XML 35 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
The following table summarizes securities that, if exercised would have an anti-dilutive effect on earnings per share.
 
For the Year Ended June 30,
 
For the Year Ended June 30,
 
2018
 
2017
Stock options
367,500

 
502,000

Total potential dilutive securities not included in income per share
367,500

 
502,000



Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
 
 
For the Year Ended June 30,
 
For the Year Ended June 30,
 
 
2018
 
2017
Numerator:
 
 
 
 
  Numerator for basic earnings per share
 
 
 
 
 Net income (loss)
 
$
583,675

 
$
(726,895
)
Undeclared dividends on preferred stock
 
19,368

 

Net income (loss) applicable to common shareholders
 
$
564,307

 
$
(726,895
)
  Numerator for diluted earnings per share:
 
 
 
 
Net income (loss) applicable to common shareholders
 
$
564,307

 
$
(726,895
)
Undeclared dividends on preferred stock
 
19,368

 

Net income (loss)
 
$
583,675

 
$
(726,895
)
Denominator:
 
 
 
 
  Denominator for basic earnings per share - weighted average shares outstanding
 
7,551,057

 
7,551,430

Weighted average preferred stock converted to common stock
 
1,590,411

 

 Denominator for diluted earnings per share - weighted average and assumed conversion
 
9,141,468

 
7,551,430

 
 
 
 
 
Net income (loss) per share
 
 
 
 
Basic net income (loss) per share
 
$
0.07

 
$
(0.10
)
Diluted net income (loss) per share
 
$
0.06

 
$
(0.10
)
Schedule of Composition of Inventory
Raw materials, work in process and finished goods are recorded at lower of cost (first-in, first-out) or net realizable value. The composition of inventory, net is as follows:
 
For the years ended June 30,
 
2018
 
2017
Raw materials
$
652,613

 
$
864,813

Work in process
192,287

 
336,934

Finished goods
978,514

 
716,191

Total inventory
$
1,823,414

 
$
1,917,938

Schedule of Inventory Allowance
Valuation allowance activity for the years ended June 30, 2018 and 2017 was as follows:
 
For the years ended June 30,
 
2018
 
2017
Balance, July 1
$
347,014

 
$
198,120

Provision for valuation allowance
114,000

 
150,000

Write-off

 
(1,106
)
Balance, June 30
$
461,014

 
$
347,014

Schedule of Allowance for Doubtful Accounts
Allowance for doubtful accounts activity for the years ended June 30, 2018 and 2017 was as follows:
 
 
June 30,
 
2018
 
2017
Balance, July 1
$
172,120

 
$
202,667

Recovery in bad debts
(45,593
)
 

Write-offs
(7,597
)
 
(30,547
)
Balance, June 30
$
118,930

 
$
172,120

Schedule of Property, Plant and Equipment
Property and equipment consist of the following at:
 
June 30,
 
2018
 
2017
Equipment
$
701,848

 
$
695,311

Furniture and fixtures
143,330

 
99,321

Leasehold improvement
28,549

 
28,549

 
873,727

 
823,181

Less: Accumulated depreciation and amortization
(797,459
)
 
(768,289
)
 
$
76,268

 
$
54,892