0001144204-12-051469.txt : 20120914 0001144204-12-051469.hdr.sgml : 20120914 20120914153921 ACCESSION NUMBER: 0001144204-12-051469 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120914 DATE AS OF CHANGE: 20120914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAM SOFTWARE GROUP, INC. CENTRAL INDEX KEY: 0000832488 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 841108035 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-27083 FILM NUMBER: 121092610 BUSINESS ADDRESS: STREET 1: MAPLE PARK, MAPLE COURT, STREET 2: TANKERSLEY CITY: BARNSLEY STATE: X0 ZIP: S75 3DP BUSINESS PHONE: 011-44-124-431-1794 MAIL ADDRESS: STREET 1: MAPLE PARK, MAPLE COURT, STREET 2: TANKERSLEY CITY: BARNSLEY STATE: X0 ZIP: S75 3DP FORMER COMPANY: FORMER CONFORMED NAME: Aftersoft Group DATE OF NAME CHANGE: 20060302 FORMER COMPANY: FORMER CONFORMED NAME: W3 GROUP INC DATE OF NAME CHANGE: 19991019 FORMER COMPANY: FORMER CONFORMED NAME: CONCORDE STRATEGIES GROUP INC DATE OF NAME CHANGE: 19970131 10-K/A 1 v323786_10ka.htm FORM 10-K/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

(Amendment No. 1)

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the fiscal year ended June 30, 2012
   
  or
   
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the transition period from _________________ to _________________

 

Commission File Number 000-27083

 

MAM SOFTWARE GROUP, INC.

(Exact name of registrant as specified in its charter)

 

DELAWARE   84-1108035
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Maple Park, Maple Court, Tankersley, Barnsley, UK S75 3DP

(Address of principal executive offices)(Zip code)

 

011 44 124 431 1794

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x   No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨   No ¨

 

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨   No x

 

The registrant had 14,018,247 shares of its common stock outstanding as of September 10, 2012.

 
 

EXPLANATORY NOTE

 

We are filing this Amendment No. 1 (the “Amendment”) to our annual report on Form 10-K for the fiscal year ended June 30, 2012, filed on September 13, 2012 to provide the interactive data files required by Item 601(b)(101) of Regulation S-K and Sections 405 and 406T of Regulation S-T and other minor changes.

 

 

  

 
 

 

TABLE OF CONTENTS

 

    Page
PART I   1
     
Item 1. Business 1
Item 1A. Risk Factors 12
Item 1B. Unresolved Staff Comments 17
Item 2. Properties 17
Item 3. Legal Proceedings 17
Item 4. Mine Safety Disclosures 17
     
PART II   18
     
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18
Item 6. Selected Financial Data 20
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20
Item 7A. Quantitative and Qualitative Disclosures about Market Risk. 32
Item 8. Financial Statements and Supplementary Data 32
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32
Item 9A. Controls and Procedures 33
Item 9B. Other Information 33
     
PART III   34
     
Item 10. Directors, Executive Officers and Corporate Governance 34
Item 11. Executive Compensation 38
Item 12. Security Ownership Of Certain Beneficial Owners And Management and Related Stockholder Matters 46
Item 13. Certain Relationships and Related Transactions, and Director Independence 49
Item 14. Principal Accounting Fees and Services 49
     
PART IV   50
     
Item 15. Exhibits, Financial Statement Schedules 50
     
SIGNATURES   51
     
INDEX TO EXHIBITS 52

 

i
 

 

PART I

 

Item 1.  Business

 

Unless the context indicates or requires otherwise, (i) the term “MAM” refers to MAM Software Group, Inc. and its principal operating subsidiaries; (ii) the term “MAM Ltd.” or “MAM Software” refers to MAM Software Limited; (iii) the term “ASNA” refers to Aftersoft Network N.A., Inc. and its operating subsidiaries; (iv)the term MAM U.S. refers to MAM Software, Inc. a wholly owned subsidiary of ASNA, and (v) the terms “we,” “our,” “ours,” “us” and the “Company” refer collectively to MAM Software Group, Inc.

 

Our Company

 

MAM Software Group, Inc. provides software, information and related services to businesses engaged in the automotive aftermarket in the U.S., Canada, U.K. and Ireland. The automotive aftermarket consists of businesses associated with the life cycle of a motor vehicle from when the original manufacturer’s warranty expires to when the vehicle is scrapped. Products sold by businesses engaged in this market include the parts, tires and auto services required to maintain and improve the performance or appeal of a vehicle throughout its useful life. The Company aims to meet the business needs of customers who are involved in the maintenance and repair of automobiles and light trucks in three key segments of the automotive aftermarket, namely parts, tires and auto service.

 

The Company’s business management systems, information products and online services permit our customers to manage their critical day-to-day business operations through automated point-of-sale, information (content) products, inventory management, purchasing, general accounting and customer relationship management.

 

The Company’s customer base consists of wholesale parts and tire distributors, retailers, franchisees, cooperatives, auto service chains and single location auto service businesses with high customer service expectations and complex commercial relationships.

 

The Company’s revenues are derived from the following:

 

  · The sale of business management systems comprised of proprietary software applications, implementation and training; and

 

  · Providing subscription-based services, including software support and maintenance, information (content) products and online services for a fee.

 

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CORPORATE BACKGROUND

 

The Company’s principal executive office is located at Maple Park, Maple Court, Tankersley, Barnsley, U.K. S75 3DP and its phone number is 011-44-124-431-1794

 

In December 2005, W3 Group, Inc. (“W3”) consummated a reverse acquisition and changed its corporate name to Aftersoft Group, Inc. W3, which was initially incorporated in February 1988 in Colorado, changed its state of incorporation to Delaware in May 2003. On December 21, 2005, an Acquisition Agreement (the “Agreement”) was consummated among W3, a separate Delaware corporation named Aftersoft Group, Inc. (“Oldco”) and Auto Data Network, Inc. (“ADNW”) in which W3 acquired all of the issued and outstanding shares of Oldco in exchange for issuing 3,250,000 shares of Common Stock of W3, par value $0.0001 per share, to ADNW, which was then the sole shareholder of the Company. At the time of the acquisition, W3 had no business operations. Concurrent with the acquisition, W3 changed its name to Aftersoft Group, Inc. and its corporate officers were replaced. The Board of Directors of the Company appointed three additional directors designated by ADNW to serve until the next annual election of directors. As a result of the acquisition, the former W3 shareholders owned, 160,117 or 4.7% of the 3,410,117 total issued and outstanding shares of Common Stock and ADNW owned 3,250,000 or 95.3% of the Company’s Common Stock. On December 22, 2005, Oldco changed its name to Aftersoft Software, Inc. and is currently inactive. On April 21, 2010 shareholders approved the change of the Company’s name to MAM Software Group, Inc.

 

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MAM is a former subsidiary of ADNW, a publicly traded company, the stock of which is currently traded on the pink sheets under the symbol ADNW.PK. ADNW transferred its software aftermarket services operating businesses to MAM and retained its database technology, Orbit. Orbit is a system for supply and collection of data throughout

the automotive industry.
 

On November 24, 2008, ADNW distributed a dividend of the 7,125,000 shares of MAM common stock that ADNW owned at such time in order to complete the previously announced spin-off of MAM’s businesses. The dividend shares were distributed in the form of a pro rata dividend to the holders of record as of November 17, 2008 (the “Record Date”) of ADNW’s common and convertible preferred stock. Each holder of record of shares of ADNW common and preferred stock as of the close of business on the Record Date was entitled to receive 0.06864782 shares of MAM’s common stock for each share of common stock of ADNW held at such time, and/or for each share of ADNW common stock that such holder would own, assuming the convertible preferred stock owned on the Record Date was converted in full.  Prior to the spin-off, ADNW owned approximately 77% of MAM’s issued and outstanding common stock. Subsequent to and as a result of the spin-off, MAM is no longer a subsidiary of ADNW. The Company currently has the following wholly owned direct operating subsidiaries: MAM Software in the U.K., and ASNA in the U.S.

 

On March 25, 2011, (“the Effective Date”), the Company amended its Certificate of Incorporation to effectuate a one-for-one hundred reverse stock split, followed by a ten-for-one forward stock split. Pursuant to this transaction, every 100 shares of the Company's Common Stock were converted into one share of the Company's Common Stock. Immediately thereafter, a forward stock split was undertaken whereby each share of Common Stock was converted into 10 shares of Common Stock. Stockholders owning fewer than 100 shares of Common Stock whose interests were converted into fewer than 1 share of Common Stock pursuant to the reverse split, were converted into the right to receive an amount equal to the average daily closing price per share of the Common Stock on the OTC Bulletin Board for the five trading days immediately before and including the Effective Date, without interest. Stockholders who held 100 or more shares as of the Effective Date received fractional shares in the reverse split and were not cashed out. Any fractional shares held after the ensuing forward split were rounded up to the nearest whole share. All share numbers and per share amounts reported in this annual report on Form 10-K for the fiscal year ended June 30, 2012 and in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to give effect to the stock split.

 

3
 

 

MAM Software Group, Inc. Organization Chart

 

 

 

MAM Software Ltd.

 

MAM Software is a provider of software to the automotive aftermarket in the U.K. and Ireland. MAM Software specializes in providing reliable and competitive business management solutions to the motor factor (also known as jobber), retailing, and wholesale distribution sectors. It also develops applications for vehicle repair management and provides solutions to the retail and wholesale tire industry. All MAM Software programs are based on the Microsoft Windows family of operating systems. Each program is fully compatible with the other applications in their range, enabling them to be combined to create a fully integrated package. MAM Software is based in Tankersley, U.K.

 

Aftersoft Network N.A., Inc. (ASNA)

 

ASNA develops open business management systems, and distribution channel e-commerce systems for the automotive aftermarket supply chain. These systems are used by leading aftermarket outlets, including tier one manufacturers, program groups, warehouse distributors, tire and service chains and independent installers. ASNA products and services enable companies to generate new sales, operate more cost efficiently, accelerate inventory turns and maintain stronger relationships with suppliers and customers. ASNA has one wholly owned operating subsidiary (i) MAM Software, Inc.  and two inactive wholly owned subsidiaries,  (ii) AFS Warehouse Distribution Management, Inc., and (iii) AFS Tire Management, Inc., which are all based in Allentown, Pennsylvania.

 

MAM Software, Inc.

 

MAM Software, Inc. provides software solutions to the North American automotive aftermarket. It targets jobbers and warehouse distributors, supplying a localized version of the UK-developed software.

 

ASNA specifically focuses on selling systems to the service and tire segment of the market, while MAM Software, Inc. focuses on the warehouse and jobber segment of the market.

 

4
 

 

Industry Overview

 

The Company serves the business needs of customers involved in the supply of parts, maintenance and repair of automobiles and light trucks in three key segments of the automotive aftermarket, namely parts, tires and auto service.

 

The industry is presently experiencing a level of consolidation in the lines that are being sold. The previous distinction of having parts and tires provided by two distinct suppliers is coming to an end, as our customers’ businesses need to offer their clients the widest range of products and services under one roof. As a result, what were previously parts-only stores, jobbers and warehouse, are now taking in tire inventory as well in order to satisfy their clients’ demands, and vice-versa. This in turn is causing owners of these businesses to evaluate their business systems to ensure they can compete over the short, medium and long term. An increase in the “do-it-yourself” market due to the “credit crunch” is requiring these systems, but at the same time  a  need to  compete strongly with other  parts stores is cutting margins as businesses attempt to attract new and return business. Longer warranties are still deferring the length of time until newer vehicles are entering the aftermarket, except for running spares and service parts, accident damage, and optional add-ons such as security, entertainment, performance and customization.

 

Continuing market conditions related to the overall downturn in the consumer market is also directly affecting the confidence and ability of businesses to invest in new systems. The industry’s response to this has been to introduce incentive and discount programs, but to date it is uncertain whether this approach will be successful long term.

 

The Company believes that growth in the automotive aftermarket will continue to be driven by the following factors:

 

  · gradual growth in the aggregate number of vehicles in use;

 

  · an increase in the average age of vehicles in operation;

 

  · fewer new vehicles being purchased due to uncertainty in the economy, especially available credit;

 

  · growth in the total number of miles driven per vehicle per year; and

 

  · increased vehicle complexity.

 

Products and Services

 

Meeting the needs of the automotive aftermarket requires a combination of business management systems, information products and online services that combine to deliver benefits for all parties involved in the timely repair of a vehicle. The Company provides systems and services that meet these needs and help its customers to meet their customers’ expectations. These products and services include:

 

  1. Business Management Systems comprised of the Company’s proprietary software applications, implementation and training and third-party hardware and peripherals;

 

  2. Information Products such as an accessible catalog database related to parts, tires, labor estimates, scheduled maintenance, repair information, technical service bulletins, pricing and product features and benefits that are used by the different participants in the automotive aftermarket;

 

5
 

 

  3. Online Services and products that provide online connectivity between manufacturers, warehouse distributors, retailers and automotive service providers. These products enable electronic data interchange throughout the automotive aftermarket supply chain between the different trading partners. They also enable procurement and business services to be projected over the internet to an expanded business audience; and

 

  4. Customer Support, Consulting and Training that provide phone and online support, implementation and training.

 

Business Management Systems

 

MAM’s business management systems meet the needs of warehouse distributors, part stores and automotive service providers as follows:

 

Warehouse Distributors

 

Autopart. This is a U.K.-developed product that is sold and promoted in the U.S. by MAM Software, Inc. This product is designed for and targeted at warehouse distributors that seek to manage multiple locations and inventories on a single system for a regional area and are also suited to managing single location franchisees or buying group members. The product provides point of sale, inventory management, electronic purchasing capabilities and a fully integrated accounting module. It also allows the parts stores to connect with automotive service providers through our OpenWebs™ online services product.

 

DirectStep. This is our legacy product that was designed for warehouse distributors that seek to manage multiple locations and inventories on a single system. Although still actively supported, DirectStep is no longer promoted.

 

Parts Stores

 

Autopart. This is a U.K.-developed product that is sold in both the U.S. and U.K. In the U.S. it is sold by MAM Software, Inc. and in the U.K. by MAM Software Ltd. This product is designed for and targeted at parts store chains that seek to manage multiple locations and inventories on a single system for a regional area. It is also suited to managing single location franchisees or buying group members. The product provides point of sale, inventory management, electronic purchasing capabilities and a fully integrated accounting module. An Autopart PDA module is also available to allow field sales personnel to record sales activity in real time on handheld devices while on the road. The PDA module also allows the sales representative to maintain their stock and synchronize in real time while traveling, or later, locally, with Autopart directly. It also allows parts stores to connect with automotive service providers through the ASNA online services, OpenWebs™.

 

Automotive Service Providers

 

VAST. This product is designed for and targeted at large- to medium- sized automotive service and tire chains that seek to manage multiple locations and inventories for a regional area is also suited to managing single location stores that are part of a franchise or a buying group. VAST provides point-of-sale, inventory management, electronic purchasing and customer relationship management capabilities. It also allows the service provider to connect with parts and tires warehouse distributors and parts stores through either ASNA’s online services and products or other industry connectivity solutions.

 

6
 

 

Autowork Online. This is a U.K.-developed cloud computing solution that is sold by MAM Software Ltd. This product is designed for and targeted at small single location automotive installers. The Autowork Online product provides estimate, job card, parts procurement and invoice capabilities. It also allows the automotive installer to connect with parts distributors to purchase components. Autowork Online is delivered as a service over the internet, allowing customers to purchase the solution on a monthly basis but without the need to manage the system.

 

Vertical Markets

 

Trader. This is a U.K.-developed product that is sold by MAM Software Ltd. This product is designed for and targeted at generic wholesalers and distributors. Based on the Autopart codebase, the product provides point of sale, inventory management, electronic purchasing capabilities and a fully integrated accounting module.

 

Information Products

 

The Company provides product catalog and vehicle repair information required to enable point-of-sale transactions. These proprietary database products and services generate recurring revenues through monthly or annual subscription fees.

 

MAM Software Ltd. develops and maintains proprietary information products that differentiate its products from those of the majority of its competitors in the U.K. In the U.S. and Canada, both MAM Software Inc. and ASNA develops and maintains a proprietary workflow capability that integrates information products sourced from its suppliers such as Epicor (formerly Activant), WHI and NAPA for its automotive parts and tire customers, including warehouse distributors, parts stores and automotive service providers.

 

MAM Software Ltd.’s principal information service is Autocat+, a parts catalog that is distributed via the Internet. Autocat+ provides access to a database of over 19 million automobile vehicle applications for the U.K. market. Business systems software used by the warehouse distributor, parts store and auto service provider enable the user to access information about parts quickly and accurately. MAM Software Ltd. charges a monthly or annual subscription fee for its information products. Customers are provided updates daily via the internet. In the U.K., there are approximately 11,500 end-users who use our information products.

 

In addition, information products developed or resold by ASNA include Interchange Catalog, a database that provides cross references of original equipment manufacturer part numbers to aftermarket manufacturer part numbers; Price Updating, a service that provides electronic price updates following a price change by the part manufacturer; Labor Guide, a database used by automotive service providers to estimate labor hours for purposes of providing written estimates of repair costs to customers; Scheduled Service Intervals, a database of maintenance intervals; and Tire Sizing, a database that cross-references various tire products and applications.

 

Online Services

 

Both ASNA and MAM Software Ltd. offer online e-commerce services in the form of system-to-system and web browser implementations. These online services connect the automotive aftermarket from manufacturers through warehouse distributors and parts stores to automotive service providers for the purpose of purchasing parts and tires, fleet and national account transaction processing and online product price information.

 

OpenWebs™ e-Commerce Gateway Services

 

In the U.S. and Canada, ASNA’s e-commerce gateway services  use automotive industry standard messaging specifications to deliver online services that connect the automotive aftermarket supply chain for the purpose of purchasing parts and tires, fleet and national account transaction processing, online product and price updating for parts and tires.

 

7
 

 

OpenWebs™ e-Commerce Browser Services

 

In the U.S. and Canada, ASNA’s e-commerce browser services enable warehouse distributors and parts stores to provide an online service to automotive service providers for the purpose of purchasing of parts and tires, accessing account information and other browser-based channel management services.

 

Autonet

 

In the U.K., MAM Software Ltd.’s Autonet online services connect manufacturers, warehouse distributors, parts stores and automotive service providers for the purpose of purchasing of parts and tires, fleet and national account transaction processing and product information and price distribution.

  

Customer Support and Consulting and Training

 

The Company provides support, consulting and training to its customers to ensure the successful use of its products and services. The Company believes this extra level of commitment and service builds customer relationships, enhances customer satisfaction and maximizes customer retention. These services consist of the following:

 

  · Phone and online support. Customers can call dedicated support lines to speak with knowledgeable personnel who provide support and perform on-line problem solving as required.

 

  · Implementation, education and training consulting. Our consulting and training teams work together to minimize the disruption to a customer’s business during the implementation process of a new system and to maximize the customer’s benefit from the use of the system through training.

  

ASNA and MAM Software Ltd. also provide a customer-only section on their intranet sites that allows customers direct access to tutorials, on-line documentation and information related to products and services. New customers enter into support agreements, and most retain such service agreements for as long as they own the system. Monthly fees vary with the number of locations and the software modules, information products and online services subscribed to. The agreements are generally month-to-month agreements. The Company offers training at both ASNA and MAM Software Ltd.’s facilities, the customer’s facilities and online for product updates or introduce specific new capabilities.

 

MAM Software Ltd.’s U.K. catalog information product and other information services are delivered by its Autocat team, based in Wareham, England. The Autocat product team sources, standardizes and formats data collected in an electronic format from over 230 automotive parts manufacturers. MAM Software Ltd. provides this data to its customers via the internet.

 

Distribution

 

There are two primary vertical distribution channels for aftermarket parts and tire distribution: the traditional wholesale channel and the retail channel.

 

8
 

 

Automotive Aftermarket Distribution Channels

 

  · Traditional Wholesale Channel. The wholesale channel is the predominant distribution channel in the automotive aftermarket. It is characterized by the distribution of parts from the manufacturer to a warehouse distributor, to parts stores and then to automotive service providers. Warehouse distributors sell to automotive service providers through parts stores, which are positioned geographically near the automotive service providers they serve. This distribution method provides for the rapid distribution of parts. The Company has products and services that meet the needs of the warehouse distributors, parts stores and the automotive service providers.

 

  · Retail Channel. The retail channel is comprised of large specialty retailers, small independent parts stores and regional chains that sell to “do-it-yourself” customers. Larger specialty retailers, such as Advance Auto Parts, AutoZone, Inc., and O’Reilly Automotive, Inc. carry a greater number of parts and accessories at more attractive prices than smaller retail outlets and are gaining market share. The business management systems used in this channel are either custom developed by the large specialty retailers or purchased from business systems providers by small to medium-sized businesses. The Company has products and services that support the retail channel.

 

In addition to these two primary channels, some aftermarket parts and tires end up being distributed to new car dealers. The business management systems used in this channel have unique functionality specific to new car dealerships. The Company sells a small number of products into the auto service provider side of car dealerships. Aftermarket wholesalers of parts and tires provide online purchasing capabilities to some new car dealerships.

 

Product Development

 

The Company’s goal is to add value to its customers’ businesses through products and services designed to create optimal efficiency. To accomplish this goal, the Company’s product development strategy consists of the following three key components:

 

  · Integrating all of the Company’s products so that its software solutions work together seamlessly, thereby eliminating the need to switch between applications;

 

  · Enhancing the Company’s current products and services to support its changing customers’ needs; and

 

  · Providing a migration path to the Company’s business management systems, reducing a fear that many customers have that changing systems will disrupt business.

 

Sales and Marketing

 

The Company’s sales and marketing strategy is to acquire customers and retain them by cross-selling and up-selling a range of commercially compelling business management systems, information products and online services.

 

Within the parts, tire and auto service provider segments, each division sells and markets through a combination of field sales, inside sales, and independent representatives. The Company seeks to partner with large customers or buying groups and leverage their relationships with their customers or members. Incentive pay is a significant portion of the total compensation package for all sales representatives and sales managers. Outside sales representatives focus primarily on identifying and selling to new customers complemented by an inside sales focus on selling upgrades and new software applications to its installed customer base.

 

The Company’s marketing approach aims to leverage its reputation for customer satisfaction and for delivering systems, information and services that improve a customer’s commercial results. The goal of these initiatives is to maximize customer retention and recurring revenues, to enhance the productivity of the field sales team, and to create the cross-selling and up-selling opportunities for its systems, information products and online services.

 

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Research and Development

 

The Company spent approximately $3.3 million in fiscal 2012 on research and development, with approximately $0.9 million spent by ASNA, $0.2 million by MAM Software, Inc., and $2.2 million by MAM Software Ltd. The Company spent approximately $3.2 million in fiscal 2011 on research and development, with approximately $0.9 million spent by ASNA, $0.3 million by MAM Software, Inc., and $2.0 million by MAM Software Ltd.

 

Patent and Trademark

 

None.

 

Customers

 

During the year ended June 30, 2012 no one customer accounted for 10% of the Company’s total revenues.  During the year ended June 30, 2011 no one customer accounted for 10% of the Company’s total revenues. The Company’s top ten customers collectively accounted for 17% of total revenues during fiscal 2012 and 18% of total revenues during 2011. Some of ASNA’s top customers in North America include Autopart International, AutoZone, Monro Muffler Brake, and U.S. AutoForce. In the U.K. and Irish markets, MAM Software’s top customers include Unipart Automotive, Dingbro Ltd, Allparts Automotive and General Traffic Service.

 

Competition

 

In the U.S. and Canada, MAM Software Inc. competes primarily with Epicor Inc. (formerly Activant, Inc.) and several smaller software companies, including Autologue, DST and DMS. ASNA competes primarily with Maddenco, ASA and RO Writer who all provide similar products and services to the U.S. automotive aftermarket. Additionally, an ongoing competitive threat to the Company is custom developed in-house systems, information products and online services. For example, AutoZone, Inc. and Genuine Parts Company’s NAPA Parts Group both developed their own business management systems and electronic automotive parts catalogs for their stores and members, although the Company currently has a partnership agreement with each of these companies to supply their information products through the Company’s solutions.

 

In the U.S. and Canada, the Company expects to compete successfully against its competitors using two separate and complimentary strategies. First, the Company will continue to focus on selling and promoting the Company’s complete supply chain solutions that provide businesses with easy integration of the Company’s business management information systems into their existing supply chain structures. Second, the Company will continue its strategy of working with those businesses that already manage their own supply chains and information products (catalogs), such as Autozone, helping to improve and compliment their systems with the Company’s products.

 

ASNA, in the U.S. and Canada, competes with multiple products across different market segments, so its competitors vary by segment.

 

Within the warehouse distribution segment, the Company will continue to support its legacy system, Direct Step, a product which the Company developed many years ago which enables large warehouses with millions of parts to locate, manage, pack and deliver the parts with ease and efficiency. DirectStep is not a Microsoft Windows-based technology. The Company’s existing and prospective customers are moving towards modern solutions which integrate easily with Internet-based transactions and interactions, and the Company believes that its Autopart product provides that solution. The Company has been selling Autopart successfully in the U.K. and Ireland since 2000, and feels that the success this product in the U.K. and the successful installation of this product within the U.S. will enable the Company to promote and benefit quickly from this product.

 

10
 

 

The tire segment is comprised of three distinct elements: retail, wholesale and commercial. Within the tire segment and the auto service segment, the Company focuses on client and market requirements, which the Company believes will enable it to offer its clients the best solution, regardless of the size of a client’s business. By continually integrating and extending the functionality of its solutions across the entire supply chain, the Company believes that it will be able to offer existing and potential clients products that suit their present and future needs. Management believes that its products will present existing and potential clients the opportunity to move away from their older existing systems, which may restrict their market opportunities, and will permit integration into additional sales channels and reduce the costly maintenance of older systems.

 

The auto parts segment within the auto service space has many competitors who have developed applications for single location auto service shops. Many of these have been developed by parts distributors like NAPA and AutoZone. While these applications do well in a small single location store, they are not widely distributed in the multi-store location segment of the auto parts business. The Company’s goal is not to pursue single store locations. Rather, it will focus on multi-store locations for which its product VAST is highly suited. The Company believes that this multi-store ability offers strong opportunities to beat the competition in this area and quickly increase the Company’s customer base.

 

The last area that the Company plans to compete in is the e-commerce space, providing new tools and solutions for this expanding Internet marketplace.  The goal of the Company’s OpenWebs™ product is to connect both parts and tire partners together in a real-time environment so they can perform electronic ordering, gauge inventory levels as well as disseminate information. Within the tire segment, the Company feels that it has a competitive advantage. The Company’s observation has led it to believe that most tire distributors either do not have a business-to-business solution or have developed solutions from independent sources. While the parts segment of this market is largely tied to Epicor, Inc. (formerly Activant, Inc.) at this time, the Company believes that customers are looking for solutions that simply integrate their supply chain, completely and without further restrictions. The Company’s OpenWebs™ solution will allow its customers to achieve these goals.

 

In the U.K., MAM Software continues to compete primarily with Epicor, Inc., (formerly Activant, Inc.) in the component sector of automotive aftermarket. In the tyre sector, MAM Software competes primarily with CAM Systems, Tyreman and Team Systems. In the vertical markets now being targeted by MAM Software in the UK, the company competes with Kerridge, Chatsworth, EDP, Blue Rock, OGL and Ramtac, The Company feels that it provides a range of solutions that combine proven concepts with cutting-edge technology that are functional, effective and reliable. The Company feels that its focus towards continuing to provide solutions that enable business to find new efficiencies and increase existing efficiencies, as the Company develops its own products, will provide it an advantage over the competition. These efforts, together with strong post-sales support and ongoing in depth product and market support, will assist the Company in generating and maintaining its position within the market.

 

Several large enterprise resource planning and software companies, including Microsoft Corporation, Oracle Corporation and SAP AG, continue to supply Enterprise Resource Planning (“ERP”) and Supply Chain Management (“SCM”) products to medium sized original equipment manufacturers and suppliers within the automotive market, but to date have not focused strongly on the aftermarket. The solutions that they have developed are mainly focused on the efficient management of the supply chain and to date do not appear to be looking to supply systems and solutions into the jobber and service segments of the aftermarket. However there can be no assurance that those companies will not develop or acquire a competitive product or service in the future.

 

Employees

 

The Company has 181 full-time employees: 2 at MAM Software Group, Inc., 31 at ASNA, 17 at MAM Software, Inc., and 131 at MAM Software Ltd. MAM Software Group, Inc.’s., 2 employees include 1 senior executive and 1 accountant. ASNA has 31 employees in the U.S. comprised of 1 in management, 4 in sales and marketing, 8 in research and development, 16 in professional services and support and 2 in general and administration. MAM Software, Inc. has 17 employees, 1 in senior management, 5 in sales and marketing, and 11 in research and development. MAM Software has 131 employees in the U.K. comprised of 5 in management, 17 in sales and marketing, 61 in research and development, 41 in professional services and support and 7 in general and administration.

 

11
 

 

All of the Company’s employees have executed customary confidentiality and restrictive covenant agreements. The Company believes it has a good relationship with its employees and is currently unaware of any key management or other personnel looking to either retire or leave the employment of the Company. During 2008, the Company adopted a 2007 Long Term Stock Incentive Plan, which was approved by the Company’s Board of Directors and stockholders.

 

Item 1A.  Risk Factors

 

Our business, financial condition and operating results are subject to a number of risk factors, both those that are known to U.S. and identified below and others that may arise from time to time. These risk factors could cause our actual results to differ materially from those suggested by forward-looking statements in this report and elsewhere, and may adversely affect our business, financial condition or operating results. If any of those risk factors should occur, moreover, the trading price of our securities could decline, and investors in our securities could lose all or part of their investment in our securities. These risk factors should be carefully considered in evaluating our prospects.

 

WE MAY FAIL TO ADDRESS RISKS WE FACE AS A DEVELOPING BUSINESS WHICH COULD ADVERSELY AFFECT THE IMPLEMENTATION OF OUR BUSINESS PLAN.

 

We are prone to all of the risks inherent in the establishment of any new business venture. You should consider the likelihood of our future success to be highly speculative in light of our limited operating history, as well as the limited resources, problems, expenses, risks and complications frequently encountered by entities at our current stage of development.

 

To address these risks, we must, among other things,

 

  · implement and successfully execute our business and marketing strategy;

 

  · continue to develop new products and upgrade our existing products;

 

  · respond to industry and competitive developments;

 

  · attract, retain, and motivate qualified personnel; and

 

  · obtain equity and debt financing on satisfactory terms and in timely fashion in amounts adequate to implement our business plan and meet our obligations.

 

We may not be successful in addressing these risks. If we are unable to do so, our business prospects, financial condition and results of operations would be materially adversely affected.

 

GLOBAL MARKET DISRUPTIONS MAY ADVERSELY AFFECT OUR BUSINESS AND RESULTS OF OPERATIONS.

 

Recent disruptions in the current global credit and financial markets have included diminished liquidity and credit availability, a decline in economic growth and uncertainty about economic stability. There can be no assurance that there will not be further deterioration in credit and financial markets and confidence in economic conditions. These economic uncertainties affect businesses such as ours in a number of ways, making it difficult to accurately forecast and plan our future business activities. We believe that the recent global economic slowdown and the resulting slow recovery have caused certain customers to reduce or delay capital spending plans, which, if prolonged, could impact our growth expectations as potential and existing customers continue to delay decisions to purchase or upgrade their systems. We are unable to predict the likely duration and severity of the current disruptions in the credit and financial markets and adverse global economic conditions and its potential impact on our business. If the current uncertain economic conditions continue or further deteriorate, our business and results of operations could be materially and adversely affected.

 

12
 

 

WE MAY FAIL TO SUCCESSFULLY DEVELOP, MARKET AND SELL OUR PRODUCTS.

 

To achieve profitable operations, we, along with our subsidiaries, must continue successfully to improve market and sell existing products and develop, market and sell new products. Our product development efforts may not be successful. The development of new software products is highly uncertain and subject to a number of significant risks. The development cycle-from inception to installing the software for customers - can be lengthy and uncertain. The ability to market the product is unpredictable and may cause delays. Potential products may appear promising at early stages of development, and yet may not reach the market for a number of reasons.

 

ADDITIONAL ISSUANCES OF SECURITIES WILL DILUTE YOUR STOCK OWNERSHIP AND COULD AFFECT OUR STOCK PRICE.

 

As of September 7, 2012, there were 13,980,115 shares of our Common Stock issued and outstanding. Our Articles of Incorporation authorize the issuance of an aggregate of 18,000,000 shares of Common Stock and 2,000,000 shares of Preferred Stock, on such terms and at such prices as our Board of Directors may determine. These shares are intended to provide U.S. with the necessary flexibility to undertake and complete plans to raise funds if and when needed. In addition, we may pursue acquisitions that could include issuing equity, although we have no current arrangements to do so. Any such issuances of securities would have a dilutive effect on current ownership of MAM stock. The market price of our Common Stock could fall in response to the sale or issuance of a large number of shares, or the perception that sales of a large number of shares could occur.

 

WE MAY ENCOUNTER SIGNIFICANT FINANCIAL AND OPERATING RISKS IF WE GROW OUR BUSINESS THROUGH ACQUISITIONS.

 

As part of our growth strategy, we may seek to acquire or invest in complementary or competitive businesses, products or technologies. The process of integrating acquired assets into our operations may result in unforeseen operating difficulties and expenditures and may absorb significant management attention that would otherwise be available for the ongoing development of our business. We may allocate a significant portion of our available working capital to finance all or a portion of the purchase price relating to possible acquisitions although we have no immediate plans to do so. Any future acquisition or investment opportunity may require U.S. to obtain additional financing to complete the transaction. The anticipated benefits of any acquisitions may not be realized. In addition, future acquisitions by U.S. could result in potentially dilutive issuances of equity securities, the incurrence of debt and contingent liabilities and amortization expenses related to goodwill and other intangible assets, any of which could materially adversely affect our operating results and financial position. Acquisitions also involve other risks, including entering markets in which we have no or limited prior experience.

 

AN INCREASE IN COMPETITION FROM OTHER SOFTWARE MANUFACTURERS COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR ABILITY TO GENERATE REVENUE AND CASH FLOW.

 

Competition in our industry is intense. Potential competitors in the U.S. and Europe are numerous. Most competitors have substantially greater capital resources, marketing experience, research and development staffs and facilities than we have. Our competitors may be able to develop products before U.S. or develop more effective products or market them more effectively which would limit our ability to generate revenue and cash flow.

  

THE PRICES WE CHARGE FOR OUR PRODUCTS MAY DECREASE AS A RESULT OF COMPETITION AND OUR REVENUES COULD DECREASE AS A RESULT.

 

We face potential competition from very large software companies, including Microsoft Corporation, Oracle Corporation and SAP AG which supply ERP and SCM products to our target market of small to medium-sized businesses servicing the automotive aftermarket. To date we have directly competed with one of these larger software and service companies. There can be no assurance that these companies will not develop or acquire a competitive product or service in the future. Our business would be dramatically affected by price pressure if these larger software companies attempted to gain market share through the use of highly discounted sales and extensive marketing campaigns.

 

13
 

 

IF WE FAIL TO KEEP UP WITH RAPID TECHNOLOGICAL CHANGE, OUR TECHNOLOGIES AND PRODUCTS COULD BECOME LESS COMPETITIVE OR OBSOLETE.

 

The software industry is characterized by rapid and significant technological change. We expect that the software needs associated with the automotive technology will continue to develop rapidly, and our future success will depend on our ability to develop and maintain a competitive position through technological development.

 

WE DEPEND ON PATENT AND PROPRIETARY RIGHTS TO DEVELOP AND PROTECT OUR TECHNOLOGIES AND PRODUCTS, WHICH RIGHTS MAY NOT OFFER US SUFFICIENT PROTECTION.

 

The software industry places considerable importance on obtaining patent and trade secret protection for new technologies, products and processes. Our success will depend on our ability to obtain and enforce protection for products that we develop under U.S. and foreign patent laws and other intellectual property laws, preserve the confidentiality of our trade secrets and operate without infringing the proprietary rights of third parties. Currently, only one of our products is patented.

 

We also rely upon trade secret protection for our confidential and proprietary information. Others may independently develop substantially equivalent proprietary information and techniques or gain access to our trade secrets or disclose our technology. We may not be able to meaningfully protect our trade secrets which could limit our ability to exclusively produce products.

 

We require our employees, consultants, and parties to collaborative agreements to execute confidentiality agreements upon the commencement of employment or consulting relationships or collaboration with U.S.  These agreements may not provide meaningful protection of our trade secrets or adequate remedies in the event of unauthorized use or disclosure of confidential and proprietary information.

 

IF WE BECOME SUBJECT TO ADVERSE CLAIMS ALLEGING INFRINGEMENT OF THIRD-PARTY PROPRIETARY RIGHTS, WE MAY INCUR UNANTICIPATED COSTS AND OUR COMPETITIVE POSITION MAY SUFFER.

 

We are subject to the risk that we are infringing on the proprietary rights of third parties. Although we are not aware of any infringement by our technology on the proprietary rights of others and are not currently subject to any legal proceedings involving claimed infringements, we cannot assure you that we will not be subject to such third-party claims, litigation or indemnity demands and that these claims will not be successful. If a claim or indemnity demand were to be brought against U.S., it could result in costly litigation or product shipment delays or force U.S. to stop selling such product or providing such services or to enter into royalty or license agreements.

 

OUR SOFTWARE AND INFORMATION SERVICES COULD CONTAIN DESIGN DEFECTS OR ERRORS WHICH COULD AFFECT OUR REPUTATION, RESULT IN SIGNIFICANT COSTS TO US AND IMPAIR OUR ABILITY TO SELL OUR PRODUCTS.

 

Our software and information services are highly complex and sophisticated and could, from time to time, contain design defects or errors. We cannot assure you that these defects or errors will not delay the release or shipment of our products or, if the defect or error is discovered only after customers have received the products, that these defects or errors will not result in increased costs, litigation, customer attrition, reduced market acceptance of our systems and services or damage to our reputation.

 

IF WE LOSE KEY MANAGEMENT OR OTHER PERSONNEL OUR BUSINESS WILL SUFFER.

 

We are highly dependent on the principal members of our management staff. We also rely on consultants and advisors to assist us in formulating our development strategy. Our success also depends upon retaining key management and technical personnel, as well as our ability to continue to attract and retain additional highly qualified personnel. We may not be successful in retaining our current personnel or hiring and retaining qualified personnel in the future. If we lose the services of any of our management staff or key technical personnel, or if we fail to continue to attract qualified personnel, our ability to acquire, develop or sell products would be adversely affected.

 

14
 

 

IT MAY BE DIFFICULT FOR SHAREHOLDERS TO RECOVER AGAINST THOSE OF OUR DIRECTORS AND OFFICERS THAT ARE NOT RESIDENTS OF THE U.S.

 

Two of our directors, of whom one is also an executive officer, are residents of the U.K. In addition, our significant operating subsidiary, MAM Software is located in the U.K. Were one or more shareholders to bring an action against us in the U.S. and succeed, either through default or on the merits, and obtain a financial award against an officer or director of the Company, that shareholder may be required to enforce and collect on his or her judgment in the U.K., unless the officer or director owned assets which were located in the U.S. Further, shareholder efforts to bring an action in the U.K. against its citizens for any alleged breach of a duty in a foreign jurisdiction may be difficult, as prosecution of a claim in a foreign jurisdiction, and in particular a foreign nation, is fraught with difficulty and may be effectively, if not financially, unfeasible.

