provision or benefit for income taxes and related valuation allowances.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Other Long-Lived Assets We evaluate the carrying value of goodwill and indefinite-lived intangible assets at least annually, or more frequently if facts and circumstances indicate that impairment may have occurred. Qualitative factors are considered in performing our goodwill impairment assessment, including the significant excess of fair value over carrying value in prior years, and any material changes in the estimated cash flows of the reporting unit. We also evaluate the carrying values of all other tangible and intangible assets for impairment if circumstances arise in which the carrying values of these assets may not be recoverable on the basis of future undiscounted cash flows. We determined that no impairment of goodwill or other long-lived assets existed as of September 30, 2017.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency The Company has determined that the U.S. Dollar is the functional currency for its French branch office and its Hong Kong and China subsidiaries. Based on this determination, the Company’s foreign operations are re-measured by reflecting the financial results of such operations as if they had taken place within a U.S. dollar-based economic environment. Fixed assets and other non-monetary assets and liabilities are re-measured from foreign currencies to U.S. dollars at historical exchange rates; whereas cash, accounts receivable and other monetary assets and liabilities are re-measured at current exchange rates. Gains and losses resulting from those re-measurements, which are included in income for the current period, were not material.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation We recognize stock-based compensation attributable to service-based equity grants over the service period based on the grant date fair values of the awards. For performance-based equity grants with financial performance goals, we begin recognizing compensation expense based on their respective grant date fair values when it becomes probable that we will achieve the financial performance goals. Restricted Stock Awards As previously disclosed, in fiscal 2013, the Compensation Committee of the Board of Directors adopted a Long-Term Incentive Plan (“LTIP”) for the Company ’s Chief Executive Officer and Chief Financial Officer, as well as for other selected key management employees (collectively, “Participants”). At the time of the adoption of the LTIP, the Compensation Committee established a threshold annual financial performance goal, and four increasingly higher annual financial performance goals and made the vesting of the LTIP shares conditioned on the Company’s achievement of one or more of those financial performance goals during any fiscal year within a six -year period ending on June 30, 2018 ( the “Performance Period”). As previously reported in our 2017 Form 10K, based on the financial results achieved in fiscal 2017, a determination was made that the Company had achieved the maximum performance goal under the LTIP in fiscal 2017. Therefore in accordance with the terms of the LTIP, 50% of the then remaining shares available under the LTIP vested at the determination date and assuming continuous service by the participants the remaining 50% of the shares will vest on June 30, 2018. Stock-based compensation in the three months ended September 30, 2017 was $224,000 as compared to $102,000 in the three months ended September 30, 2016.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Financial Instruments and Cash Balances. At September 30, 2017, we had cash and cash equivalents totaling approximately $10,207,000, of which approximately $3,823,000 was invested in money market accounts, and the balance of $6,384,000 (including cash in overseas bank accounts) was in non-interest bearing bank accounts for general day-to-day operations. Cash in overseas bank accounts was approximately $4,282,000 at September 30, 2017 of which $3,899,000 was in China. We plan to remit excess cash from China in accordance with Chinese exchange control regulations. Due to the evolving exchange control rules in China, delays can be experienced in transferring funds from China. Substantially all of our cash in the United States is deposited at one FDIC insured financial institution. We maintained cash due from banks, inclusive of cash in overseas accounts, in excess of the bank’s FDIC insured deposit limits of approximately $5,239,000 at September 30, 2017. Revolving Credit Line. As previously reported, in January 2017 we obtained a three -year, $10,000,000 unsecured revolving credit line from a commercial bank to enhance the Company’s liquidity and to support the growth of the Company’s business. We are entitled to obtain borrowings under the credit line at such times and in such amounts as we may request, provided that the maximum principal amount of credit line borrowings that may be outstanding at any one time may not exceed $10,000,000. We also may repay outstanding borrowings in whole or in part at any time or from time to time and reborrow amounts based upon availability under the line of credit, except that no borrowings may be outstanding under the credit line during a 30 consecutive day “out of loan” period each year. Borrowings bear interest, at the Company’s option, at LIBOR plus 2.25% or at 0.25% below the highest prime lending rate published from time to time by the Wall Street Journal. The Company is required to pay a quarterly unused commitment fee of 0.0625% of the amount by which (if any) that the average of the borrowings outstanding under the credit line in any calendar quarter is less than $4,000,000. During the quarter ended September 30, 2017 we borrowed $3,000,000 under the credit line. Those borrowings were subsequently repaid and no borrowings were outstanding under the credit line at September 30, 2017. We were in compliance with all of our financial and other covenants under our credit line agreement at September 30, 2017. Term Loan . As previously reported, on September 15, 2017 the Company obtained a five -year, $3,500,000 unsecured term loan from the same commercial