RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS (Notes)

6 Months Ended

Dec. 31, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

REVENUE RECOGNITION — In May 2014, the FASB issued ASU 2014-09 (Topic 606), Revenue from Contracts with Customers. The Company adopted the new standard effective July 1, 2018, using the full retrospective method. Adoption of the new revenue recognition standard required the Company to restate its previously reported results for the prior year comparative period and had a material impact on the consolidated balance sheets but an overall immaterial impact on its consolidated statements of income and cash flows and related disclosures. The impact on the Company's consolidated balance sheets was a result of the adjustment to defer revenue from prior years and a corresponding adjustment to retained earnings.

LEASES — In February 2016, the FASB issued ASU 2016-02 (Topic 842), Leases. The Company elected to early adopt the standard effective July 1, 2018, concurrent with the adoption of the new standard related to revenue recognition. The adoption of the new lease standard had a material impact on the consolidated balance sheets but did not have an impact on the consolidated statements of operations. The impact on the Company's consolidated balance sheets was a result of recording the right-of-use asset and corresponding lease liability. Adoption of the new standard also required the Company to restate its previously reported results to include the recognition of right-of-use assets and lease liabilities for the prior year comparative period.

IMPACTS TO PREVIOUSLY REPORTED RESULTS — Adoption of the standard related to revenue recognition impacted the Company's previously reported results as follows:

			New
	As		Revenue
Balance Sheets	Previously		Standard			As
June 30, 2018	Reported		Adjustment			Adjusted
Current liabilities:
Accrued liabilities	$	1,178,571	$	(389,610	)	$	788,961
Deferred revenue	—		690,905			690,905
Long-term liabilities:
Other liabilities	155,702		(155,702		)	—
Deferred revenue	—		168,465			168,465
Equity:
Retained earnings	8,728,628		(314,058		)	8,414,570

				New
	As			Revenue
Statements of Income	Previously			Standard			As
Three Months Ended December 31, 2017	Reported			Adjustment			Adjusted
Net sales	$	5,883,877		$	6,984		$	5,890,861
Cost of goods sold	3,997,922			15,935			4,013,857
Income tax provision	3,022,617			(6,079		)	3,016,538
Net (loss)	(2,937,721		)	(2,872		)	(2,940,593		)
(Loss) per common share:
Basic	$	(0.40	)	$	—		$	(0.40	)
Diluted	(0.40		)	—			(0.40		)

				New
	As			Revenue
Statements of Income	Previously			Standard			As
Six Months Ended December 31, 2017	Reported			Adjustment			Adjusted
Net sales	$	11,950,507		$	24,409		$	11,974,916
Cost of goods sold	8,390,598			23,664			8,414,262
Income tax provision	3,043,082			(852		)	3,042,230
Net (loss)	(2,920,221		)	1,597			(2,918,624		)
(Loss) per common share:
Basic	$	(0.40	)	$	—		$	(0.40	)
Diluted	(0.40		)	—			(0.40		)

Adoption of the standard related to leases impacted the Company's previously reported results by adding the following line items to the Company's balance sheets:

Balance Sheets	As
June 30, 2018	Adjusted
Assets:
Operating lease right-of-use assets	$	3,102,263
Current liabilities:
Operating lease liability	254,418
Long-term liabilities:
Operating lease liability	2,847,845

Adoption of the standards related to revenue recognition and leases had no impact on total cash provided by operating activities on the consolidated statements of cash flows.