 

OUR MANAGEMENT AND INTERNAL SYSTEMS MIGHT BE INADEQUATE TO HANDLE OUR POTENTIAL GROWTH.

 

Our success will depend in significant part on the expansion of our operations and the effective management of growth. This growth will place a significant strain on our management and information systems and resources and operational and financial systems and resources. To manage future growth, our management must continue to improve our operational and financial systems and expand, train, retain and manage our employee base. Our management may not be able to manage our growth effectively. If our systems, procedures, controls, and resources are inadequate to support our operations, our expansion would be halted and we could lose our opportunity to gain significant market share. Any inability to manage growth effectively may harm our ability to institute our business plan.

 

THE MARKET FOR OUR COMMON STOCK IS LIMITED AND YOU MAY NOT BE ABLE TO SELL YOUR COMMON STOCK.

 

Our Common Stock is currently quoted on the Over-The-Counter Bulletin Board, and is not traded on a national securities exchange. The market for purchases and sales of the Company’s Common Stock is limited and therefore the sale of a relatively small number of shares could cause the price to fall sharply. Accordingly, it may be difficult to sell shares quickly without significantly depressing the value of the stock. Unless we are successful in developing continued investor interest in our stock, sales of our stock could continue to result in major fluctuations in the price of the stock.

 

THE PRICE OF OUR COMMON STOCK IS LIKELY TO BE VOLATILE AND SUBJECT TO WIDE FLUCTUATIONS.

 

The market price of the securities of software companies has been especially volatile. Thus, the market price of our Common Stock is likely to be subject to wide fluctuations. If our revenues do not grow or grow more slowly than we anticipate, or, if operating or capital expenditures exceed our expectations and cannot be adjusted accordingly, or if some other event adversely affects U.S., the market price of our Common Stock could decline. If the stock market in general experiences a loss in investor confidence or otherwise fails, the market price of our Common Stock could fall for reasons unrelated to our business, results of operations and financial condition. The market price of our stock also might decline in reaction to events that affect other companies in our industry even if these events do not directly affect U.S.

 

15
 

 

SINCE OUR STOCK IS CLASSIFIED AS A “PENNY STOCK,” THE RESTRICTIONS OF THE SEC’S PENNY STOCK REGULATIONS MAY RESULT IN LESS LIQUIDITY FOR OUR STOCK.

 

The U.S. Securities and Exchange Commission (“SEC”) has adopted regulations which define a “Penny Stock”  to be any equity security that has a market price (as therein defined) of less than $5.00 per  share  or an exercise price of less than $5.00 per share, subject to certain exceptions. For any transactions involving a penny stock, unless exempt, the rules require the delivery, prior to any transaction involving a penny stock by a retail customer, of a disclosure schedule prepared by the SEC relating to the penny stock market. Disclosure is also required to be made about commissions payable to both the broker/dealer and the registered representative and current quotations for the securities. Finally, monthly statements are required to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Because the market price for our shares of common stock is less than $5.00, our securities are classified as penny stock. As a result of the penny stock restrictions, brokers or potential investors may be reluctant to trade in our securities, which may result in less liquidity for our stock.

  

WE HAVE INSURANCE COVERAGE FOR THE SERVICES WE OFFER. HOWEVER, A CLAIM FOR DAMAGES MAY BE MADE AGAINST US REGARDLESS OF OUR RESPONSIBILITY FOR THE FAILURE, WHICH COULD EXPOSE US TO LIABILITY.

 

We provide business management solutions that we believe are critical to the operations of our customers’ businesses and provide benefits that may be difficult to quantify. Any failure of a customer’s system installed or of the services offered by us could result in a claim for substantial damages against us, regardless of our responsibility for the failure. Although we attempt to limit our contractual liability for damages resulting from negligent acts, errors, mistakes or omissions in rendering our services, we cannot assure you that the limitations on liability we include in our agreements will be enforceable in all cases, or that those limitations on liability will otherwise protect U.S. fromliabilityfordamages.Intheeventthattheterms and conditions of our contracts which limit our liability are not sufficient, we have insurance coverage. This coverage of approximately $5,000,000 in the aggregate in the U.K. and in the U.S. insures the business for negligent acts, error or omission, failure of the technology services to perform as intended, and breach of warranties or representations. It also insures the services that we supply including, web services, consulting, analysis, design, installation, training, support, system integration, the manufacture, sale, licensing, distribution or marketing of software, the design and development of code, software and programming and the provision of software applications as a service, rental or lease. However, there can be no assurance that our insurance coverage will be adequate or that coverage will remain available at acceptable costs. Successful claims brought against U.S. in excess of our insurance coverage could seriously harm our business, prospects, financial condition and results of operations. Even if not successful, large claims against U.S. could result in significant legal and other costs and may be a distraction to our senior management.

 

BECAUSE WE HAVE INTERNATIONAL OPERATIONS, WE WILL BE SUBJECT TO RISKS OF CONDUCTING BUSINESS IN FOREIGN COUNTRIES.

 

International operations constitute a significant part of our business, and we are subject to the risks of conducting business in foreign countries, including:

 

  • difficulty in establishing or managing distribution relationships;

 

  • different standards for the development,  use, packaging and marketing of our products and technologies;

 

  • our ability to locate qualified local employees, partners, distributors and suppliers;

 

  • the potential burden of complying with a variety of foreign laws and trade standards; and

 

  • general geopolitical risks, such as political and economic instability, changes in diplomatic and trade relations, and foreign currency risks and fluctuations.

 

No assurance can be given that we will be able to positively manage the risks inherent in the conduct of our international operations or that such operations will not have a negative impact on our overall financial operations.

 

16
 

 

WE DO NOT INTEND TO DECLARE DIVIDENDS ON OUR COMMON STOCK.

 

We will not distribute dividends to our stockholders until and unless we can develop sufficient funds from operations to meet our ongoing needs and implement our business plan. The time frame for that is inherently unpredictable, and you should not plan on it occurring in the near future, if at all.

 

Item 1B. Unresolved Staff Comments.

 

Not applicable.

 

Item 2.  Properties.

 

Our corporate offices are located at Maple Park, Maple Court, Tankersley, Barnsley, U.K. S75 3DP.

 

The main telephone number is 0-11-44-1244-31-1794. MAM leases approximately 400 square feet at its corporate offices and pays rent of $2,685 per quarter.

  

ASNA has an office at 3435 Winchester Rd, Ste. 100, Allentown PA, 18104 and the phone number at that office is 610-336-9045. The Allentown, Pennsylvania office is approximately 7,105 square feet in size and is leased for a monthly cost of $11,161.

 

MAM Software Inc. shares office space with ASNA and the telephone number is 610-351-2928.

 

MAM Software Ltd. has three offices. It has headquarters at Maple Park, Maple Court, Tankersley, S75 3DP, U.K. The phone number is 0-11-44-122-635-2900. It also has a regional office at 15 Duncan Close, Red House Square, Moulton Park, Northampton, NN3 6WL, U.K. The phone number is 44-160-449-4001. It has second regional office at Leanne Business Centre, Sandford Lane, Wareham, Dorset, BH20 4DY, U.K. The phone number is 44-192-955-0922. MAM Software leases approximately 11,000 square feet at its company headquarters at a monthly cost of approximately $17,036. It leases approximately 1,223 square feet at its Northampton office at a monthly cost of $1,664 and approximately 717 square feet at its Wareham office at a monthly cost of $904.

 

Item 3.  Legal Proceedings

  

Although there are no pending legal proceedings against the Company, from time to time, the Company may become involved legal proceedings, lawsuits, claims and regulations in the ordinary course of its business.

 

Item 4.  Mine Safety Disclosures

 

Not applicable.

 

17
 

 

PART II

 

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

Our Common Stock is traded on the Over-The-Counter Bulletin Board under the symbol “MAMS.OB.” As of June 30, 2012, there were approximately 333 shareholders of record and 14,296,105 shares of Common Stock issued and outstanding. As of September 10, 2012, there were approximately 330 shareholders of record and 14,020,863 shares of Common Stock issued and outstanding.

 

On September 10, 2012, the bid and ask prices of our Common Stock were $2.14 and $2.20 per share, respectively, as reported by the Over-the-Counter Bulletin Board. The following table shows the range of high and low bids per share of our Common Stock as reported by the Over-the-Counter Bulletin Board for the fiscal year periods indicated. Such over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, markdown or commission, and may not necessarily represent actual transactions.

 

On March 25, 2011, (“the Effective Date”), the Company amended its Certificate of Incorporation to effectuate a one-for-one hundred reverse stock split, followed by a ten-for-one forward stock split. Pursuant to this transaction, every 100 shares of the Company's Common Stock were converted into one share of the Company's Common Stock. Immediately thereafter, a forward stock split was undertaken whereby each share of Common Stock was converted into 10 shares of Common Stock. Stockholders owning fewer than 100 shares of Common Stock whose interests were converted into fewer than 1 share of Common Stock pursuant to the reverse split, were converted into the right to receive an amount equal to the average daily closing price per share of the Common Stock on the OTC Bulletin Board for the five trading days immediately before and including the Effective Date, without interest. Stockholders who held 100 or more shares as of the Effective Date received fractional shares in the reverse split and were not cashed out. Any fractional shares held after the ensuing forward split were rounded up to the nearest whole share. All share numbers and per share amounts reported in this annual report on Form 10-K for the fiscal year ended June 30, 2011 and in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to give effect to the stock split.

 

   2011 

  Share price is reflective of the 1:10
reverse/forward on 

   March 25, 2011 

  High   Low 
1st Quarter ended September 30  $1.00   $0.60 
2nd Quarter ended December 31  $1.70   $0.80 
3rd Quarter ended March 31  $1.80   $1.30 
4th Quarter ended June 30  $1.88   $1.49 

 

   2012 
   High   Low 
1st Quarter ended September 30  $1.90    1.60 
2nd Quarter ended December 31  $1.89    1.60 
3rd Quarter ended March 31  $2.23    1.61 
4th Quarter ended June 30  $2.31    1.79 

 

18
 

 

Dividends

 

We have never declared or paid dividends on our Common Stock, and our board of directors does not intend to declare or pay any dividends on the Common Stock in the foreseeable future. Our earnings are expected to be retained for use in expanding our business. The declaration and payment in the future of any cash or stock dividends on the Common Stock will be at the discretion of the board of directors and will depend upon a variety of factors, including our future earnings, capital requirements, financial condition and such other factors as our board of directors may consider to be relevant from time to time.

 

Securities Authorized For Issuance under Equity Compensation Plans

 

Equity Compensation Plan Information as of June 30, 2012

 

Plan Category  Number of
Securities to Be
Issued upon
Exercise of
Outstanding
Options		   Weighted Average
Exercise Price of
Outstanding
Options		   Number of
Securities
Remaining
Available for
Future Issuance
under the Plan (2)		 
   (a)   (b)   (c) 
Equity compensation plans approved by security holders (1)   171,190   $0.91    1,973,226 
Equity compensation plans not approved by security holders   -    -    - 
Total   171,190   $0.91    1,973,226 

 

(1) Represents the shares authorized for issuance under the Aftersoft Group, Inc. 2007 Long-Term Incentive Plan, which was approved by the Company’s shareholders at the Annual Meeting held on June 12, 2008. The maximum aggregate number of shares of Common Stock that may be issued under the Plan, including Stock Options, Stock Awards, and Stock Appreciation Rights is limited to 15% of the shares of Common Stock outstanding on the first trading day of any fiscal year, or 2,144,416 for fiscal 2013.

 

(2) As of July 1, 2012.

 

Recent Sales of Unregistered Securities

 

On April 3, 2012, the Company issued 3,171 shares of common stock to certain directors in lieu of quarterly cash compensation, which were valued at approximately $6,000 based on the closing market price of the Company’s common stock, April 1, 2012.

 

On April 16, 2012, the Company issued 25,348 shares of common stock to certain directors as part of their routine quarterly compensation, which were valued at $30,000, based on the closing market price of the Company’s common stock on the date of the grant.

 

On July 3, 2012, the Company issued 21,000 shares of common stock to officers of the Company, which were valued at approximately $17,000 based on the closing market price of the Company’s common stock on the date of the grant.

 

19
 

 

On July 11, 2012, the Company issued 27,296 shares of common stock to certain directors, which were valued at approximately $32,000 based on the closing market price of the Company’s common stock on the date of the grant.

 

These transactions were not registered under the Securities Act in reliance on an exemption from registration set forth in Section 4(a)(2) of the Securities Act in a transaction by the Company not involving a public offering as the shares were granted as compensation for services and the recipients had access to adequate current public information concerning the Company.

 

Item 6.  Selected Financial Data.

 

Not applicable.

 

Item 7.  Management Discussion and Analysis of Financial Condition and Results of Operations.

 

Some of the statements contained in this Annual Report on Form 10-K, which are not purely historical, are forward-looking statements, including, but not limited to, statements regarding the Company’s objectives, expectations, hopes, beliefs, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by the use of the words “may,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of those terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our actual results could differ materially from those disclosed in these statements due to various risk factors and uncertainties affecting our business. We caution you not to place undue reliance on these forward-looking statements. We do not assume responsibility for the accuracy and completeness of the forward-looking statements and we do not intend to update any of the forward-looking statements after the date of this report to conform them to actual results. You should read the following discussion in conjunction with our financial statements and related notes included elsewhere in this report.

 

Critical Accounting Policies

 

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

We believe the following critical accounting policies, among others, affect our more significant judgments and estimates used in the preparation of our consolidated financial statements:

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, derivative liabilities, and debt instruments.

 

Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three categories:

 

  · Level 1 – Fair value based on quoted prices in active markets for identical assets or liabilities.

 

  · Level 2 – Fair value based on significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data.

 

20
 

 

  · Level 3 – Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entity’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

 

Derivative Liabilities

 

For purposes of determining whether certain instruments are derivatives for accounting treatment, the Company follows the accounting standard that provides guidance for determining whether an equity-linked financial instrument, or embedded feature, is indexed to an entity’s own stock. The standard applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. 

 

The Company has certain common stock purchase warrants that are accounted for as derivative liabilities as they do not meet the requirements to be treated as equity instruments.  

 

The fair value of these common stock purchase warrants was $442,000 on June 30, 2012.  The fair value of these common stock purchase warrants was $672,000 on June 30, 2011.  The total value of these derivative liabilities decreased for the year ended June 30, 2012, and as a result, the Company recognized a gain of approximately $230,000 from the change in fair value of these warrants for the year ended June 30, 2012 and recognized a loss of approximately $381,000 from the change in fair value of these warrants for the year ended June 30, 2011.

 

On December 2, 2010 the Company accounted for all unexercised stock purchase warrants as derivative liabilities because if all outstanding options and warrants were exercised there would be insufficient authorized shares to fulfill the request.  As of that date, additional paid-in capital was reduced by $338,000 and derivative liabilities were increased by $338,000. 

 

On January 21, 2011, 3,563 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $1.60 and 1,782 shares of common stock were issued. As a result of this exercise, $4,994 was reclassified to additional paid-in capital from derivative liabilities.

 

On February 11, 2011, 3,563 warrants were exercised for $2,850 and $5,318 was reclassified to additional paid-in capital from derivative liabilities. The fair value of the remaining unexercised warrants was $262,000 as of March 25, 2011, and the Company recorded a gain of $65,000 for the year ended June 30, 2011 in connection with the change in fair value of these warrants.

 

Effective March 25, 2011, the Company completed a reverse/forward stock split and reduced the number of shares outstanding from approximately 139,150,000 to 13,915,000 and no longer accounted for unexercised stock purchase warrants as derivative liabilities. The Company had sufficient authorized shares available for the exercise of all outstanding options and stock purchase warrants. As of March 25, 2011, additional paid-in capital was increased by $262,000 and derivative liabilities were reduced by $262,000.

 

All future changes in the fair value of the Company’s warrants that are still accounted for as derivatives and will be recognized in earnings until such time as the warrants are exercised or expire. These common stock purchase warrants do not trade in an active securities market, and as such, the Company estimates the fair value of these warrants using Black-Scholes and the following assumptions:

 

   June 30,   June 30, 
   2012   2011 
Annual dividend yield   0.0%    0.0% 
Expected life (years)   1.5 -2.25    0.17 -4.00 
Risk-free interest rate   0.25%– 0.33%    0.16%– 1.79% 
Expected volatility   28% - 91%    87% - 151% 

 

Expected volatility is based primarily on historical volatility. Historical volatility was computed using weekly pricing observations for recent periods. The Company believes this method produces an estimate that is representative of the Company’s expectations of future volatility over the expected term of these warrants. The Company currently has no reason to believe future volatility over the expected remaining life of these warrants is likely to differ materially from historical volatility.  The expected life is based on the remaining contractual term of the warrants. The risk-free rate is based on the U.S. Treasury rate that corresponds to the expected term of the warrants.

 

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Liabilities measured at fair value on a recurring basis are summarized as follows:

 

June 30, 2012  Level 1   Level 2   Level 3   Total 
Derivative liability related to fair value of warrants  $-   $-   $442,000   $442,000 

  

June 30, 2011  Level 1   Level 2   Level 3   Total 
Derivative liability related to fair value of warrants  $-   $-   $672,000   $672,000 

 

The following table details the approximate fair value measurements within the fair value hierarchy of the Company’s derivative liabilities using Level 3 Inputs:

 

Balance as of  July 1, 2010  $291,000 
Warrants reclassified from additional paid-in capital  to derivative liabilities   338,000 
Warrants reclassified from derivative liabilities to additional paid-in capital   (272,000)
Change in fair value of derivative liabilities   315,000 
Balance as of June 30, 2011   672,000 
      
Change in fair value of derivative liabilities   (230,000)
Balance as of June 30, 2012  $442,000 

 

The Company has no assets that are measured at fair value on a recurring basis. There were no assets or liabilities measured at fair value on a non-recurring basis during the years ended June 30, 2012 and 2011, respectively.

 

The Company has no assets that are measured at fair value on a recurring basis. There were no assets or liabilities measured at fair value on a non-recurring basis during the years ended June 30, 2012 and 2011, respectfully.

 

All future changes in the fair value of these warrants will be recognized in earnings until such time as the warrants are exercised or expire. These common stock purchase warrants do not trade in an active securities market, and as such, the Company estimates the fair value of these warrants using the Black-Scholes option pricing model.

 

Allowance for Doubtful Accounts

 

We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on specific identification of customer accounts and our best estimate of the likelihood of potential loss, taking into account such factors as the financial condition and payment history of major customers. We evaluate the collectibility of our receivables at least quarterly. The allowance for doubtful accounts is subject to estimates based on the historical actual costs of bad debt experienced, total accounts receivable amounts, age of accounts receivable and any knowledge of the customers’ ability or inability to pay outstanding balances. If the financial condition of our customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may be required. The differences could be material and could significantly impact cash flows from operating activities.

 

Software Development Costs

 

Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the ratio that current gross revenue for a product bear to the total of current and anticipated future gross revenues  for  that  product:  and,  the straight-line method  over the remaining estimated economic life (a period of three years) of the product including the period being reported on. If the future market viability of a software product is less than anticipated, impairment of the related unamortized development costs could occur, which could significantly impact the Company’s results of operations.

 

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Goodwill

 

Goodwill and intangible assets that have indefinite useful lives are not amortized but rather are tested at least annually for impairment. Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one level below the segments reported by the Company.

 

Long-Lived Assets

 

The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of the long-lived asset can be recovered through projected undiscounted future cash flows over its remaining life. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June 30, 2012, management believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue, which could result in impairment of long-lived assets in the future.

 

Revenue Recognition

 

Software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product component has occurred, the fee is fixed and determinable, and collectability is probable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met. The Company accounts for delivered elements in accordance with the selling price when arrangements include multiple product components or other elements and vendor-specific objective evidence exists for the value of all undelivered elements. Revenues on undelivered elements are recognized once delivery is complete.

 

In those instances in which arrangements include significant customization, contractual milestones, acceptance criteria or other contingencies (which represents the majority of the Company’s arrangements), the Company accounts for the arrangements  using contract accounting, as follows:

 

  1) When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized.

 

  2) When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained.

 

The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying condensed consolidated balance sheets.

 

Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement.

 

Income Taxes

 

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

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 Overview

 

MAM Software Group, Inc. (“MAM,” the “Company,” “we,” “our,” or “us”) is a technology holding company that has one wholly owned subsidiary based in the U.S., Aftersoft Network, N.A., Inc. (“ASNA”) and one in the U.K., MAM Software Limited (“MAM Ltd.”) based in Tankersley, Barnsley, U.K., which operate independently from one another. ASNA has one wholly owned operating subsidiary (i) MAM Software, Inc., and two inactive wholly owned subsidiaries, (ii) AFS Warehouse Distribution Management, Inc., and (iii) AFS Tire Management, Inc., which are all based in Allentown, Pennsylvania. We have and continue to market and develop business management software solutions that manage both the business and supply chain for small- and medium-sized firms in the automotive aftermarket. The automotive aftermarket includes those businesses that supply servicing, parts, oil, tires, and performance extras to the retail market.

 

We believe that the largest single issue facing the automotive aftermarket at this time is the down turn of the global economy, especially the economies in which we operate. The constraint of credit within the U.S. and U.K. markets is forcing automobile owners to retain their existing automobiles far longer than they may have previously planned. This phenomenon is forcing owners to seek out more economic ways of maintaining their vehicles, and we believe this presents an opportunity to the Company. The need for consumers to maintain their vehicles longer requires service suppliers to offer a wide range of services at highly competitive prices. We believe that this can be achieved only by those businesses that are able to efficiently manage their businesses and find methods to reduce costs without affecting service levels, which may best be done through investments in ‘up to date’ management information systems, specifically those designed for the automotive market. However, we have recently noticed that some businesses wishing to invest in new management systems are also finding their access to credit reduced. This may have a detrimental effect on our revenues if customers are unable to fund purchases. We still believe that the aftermarket landscape will continue to change over the next 18 months, with the convergence of the aftermarket and tire markets, but this rate of change maybe slower than first expected.

 

Our revenue and income is derived primarily from the sale of software, data, services and support. In the U.K., we also earn a percentage of our revenue and income from the sale of hardware systems to clients.  In the year ended June 30, 2012, we generated revenues of $26,090,000 and had net income of $4,096,000; 70% of these revenues came from the U.K. market.

 

We are headquartered in Barnsley, U.K. and maintain additional offices for our U.S. operating subsidiary in Allentown, Pennsylvania, and, for our U.K. operating subsidiary, in Barnsley, Northampton and Wareham.

 

The software that we sell is mainly a Microsoft Windows TM based technology, although we do still have an older ‘Green Screen’ terminal-based product. The four main products that we support in the U.S. cover all of the components of the automotive aftermarket supply chain. First is “warehouse distribution.” Into this market we sell our Autopart product to new prospects and continue to support our Direct Step product.  Both products enable large warehouses with hundreds of thousands of stock keeping units (sku’s) to locate, manage, pack and deliver the parts with ease and efficiency. Second, these parts are distributed to the next business in the chain, which is the “jobber.” Into this market segment we also sell our Autopart product, which manages a jobber’s whole business (i.e., financial, stock control and order management) but more importantly enables the jobber to quickly identify the parts that his client needs, either via the internet or telephone, so that the correct product for the vehicle on the ramp can be supplied. The third and next segment of the automotive aftermarket supply chain is the “installer,” which repairs and maintains automobiles. The installer needs systems that enable him to efficiently and simply manage his businesses, whether as a single entity or national multi-site franchise. Into this segment we sell VAST. The fourth segment is the “OpenWebs™.” This technology allows these three separate business solutions to connect to each other to allow, among other processes, ordering, invoicing and stock checking to take place in real- time both up and down the supply chain. The U.K. market differs from that of the U.S. in that it does not have the same number of large warehouse distribution centers, so we do not sell the Direct Step product in the U.K. We continue to sell the Autopart product to the jobber market, but sell Autowork Online to the installer market.  In the U.K., we also sell our catalog solution, Autocat+, which is an Internet-based identification tool used by the warehouse distribution, jobber and installer.

 

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To date, our management has identified five areas that it believes we need to focus on.  The first area is the continued success of Autowork Online, our new “installer” solution in the U.K.  The product has been developed by MAM Ltd., our U.K. subsidiary, under the ‘cloud’ computing model. This is where software solutions are made available to end- users via the Internet and does not require them to purchase the software directly but ‘rent’ it over a fixed period of time. Our management believes that this will be a rapidly growing market for the U.K. as businesses continue to look for ways of reducing capital expenditures while maintaining levels of service. Autowork Online was launched in 2010 and as of June 30, 2012 we had 2,622 subscribers of this service.  The product is currently being localized and prepared for release into the U.S. market.

 

The second area of focus is the sales and marketing strategy within the U.S. market. Our management believes that continued investment in this key area is required to help the development of the MAM brand.  During the twelve month period ending June 30th 2012, the Company added seven sales and marketing personnel and is actively seeking to recruit additional sales personnel.

 

The third area of focus relates to the continued sales and market initiatives tied to the Autopart product within the U.S. market. A senior member of the U.K. management team was appointed to join the U.S. business in 2009 to head the efforts relating to this product.  To date this move has proved successful, as we have secured new business, increased levels of interest in Autopart as well as improving service and knowledge of our U.S. staff members.  

 

The fourth area is within the U.K. market and we are continually working to sustain the levels of growth in the U.K. business by focusing on additional vertical markets, which share common issues to that of the automotive market. We have developed a reputation of high levels of service and knowledge within the automotive market; and are now working on replicating this reputation in these additional vertical markets.  Our management intends to carefully monitor this expansion as a result of the current state of the global economy.

 

The fifth area is the continued investment in research and development that will allow us to deliver innovative new solutions and modules in support of the previous four key areas. During the year ending June 30th 2012 a number of new modules were launched including EMI+, a new business intelligence solution with mobile capability and a new warehouse management software module that integrates seamlessly with Autopart.

  

Impact of Currency Exchange Rate

 

Our net revenue derived from sales in currencies other than the U.S. dollar was 70% and 74% for the years ended June 30, 2012 and June 30, 2011, respectively.   As the U.S. dollar strengthens in relation to the Great Britain Pound (“GBP”), as it has recently done, our revenue and income, which is reported in U.S. dollars, is negatively impacted.  Changes in the currency values occur regularly and in some instances may have a significant effect on our results of operations.

 

Income and expenses of our MAM subsidiary are translated at the average exchange rate.  The exchange rate for MAM’s operating results was US $1.5844 per GBP for the year ended June 30, 2012, compared with US $1.5905 per GBP for the year ended June 30, 2011.

 

Assets and liabilities of our MAM subsidiary are translated into U.S. dollars at the period-end exchange rates.  The exchange rate used for translating our MAM subsidiary was US $1.5615 per GBP at June 30, 2012 and US $1. 6018 per GBP at June 30, 2011.

 

Currency translation (loss) adjustments are accumulated as a separate component of stockholders’ equity, which totaled ($930,000) and ($561,000) as of June 30, 2012 and 2011, respectively.  

 

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Backlog

 

As of June 30, 2012, we had a backlog of unfilled orders of business management systems of $1,324,000, compared to a backlog of $1,800,000 at June 30, 2011.  We expect to fill approximately 65% of such backlog during the next six months.

 

Results of Operations

 

Our results of operations for the fiscal year ended June 30, 2012 compared with the year ended June 30, 2011 were as follows:

 

Revenues. Revenues increased $471,000 or 1.8% to $26,090,000 for the year ended June 30, 2012, compared with $25,619,000 for the year ended June 30, 2011.  Revenues in our U.K. business were 11,607,000GBP for the year ended June 30, 2012 as compared to 12,129,000GBP for the year ended June 30, 2011. Revenues decreased 522,000GBP or 4.3% primarily from reduced revenue from new system sales which resulted in a reduction in reported revenues of $827,000. The stronger U.S. dollar resulted in lower reported revenues of $74,000. U.K. revenues reported in U.S. dollars were $18,390,000 for 2012 as compared to $19,291,000 during 2011, which is a decrease of $901,000.  U.S. revenues increased $1,372,000 or 21.7% to $7,700,000 in 2012 from $6,328,000 in 2011 because of increased software sales.

 

Cost of Revenues. Total cost of revenues decreased $171,000 or 1.6% to $10,676,000 for the year ended June 30, 2012, compared with $10,847,000 for the year ended June 30, 2011. Cost of revenues as a percentage of revenues decreased from 42% for the year ended June 30, 2011 to 41% for the year ended June 30, 2012. The decrease in cost of revenues was the result of an increased percentage of higher margin sales.  MAM Software Ltd.’s expenses decreased 204,000GBP or 4.1% in 2012, to 4,788,000GBP from 4,992,000GBP for 2011 because of decreased costs resulting from lower system and hardware revenue. U.K. expenses reported in U.S. dollars decreased $353,000 or 4.4%.  The U.S. expenses increased $182,000 to $3,089,000 from $2,907,000 in 2011, which was in line with the increased U.S. revenues. As a result of ongoing cost-cutting initiatives, we have been able to minimize any increase in the cost of sales after a thorough review of operations throughout the Company, but focused primarily on the U.S. operations, which revealed discretionary items that were capable of being reduced or eliminated without sacrificing revenues. Included in such items were the elimination or reduction of cost and expenses such as travel for sales personnel that was not directly related to new business development or closing a sale; reduction of non-performing sales staff from the U.S. payroll; and outsourcing of software development work where feasible.

 

Operating Expenses. The following tables set forth, for the periods indicated, our operating expenses and the variance thereof:

 

   For the Twelve Months Ended 
June 30,		         
   2012   2011   $ Variance   % Variance 
Research and development  $3,267,000   $3,150,000   $117,000    3.7%
Sales and marketing   2,709,000    2,225,000    484,000    21.8%
General and administrative   3,448,000    4,189,000    (741,000)   -17.7%
Depreciation and amortization   1,198,000    1,109,000    89,000    8.0%
Total Operating Expenses  $10,622,000   $10,673,000   $(51,000)   -0.5%

 

Operating expenses decreased by $51,000 or 0.5% for the year ended June 30, 2012 compared with the year ended June 30, 2011. This is due to the following:

 

Research and Development Expenses. Research and development expenses increased $117,000 or 3.7% for the year ended June 30, 2012, when compared with the previous fiscal year. This increase was due to an increase in engineering personnel and related costs of $121,000 in the U.K. business. The U.S. business experienced a decrease of $5,000 due to a reduction in overall costs.

 

Sales and Marketing Expenses. Sales and marketing expenses increased by $484,000 or 21.8% for the year ended June 30, 2012 compared with the year ended June 30, 2011. The U.S. business experienced a net increase in expenses of $330,000 from additions in advertising and show expenses and additional sales personnel.

 

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General and Administrative Expenses. General and administrative expenses decreased by $741,000 or 17.7% to $3,448,000 for the year ended June 30, 2012 as compared to $4,189,000 for  the same period in 2011.  The decreased expenses were primarily the result of $300,000 less U.S. litigation settlement expense and the associated legal fees, $100,000 less in U.S. rent and facility costs from the closing of the Dana Point, California office, $200,000 less in officer’s equity compensation and $160,000 less in U.K. overall expenses.

 

Depreciation and Amortization Expenses. Depreciation and amortization expenses increased by $89,000 for the year ended June 30, 2012 as compared with the same period in 2011.   

 

Interest Expense. Interest expense decreased by $462,000 to $191,000 for the year ended June 30, 2012. The decrease in interest expense is primarily related to our interest associated with our loan from ComVest Capital LLC, which the Company repaid in full in October 2010. We incurred interest under the ComVest loan of $347,000, during 2011. The remaining ComVest interest of $78,000 was accounted for in amortization of debt discount and debt issuance costs, which are included in interest expense. HSBC cash interest was approximately $166,000 for the year ended June 30, 2012 and debt issuance cost amortization was approximately $25,000, compared to cash interest of $46,000 for the year ended June 30, 2011 and the debt issuance cost amortization was approximately $24,000.  Other smaller loans were repaid during the year resulting in additional reduced interest expense of $0.

 

Other Income (Expenses). Other income for the year ended June 30, 2012 included an adjustment for the change in fair value of derivative liabilities of $230,000 and a gain on settlement of liabilities of $215,000.

 

Income Taxes. Income taxes increased $45,000 to $950,000 for the year ended June 30, 2012 as compared to $905,000 for the year ended June 30, 2011. This increase was the result of increased profits in fiscal 2012 and the absence in the reduction in deferred tax included in fiscal 2011 with no repeating benefit in 2012.

 

Net Income. We realized income of $4,096,000 for the year ended June 30, 2012 compared with income of $2,288,000 for the year ended June 30, 2011.

 

Liquidity and Capital Resources

 

Our principal sources of liquidity are cash on hand and cash generated from operations. To date, most of our profits have been generated in Europe, but with the introduction of new products and our successful efforts to streamline our U.S. operations, all U.S. operating entities experienced increased revenues and profits in fiscal 2012. We expect this trend to continue and look forward to an increase in overall revenues and profits from our U.S. operations in fiscal 2013.

 

During the year ended June 30, 2012 we repaid approximately $770,000 on our HSBC Loan and on our secured notes. During the year ended June 30, 2011 we repaid approximately $4,983,000 on our ComVest Loan, $408,000 on our loan to HSBC, and $63,000 on our secured notes.  We also made monthly payments of $133,000 according to the terms of a note, a $670,000 payoff amount for a settlement of a litigation and recorded a gain of $52,000 from the settlement of a liability.  These payments were made from cash flow generated from operations. We purchased 1,240,337 shares of our Common Stock at a cost of $2,430,000 and were able to increase our cash position by $858,000. As of June 30, 2012 we owe HSBC $945,000 and are repaying approximately $59,000 per month for the term of the loan. As of June 30, 2011 we owed HSBC $1,669,000.

 

We believe our existing cash balance, and the cash expected to be generated from operations, will be sufficient to meet our anticipated cash needs for at least the next 12 months. Our future capital requirements will depend on many factors, including our level of net sales, the timing and extent of expenditures to support our development activities and the continued market acceptance of our products. We could be required, or we may choose, to seek additional funding through public or private equity or debt financing. In addition, in connection with any future acquisitions, we may require additional funding which may be provided in the form of additional debt or equity financing or a combination of both. These additional funds may not be available on terms acceptable to us, or at all.

 

Working Capital

 

Working capital at June 30, 2012 was $1,674,000 and increase of $2,299,000 from a working capital deficit of ($625,000) at June 30, 2011. The working capital increase resulted primarily from a $858,000 increase in cash, a $167,000 increase in net accounts receivable, a $225,000 increase in prepaid expenses, a $457,000 decrease in accrued expenses, a $230,000 decrease in derivative liabilities, a $327,000 decrease in the current portion of long-term debt, $209,000 in sales tax payable, partially offset by a $198,000 increase in accounts payable, and a $195,000 increase in accrued payroll and other taxes.

 

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Capital Expenditures

 

Capital expenditures for fiscal 2012 and 2011 were $138,000 and $113,000 respectively.

 

HSBC Bank plc.

 

On October 25, 2010, MAM Ltd., entered into a three-year term loan agreement with HSBC Bank plc. (“HSBC”) as lender (the “HSBC Term Loan”). The HSBC Term Loan provides for £1,324,550 (approximately $2.0 million at the exchange rate on October 25, 2010) with a term of three years from the date the HSBC Term Loan is first drawn down. The HSBC Term Loan is repayable in thirty-six (36) monthly installments, inclusive of interest, together with such sums in the final month to discharge the balance of the HSBC Term Loan. The proceeds of the HSBC Term Loan were  used to fully repay the residual balance of the credit facility due to ComVest Capital LLC (“ComVest”) from the Company (see below).

 

The interest rate under the HSBC Term Loan is 2.9% per annum over HSBC’s Sterling Base Rate, as published from time to time, which totals 3.4% at June 30, 2011. A prepayment fee of 1.5% of the amount prepaid will be payable by the Company in the event the Term Loan is refinanced by another lender.

 

The HSBC Term Loan is secured by the following instruments: a guarantee granted by the Company, ASNA and MAM Software Inc. in favor of HSBC pursuant to which each would guarantee the repayment of the HSBC Term Loan (the “Guarantee”); an all assets debenture granted by MAM Ltd. in favor of HSBC including a first fixed charge over book debts and stock, which would create fixed and floating the charges over the assets and undertaking of MAM Ltd. for the provision of the HSBC Term Loan (“Debenture”); and a mortgage of the life insurance policies in favor of MAM Ltd. in relation to a Company  employee and the Company’s CEO. The Company recorded debt issuance fees of approximately $60,000 related to the HSBC Term Loan, which is being amortized over the life of the loan. Amortization expense was $25,000 year ended June 30, 2012 and $25,000 year ended June 30, 2011.

 

The HSBC Term Loan contains various financial covenants. As of June 30, 2012, the Company was in compliance with all such covenants.

 

ComVest Capital LLC Loan Agreement

 

On December 21, 2007, the Company entered into a Revolving Credit and Term Loan Agreement (the “Loan Agreement”) with ComVest Capital LLC (“ComVest”), as lender, pursuant to which ComVest agreed to extend a $1,000,000 secured revolving Credit Facility and a $5,000,000 Term Loan. The Loan Agreement contained customary affirmative and negative covenants, which included maximum limits for capital expenditures per fiscal year, and ratios for liquidity. On October 26, 2010, the Company repaid in full the Loan Agreement, in part, from the proceeds from the HSBC Term Loan.

 

Warrants. In connection with the Loan Agreement, the Company issued warrants to ComVest to purchase the following amounts of shares of the Company’s Common Stock, exercisable after the Closing Date and expiring December 31, 2013: a) Warrant to purchase 100,000 shares of common stock at an exercise price of $3.125 per share; b) Warrant to purchase 200,000 shares of common stock at an exercise price of $3.90 per share; and c) Warrant to purchase 208,334 shares of common stock at an exercise price of $3.625 per share; (each, a “Warrant”) (the 508,334 shares collectively issuable upon exercise of the Warrants are referred to herein as the “Warrant Shares”).  The exercise prices of certain of these warrants were amended. The fair value of the Warrant Shares was $868,000 using a Black-Scholes valuation model and also contains a cashless exercise feature.  The warrant valuation was computed using a 3.5% risk-free interest rate, a 99% volatility and a six-year life. The value of the Warrant Shares was included in debt discount, was recorded in the consolidated balance sheet as a reduction in the carrying value of the debt, and was amortized and charged to interest expense over the term of the loan using the effective interest method.

 

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The number of shares issuable upon exercise of the Warrants, and/or the applicable exercise prices, may be proportionately adjusted in the event of any stock dividend, distribution, stock split, stock combination, stock consolidation, recapitalization or reclassification or similar transaction. In addition, the number of shares issuable upon exercise of the Warrant Shares, and/or the applicable exercise prices may be adjusted in the event of certain issuances of shares of the Company’s common stock, or securities entitling any person to acquire shares of common stock, at any time while the Warrants are outstanding, at an effective price per share which is less than the then-effective exercise prices of the Warrants. Subsequently, the exercise prices of the warrants were reduced as a result of certain down-round protection provisions contained therein following the issuance by the Company of additional shares of common stock and common stock equivalents.