bank from which we obtained the above-described credit line. During its first year, the term loan will take the form of a non-revolving credit line during which period the Company is entitled to draw down borrowings at such times and in such amounts as it may request, up to a maximum of $3,500,000. During that first year the Company is required to make monthly payments of accrued but unpaid interest, only, at whichever of the following two interest rates it may select: (i) LIBOR plus 2.25% per annum (the "LIBOR Rate"), or (ii) the highest prime lending rate published from time to time by the Wall Street Journal less 0.25% per annum (the "Prime Rate"), in either case subject to an interest rate floor of 2.250% per annum. At the end of that first year, the loan will automatically convert into a four -year term loan in the principal amount of the borrowings then outstanding. The Company will be required to repay those borrowings in 48 equal monthly principal payments, together with interest at whichever of the following three rates as is selected by the Company: (i) the LIBOR Rate, (ii) the Prime Rate, or (iii) a fixed rate (the Fixed Rate"), in any case subject to an interest rate floor of 2.250% per annum. If the Company chooses the Fixed Rate of interest, it will be required to pay the bank a prepayment penalty if the Company prepays more than 20% of the principal amount after the end of the first year and prior to the last year of the term loan. No penalty will be payable on a prepayment of the loan if the Company selects the LIBOR Rate or the Prime Rate. The agreement governing the term loan contains two financial covenants, which require the Company to maintain (a) a funded debt coverage ratio and (b) a debt service coverage ratio, respectively. The loan agreement also contains certain other covenants typical for this type of loan, including a covenant which provides that, without the bank’s consent, the Company may not incur additional indebtedness for borrowed money, except for (i) borrowings under the above-described revolving credit line, (ii) purchase money indebtedness and (iii) capitalized lease obligations. The Company plans to use borrowings under the term loan primarily to fund the Company’s share of the construction and related facility costs for its new corporate headquarters, as well as its moving costs, and lease exit costs for its existing corporate headquarters. The Company also may use the loan proceeds for other general corporate purposes. At September 30, 2017, the Company had $1,000,000 of outstanding borrowings under the term loan and was in compliance with its loan covenants. Accounts Receivable. A substantial portion of accounts receivable are due from collectibles dealers. One individual customer’s accounts receivable balance exceeded 10% of the Company’s total gross accounts receivable balances at September 30, 2017 and at June 30, 2017. We perform analyses of the expected collectability of accounts receivable based on several factors, including the age and extent of significant past due accounts and economic conditions or trends that may adversely affect the ability of debtors to pay their account receivable balances. Based on that review, we establish an allowance for doubtful accounts, when deemed necessary. The allowance for doubtful accounts receivable was $78,000 and $77,000 at September 30, 2017 and June 30, 2017, respectively. Ultimately, we will write-off accounts receivable balances when it is determined that there is no possibility of collection. Coin Revenues . The authentication, grading and sales of collectible coins, related services and coin product sales accounted for approximately 68% of our net revenues for three months ended September 30, 2017, as compared to 63% of our net revenues for the three months ended September 30, 2016. Customers. One of our customers, accounted for approximately 18% of our net revenues in the three months ended September 30, 2017. There were no customers that exceeded 10% of revenues in the three months ended September 30, 2016.
Inventory, Policy [Policy Text Block]	Inventories Our inventories consist primarily of (i) coin s which we have purchased pursuant to our coin authentication and grading warranty program and (ii) consumable supplies and special inserts that we use in our continuing authentication and grading businesses. Coin collectibles inventories are recorded at the lower of cost or estimated market value using the specific identification method. Consumable supplies are recorded at the lower of cost (using the first -in first -out method) or market. Inventories are periodically reviewed to identify slow-moving items, and an allowance for inventory losses is recognized, as considered necessary. It is possible that our estimates of market value of collectible coins in inventory could change due to market conditions in the various collectibles markets served by the Company, which could require us to increase that allowance for inventory losses.
Research, Development, and Computer Software, Policy [Policy Text Block]	Capitalized Software We capitalize certain costs incurred in the development and upgrading of our software, either from internal or external sources, as part of intangible assets and we amortize these costs on a straight-line basis over the estimated useful life of the software of three years. In the three months ended September 30, 2017 we capitalized approximately $274,000 of software development costs as compared to $172,000 in the three months ended September 30, 2016. In the three months ended September 30, 2017, we recorded approximately $154,000 as amortization expense for capitalized software as compared to $104,000 in the three months ended September 30, 2016. Planning, training, support and maintenance costs incurred either prior to or following the implementation phase of software development projects are recognized as expense in the period in which they are incurred. We evaluate the carrying value of capitalized software for possible impairment, and, if necessary, an impairment loss is recorded in the period in which any impairment is determined to have occurred.
