Revenue Recognition (Tables)

9 Months Ended

Mar. 31, 2019

Revenue Recognition [Abstract]

Schedule of impacts of adopting ASC Topic 606

The impacts of adopting ASC Topic 606 on the Company’s consolidated balance sheets as of July 1, 2018 were as follows:

					As
					Adjusted
	As		ASC 606		Under
	Reported		Adjustments		ASC 606
Contract assets	$	—	$	960,000	$	960,000
Total Shareholders’ equity	$	24,401,178	$	960,000	$	25,361,178

Schedule of provisions of ASC 606

The Company determined that the satisfied performance obligations and allocation of the transaction price related to the $5,000,000 received prior to adoption was consistent with the provisions of ASC Topic 606 and also recorded a transitional adjustment to accumulated deficit in the amount of $960,000 as follows:

Minimum royalty revenue provided by the contract	$	6,000,000
Implicit price concession		(5,040,000	)
Adoption adjustment to accumulated deficit under ASC Topic 606	$	960,000

Schedule of product revenue by classification and location

The following table disaggregates the Company’s product revenue by classification and geographic location: 

	For the three months ended				For the nine months ended
	March 31,				March 31,
	2019		2018		2019		2018
Total
Consumables	$	6,870,398	$	5,898,937	$	20,785,446	$	17,404,539
Equipment		2,686,192		2,530,195		8,308,762		6,629,161
Total Product		9,556,590		8,429,132		29,094,208		24,033,700
License		—		4,010,000		—		4,010,000
Total	$	9,556,590	$	12,439,132	$	29,094,208	$	28,043,700
Domestic:
Consumables	$	4,862,308	$	4,340,759	$	15,170,476	$	13,063,171
Equipment		547,470		590,269		1,727,181		1,920,424
Total	$	5,409,778	$	4,931,028	$	16,897,657	$	14,983,595
International:
Consumables	$	2,008,090	$	1,558,178	$	5,614,970	$	4,341,368
Equipment		2,138,722		1,939,926		6,581,581		4,708,737
Total	$	4,146,812	$	3,498,104	$	12,196,551	$	9,050,105
License	$	—	$	4,010,000	$	—	$	4,010,000