  

The Company also granted certain registration rights and piggyback registration rights to the holder(s) of the securities underlying the Term Note and Warrants.  The registration for the sales of the securities underlying the Term Note and Warrants was declared effective by the SEC on May 1, 2009.

 

As a result of the additional shares issued in the Rights Offering, completed on October 15, 2010, the exercise price for 208,334 ComVest Warrants were reduced from $3.52 per share to $2.45 per share and the exercise price for 300,000 ComVest Warrants were reduced from $1.07 per share to $0.92 per share.

 

The Company issued warrants to purchase 25,000 shares of common stock as compensation to a consultant for assistance in securing the $5,000,000 Term Loan. The warrants were valued at $42,000 using Black-Scholes and were included in debt issuance cost. The warrant valuation was computed using a 3.5% risk free interest rate, a 99% volatility and a six-year life.

 

Off Balance Sheet Arrangements

 

We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. In addition, we do not have any undisclosed borrowings or debt, and we have not entered into any synthetic leases. We are, therefore, not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships.

 

Current Products and Services

 

Meeting the needs of the automotive aftermarket requires a combination of business management systems, information products and online services that combine to deliver benefits for all parties involved in the timely repair of a vehicle. Our products and services include:

 

  · Business management systems comprised of our proprietary software applications, implementation and training and third-party hardware and peripherals;

 

  ·

Information products such as an accessible catalog database related to parts, tires, labor estimates, scheduled maintenance, repair information, technical service bulletins, pricing and product features and benefits, which are  used by the different participants in the automotive aftermarket;

 

 · Online services and products that connect manufacturers, warehouse distributors, retailers and automotive service providers via the internet. These products enable electronic data interchange throughout the automotive aftermarket supply chain among the different trading partners. They also enable procurement and business services to be projected over the internet to an expanded business audience. Some U.K. clients use our information products on their own websites and intranets; some clients in North America and the U.K.  use our systems and branded software to obtain relevant and up-to-date information via the internet; and

 

  · Customer support and consulting services that provide phone and online support, implementation and training.

 

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Need for Technology Solutions

 

A variety of factors drive the automotive market’s need for sophisticated technology solutions, including the following:

 

Inventory Management

 

Industry sources suggest that approximately 35% of parts produced are never sold and 30% of parts stocked are never sold. Approximately 25% of parts sold are eventually returned due to insufficient knowledge or capability by either the parts supplier counterman or the auto service provider installer. Clearly, there is substantial inefficiency in the automotive aftermarket supply chain. This inefficiency results in excess inventory carrying costs, logistical costs and the over-production of parts and tires at the manufacturer level. Overcoming these challenges requires the combination of business systems software, information products, and connectivity services we offer.

 

Competition

 

In the U.S., the need for technology solutions has been accelerated by the expansion of large specialty parts retailers such as Advance Auto Parts, Inc. and large auto service chains like Monro Muffler and Brake, Inc. This expansion has driven smaller competitors to computerize or upgrade their existing systems with more modern business management solutions enabled for information products and online services. Many of the systems  used by smaller competitors today are older, character-based or systems developed in-house that have a limited ability to integrate current information products and online services.

 

Volume and Complexity of Information

 

Businesses in the automotive aftermarket manage large volumes of information from numerous sources with complex inter-relationships. There are over 4.5 million different stock-keeping units (“SKU”) available to parts sellers in the product catalogs used by the U.S. automotive aftermarket. The numbers of SKU increase in the order of some 5% each year. Moreover, manufacturers update product information and product prices with increasing frequency as they improve their internal processing and try to keep pace with consumer trends. As a result, most automotive aftermarket businesses require sophisticated inventory management systems, accurate and timely information on parts, tires, and repair delivered through online services to communicate, manage and present this volume of data effectively.

 

Customer Service Requirements

 

Consumer demand for same-day repair service and the need to maintain efficient use of repair bays, forces automotive service providers to demand prompt and accurate delivery of specific parts and tires from their suppliers. Getting the required product promptly depends on all the parties having access to timely information about product price and availability. To meet these demanding customer service requirements successfully, automotive aftermarket participants need business management systems, product information and online services that enable workers to reliably and accurately transact their business between warehouse distributors, parts stores and automotive service providers.

 

Regional Efficiencies

 

The use and availability of a combination of business management systems, information products and online services has resulted in the development of regional trading networks among auto service provider chains, stores and warehouse distributors of parts and tires. This enables participants to achieve the efficiencies and customer service levels that are critical to being competitive and successful against the larger retail and service chains in the automotive aftermarket.

 

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Areas of Growth

 

We expect growth in the automotive aftermarket will continue to be driven by:

 

  · gradual growth in the aggregate number of vehicles in  use;

 

  · an increase in the average age of vehicles in operation;

 

  · fewer new vehicles being purchased due to a slowdown in the economy;

 

  · growth in the total number of miles driven per vehicle per year; and

 

  · increased vehicle complexity.

 

Plans for Growth

 

We see opportunities to expand the breadth of our client base within the automotive industry and diversify into new industries with similarly complex needs. We plan to offer tailored business management and distribution software to the wholesale distributor market of the automotive industry. We have also started to expand and diversify our client and product mix in the U.K. to serve the lumber and hardware industries, which we believe have an unmet need for the efficiency offered by our suite of business software solutions and services. Our growth plans include adapting and updating our software products to serve other vertical markets as well as through potential acquisitions.

 

Additional Vertical Markets: Plumbing Merchants, Electrical Wholesalers, Builders Merchants and Lumber Merchants.

 

We believe that construction-related businesses would benefit from the business management and distribution systems developed by MAM Software Ltd for its customers in the automotive aftermarket. We already have over 50 clients in the UK and Ireland operating in the plumbing, building, lumber, and electrical wholesale distribution markets that are using a derivative of MAM Software Ltd.’s Autopart product, known as “Trader.” We originally moved the Autopart product into these additional vertical markets a number of years ago after being approached by companies operating within these vertical markets that could not find a management solution that satisfied their requirements. To date, these additional vertical markets have made only a limited contribution to the revenues of MAM Software Ltd.

 

We have been increasing our promotion of the “Trader” product to these markets, specifically targeting small and medium sized businesses with revenues of between $500,000 and $10 million. We are, and intend to continue, doing this through a number of channels, internet, direct marketing, advertorials and trade shows. We have also looked to raise awareness of the Trader product by placing advertisements in trade journals and will continue to look to have articles and editorial reviews written about the product and its advantages for those operating within these markets. We have also been targeting small and medium sized businesses within these vertical markets with direct mail pieces such as product fliers, and case studies from the small client base we have in this market. These have then been followed up by MAM’s existing internal sales team to generate qualified leads for the external sales representatives. We recognize that we will need increased industry experience to sell effectively within these markets and intend to recruit a suitably experienced and qualified sales manager to lead this development. In addition to direct marketing we have attended trade shows and exhibitions that have given us the opportunity to invite businesses that we have targeted previously while giving us exposure to those businesses that as yet we haven’t connected with.

 

Strategic Goals

 

We hope to increase our share of the U.S. and Canadian markets by (i) increasing the sales and marketing presence of our Autopart product, (ii), focusing on the service station element of the market (iii) and establishing OpenWebs™ as the e-commerce standard within the Automotive market. In the U.K. we expect to continue to grow our market share through (i) moving our supply chain management software into new vertical markets, (ii) alliances with major manufacturers and national retail chains within the automotive aftermarket, and (iii) an increased marketing presence. We believe that our successful experience within the automotive market will translate well into other vertical markets that have similarly complex supply chains. By developing specific sales teams with relevant market experience and supporting with them suitable marketing collateral, we believe that within two years these teams will generate significant revenue and earnings. The Company plans, at this stage, to focus only on the U.K. for these additional vertical market opportunities.

 

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Summary

 

We expect to see continued growth from both the U.S. and U.K. operations during fiscal 2013 with strong growth in revenues and operating income from the U.S. operation. We have identified a number of opportunities to widen our client base within the automotive industry and are actively pursuing those at this time. We also expect to see increases in revenue over the next two quarters, specifically due to new products and modules being released as well as enhancements to existing products.

 

We intend to continue to work at maximizing customer retention by supplying and developing products that streamline and simplify customer operations, thereby increasing their profit margin. By supporting our customers’ recurring revenues, we expect to continue to build our own revenue stream. We believe that we can continue to grow our customer base through additional sales personnel, targeted media and marketing campaigns and products that completely fit clients’ requirements. We also intend to service existing clients at higher levels and increasingly partner with them so that together we both will achieve our goals.

 

MAM generated approximately $4,600,000 from operations for the year ended June 30, 2012. Revenues in the U.K. are continuing to generate positive cash flow and free cash and the U.S. operations are also generating free cash flow but corporate expenses resulted in a negative cash flow for the year ended June 30, 2012. Our current plans still require us to hire additional sales and marketing staff and to support expanded operations overall.  We believe our plan will strengthen our relationships with our existing customers and provide new income streams by targeting additional English-speaking auto industry aftermarkets for our Autopart product.  If we continue to experience negative cash flow we will be required to limit our growth plan.

 

Item 7A.  Quantitative and Qualitative Disclosures about Market Risk.

 

Not applicable.

 

Item 8.  Financial Statements and Supplementary Data.

 

The financial statements, notes to the financial statements and report of the Company’s independent registered accountant required to be filed in response to this Item 8 begin on page F-1.

   

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 

None.

 

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Item 9A.  Controls and Procedures

 

(a)  Evaluation of disclosure controls and procedures

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of June 30, 2012. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

   

(b)  Management’s report on internal control over financial reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of June 30, 2012 based  on  the  criteria  set forth  in Internal  Control—Integrated  Framework  issued  by  the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the criteria set forth in Internal Control—Integrated Framework, our management concluded that our internal control over financial reporting was effective as of June 30, 2012.

 

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. We were not required to have, nor have we engaged our independent registered public accounting firm to perform, an audit on our internal control over financial reporting pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report.

 

Inherent Limitations on Internal Control

 

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple errors. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

(c)  Changes in internal control over financial reporting

 

There were no changes in the Company’s internal control over financial reporting in the Company’s fourth fiscal quarter of the fiscal year ended June 30, 2012 covered by this Annual Report on Form 10-K, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

   

Item 9B.  Other Information

 

None.  

 

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PART III

 

Item 10.  Directors, Executive Officers and Corporate Governance

 

Our executive officers, directors and other significant employees and their ages and positions are as follows:

 

Name   Age   Position
Michael Jamieson   45   Chief Executive Officer and Director
Charles F. Trapp   63   Chief Financial Officer of the Company
Dwight B. Mamanteo   43   Director
Marcus Wohlrab   49   Director
Frederick Wasserman   58   Director
Gerald M. Czarnecki   72   Chairman of the Board of Directors of the Company
W. Austin Lewis IV   36   Director
Peter H. Kamin   50   Director

 

Michael Jamieson was appointed to the Board and to the position of interim Chief Executive Officer in February 2010.  He became the Company’s CEO in June, 2010.  Mr. Jamieson previously served as Chief Operating Officer and a director of the Company from December 2005 to March 2007.  Mr. Jamieson has served as Managing Director of MAM’s subsidiary, MAM Software Ltd. (“MAM”), since 2004.  Mr. Jamieson joined MAM in 1991 in its installation and configuration department and has held a number of positions within MAM’s implementation and support departments until his appointment as Department Manager for Workshop and Bodyshop Systems in 1995.

 

Mr. Jamieson was promoted to the position of Associate Director of Workshop and Bodyshop Systems in 2002 before taking his current role as Managing Director of MAM in 2004.

 

Mr. Jamieson brings to the Board significant expertise in the automotive aftermarket software industry, as well as experience in international business technology and extensive management and operating experience.  Having in excess of 20 years’ experience with the Company, Mr. Jamieson brings unparalleled knowledge of the Company and its operations and understanding the markets the Company operates in as well as the challenges to opening up new markets whether in the United States or elsewhere around the world.

 

Charles F. Trapp was appointed Vice President of Finance and Chief Financial Officer on November 30, 2007, following the resignation of the company’s former CFO, Michael O’Driscoll. Mr. Trapp was the co-founder and President of Somerset Kensington Capital Co., a Bridgewater, New Jersey-based investment firm that provided capital and expertise to help public companies restructure and reorganize from 1997 until November 2007. Earlier in his career, he served as CFO and/or a board member for a number of public companies, including AW Computer Systems, Vertex Electronics Corp., Worldwide Computer Services and Keystone Cement Co. His responsibilities have included accounting and financial controls, federal regulatory filings, investor relations, mergers and acquisitions, loan and labor negotiations, and litigation management. Mr. Trapp is a Certified Public Accountant and received his Bachelor of Science degree in Accounting from St. Peter’s College in Jersey City, New Jersey.

 

Dwight B. Mamanteo became a Director of the Company on March 1, 2007. Mr. Mamanteo serves as the Chairman of the Company’s Compensation Committee and as a member of the Company’s Audit Committee and a member of the Company’s Governance and Nomination Committee. Since November 2004, Mr. Mamanteo has served as a Portfolio Manager at Wynnefield Capital, Inc., a private investment management firm. From March 2012 to April 2012, Mr. Mamanteo served on the Board of Directors of CDC Software Corporation (Nasdaq CM: CDCS), a global provider of a broad suite of scalable enterprise software applications. From April 2009 to November 2010, Mr. Mamanteo served on the Board of Directors of EasyLink Services International Corporation (Nasdaq CM: ESIC), a leading global provider of on-demand electronic messaging and transaction services that help companies optimize relationships with their partners, suppliers, customers, and other stakeholders. From December 2007 to November 2008, Mr. Mamanteo served on the Board of Directors and as the Chairman of PetWatch Animal Hospitals, Inc. (a private company), a provider of primary care and specialized services to companion animals through a network of fully-owned veterinary hospitals. From September 2005 to November 2007, Mr. Mamanteo served on the Board of Directors of Sherpa Service Corps, Inc (a private company), a service provider enabling subscribing institutions to accelerate academic and other institutions’ enrollment of international students and facilitating the institutions’ compliance with federal statutory obligations. Prior to joining Wynnefield Capital, Mr. Mamanteo worked in the field of technology for over 10 years in various positions for BEA Systems, VISA International, Ericsson, UNISYS, and as an independent consultant.  Mr. Mamanteo received an M.B.A. from the Columbia University Graduate School of Business and a B. Eng. from Concordia University (Montreal).

 

34
 

 

Mr. Mamanteo brings to the Board valuable business and finance experience, particularly the experience of a professional who has had experience in other industries by virtue of his investing experience as well as related operational experience gained in such technology companies as BEA, Ericsson and UNISYS.

 

Marcus Wohlrab became a Director of the Company on March 1, 2007. Mr. Wohlrab is the Chairman of the Governance and Nomination Committee and is a member of the Compensation Committee.  From January 2010 to December 2010, Mr. Wohlrab served as the CEO of Barclay Technologies Holding AG. Since December 2010, Mr. Wohlrab serves as the CFO of Barclay Technologies Holding AG. In April 2001, Mr. Wohlrab founded Easting Capital Limited, a company that serves as a placing agent for credit and interest rate securities as well as negotiating public finance deals for large infrastructure projects as well as private companies. Easting Capital has recently been re-launched beginning 2008 with new shareholders and is now known as Clearmond AG registered in Switzerland. From October 2000 to April 2001, Mr. Wohlrab was Executive Vice President Market Development for Easdaq, the pan-European Stock Market for growth companies (later acquired by NASDAQ). From January 1998 to September 2000, he served as Director Europe and Middle East for NASDAQ International. He also founded, built and helped finance WinWatch/WinVista, a software programming entity focused on Internet and Windows security products. He was also Director of Corporate Finance for Modatech Systems, Assistant Director for the Union Bank of Switzerland, Vice President of Sales and Marketing for Paine Webber International, and Vice President for Wood Gundy/CIBC/Oppenheimer. Mr. Wohlrab received a Bachelor of Science degree in Mathematics and Geology from Devon University and is fluent in Italian, French, German and English.

 

Mr. Wohlrab brings to the Board valuable international business experience in a variety of industries and in geographies that may be critical to expansion plans, particularly markets in both eastern and western Europe.  Mr. Wohlrab also brings an important understanding of the issues facing companies as they seek to expand geographically, particularly in developing markets around the world.

 

Frederick Wasserman became a Director of the Company on July 17, 2007. Mr. Wasserman is the Chairman of the Audit Committee and is a member of the Governance and Nomination Committee. Mr. Wasserman is President of FGW Partners, LLC, a financial management consulting firm he started, effective as of May 1, 2008. From January 2007 through April 2008 Mr. Wasserman provided similar services as a sole proprietor . From August 2005 to December 2006, he served as Chief Operating and Chief Financial Officer of Mitchell & Ness Nostalgia Company, a manufacturer of licensed sportswear. From January 2001 to February 2005, he served as President and Chief Financial Officer of Goebel of North America, a subsidiary of the manufacturer of M.I. Hummel products, W. Goebel Porzellanfabrik Company. He also brings 13 years of public accounting experience, most notably work with each of Coopers & Lybrand and Eisner & Company.  He received a Bachelor of Science degree in Economics from the University of Pennsylvania’s Wharton School, and has been a Certified Public Accountant. Mr. Wasserman also serves as a Director for the following companies: Acme Communications, Inc. (chairman- Nominating Committee, member- Audit Committee), Breeze-Eastern Corporation (Chairman- Audit Committee), TeamStaff, Inc. (Chairman- Board of Directors) and Gilman + Ciocia, Inc. (Chairman- Compensation Committee, Member- Audit Committee). From December 2006 to August 2010, Mr. Wasserman served on the Board of Directors of Allied Defense Group (Member-Audit Committee, Ethics and Governance Committee). From July 2007 to August 2010, he served on the Board of Directors of Crown Crafts, Inc.

 

Mr. Wasserman brings strong audit and accounting credentials to the Board, credentials, which in addition to enabling him to serve as our audit committee chairman and financial expert, also enable him to assure best accounting and financial management practices throughout the Company.  In addition, his experience has a chief financial officer and/or financial consultant at several companies is an invaluable resource for the Board and Company.

 

35
 

 

Gerald M. Czarnecki   became a lead Director of the Company on August 13, 2008 and Chairman of our Board of Directors on September 23, 2009. Mr. Czarnecki is an ex officio member of each of the Audit Committee, Compensation Committee and Governance and Nomination Committee. Mr. Czarnecki has been the Chairman and CEO of The Deltennium Group, Inc., a privately held consulting and direct investment firm, since its founding in 1995. From August 2007 until March 2012, Mr. Czarnecki has served as President and CEO of 02Media, Inc., a private organization providing direct response marketing campaign management and infomercial production, educational and branded entertainment TV programming and Internet marketing campaign management. From April 1, 2007 to January 15, 2008, Mr. Czarnecki served as interim President & CEO of Junior Achievement Worldwide, Inc., where he also serves on the board of directors, and as member of the Executive Committee, and Chairman of its Human Resources, Compensation and Pension Committees. Mr. Czarnecki is a member of the Board of Directors of State Farm Insurance Company and is Chairman of the Audit Committee, and a member of the Board of Directors of State Farm Bank and State Farm Fire & Casualty. He is also a member of the advisory board for Private Capital, Inc. and serves as a member of the Board of Trustees of National University and is Chairman of its Investment Committee. In addition he is Chairman of the Board of National Leadership Institute, a nonprofit organization dedication to facilitating quality leadership and governance in nonprofit organizations; Chairman of the National Association of Corporate Directors - Florida Chapter. Mr. Czarnecki holds a B.S. in Economics from Temple University and an M.A. in Economics from Michigan State University, a Doctor of Humane Letters from National University and is a Certified Public Accountant. Mr. Czarnecki is also the author of five books on Leadership and corporate governance. From June 2003 to April 2010, Mr. Czarnecki served on the Board of Directors of Del Global Technology, Inc., where he also served as the Chairman of its Audit Committee. From June 2006 to February 2010, Mr. Czarnecki served on the Board of Directors of Junior Achievement of South Florida, Inc.

 

Mr. Czarnecki brings to the Board significant experience as a management change agent, corporate leadership, knowledge and experience in the information technology industry, and development of corporate strategy.  His experience at companies as large as IBM or as small as 02 Media have enabled him to understand how to drive best practices across either large or small organizations and creation of a dynamic organization – capable of adapting to the new paradigm of constant change in business.

 

W. Austin Lewis IV was appointed to the Board on January 27, 2009. Mr. Lewis serves as a member of the Audit Committee and the Compensation Committee. He currently serves as the Chief Executive Officer of Lewis Asset Management Corp., an investment management company headquartered in New York City which he founded in 2004. On August 1, 2012 Mr. Lewis was appointed Chairman of the Board of Directors and CEO of Paid, Inc. From 2003 to 2004, Mr. Lewis was employed at Puglisi & Company, a New York based broker-dealer registered with FINRA, where he served as a registered representative and managed individual client accounts, conducted due diligence for investment banking activities and managed his own personal account. In 2002, Mr. Lewis co-founded Thompson Davis, & Company, Inc., a registered broker-dealer headquartered in Richmond, Virginia. From 1998 to 2002, Mr. Lewis was employed by Branch Cabell and Company, Inc. in Richmond, Virginia (“Branch Cabell”) where he was a registered representative. Following the November 2000 acquisition of Branch Cabell by Tucker Anthony Incorporated (“Tucker Anthony”), Mr. Lewis served as a Vice-President for Tucker Anthony and subsequently RBC Dain Rauscher, Inc. which acquired Tucker Anthony in August of 2001. Mr. Lewis received his Bachelor of Science degree in Finance and Financial Economics from James Madison University in 1998.

 

Mr. Lewis brings to the Board significant experience as an early-stage investor, principally in the information technology industry through his position as CEO of Lewis Asset Management.  In addition, his experience in several facets of the financial industry provide him with a unique perspective on the opportunities and challenges facing early stage companies.

 

Peter H Kamin was appointed to the Board on May 18, 2012. Peter H. Kamin is the founder and Managing Partner of 3K Limited Partnership. For the previous 11 years, Mr. Kamin was a founding member and Managing Partner of ValueAct Capital. Prior to founding ValueAct Capital in 2000, Mr. Kamin founded and managed Peak Investment L.P. Peak was a limited partnership, organized to make investments in a select number of domestic public and private companies. Peak generated a compounded rate of return in excess of 20% over a nine year period of time.

 

Mr. Kamin is presently a Director of Abatix Corp, Aldila Inc., Ambassadors Group, Inc., MAM Software Group, Inc., Rand Worldwide, Inc., Rockford Corporation, and several privately held companies. Mr. Kamin has previously served as a Director of Seitel, Inc., KAR Holdings, LeCroy Corp., Hanover Compressor, Exterran, Sirva, Inc., Insurance Auto Auctions, Inc., OneSource Information Services, Inc., Data Transmission Network, TFC Enterprises, Eskimo Pie, ACME United Corp, Hi-Port Industries, Paragon Technologies, Inc., and numerous privately held companies. Mr. Kamin holds a BA from Tufts University and an MBA from Harvard’s Graduate School of Business.

 

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Mr. Kamin brings to the Board valuable business and finance expertise, due to his significant experience as a director of a publicly held companies and his substantial experience as an investor.

 

Board Committees

 

The Company’s Board of Directors has three standing committees of the Board: a Compensation Committee, an Audit Committee and Governance and Nomination Committee. The directors named above serve on the following Board committees:

 

Compensation Committee:   Audit Committee  

Governance and
Nomination Committee

         
Dwight B. Mamanteo – Chair   Dwight B. Mamanteo   Dwight B. Mamanteo
         
Peter H. Kamin   Frederick Wasserman** – Chair   Marcus Wohlrab – Chair
         
Marcus Wohlrab   Gerald M. Czarnecki -ex officio member   Frederick Wasserman
         
Gerald M. Czarnecki -ex officio member   W. Austin Lewis IV  

Gerald M. Czarnecki -ex officio member

         
W. Austin Lewis IV        W. Austin Lewis IV 

 

** The Board of Directors has determined that Frederick Wasserman is a financial expert as defined in Regulation S-K promulgated under the Securities Act.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

Under the securities laws of the United States, our directors, executive (and certain other) officers, and any persons holding ten percent or more of our Common Stock must report on their ownership of the Common Stock and any changes in that ownership to the Securities and Exchange Commission. Specific due dates for these reports have been established. During the fiscal year ended June 30, 2012, we believe that all reports required to be filed by such persons pursuant to Section 16(a) were filed on a timely basis.

 

Corporate Governance Principals and Board Matters

 

MAM is committed to maintaining the highest standards of business conduct and corporate governance, which we believe are essential to running our business efficiently, serving our stockholders well and maintaining MAM’s integrity in the marketplace. MAM maintains a code of business conduct and ethics for directors, officers (including MAM’s principal executive officer, principal financial officer and principal accounting officer)  and employees,  known  as our  Code of  Ethics of  Business Conduct.  This document is available at www.mamsoftwaregroup.com/cobeac.pdf. MAM will post on this website any amendments to the Code of Ethics of Business Conduct or waivers of the Code of Ethics of Business Conduct for directors and executive officers. Stockholders may request free printed copies of the Code of Ethics of Business Conduct, the Corporate Governance Guidelines and the Board committee charters from:

 

MAM Software Group, Inc.

Attention: Investor Relations

3435 Winchester Road

Allentown, Pennsylvania 18104

(610) 336-9045

www.mamsoftwaregroup.com/cobeac.pdf

 

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Item 11. Executive Compensation.

 

Employment Agreements - July 1, 2010

 

On July 13, 2010, the Compensation Committee of the Board of Directors approved employment agreements, including a bonus plan, with each of Michael Jamieson, our President and Chief Executive Officer and Charles F. Trapp, our Executive Vice President and Chief Financial Officer.  Such employments agreements and bonus plans were entered into as of July 1, 2010 (the “Effective Date”), the first day of our 2011 fiscal year. Effective July 1, 2012, the Company extended the Employment Agreement from the original term of three (3) years to five (5) years, commencing July 1, 2012. As a result of the amendment, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013.

 

Michael Jamieson Employment Agreement

 

The Employment Agreement with Mr. Jamieson (the “Jamieson Agreement”) was for an initial term of three years from the Effective Date, but as a result of the amendment, the employment term now expires June 30, 2015 as opposed to 2013 unless terminated by Mr. Jamieson or us. Mr. Jamieson received an annual base salary of 150,000 GBP (approximately U.S. $225,000) for fiscal 2012 and will receive a base salary 165,000 GBP for fiscal 2013 (approximately $247,500), payable in British Pounds Sterling.

 

Mr. Jamieson is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance goal(s) of the Company, which are to be established by our Compensation Committee of our Board of Directors (“Compensation Committee”) or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established an EBITDA-related target for the fiscal year ended June 30, 2011, with respect to Mr. Jamieson’s potential incentive bonus for fiscal 2011.

 

In addition, Mr. Jamieson is entitled to participate in all of our benefit plans and our equity-based compensation plans, which currently consists of our 2007 Long-Term Incentive Plan (the “LTIP”). Pursuant to the Jamieson Agreement, Mr. Jamieson is to be awarded 50,000 restricted common shares under the LTIP (the “Stock Grant”).  The shares will vest ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant. As of June 30, 2011 10,000 shares vested and on June 30, 2012 15,000 shares vested. All vested shares have been issued.

 

In July, 2010, the Compensation Committee granted Mr. Jamieson options to purchase 210,938 shares of our common stock under the LTIP (the “Option Grant”). These options will vest on the third anniversary of the grant date, at a strike price of $0.80 per share, depending on the extent to which certain performance targets have been met. The options expire ten years from the grant date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant will vest. Results between these established parameters will be interpolated.  The Option Grant would have vested immediately upon a Change of Control. The Option Grant was cancelled April 27, 2012.

 

In July 2011, the Compensation Committee approved a stock grant to Mr. Jamieson for 93,232 shares of our common stock under the LTIP (the “Stock Grant”). These shares will vest on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant expires three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant will vest. Results between these established parameters will be interpolated.  The Stock Grant would have vested immediately upon a Change of Control. The Stock Grant was cancelled April 27, 2012.

 

38
 

 

On April 27, 2012, the Board of Directors approved the issuance of 728,350 restricted shares of Company common Stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Jamieson and are being held in escrow until they vest. The Stock Grants will vest according to the following schedule:

 

  - 40% when the market price of the Company’s Common Stock trades at or above $5 for the previous 30 day volume weighted average price (“VWAP”)
  - 15% when the market price of the Company’s Common Stock trades at or above $6 for the previous 30 day VWAP.
  - 15% when the market price of the Company’s Common Stock trades at or above $7 for the previous 30 day VWAP.
  -

30% when the market price of the Company’s Common Stock trades at or above $8 for the previous 30 day VWAP.

 

The initial value of the common stock grant was approximately $244,000 and as of June 30, 2012, the amount of unamortized stock based compensation that has not been expensed related to the unvested common stock grant is approximately $228,000. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%.

 

Upon a Change of Control, as defined in Mr. Jamieson’s Employment Agreement effective as of July 1, 2010, all shares of Common Stock with a price target of $5 per share as described above will immediately vest. All other shares issued pursuant to the Stock Grants will not vest upon a Change of Control.

  

The Jamieson Agreement provides that in the event Mr. Jamieson’s employment is terminated by the Company other than for Cause or Disability, or Mr. Jamieson shall terminate his employment for Good Reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary.

  

Charles F. Trapp Employment Agreement

 

The Employment Agreement with Mr. Trapp (the “Trapp Agreement”) was for an initial term of three years from the Effective Date, but as a result of the amendment, the employment term now expires June 30, 2015 as opposed to 2013 unless terminated by Mr. Trapp or us. Mr. Trapp received an annual base salary of $195,000 for fiscal 2012, and will receive a base salary $214,500 for fiscal 2013 payable in U.S. dollars.

 

Mr. Trapp is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance goal(s) of the Company, which are to be established by the Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established an EBITDA-related target for the fiscal year ended June 30, 2011, with respect to Mr. Trapp’s potential incentive bonus for fiscal 2011.

 

In addition, Mr. Trapp is entitled to participate in all of our benefit plans and equity-based compensation plans, which currently consists of the LTIP. Pursuant to the Trapp Agreement, Mr. Trapp is to be awarded 20,000 restricted common shares under the LTIP (the “Stock Grant”).  The shares will vest ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant. As of June 30, 2011 4,000 shares vested and on June 30, 2012 6,000 shares vested. All vested shares have been issued.

 

In July, 2010, the Compensation Committee granted Mr. Trapp was granted options to purchase 182,813 shares of our common stock under the LTIP (the “Option Grant”). These options will vest on the third anniversary of the grant date, at a strike price of $0.80 per share, depending on the extent to which certain performance targets have been met. The options expire ten years from the grant date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant will vest.  Results between these established parameters will be interpolated.  The Option Grant would have vested immediately upon a Change of Control. The Option Grant was cancelled April 27, 2012.

 

39
 

 

In July, 2011, the Compensation Committee issued to Mr. Trapp a stock grant for 80,801 shares of our common stock under the LTIP (the “Stock Grant”). These shares will vest on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant expires three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant will vest. Results between these established parameters will be interpolated.  The Stock Grant would have vested immediately upon a Change of Control. The Stock Grant was cancelled April 27, 2012.

 

On April 27, 2012 the Board of Directors approved the issuance of restricted 437,009 shares of Company common Stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Trapp and are being held in escrow until they vest. The Stock Grants will vest according to the following schedule:

 

  - 40% when the market price of the Company’s Common Stock trades at or above $5 for the previous 30 day volume weighted average price (“VWAP”)
  - 15% when the market price of the Company’s Common Stock trades at or above $6 for the previous 30 day VWAP.
  - 15% when the market price of the Company’s Common Stock trades at or above $7 for the previous 30 day VWAP.
  -

30% when the market price of the Company’s Common Stock trades at or above $8 for the previous 30 day VWAP.

 

 The initial value of the common stock grant was approximately $146,000 and as of June 30, 2012, the amount of unamortized stock based compensation that has not been expensed related to the unvested common stock grant is approximately $137,000. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%.

 

Upon a Change of Control, as defined in Mr. Trapp’s Employment Agreement effective as of July 1, 2010, all shares of Common Stock with a price target of $5 per share as described above will immediately vest. All other shares issued pursuant to the Stock Grants will not vest upon a Change of Control.

 

The Trapp Agreement provides that in the event Mr. Trapp’s employment is terminated by the Company other than for Cause or Disability, or Mr. Trapp shall terminate his employment for Good Reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary.

 

Severance Benefits

 

As described above, each of the employment agreements with our officers contains a severance benefit for that officer if he or she is terminated other than for cause or the officer leaves the Company after a change in control, provided they leave for “good reason.” We provide this benefit because we want executives to focus on the Company’s business and enhancing stockholder value without undue concern about any possible loss of their job.

 

Retirement Plans

 

We do not offer retirement plans for our officers.

 

40
 

 

Change in Control

 

Each officer’s employment agreement contains standard provisions that protect that officer in the event there is a change in control that has not been approved by our Board of Directors. In addition, our LTIP provides for acceleration of vesting in the event of a change in control.

 

The precise terms and conditions of each employment agreement are described above.

 

Perquisites

 

We offer limited perquisites for our executives. We may offer life insurance policies for our Named Executive Officers, but as of the date of this report, have yet to establish those policies.

 

Board Process

 

The Compensation Committee of the Board of Directors approves all compensation and awards to executive officers, which include the Chief Executive, the Chief Financial Officer, and Chief Operating Officer, and any other Named Executive Officers. Generally, on its own initiative the Compensation Committee reviews the performance and compensation of the Chief Executive, Chief Financial Officer, and Chief Operating Officer and, following discussions with those individuals, establishes their compensation levels where it deems appropriate. For the remaining officers, the Chief Executive Officer makes recommendations to the Compensation Committee that generally, with such adjustments and modifications that are deemed necessary or appropriate by the Committee, are approved. With respect to equity-based compensation awarded to others, the Compensation Committee grants restricted stock, generally based upon the recommendation of the Chief Executive Officer.

 

The Compensation Committee believes that objectives cannot be established in a vacuum and thus invites management’s input into the establishment of milestones. Although Committee meetings are held in executive session, without management’s presence, the Committee (and from time to time individual members of the Committee) routinely meets with senior officers of the Company to discuss objectives, to explain the rationale for certain objectives or milestones, and to assure that it has management’s input in assessing the consequences of decisions made in Committee, for instance, the impact that its decisions may have on our financial statements. The Committee’s interactions with management seek to achieve a balance between receiving management’s buy-in for objectives and assuring that management is not actually or effectively establishing the terms and parameters for its own compensation.

 

Forward-Looking Statements

 

Disclosures in this Compensation Discussion & Analysis may contain certain forward-looking. Statements that do not relate strictly to historical or current facts are forward-looking and usually identified by the  use of words such as “anticipate,” “estimate,” “approximate,” “expect,” “intend,” “plan,” “believe” and other words of similar meaning in connection with any discussion of future operating or financial matters.

 

Without limiting the generality of the foregoing, forward-looking statements contained in this report include the matters discussed regarding the expectation of compensation plans, strategies, objectives, and growth and anticipated financial and operational performance of the Company and its subsidiaries. A variety of factors could cause the Company’s actual results to differ materially from the anticipated results or other expectations expressed in the Company’s forward-looking statements. The risks and uncertainties that may affect the operations, performance and results of the Company’s business and forward-looking statements include, but are not limited to those set forth herein.

 

Any forward-looking statement speaks only as of the date on which such statement is made and the Company does not intend to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.  

 

41
 

 

Summary Compensation Table for Fiscal Years 2012, 2011, and 2010

 

The following table sets forth information for the fiscal years ended June 30, 2012, 2011, and 2010 concerning the compensation paid and awarded to all individuals serving as (a) our Chief Executive Officer, Michael G. Jamieson, as of the end of our fiscal year ended June 30, 2012, (b) the two most highly compensated executive officers (other than our Chief Executive Officer) of ours and our subsidiaries who were serving as executive officers at the end of our fiscal year ended June 30, 2012, whose total compensation exceeded $100,000 for these periods, Charles F. Trapp, and (c) up to two additional individuals for whom disclosure would have been provided pursuant to (b) except that they were not serving as executive officers at the end of such fiscal years, Ian Warwick and Simon Chadwick.  These individuals may be collectively referred to herein as our “Named Executive Officers.”

 

Name and 
Principal Position 		   Fiscal 
Year 		   Salary 
($) 		     Bonus 
($) 		     Stock 
Awards 
($) (3) 		     Option 
Awards 
($) 		     Non- 
Equity 
Incentive 
Plan 
Compensation 
($) 		     Non- 
qualified 
Deferred 
Compensation 
Earnings 
($) 		     All 
Other 
Compensation 
($) 		     Total 
($) 		  
                                                     

Michael G. Jamieson, (1)

Chief Executive Officer,

President and Director

   2012     237,660             12,000                               249,660  
    2011     238,575       168,750       22,000       —       —       —       —       429,325  
    2010     80,428       —       22,000       —       —       —       —       102,428  
                                                                     
Charles F. Trapp (2)   2012     195,000       —       4,800       —       —       —       —       199,800  
    2011     195,000       146,250       16,500       —       —       —       —       357,750  
    2010     220,000       —       16,500       —       —       —       —       236,500  

 

(1) Reflects salary paid to Mr. Jamieson for services rendered to us and our subsidiaries during fiscal 2012 as MAM’s Chief Executive Officer and President.  Salary was paid by a subsidiary of the Company in British pounds at an annual salary of 150,000 GPB per year.  The amount shown for 2012 was translated to U.S. dollars based on a June 30, 2012 currency conversion rate of 1 GBP = US$1.5844 (or $237,660). Mr. Jamieson did not receive any additional compensation for his services as a director on our Board of Directors. During 2011, reflects salary paid to Mr. Jamieson for services rendered to us and our subsidiaries during fiscal 2011 as MAM’s Chief Executive Officer and President.  Salary was paid by a subsidiary of the Company in British pounds at an annual salary of 150,000 GPB per year.  The amount shown for 2011 was translated to U.S. dollars based on a June 30, 2011 currency conversion rate of 1 GBP = US$1.5905 (or $238,575). Mr. Jamieson received a performance based incentive bonus of $168,750, including 20,000 shares of common stock valued at the market price on the date of issuance in lieu of $36,000. Mr. Jamieson did not receive any additional compensation for his services as a director on our Board of Directors. Reflects salary paid to Mr. Jamieson for services rendered to us and our subsidiaries during fiscal 2010 as MAM’s Chief Executive Officer and President.  Salary was paid by a subsidiary of the Company in British pounds at an annual salary of 122,000 GPB per year.  Mr. Jamieson became Interim Chief Executive Officer and Interim President on February 1, 2010 and was paid 50,830 GBP for the period from February 1, 2010 to June 30, 2010 pursuant to the terms of Mr. Jamieson’s employment agreement with our subsidiary.  The amount shown for 2010 was translated to U.S. dollars based on a June 30, 2010 currency conversion rate of 1 GBP = US$1.5823 (or $80,428). Mr. Jamieson did not receive any additional compensation for his services as a director on our Board of Directors.