Standard Product Warranty, Policy [Policy Text Block]	Warranty Costs We offer a limited warranty covering the coins and trading cards that we authenticate and grade. Under the warranty, if any collectible coin or trading card that was previously authenticated and graded by us is later submitted to us for re-grading and either (i) receives a lower grade upon that re-submittal or (ii) is determined not to have been authentic, we will offer to purchase the collectible or, in the alternative, at the customer’s option, pay the difference in value of the item at its original grade, as compared to its value at its lower grade. However, this warranty is voided if the collectible, upon re-submittal to us, is not in the same tamper-resistant holder in which it was placed at the time we last graded it. We accrue for estimated warranty costs based on historical trends and related experience. We monitor the adequacy of our warranty reserves on an ongoing basis for significant claims resulting from resubmissions receiving lower grades, or deemed not to be authentic. As previously disclosed, in the fourth quarter of fiscal 2017, the Company re-evaluated its warranty policy and changed its warranty accrual rate effective July 1, 2017. As a result, warranty expense recognized in the three months ended September 30, 2017 was $113,000 as compared to $174,000 in the three months ended September 30, 2016.
Stockholders' Equity, Policy [Policy Text Block]	Dividends In accordance with the Company ’s current quarterly dividend policy, we paid quarterly cash dividends of $0.35 per share of common stock in the first quarter of fiscal 2018. The declaration of cash dividends in the future is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources, its cash requirements and alternative uses of cash that the Board may conclude would represent an opportunity to generate a greater return on investment for the Company.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, FASB issued ASU 2014 - 09, on Revenue from Contracts with Customers . The updated guidance modifies the guidance companies use to recognize revenue from contracts with customers for transfers of goods or services and transfers of nonfinancial assets, unless those contracts are within the scope of other standards. The guidance also requires new qualitative and quantitative disclosures, including information about contract balances and performance obligations. In July 2015, the FASB approved a one year deferral of the effective date. Accordingly, the update is effective for us in the first quarter of fiscal 2019 with retrospective application to prior periods presented or as a cumulative effect adjustment in the period of adoption. Early adoption is permitted in the first quarter of 2018. In March 2016, the FASB issued ASU 2016 - 08, "Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)." This new guidance provides additional implementation guidance on how an entity should identify the unit of accounting for the principal versus agent evaluations. In May 2016, the FASB issued 2016 ASU 2016 - 12, "Revenue from Contracts with Customers (Topic 606 ): Narrow-Scope Improvements and Practical Expedients." This new ASU provides more specific guidance on certain aspects of Topic 606. The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. Most of the Company’s services are primarily short-term in nature, and the assessment at this stage is that the Company does not expect the adoption of the new revenue recognition standard to have a material impact on its financial statements. The Company plans to adopt the standard in the first quarter of 2019 using the modified retrospective method by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. In February 2016, FASB issued Accounting Standards Update 2016 - 02 on Accounting for Leases . The core principle of this guidance is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The adoption of this guidance is expected to have a material effect on the Company’s consolidated financial statement and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods thereafter. Early adoption is permitted. In March 2016, FASB issued Accounting Standards Update 2016 - 09 Compensation–Stock Compensation: Improvements to Employee Share-Based Payment Accounting . Under this updated guidance all excess tax benefits and tax deficiencies, should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. The Company adopted this guidance effective July 1, 2017. The adoption of this guidance reduced the Company’s tax provision in the three months ended September 30, 2017 by approximately $832,000, primarily due to the vesting of LTIP shares in the quarter. In August 2016, FASB issued Accounting Standards Update No, 2016 - 15 on Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments. The updated guidance addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero -coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The adoption of this guidance is not expected to have a material effect on the Company’s Consolidated Financial Statements and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods thereafter. In January 2017, FASB issued 2017 - 04, on Simplifying the Test for Goodwill Impairment . The updated guidance eliminated step 2 from the goodwill impairment test. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for fiscal years beginning after December 9, 2019. The guidance is not expected to have a material effect on the Company’s financial statements. In May 2017, FASB issued ASU 2017 - 09 on Compensation-Stock Compensation which provides guidance about which changes to the terms and conditions of a share based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all the following are met: (i) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. (ii) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. (iii) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for ( 1 ) public business entities for reporting periods for which financial statements have not yet been issued and ( 2 ) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The guidance should be applied prospectively to an award modified on or after the adoption date. The guidance is not expected to have a material effect on the Company’s financial statements.

