Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2017

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form

-Q and Rule

of Regulation S-

All material adjustments considered necessary for a fair presentation have been included. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (“SEC”). Except as disclosed herein, there has been

material change in the information disclosed in the notes to the condensed consolidated financial statements included in the Company

’s Annual Report on Form

-K that was filed with the SEC on

September 1, 2017.

The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.

Operating results for the

three

and

six

months ended

December 31, 2017

are

not

necessarily indicative of those in future quarters or the annual results that

may

be expected for the Company’s fiscal year ending

June 30, 2018.

For a more complete discussion of the Company’s significant accounting policies and other information, this report should be read in conjunction with the consolidated financial statements for the fiscal year ended

June 30, 2017

included in the Company’s Annual Report on Form

-K.

The Company

’s significant accounting policies have

not

changed since

June 30, 2017.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Standards

May 2014,

the FASB issued authoritative accounting guidance related to revenue from contracts with customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after

December 15, 2017.

Accordingly, the Company will adopt this guidance on

July 1, 2018.

Companies

may

use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is evaluating which transition approach to use and its impact, if any, on its consolidated financial statements.

January 2016,

the FASB issued guidance related to financial instruments - overall recognition and measurement of financial assets and financial liabilities. The guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The update to the standard is effective for public companies for interim and annual periods beginning after

December 15, 2017.

Accordingly, the standard is effective for the Company on

July 1, 2018.

The Company is currently evaluating the impact that the standard will have on the consolidated financial statements.

February 2016,

the FASB issued new guidance on leases. This guidance replaces the prior lease accounting guidance in its entirety. The underlying principle of the new standard is the recognition of lease assets and lease liabilities by lessees for substantially all leases, with an exception for leases with terms of less than

twelve

months. The standard also requires additional quantitative and qualitative disclosures. The guidance is effective for interim and annual reporting periods beginning after

December 15, 2018,

and early adoption is permitted. The standard requires a modified retrospective approach, which includes several optional practical expedients. Accordingly, the standard is effective for the Company on

July 1, 2019.

The Company is currently evaluating the impact that this guidance will have on the consolidated financial statements.

August 2016,

the FASB issued new guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for the Company beginning

July 1, 2018.

Early adoption is permitted. We do

not

expect the adoption of this guidance to have a material impact on the consolidated financial statements.