 

 

42
 

 

 

(2)Mr. Trapp was appointed Vice President Finance and Chief Financial Officer effective as of December 1, 2007. For the year ended June 30, 2012, the amount shown in the table reflects salary in the amount of $195,000 earned for services in these capacities and includes $22,000 contributed by Mr. Trapp to the Company’s plan established under section 401(k) of the Internal Revenue Code of 1986, as amended. The amount also includes 9,286 shares of common stock valued at the market price on the date of issuance in lieu of $16,250. For the year ended June 30, 2011, the amount shown in the table reflects salary in the amount of $195,000 earned for services in these capacities and includes $22,000 contributed by Mr. Trapp to the Company’s plan established under section 401(k) of the Internal Revenue Code of 1986, as amended. Mr. Trapp received a performance based incentive bonus of $146,250, and includes 30,000 shares of common stock valued at the market price on the date of issuance in lieu of $54,000.For the year ended June 30, 2010, the amount shown in the table reflects salary in the amount of $91,667 earned for services in these capacities between July 1, 2009 and November 30, 2009, pursuant to the terms of Mr. Trapp’s employment agreement, as well as salary in the amount of $128,333 earned for services between December 1, 2009 and June 30, 2010 pursuant to a month to month verbal agreement. The salary for fiscal 2010 also includes $22,000 that was deferred and contributed by Mr. Trapp to the Company’s plan established under section 401(k) of the Internal Revenue Code of 1986, as amended.  For the year ended June 30, 2009, the amount shown in the table reflects salary in the amount of $95,833 earned for services in these capacities between July 1, 2008 and November 30, 2008, as well as salary in the amount of $128,333 earned for services between December 1, 2008 and June 30, 2009 pursuant to the terms of Mr. Trapp’s employment agreement. The salary for fiscal 2009 also includes $20,500 that was deferred and contributed by Mr. Trapp to the Company’s plan established under section 401(k) of the Internal Revenue Code of 1986, as amended.  For the year ended June 30, 2008, the amount shown in the table reflects salary in the amount of $134,167 earned for services between December 1, 2007 and June 30, 2008, as well as salary in the amount of $80,416 earned for services as an accountant prior to his appointment as an officer. The salary for fiscal 2008 also includes $20,500 that was deferred and contributed by Mr. Trapp to the Company’s plan established under section 401(k) of the Internal Revenue Code of 1986, as amended.

 

(3) The amount shown in the “Stock Awards” column reflects the grant date fair value of awards granted during fiscal 2012, 2011, and 2010 measured in accordance with Accounting Standards Codification Topic 718 for stock awards to Mr. Jamieson. Stock awards represent an award on May 13, 2008 of 100,000  shares of Common Stock with a grant date closing price of $1.00 per share, of which 34% or 34,000 shares vested immediately on the date of grant. The remaining 66% of the shares or 66,000 shares vest in three equal installments of 22,000 shares on each of the first, second and third anniversaries of the grant date. The shares were not issued pursuant to any existing compensation plan. As a result of changes to the rules relating to these disclosures, the amounts have been revised from the amounts reported in our previous Annual Reports to reflect the grant date fair value of the stock granted, rather than the expense recognized for financial reporting purposes. Refer to the Company’s Consolidated Financial Statements for the Fiscal Years Ended June 30, 2012 and 2011, Note 1 “Stock Based Compensation” and Note 8 “Stockholders Equity” included in this Annual Report on Form 10-K, with respect to valuation assumptions for this stock grant. For stock awards to Mr. Trapp. Stock awards represent an award on May 13, 2008 of 75,000 shares of Common Stock with a grant date closing price of $1.00 per share, of which 34% or 25,500 shares vested immediately on the date of grant. The remaining 66% of the shares or 49,500 shares vest in three equal installments of 16,500 shares on each of the first, second and third anniversaries of the grant date. The shares were not issued pursuant to any existing compensation plan. As a result of changes to the rules relating to these disclosures, the amounts have been revised from the amounts reported in our previous Annual Reports to reflect the grant date fair value of the stock granted, rather than the expense recognized for financial reporting purposes. Refer to the Company’s Consolidated Financial Statements for the Fiscal Years Ended June 30, 2012 and 2011, Note 1 “Stock Based Compensation” and Note 8 “Stockholders Equity” included in this Annual Report on Form 10-K, with respect to valuation assumptions for this stock grant.

  

Other Compensation

 

Other than as described above, there were no post-employment compensation, pension or nonqualified deferred compensation benefits earned by the executive officers during the year ended June 30, 2012. We do not have any retirement, pension, or profit-sharing programs for the benefit of our directors, officers or other employees. The Board of Directors may recommend adoption of one or more such programs in the future.

 

43
 

 

Outstanding Equity Awards at 2012 Fiscal Year End

 

The following table provides information relating to the vested and unvested option and stock awards held by the named executives as of June 30, 2012. Each award to each named executive is shown separately, with a footnote describing the award’s vesting schedule.

 

    Option Awards    Stock Awards   
Name    Number of
Securities
Underlying
Unexercised
Options
(# Exercisable) 		     Number of
Securities
Underlying
Unexercised
Option
(# Unexercisable) 		     Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options (#) 		     Option
Exercise
Price
($) 		   Option
Expiration
Date 		   Number of
Shares or
Units of
Stock That
Have Not
Vested
(#) 		     Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($) 		     Equity
Incentive
Plan
Awards:
Number
of
Unearned
Shares,
Units or
Other Rights
That Have
Not
Vested
(#) 		     Equity
Incentive
Plan Awards:
Market or
Payout
Value of
Unearned
Shares, Units
Or Other
Rights
That Have
Not
Vested
($) 		  
MichaelG. Jamieson     —       —                         25,000 (1)   $ 55,750 (3)     728,350     $  1,624,220 (3) 
Charles F. Trapp     —       —                         10,000 (2)   $ 22,300 (3)     437,009     $  974,530 (3) 

 

(1) Stock awards represent an award on July 1, 2010 to Mr. Jamieson of 50,000 shares of Common Stock with a grant date fair value of $0.80 per share, of which 20%, or 10,000 shares, vested on June 30, 2011, 15,000 shares vested on June 30, 2012. The remaining 25,000 shares reflected in the table, will vest on June 30, 2013. The shares were not issued pursuant to any existing compensation plan.

 

(2) Stock awards represent an award on July 1, 2010 to Mr. Trapp of 20,000 shares of Common Stock with a grant date fair value of $0.80 per share, of which 20%, or 4,000 shares, vested on June 30, 2011, 6,000 shares vested on June 30, 2012. The remaining 10,000 shares reflected in the table, will vest on June 30, 2013. The shares were not issued pursuant to any existing compensation plan.

 

(3) Based on the closing price of $ 2.23 of the Company’s Common Stock on June 30, 2012.

 

Director Compensation for Fiscal 2012

 

For the 2012 fiscal year, directors who were not officers of the Company received cash compensation of $7,500 except for the Chairman of the Board of Directors, who received quarterly compensation of $10,000.

 

The following table reflects all compensation awarded to, earned by or paid to the Company’s directors for the fiscal year ended June 30, 2012.

 

44
 

 

    Fees
Earned or
Paid in
Cash
($) 		     Stock
Awards
($)(1) 		     Options
Awards
($) 		     Non-Equity
Incentive Plan
Compensation
($) 		     Nonqualified
Deferred
Compensation
Earnings
($) 		     All
Other
Compen-
sation
($) 		     Total
($) 		  
Michael G. Jamieson     —       —       —       —       —       —       —  
Dwight B. Mamanteo     30,000 (2)     17,550 (3)     —       —       —       —       47,550  
Marcus Wohlrab     30,000       23,668 (4)     —       —       —       —       53,668  
Frederick Wasserman     30,000       24,793 (5)     —       —       —       —       54,793  
Gerald M. Czarnecki     40,000 (6)     23,789 (7)     —       —       —       —       63,789  
W. Austin Lewis IV     30,000 (8)     27,974 (9)     —       —       —       —       57,974  

 

(1) The amount shown in the table reflects the dollar amount recognized for fiscal 2012 financial statement reporting purposes of the outstanding stock awards held by the directors in accordance with ASC 718-10-25-5. Refer to the Company’s Consolidated Financial Statements for the Fiscal Years Ended June 30, 2012 and 2011, Note 1 “Stock Based Compensation” and Note 9 “Stockholders Equity” included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2011, with respect to valuation assumptions for this stock grant. The directors held no other stock or option awards at June 30, 2012.

 

(2) Received cash compensation of $30,000, net of taxes of $10,125.

 

(3) Includes 15,419 shares, net after taxes, valued at market price on the date of grant, net of income taxes of $10,125.

 

(4) Includes 20,126 shares valued at market price on the date of grant.

 

(5) Includes 21,256 shares valued at market price on the date of grant.

 

(6) Includes 14,088 shares of Common Stock valued at market price on the date of issuance, net of income taxes of $14,000, and received in lieu of $40,000 of cash compensation.

 

(7) Includes 20,815 shares, net after taxes, valued at market price on the date of grant, net of income taxes of $12,812.

 

(8) Received cash compensation of $30,000.

 

(9) Includes 21,392 shares valued at market price on the date of grant.

 

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Item 12. Security Ownership Of Certain Beneficial Owners And Management and Related Stockholder Matters

 

The following table sets forth certain information regarding the beneficial ownership of our Common Stock as of September 10, 2012 by (a) each stockholder who is known to us to own beneficially 5% or more of our outstanding Common Stock; (b) all directors; (c) our executive officers, and (d) all executive officers and directors as a group. Except as otherwise indicated, all persons listed below have (i) sole voting power and investment power with respect to their shares of Common Stock, except to the extent that authority is shared by spouses under applicable law, and (ii) record and beneficial ownership with respect to their shares of Common Stock. Unless otherwise identified, the address of our directors and officers is c/o MAM Software Group, Inc., Maple Park, Maple Court, Barnsley, U.K. S75 3DP.

 

Name and address of beneficial owner  Amount and Nature of
Beneficial Ownership		   Percent of class of
Common Stock (1) 		 
Wynnefield Persons (2)
c/o Wynnefield Capital Inc. and Affiliates
450 Seventh Ave., Suite 509
New York, NY 10123		   3,497,687(3)   24.95%
           
Directors and Officers:          
           
Michael Jamieson
Chief Executive Officer		   1,001,550(4)   7.14%
           
Charles F. Trapp
Chief Financial Officer		   876,892(5)   6.26%
           
Frederick Wasserman,
Director		   88,718(6)   0.63%
           
Dwight B. Mamanteo,
Director		   254,568(7)   1.81%
           
Marcus Wohlrab,
Director		   61,513(8)   0.44%
           
Gerald M. Czarnecki,
Chairman		   359,609(9)   2.56%
           
Peter Kamin,
Director		   794,417(10)   5.67%
           
W. Austin Lewis IV (11)
c/o Lewis Asset Management Corp.
45 Rockefeller Plaza
New York, NY 10111		   2,044,400(12)   14.58%
           
Directors and Officers as a group (7 persons)   5,481,667    39.01%

 

46
 

 

(1) Based on a total of 14,018,247 shares of Common Stock outstanding as of September 10, 2012. In accordance with Securities and Exchange Commission rules, each person’s percentage interest is calculated by dividing the number of shares that person owns by the sum of (a) the total number of shares outstanding as of September 7, 2012 plus (b) the number of shares such person has the right to acquire within sixty (60) days of September 10, 2012.

 

(2) Comprised of Wynnefield Partners Small Cap Value, LP (“Wynnefield Partners”) and Wynnefield Partners Small Cap Value LP I (“Wynnefield Partners I”), and the general partner of each of these entities, Wynnefield Capital Management, LLC (“Wynnefield LLC”); Wynnefield Small Cap Value Offshore Fund Ltd. (“Wynnefield Offshore”) and its investment manager, Wynnefield Capital, Inc. (“Wynnefield Capital”); Wynnefield Capital, Inc. Profit Sharing & Money Purchase Plan (the “Plan”);; Nelson Obus, who serves as principal and co-managing member of Wynnefield Capital Management, LLC, principal executive officer of Wynnefield Capital, Inc. and Joshua H. Landes, who serves as principal and co-managing member of Wynnefield Capital Management, LLC and executive officer of Wynnefield Capital, Inc. (collectively, the “Wynnefield Persons”). Dwight Mamanteo, one of the Company’s directors, is an investment analyst with Wynnefield Capital. Mr. Mamanteo exercises neither voting nor dispositive control over the shares beneficially owned by Wynnefield Capital. The Company has been informed that Nelson Obus and Joshua H. Landes share voting and investment control over the shares beneficially owned by Wynnefield Partners, Wynnefield Partners I, Wynnefield Offshore, Wynnefield LLC, and Wynnefield Capital and the Plan.Based upon information provided in a Schedule 13D/A filed with the SEC on May 27, 2011 and a Form 4 filed on June 6, 2011.  Note that the Wynnefield Persons’ shareholdings have been reduced by an aggregate of 3,125,002 shares to reflect the surrender of the Exchange Warrants by the Wynnefield Partners Small Cap Value, LP, Wynnefield Partners Small Cap Value, LP I, Wynnefield SmallCap Offshore Fund, Ltd to the Company as part of the Company’s proposed Exchange Offer.

 

(3) Represents an aggregate of 3,497,687 shares of common stock, which are beneficially owned as follows: (i) 904,066 shares of common stock are beneficially owned by Wynnefield Partners; (ii) 1,224,677 shares of common stock are beneficially owned by Wynnefield Partners I; (iii) 1,364,470 shares of common stock owned by Wynnefield Offshore; and (iv) 4,474 shares of common stock are beneficially owned by the Wynnefield Capital, Inc. Profit Sharing & Money Purchase Plan Based upon information provided in a Form 4 filed with the SEC on June 6, 2011.

 

(4) Includes 100,000 vested shares of an award of an aggregate of 100,000 restricted shares of Common Stock granted by the Company on May 13, 2008 for services previously rendered. Includes 10,000 vested shares issued on July 11, 2011 and 15,000 vested shares issued July 3, 2012 of an award of an aggregate of 50,000 restricted shares of Common Stock granted by the Company on July 1, 2010 for services. Includes 728,350 shares which have not vested.

 

(5) Includes 75,000 vested shares of an award of an aggregate 75,000 restricted shares of Common Stock granted by the Company on May 13, 2008 for services previously rendered. Includes 4,000 vested shares issued on July 11, 2011 and 6,000 vested shares issued on July 3, 2012 of an award of an aggregate of 20,000 restricted shares of Common Stock granted by the Company on July 1, 2010 for services. Includes 437,009 shares which have not vested.

 

 (6) Includes (i) 2,500 vested shares of restricted Common Stock of an award for an aggregate 2,500 shares of restricted Common Stock granted on May 13, 2008 by the Company for services previously rendered; (ii) 11,000 vested shares of restricted Common Stock out of an award of an aggregate of 11,000 shares of restricted Common Stock granted on October 6, 2008; and (iii) 20,455 vested shares of restricted Common Stock out of an award of an aggregate of 20,455 shares of restricted Common Stock granted on July 1, 2009, (iv) 18,750 vested shares of restricted Common Stock out of an award of an aggregate of 28,125 shares of restricted Common Stock granted on July 1, 2010, and (v) 4,143 vested shares of restricted Common Stock out of an award of an aggregate of 16,575 shares of restricted Common Stock granted on July 1, 2011, and (vi) 6,733 shares which will vest within 60 days of September 7, 2012.

 

(7)

Includes (i) 2,500 vested shares of restricted Common Stock of an award for an aggregate 2,500 shares of restricted Common Stock granted on May 13, 2008 by the Company for services previously rendered; and (ii) 10,400 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 10,400 shares of restricted Common Stock granted on October 6, 2008; and (iii) 23,637 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 23,637 shares of restricted Common Stock granted on July 1, 2009, (iv) 21,666 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 32,500 shares of restricted Common Stock granted on July 1, 2010 and (v) 4,143 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 16,575 shares of restricted Common Stock granted on July 1, 2011 and (vi) 7,364 shares which will vest within 60 days of September 7, 2012. 

 

47
 

 

(8) Includes (i) 2,500 vested shares of restricted Common Stock of an award for an aggregate 2,500 shares of restricted Common Stock granted on May 13, 2008 by the Company for services previously rendered; (ii) 10,400 vested shares of restricted Common Stock out of an award of an aggregate of 10,400 shares of restricted Common Stock granted on October 6, 2008; and (iii) 19,091 vested shares of restricted Common Stock out of an award of an aggregate of 19,091 shares of restricted Common Stock granted on July 1, 2009, (iv) 17,500 vested shares of restricted Common Stock out of an award of an aggregate of 26,250 shares of restricted Common Stock granted on July 1, 2010 (v) 4,143 vested shares of restricted Common Stock out of an award of an aggregate of 16,575 shares of restricted Common Stock granted on July 1, 2011 and (vi) 6,467 shares which will vest within 60 days of September 7, 2012.

 

(9) Includes (i) 2,500 vested shares of restricted Common Stock (net of taxes) out of an award for an aggregate 2,500 shares of restricted Common Stock granted by the Company for joining the Board of Directors on October 6, 2008; (ii) 14,000 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 14,000 shares of restricted Common Stock granted on October 6, 2008; and (iii) 31,818 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 31,818 shares of restricted Common Stock granted on July 1, 2009, (iv) 18,958 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 43,750 shares of restricted Common Stock granted on July 1, 2010,and (v) 3,591 vested shares of restricted Common Stock (net of taxes) out of an award of an aggregate of 22,099 shares of restricted Common Stock granted on July 1, 2011, and (vi) 6,380 shares which will vest within 60 days of September 7, 2012.

 

(10)

Includes (i) 388 vested shares of restricted Common Stock out of an award for an aggregate 388 shares of restricted Common Stock granted on June 1, 2012 by the Company for joining the Board of Directors and 1,308 shares which will vest within 60 days of September 12, 2012.

 

(11) W. Austin Lewis IV is the portfolio manager and general partner of Lewis Asset Management Corp., the investment manager of Lewis Opportunity Fund, LP and LAM Opportunity Fund, LTD. Accordingly, Mr. Lewis is deemed to be the beneficial owner of the shares owned by Lewis Opportunity Fund, LP and LAM Opportunity Fund, LTD. and beneficially owned by Lewis Asset Management Corp.

 

(12) Represents (i) 627,565 shares owned directly by W. Austin Lewis IV, (ii) 1,416,835 shares of common stock owned by Lewis Opportunity Fund, LP; (iii) 2,500 vested shares of restricted Common Stock out of an award of an aggregate of 2,500 shares of restricted Common Stock granted on February 20, 2009; (iv) 8,000 vested shares of restricted Common Stock out of an award of an aggregate 8,000 shares of restricted Common Stock granted on February 20, 2009; and (v) 18,182 vested shares of restricted Common Stock out of an award of an aggregate of 18,182 shares of restricted Common Stock granted on July 1, 2009, (vi) 16,666 vested shares of restricted Common Stock out of an award of an aggregate of 25,000 shares of restricted Common Stock granted on July 1, 2010,  and (vii) 4,143 vested shares of restricted Common Stock out of an award of an aggregate of 16,575 shares of restricted Common Stock granted on July 1, 2011, and (viii) 4,981 shares which will vest within 60 days of September 7, 2012.

 

48
 

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

 

As part of the MAM share repurchase plan, during the quarter ended December 31, 2011, the Company purchased 33,466 shares of common stock at a cost of $56,000 from Channel Partners II L.P., an investment partnership affiliated with Wynnefield Capital, Inc. (see Note 7).

 

Director Independence

 

Our determination of independence of directors is made using the definition of “independent director” contained in Rule 5605(a)(2) of the Marketplace Rules of the NASDAQ Stock Market (“NASDAQ”), even though such definitions do not currently apply to us because we are not listed on NASDAQ. We have determined that Dwight B. Mamanteo, Marcus Wohlrab, Frederick Wasserman, Gerald Czarnecki and W. Austin Lewis IV are “independent” within the meaning of such rules. Michael Jamieson is not “independent” under these rules, due to his position as our Chief Executive Officer.

 

Item 14. Principal Accounting Fees and Services.

 

The following table presents aggregate fees for professional services rendered by our principal independent registered public accounting firm, KMJ Corbin & Company LLP for the audit of our annual consolidated financial statements for the fiscal year ended June 30, 2012 and 2011.

 

    For the Year Ended June 30,  
    2012     2011  
Audit fees (1)   $ 121,000     $ 123,000  
Audit- related fees (2)     -       -  
Tax fees (3)     -       -  
All other fees     -       12,000  
Total fees   $ 121,000     $ 135,000  

 

(1) Audit fees are comprised of annual audit fees and quarterly review fees.

 

(2) Audit-related fees for fiscal years 2012 and 2011 are comprised of consent fees and work on registration statements.

 

(3) Tax fees are comprised of tax compliance, preparation and consultation fees.

 

Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors

 

The Audit Committee pre-approves all audit and non-audit services provided by the independent auditors prior to the engagement of the independent auditors with respect to such services. The Chairman of the Audit Committee has been delegated the authority by the Committee to pre-approve interim services by the independent auditors other than the annual audit. The Chairman must report all such pre-approvals to the entire Audit Committee at the next Committee meeting.

 

49
 

 

PART IV

 

Item 15. Exhibits, Financial Statement Schedules.

 

 

Exhibit

Number

  Description
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2   Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
EX-101.INS   XBRL Instance Document**
EX-101.SCH   XBRL Taxonomy Extension Schema**
EX-101.CAL   XBRL Taxonomy Extension Calculation Linkbase**
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase**
EX-101.LAB   XBRL Taxonomy Extension Label Linkbase**
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase**

 

 

* Previously filed  
** Furnished herewith  

 

 

50
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

  MAM Software Group, Inc.  
     
Date: September 14, 2012 By: /s/ Michael G. Jamieson  
    Michael G. Jamieson  
   

Chief Executive Officer

(Principal Executive Officer)

  
       
Date: September 14, 2012 By: /s/ Charles F. Trapp  
    Charles F. Trapp  
   

Chief Financial Officer

(Principal Financial Officer)

  

 

 

 

51
 

 

FINANCIAL STATEMENTS

 

MAM SOFTWARE GROUP, INC.

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2012 AND 2011

 

Index to Consolidated Financial Statements

 

Report of Independent Registered Public Accounting Firm   F–2
     
Consolidated Balance Sheets as of June 30, 2012 and 2011   F–3
     
Consolidated Statements of Income and Comprehensive Income for the years ended June 30, 2012 and 2011   F–4
     
Consolidated Statements of Stockholders’ Equity for the years ended June 30, 2012 and 2011   F–5
     
Consolidated Statements of Cash Flows for the years ended June 30, 2012 and 2011   F–6
     
Notes to Consolidated Financial Statements   F–8

 

F-1
 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Board of Directors and Stockholders

MAM Software Group, Inc.

 

We have audited the accompanying consolidated balance sheets of MAM Software Group, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of June 30, 2012 and 2011, and the related consolidated statements of income and comprehensive income, stockholders’ equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of MAM Software Group, Inc. and subsidiaries as of June 30, 2012 and 2011, and the results of their operations and their cash flows for years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

/s/  KMJ Corbin & Company LLP

Costa Mesa, California

September 13, 2012

 

F-2
 

 

MAM SOFTWARE GROUP, INC.

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

   June 30,
2012		   June 30,
 2011		 
ASSETS          
Current Assets          
Cash and cash equivalents  $3,628   $2,770 
Accounts receivable, net of allowance of $108 and $174   3,507    3,340 
Inventories   358    293 
Prepaid expenses and other current assets   957    732 
Total Current Assets   8,450    7,135 
           
Property and Equipment, Net   664    776 
           
Other Assets          
Goodwill   9,158    9,332 
Amortizable intangible assets, net   1,361    2,093 
Software development costs, net   1,106    1,364 
Other long-term assets   45    70 
TOTAL ASSETS  $20,784   $20,770 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current Liabilities          
Accounts payable  $1,327   $1,129 
Accrued expenses and other   2,011    2,468 
Payroll and other taxes   580    385 
Derivative liabilities   442    672 
Current portion of long-term debt   759    1,086 
Current portion of deferred revenue   381    438 
Sales tax payable   709    918 
Income tax payable   567    664 
Total Current Liabilities   6,776    7,760 
           
Long-Term Liabilities          
Deferred revenue, net of current portion   130    190 
Deferred income taxes   169    246 
Long-term debt, net of current portion   283    776 
Other   285    325 
Total Liabilities   7,643    9,297 
Commitments and Contingencies          
Stockholders' Equity          
Preferred stock: Par value $0.0001 per share; 2,000,000 shares authorized, none issued and outstanding   -    – 
Common stock: Par value $0.0001 per share; 18,000,000 shares authorized, 15,492,730 shares issued and 14,296,105 shares outstanding at June 30, 2012 and 14,167,621 shares issued and outstanding at June 30, 2011   2    1 
Additional paid-in capital   33,453    33,156 
Accumulated other comprehensive loss   (930)   (561)
Accumulated deficit   (17,027)   (21,123)
Treasury stock at cost, 1,196,625 shares and 0 shares at June 30, 2012 and June 30, 2011, respectively   (2,357)   – 
Total Stockholders' Equity   13,141    11,473 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $20,784   $20,770 

 

The Accompanying Notes Are an Integral Part of these Consolidated Financial Statements.

 

F-3
 

 

MAM SOFTWARE GROUP, INC.

Consolidated Statements of Income and Comprehensive Income

(In thousands, except share and per share data)

 

   For the Years Ended
June 30,		 
   2012   2011 
Revenues  $26,090   $25,619 
Cost of revenues   10,676    10,847 
Gross Profit   15,414    14,772 
           
Operating Expenses          
Research and development   3,267    3,150 
Sales and marketing   2,709    2,225 
General and administrative   3,448    4,189 
Depreciation and amortization   1,198    1,109 
Total Operating Expenses   10,622    10,673 
           
Operating Income   4,792    4,099 
           
Other Income (Expense)          
Interest expense   (191)   (653)
Change in fair value of derivative liabilities   230    (315)
Gain on settlement of liabilities   215    62 
Total Other Income (Expense), net   254    (906)
           
Income before provision for income taxes   5,046    3,193 
           
Provision for income taxes   950    905 
           
Net Income   4,096    2,288 
           
Foreign currency translation (loss) gain   (369)   207 
Total Comprehensive Income  $3,727   $2,495 
           
Earnings per share attributed to common stockholders - basic  $0.29   $0.19 
Earnings per share attributed to common stockholders - diluted  $0.29   $0.18 
Weighted average common shares outstanding - basic   13,976,810    12,295,696 
Weighted average common shares outstanding - diluted   14,253,291    12,482,899 

 

The Accompanying Notes Are an Integral Part of these Consolidated Financial Statements.

 

F-4
 

 

MAM SOFTWARE GROUP, INC.

Consolidated Statements of Stockholders’ Equity

(In thousands, except share and per share data)

 

   Preferred Stock   Common Stock   Additional
Paid-in		   Treasury Stock   Accumulated
Other
Comprehensive		   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Shares       Amount    Income (Loss)   Deficit   Total 
Balance June 30, 2010   -   $-    8,486,289   $1   $29,510    -   $    $(768)  $(23,411)  $5,332 
Proceeds from sale of common stock, net of issuance costs   -    -    5,151,347    -    3,193    -    -    -    -    3,193 
Common stock issued as compensation   -    -    352,219    -    382    -    -    -    -    382 
Preferred shares issued for cancellation of warrants   1,792,622    -    -    -    -    -    -    -    -    - 
Conversion of preferred shares into common stock   (1,792,622)   -    179,270    -    -    -    -    -    -    - 
Foreign currency translation   -    -    -    -    -    -    -    207    -    207 
Common stock issued for warrant exercises   -    -    5,345    -    3    -    -    -    -    3 
Reclassification of non-employee warrants from additional paid – in capital to derivative liabilities   -    -    -    -    (338)   -    -    -    -    (338)
Reclassification of  non-employee warrants from derivative liabilities  to additional paid – in capital   -    -    -    -    272    -    -    -    -    272 
Fractional shares retired   -    -    (6,849)   -    -    -    -    -    -    - 
Stock options issued in settlement of accrued liabilities   -    -    -    -    134    -    -    -    -    134 
Net income   -    -    -    -    -    -    -    -    2,288    2,288 
Balance June 30, 2011   -   $-    14,167,621   $1   $33,156   $-        $(561)  $(21,123)  $11,473 
Common stock issued as compensation - Includes 1,165,359 unvested shares (See Notes 7 and 8)   -    -    1,304,126    1    199    -    -    -    -    200 
Common stock issued for warrant exercise   -    -    5,291    -    3    -    -    -    -    3 
Common stock issued in settlement of accrued liabilities   -    -    59,404    -    106    -    -    -    -    106 
Stock options issued in settlement of accrued liabilities   -    -    -    -    62    -    -    -    -    62 
Repurchase of common stock   -    -    -    -         (1,240,337)   (2,430)   -    -    (2,430)
Retirement of treasury stock   -    -    (43,712)   -    (73)   43,712    73    -    -    - 
Foreign currency translation   -    -    -    -    -    -    -    (369)   -    (369)
Net income   -    -    -    -    -    -    -    -    4,096    4,096 
Balance June 30, 2012   -   $-    15,492,730   $2   $33,453    (1,196,625)  $(2,357)  $(930)  $(17,027)  $13,141 

 

The Accompanying Notes Are an Integral Part of these Consolidated Financial Statements.

 

F-5
 

 

MAM SOFTWARE GROUP, INC.

Consolidated Statements of Cash Flows

 

(In thousands)  For the Years Ended
June 30,		 
   2012   2011 
CASH FLOWS FROM OPERATING ACTIVITIES :          
Net income  $4,096   $2,288 
Adjustments to reconcile net income to net cash provided by operating activities:          
Bad debt expense   51    87 
Depreciation and amortization   1,198    1,109 
Amortization of debt discount and debt issuance costs   25    102 
Gain on settlement of liabilities   (215)   (52)
Change in fair value of derivative liabilities   (230)   315 
Deferred income taxes   (77)   (396)
Fair value of stock issued for services and compensation   200    312 
           
Changes in assets and liabilities:          
Accounts receivable   (282)   (778)
Inventories   (74)   96 
Prepaid expenses and other assets   (233)   (395)
Accounts payable   215    (35)
Accrued expenses and other liabilities   280    (608)
Deferred revenue   (107)   (392)
Taxes payables   (190)   244 
NET CASH PROVIDED BY OPERATING ACTIVITIES   4,657    1,897 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment   (104)   (99)
Capitalized software development costs   (34)   (14)
NET CASH USED IN INVESTING ACTIVITIES   (138)   (113)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from sale of common stock, net of issuance costs   -    3,193 
Proceeds from exercise of warrants   3    3 
Proceeds from issuance of debt, net of issuance costs   -    2,076 
Repurchase of common stock for treasury   (2,430)   - 
Payments on debt   (770)   (5,592)
NET CASH USED IN FINANCING ACTIVITIES   (3,197)   (320)
           
Effect of exchange rate changes   (464)   110 
Net change in cash and cash equivalents   858    1,574 
Cash and cash equivalents at beginning of year   2,770    1,196 
Cash and cash equivalents at end of year  $3,628   $2,770 

 

The Accompanying Notes Are an Integral Part of these Consolidated Financial Statements.

 

F-6
 

 

MAM SOFTWARE GROUP, INC.

Consolidated Statements of Cash Flows (Continued)

 

(In thousands)    For the Years Ended
June 30, 		  
    2012      2011   
Supplemental disclosures of cash flow information            
Cash paid during the year for :            
Interest   $ 166     $ 653  
Income taxes   $ 1,050     $ 1,368  
                 
Supplemental disclosures of non-cash investing and financing activities:                
                 
Issuance of stock options in settlement of accrued liabilities   $ 62     $ 134  
Issuance of common stock in settlement of accrued liabilities   $ 106     $ 70  
                 
Issuance of unvested shares of restricted stock   $ 1     $ -  

Reclassification of non-employee warrants from additional paid-in capital

to derivative liabilities

   $ -     $ 338  

Reclassification of non-employee warrants from derivative liabilities

to additional paid-in capital

   $ -     $ (272 )
                 
Treasury stock retired   $ 73     $ -  

 

 The Accompanying Notes Are an Integral Part of these Consolidated Financial Statements.

 

F-7
 

 

MAM SOFTWARE GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

 

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

MAM Software Group, Inc. (“MAM” or the “Company”) is a leading provider of business and supply chain management solutions primarily to automotive parts manufacturers, retailers, tire and service chains, independent installers and wholesale distributors in the automotive aftermarket. The Company conducts its businesses through wholly owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd.”) is based in Tankersley, Barnsley, United Kingdom (“U.K.”) and Aftersoft Network, N.A., Inc., (“ASNA”) has offices in the United States (“U.S.”) in Allentown, Pennsylvania.  ASNA has one wholly owned operating subsidiary (i) MAM Software, Inc., and two inactive wholly owned subsidiaries, (ii) AFS Warehouse Distribution Management, Inc., and (iii) AFS Tire Management, Inc., which are all based in Allentown, Pennsylvania. MAM has offices in Allentown, Pennsylvania.

 

Effective December 30, 2011, the Company amended its Certificate of Incorporation to reduce the number of authorized shares of Common Stock from 150,000,000 to 18,000,000 and to reduce the number of authorized shares of Preferred Stock from 10,000,000 to 2,000,000.

 

On March 25, 2011, (“the Effective Date”), the Company amended its Certificate of Incorporation to effectuate a one-for-one hundred reverse stock split, followed by a ten-for-one forward stock split. Pursuant to this transaction, every 100 shares of the Company's Common Stock were converted into one share of the Company's Common Stock. Immediately thereafter, a forward stock split was undertaken whereby each share of Common Stock was converted into 10 shares of Common Stock. Stockholders owning fewer than 100 shares of Common Stock whose interests were converted into fewer than 1 share of Common Stock pursuant to the reverse split, were converted into the right to receive an amount equal to the average daily closing price per share of the Common Stock on the OTC Bulletin Board for the five trading days immediately before and including the Effective Date, without interest. Stockholders who held 100 or more shares as of the Effective Date received fractional shares in the reverse split and were not cashed out. Any fractional shares held after the ensuing forward split were rounded up to the nearest whole share. All share numbers and per share amounts in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to give effect to the stock split.

 

Principles of Consolidation

 

The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

 

Concentrations of Credit Risk

 

The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

 

Cash and Cash Equivalents

 

In the U.S., the Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. In addition to the basic insurance deposit coverage, effective December 31, 2010, the FDIC provided temporary unlimited coverage for noninterest bearing transaction accounts through December 31, 2012.  At June 30, 2012 the Company did not have balances in these accounts in excess of the FDIC insurance limits. For banks outside of the U.S., the Company maintains its cash accounts at financial institutions which it believes to be credit worthy. Bank accounts maintained outside the U.S. are not insured. The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

F-8
 

 

Customers

 

The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not require collateral to secure its accounts receivable. Credit risk is managed by discontinuing sales to customers who are delinquent. The Company estimates credit losses and returns based on management’s evaluation of historical experience and current industry trends. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. No customers accounted for more than 10% of the Company’s revenues for each of the years ended June 30, 2012 and 2011. No customers accounted for more than 10% or more of the Company’s accounts receivable at June 30, 2012 and June 30, 2011.

 

Segment Reporting

 

The Company operates in one reportable segment.  The Company evaluates financial performance on a Company-wide basis. The Company’s chief operating decision-maker is the chief executive officer, who evaluates the Company as a single segment.

 

Geographic Concentrations

 

The Company conducts business in the U.S., Canada and the U.K. For customers headquartered in their respective countries, the Company derived 30% of its revenues from the U.S. and Canada, and 70% from its U.K. operations during the year ended June 30, 2012 compared to 25% of its revenues from the U.S., 1% from Canada, and 74% from its U.K. operations during the year ended June 30, 2011, respectively.

 

At June 30, 2012, the Company maintained 67% of its net property and equipment in the U.K. and the remaining 33% in the U.S. At June 30, 2011, the Company maintained 67% of its net property and equipment in the U.K. and the remaining 33% in the U.S.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by the Company’s management include, but are not limited to, the collectibility of accounts receivable, the realizability of inventories, the fair value of investments in available-for-sale securities, the recoverability of goodwill and other long-lived assets, valuation of deferred tax assets and liabilities, the valuation of derivative liabilities and the estimated fair value of stock options, warrants and shares issued for non-cash consideration. Actual results could materially differ from those estimates.

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist principally of cash and cash equivalents, derivative liabilities, accounts receivable, accounts payable, accrued expenses and debt instruments. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three categories:

 

• Level 1 – Fair value based on quoted prices in active markets for identical assets or liabilities.

 

• Level 2 – Fair value based on significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be

 

F-9
 

 

(i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data.

 

• Level 3 – Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entity’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

 

Determining which category an asset or liability falls within the hierarchy may require significant judgment. The Company evaluates its hierarchy disclosures each quarter.

 

Inventories

 

Inventories are stated at the lower of cost or current estimated market value. Cost is determined using the first-in, first-out method. Inventories consist primarily of hardware that will be sold to customers. The Company periodically reviews its inventories and records a provision for excess and obsolete inventories based primarily on the Company’s estimated forecast of product demand and production requirements. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories.

 

Property and Equipment

 

Property and equipment are stated at cost, and are being depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the related lease terms. Equipment under capital lease obligations is depreciated over the shorter of the estimated useful lives of the related assets or the term of the lease. Maintenance and routine repairs are charged to expense as incurred. Significant renewals and betterments are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income and comprehensive income.

 

Software Development Costs

 

Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the amounts of:  the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product; and, the straight-line method over the remaining estimated economic life (a period of three years) of the product including the period being reported on. If the future market viability of a software product is less than anticipated, impairment of the related unamortized development costs could occur, which could significantly impact the Company’s results of operations.

 

Amortizable Intangible Assets

 

Amortizable intangible assets consist of completed software technology, customer relationships and automotive data services and are recorded at cost. Completed software technology and customer relationships are amortized using the straight-line method over their estimated useful lives of 8 to 10 years, and automotive data services are amortized using the straight-line method over their estimated useful lives of 20 years.

 

Goodwill

 

Goodwill and intangible assets that have indefinite useful lives are not amortized but rather are tested at least annually for impairment.

 

F-10
 

 

Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one level below the segments reported by the Company. As of June 30, 2012, the Company does not believe there is an impairment of its goodwill. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue which could result in additional impairment of goodwill in the future.

 

Goodwill activity for the years ending June 30, 2012 and 2011 are as follows:

 

Balance June 30, 2010  $8,924,000 
Effect of exchange rate changes   408,000 
Balance June 30, 2011  $9,332,000 
      
Effect of exchange rate changes   (174,000)
Balance June 30, 2012  $9,158,000 

 

Long-Lived Assets

 

The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of long-lived assets over their remaining lives can be recovered through projected undiscounted future cash flows over its remaining life. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June 30, 2012, management believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue, which could result in impairment of long-lived assets in the future.

 

Issuance of Equity Instruments to Non-Employees

 

All issuances of the Company’s equity instruments to non-employees are measured at fair value based upon either the fair value of the equity instruments issued or the fair value of consideration received, whichever is more readily determinable. The majority of stock issuance for non-cash consideration received pertains to services rendered by consultants and others and has been valued at the fair value of the equity instruments on the dates issued.

