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Consolidated Balance Sheets (Unaudited) (USD $)
Dec. 31, 2011
Jun. 30, 2011
Current assets:    
Cash $ 2,286,000 $ 2,631,000
Accounts receivable, less allowance of $425,000 as of December 31, 2011 and $607,000 as of June 30, 2011 17,522,000 20,112,000
Income tax receivable 199,000 87,000
Other receivables 902,000 816,000
Inventory 149,000 132,000
Prepaid expenses and other current assets 1,279,000 926,000
Total current assets 22,337,000 24,704,000
Computer software and equipment 8,063,000 6,918,000
Office furniture and equipment 1,895,000 1,818,000
Leasehold improvements 682,000 647,000
10,640,000 9,383,000
Less accumulated depreciation and amortization (7,853,000) (7,628,000)
2,787,000 1,755,000
Customer list, net of accumulated amortization of $5,781,000 as of December 31, 2011 and $5,570,000 as of June 30, 2011 3,133,000 3,345,000
Goodwill 15,167,000 15,240,000
Trade name, net of accumulated amortization of $953,000 as of December 31, 2011 and $802,000 as of June 30, 2011 2,978,000 3,129,000
Other assets 364,000 403,000
Total assets 46,766,000 48,576,000
Current liabilities:    
Borrowings under line of credit 2,146,000 3,939,000
Accounts payable and accrued expenses 12,437,000 13,698,000
Accrued compensation and related benefits 1,470,000 2,455,000
Deferred revenue 4,235,000 4,017,000
Obligations under capital leases – current 246,000 77,000
Total current liabilities 20,534,000 24,186,000
Long-term liabilities:    
Deferred tax liability 1,688,000 1,690,000
Obligations under capital leases, net of current 690,000 28,000
Total liabilities 22,912,000 25,904,000
Stockholders’ equity:    
Convertible Preferred Stock, $0.01 par value; 1,300,537 shares authorized, 1,298,728 shares issued; 927,098 and 1,090,150 shares outstanding at December 31, 2011 and June 30, 2011, respectively; aggregate liquidation preference of $1,493,000 and $1,591,000 at December 31, 2011 and June 30, 2011, respectively (note 9) 9,000 11,000
Common stock, $0.01 par value; 80,000,000 shares authorized; issued and outstanding shares of 52,282,055 and 51,882,678 at December 31, 2011 and June 30, 2011, respectively 523,000 519,000
Additional paid-in capital 64,903,000 64,864,000
Accumulated deficit (42,624,000) (44,065,000)
Accumulated other comprehensive income 1,043,000 1,343,000
Total stockholders’ equity 23,854,000 22,672,000
Total liabilities and stockholders’ equity $ 46,766,000 $ 48,576,000