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Note 2 - Inventories (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Inventory, Current [Table Text Block]

	September 30 ,			June 30,
	2017			201 7
Coins	$	464		$	458
Other collectibles		326			391
Grading raw materials consumable inventory		2,837			2,850
		3,627			3,699
Less inventory reserve		(782	)		(977	)
Inventories, net	$	2,845		$	2,722

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Note 3 - Property and Equipment (Tables)

3 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Table Text Block]

	September 30 ,			June 30,
	201 7			201 7
Coins grading reference sets	$	263		$	263
Computer hardware and equipment		3,018			2,916
Computer software		1,478			1,276
Equipment		6,129			6,063
Furniture and office equipment		1,392			1,177
Leasehold improvements		4,238			1,316
Trading card reference library		52			52
		16,570			13,063
Less accumulated depreciation and amortization		(10,169	)		(9,900	)
Property and equipment, net	$	6,401		$	3,163

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Note 4 - Accrued Liabilities (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Accrued Liabilities [Table Text Block]

	September 30 ,		June 30,
	2017		201 7
Warranty reserves	$	843	$	834
Professional fees		162		84
Other		1,259		734
	$	2,264	$	1,652

Schedule of Product Warranty Liability [Table Text Block]

	Three Months Ended September 30 ,
	2017			2016
Warranty reserve beginning of period	$	834		$	892
Provision charged to cost of revenues		113			174
Payments		(104	)		(56	)
Warranty reserve, end of period	$	843		$	1,010

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Note 7 - Net Income Per Share (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended September 30,
	2017		20 16
Weighted average shares outstanding: Basic		8,573		8,474
Dilutive effect of restricted shares		192		87
Weighted average shares outstanding: Diluted		8,765		8,561

XML 33 R22.htm IDEA: XBRL DOCUMENT

Note 8 - Business Segments (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended
	September 30,
	20 17			20 16
Net revenues :
Coins (1)	$	13,449		$	9,971
Trading cards and autographs		5,088			4,439
Other		1,216			1,338
Consolidated total revenue	$	19,753		$	15,748
D epreciation and amortization:
Coins	$	176		$	137
Trading cards and autographs		60			56
Other		134			150
Total		370			343
Unallocated depreciation and amortization		72			77
Consolidated depreciation and amortization	$	442		$	420
Stock-based compensation :
Coins	$	57		$	11
Trading cards and autographs		16			3
Other		11			2
Total		84			16
Unallocated stock-based compensation		140			86
Consolidated stock-based compensation	$	224		$	102
Operating income :
Coins	$	4,527		$	2,755
Trading cards and autographs		1,376			1,081
Other		265			295
Total		6,168			4,131
Unallocated operating expenses		(1,646	)		(1,357	)
Consolidated operating income	$	4,522		$	2,774