 

The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.  Assets acquired in exchange for the issuance of fully vested, non-forfeitable equity instruments should not be presented or classified as an offset to equity on the grantor’s balance sheet once the equity instrument is granted for accounting purposes.  

 

Stock-Based Compensation

 

For valuing stock options awards, the Company has elected to use the Black-Scholes Merton option pricing valuation model (“Black-Scholes”).  For the expected term, the Company uses a simple average of the vesting period and the contractual term of the option. Volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the expected term of the option. For volatility the Company considers its own volatility as applicable for valuing its options and warrants.  Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The risk-free interest rate is based on the relevant U.S. Treasury Bill Rate at the time of each grant. The dividend yield represents the dividend rate expected to be paid over the option’s expected term; the Company currently has no plans to pay dividends.

 

On June 12, 2008, the Company’s shareholders approved the Company’s 2007 Long-Term Stock Incentive Plan (“LTIP”). Stock awarded under the LTIP are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10-25-5 because the awards were unilateral grants, the recipients do not have the ability to negotiate the key terms, and the conditions of the grant, and the key terms and conditions were communicated to the individual recipients within a relatively short period of time.  Therefore the grant and measurement dates are May 13, 2008, July 1, 2008, July 1, 2009, July 1, 2010, and July 1, 2011, for each respective stock award. The maximum aggregate number of shares of common stock that may be issued under the LTIP, including stock awards and stock appreciation rights, is limited to 15% of the shares of common stock outstanding on the first trading day of any fiscal year. The Company issued restricted shares to management and board members in fiscal 2012 and 2011 and issued stock options to employees in fiscal 2012 under the LTIP  (see Note 7).

 

F-11
 

 

Revenue Recognition

 

Software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product component has occurred, the fee is fixed and determinable, and collectability is probable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met.

 

The Company accounts for delivered elements in accordance with the selling price when arrangements include multiple product components or other elements and vendor-specific objective evidence exists for the value of all undelivered elements. Revenues on undelivered elements are recognized once delivery is complete.

 

 In those instances in which arrangements include significant customization, contractual milestones, acceptance criteria or other contingencies (which represents the majority of the Company’s arrangements), the Company accounts for the arrangements  using contract accounting, as follows:

 

  1) When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized.

 

  2) When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained.

 

The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying consolidated balance sheets.

 

Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement.

 

Advertising Expense

 

The Company expenses advertising costs as incurred. For the years ended June 30, 2012 and 2011, advertising expense totaled $259,000 and $163,000, respectively.

 

Gain on Extinguishment of Liability for Services

 

The Company realized $215,000 and $52,000 of income from settlement with a creditor during the years ended June 30, 2012 and 2011 respectively, which is included in other income (expense) in the accompanying consolidated statements of income and comprehensive income.

 

Foreign Currency

 

Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the U.K. subsidiaries are translated into U.S. dollars at the year-end exchange rates. Income and expenses are translated at an average exchange rate for the year and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain adjustment totaled a loss of $369,000 and a gain of $207,000 for the years ended June 30, 2012 and 2011, respectively.

 

Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in income. The Company had no foreign currency transaction gains (loss) for all periods presented.

 

F-12
 

 

Comprehensive Income

 

Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the years ended June 30, 2012 and 2011, the components of comprehensive income consist of foreign currency translation gains (loss).

 

Income Taxes

 

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets at June 30, 2012 and 2011, and has not recognized interest and/or penalties in the consolidated statements of income and comprehensive income for the years ended June 30, 2012 and 2011.

 

Basic and Diluted Earnings Per Share

 

Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the year. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the year. Dilutive potential common shares consist of incremental shares issuable upon the exercise of stock options and warrants using the “treasury stock” method. The computation of DEPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings.   For the year ended June 30, 2012, there were 1,441,840, common share equivalents included in the computation of the diluted earnings per share. For the year ended June 30, 2012, a total of 777,061 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive.  For the year ended June 30, 2011, there were 187,203 common share equivalents included in the computation of the diluted earnings per share.  For the year ended June 30, 2011, a total of 777,061 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive.

 

In connection with the employment agreements with the Company’s Chief Executive Officer and Chief Financial Officer (see Note 7), on April 27, 2012, the Board of Directors approved the issuance of 1,165,359 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the executives and they are being held by an escrow agent and will be released to the executives when they vest.  The Company excludes these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreements during the reporting period.

 

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the years ended June 30:

 

   2012   2011 
Numerator:          
Net income  $4,096,000   $2,288,000 
           
Denominator:          
Basic weighted-average shares outstanding   13,976,810    12,295,696 
Effect of dilutive securities   276,481    187,203 
Diluted weighted-average diluted shares   14,253,291    12,482,899 
Basic earnings per common share  $0.29   $0.19 
Diluted earnings  per common share  $0.29   $0.18 

 

F-13
 

 

Derivative Liabilities

 

For purposes of determining whether certain instruments are derivatives for accounting treatment, the Company follows the accounting standard that provides guidance for determining whether an equity-linked financial instrument, or embedded feature, is indexed to an entity’s own stock. The standard applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. 

 

The Company has certain common stock purchase warrants that are accounted for as derivative liabilities as they do not meet the requirements to be treated as equity instruments. 

 

The fair value of these common stock purchase warrants was $442,000 on June 30, 2012.  The fair value of these common stock purchase warrants was $672,000 on June 30, 2011.  The total value of these derivative liabilities decreased for the year ended June 30, 2012, and as a result, the Company recognized a gain of approximately $230,000 from the change in fair value of these warrants for the year ended June 30, 2012 and recognized a loss of approximately $381,000 from the change in fair value of these warrants for the year ended June 30, 2011.

 

On December 2, 2010 the Company accounted for all unexercised stock purchase warrants as derivative liabilities because if all outstanding options and warrants were exercised there would be insufficient authorized shares to fulfill the request.  As of that date, additional paid-in capital was reduced by $338,000 and derivative liabilities were increased by $338,000. 

 

On January 21, 2011, 3,563 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $1.60 and 1,782 shares of common stock were issued. As a result of this exercise, $4,994 was reclassified to additional paid-in capital from derivative liabilities.

 

On February 11, 2011, 3,563 warrants were exercised for $2,850 and $5,318 was reclassified to additional paid-in capital from derivative liabilities. The fair value of the remaining unexercised warrants was $262,000 as of March 25, 2011, and the Company recorded a gain of $65,000 for the year ended June 30, 2011 in connection with the change in fair value of these warrants.

 

Effective March 25, 2011, the Company completed a reverse/forward stock split and reduced the number of shares outstanding from approximately 139,150,000 to 13,915,000 and no longer accounted for unexercised stock purchase warrants as derivative liabilities. The Company had sufficient authorized shares available for the exercise of all outstanding options and stock purchase warrants. As of March 25, 2011, additional paid-in capital was increased by $262,000 and derivative liabilities were reduced by $262,000.

 

All future changes in the fair value of the Company’s warrants that are still accounted for as derivatives and will be recognized in earnings until such time as the warrants are exercised or expire. These common stock purchase warrants do not trade in an active securities market, and as such, the Company estimates the fair value of these warrants using Black-Scholes and the following assumptions:

 

   June 30,   June 30, 
   2012   2011 
Annual dividend yield   0.0%   0.0%
Expected life (years)   1.5 -2.25    0.17 -4.00 
Risk-free interest rate   0.25%– 0.33%    0.16%– 1.79% 
Expected volatility   28% - 91%    87% - 151% 

 

Expected volatility is based primarily on historical volatility. Historical volatility was computed using weekly pricing observations for recent periods. The Company believes this method produces an estimate that is representative of the Company’s expectations of future volatility over the expected term of these warrants. The Company currently has no reason to believe future volatility over the expected remaining life of these warrants is likely to differ materially from historical volatility.  The expected life is based on the remaining contractual term of the warrants. The risk-free rate is based on the U.S. Treasury rate that corresponds to the expected term of the warrants.

 

F-14
 

 

Liabilities measured at fair value on a recurring basis are summarized as follows:

 

June 30, 2012  Level 1   Level 2   Level 3   Total 
Derivative liability related to fair value of warrants  $-   $-   $442,000   $442,000 

 

June 30, 2011  Level 1   Level 2   Level 3   Total 
Derivative liability related to fair value of warrants  $-   $-   $672,000   $672,000 

 

The following table details the approximate fair value measurements within the fair value hierarchy of the Company’s derivative liabilities using Level 3 Inputs:

 

Balance as of  July 1, 2010  $291,000 
Warrants reclassified from additional paid-in capital  to derivative liabilities   338,000 
Warrants reclassified from derivative liabilities to additional paid-in capital   (272,000)
Change in fair value of derivative liabilities   315,000 
Balance as of June 30, 2011   672,000 
      
Change in fair value of derivative liabilities   (230,000)
Balance as of June 30, 2012  $442,000 

 

The Company has no assets that are measured at fair value on a recurring basis. There were no assets or liabilities measured at fair value on a non-recurring basis during the years ended June 30, 2012 and 2011, respectively.

 

Recent Accounting Pronouncements

 

In June 2011, the FASB issued guidance on the presentation of comprehensive income. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. Instead, an entity will be required to present either a continuous statement of income and other comprehensive income or in two separate but consecutive statements. The new guidance will be effective for the Company beginning July 1, 2012 and will have presentation changes only.

 

In September 2011, the FASB issued an accounting standard update that amends the accounting guidance on goodwill impairment testing. The amendments in this accounting standard update are intended to reduce complexity and costs by allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. The amendments also improve previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The amendments in this accounting standard update are effective for interim and annual goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this accounting standard update will not have an impact on our consolidated financial position, results of operations, or cash flows, as it is intended to simplify the assessment for goodwill impairment.

 

NOTE 2. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

   June 30,
 2012		   June 30,
 2011		 
Leasehold improvements  $756,000   $763,000 
Computer and office equipment   534,000    464,000 
Equipment under capital leases   10,000    10,000 
Furniture and equipment   283,000    284,000 
    1,583,000    1,521,000 
Less: Accumulated depreciation and amortization   (919,000)   (745,000)
   $664,000   $776,000 

 

Depreciation and amortization expense on property and equipment for the years ended June 30, 2012 and 2011 was $191,000 and $199,000, respectively.

 

F-15
 

 

NOTE 3. RELATED PARTY TRANSACTIONS

 

As part of the MAM share repurchase plan, during the year ended June 30, 2012, the Company purchased 33,466 shares of common stock at a cost of $56,000 from Channel Partners II L.P., an investment partnership affiliated with Wynnefield Capital, Inc. (see Note 8).

 

NOTE 4. INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

   June 30,
2012		   June 30,
2011		 
Assets not subject to amortization:          
Goodwill  $9,158,000   $9,332,000 
Assets subject to amortization:          
Completed software technology (9-10 years  useful life)  $3,035,000   $3,067,000 
Customer contracts / relationships (10 years  useful life)   3,733,000    3,750,000 
Automotive data services (20 years  useful life)   306,000    314,000 
    7,074,000    7,131,000 
Less : Accumulated amortization   (5,713,000)   (5,038,000)
Amortizable intangible assets, net  $1,361,000   $2,093,000 
           
Software development costs  $3,078,000   $3,095,000 
Less : Accumulated amortization   (1,972,000)   (1,731,000)
Software development costs, net  $1,106,000   $1,364,000 

 

For the years ended June 30, 2012 and 2011, the Company recognized amortization expense on its software development costs and other amortizable intangible assets of $1,007,000 and $910,000, respectively.

 

Estimated future amortization of software development costs and intangibles is as follows:

 

Years Ending June 30,     
2013  $772,000 
2014   689,000 
2015   696,000 
2016   310,000 
      
Total  $2,467,000 

 

NOTE 5. LONG-TERM DEBT

 

Long-term debt consists of the following as of June 30:

 

   2012   2011 
HSBC term loan  $945,000   $1,669,000 
Secured notes   97,000    180,000 
Other notes   -    13,000 
    1,042,000    1,862,000 
Less current portion   (759,000)   (1,086,000)
Long term portion  $283,000   $776,000 

 

F-16
 

 

Future maturities of long-term debt at June 30, 2012 are as follows:

 

Years Ending June 30,     
2013  $759,000 
2014   283,000 
      
Total  $1,042,000 

 

HSBC Bank plc.

 

On October 25, 2010, MAM Ltd., entered into a three-year term loan agreement with HSBC Bank plc. (“HSBC”) as lender (the “HSBC Term Loan”). The HSBC Term Loan provides for £1,324,550 (approximately $2.0 million at the exchange rate on October 25, 2010) with a term of three years from the date the HSBC Term Loan is first drawn down. The HSBC Term Loan is repayable in thirty-six (36) monthly installments, inclusive of interest, together with such sums in the final month to discharge the balance of the HSBC Term Loan. The proceeds of the HSBC Term Loan were used to fully repay the residual balance of the credit facility due to ComVest Capital LLC (“ComVest”) from the Company (see below).

 

The interest rate under the HSBC Term Loan is 2.9% per annum over HSBC’s Sterling Base Rate, as published from time to time, which totals 3.4% at June 30, 2012. A prepayment fee of 1.5% of the amount prepaid will be payable by the Company in the event of the HSBC Term Loan being refinanced to another lender.

 

The HSBC Term Loan is secured by the following instruments: a guarantee granted by the Company, ASNA and MAM Software Inc. in favor of HSBC pursuant to which each would guarantee the repayment of the HSBC Term Loan (the “Guarantee”); an all assets debenture granted by MAM Ltd. in favor of HSBC including a first fixed charge over book debts and stock, which would create fixed and floating the charges over the assets and undertaking of MAM Ltd. for the provision of the HSBC Term Loan (“Debenture”); and a mortgage of the life insurance policies in favor of MAM Ltd. in relation to a Company  employee and the Company’s CEO. The Company recorded debt issuance fees of $60,000 related to the HSBC Term Loan, which is being amortized over the life of the loan. Amortization expense was $25,000 and $24,000, for the years ended June 30, 2012 and 2011, respectively. The HSBC Term Loan contains various financial covenants. As of June 30, 2012, the Company was in compliance with all such covenants.

 

ComVest Capital LLC Loan Agreement

 

On October 26, 2010, the Company repaid in full the ComVest Revolving Credit and Term Loan Agreement (the “Loan Agreement”) from the proceeds from the HSBC Term Loan.

 

On December 21, 2007, the Company entered into a Loan Agreement with ComVest Capital LLC (“ComVest”), as lender, pursuant to which ComVest agreed to extend a $1,000,000 secured revolving Credit Facility and a $5,000,000 Term Loan.

 

The Company incurred certain fees in connection with the Loan Agreement with ComVest. The debt issuance costs of $478,000 were recorded on the date of the agreement as deferred costs and were amortized and charged to interest expense over the term of the loan using the effective interest method. The debt issuance costs were fully amortized as of December 31, 2010. Amortization of the debt issuance costs was $7,000 for the year ended June 30, 2011. In connection with the embedded conversion feature of the ComVest Loan Agreement and certain warrants issued to ComVest, which were accounted as derivative instruments, the Company recorded a debt discount as a reduction in the carrying value of the debt. The debt discount was amortized and charged to interest expense over the term of the loan using the effective interest method and was fully amortized as of December 31, 2010. Amortization of the debt discount was $71,000 for the year ended June 30, 2011.

 

Secured Notes

 

The Company has secured notes totaling $97,000 payable over 27 months with monthly payments of $6,430 which will mature through 2014.  The notes bear interest rates of 5.49% to 9.54% and are secured by equipment with a net carrying value of $277,000 and $319,000 as of June 30, 2012 and June 30, 2011, respectively.

 

F-17
 

 

NOTE 6. INCOME TAXES

 

The Company is subject to taxation in the U.S., U.K. and various U.S. state jurisdictions. The Company’s tax years for 1993 and forward are subject to examination by the U.S. and state tax authorities due to the carry forward of unutilized net operating losses.  

 

At June 30, 2012, the Company had net U.S. deferred tax assets of approximately $9,942,000. Due to uncertainties surrounding the Company’s ability to generate future U.S. taxable income to realize these assets, a full valuation allowance has been established to offset carry-forwards of not only the net operating losses (“NOLs”), but also its capital losses due to investments previously written off. Additionally, the future utilization of the Company’s federal and state NOLs to offset future taxable income have been determined to be subject to an annual limitation pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383 as a result of ownership changes that have previously occurred.

 

During the year ended June 30, 2010, the Company estimated the amount of NOLs that would be allowed, which resulted in an increase of $9.3 million and a corresponding increase in the valuation allowance based on it being deemed more likely than not that there would not be sufficient taxable income in future periods to offset these NOLs.

 

Through its Section 382 study, the Company has analyzed any NOLs from its acquired subsidiaries to determine the maximum potential future tax benefit that might be available, and the corresponding limitation imposed based on IRC Section 382. As a result, by the year ended June 30, 2011, the Company adjusted the aforementioned net operating losses previously estimated. The outcome resulted in a determination that it could utilize, annually, approximately $560,000 of previously incurred NOLs; presuming, however, there is taxable income in future periods affording utilization prior to expiration.   Due to the recognition of a full valuation allowance against these NOLs, future changes in the Company’s unrecognized tax benefits will not impact the Company’s tax provision.

 

At June 30, 2012, the Company had combined federal and state NOLs of approximately $20.6 million. The federal NOLs expire at various dates through 2031 unless utilized prior to expiration. At June 30, 2012, the Company no longer had NOLs in its U.K. tax jurisdiction.

 

Finally, the change in the valuation allowance is primarily attributable to the change in deferred tax assets related to NOLs, as capital loss carry-forwards have not changed year to year.

 

The provision (benefit) for income taxes consists of the following for the years ended June 30, 2012 and 2011:

 

   U.S.
Federal		   U.S.
State		   U.K.
Corporate		   Total 
2012                    
Current  $-   $8,000   $1,019,000   $1,027,000 
Deferred   -    -    (77,000)   (77,000)
Total  $-   $8,000   $942,000   $950,000 
                     
2011                    
Current  $-   $-   $1,301,000   $1,301,000 
Deferred   -    -    (396,000)   (396,000)
Total  $-   $-   $905,000   $905,000 

 

F-18
 

 

The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets consist of the following at June 30, 2012 and 2011:

 

   June 30,
2012		   June 30,
2011		 
Deferred tax assets:          
State taxes  $3,000   $- 
Net operating loss carry-forwards   8,094,000    8,381,000 
Write-down of investments   1,889,000    1,889,000 
Deferred revenue   192,000    132,000 
Equity based compensation   7,000    117,000 
Reserves and accruals   129,000    132,000 
Deferred rent   123,000    140,000 
Derivative liabilities   222,000    269,000 
Total deferred tax assets   10,659,000    11,060,000 
           
Deferred tax (liabilities):          
Intangible and other long-lived assets   (886,000)   (1,205,000)
Total deferred tax (liabilities)   (886,000)   (1,205,000)
           
Valuation allowance   (9,942,000)   (10,101,000)
Net deferred tax (liabilities)  $(169,000)  $(246,000)

 

The provision for income taxes for the years ended June 30, 2012 and 2011 differs from the amount computed by applying the U.S. federal income tax rates to net income from continuing operations before taxes as a result of the following:

 

   June 30, 
   2012   2011 
Taxes at federal statutory rates  $1,716,000   $1,085,000 
State taxes, net of federal benefit   5,000    125,000 
           
Adjustment to reserves and accruals   -    (376,000)
Other, net   24,000    (46,000)
Differential in U.K. corporate tax rate   (487,000)   (286,000)
Change in valuation allowance -federal   (308,000)   403,000 
Total adjustments   (766,000)   (180,000)
Provision for income taxes  $950,000   $905,000 

 

A provision has not been made at June 30, 2012 and 2011, for U.S. or additional foreign withholding taxes on undistributed earnings of its U.K. subsidiaries because it is the present intention of management to reinvest the undistributed earnings indefinitely in foreign operations. Generally, such earnings become subject to U.S. tax upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability on such undistributed earnings.

 

NOTE 7. COMMITMENTS AND CONTINGENCIES

 

Legal Matters

 

From time to time, the Company is subject to various legal claims and proceedings arising in the ordinary course of business. The ultimate disposition of these proceedings could have a material adverse effect on the consolidated financial position or results of operations of the Company.

 

F-19
 

 

Indemnities and Guarantees

 

The Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party, in relation to certain actions or transactions. The Company indemnifies its directors, officers, employees and agents, as permitted under the laws of the State of Delaware. In connection with its facility leases, the Company has indemnified its lessors for certain claims arising from the use of the facilities. In connection with its customers’ contracts the Company indemnifies the customer that the software provided does not violate any U.S. patent. The duration of the guarantees and indemnities varies, and is generally tied to the life of the agreement. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheets.

 

MAM Ltd. has agreed to indemnify HSBC and others from and against all and any liability they might incur in the exercise of any powers, authorities and discretions under or in connection with the HSBC Term Loan (see Note 4).

 

The Company agreed to indemnify ComVest and its directors, officers, employees, attorneys and agents against, and to hold ComVest and such persons harmless from, any and all losses, claims, damages and liabilities and related expenses, including reasonable counsel fees and expenses, they may incur, arising out of, related to, or as a result of, certain transactions or events in connection with the Credit Facility and Term Loan (see Note 5).

 

Operating Leases

 

The Company leases its facilities and certain equipment pursuant to month-to-month and non-cancelable operating lease agreements that expire on various dates through October 2028. Terms of the leases provide for monthly payments ranging from $500 to $17,300. For the years ended June 30, 2012 and 2011, the Company incurred rent expense totaling approximately $390,000 and $459,000, respectively. Future annual minimum payments under non-cancelable operating leases are as follows:

 

For the years ended June 30,     
2013  $367,000 
2014   367,000 
2015   367,000 
2016   359,000 
2017   325,000 
Thereafter   2,197,000 
   $3,982,000 

 

Employment Agreements

 

On July 13, 2010, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved employment agreements, including a bonus plan, with Michael Jamieson, the Company’s President and Chief Executive Officer and Charles F. Trapp, the Company’s Executive Vice President and Chief Financial Officer.  Such employments agreements and bonus plans were entered into as of July 1, 2010 (the “Effective Date”), the first day of the 2011 fiscal year. Effective July 1, 2012 the Company has agreed to extend the terms of the employment agreements, and as a result, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013.

 

Michael Jamieson Employment Agreement

 

The Employment Agreement with Mr. Jamieson (the “Jamieson Agreement”) is for an initial term of three years from the Effective Date, and is automatically renewable for successive one-year periods unless terminated by Mr. Jamieson or the Company. Mr. Jamieson will receive an annual base salary of 150,000 GBP (approximately U.S. $225,000), payable in British Pounds Sterling. Effective July 1, 2012, the Company extended the Employment Agreement from the original term of three (3) years to five (5) years, commencing July 1, 2012. As a result of the amendment, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013.

 

F-20
 

 

Mr. Jamieson is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance goal(s) of the Company, which are to be established by our Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established an EBITDA-related target for the fiscal year ended June 30, 2012 with respect to Mr. Jamieson’s potential incentive compensation for fiscal 2012. The Company has accrued approximately $82,000 for Mr. Jamieson for his fiscal 2012 incentive compensation.

 

In addition, Mr. Jamieson is entitled to participate in all of the Company’s benefit plans and our equity-based compensation plans, which currently consists of the Company’s LTIP. Pursuant to the Jamieson Agreement, Mr. Jamieson is to be awarded 50,000 restricted common shares under the LTIP (the “Stock Grant”).  The shares will vest ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant. As of June 30, 2011 10,000 shares vested and on June 30, 2012 15,000 shares vested. All vested shares have been issued.

 

In July 2010, the Compensation Committee granted Mr. Jamieson options to purchase 210,938 shares of our common stock under the LTIP (the “Option Grant”). These options would have vested on the third anniversary of the grant date, at a strike price of $0.80 per share, depending on the extent to which certain performance targets have been met. The options would have expired ten years from the grant date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant would have vested Results between these established parameters would have been interpolated.  The Option Grant would have vested immediately upon a change of control. The Option Grant was cancelled April 27, 2012.

 

In July 2011, the Compensation Committee approved a stock grant to Mr. Jamieson for 93,232 shares of our common stock under the LTIP (the “Stock Grant”). These shares would have vested on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant would have expired three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested. Results between these established parameters would have been interpolated.  The Stock Grant would have vested immediately upon a change of control. The Stock Grant was cancelled April 27, 2012.

 

On April 27, 2012, the Board of Directors approved the issuance of 728,350 restricted shares of Company common stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Jamieson and are being held in escrow until they vest. The Stock Grants will vest according to the following schedule:

  

  - 40% when the market price of the Company’s common stock trades at or above $5 for the previous 30 day volume weighted average price (“VWAP”)
  - 15% when the market price of the Company’s common stock trades at or above $6 for the previous 30 day VWAP.
  - 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP.
  - 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP.

 

The initial value of the common stock grant was approximately $244,000 and as of June 30, 2012, the amount of unamortized stock based compensation that has not been expensed related to the unvested common stock grant is approximately $228,000. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%.

 

F-21
 

 

Upon a Change of Control, as defined in Mr. Jamieson’s Employment Agreement effective as of July 1, 2010, all shares of Common Stock with a price target of $5 per share as described above will immediately vest. All other shares issued pursuant to the Stock Grants will not vest upon a Change of Control.

 

The Jamieson Agreement provides that in the event Mr. Jamieson’s employment is terminated by the Company other than for cause or disability, or Mr. Jamieson shall terminate his employment for good reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary. In addition, under such circumstances, all of Mr. Jamieson’s stock appreciation rights and restricted stock will immediately vest and all vested stock options and stock appreciation rights shall be payable in shares of our common stock.

 

Charles F. Trapp Employment Agreement

 

The Employment Agreement with Mr. Trapp (the “Trapp Agreement”) is for an initial term of three years from the Effective Date, and is automatically renewable for successive one-year periods unless terminated by Mr. Trapp or the Company. Mr. Trapp will receive an annual base salary of $195,000, payable in U.S. dollars. Effective July 1, 2012, the Company extended the Employment Agreement from the original term of three (3) years to five (5) years, commencing July 1, 2012. As a result of the amendment, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013.

 

Mr. Trapp is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance  goal(s) of   the Company,   which  are   to   be  established   by  the Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established an EBITDA-related target for the fiscal year ended June 30, 2012, with respect to Mr. Trapp’s potential incentive compensation for fiscal 2012. The Company has accrued approximately $72,000 for Mr. Trapp for his fiscal 2012 incentive compensation.

 

In addition, Mr. Trapp is entitled to participate in all of our benefit plans and equity-based compensation plans, which currently consists of the LTIP. Pursuant to the Trapp Agreement, Mr. Trapp is to be awarded 20,000 restricted common shares under the LTIP (the “Stock Grant”).  The shares will vest ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant. As of June 30, 2011 4,000 shares vested and on June 30, 2012 6,000 shares vested. All vested shares have been issued.

 

In July 2010, the Trapp Agreement also entitles Mr. Trapp to be granted options to purchase 182,813 shares of our common stock under the LTIP (the “Option Grant”). These options would have vested on the third anniversary of the grant date, at a strike price of $0.80 per share, depending on the extent to which certain performance targets have been met. The options expire ten years from the grant date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant would have vested; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant would have vested.  Results between these established parameters would have been interpolated.  The Option Grant would have vested immediately upon a change of control. The Option Grant was cancelled April 27, 2012.

 

In July 2011, the Compensation Committee issued to Mr. Trapp a stock grant for 80,801 shares of our common stock under the LTIP (the “Stock Grant”). These shares will vest on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant expires three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and  (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant will vest. Results between these established parameters will be interpolated.  The Stock Grant would have vested immediately upon a change of control. The Stock Grant was cancelled April 27, 2012.

 

F-22
 

 

On April 27, 2012 the Board of Directors approved the issuance of 437,009 restricted shares of Company common Stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Trapp and are being held in escrow until they vest.

 

The Stock Grants will vest according to the following schedule:

 

  - 40% when the market price of the Company’s common stock trades at or above $5 for the previous 30 day volume weighted average price (“VWAP”)
  - 15% when the market price of the Company’s common stock trades at or above $6 for the previous 30 day VWAP.
  - 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP.
  - 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP.

 

The initial value of the common stock grant was approximately $146,000 and as of June 30, 2012, the amount of unamortized stock based compensation that has not been expensed related to the unvested common stock grant is approximately $137,000. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%.

 

Upon a Change of Control, as defined in Mr. Trapp’s Employment Agreements effective as of July 1, 2010, all shares of Common Stock with a price target of $5 per share as described above will immediately vest. All other shares issued pursuant to the Stock Grants will not vest upon a Change of Control.

 

The Trapp Agreement provides that in the event Mr. Trapp’s employment is terminated by the Company other than for cause or disability, or Mr. Trapp shall terminate his employment for good reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary. In addition, under such circumstances,   all  of  Mr. Trapp’s stock appreciation rights and restricted  stock  will immediately vest and all vested stock options and stock appreciation rights shall be payable in shares of the Company’s common stock.

 

NOTE 8. STOCKHOLDERS’ EQUITY

 

Common Stock

 

On October 15, 2010, the Company closed its Rights Offering.  The Rights were issued to the holders of the Common Stock outstanding on the Record Date of September 7, 2010 and enabled holders to purchase 0.6 of a share for each share of Common Stock owned for $0.65 per share.  The Company raised approximately $3,193,000, net of expenses of approximately $154,000, and issued 5,151,347 shares of common stock.

 

During the quarter ended September 30, 2008, the Company approved the issuance of 48,300 shares to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly.  During the years ended June 30, 2012 and June 30, 2011, the Company issued 6,054 and 16,663 shares of common stock valued at $15,000 and $19,000, respectively.

 

During the quarter ended September 30, 2009, the Company approved the issuance of 115,682 shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly.   During the years ended June 30, 2012 and June 30, 2011, the Company issued 31,260 and 34,566 shares of common stock valued at $34,000 and $37,000, respectively.

 

During the quarter ended September 30, 2010, the Company approved the issuance of 155,625 shares to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly. During the years ended June 30, 2012 and June 30, 2011, the Company issued 42,980 and 35,079 shares of common stock valued at $34,000 and $41,000, respectively.

 

F-23
 

 

During the quarter ended September 30, 2011, the Company approved the issuance of 88,398 shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly.  During the year ended June 30, 2012, the Company issued 18,714 shares of common stock valued at $34,000.

 

During the years ended June 30, 2012 and 2011, the Company issued 14,088 and 122,261 shares of common stock to certain directors in lieu of quarterly cash compensation valued at $26,000 and $110,000, respectively.

 

During the quarter ended December 31, 2010, the Company issued 50,000 shares of the Company’s common stock, valued at approximately $70,000, based on the closing market price of the Company’s common stock for previously accrued bonuses.

 

During the quarter ended December 31, 2010, the Company issued 42,500 shares of common stock to employees as compensation, valued at approximately $54,000, based on the closing price of the Company’s common stock.

 

During the quarter ended December 31, 2010, the Company issued 130,000 stock options to employees for previously accrued bonuses. The exercise price of these options was $0.65 per share.   The fair value of the option shares on the grant date was $134,000 using Black-Scholes.  The options valuation was computed using a 0.63% risk-free interest rate, a 92% volatility and a one-year life.

 

During the quarter ended September 30, 2011, the Company issued 41,190 stock options to employees for previously accrued bonuses. The exercise price of these options was $1.75 per share.   The fair value of the option shares on the grant date was $62,000 using Black-Scholes.  The options valuation was computed using a 2.3% risk-free interest rate, a 128% volatility, and a five-year life.

 

On May 13, 2008, the Compensation Committee of the Board of Directors of the Company approved restricted stock awards of an aggregate of 298,500 shares of its common stock to certain employees, a corporate officer and three outside directors in respect of services previously rendered. The shares vest as follows: 34% of the shares vest immediately on the date of grant. The remaining 66% of the shares will vest in three equal installments on each of the first, second and third anniversaries of the grant date. An aggregate of 99,450 shares were fully vested and issued on the date of grant.   The Company did not receive any consideration for these grants and recorded an expense of $99,450 based on the market price of the Company’s common stock on the date of issuance.   On May 13, 2009, 51,450 additional shares vested and were issued.  The Company did not receive any consideration for the issuance of these shares, recorded an expense of $18,008 based on the market price on the date of issuance. On May 13, 2010, 51,150 additional shares vested and were issued.  The Company did not receive any consideration for the issuance of these shares, and recorded an expense of $41,000 based on the market price on the date of issuance. On May 13, 2011, 51,150 shares vested and were issued.   The Company did not receive any consideration for the issuance of these shares, and recorded an expense of $51,000 based on the market price on the date of the grant.

 

On July 11, 2011, the Company issued 14,000 shares of common stock to officers of the Company, which were valued at approximately $11,000 based on the closing market price of the Company’s common stock on the date of the grant.

   

In July 2011, the Compensation Committee approved a stock grant to officers of the Company for 174,033 shares of our common stock under the LTIP (the “Stock Grant”). These shares would have vested on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant would have expired three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested. Results between these established parameters would have been interpolated.  The Stock Grant would have vested immediately upon a change of control. The Stock Grant was cancelled April 27, 2012.

 

On August 22, 2011, the Company issued 9,404 shares of common stock to an employee of the Company in lieu of cash compensation valued at $16,000, based on the closing price of the Company’s common stock for previously accrued bonuses.

 

F-24
 

 

On September 21, 2011, the Company issued 50,000 shares of common stock to officers of the Company, which were valued at approximately $90,000 based on the closing market price of the Company’s common stock for previously accrued bonuses.

 

On January 4, 2012, the Company issued 9,286 shares of common stock to a certain officer in lieu of cash compensation, which were valued at approximately $16,000 based on the closing market price of the Company’s common stock on January 3, 2012.

 

On April 27, 2012, the Company issued 1,165,359 restricted shares in connection with its officers’ employment agreements (see Note 7).

 

Preferred Stock

 

On July 20, 2010, the Company entered into an agreement with certain warrant holders to exchange 1,165,230 of their warrants for 1,792,662 shares of the Company's Series A Preferred Stock. The agreement provides that the Series A Preferred stock are contingently convertible into shares of the Company's common stock only upon the approval of the Company's shareholders to amend the Company's certificate of incorporation to increase the number of authorized shares.

 

On March 28, 2011, the Company entered into exchange agreements (collectively, the "Exchange Agreements") with all the holders of shares of the Company's Series A Convertible Preferred Stock. Under the Exchange Agreements, the holders agreed to exchange all of their shares of Series A Preferred Stock for shares of the Company's common stock, $0.0001 par value ("Common Stock"), at an exchange ratio of one share of Common Stock for ten shares of Series A Preferred Stock (the "Exchange"). The Company issued 179,270 shares of Common Stock to eight existing Series A Preferred stockholders in exchange for all of the previously outstanding 1,792,662 shares of Series A Preferred Stock. The Common Stock was issued in reliance upon the exemption from registration set forth in Section 3(a)(9) of the Securities Act of 1933 as amended exempting any security exchanged by an issuer exclusively with its existing security holders in a transaction where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange.  As a result of the reverse/forward split, the Company obtained the shares required for the issuance to the warrant pursuant to the exchange without need for an increase in authorized shares.

 

Treasury Stock

 

On November 8, 2011, the Board of Directors authorized the repurchase of up to $250,000 of its common stock and on December 19, 2011 the Board of Directors authorized an increase in the aggregate amount of the Company’s repurchase from $250,000 to $750,000. On March 5, 2012, the Board of Directors authorized the repurchase of up to an additional $1,000,000 of company common stock. On May 18, 2012, the Board of Directors authorized the repurchase of up to an additional $1,000,000 of company common stock. On June 22, 2012, the Board of Directors authorized the repurchase of up to an additional $2,000,000 of company common stock. As of June 30, 2012 the Company has repurchased 1,240,337 shares at a cost of approximately $2,430,000, and has a remaining approval to repurchase an additional $2,320,000 of treasury stock. On June 15, 2012, the Company retired 43,712 shares of common stock that were acquired at an approximate cost of $73,000.

 

F-25
 

 

Stock-Based Compensation:

 

The Company granted common stock options to employees during fiscal 2012 under the Company’s LTIP. A summary of the Company's common stock option activity is presented below (shares in thousands):

  

   Options Outstanding 
   Number of 
Shares 
(in 
thousands)		   Weighted- 
Average  
Exercise 
Price		   Weighted- 
Average 
Remaining 
Contractual 
Life 
(in years)		   Aggregate 
Intrinsic 
Value 
(in thousands)		 
Options outstanding - July 1, 2011   524   $0.76           
Options granted   41    1.75           
Options exercised   -    -           
Options cancelled   (394)   0.80           
Options outstanding - June 30, 2012   171   $0.91    8.6   $225 
Options exercisable - June 30, 2012   171   $0.91    8.6   $225 
Options exercisable and expected to vest - June 30, 2012   171   $0.91    8.6   $225 

 

The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company:

 

   Year 
 Ended		 
   June 30, 
   2012 
Expected term (in years)   5.0 
Expected volatility   128%
Risk-free interest rate   2.30%
Expected dividends   - 
      
Weighted-average grant date fair value per share  $1.50 

 

Employee Stock Purchase Plan

 

On September 21, 2011, the Company approved the MAM Software Group, Inc. Employee Stock Purchase Plan (“ESPP” or the “Plan”). On December 16, 2011 the shareholders approved the ESPP. Under the ESPP the Company will grant eligible employees the right to purchase Common Stock through payroll deductions at a price equal to the lesser of 85 percent of the fair market value of a share of Common Stock on the Exercise Date of the current Offering Period or 85 percent of the fair market value of our Common Stock on the Grant Date of the Offering Period. No employee will be granted an option to purchase more than $2,400 of fair market value common stock in a calendar year. The Plan is intended to be an “employee stock purchase plan” as defined in Section 423 of the Internal Revenue Code. The Plan covers a maximum of 100,000 shares of Common Stock which will be offered to employees until January 2, 2022 or until the Plan is terminated by the Board of Directors. During the quarter ended March 31, 2012, the Company issued 2,385 shares of common stock to employees including an officer, under the ESPP in lieu of compensation, which were valued at approximately $4,000 based on the closing market price of the Company’s common stock on December 31, 2011.

 

F-26
 

 

Warrants:

 

The following is a summary of warrant activity for the year ended June 30, 2012:

 

Balance as of June 30, 2011   1,077,460 
Warrants expired   (343,750)
Exercise of warrants   (6,466)
Warrants issued and outstanding at June 30, 2012   727,244 

 

The outstanding warrants are all exercisable, have an exercise price ranging from $0.80 to $10.00 and remaining life of 1.0 years to 2.5 years. The weighted average exercise price is $2.43 per share and the weighted remaining life is 1.5 years.

 

During the year ended June 30, 2012, 6,466 warrants were exercised at a weighted average exercise price of $0.80.

 

During the year ended June 30, 2011, 7,124 warrants were exercised at a weighted average exercise price of $0.80.

 

The value of the warrants is included in general and administrative expenses in the consolidated statements of income and comprehensive income.

 

On June 6, 2012, 3,233 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $2.20 and 2,058 shares of common stock were issued.

 

On June 6, 2012, 3,233 warrants were exercised for $0.80 per share generating $3,000 and 3,233 shares of common stock were issued.

