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NOTE 16 - SEGMENT AND RELATED INFORMATION
12 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
NOTE 16 - SEGMENT AND RELATED INFORMATION

NOTE 16 - SEGMENT AND RELATED INFORMATION

 

The Company provides segment data in accordance with the provisions of ASC topic 280, “Disclosures about Segments of an Enterprise and Related Information”.

The Company operates in two industry segments - manufacturing and the servicing of medical equipment and management of diagnostic imaging centers.

 

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All intersegment sales are market-based. The Company evaluates performance based on income or loss from operations.

 

Summarized financial information concerning the Company’s reportable segments is shown in the following table:

 

    Manufacturing and Servicing of Medical   Management of Diagnostic Imaging    
Fiscal 2020:   Equipment   Center   Totals
Net revenues from external customers   $ 8,463,103     $ 77,227,359     $ 85,690,462  
Intersegment net revenues *   $ 875,000     $ —       $ 875,000  
(Loss) Income from operations   $ (6,425,411 )   $ 20,076,327     $ 13,650,916  
Depreciation and amortization   $ 368,498     $ 3,540,150     $ 3,908,648  
Compensatory element of stock  issuances   $ —       $ —       $ —    
Total identifiable assets   $ 30,492,757     $ 149,790,753     $ 180,283,510  
Capital expenditures   $ 2,440,640     $ 4,981,773     $ 7,422,413  
  Fiscal 2019:                        
Net revenues from external customers   $ 10,013,394     $ 77,179,493     $ 87,192,887  
Intersegment net revenues *   $ 907,084     $ —       $ 907,084  
(Loss) Income from operations   $ (3,419,944 )   $ 25,554,136     $ 22,134,192  
Depreciation and amortization   $ 370,001     $ 3,466,490     $ 3,836,491  
Compensatory element of stock  issuances   $ 1,990,380     $ —       $ 1,990,380  
Total identifiable assets   $ 25,065,808     $ 108,494,402     $ 133,560,210  
Capital expenditures   $ 746,768     $ 2,737,081     $ 3,483,849  

 

* Amounts eliminated in consolidation

 

Export Product Sales

 

The Company’s areas of operations are principally in the United States. The Company had export sales of medical equipment amounting to 20.2% and 5.3% of product sales revenues to third parties for the years ended June 30, 2020 and 2019, respectively.

 

The foreign product sales, as a percentage of product sales to unrelated parties, were made to customers in the following countries:

    For the Years Ended June 30
    2020   2019
Canada     —         .3 %
England     —         .3  
Germany     20.2 %     —    
Puerto Rico     —         4.7  
      20.2 %     5.3 %

 

Foreign Service and Repair Fees

 

The Company’s areas of service and repair are principally in the United States. The Company had foreign revenues of service and repair of medical equipment amounting to 5.6% and 5.9% of consolidated net service and repair fees for the years ended June 30, 2020 and 2019 respectively. Foreign service and repair fees, as a percentage of total service and repair fees, were provided principally to the following countries:

    For the Years Ended June 30,
    2020   2019
Puerto Rico     1.6 %     1.6 %
Switzerland     0.3       0.3  
Germany     1.5       1.4  
England     0.7       0.6  
United Arab Emirates     —         0.3  
Canada     0.3       0.4  
Greece     0.2       0.3  
Australia     1.0       1.0  
      5.6 %     5.9 %

 

 The Company does not have any material assets outside of the United States.