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	September 30 ,		June 30,
	2017		201 7
Identifiable Assets:
Coins	$	9,369	$	9,128
Trading cards and autographs		1,617		1,547
Other		3,035		3,198
Total		14,021		13,873
Unallocated assets		18,280		14,736
Consolidated assets	$	32,301	$	28,609
Goodwill:
Coins	$	515	$	515
Other		1,568		1,568
Consolidated goodwill	$	2,083	$	2,083

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 1 - Summary of Significant Accounting Policies (Details Textual)				3 Months Ended		12 Months Ended
	Sep. 15, 2018	Sep. 15, 2017 USD ($)	Jan. 10, 2017 USD ($)	Sep. 30, 2017 USD ($) $ / shares	Sep. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						50.00%
Allocated Share-based Compensation Expense				$ 224,000	$ 102,000
Cash and Cash Equivalents, at Carrying Value				10,207,000	10,344,000	$ 9,826,000	$ 11,967,000
Money Market Funds, at Carrying Value				3,823,000
Other Cash Equivalents, at Carrying Value				6,384,000
Cash				4,282,000
Cash, Uninsured Amount				5,239,000
Allowance for Doubtful Accounts Receivable, Current				78,000		$ 77,000
Capitalized Computer Software, Additions				274,000	172,000
Capitalized Computer Software, Amortization				154,000	104,000
Product Warranty Expense				$ 113,000	174,000
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares				$ 0.35
Income Tax Expense (Benefit)				$ 919,000	$ 1,210,000
Impairment of Long-Lived Assets Held-for-use				0
Goodwill and Intangible Asset Impairment				0
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)				$ (832,000)
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life				3 years
Sales Revenue, Services, Net [Member] \| Product Concentration Risk [Member] \| Coins [Member]
Concentration Risk, Percentage				68.00%	63.00%
Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Concentration Risk, Percentage				18.00%
Unsecured Debt [Member] \| CB&T [Member]
Debt Instrument, Term		5 years
Long-term Debt		$ 3,500,000,000,000		$ 1,000,000,000,000
Revolving Credit Facility [Member] \| California Bank and Trust [Member]
Debt Instrument, Term			3 years
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,000,000,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.0625%
Line of Credit Facility, Average Outstanding Amount			$ 4,000,000,000,000
Proceeds from Lines of Credit				3,000,000
Long-term Line of Credit				0
Revolving Credit Facility [Member] \| California Bank and Trust [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			2.25%
Revolving Credit Facility [Member] \| California Bank and Trust [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			(0.25%)
Line of Credit [Member] \| Unsecured Debt [Member] \| CB&T [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000,000
Line of Credit [Member] \| Unsecured Debt [Member] \| CB&T [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		2.25%
Line of Credit [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Unsecured Debt [Member] \| CB&T [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Line of Credit [Member] \| Prime Rate [Member] \| Unsecured Debt [Member] \| CB&T [Member]
Debt Instrument, Basis Spread on Variable Rate		(0.25%)
Term Loan [Member] \| Unsecured Debt [Member] \| CB&T [Member] \| Scenario, Forecast [Member]
Debt Instrument, Term	4 years
Debt Instrument, Number of Payments	48
Prepayment Penalty, Percentage of Principal Amount Threshold	20.00%
Term Loan [Member] \| Unsecured Debt [Member] \| CB&T [Member] \| Minimum [Member] \| Scenario, Forecast [Member]
Debt Instrument, Interest Rate, Stated Percentage	2.25%
CHINA
Cash				$ 3,899,000

