SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Contract assets and liabilities

The table below shows movements in contract assets:

	Contract assets
Balance – December 31, 2020	$	2,433,614
Revenue recognized during the period but not billed		-
Amounts reclassified to accounts receivable		(458	)
Other		-
Balance – March 31, 2021	$	2,433,156

Contract asset balances for March 31, 2021 include a current and a long-term contract asset, $2,390,104, and $43,052, respectively.

The table below shows movements in the deferred revenue balances (current and noncurrent) for the period:

	Contract liability
Balance – December 31, 2020	$	1,608,480
Amounts billed but not recognized as revenue		940,764
Revenue recognized related to the opening balance of deferred revenue		(1,156,254	)
Other		-
Balance – March 31, 2021	$	1,392,990

Disaggregation of revenues

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Subscription & Support	$	4,480,528	$	4,066,497	$	12,622,485	$	12,121,543
Professional Services		91,254		83,234		207,917		408,841
Transaction Based		1,450,758		483,513		3,591,744		1,740,276
Total	$	6,022,540	$	4,633,244	$	16,422,146	$	14,270,660

Earnings per share

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Numerator
Net income applicable to common shareholders	$	626,586	$	125,376	$	2,511,049	$	673,608
Denominator
Weighted average common shares outstanding, basic		19,555,000		19,588,000		19,511,000		19,714,000
Warrants to purchase common stock		387,000		188,000		233,000		228,000
Weighted average common shares outstanding, diluted		19,942,000		19,776,000		19,744,000		19,942,000
Net income per share
Basic	$	0.03	$	0.01	$	0.13	$	0.03
Diluted	$	0.03	$	0.01	$	0.13	$	0.03