 

On January 21, 2011, 3,563 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $1.60 and 1,782 shares of common stock were issued.

 

On February 11, 2011, 3,563 warrants were exercised for $0.80 per share generating $3,000 and 3,563 shares of common stock were issued.

 

NOTE 9. SUBSEQUENT EVENTS

 

During the quarter ended September 30, 2012, the Company issued 2,219 shares of common stock to employees including an officer, under the ESPP in lieu of compensation, which were valued at approximately $3,000 based on the closing market price of the Company’s common stock on June 30, 2012.

 

On July 3, 2012, the Company issued 21,000 shares of common stock to officers of the Company, which were valued at approximately $17,000 based on the closing market price of the Company’s common stock on the date of the grant.

 

On July 11, 2012, the Company issued 27,296 shares of common stock to certain directors, which were valued at approximately $32,000 based on the closing market price of the Company’s common stock on the date of the grant.

 

During the quarter ended September 30, 2012, the Company approved the issuance of 98,654 shares to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly. The shares were valued at approximately $220,000, based on the closing market price of the Company’s common stock on the date of the grant, July 2, 2012.

 

From July 1, 2012 until September 10, 2012, the Company repurchased 328,373 shares of the common stock at a cost of approximately $738,000

 

On July 25, 2012, the Company retired 1,145,759 shares of common stock that were acquired at an approximate cost of $2,242,000.

 

F-27
 

 

 

EXHIBIT INDEX

 

Exhibit

Number

   Description
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2   Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
EX-101.INS   XBRL Instance Document**
EX-101.SCH   XBRL Taxonomy Extension Schema**
EX-101.CAL   XBRL Taxonomy Extension Calculation Linkbase**
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase**
EX-101.LAB   XBRL Taxonomy Extension Label Linkbase**
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase**

 

 

* Previously filed  
** Furnished herewith  

 

 

52

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(i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested. 15% when the market price of the Company's common stock trades at or above $7 for the previous 30 day VWAP. If the Company's results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant will vest. Results between these established parameters will be interpolated. 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LONG-TERM DEBT (Details Textual)
 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Oct. 31, 2010
Jun. 30, 2012
USD ($)
Jun. 30, 2011
USD ($)
Oct. 25, 2010
Jun. 30, 2008
USD ($)
Dec. 21, 2007
Revolving Credit Facility [Member]
USD ($)
Oct. 31, 2010
HSBC Term Loan [Member]
USD ($)
Jun. 30, 2012
HSBC Term Loan [Member]
USD ($)
Jun. 30, 2011
HSBC Term Loan [Member]
USD ($)
Oct. 25, 2010
HSBC Term Loan [Member]
USD ($)
Oct. 25, 2010
HSBC Term Loan [Member]
GBP (£)
Jun. 30, 2011
ComVest Term Loan [Member]
USD ($)
Dec. 21, 2007
ComVest Term Loan [Member]
USD ($)
Jun. 30, 2012
Secured Notes Payable [Member]
USD ($)
Jun. 30, 2011
Secured Notes Payable [Member]
USD ($)
Jun. 30, 2012
Secured Notes Payable [Member]
Maximum [Member]
Jun. 30, 2012
Secured Notes Payable [Member]
Minimum [Member]
Debt Instrument, Face Amount                   $ 2,000,000 £ 1,324,550   $ 5,000,000        
Debt Instrument, Maturity Period 3 years                                
Long-term Debt, Maturities, Repayment Terms repayable in thirty-six (36) monthly installments, inclusive of interest,                                
Debt Instrument, Frequency of Periodic Payment monthly                         monthly      
Debt Instrument, Interest Rate, Stated Percentage       2.90%                          
Debt Instrument, Interest Rate at Period End       3.40%                       9.54% 5.49%
Prepayment Fee, Refinance, Percentage 1.50%                                
Debt Issuance Costs             60,000                    
Amortization of Debt Discount Premium               25,000 24,000     71,000          
Line of Credit Facility, Maximum Borrowing Capacity           1,000,000                      
Debt Instrument, Periodic Payment                           6,430      
Proceeds from issuance of debt, net of issuance costs   0 2,076,000                            
Unamortized Debt Issuance Expense         478,000                        
Amortization of Financing Costs                       7,000          
Secured Notes Payable, Gross                           97,000      
Debt Instrument, Payment Terms                           payable over 27 months with monthly payments      
Property, Plant and Equipment, Pledged As Collateral, Carrying Value                           $ 319,000 $ 277,000    
XML 10 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY (Details 2)
 12 Months Ended
Jun. 30, 2012
Warrants Issued and Outstanding 1,077,460
Warrants expired (343,750)
Exercise of warrants (6,466)
Warrants issued and outstanding 727,244
XML 11 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2010
Jun. 30, 2012
Jun. 30, 2011
Number of Shares Options outstanding   524  
Number of Shares Options granted 130,000 41 134
Number of Shares Options exercised   0  
Number of Shares Options cancelled   (394)  
Number of Shares Options outstanding   171 524
Number of Shares Options exercisable   171  
Number of Shares Options exercisable and expected to vest   171  
Weighted- Average Exercise Price Options outstanding   $ 0.76  
Weighted- Average Exercise Price Options granted $ 0.65 $ 1.75  
Weighted- Average Exercise Price Options exercised   $ 0  
Weighted- Average Exercise Price Options cancelled   $ 0.8  
Weighted- Average Exercise Price Options outstanding   $ 0.91 $ 0.76
Weighted- Average Exercise Price Options exercisable   $ 0.91  
Weighted- Average Exercise Price Options exercisable and expected to vest   $ 0.91  
Weighted- Average Remaining Contractual Life Options outstanding   8 years 7 months 6 days  
Weighted- Average Remaining Contractual Life Options exercisable   8 years 7 months 6 days  
Weighted- Average Remaining Contractual Life Options exercisable and expected to vest   8 years 7 months 6 days  
Aggregate Intrinsic Value Options outstanding   $ 225  
Aggregate Intrinsic Value Options exercisable   225  
Aggregate Intrinsic Value Options exercisable and expected to vest   $ 225  
XML 12 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS (Details Textual) (USD $)
 12 Months Ended
Jun. 30, 2012
Stock Repurchased During Period, Shares 1,240,337
Stock Repurchased During Period, Value $ 2,430,000
Channel Partners Ii L P [Member]
  
Stock Repurchased During Period, Shares 33,466
Stock Repurchased During Period, Value $ 56,000
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Balance $ 9,158,000 $ 9,332,000 $ 8,924,000
Effect of exchange rate changes $ (174,000) $ 408,000  
XML 15 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS (Details Textual) (USD $)
 1 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2010
Dec. 31, 2010
Sep. 30, 2008
Jun. 30, 2012
Jun. 30, 2011
Mar. 31, 2012
Common Stock [Member]
Jan. 31, 2012
Common Stock [Member]
Sep. 30, 2011
Common Stock [Member]
Aug. 31, 2011
Common Stock [Member]
Jul. 31, 2011
Common Stock [Member]
Jun. 30, 2012
Common Stock [Member]
Jun. 30, 2012
Subsequent Event [Member]
Jun. 30, 2012
Subsequent Event [Member]
Issue 1 [Member]
Jun. 30, 2012
Subsequent Event [Member]
Issue 2 [Member]
Jun. 30, 2012
Subsequent Event [Member]
Common Stock [Member]
Stock Issued During Period Shares Share Based Compensation 54,000 42,500 48,300 18,714 34,000 2,385 9,286 50,000 9,404 14,000     2,219 21,000 27,296
Stock Issued During Period Value Share Based Compensation           $ 4,000 $ 16,000 $ 90,000 $ 16,000 $ 11,000     $ 3,000 $ 17,000 $ 32,000
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance       98,654                      
Share-based Goods and Nonemployee Services Transaction, Stockholders' Equity       220,000                      
Stock Repurchased During Period, Shares       1,240,337               328,373      
Stock Repurchased During Period, Value       2,430,000               738,000      
Retirement of treasury stock (in shares)                     (43,712) 1,145,759      
Retirement of treasury stock       $ 0             $ 0 $ 2,242,000      
XML 16 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details 2) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Taxes at federal statutory rates $ 1,716 $ 1,085
State taxes, net of federal effect 5 125
Adjustment to reserves and accruals 0 (376)
Other, net 24 (46)
Differential in U.K. corporate tax rate (487) (286)
Change in valuation allowance -federal (308) 403
Total adjustments (766) (180)
Provision for income taxes $ 950 $ 905
XML 17 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
LONG-TERM DEBT (Details) (USD $)
Jun. 30, 2012
Jun. 30, 2011
Total $ 1,042,000 $ 1,862,000
Less current portion 759,000 1,086,000
Long term portion 283,000 776,000
HSBC Term Loan [Member]
    
Total 945,000 1,669,000
Secured notes [Member]
    
Total 97,000 180,000
Other notes [Member]
    
Total $ 0 $ 13,000
XML 18 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY (Details 1) (USD $)
 3 Months Ended 12 Months Ended
Sep. 30, 2011
Dec. 31, 2010
Jun. 30, 2012
Expected term (in years)   1 year 5 years
Expected volatility   92.00% 128.00%
Risk-free interest rate   0.63% 2.30%
Expected dividends     0.00%
Weighted-average grant date fair value per share $ 62,000 $ 134,000 $ 1.5
XML 19 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 2. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    June 30,
 2012		     June 30,
 2011		  
Leasehold improvements   $ 756,000     $ 763,000  
Computer and office equipment     534,000       464,000  
Equipment under capital leases     10,000       10,000  
Furniture and equipment     283,000       284,000  
      1,583,000       1,521,000  
Less: Accumulated depreciation and amortization     (919,000 )     (745,000 )
    $ 664,000     $ 776,000  

 

Depreciation and amortization expense on property and equipment for the years ended June 30, 2012 and 2011 was $191,000 and $199,000, respectively.
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INCOME TAXES (Details Textual) (USD $)
 12 Months Ended
Jun. 30, 2010
Jun. 30, 2012
Jun. 30, 2011
Total deferred tax assets   $ 10,659,000 $ 11,060,000
Increase (Decrease) In Operating Loss Carryforwards 9,300,000    
Annual Utilization Of Previously Incurred Net Operating Loss   560,000  
U.S. Federal [Member]
      
Total deferred tax assets   9,942,000  
Federal Income Tax [Member]
      
Increase in acquired net operating losses   $ 20,600,000  

XML 23 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Balance $ 442 $ 672  
Reclassification of non-employee warrants from additional paid-in capital to derivative liabilities 0 338  
Reclassification of non-employee warrants from derivative liabilities to additional paid-in capital 0 (272)  
Change in fair value of derivative liabilities 230 (315)  
Fair Value, Inputs, Level 3 [Member]
      
Balance 442 672 291
Reclassification of non-employee warrants from additional paid-in capital to derivative liabilities   338  
Reclassification of non-employee warrants from derivative liabilities to additional paid-in capital   (272)  
Change in fair value of derivative liabilities $ (230) $ 315  
XML 24 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)
Jun. 30, 2012
Jun. 30, 2011
Derivative liability related to fair value of warrants $ 442,000 $ 672,000
Fair Value, Inputs, Level 1 [Member]
    
Derivative liability related to fair value of warrants 0 0
Fair Value, Inputs, Level 2 [Member]
    
Derivative liability related to fair value of warrants 0 0
Fair Value, Inputs, Level 3 [Member]
    
Derivative liability related to fair value of warrants $ 442,000 $ 672,000
XML 25 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Details) (USD $)
Jun. 30, 2012
2013 $ 367,000
2014 367,000
2015 367,000
2016 359,000
2017 325,000
Thereafter 2,197,000
Operating Leases, Future Minimum Payments Due $ 3,982,000
XML 26 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)
 1 Months Ended 12 Months Ended
Mar. 31, 2011
Feb. 28, 2011
Jan. 31, 2011
Dec. 31, 2010
Jun. 30, 2012
Jun. 30, 2011
Dec. 30, 2011
Mar. 25, 2011
Jan. 21, 2011
Stockholders' Equity, Forward Stock Split ten-for-one forward stock                
Stockholders' Equity, Reverse Stock Split one-for-one hundred reverse stock       one-for-one hundred reverse stock        
Stockholders' Equity Note, Stock Split, Conversion Ratio 10                
Stockholders Owning Fewer Than 100 Shares Reverse Stock Split Conversion Derscription Stockholders owning fewer than 100 shares of common stock whose interests were converted into fewer than 1 share of common stock pursuant to the reverse split, were converted into the right to receive an amount equal to the average daily closing price per share of the common stock on the OTC Bulletin Board for the five trading days immediately before and including the Effective Date, without interest                
Stockholders Owning Fewer Than 100 and More Shares Reverse Stock Split Conversion Derscription Stockholders who held 100 or more shares as of the Effective Date received fractional shares in the reverse split and were not cashed out.                
Entity-Wide Revenue, Major Customer, Percentage         10.00% 10.00%      
Percentage Of Accounts Receivable, Maximum         10.00% 10.00%      
Advertising Expense         $ 259,000 $ 163,000      
Gain on settlement of liability         215,000 52,000      
Foreign currency translation income         (369,000) 207,000      
Effect of dilutive securities         276,481 187,203      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount         777,061 777,061      
Derivative liability related to fair value of warrants         442,000 672,000      
Derivative Instruments, Loss Recognized in Income           381,000      
Derivative Instruments, Gain Recognized in Income           230,000      
Reclassification Of Non Employee Warrants Decrease In Additional Paid In Capital       338,000          
Reclassification Of Non Employee Warrants Increase In Derivative Liability       338,000          
Warrant Exercised     3,563            
Class of Warrant or Right, Exercise Price of Warrants or Rights         0.80 0.80     0.80
Average Closing Price Of Common Stock     $ 1.60            
Stock Issued During Period Upon Exercise Of Warrants Shares     1,782            
Reclassification Of Warrants From Additional Paid In Capital To Derivative Liabilities   5,318 4,994            
Warrant Exercised, Values   2,850              
Derivative, Fair Value, Net         442,000 672,000      
Derivative, Gain (Loss) on Derivative, Net   65,000              
Common stock, shares outstanding         14,296,105 14,167,621   13,915,000  
Stockholders' Equity Note, Reverse Stock Split, Outstanding               139,150,000  
Derivative Liabilities Reclassification Of Warrants Increase From Additional Paid In Capital               262,000  
Derivative Liabilities Reclassification Of Warrants Reduced From Derivative Liabilities               262,000  
Share Based Compensation Restricted Stock Approved For Issuance         1,165,359        
Common Stock Shares Authorized Prior To Amendment Of Certificate Of Incorporation           150,000,000 150,000,000    
Common stock, shares authorized         18,000,000 18,000,000      
Preferred Stock Shares Authorized Prior To Amendment Of Certificate Of Incorporation           10,000,000 10,000,000    
Preferred stock, shares authorized         2,000,000 2,000,000      
Warrant [Member]
                  
Derivative, Fair Value, Net               262,000  
Additional Paid-In Capital [Member]
                  
Foreign currency translation income         $ 0 $ 0      
Automotive Data Services [Member]
                  
Finite Lived Intangible Asset Useful Life         20 years        
Minimum [Member]
                  
Class of Warrant or Right, Exercise Price of Warrants or Rights           0.80      
Minimum [Member] | Software Technology and Customer Relationships [Member]
                  
Finite Lived Intangible Asset Useful Life         8 years        
Maximum [Member]
                  
Class of Warrant or Right, Exercise Price of Warrants or Rights           10.00      
Maximum [Member] | Software Technology and Customer Relationships [Member]
                  
Finite Lived Intangible Asset Useful Life         10 years        
UNITED STATES [Member]
                  
Sales Revenue, Goods, Net, Percentage         30.00% 25.00%      
Percentage Of Property, Plant and Equipment, Net         33.00% 33.00%      
CANADA [Member]
                  
Sales Revenue, Goods, Net, Percentage         30.00% 1.00%      
UNITED KINGDOM [Member]
                  
Sales Revenue, Goods, Net, Percentage         70.00% 74.00%      
Percentage Of Property, Plant and Equipment, Net         67.00% 67.00%      
XML 27 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Details) (USD $)
Jun. 30, 2012
Jun. 30, 2011
Property, Plant and Equipment, Gross $ 1,583,000 $ 1,521,000
Less: Accumulated depreciation and amortization (919,000) (745,000)
Property and Equipment, Net 664,000 776,000
Leasehold Improvements [Member]
    
Property, Plant and Equipment, Gross 756,000 763,000
Computer and Office Equipement [Member]
    
Property, Plant and Equipment, Gross 534,000 464,000
Equipment Under Capital Leases [Member]
    
Property, Plant and Equipment, Gross 10,000 10,000
Furniture and Equipment [Member]
    
Property, Plant and Equipment, Gross $ 283,000 $ 284,000
XML 28 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

MAM Software Group, Inc. (“MAM” or the “Company”) is a leading provider of business and supply chain management solutions primarily to automotive parts manufacturers, retailers, tire and service chains, independent installers and wholesale distributors in the automotive aftermarket. The Company conducts its businesses through wholly owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd.”) is based in Tankersley, Barnsley, United Kingdom (“U.K.”) and Aftersoft Network, N.A., Inc., (“ASNA”) has offices in the United States (“U.S.”) in Allentown, Pennsylvania.  ASNA has one wholly owned operating subsidiary (i) MAM Software, Inc., and two inactive wholly owned subsidiaries, (ii) AFS Warehouse Distribution Management, Inc., and (iii) AFS Tire Management, Inc., which are all based in Allentown, Pennsylvania. MAM has offices in Allentown, Pennsylvania.

 

Effective December 30, 2011, the Company amended its Certificate of Incorporation to reduce the number of authorized shares of Common Stock from 150,000,000 to 18,000,000 and to reduce the number of authorized shares of Preferred Stock from 10,000,000 to 2,000,000.

 

On March 25, 2011, (“the Effective Date”), the Company amended its Certificate of Incorporation to effectuate a one-for-one hundred reverse stock split, followed by a ten-for-one forward stock split. Pursuant to this transaction, every 100 shares of the Company's Common Stock were converted into one share of the Company's Common Stock. Immediately thereafter, a forward stock split was undertaken whereby each share of Common Stock was converted into 10 shares of Common Stock. Stockholders owning fewer than 100 shares of Common Stock whose interests were converted into fewer than 1 share of Common Stock pursuant to the reverse split, were converted into the right to receive an amount equal to the average daily closing price per share of the Common Stock on the OTC Bulletin Board for the five trading days immediately before and including the Effective Date, without interest. Stockholders who held 100 or more shares as of the Effective Date received fractional shares in the reverse split and were not cashed out. Any fractional shares held after the ensuing forward split were rounded up to the nearest whole share. All share numbers and per share amounts in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to give effect to the stock split.

 

Principles of Consolidation

 

The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

 

Concentrations of Credit Risk

 

The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

 

Cash and Cash Equivalents

 

In the U.S., the Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. In addition to the basic insurance deposit coverage, effective December 31, 2010, the FDIC provided temporary unlimited coverage for noninterest bearing transaction accounts through December 31, 2012.  At June 30, 2012 the Company did not have balances in these accounts in excess of the FDIC insurance limits. For banks outside of the U.S., the Company maintains its cash accounts at financial institutions which it believes to be credit worthy. Bank accounts maintained outside the U.S. are not insured. The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

Customers

 

The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not require collateral to secure its accounts receivable. Credit risk is managed by discontinuing sales to customers who are delinquent. The Company estimates credit losses and returns based on management’s evaluation of historical experience and current industry trends. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. No customers accounted for more than 10% of the Company’s revenues for each of the years ended June 30, 2012 and 2011. No customers accounted for more than 10% or more of the Company’s accounts receivable at June 30, 2012 and June 30, 2011.

 

Segment Reporting

 

The Company operates in one reportable segment.  The Company evaluates financial performance on a Company-wide basis. The Company’s chief operating decision-maker is the chief executive officer, who evaluates the Company as a single segment.

 

Geographic Concentrations

 

The Company conducts business in the U.S., Canada and the U.K. For customers headquartered in their respective countries, the Company derived 30% of its revenues from the U.S. and Canada, and 70% from its U.K. operations during the year ended June 30, 2012 compared to 25% of its revenues from the U.S., 1% from Canada, and 74% from its U.K. operations during the year ended June 30, 2011, respectively.

 

At June 30, 2012, the Company maintained 67% of its net property and equipment in the U.K. and the remaining 33% in the U.S. At June 30, 2011, the Company maintained 67% of its net property and equipment in the U.K. and the remaining 33% in the U.S.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by the Company’s management include, but are not limited to, the collectibility of accounts receivable, the realizability of inventories, the fair value of investments in available-for-sale securities, the recoverability of goodwill and other long-lived assets, valuation of deferred tax assets and liabilities, the valuation of derivative liabilities and the estimated fair value of stock options, warrants and shares issued for non-cash consideration. Actual results could materially differ from those estimates.

 

Fair Value of Financial Instruments

 

The Company’s financial instruments consist principally of cash and cash equivalents, derivative liabilities, accounts receivable, accounts payable, accrued expenses and debt instruments. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three categories:

 

• Level 1 – Fair value based on quoted prices in active markets for identical assets or liabilities.

 

• Level 2 – Fair value based on significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be

  

(i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data.

 

• Level 3 – Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entity’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

 

Determining which category an asset or liability falls within the hierarchy may require significant judgment. The Company evaluates its hierarchy disclosures each quarter.

 

Inventories

 

Inventories are stated at the lower of cost or current estimated market value. Cost is determined using the first-in, first-out method. Inventories consist primarily of hardware that will be sold to customers. The Company periodically reviews its inventories and records a provision for excess and obsolete inventories based primarily on the Company’s estimated forecast of product demand and production requirements. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories.

 

Property and Equipment

 

Property and equipment are stated at cost, and are being depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the related lease terms. Equipment under capital lease obligations is depreciated over the shorter of the estimated useful lives of the related assets or the term of the lease. Maintenance and routine repairs are charged to expense as incurred. Significant renewals and betterments are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income and comprehensive income.

 

Software Development Costs

 

Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the amounts of:  the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product; and, the straight-line method over the remaining estimated economic life (a period of three years) of the product including the period being reported on. If the future market viability of a software product is less than anticipated, impairment of the related unamortized development costs could occur, which could significantly impact the Company’s results of operations.

 

Amortizable Intangible Assets

 

Amortizable intangible assets consist of completed software technology, customer relationships and automotive data services and are recorded at cost. Completed software technology and customer relationships are amortized using the straight-line method over their estimated useful lives of 8 to 10 years, and automotive data services are amortized using the straight-line method over their estimated useful lives of 20 years.

 

Goodwill

 

Goodwill and intangible assets that have indefinite useful lives are not amortized but rather are tested at least annually for impairment.

 

Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one level below the segments reported by the Company. As of June 30, 2012, the Company does not believe there is an impairment of its goodwill. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue which could result in additional impairment of goodwill in the future.

 

Goodwill activity for the years ending June 30, 2012 and 2011 are as follows:

 

Balance June 30, 2010   $ 8,924,000  
Effect of exchange rate changes     408,000  
Balance June 30, 2011   $ 9,332,000  
         
Effect of exchange rate changes     (174,000 )
Balance June 30, 2012   $ 9,158,000  

 

Long-Lived Assets

 

The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of long-lived assets over their remaining lives can be recovered through projected undiscounted future cash flows over its remaining life. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June 30, 2012, management believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue, which could result in impairment of long-lived assets in the future.

 

Issuance of Equity Instruments to Non-Employees

 

All issuances of the Company’s equity instruments to non-employees are measured at fair value based upon either the fair value of the equity instruments issued or the fair value of consideration received, whichever is more readily determinable. The majority of stock issuance for non-cash consideration received pertains to services rendered by consultants and others and has been valued at the fair value of the equity instruments on the dates issued.

 

The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.  Assets acquired in exchange for the issuance of fully vested, non-forfeitable equity instruments should not be presented or classified as an offset to equity on the grantor’s balance sheet once the equity instrument is granted for accounting purposes.  

 

Stock-Based Compensation

 

For valuing stock options awards, the Company has elected to use the Black-Scholes Merton option pricing valuation model (“Black-Scholes”).  For the expected term, the Company uses a simple average of the vesting period and the contractual term of the option. Volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the expected term of the option. For volatility the Company considers its own volatility as applicable for valuing its options and warrants.  Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The risk-free interest rate is based on the relevant U.S. Treasury Bill Rate at the time of each grant. The dividend yield represents the dividend rate expected to be paid over the option’s expected term; the Company currently has no plans to pay dividends.

 

On June 12, 2008, the Company’s shareholders approved the Company’s 2007 Long-Term Stock Incentive Plan (“LTIP”). Stock awarded under the LTIP are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10-25-5 because the awards were unilateral grants, the recipients do not have the ability to negotiate the key terms, and the conditions of the grant, and the key terms and conditions were communicated to the individual recipients within a relatively short period of time.  Therefore the grant and measurement dates are May 13, 2008, July 1, 2008, July 1, 2009, July 1, 2010, and July 1, 2011, for each respective stock award. The maximum aggregate number of shares of common stock that may be issued under the LTIP, including stock awards and stock appreciation rights, is limited to 15% of the shares of common stock outstanding on the first trading day of any fiscal year. The Company issued restricted shares to management and board members in fiscal 2012 and 2011 and issued stock options to employees in fiscal 2012 under the LTIP  (see Note 7).

 

Revenue Recognition

 

Software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product component has occurred, the fee is fixed and determinable, and collectability is probable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met.

 

The Company accounts for delivered elements in accordance with the selling price when arrangements include multiple product components or other elements and vendor-specific objective evidence exists for the value of all undelivered elements. Revenues on undelivered elements are recognized once delivery is complete.

 

 In those instances in which arrangements include significant customization, contractual milestones, acceptance criteria or other contingencies (which represents the majority of the Company’s arrangements), the Company accounts for the arrangements  using contract accounting, as follows:

 

  1) When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized.

 

  2) When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained.

 

The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying consolidated balance sheets.

 

Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement.

 

Advertising Expense

 

The Company expenses advertising costs as incurred. For the years ended June 30, 2012 and 2011, advertising expense totaled $259,000 and $163,000, respectively.

 

Gain on Extinguishment of Liability for Services

 

The Company realized $215,000 and $52,000 of income from settlement with a creditor during the years ended June 30, 2012 and 2011 respectively, which is included in other income (expense) in the accompanying consolidated statements of income and comprehensive income.

 

Foreign Currency

 

Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the U.K. subsidiaries are translated into U.S. dollars at the year-end exchange rates. Income and expenses are translated at an average exchange rate for the year and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain adjustment totaled a loss of $369,000 and a gain of $207,000 for the years ended June 30, 2012 and 2011, respectively.

 

Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in income. The Company had no foreign currency transaction gains (loss) for all periods presented.

 

Comprehensive Income

 

Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the years ended June 30, 2012 and 2011, the components of comprehensive income consist of foreign currency translation gains (loss).

 

Income Taxes

 

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets at June 30, 2012 and 2011, and has not recognized interest and/or penalties in the consolidated statements of income and comprehensive income for the years ended June 30, 2012 and 2011.

 

Basic and Diluted Earnings Per Share

 

Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the year. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the year. Dilutive potential common shares consist of incremental shares issuable upon the exercise of stock options and warrants using the “treasury stock” method. The computation of DEPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings.   For the year ended June 30, 2012, there were 1,441,840, common share equivalents included in the computation of the diluted earnings per share. For the year ended June 30, 2012, a total of 777,061 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive.  For the year ended June 30, 2011, there were 187,203 common share equivalents included in the computation of the diluted earnings per share.  For the year ended June 30, 2011, a total of 777,061 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive.

 

In connection with the employment agreements with the Company’s Chief Executive Officer and Chief Financial Officer (see Note 7), on April 27, 2012, the Board of Directors approved the issuance of 1,165,359 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the executives and they are being held by an escrow agent and will be released to the executives when they vest.  The Company excludes these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreements during the reporting period.

 

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the years ended June 30:

 

    2012     2011  
Numerator:                
Net income   $ 4,096,000     $ 2,288,000  
                 
Denominator:                
Basic weighted-average shares outstanding     13,976,810       12,295,696  
Effect of dilutive securities     276,481       187,203  
Diluted weighted-average diluted shares     14,253,291       12,482,899  
Basic earnings per common share   $ 0.29     $ 0.19  
Diluted earnings  per common share   $ 0.29     $ 0.18  

 

Derivative Liabilities

 

For purposes of determining whether certain instruments are derivatives for accounting treatment, the Company follows the accounting standard that provides guidance for determining whether an equity-linked financial instrument, or embedded feature, is indexed to an entity’s own stock. The standard applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. 

 

The Company has certain common stock purchase warrants that are accounted for as derivative liabilities as they do not meet the requirements to be treated as equity instruments. 

 

The fair value of these common stock purchase warrants was $442,000 on June 30, 2012.  The fair value of these common stock purchase warrants was $672,000 on June 30, 2011.  The total value of these derivative liabilities decreased for the year ended June 30, 2012, and as a result, the Company recognized a gain of approximately $230,000 from the change in fair value of these warrants for the year ended June 30, 2012 and recognized a loss of approximately $381,000 from the change in fair value of these warrants for the year ended June 30, 2011.

 

On December 2, 2010 the Company accounted for all unexercised stock purchase warrants as derivative liabilities because if all outstanding options and warrants were exercised there would be insufficient authorized shares to fulfill the request.  As of that date, additional paid-in capital was reduced by $338,000 and derivative liabilities were increased by $338,000. 

 

On January 21, 2011, 3,563 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $1.60 and 1,782 shares of common stock were issued. As a result of this exercise, $4,994 was reclassified to additional paid-in capital from derivative liabilities.

 

On February 11, 2011, 3,563 warrants were exercised for $2,850 and $5,318 was reclassified to additional paid-in capital from derivative liabilities. The fair value of the remaining unexercised warrants was $262,000 as of March 25, 2011, and the Company recorded a gain of $65,000 for the year ended June 30, 2011 in connection with the change in fair value of these warrants.

 

Effective March 25, 2011, the Company completed a reverse/forward stock split and reduced the number of shares outstanding from approximately 139,150,000 to 13,915,000 and no longer accounted for unexercised stock purchase warrants as derivative liabilities. The Company had sufficient authorized shares available for the exercise of all outstanding options and stock purchase warrants. As of March 25, 2011, additional paid-in capital was increased by $262,000 and derivative liabilities were reduced by $262,000.

 

All future changes in the fair value of the Company’s warrants that are still accounted for as derivatives and will be recognized in earnings until such time as the warrants are exercised or expire. These common stock purchase warrants do not trade in an active securities market, and as such, the Company estimates the fair value of these warrants using Black-Scholes and the following assumptions:

 

    June 30,     June 30,  
    2012     2011  
Annual dividend yield     0.0%     0.0%
Expected life (years)     1.5 -2.25       0.17 -4.00  
Risk-free interest rate     0.25%– 0.33%       0.16%– 1.79%  
Expected volatility     28% - 91%       87% - 151%  

 

Expected volatility is based primarily on historical volatility. Historical volatility was computed using weekly pricing observations for recent periods. The Company believes this method produces an estimate that is representative of the Company’s expectations of future volatility over the expected term of these warrants. The Company currently has no reason to believe future volatility over the expected remaining life of these warrants is likely to differ materially from historical volatility.  The expected life is based on the remaining contractual term of the warrants. The risk-free rate is based on the U.S. Treasury rate that corresponds to the expected term of the warrants.

 

Liabilities measured at fair value on a recurring basis are summarized as follows:

 

June 30, 2012   Level 1     Level 2     Level 3     Total  
Derivative liability related to fair value of warrants   $ -     $ -     $ 442,000     $ 442,000  

 

June 30, 2011   Level 1     Level 2     Level 3     Total  
Derivative liability related to fair value of warrants   $ -     $ -     $ 672,000     $ 672,000  

 

The following table details the approximate fair value measurements within the fair value hierarchy of the Company’s derivative liabilities using Level 3 Inputs:

 

Balance as of  July 1, 2010   $ 291,000  
Warrants reclassified from additional paid-in capital  to derivative liabilities     338,000  
Warrants reclassified from derivative liabilities to additional paid-in capital     (272,000 )
Change in fair value of derivative liabilities     315,000  
Balance as of June 30, 2011     672,000  
         
Change in fair value of derivative liabilities     (230,000 )
Balance as of June 30, 2012   $ 442,000  

 

The Company has no assets that are measured at fair value on a recurring basis. There were no assets or liabilities measured at fair value on a non-recurring basis during the years ended June 30, 2012 and 2011, respectively.

 

Recent Accounting Pronouncements

 

In June 2011, the FASB issued guidance on the presentation of comprehensive income. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. Instead, an entity will be required to present either a continuous statement of income and other comprehensive income or in two separate but consecutive statements. The new guidance will be effective for the Company beginning July 1, 2012 and will have presentation changes only.

 

In September 2011, the FASB issued an accounting standard update that amends the accounting guidance on goodwill impairment testing. The amendments in this accounting standard update are intended to reduce complexity and costs by allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. The amendments also improve previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The amendments in this accounting standard update are effective for interim and annual goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this accounting standard update will not have an impact on our consolidated financial position, results of operations, or cash flows, as it is intended to simplify the assessment for goodwill impairment.
XML 29 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Details Textual) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Depreciation and amortization $ 1,198 $ 1,109
XML 30 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Current - U.S. Federal $ 0 $ 0
Deferred - U.S. Federal 0 0
Total - U.S. Federal 0 0
Current - U.S. State 8 0
Deferred - U.S. State 0 0
Total - U.S. State 8 0
Current - U.K. Corporate 1,019 1,301
Deferred - U.K. Corporate (77) (396)
Total - U.K. Corporate 942 905
Current 1,027 1,301
Deferred (77) (396)
Total $ 950 $ 905
XML 31 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Jun. 30, 2011
ASSETS    
Cash and cash equivalents $ 3,628 $ 2,770
Accounts receivable, net of allowance of $108 and $174 3,507 3,340
Inventories 358 293
Prepaid expenses and other current assets 957 732
Total Current Assets 8,450 7,135
Property and Equipment, Net 664 776
Other Assets    
Goodwill 9,158 9,332
Amortizable intangible assets, net 1,361 2,093
Software development costs, net 1,106 1,364
Other long-term assets 45 70
TOTAL ASSETS 20,784 20,770
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 1,327 1,129
Accrued expenses and other 2,011 2,468
Payroll and other taxes 580 385
Derivative liabilities 442 672
Current portion of long-term debt 759 1,086
Current portion of deferred revenue 381 438
Sales tax payable 709 918
Income tax payable 567 664
Total Current Liabilities 6,776 7,760
Long-Term Liabilities    
Deferred revenue, net of current portion 130 190
Deferred income taxes 169 246
Long-term debt, net of current portion 283 776
Other 285 325
Total Liabilities 7,643 9,297
Commitments and Contingencies      
Stockholders' Equity    
Preferred stock: Par value $0.0001 per share; 2,000,000 shares authorized, none issued and outstanding 0 0
Common stock: Par value $0.0001 per share; 18,000,000 shares authorized, 15,492,730 shares issued and 14,296,105 shares outstanding at June 30, 2012 and 14,167,621 shares issued and outstanding at June 30, 2011 2 1
Additional paid-in capital 33,453 33,156
Accumulated other comprehensive loss (930) (561)
Accumulated deficit (17,027) (21,123)
Treasury stock at cost, 1,196,625 shares and 0 shares at June 30, 2012 and June 30, 2011, respectively (2,357) 0
Total Stockholders' Equity 13,141 11,473
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 20,784 $ 20,770
XML 32 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Details Textual)
 3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Sep. 30, 2011
Jun. 30, 2012
USD ($)
Jun. 30, 2011
USD ($)
Jul. 31, 2011
Criteria One [Member]
Jul. 31, 2011
Criteria Two [Member]
Jul. 31, 2011
Criteria Three [Member]
Jul. 31, 2011
Criteria Four [Member]
Jun. 30, 2012
Restricted Stock [Member]
Jun. 30, 2012
Restricted Stock [Member]
Second Anniversary Of Stock Grant [Member]
Jun. 30, 2012
Restricted Stock [Member]
First Anniversary Of Stock Grant [Member]
Jun. 30, 2012
Restricted Stock [Member]
Third Anniversary Of Stock Grant [Member]
Jun. 30, 2012
Michael Jamieson Employment Agreement [Member]
USD ($)
Jun. 30, 2012
Michael Jamieson Employment Agreement [Member]
GBP (£)
Jun. 30, 2011
Michael Jamieson Employment Agreement [Member]
Jun. 30, 2012
Michael Jamieson Employment Agreement [Member]
Criteria One [Member]
Jun. 30, 2012
Michael Jamieson Employment Agreement [Member]
Criteria Two [Member]
Jun. 30, 2012
Michael Jamieson Employment Agreement [Member]
Criteria Three [Member]
Jun. 30, 2012
Michael Jamieson Employment Agreement [Member]
Criteria Four [Member]
Jun. 30, 2012
Michael Jamieson Employment Agreement [Member]
Common Stock [Member]
Subsequent Event [Member]
Jun. 30, 2012
Trapp Employment Agreement [Member]
USD ($)
Jun. 30, 2011
Trapp Employment Agreement [Member]
Jun. 30, 2012
Trapp Employment Agreement [Member]
Criteria One [Member]
Jun. 30, 2012
Trapp Employment Agreement [Member]
Criteria Two [Member]
Jun. 30, 2012
Trapp Employment Agreement [Member]
Criteria Three [Member]
Jun. 30, 2012
Trapp Employment Agreement [Member]
Criteria Four [Member]
Jun. 30, 2011
Trapp Employment Agreement [Member]
Common Stock [Member]
Jun. 30, 2012
Trapp Employment Agreement [Member]
Common Stock [Member]
Subsequent Event [Member]
Jun. 30, 2012
Trapp Employment Agreement [Member]
Restricted Stock [Member]
USD ($)
Jun. 30, 2012
Maximum [Member]
USD ($)
Jun. 30, 2012
Minimum [Member]
USD ($)
Operating Leases, Rent Expense, Net   $ 390,000 $ 459,000                                                   $ 17,300 $ 500
Officers' Compensation                       225,000 150,000                             195,000    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period               50,000                     93,232                 20,000    
Percentage Of Share Based Payment Award Equity Instruments Other Than Options Vested                 30.00% 20.00% 50.00%                                      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period                           210,938                       182,813 80,801      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price                       $ 0.80                               $ 0.80    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period                           10 years         3 years             10 years 3 years      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights       (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested.             If the Company's results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant would have vested Results between these established parameters would have been interpolated. The Option Grant would have vested immediately upon a change of control. 40% when the market price of the Company's common stock trades at or above $5 for the previous 30 day volume weighted average price ("VWAP") 15% when the market price of the Company's common stock trades at or above $6 for the previous 30 day VWAP. 15% when the market price of the Company's common stock trades at or above $7 for the previous 30 day VWAP. 30% when the market price of the Company's common stock trades at or above $8 for the previous 30 day VWAP. If the Company's results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested. Results between these established parameters would have been interpolated. The Stock Grant would have vested immediately upon a change of control.     40% when the market price of the Company's common stock trades at or above $5 for the previous 30 day volume weighted average price ("VWAP") 15% when the market price of the Company's common stock trades at or above $6 for the previous 30 day VWAP. 15% when the market price of the Company's common stock trades at or above $7 for the previous 30 day VWAP. 30% when the market price of the Company's common stock trades at or above $8 for the previous 30 day VWAP. If the Company's results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant would have vested; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant would have vested. Results between these established parameters would have been interpolated. The Option Grant would have vested immediately upon a change of control. If the Company's results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant will vest. Results between these established parameters will be interpolated. The Stock Grant would have vested immediately upon a change of control. The shares will vest ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant.    
Employment Agreement Original Term                       3 years 3 years             3 years                    
Employment Agreement Original Term Extended                       5 years 5 years             5 years                    
Incentive Compensation Amount Accrued                       82,000               72,000                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period                       15,000 15,000 10,000           6,000 4,000                  
Share Based Compensation Restricted Stock Approved For Issuance   1,165,359                   728,350 728,350             437,009                    
Initial Value Of Common Stock Grant                       244,000               146,000                    
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options                       $ 228,000               $ 137,000                    
Fair Value Assumptions Expected Term                       3 years 3 years             3 years                    
Fair Value Assumptions Expected Volatility Rate 128.00%                     124.80% 124.80%             124.80%                    
Fair Value Assumptions Risk Free Interest Rate 2.30%                     0.39% 0.39%             0.39%                    
XML 33 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Stockholders' Equity [Parenthetical]
 12 Months Ended
Jun. 30, 2012
Common stock issued for employement agreement 1,165,359
XML 34 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS (Details 1) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
2013 $ 772
2014 689
2015 696
2016 310
Total $ 2,467
XML 35 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision (benefit) for income taxes consists of the following for the years ended June 30, 2012 and 2011:

 

    U.S.
Federal		     U.S.
State		     U.K.
Corporate		     Total  
2012                                
Current   $ -     $ 8,000     $ 1,019,000     $ 1,027,000  
Deferred     -       -       (77,000 )     (77,000 )
Total   $ -     $ 8,000     $ 942,000     $ 950,000  
                                 
2011                                
Current   $ -     $ -     $ 1,301,000     $ 1,301,000  
Deferred     -       -       (396,000 )     (396,000 )
Total   $ -     $ -     $ 905,000     $ 905,000  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets consist of the following at June 30, 2012 and 2011:

 

    June 30,
2012		     June 30,
2011		  
Deferred tax assets:                
State taxes   $ 3,000     $ -  
Net operating loss carry-forwards     8,094,000       8,381,000  
Write-down of investments     1,889,000       1,889,000  
Deferred revenue     192,000       132,000  
Equity based compensation     7,000       117,000  
Reserves and accruals     129,000       132,000  
Deferred rent     123,000       140,000  
Derivative liabilities     222,000       269,000  
Total deferred tax assets     10,659,000       11,060,000  
                 
Deferred tax (liabilities):                
Intangible and other long-lived assets     (886,000 )     (1,205,000 )
Total deferred tax (liabilities)     (886,000 )     (1,205,000 )
                 
Valuation allowance     (9,942,000 )     (10,101,000 )
Net deferred tax (liabilities)   $ (169,000 )   $ (246,000 )
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The provision for income taxes for the years ended June 30, 2012 and 2011 differs from the amount computed by applying the U.S. federal income tax rates to net income from continuing operations before taxes as a result of the following:

 

    June 30,  
    2012     2011  
Taxes at federal statutory rates   $ 1,716,000     $ 1,085,000  
State taxes, net of federal benefit     5,000       125,000  
                 
Adjustment to reserves and accruals     -       (376,000 )
Other, net     24,000       (46,000 )
Differential in U.K. corporate tax rate     (487,000 )     (286,000 )
Change in valuation allowance -federal     (308,000 )     403,000  
Total adjustments     (766,000 )     (180,000 )
Provision for income taxes   $ 950,000     $ 905,000
XML 36 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS (Details Textual) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Amortization $ 1,007 $ 910
Customer Contracts / Relationships [Member]
    
Finite Lived Intangible Asset Useful Life 10 years  
Automotive Data Services [Member]
    
Finite Lived Intangible Asset Useful Life 20 years  
Minimum [Member] | Completed Software Technology [Member]
    
Finite Lived Intangible Asset Useful Life 9 years  
Maximum [Member] | Completed Software Technology [Member]
    
Finite Lived Intangible Asset Useful Life 10 years  
XML 37 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Jun. 30, 2012
Stockholders' Equity Note [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The Company granted common stock options to employees during fiscal 2012 under the Company’s LTIP. A summary of the Company's common stock option activity is presented below (shares in thousands):

  

    Options Outstanding  
    Number of 
Shares 
(in 
thousands)		     Weighted- 
Average  
Exercise 
Price		     Weighted- 
Average 
Remaining 
Contractual 
Life 
(in years)		     Aggregate 
Intrinsic 
Value 
(in thousands)		  
Options outstanding - July 1, 2011     524     $ 0.76                  
Options granted     41       1.75                  
Options exercised     -       -                  
Options cancelled     (394 )     0.80                  
Options outstanding - June 30, 2012     171     $ 0.91       8.6     $ 225  
Options exercisable - June 30, 2012     171     $ 0.91       8.6     $ 225  
Options exercisable and expected to vest - June 30, 2012     171     $ 0.91       8.6     $ 225
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]

The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company:

 

    Year 
 Ended		  
    June 30,  
    2012  
Expected term (in years)     5.0  
Expected volatility     128 %
Risk-free interest rate     2.30 %
Expected dividends     -  
         
Weighted-average grant date fair value per share   $ 1.50
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

The following is a summary of warrant activity for the year ended June 30, 2012:

 

Balance as of June 30, 2011     1,077,460  
Warrants expired     (343,750 )
Exercise of warrants     (6,466 )
Warrants issued and outstanding at June 30, 2012     727,244
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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES :    
Net income $ 4,096 $ 2,288
Adjustments to reconcile net income to net cash provided by operating activities:    
Bad debt expense 51 87
Depreciation and amortization 1,198 1,109
Amortization of debt discount and debt issuance costs 25 102
Gain on settlement of liabilities (215) (52)
Change in fair value of derivative liabilities (230) 315
Deferred income taxes (77) (396)
Fair value of stock issued for services and compensation 200 312
Changes in assets and liabilities:    
Accounts receivable (282) (778)
Inventories (74) 96
Prepaid expenses and other assets (233) (395)
Accounts payable 215 (35)
Accrued expenses and other liabilities 280 (608)
Deferred revenue (107) (392)
Taxes payables (190) 244
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,657 1,897
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (104) (99)
Capitalized software development costs (34) (14)
NET CASH USED IN INVESTING ACTIVITIES (138) (113)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock, net of issuance costs 0 3,193
Proceeds from exercise of warrants 3 3
Proceeds from issuance of debt, net of issuance costs 0 2,076
Repurchase of common stock for treasury 2,430  
Payments on debt (770) (5,592)
NET CASH USED IN FINANCING ACTIVITIES (3,197) (320)
Effect of exchange rate changes (464) 110
Net change in cash and cash equivalents 858 1,574
Cash and cash equivalents at beginning of year 2,770 1,196
Cash and cash equivalents at end of year 3,628 2,770
Supplemental disclosures of cash flow information    
Interest 166 653
Income taxes 1,050 1,368
Supplemental disclosures of non-cash investing and financing activities:    
Issuance of stock options in settlement of accrued liabilities 62 134
Issuance of common stock in settlement of accrued liabilities 106 70
Issuance of unvested shares of restricted stock 1 0
Reclassification of non-employee warrants from additional paid-in capital to derivative liabilities 0 338
Reclassification of non-employee warrants from derivative liabilities to additional paid-in capital 0 (272)
Treasury stock retired $ 73 $ 0
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Consolidated Balance Sheets [Parenthetical] (USD $)
In Thousands, except Share data, unless otherwise specified
Jun. 30, 2012
Jun. 30, 2011
Allowance for accounts receivable (in dollars) $ 108 $ 174
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized 2,000,000 2,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 18,000,000 18,000,000
Common stock, shares issued 15,492,730 14,167,621
Common stock, shares outstanding 14,296,105 14,167,621
Treasury Stock, Shares 1,196,625 0
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Basis Of Accounting Policy [Policy Text Block]

Basis of Presentation

 

MAM Software Group, Inc. (“MAM” or the “Company”) is a leading provider of business and supply chain management solutions primarily to automotive parts manufacturers, retailers, tire and service chains, independent installers and wholesale distributors in the automotive aftermarket. The Company conducts its businesses through wholly owned subsidiaries with operations in Europe and North America. MAM Software Ltd. (“MAM Ltd.”) is based in Tankersley, Barnsley, United Kingdom (“U.K.”) and Aftersoft Network, N.A., Inc., (“ASNA”) has offices in the United States (“U.S.”) in Allentown, Pennsylvania.  ASNA has one wholly owned operating subsidiary (i) MAM Software, Inc., and two inactive wholly owned subsidiaries, (ii) AFS Warehouse Distribution Management, Inc., and (iii) AFS Tire Management, Inc., which are all based in Allentown, Pennsylvania. MAM has offices in Allentown, Pennsylvania.

 

Effective December 30, 2011, the Company amended its Certificate of Incorporation to reduce the number of authorized shares of Common Stock from 150,000,000 to 18,000,000 and to reduce the number of authorized shares of Preferred Stock from 10,000,000 to 2,000,000.

 

On March 25, 2011, (“the Effective Date”), the Company amended its Certificate of Incorporation to effectuate a one-for-one hundred reverse stock split, followed by a ten-for-one forward stock split. Pursuant to this transaction, every 100 shares of the Company's Common Stock were converted into one share of the Company's Common Stock. Immediately thereafter, a forward stock split was undertaken whereby each share of Common Stock was converted into 10 shares of Common Stock. Stockholders owning fewer than 100 shares of Common Stock whose interests were converted into fewer than 1 share of Common Stock pursuant to the reverse split, were converted into the right to receive an amount equal to the average daily closing price per share of the Common Stock on the OTC Bulletin Board for the five trading days immediately before and including the Effective Date, without interest. Stockholders who held 100 or more shares as of the Effective Date received fractional shares in the reverse split and were not cashed out. Any fractional shares held after the ensuing forward split were rounded up to the nearest whole share. All share numbers and per share amounts in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to give effect to the stock split.
Consolidation, Policy [Policy Text Block]

Principles of Consolidation

 

The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.
Concentration Risk Credit Risk [Policy Text Block]

Concentrations of Credit Risk

 

The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.
Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

 

In the U.S., the Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. In addition to the basic insurance deposit coverage, effective December 31, 2010, the FDIC provided temporary unlimited coverage for noninterest bearing transaction accounts through December 31, 2012.  At June 30, 2012 the Company did not have balances in these accounts in excess of the FDIC insurance limits. For banks outside of the U.S., the Company maintains its cash accounts at financial institutions which it believes to be credit worthy. Bank accounts maintained outside the U.S. are not insured. The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
Major Customers Policy [Policy Text Block]

Customers

 

The Company performs periodic evaluations of its customers and maintains allowances for potential credit losses as deemed necessary. The Company generally does not require collateral to secure its accounts receivable. Credit risk is managed by discontinuing sales to customers who are delinquent. The Company estimates credit losses and returns based on management’s evaluation of historical experience and current industry trends. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. No customers accounted for more than 10% of the Company’s revenues for each of the years ended June 30, 2012 and 2011. No customers accounted for more than 10% or more of the Company’s accounts receivable at June 30, 2012 and June 30, 2011.
Segment Reporting, Policy [Policy Text Block]

Segment Reporting

 

The Company operates in one reportable segment.  The Company evaluates financial performance on a Company-wide basis. The Company’s chief operating decision-maker is the chief executive officer, who evaluates the Company as a single segment.
Geographic Concentrations [Policy Text Block]

Geographic Concentrations

 

The Company conducts business in the U.S., Canada and the U.K. For customers headquartered in their respective countries, the Company derived 30% of its revenues from the U.S. and Canada, and 70% from its U.K. operations during the year ended June 30, 2012 compared to 25% of its revenues from the U.S., 1% from Canada, and 74% from its U.K. operations during the year ended June 30, 2011, respectively.

 

At June 30, 2012, the Company maintained 67% of its net property and equipment in the U.K. and the remaining 33% in the U.S. At June 30, 2011, the Company maintained 67% of its net property and equipment in the U.K. and the remaining 33% in the U.S.
Use of Estimates, Policy [Policy Text Block]

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by the Company’s management include, but are not limited to, the collectibility of accounts receivable, the realizability of inventories, the fair value of investments in available-for-sale securities, the recoverability of goodwill and other long-lived assets, valuation of deferred tax assets and liabilities, the valuation of derivative liabilities and the estimated fair value of stock options, warrants and shares issued for non-cash consideration. Actual results could materially differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

 

The Company’s financial instruments consist principally of cash and cash equivalents, derivative liabilities, accounts receivable, accounts payable, accrued expenses and debt instruments. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three categories:

 

• Level1– Fair value based on quoted prices in active markets for identical assets or liabilities.

 

• Level2– Fair value based on significant directly observable data (other than Level1quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be

 

(i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data.

 

• Level3– Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entity’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

 

Determining which category an asset or liability falls within the hierarchy may require significant judgment. The Company evaluates its hierarchy disclosures each quarter.
Inventory, Policy [Policy Text Block]

Inventories

 

Inventories are stated at the lower of cost or current estimated market value. Cost is determined using the first-in, first-out method. Inventories consist primarily of hardware that will be sold to customers. The Company periodically reviews its inventories and records a provision for excess and obsolete inventories based primarily on the Company’s estimated forecast of product demand and production requirements. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories.
Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

 

Property and equipment are stated at cost, and are being depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the related lease terms. Equipment under capital lease obligations is depreciated over the shorter of the estimated useful lives of the related assets or the term of the lease. Maintenance and routine repairs are charged to expense as incurred. Significant renewals and betterments are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income and comprehensive income.
Research, Development, and Computer Software, Policy [Policy Text Block]

Software Development Costs

 

Costs incurred to develop computer software products to be sold or otherwise marketed are charged to expense until technological feasibility of the product has been established. Once technological feasibility has been established, computer software development costs (consisting primarily of internal labor costs) are capitalized and reported at the lower of amortized cost or estimated realizable value. Purchased software development cost is recorded at its estimated fair market value. When a product is ready for general release, its capitalized costs are amortized on a product-by-product basis. The annual amortization is the greater of the amounts of:  the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product; and, the straight-line method over the remaining estimated economic life (a period of three years) of the product including the period being reported on. If the future market viability of a software product is less than anticipated, impairment of the related unamortized development costs could occur, which could significantly impact the Company’s results of operations.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Amortizable Intangible Assets

 

Amortizable intangible assets consist of completed software technology, customer relationships and automotive data services and are recorded at cost. Completed software technology and customer relationships are amortized using the straight-line method over their estimated useful lives of8to10years, and automotive data services are amortized using the straight-line method over their estimated useful lives of20years.
Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill

 

Goodwill and intangible assets that have indefinite useful lives are not amortized but rather are tested at least annually for impairment.

 

Goodwill is subject to impairment reviews by applying a fair-value-based test at the reporting unit level, which generally represents operations one level below the segments reported by the Company. As of June 30, 2012, the Company does not believe there is an impairment of its goodwill. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue which could result in additional impairment of goodwill in the future.

 

Goodwill activity for the years ending June 30, 2012 and 2011 are as follows:

 

Balance June 30, 2010   $ 8,924,000  
Effect of exchange rate changes     408,000  
Balance June 30, 2011   $ 9,332,000  
         
Effect of exchange rate changes     (174,000 )
Balance June 30, 2012   $ 9,158,000  

 
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-Lived Assets

 

The Company’s management assesses the recoverability of long-lived assets (other than goodwill discussed above) upon the occurrence of a triggering event by determining whether the carrying value of long-lived assets over their remaining lives can be recovered through projected undiscounted future cash flows over its remaining life. The amount of long-lived asset impairment, if any, is measured based on fair value and is charged to operations in the period in which long-lived asset impairment is determined by management. At June30,2012, management believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products and services will continue, which could result in impairment of long-lived assets in the future.
Issuance Of Equity Instruments To Non Employees [Policy Text Block]

Issuance of Equity Instruments to Non-Employees

 

All issuances of the Company’s equity instruments to non-employees are measured at fair value based upon either the fair value of the equity instruments issued or the fair value of consideration received, whichever is more readily determinable. The majority of stock issuance for non-cash consideration received pertains to services rendered by consultants and others and has been valued at the fair value of the equity instruments on the dates issued.

 

The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.  Assets acquired in exchange for the issuance of fully vested, non-forfeitable equity instruments should not be presented or classified as an offset to equity on the grantor’s balance sheet once the equity instrument is granted for accounting purposes.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation

 

For valuing stock options awards, the Company has elected to use the Black-Scholes Merton option pricing valuation model (“Black-Scholes”).  For the expected term, the Company uses a simple average of the vesting period and the contractual term of the option. Volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the expected term of the option. For volatility the Company considers its own volatility as applicable for valuing its options and warrants.  Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The risk-free interest rate is based on the relevant U.S. Treasury Bill Rate at the time of each grant. The dividend yield represents the dividend rate expected to be paid over the option’s expected term; the Company currently has no plans to pay dividends.

 

On June12,2008, the Company’s shareholders approved the Company’s2007Long-Term Stock Incentive Plan (“LTIP”). Stock awarded under the LTIP are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)718-10-25-5because the awards were unilateral grants, the recipients do not have the ability to negotiate the key terms, and the conditions of the grant, and the key terms and conditions were communicated to the individual recipients within a relatively short period of time.  Therefore the grant and measurement dates are May13,2008, July1,2008, July1,2009, July1,2010, and July1,2011, for each respective stock award. The maximum aggregate number of shares of common stock that may be issued under the LTIP, including stock awards and stock appreciation rights, is limited to15% of the shares of common stock outstanding on the first trading day of any fiscal year. The Company issued restricted shares to management and board members in fiscal2012and2011and issued stock options to employees in fiscal2012under the LTIP  (see Note7).
Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

 

Software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product component has occurred, the fee is fixed and determinable, and collectability is probable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met.

 

The Company accounts for delivered elements in accordance with the selling price when arrangements include multiple product components or other elements and vendor-specific objective evidence exists for the value of all undelivered elements. Revenues on undelivered elements are recognized once delivery is complete.

 

 In those instances in which arrangements include significant customization, contractual milestones, acceptance criteria or other contingencies (which represents the majority of the Company’s arrangements), the Company accounts for the arrangements  using contract accounting, as follows:

 

 

1)

When customer acceptance can be estimated, but reliable estimated costs to complete cannot be determined, expenditures are capitalized as work-in process and deferred until completion of the contract at which time the costs and revenues are recognized.

 

 

2)

When customer acceptance cannot be estimated based on historical evidence, costs are expensed as incurred and revenue is recognized at the completion of the contract when customer acceptance is obtained.

 

The Company records amounts collected from customers in excess of recognizable revenue as deferred revenue in the accompanying consolidated balance sheets.

 

Revenues for maintenance agreements, software support, on-line services and information products are recognized ratably over the term of the service agreement.
Advertising Costs, Policy [Policy Text Block]

Advertising Expense

 

The Company expenses advertising costs as incurred. For the years ended June30,2012and2011, advertising expense totaled $259,000and $163,000, respectively.
Gain On Extinguishment Of Liability For Services [Policy Text Block]

Gain on Extinguishment of Liability for Services

 

The Company realized $215,000and $52,000of income from settlement with a creditor during the years ended June30,2012and2011respectively, which is included in other income (expense) in the accompanying consolidated statements of income and comprehensive income.
Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency

 

Management has determined that the functional currency of its subsidiaries is the local currency. Assets and liabilities of the U.K. subsidiaries are translated into U.S. dollars at the year-end exchange rates. Income and expenses are translated at an average exchange rate for the year and the resulting translation gain (loss) adjustments are accumulated as a separate component of stockholders’ equity. The translation gain adjustment totaled a loss of $369,000and a gain of $207,000for the years ended June30,2012and2011, respectively.

 

Foreign currency gains and losses from transactions denominated in other than respective local currencies are included in income. The Company had no foreign currency transaction gains (loss) for all periods presented.
Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income

 

Comprehensive income includes all changes in equity (net assets) during a period from non-owner sources. For the years ended June30,2012and2011, the components of comprehensive income consist of foreign currency translation gains (loss).
Income Tax, Policy [Policy Text Block]

Income Taxes

 

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets at June30,2012and2011, and has not recognized interest and/or penalties in the consolidated statements of income and comprehensive income for the years ended June30,2012and2011.
Earnings Per Share, Policy [Policy Text Block]

Basic and Diluted Earnings Per Share

 

Basic earnings per share (“BEPS”) is computed by dividing the net income by the weighted average number of common shares outstanding for the year. Diluted earnings per share (“DEPS”) is computed giving effect to all dilutive potential common shares outstanding during the year. Dilutive potential common shares consist of incremental shares issuable upon the exercise of stock options and warrants using the “treasury stock” method. The computation of DEPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings.   For the year ended June 30, 2012, there were 1,441,840, common share equivalents included in the computation of the diluted earnings per share. For the year ended June 30, 2012, a total of 777,061 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive.  For the year ended June 30, 2011, there were 187,203 common share equivalents included in the computation of the diluted earnings per share.  For the year ended June 30, 2011, a total of 777,061 common stock purchase warrants and stock options were excluded from the computation of diluted loss per share, as their effect would have been anti-dilutive.

 

In connection with the employment agreements with the Company’s Chief Executive Officer and Chief Financial Officer (see Note 7), on April 27, 2012, the Board of Directors approved the issuance of 1,165,359 shares of restricted stock. The shares vest based on the market price of the Company’s common stock. The Company issued these shares to the executives and they are being held by an escrow agent and will be released to the executives when they vest.  The Company excludes these escrow shares from the basic and diluted earnings per share calculations as the market price of the Company’s common stock did not trade at or above the target stock prices per the employment agreements during the reporting period.

 

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the years ended June 30:

 

    2012     2011  
Numerator:                
Net income   $ 4,096,000     $ 2,288,000  
                 
Denominator:                
Basic weighted-average shares outstanding     13,976,810       12,295,696  
Effect of dilutive securities     276,481       187,203  
Diluted weighted-average diluted shares     14,253,291       12,482,899  
Basic earnings per common share   $ 0.29     $ 0.19  
Diluted earnings  per common share   $ 0.29     $ 0.18  

 
Derivatives and Fair Value [Text Block]

Derivative Liabilities

 

For purposes of determining whether certain instruments are derivatives for accounting treatment, the Company follows the accounting standard that provides guidance for determining whether an equity-linked financial instrument, or embedded feature, is indexed to an entity’s own stock. The standard applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. 

 

The Company has certain common stock purchase warrants that are accounted for as derivative liabilities as they do not meet the requirements to be treated as equity instruments. 

 

The fair value of these common stock purchase warrants was $442,000 on June 30, 2012.  The fair value of these common stock purchase warrants was $672,000 on June 30, 2011.  The total value of these derivative liabilities decreased for the year ended June 30, 2012, and as a result, the Company recognized a gain of approximately $230,000 from the change in fair value of these warrants for the year ended June 30, 2012 and recognized a loss of approximately $381,000 from the change in fair value of these warrants for the year ended June 30, 2011.

 

On December 2, 2010 the Company accounted for all unexercised stock purchase warrants as derivative liabilities because if all outstanding options and warrants were exercised there would be insufficient authorized shares to fulfill the request.  As of that date, additional paid-in capital was reduced by $338,000 and derivative liabilities were increased by $338,000. 

 

On January 21, 2011, 3,563 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $1.60 and 1,782 shares of common stock were issued. As a result of this exercise, $4,994 was reclassified to additional paid-in capital from derivative liabilities.

 

On February 11, 2011, 3,563 warrants were exercised for $2,850 and $5,318 was reclassified to additional paid-in capital from derivative liabilities. The fair value of the remaining unexercised warrants was $262,000 as of March 25, 2011, and the Company recorded a gain of $65,000 for the year ended June 30, 2011 in connection with the change in fair value of these warrants.

 

Effective March 25, 2011, the Company completed a reverse/forward stock split and reduced the number of shares outstanding from approximately 139,150,000 to 13,915,000 and no longer accounted for unexercised stock purchase warrants as derivative liabilities. The Company had sufficient authorized shares available for the exercise of all outstanding options and stock purchase warrants. As of March 25, 2011, additional paid-in capital was increased by $262,000 and derivative liabilities were reduced by $262,000.

 

All future changes in the fair value of the Company’s warrants that are still accounted for as derivatives and will be recognized in earnings until such time as the warrants are exercised or expire. These common stock purchase warrants do not trade in an active securities market, and as such, the Company estimates the fair value of these warrants using Black-Scholes and the following assumptions:

 

    June 30,     June 30,  
    2012     2011  
Annual dividend yield     0.0%     0.0%
Expected life (years)     1.5 -2.25       0.17 -4.00  
Risk-free interest rate     0.25%– 0.33%       0.16%– 1.79%  
Expected volatility     28% - 91%       87% - 151%  

 

Expected volatility is based primarily on historical volatility. Historical volatility was computed using weekly pricing observations for recent periods. The Company believes this method produces an estimate that is representative of the Company’s expectations of future volatility over the expected term of these warrants. The Company currently has no reason to believe future volatility over the expected remaining life of these warrants is likely to differ materially from historical volatility.  The expected life is based on the remaining contractual term of the warrants. The risk-free rate is based on the U.S. Treasury rate that corresponds to the expected term of the warrants.

 

Liabilities measured at fair value on a recurring basis are summarized as follows:

 

June 30, 2012   Level 1     Level 2     Level 3     Total  
Derivative liability related to fair value of warrants   $ -     $ -     $ 442,000     $ 442,000  

 

June 30, 2011   Level 1     Level 2     Level 3     Total  
Derivative liability related to fair value of warrants   $ -     $ -     $ 672,000     $ 672,000  

 

The following table details the approximate fair value measurements within the fair value hierarchy of the Company’s derivative liabilities using Level 3 Inputs:

 

Balance as of  July 1, 2010   $ 291,000  
Warrants reclassified from additional paid-in capital  to derivative liabilities     338,000  
Warrants reclassified from derivative liabilities to additional paid-in capital     (272,000 )
Change in fair value of derivative liabilities     315,000  
Balance as of June 30, 2011     672,000  
         
Change in fair value of derivative liabilities     (230,000 )
Balance as of June 30, 2012   $ 442,000  

 

The Company has no assets that are measured at fair value on a recurring basis. There were no assets or liabilities measured at fair value on a non-recurring basis during the years ended June 30, 2012 and 2011, respectively.
New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

 

In June2011, the FASB issued guidance on the presentation of comprehensive income. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. Instead, an entity will be required to present either a continuous statement of income and other comprehensive income or in two separate but consecutive statements. The new guidance will be effective for the Company beginning July 1,2012and will have presentation changes only.

 

In September2011, the FASB issued an accounting standard update that amends the accounting guidance on goodwill impairment testing. The amendments in this accounting standard update are intended to reduce complexity and costs by allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. The amendments also improve previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The amendments in this accounting standard update are effective for interim and annual goodwill impairment tests performed for fiscal years beginning after December15,2011. The adoption of this accounting standard update will not have an impact on our consolidated financial position, results of operations, or cash flows, as it is intended to simplify the assessment for goodwill impairment.
XML 42 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 12 Months Ended
Jun. 30, 2012
Sep. 10, 2012
Dec. 30, 2011
Entity Registrant Name MAM SOFTWARE GROUP, INC.    
Entity Central Index Key 0000832488    
Current Fiscal Year End Date --06-30    
Entity Filer Category Smaller Reporting Company    
Trading Symbol mams    
Entity Common Stock, Shares Outstanding   14,018,247  
Document Type 10-K    
Amendment Flag false    
Document Period End Date Jun. 30, 2012    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2012    
Entity Well-Known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 12,345,199
XML 43 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Schedule of Goodwill [Table Text Block]

Goodwill activity for the years ending June 30, 2012 and 2011 are as follows:

 

Balance June 30, 2010   $ 8,924,000  
Effect of exchange rate changes     408,000  
Balance June 30, 2011   $ 9,332,000  
         
Effect of exchange rate changes     (174,000 )
Balance June 30, 2012   $ 9,158,000
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the years ended June 30:

 

    2012     2011  
Numerator:                
Net income   $ 4,096,000     $ 2,288,000  
                 
Denominator:                
Basic weighted-average shares outstanding     13,976,810       12,295,696  
Effect of dilutive securities     276,481       187,203  
Diluted weighted-average diluted shares     14,253,291       12,482,899  
Basic earnings per common share   $ 0.29     $ 0.19  
Diluted earnings  per common share   $ 0.29     $ 0.18  
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block]

These common stock purchase warrants do not trade in an active securities market, and as such, the Company estimates the fair value of these warrants using Black-Scholes and the following assumptions:

 

    June 30,     June 30,  
    2012     2011  
Annual dividend yield     0.0%     0.0%
Expected life (years)     1.5 -2.25       0.17 -4.00  
Risk-free interest rate     0.25%– 0.33%       0.16%– 1.79%  
Expected volatility     28% - 91%       87% - 151%
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

Liabilities measured at fair value on a recurring basis are summarized as follows:

 

June 30, 2012   Level 1     Level 2     Level 3     Total  
Derivative liability related to fair value of warrants   $ -     $ -     $ 442,000     $ 442,000  

 

June 30, 2011   Level 1     Level 2     Level 3     Total  
Derivative liability related to fair value of warrants   $ -     $ -     $ 672,000     $ 672,000
Schedule of Derivative Liabilities at Fair Value [Table Text Block]

The following table details the approximate fair value measurements within the fair value hierarchy of the Company’s derivative liabilities using Level 3 Inputs:

 

Balance as of  July 1, 2010   $ 291,000  
Warrants reclassified from additional paid-in capital  to derivative liabilities     338,000  
Warrants reclassified from derivative liabilities to additional paid-in capital     (272,000 )
Change in fair value of derivative liabilities     315,000  
Balance as of June 30, 2011     672,000  
         
Change in fair value of derivative liabilities     (230,000 )
Balance as of June 30, 2012   $ 442,000
XML 44 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Revenues $ 26,090 $ 25,619
Cost of revenues 10,676 10,847
Gross Profit 15,414 14,772
Operating Expenses    
Research and development 3,267 3,150
Sales and marketing 2,709 2,225
General and administrative 3,448 4,189
Depreciation and amortization 1,198 1,109
Total Operating Expenses 10,622 10,673
Operating Income 4,792 4,099
Other Income (Expense)    
Interest expense (191) (653)
Change in fair value of derivative liabilities 230 (315)
Gain on settlement of liabilities 215 62
Total Other Income (Expense), net 254 (906)
Income before provision for income taxes 5,046 3,193
Provision for income taxes 950 905
Net Income 4,096 2,288
Foreign currency translation (369) 207
Total Comprehensive Income $ 3,727 $ 2,495
Earnings per share attributed to common stockholders - basic (in dollars per share) $ 0.29 $ 0.19
Earnings per share attributed to common stockholders - diluted (in dollars per share) $ 0.29 $ 0.18
Weighted average common shares outstanding - basic (in shares) 13,976,810 12,295,696
Weighted average common shares outstanding - diluted (in shares) 14,253,291 12,482,899
XML 45 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
LONG -TERM DEBT
 12 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

NOTE 5. LONG-TERM DEBT

 

Long-term debt consists of the following as of June 30:

 

    2012     2011  
HSBC term loan   $ 945,000     $ 1,669,000  
Secured notes     97,000       180,000  
Other notes     -       13,000  
      1,042,000       1,862,000  
Less current portion     (759,000 )     (1,086,000 )
Long term portion   $ 283,000     $ 776,000  

 

Future maturities of long-term debt at June 30, 2012 are as follows:

 

Years Ending June 30,        
2013   $ 759,000  
2014     283,000  
         
Total   $ 1,042,000  

 

HSBC Bank plc.

 

On October 25, 2010, MAM Ltd., entered into a three-year term loan agreement with HSBC Bank plc. (“HSBC”) as lender (the “HSBC Term Loan”). The HSBC Term Loan provides for £1,324,550 (approximately $2.0 million at the exchange rate on October 25, 2010) with a term of three years from the date the HSBC Term Loan is first drawn down. The HSBC Term Loan is repayable in thirty-six (36) monthly installments, inclusive of interest, together with such sums in the final month to discharge the balance of the HSBC Term Loan. The proceeds of the HSBC Term Loan were used to fully repay the residual balance of the credit facility due to ComVest Capital LLC (“ComVest”) from the Company (see below).

 

The interest rate under the HSBC Term Loan is 2.9% per annum over HSBC’s Sterling Base Rate, as published from time to time, which totals 3.4% at June 30, 2012. A prepayment fee of 1.5% of the amount prepaid will be payable by the Company in the event of the HSBC Term Loan being refinanced to another lender.

 

The HSBC Term Loan is secured by the following instruments: a guarantee granted by the Company, ASNA and MAM Software Inc. in favor of HSBC pursuant to which each would guarantee the repayment of the HSBC Term Loan (the “Guarantee”); an all assets debenture granted by MAM Ltd. in favor of HSBC including a first fixed charge over book debts and stock, which would create fixed and floating the charges over the assets and undertaking of MAM Ltd. for the provision of the HSBC Term Loan (“Debenture”); and a mortgage of the life insurance policies in favor of MAM Ltd. in relation to a Company  employee and the Company’s CEO. The Company recorded debt issuance fees of $60,000 related to the HSBC Term Loan, which is being amortized over the life of the loan. Amortization expense was $25,000 and $24,000, for the years ended June 30, 2012 and 2011, respectively. The HSBC Term Loan contains various financial covenants. As of June 30, 2012, the Company was in compliance with all such covenants.

 

ComVest Capital LLC Loan Agreement

 

On October 26, 2010, the Company repaid in full the ComVest Revolving Credit and Term Loan Agreement (the “Loan Agreement”) from the proceeds from the HSBC Term Loan.

 

On December 21, 2007, the Company entered into a Loan Agreement with ComVest Capital LLC (“ComVest”), as lender, pursuant to which ComVest agreed to extend a $1,000,000 secured revolving Credit Facility and a $5,000,000 Term Loan.

 

The Company incurred certain fees in connection with the Loan Agreement with ComVest. The debt issuance costs of $478,000 were recorded on the date of the agreement as deferred costs and were amortized and charged to interest expense over the term of the loan using the effective interest method. The debt issuance costs were fully amortized as of December 31, 2010. Amortization of the debt issuance costs was $7,000 for the year ended June 30, 2011. In connection with the embedded conversion feature of the ComVest Loan Agreement and certain warrants issued to ComVest, which were accounted as derivative instruments, the Company recorded a debt discount as a reduction in the carrying value of the debt. The debt discount was amortized and charged to interest expense over the term of the loan using the effective interest method and was fully amortized as of December 31, 2010. Amortization of the debt discount was $71,000 for the year ended June 30, 2011.

 

Secured Notes

 

The Company has secured notes totaling $97,000 payable over 27 months with monthly payments of $6,430 which will mature through 2014.  The notes bear interest rates of 5.49% to 9.54% and are secured by equipment with a net carrying value of $277,000 and $319,000 as of June 30, 2012 and June 30, 2011, respectively.
XML 46 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]

NOTE 4. INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

    June 30,
2012		     June 30,
2011		  
Assets not subject to amortization:                
Goodwill   $ 9,158,000     $ 9,332,000  
Assets subject to amortization:                
Completed software technology (9-10 years  useful life)   $ 3,035,000     $ 3,067,000  
Customer contracts / relationships (10 years  useful life)     3,733,000       3,750,000  
Automotive data services (20 years  useful life)     306,000       314,000  
      7,074,000       7,131,000  
Less : Accumulated amortization     (5,713,000 )     (5,038,000 )
Amortizable intangible assets, net   $ 1,361,000     $ 2,093,000  
                 
Software development costs   $ 3,078,000     $ 3,095,000  
Less : Accumulated amortization     (1,972,000 )     (1,731,000 )
Software development costs, net   $ 1,106,000     $ 1,364,000  

 

For the years ended June 30, 2012 and 2011, the Company recognized amortization expense on its software development costs and other amortizable intangible assets of $1,007,000 and $910,000, respectively.

 

Estimated future amortization of software development costs and intangibles is as follows:

 

Years Ending June 30,        
2013   $ 772,000  
2014     689,000  
2015     696,000  
2016     310,000  
         
Total   $ 2,467,000  
XML 47 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
Future annual minimum payments under non-cancelable operating leases are as follows:

 

For the years ended June 30,        
2013   $ 367,000  
2014     367,000  
2015     367,000  
2016     359,000  
2017     325,000  
Thereafter     2,197,000  
    $ 3,982,000  
XML 48 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Jun. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block]

Property and equipment consist of the following:

 

    June 30,
 2012		     June 30,
 2011		  
Leasehold improvements   $ 756,000     $ 763,000  
Computer and office equipment     534,000       464,000  
Equipment under capital leases     10,000       10,000  
Furniture and equipment     283,000       284,000  
      1,583,000       1,521,000  
Less: Accumulated depreciation and amortization     (919,000 )     (745,000 )
    $ 664,000     $ 776,000
XML 49 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY
 12 Months Ended
Jun. 30, 2012
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

NOTE 8. STOCKHOLDERS’ EQUITY

 

Common Stock

 

On October 15, 2010, the Company closed its Rights Offering.  The Rights were issued to the holders of the Common Stock outstanding on the Record Date of September 7, 2010 and enabled holders to purchase 0.6 of a share for each share of Common Stock owned for $0.65 per share.  The Company raised approximately $3,193,000, net of expenses of approximately $154,000, and issued 5,151,347 shares of common stock.

 

During the quarter ended September 30, 2008, the Company approved the issuance of 48,300 shares to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly.  During the years ended June 30, 2012 and June 30, 2011, the Company issued 6,054 and 16,663 shares of common stock valued at $15,000 and $19,000, respectively.

 

During the quarter ended September 30, 2009, the Company approved the issuance of 115,682 shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly.   During the years ended June 30, 2012 and June 30, 2011, the Company issued 31,260 and 34,566 shares of common stock valued at $34,000 and $37,000, respectively.

 

During the quarter ended September 30, 2010, the Company approved the issuance of 155,625 shares to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly. During the years ended June 30, 2012 and June 30, 2011, the Company issued 42,980 and 35,079 shares of common stock valued at $34,000 and $41,000, respectively.

 

During the quarter ended September 30, 2011, the Company approved the issuance of 88,398 shares of common stock to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly.  During the year ended June 30, 2012, the Company issued 18,714 shares of common stock valued at $34,000.

 

During the years ended June 30, 2012 and 2011, the Company issued 14,088 and 122,261 shares of common stock to certain directors in lieu of quarterly cash compensation valued at $26,000 and $110,000, respectively.

 

During the quarter ended December 31, 2010, the Company issued 50,000 shares of the Company’s common stock, valued at approximately $70,000, based on the closing market price of the Company’s common stock for previously accrued bonuses.

 

During the quarter ended December 31, 2010, the Company issued 42,500 shares of common stock to employees as compensation, valued at approximately $54,000, based on the closing price of the Company’s common stock.