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Inventory, gross	$ 3,627	$ 3,699
Less inventory reserve	(782)	(977)
Inventories, net	2,845	2,722
Coins [Member]
Inventory, gross	464	458
Other Collectibles [Member]
Inventory, gross	326	391
Grading Raw Materials Consumable [Member]
Inventory, gross	$ 2,837	$ 2,850

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 3 - Property and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017
Leasehold Improvements Contributed by Landlord	$ 2,106,000
New Corporate Headquarter [Member]
Leasehold Improvements, Gross	$ 2,976,000		$ 2,976,000
Leasehold Improvements Contributed by Landlord			$ 2,106,000

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Coins grading reference sets	$ 16,570	$ 13,063
Less accumulated depreciation and amortization	(10,169)	(9,900)
Property and equipment, net	6,401	3,163
Coins and Stamp Grading Reference Sets [Member]
Coins grading reference sets	263	263
Computer Equipment [Member]
Coins grading reference sets	3,018	2,916
Computer Software [Member]
Coins grading reference sets	1,478	1,276
Equipment [Member]
Coins grading reference sets	6,129	6,063
Furniture and Office Equipment [Member]
Coins grading reference sets	1,392	1,177
Leasehold Improvements [Member]
Coins grading reference sets	4,238	1,316
Trading Card Reference Library [Member]
Coins grading reference sets	$ 52	$ 52

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 4 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Warranty reserves	$ 843	$ 834
Professional fees	162	84
Other	1,259	734
	$ 2,264	$ 1,652

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 4 - Accrued Liabilities - Warranty Reserve Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Warranty reserve beginning of period	$ 834	$ 892
Provision charged to cost of revenues	113	174
Payments	(104)	(56)
Warranty reserve, end of period	$ 843	$ 1,010

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 5 - Discontinued Operations (Details Textual) - Jewelry Businesses [Member]	Sep. 30, 2017 USD ($)
Total Accrual Related to Remaining Lease Obligations	$ 121,000
Accrued Rent, Current	$ 121,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 6 - Income Taxes (Details Textual)	3 Months Ended
Note 6 - Income Taxes (Details Textual)	Sep. 30, 2017	Sep. 30, 2016
Effective Income Tax Rate Reconciliation, Percent	20.00%	43.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	38.00%	38.00%

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 7 - Net Income Per Share (Details Textual) - shares	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Stock Options and Unvested Restricted Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,000	4,000
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		262,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 7 - Net Income Per Share - Computation of Basic and Diluted Net Loss Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Weighted average shares outstanding: Basic (in shares)	8,573	8,474
Weighted average shares outstanding: Diluted (in shares)	8,765	8,561
Restricted Stock [Member]
Dilutive effect of restricted shares (in shares)	192	87

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 8 - Business Segments (Details Textual)

3 Months Ended

Sep. 30, 2017

USD ($)

Sep. 30, 2016

USD ($)

Number of Reportable Segments

Revenue, Net

^[1]

$ 19,753,000

$ 15,748,000

Outside the United States[Member]

Revenue, Net

$ 4.90

$ 1.50

[1]	Includes service revenues of $4.9 million generated from outside the United States in the three months ended September 30, 2017 as compared to $1.5 million in the three months ended September 30, 2016.

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 8 - Business Segments - Segment Reporting Information (Details) - USD ($)

3 Months Ended

Sep. 30, 2017

Sep. 30, 2016

^[1]

$ 19,753,000

$ 15,748,000

442,000

420,000

224,000

102,000

Operating Segments [Member]

4,522,000

2,774,000

370,000

343,000

84,000

16,000

Segment Reconciling Items [Member]

6,168,000

4,131,000

72,000

77,000

140,000

86,000

Coins [Member] | Operating Segments [Member]

(1,646,000)

(1,357,000)

^[1]

13,449,000

9,971,000

176,000

137,000

57,000

11,000

Trading Cards and Autographs [Member] | Operating Segments [Member]

4,527,000

2,755,000

^[1]

5,088,000

4,439,000

60,000

56,000

16,000

3,000

Other Segments [Member] | Operating Segments [Member]

1,376,000

1,081,000

^[1]

1,216,000

1,338,000

134,000

150,000

11,000

2,000