 

During the quarter ended December 31, 2010, the Company issued 130,000 stock options to employees for previously accrued bonuses. The exercise price of these options was $0.65 per share.   The fair value of the option shares on the grant date was $134,000 using Black-Scholes.  The options valuation was computed using a 0.63% risk-free interest rate, a 92% volatility and a one-year life.

 

During the quarter ended September 30, 2011, the Company issued 41,190 stock options to employees for previously accrued bonuses. The exercise price of these options was $1.75 per share.   The fair value of the option shares on the grant date was $62,000 using Black-Scholes.  The options valuation was computed using a 2.3% risk-free interest rate, a 128% volatility, and a five-year life.

 

On May 13, 2008, the Compensation Committee of the Board of Directors of the Company approved restricted stock awards of an aggregate of 298,500 shares of its common stock to certain employees, a corporate officer and three outside directors in respect of services previously rendered. The shares vest as follows: 34% of the shares vest immediately on the date of grant. The remaining 66% of the shares will vest in three equal installments on each of the first, second and third anniversaries of the grant date. An aggregate of 99,450 shares were fully vested and issued on the date of grant.   The Company did not receive any consideration for these grants and recorded an expense of $99,450 based on the market price of the Company’s common stock on the date of issuance.   On May 13, 2009, 51,450 additional shares vested and were issued.  The Company did not receive any consideration for the issuance of these shares, recorded an expense of $18,008 based on the market price on the date of issuance. On May 13, 2010, 51,150 additional shares vested and were issued.  The Company did not receive any consideration for the issuance of these shares, and recorded an expense of $41,000 based on the market price on the date of issuance. On May 13, 2011, 51,150 shares vested and were issued.   The Company did not receive any consideration for the issuance of these shares, and recorded an expense of $51,000 based on the market price on the date of the grant.

 

On July 11, 2011, the Company issued 14,000 shares of common stock to officers of the Company, which were valued at approximately $11,000 based on the closing market price of the Company’s common stock on the date of the grant.

   

In July 2011, the Compensation Committee approved a stock grant to officers of the Company for 174,033 shares of our common stock under the LTIP (the “Stock Grant”). These shares would have vested on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant would have expired three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested. Results between these established parameters would have been interpolated.  The Stock Grant would have vested immediately upon a change of control. The Stock Grant was cancelled April 27, 2012.

 

On August 22, 2011, the Company issued 9,404 shares of common stock to an employee of the Company in lieu of cash compensation valued at $16,000, based on the closing price of the Company’s common stock for previously accrued bonuses.

 

On September 21, 2011, the Company issued 50,000 shares of common stock to officers of the Company, which were valued at approximately $90,000 based on the closing market price of the Company’s common stock for previously accrued bonuses.

 

On January 4, 2012, the Company issued 9,286 shares of common stock to a certain officer in lieu of cash compensation, which were valued at approximately $16,000 based on the closing market price of the Company’s common stock on January 3, 2012.

 

On April 27, 2012, the Company issued 1,165,359 restricted shares in connection with its officers’ employment agreements (see Note 7).

 

Preferred Stock

 

On July 20, 2010, the Company entered into an agreement with certain warrant holders to exchange 1,165,230 of their warrants for 1,792,662 shares of the Company's Series A Preferred Stock. The agreement provides that the Series A Preferred stock are contingently convertible into shares of the Company's common stock only upon the approval of the Company's shareholders to amend the Company's certificate of incorporation to increase the number of authorized shares.

 

On March 28, 2011, the Company entered into exchange agreements (collectively, the "Exchange Agreements") with all the holders of shares of the Company's Series A Convertible Preferred Stock. Under the Exchange Agreements, the holders agreed to exchange all of their shares of Series A Preferred Stock for shares of the Company's common stock, $0.0001 par value ("Common Stock"), at an exchange ratio of one share of Common Stock for ten shares of Series A Preferred Stock (the "Exchange"). The Company issued 179,270 shares of Common Stock to eight existing Series A Preferred stockholders in exchange for all of the previously outstanding 1,792,662 shares of Series A Preferred Stock. The Common Stock was issued in reliance upon the exemption from registration set forth in Section 3(a)(9) of the Securities Act of 1933 as amended exempting any security exchanged by an issuer exclusively with its existing security holders in a transaction where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange.  As a result of the reverse/forward split, the Company obtained the shares required for the issuance to the warrant pursuant to the exchange without need for an increase in authorized shares.

 

Treasury Stock

 

On November 8, 2011, the Board of Directors authorized the repurchase of up to $250,000 of its common stock and on December 19, 2011 the Board of Directors authorized an increase in the aggregate amount of the Company’s repurchase from $250,000 to $750,000. On March 5, 2012, the Board of Directors authorized the repurchase of up to an additional $1,000,000 of company common stock. On May 18, 2012, the Board of Directors authorized the repurchase of up to an additional $1,000,000 of company common stock. On June 22, 2012, the Board of Directors authorized the repurchase of up to an additional $2,000,000 of company common stock. As of June 30, 2012 the Company has repurchased 1,240,337 shares at a cost of approximately $2,430,000, and has a remaining approval to repurchase an additional $2,320,000 of treasury stock. On June 15, 2012, the Company retired 43,712 shares of common stock that were acquired at an approximate cost of $73,000.

 

Stock-Based Compensation:

 

The Company granted common stock options to employees during fiscal 2012 under the Company’s LTIP. A summary of the Company's common stock option activity is presented below (shares in thousands):

  

    Options Outstanding  
    Number of 
Shares 
(in 
thousands)		     Weighted- 
Average  
Exercise 
Price		     Weighted- 
Average 
Remaining 
Contractual 
Life 
(in years)		     Aggregate 
Intrinsic 
Value 
(in thousands)		  
Options outstanding - July 1, 2011     524     $ 0.76                  
Options granted     41       1.75                  
Options exercised     -       -                  
Options cancelled     (394 )     0.80                  
Options outstanding - June 30, 2012     171     $ 0.91       8.6     $ 225  
Options exercisable - June 30, 2012     171     $ 0.91       8.6     $ 225  
Options exercisable and expected to vest - June 30, 2012     171     $ 0.91       8.6     $ 225  

 

The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company:

 

    Year 
 Ended		  
    June 30,  
    2012  
Expected term (in years)     5.0  
Expected volatility     128 %
Risk-free interest rate     2.30 %
Expected dividends     -  
         
Weighted-average grant date fair value per share   $ 1.50  

 

Employee Stock Purchase Plan

 

On September 21, 2011, the Company approved the MAM Software Group, Inc. Employee Stock Purchase Plan (“ESPP” or the “Plan”). On December 16, 2011 the shareholders approved the ESPP. Under the ESPP the Company will grant eligible employees the right to purchase Common Stock through payroll deductions at a price equal to the lesser of 85 percent of the fair market value of a share of Common Stock on the Exercise Date of the current Offering Period or 85 percent of the fair market value of our Common Stock on the Grant Date of the Offering Period. No employee will be granted an option to purchase more than $2,400 of fair market value common stock in a calendar year. The Plan is intended to be an “employee stock purchase plan” as defined in Section 423 of the Internal Revenue Code. The Plan covers a maximum of 100,000 shares of Common Stock which will be offered to employees until January 2, 2022 or until the Plan is terminated by the Board of Directors. During the quarter ended March 31, 2012, the Company issued 2,385 shares of common stock to employees including an officer, under the ESPP in lieu of compensation, which were valued at approximately $4,000 based on the closing market price of the Company’s common stock on December 31, 2011.

 

Warrants:

 

The following is a summary of warrant activity for the year ended June 30, 2012:

 

Balance as of June 30, 2011     1,077,460  
Warrants expired     (343,750 )
Exercise of warrants     (6,466 )
Warrants issued and outstanding at June 30, 2012     727,244  

 

The outstanding warrants are all exercisable, have an exercise price ranging from $0.80 to $10.00 and remaining life of 1.0 years to 2.5 years. The weighted average exercise price is $2.43 per share and the weighted remaining life is 1.5 years.

 

During the year ended June 30, 2012, 6,466 warrants were exercised at a weighted average exercise price of $0.80.

 

During the year ended June 30, 2011, 7,124 warrants were exercised at a weighted average exercise price of $0.80.

 

The value of the warrants is included in general and administrative expenses in the consolidated statements of income and comprehensive income.

 

On June 6, 2012, 3,233 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $2.20 and 2,058 shares of common stock were issued.

 

On June 6, 2012, 3,233 warrants were exercised for $0.80 per share generating $3,000 and 3,233 shares of common stock were issued.

 

On January 21, 2011, 3,563 warrants exercisable at $0.80 were exercised using the cashless exercise provision of the warrant agreement. The average closing price for the prior five days was $1.60 and 1,782 shares of common stock were issued.

 

On February 11, 2011, 3,563 warrants were exercised for $0.80 per share generating $3,000 and 3,563 shares of common stock were issued.
XML 50 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
 12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

NOTE 6. INCOME TAXES

 

The Company is subject to taxation in the U.S., U.K. and various U.S. state jurisdictions. The Company’s tax years for 1993 and forward are subject to examination by the U.S. and state tax authorities due to the carry forward of unutilized net operating losses.  

 

At June 30, 2012, the Company had net U.S. deferred tax assets of approximately $9,942,000. Due to uncertainties surrounding the Company’s ability to generate future U.S. taxable income to realize these assets, a full valuation allowance has been established to offset carry-forwards of not only the net operating losses (“NOLs”), but also its capital losses due to investments previously written off. Additionally, the future utilization of the Company’s federal and state NOLs to offset future taxable income have been determined to be subject to an annual limitation pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383 as a result of ownership changes that have previously occurred.

 

During the year ended June 30, 2010, the Company estimated the amount of NOLs that would be allowed, which resulted in an increase of $9.3 million and a corresponding increase in the valuation allowance based on it being deemed more likely than not that there would not be sufficient taxable income in future periods to offset these NOLs.

 

Through its Section 382 study, the Company has analyzed any NOLs from its acquired subsidiaries to determine the maximum potential future tax benefit that might be available, and the corresponding limitation imposed based on IRC Section 382. As a result, by the year ended June 30, 2011, the Company adjusted the aforementioned net operating losses previously estimated. The outcome resulted in a determination that it could utilize, annually, approximately $560,000 of previously incurred NOLs; presuming, however, there is taxable income in future periods affording utilization prior to expiration.   Due to the recognition of a full valuation allowance against these NOLs, future changes in the Company’s unrecognized tax benefits will not impact the Company’s tax provision.

 

At June 30, 2012, the Company had combined federal and state NOLs of approximately $20.6 million. The federal NOLs expire at various dates through 2031 unless utilized prior to expiration. At June 30, 2012, the Company no longer had NOLs in its U.K. tax jurisdiction.

 

Finally, the change in the valuation allowance is primarily attributable to the change in deferred tax assets related to NOLs, as capital loss carry-forwards have not changed year to year.

 

The provision (benefit) for income taxes consists of the following for the years ended June 30, 2012 and 2011:

 

    U.S.
Federal		     U.S.
State		     U.K.
Corporate		     Total  
2012                                
Current   $ -     $ 8,000     $ 1,019,000     $ 1,027,000  
Deferred     -       -       (77,000 )     (77,000 )
Total   $ -     $ 8,000     $ 942,000     $ 950,000  
                                 
2011                                
Current   $ -     $ -     $ 1,301,000     $ 1,301,000  
Deferred     -       -       (396,000 )     (396,000 )
Total   $ -     $ -     $ 905,000     $ 905,000  

  

The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets consist of the following at June 30, 2012 and 2011:

 

    June 30,
2012		     June 30,
2011		  
Deferred tax assets:                
State taxes   $ 3,000     $ -  
Net operating loss carry-forwards     8,094,000       8,381,000  
Write-down of investments     1,889,000       1,889,000  
Deferred revenue     192,000       132,000  
Equity based compensation     7,000       117,000  
Reserves and accruals     129,000       132,000  
Deferred rent     123,000       140,000  
Derivative liabilities     222,000       269,000  
Total deferred tax assets     10,659,000       11,060,000  
                 
Deferred tax (liabilities):                
Intangible and other long-lived assets     (886,000 )     (1,205,000 )
Total deferred tax (liabilities)     (886,000 )     (1,205,000 )
                 
Valuation allowance     (9,942,000 )     (10,101,000 )
Net deferred tax (liabilities)   $ (169,000 )   $ (246,000 )

 

The provision for income taxes for the years ended June 30, 2012 and 2011 differs from the amount computed by applying the U.S. federal income tax rates to net income from continuing operations before taxes as a result of the following:

 

    June 30,  
    2012     2011  
Taxes at federal statutory rates   $ 1,716,000     $ 1,085,000  
State taxes, net of federal benefit     5,000       125,000  
                 
Adjustment to reserves and accruals     -       (376,000 )
Other, net     24,000       (46,000 )
Differential in U.K. corporate tax rate     (487,000 )     (286,000 )
Change in valuation allowance -federal     (308,000 )     403,000  
Total adjustments     (766,000 )     (180,000 )
Provision for income taxes   $ 950,000     $ 905,000  

 

A provision has not been made at June 30, 2012 and 2011, for U.S. or additional foreign withholding taxes on undistributed earnings of its U.K. subsidiaries because it is the present intention of management to reinvest the undistributed earnings indefinitely in foreign operations. Generally, such earnings become subject to U.S. tax upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability on such undistributed earnings.
XML 51 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

NOTE 7. COMMITMENTS AND CONTINGENCIES

 

Legal Matters

 

From time to time, the Company is subject to various legal claims and proceedings arising in the ordinary course of business. The ultimate disposition of these proceedings could have a material adverse effect on the consolidated financial position or results of operations of the Company.

 

Indemnities and Guarantees

 

The Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party, in relation to certain actions or transactions. The Company indemnifies its directors, officers, employees and agents, as permitted under the laws of the State of Delaware. In connection with its facility leases, the Company has indemnified its lessors for certain claims arising from the use of the facilities. In connection with its customers’ contracts the Company indemnifies the customer that the software provided does not violate any U.S. patent. The duration of the guarantees and indemnities varies, and is generally tied to the life of the agreement. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheets.

 

MAM Ltd. has agreed to indemnify HSBC and others from and against all and any liability they might incur in the exercise of any powers, authorities and discretions under or in connection with the HSBC Term Loan (see Note 4).

 

The Company agreed to indemnify ComVest and its directors, officers, employees, attorneys and agents against, and to hold ComVest and such persons harmless from, any and all losses, claims, damages and liabilities and related expenses, including reasonable counsel fees and expenses, they may incur, arising out of, related to, or as a result of, certain transactions or events in connection with the Credit Facility and Term Loan (see Note 5).

 

Operating Leases

 

The Company leases its facilities and certain equipment pursuant to month-to-month and non-cancelable operating lease agreements that expire on various dates through October 2028. Terms of the leases provide for monthly payments ranging from $500 to $17,300. For the years ended June 30, 2012 and 2011, the Company incurred rent expense totaling approximately $390,000 and $459,000, respectively. Future annual minimum payments under non-cancelable operating leases are as follows:

 

For the years ended June 30,        
2013   $ 367,000  
2014     367,000  
2015     367,000  
2016     359,000  
2017     325,000  
Thereafter     2,197,000  
    $ 3,982,000  

 

Employment Agreements

 

On July 13, 2010, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved employment agreements, including a bonus plan, with Michael Jamieson, the Company’s President and Chief Executive Officer and Charles F. Trapp, the Company’s Executive Vice President and Chief Financial Officer.  Such employments agreements and bonus plans were entered into as of July 1, 2010 (the “Effective Date”), the first day of the 2011 fiscal year. Effective July 1, 2012 the Company has agreed to extend the terms of the employment agreements, and as a result, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013.

 

Michael Jamieson Employment Agreement

 

The Employment Agreement with Mr. Jamieson (the “Jamieson Agreement”) is for an initial term of three years from the Effective Date, and is automatically renewable for successive one-year periods unless terminated by Mr. Jamieson or the Company. Mr. Jamieson will receive an annual base salary of 150,000 GBP (approximately U.S. $225,000), payable in British Pounds Sterling. Effective July 1, 2012, the Company extended the Employment Agreement from the original term of three (3) years to five (5) years, commencing July 1, 2012. As a result of the amendment, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013.

 

Mr. Jamieson is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance goal(s) of the Company, which are to be established by our Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established an EBITDA-related target for the fiscal year ended June 30, 2012 with respect to Mr. Jamieson’s potential incentive compensation for fiscal 2012. The Company has accrued approximately $82,000 for Mr. Jamieson for his fiscal 2012 incentive compensation.

 

In addition, Mr. Jamieson is entitled to participate in all of the Company’s benefit plans and our equity-based compensation plans, which currently consists of the Company’s LTIP. Pursuant to the Jamieson Agreement, Mr. Jamieson is to be awarded 50,000 restricted common shares under the LTIP (the “Stock Grant”).  The shares will vest ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant. As of June 30, 2011 10,000 shares vested and on June 30, 2012 15,000 shares vested. All vested shares have been issued.

 

In July 2010, the Compensation Committee granted Mr. Jamieson options to purchase 210,938 shares of our common stock under the LTIP (the “Option Grant”). These options would have vested on the third anniversary of the grant date, at a strike price of $0.80 per share, depending on the extent to which certain performance targets have been met. The options would have expired ten years from the grant date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant would have vested Results between these established parameters would have been interpolated.  The Option Grant would have vested immediately upon a change of control. The Option Grant was cancelled April 27, 2012.

 

In July 2011, the Compensation Committee approved a stock grant to Mr. Jamieson for 93,232 shares of our common stock under the LTIP (the “Stock Grant”). These shares would have vested on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant would have expired three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested. Results between these established parameters would have been interpolated.  The Stock Grant would have vested immediately upon a change of control. The Stock Grant was cancelled April 27, 2012.

 

On April 27, 2012, the Board of Directors approved the issuance of 728,350 restricted shares of Company common stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Jamieson and are being held in escrow until they vest. The Stock Grants will vest according to the following schedule:

  

  - 40% when the market price of the Company’s common stock trades at or above $5 for the previous 30 day volume weighted average price (“VWAP”)
  - 15% when the market price of the Company’s common stock trades at or above $6 for the previous 30 day VWAP.
  - 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP.
  - 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP.

 

The initial value of the common stock grant was approximately $244,000 and as of June 30, 2012, the amount of unamortized stock based compensation that has not been expensed related to the unvested common stock grant is approximately $228,000. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%.

 

Upon a Change of Control, as defined in Mr. Jamieson’s Employment Agreement effective as of July 1, 2010, all shares of Common Stock with a price target of $5 per share as described above will immediately vest. All other shares issued pursuant to the Stock Grants will not vest upon a Change of Control.

 

The Jamieson Agreement provides that in the event Mr. Jamieson’s employment is terminated by the Company other than for cause or disability, or Mr. Jamieson shall terminate his employment for good reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary. In addition, under such circumstances, all of Mr. Jamieson’s stock appreciation rights and restricted stock will immediately vest and all vested stock options and stock appreciation rights shall be payable in shares of our common stock.

 

Charles F. Trapp Employment Agreement

 

The Employment Agreement with Mr. Trapp (the “Trapp Agreement”) is for an initial term of three years from the Effective Date, and is automatically renewable for successive one-year periods unless terminated by Mr. Trapp or the Company. Mr. Trapp will receive an annual base salary of $195,000, payable in U.S. dollars. Effective July 1, 2012, the Company extended the Employment Agreement from the original term of three (3) years to five (5) years, commencing July 1, 2012. As a result of the amendment, the employment terms now expire on June 30, 2015, as opposed to June 30, 2013.

 

Mr. Trapp is eligible for a performance-based annual cash incentive bonus depending on the extent to which the applicable performance  goal(s) of   the Company,   which  are   to   be  established   by  the Compensation Committee or pursuant to a formal bonus plan, are achieved, subject to any operating covenants in place with respect to outstanding bank debt. The Compensation Committee established an EBITDA-related target for the fiscal year ended June 30, 2012, with respect to Mr. Trapp’s potential incentive compensation for fiscal 2012. The Company has accrued approximately $72,000 for Mr. Trapp for his fiscal 2012 incentive compensation.

 

In addition, Mr. Trapp is entitled to participate in all of our benefit plans and equity-based compensation plans, which currently consists of the LTIP. Pursuant to the Trapp Agreement, Mr. Trapp is to be awarded 20,000 restricted common shares under the LTIP (the “Stock Grant”).  The shares will vest ratably over a three-year period, with 20% vesting on the first anniversary of the Stock Grant, 30% vesting on the second anniversary of the Stock Grant, and 50% vesting on the third anniversary of the Stock Grant. As of June 30, 2011 4,000 shares vested and on June 30, 2012 6,000 shares vested. All vested shares have been issued.

 

In July 2010, the Trapp Agreement also entitles Mr. Trapp to be granted options to purchase 182,813 shares of our common stock under the LTIP (the “Option Grant”). These options would have vested on the third anniversary of the grant date, at a strike price of $0.80 per share, depending on the extent to which certain performance targets have been met. The options expire ten years from the grant date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Option Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Option Grant would have vested; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; and (iv) are equal to or better than 120% of the established target(s), 100% of the Option Grant would have vested.  Results between these established parameters would have been interpolated.  The Option Grant would have vested immediately upon a change of control. The Option Grant was cancelled April 27, 2012.

 

In July 2011, the Compensation Committee issued to Mr. Trapp a stock grant for 80,801 shares of our common stock under the LTIP (the “Stock Grant”). These shares will vest on the third anniversary of the grant date depending on the extent to which certain performance targets have been met. The grant expires three years from the issuance date, if vested.  If the Company’s results: (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award will vest; and  (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant will vest. Results between these established parameters will be interpolated.  The Stock Grant would have vested immediately upon a change of control. The Stock Grant was cancelled April 27, 2012.

 

On April 27, 2012 the Board of Directors approved the issuance of 437,009 restricted shares of Company common Stock pursuant to the Company’s 2007 Long-term Incentive Plan. These shares were issued to Mr. Trapp and are being held in escrow until they vest.

 

The Stock Grants will vest according to the following schedule:

 

  - 40% when the market price of the Company’s common stock trades at or above $5 for the previous 30 day volume weighted average price (“VWAP”)
  - 15% when the market price of the Company’s common stock trades at or above $6 for the previous 30 day VWAP.
  - 15% when the market price of the Company’s common stock trades at or above $7 for the previous 30 day VWAP.
  - 30% when the market price of the Company’s common stock trades at or above $8 for the previous 30 day VWAP.

 

The initial value of the common stock grant was approximately $146,000 and as of June 30, 2012, the amount of unamortized stock based compensation that has not been expensed related to the unvested common stock grant is approximately $137,000. The shares were valued using a Monte Carlo Simulation with a three year life, 124.8% volatility and a risk free interest rate of 0.39%.

 

Upon a Change of Control, as defined in Mr. Trapp’s Employment Agreements effective as of July 1, 2010, all shares of Common Stock with a price target of $5 per share as described above will immediately vest. All other shares issued pursuant to the Stock Grants will not vest upon a Change of Control.

 

The Trapp Agreement provides that in the event Mr. Trapp’s employment is terminated by the Company other than for cause or disability, or Mr. Trapp shall terminate his employment for good reason, he is entitled to, among other things, a severance payment equal to his 12 months base salary. In addition, under such circumstances,   all  of  Mr. Trapp’s stock appreciation rights and restricted  stock  will immediately vest and all vested stock options and stock appreciation rights shall be payable in shares of the Company’s common stock.
XML 52 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
 12 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 9. SUBSEQUENT EVENTS

 

During the quarter ended September 30, 2012, the Company issued 2,219 shares of common stock to employees including an officer, under the ESPP in lieu of compensation, which were valued at approximately $3,000 based on the closing market price of the Company’s common stock on June 30, 2012.

 

On July 3, 2012, the Company issued 21,000 shares of common stock to officers of the Company, which were valued at approximately $17,000 based on the closing market price of the Company’s common stock on the date of the grant.

 

On July 11, 2012, the Company issued 27,296 shares of common stock to certain directors, which were valued at approximately $32,000 based on the closing market price of the Company’s common stock on the date of the grant.

 

During the quarter ended September 30, 2012, the Company approved the issuance of 98,654 shares to the non-management members of the Board of Directors under the Company’s 2007 LTIP in respect of quarterly compensation.  The shares vest over a three year period and are issued quarterly. The shares were valued at approximately $220,000, based on the closing market price of the Company’s common stock on the date of the grant, July 2, 2012.

 

From July 1, 2012 until September 10, 2012, the Company repurchased 328,373 shares of the common stock at a cost of approximately $738,000

 

On July 25, 2012, the Company retired 1,145,759 shares of common stock that were acquired at an approximate cost of $2,242,000.
XML 53 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Goodwill $ 9,158 $ 9,332 $ 8,924
Finite-Lived Intangible Assets, Gross 7,074 7,131  
Less : Accumulated amortization (5,713) (5,038)  
Amortizable intangible assets, net 1,361 2,093  
Software development costs 3,078 3,095  
Less : Accumulated amortization (1,972) (1,731)  
Software development costs, net 1,106 1,364  
Completed Software Technology [Member]
      
Finite-Lived Intangible Assets, Gross 3,035 3,067  
Customer Contracts / Relationships [Member]
      
Finite-Lived Intangible Assets, Gross 3,733 3,750  
Automotive Data Services [Member]
      
Finite-Lived Intangible Assets, Gross $ 306 $ 314  
XML 54 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
LONG-TERM DEBT (Tables)
 12 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consists of the following as of June 30:

 

    2012     2011  
HSBC term loan   $ 945,000     $ 1,669,000  
Secured notes     97,000       180,000  
Other notes     -       13,000  
      1,042,000       1,862,000  
Less current portion     (759,000 )     (1,086,000 )
Long term portion   $ 283,000     $ 776,000
Schedule of Maturities of Long-term Debt [Table Text Block]

Future maturities of long-term debt at June 30, 2012 are as follows:

 

Years Ending June 30,        
2013   $ 759,000  
2014     283,000  
         
Total   $ 1,042,000
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Net income $ 4,096 $ 2,288
Basic weighted-average shares outstanding 13,976,810 12,295,696
Effect of dilutive securities 276,481 187,203
Diluted weighted-average diluted shares 14,253,291 12,482,899
Basic earnings per common share $ 0.29 $ 0.19
Diluted earnings per common share $ 0.29 $ 0.18
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STOCKHOLDERS' EQUITY (Details Textual) (USD $)
 1 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 1 Months Ended 12 Months Ended 3 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
May 31, 2011
Mar. 31, 2011
Jan. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jul. 31, 2010
May 31, 2010
May 31, 2009
May 31, 2008
Sep. 30, 2011
Dec. 31, 2010
Sep. 30, 2008
Jun. 30, 2012
Jun. 30, 2011
Jul. 31, 2011
May 13, 2011
Mar. 25, 2011
Jan. 21, 2011
Jun. 30, 2010
May 13, 2010
May 13, 2009
May 13, 2008
Jul. 31, 2011
Criteria One [Member]
Jul. 31, 2011
Criteria Two [Member]
Jul. 31, 2011
Criteria Three [Member]
Jul. 31, 2011
Criteria Four [Member]
Mar. 31, 2012
Common Stock [Member]
Jan. 31, 2012
Common Stock [Member]
Sep. 30, 2011
Common Stock [Member]
Aug. 31, 2011
Common Stock [Member]
Jul. 31, 2011
Common Stock [Member]
Jun. 30, 2012
Common Stock [Member]
Jun. 30, 2011
Common Stock [Member]
Jul. 31, 2010
Maximum [Member]
Jun. 30, 2011
Maximum [Member]
Jul. 31, 2010
Minimum [Member]
Jun. 30, 2011
Minimum [Member]
Jun. 30, 2012
Quarterly Cash Compensation [Member]
Jun. 30, 2011
Quarterly Cash Compensation [Member]
Sep. 30, 2010
LTIP 2007 [Member]
Sep. 30, 2009
LTIP 2007 [Member]
Sep. 30, 2011
Employee Stock Purchase Plan [Member]
Jun. 30, 2012
Issue 1 [Member]
Jun. 30, 2011
Issue 1 [Member]
Jun. 30, 2012
Issue 2 [Member]
Jun. 30, 2011
Issue 2 [Member]
Jun. 30, 2012
Issue 3 [Member]
Jun. 30, 2011
Issue 3 [Member]
Jul. 31, 2010
Series A Preferred Stock [Member]
Warrant Exercised     3,563                                                                                            
Class of Warrant or Right, Exercise Price of Warrants or Rights                         0.80 0.80       0.80                                 10.00   0.80                        
Average Closing Price Of Common Stock     $ 1.60                                                                                            
Payments of Stock Issuance Costs         $ 154,000                                                                                        
Stock Issued During Period Upon Exercise Of Warrants Shares     1,782                                                                                            
Common stock, shares outstanding                         14,296,105 14,167,621     13,915,000                                                                
Stockholders' Equity Note, Stock Split, Conversion Ratio   10                                                                                             0
Rights Issued To Acquire Each Share Of Common, Shares         0.6                                                                                        
Rights Issued To Acquire Each Share Of Common Exercise Price         $ 0.65                                                                                        
Proceeds From Stock Subscription         3,193,000                                                                                        
Proceeds from sale of common stock, net of issuance costs (in shares)         5,151,347                                                       5,151,347                                
Stock Issued During Period Shares Share Based Compensation       54,000             42,500 48,300 18,714 34,000                         2,385 9,286 50,000 9,404 14,000             14,088 122,261 155,625 115,682           42,980 35,079  
Stock Issued During Period Shares Issued For Cash                                                                                     6,054 16,663 31,260 34,566      
Stock Issued During Period Value Issued For Cash                                                                                     15,000 19,000 34,000 37,000      
Stock Issued During Period Value Share Based Compensation                                                     4,000 16,000 90,000 16,000 11,000             26,000 110,000               34,000 41,000  
Common stock issued in settlement of accrued liabilities (in shares)                 298,500   50,000                                         59,404                                  
Common stock issued in settlement of accrued liabilities                     70,000,000   106,000                                     0                                  
Issuance of stock options in settlement of accrued liabilities                     130,000   41 134                                                                      
Weighted- Average Exercise Price Options granted                     $ 0.65   $ 1.75                                                                        
Weighted-average grant date fair value per share                   $ 62,000 $ 134,000   $ 1.5                                                                        
Risk-free interest rate                     0.63%   2.30%                                                                        
Expected volatility                     92.00%   128.00%                                                                        
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term                     1 year   5 years                                                                        
Stock Issued During Period Shares Restricted Stock Award, Percentage Of Shares Vested                 34.00%                                                                                
Stock Issued During Period Shares Restricted Stock Award Percentage Of Shares Vest In Installments                 66.00%                                                                                
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number                               51,150       51,150 51,450 99,450                                                      
Share-based Compensation 51,000           41,000 18,008 99,450                                                                                
Warrants exchanged for preferred shares           1,165,230                                                                                      
Conversion of preferred shares into common stock (in shares)                                                                 179,270                               1,792,662
Preferred stock, par value (in dollars per share)           $ 0.0001             $ 0.0001 $ 0.0001                                                                      
Preferred stock, shares outstanding                         0 0                                                                     1,792,662
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Term                                                                   3 years 6 months   6 months                          
Share-Based Compensation Arrangement By Share-Based Payment Award, Warrants, Exercisable, Weighted Average Exercise Price                                     $ 3.18                                                            
Share Based Compensation Shares Authorized Under Stock Warrants Weighted Average Remaining Contractual Term                                     1 year 10 months 24 days                                                            
Exercise of warrants                         $ 6,466 $ 7,124                                                                      
Common Stock, Capital Shares Reserved for Future Issuance                   88,398         174,033                                                                    
Fair Value Assumptions Expected Volatility Rate                   128.00%                                                                              
Fair Value Assumptions Risk Free Interest Rate                   2.30%                                                                              
Stock Issued During Period, Shares, Employee Stock Ownership Plan                   41,190                                                                              
Stock Repurchase Program, Authorized Amount                         250,000                                                                        
Stock Repurchased During Period, Shares                         1,240,337                                                                        
Stock Repurchased During Period, Value                         2,430,000                                                                        
Stock Repurchase Program, Remaining Authorized Repurchase Amount                         2,320,000                                                                        
Retirement of treasury stock (in shares)                                                               (43,712)                                  
Retirement of treasury stock                         0                                     0                                  
Options Exercise Price                   $ 1.75                                                                              
Share Based Compensation Restricted Stock Approved For Issuance                         1,165,359                                                                        
Stock Repurchase Program Authorized Amount Increase                         750,000                                                                        
Stock Repurchase Program Additional Authorized Amount 1,000,000 1,000,000                     2,000,000                                                                        
Right To Purchase Common Stock Description                                                                                   the lesser of 85 percent of the fair market value of a share of Common Stock on the Exercise Date of the current Offering Period or 85 percent of the fair market value of our Common Stock on the Grant Date of the Offering Period.              
Maximum Number Of Common Stock Covered                                                                                   100,000              
Maximum Fair Market Value Of Common Stock To Be Granted To Employees                                                                                   $ 2,400,000              
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights                                             (i) amount to less than 80% of the established target(s), none of the Stock Grant will vest; (ii) are equal to 80% of the established target(s), 25% of the Stock Grant will vest; (iii) are equal to 100% of the established target(s), 50% of the award would have vested; (iv) are equal to or better than 120% of the established target(s), 100% of the Stock Grant would have vested.                                              
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INCOME TAXES (Details 1) (USD $)
Jun. 30, 2012
Jun. 30, 2011
State taxes $ 3,000 $ 0
Net operating loss carry-forwards 8,094,000 8,381,000
Write-down of investments 1,889,000 1,889,000
Deferred revenue 192,000 132,000
Equity based compensation 7,000 117,000
Reserves and accruals 129,000 132,000
Deferred rent 123,000 140,000
Derivative liabilities 222,000 269,000
Total deferred tax assets 10,659,000 11,060,000
Intangible and other long-lived assets (886,000) (1,205,000)
Total deferred tax (liabilities) (886,000) (1,205,000)
Valuation allowance (9,942,000) (10,101,000)
Net deferred tax (liabilities) $ (169,000) $ (246,000)
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Consolidated Statements of Stockholders' Equity (USD $)
In Thousands, except Share data
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Total
Balance at Jun. 30, 2010 $ 0 $ 1 $ 29,510 $ 0 $ (768) $ (23,411) $ 5,332
Balance (in shares) at Jun. 30, 2010 0 8,486,289   0      
Proceeds from sale of common stock, net of issuance costs 0 0 3,193 0 0 0 3,193
Proceeds from sale of common stock, net of issuance costs (in shares) 0 5,151,347   0      
Common stock issued as compensation 0 0 382 0 0 0 382
Common stock issued as compensation (in shares) 0 352,219   0      
Preferred shares issued for cancellation of warrants 0 0 0 0 0 0 0
Preferred shares issued for cancellation of warrants (in shares) 1,792,622 0   0      
Conversion of preferred shares into common stock 0 0 0 0 0 0 0
Conversion of preferred shares into common stock (in shares) (1,792,622) 179,270   0      
Foreign currency translation 0 0 0 0 207 0 207
Common stock issued for warrant exercise 0 0 3 0 0 0 3
Common stock issued for warrant exercise (in shares) 0 5,345   0      
Reclassification of non-employee warrants from additional paid - in capital to derivative liabilities 0 0 (338) 0 0 0 (338)
Reclassification of non-employee warrants from derivative liabilities to additional paid - in capital 0 0 272 0 0 0 272
Fractional shares retired (in shares) 0 (6,849)   0      
Stock options issued in settlement of accrued liabilities 0 0 134 0 0 0 134
Net income 0 0 0 0 0 2,288 2,288
Balance at Jun. 30, 2011 0 1 33,156 0 (561) (21,123) 11,473
Balance (in shares) at Jun. 30, 2011 0 14,167,621   0      
Common stock issued as compensation 0 1 199 0 0 0 200
Common stock issued as compensation (in shares) 0 1,304,126   0      
Foreign currency translation 0 0 0 0 (369) 0 (369)
Common stock issued for warrant exercise 0 0 3 0 0 0 3
Common stock issued for warrant exercise (in shares) 0 5,291   0      
Common stock issued in settlement of accrued liabilities 0 0 106 0 0 0 106
Common stock issued in settlement of accrued liabilities (in shares) 0 59,404   0      
Stock options issued in settlement of accrued liabilities 0 0 62 0 0 0 62
Repurchase of common stock 0 0 0 (2,430) 0 0 (2,430)
Repurchase of common stock (in shares) 0 0   (1,240,337)      
Retirement of treasury stock 0 0 (73) 73 0 0 0
Retirement of treasury stock (in shares) 0 (43,712)   43,712      
Net income 0 0 0 0 0 4,096 4,096
Balance at Jun. 30, 2012 $ 0 $ 2 $ 33,453 $ (2,357) $ (930) $ (17,027) $ 13,141
Balance (in shares) at Jun. 30, 2012 0 15,492,730   (1,196,625)      
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RELATED PARTY TRANSACTIONS
 12 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

NOTE 3. RELATED PARTY TRANSACTIONS

 

As part of the MAM share repurchase plan, during the year ended June 30, 2012, the Company purchased 33,466 shares of common stock at a cost of $56,000 from Channel Partners II L.P., an investment partnership affiliated with Wynnefield Capital, Inc. (see Note 8).
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Annual dividend yield 0.00%  
Risk-free interest rate - Minimum 2.30%  
Expected volatility - Minimum 128.00%  
Warrant [Member]
    
Annual dividend yield 0.00% 0.00%
Expected life (years) - Minumum 1.5 0.17
Expected life (years) - Maximum 2.25 4.00
Risk-free interest rate - Minimum 0.25% 0.16%
Risk-free interest rate - Maximum 0.33% 1.79%
Expected volatility - Minimum 28.00% 87.00%
Expected volatility - Maximum 91.00% 151.00%
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LONG-TERM DEBT (Details 1) (USD $)
Jun. 30, 2012
Jun. 30, 2011
2013 $ 759,000  
2014 283,000  
Total $ 1,042,000 $ 1,862,000
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INTANGIBLE ASSETS (Tables)
 12 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule Of Finite-Lived Intangible Assets [Table Text Block]

Intangible assets consist of the following:

 

    June 30,
2012		     June 30,
2011		  
Assets not subject to amortization:                
Goodwill   $ 9,158,000     $ 9,332,000  
Assets subject to amortization:                
Completed software technology (9-10 years  useful life)   $ 3,035,000     $ 3,067,000  
Customer contracts / relationships (10 years  useful life)     3,733,000       3,750,000  
Automotive data services (20 years  useful life)     306,000       314,000  
      7,074,000       7,131,000  
Less : Accumulated amortization     (5,713,000 )     (5,038,000 )
Amortizable intangible assets, net   $ 1,361,000     $ 2,093,000  
                 
Software development costs   $ 3,078,000     $ 3,095,000  
Less : Accumulated amortization     (1,972,000 )     (1,731,000 )
Software development costs, net   $ 1,106,000     $ 1,364,000
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Estimated future amortization of software development costs and intangibles is as follows:

 

Years Ending June 30,        
2013   $ 772,000  
2014     689,000  
2015     696,000  
2016     310,000  
         
Total   $ 2,467,000