2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Impact of adoption of ASC Topic 606

The cumulative effect of applying ASC Topic 606 to the Company’s consolidated balance sheet was as follows:

	Balance at June 30, 2018			Net Adjustment			Balance at July 1, 2018
Deferred revenue	$	500,000		$	(500,000	)	$	-
Accumulated deficit		(332,045,906	)		500,000			(331,545,906	)

The impact of adoption of ASC Topic 606 on the Company’s consolidated balance sheet as of June 30, 2019 is as follows:

	Impact of change in accounting policies
	As reported June 30, 2019			Adjustments			As reported without adoption of ASC Topic 606
ASSETS
Current assets:
Cash and cash equivalents	$	43,510,422		$	-		$	43,510,422
Accounts Receiveable		60,265,970			-			60,265,970
Prepaid expenses and other current assets		637,289			-			637,289
Total current assets		104,413,681			-			104,413,681
		-						-
Property and equipment, net		141,539			-			141,539
Other assets		179,916			-			179,916
Total assets	$	104,735,136		$	-		$	104,735,136
								-
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	504,787		$	-		$	504,787
Accrued expenses		2,848,692			-			2,848,692
Notes payable, net of discount		332,896			-			332,896
Other current liabilities		499,517			-			499,517
Total current liabilities		4,185,892			-			4,185,892
		-						-
Deferred revenue		-			500,000			500,000
Total liabilities		4,185,892			500,000			4,685,892
Stockholders’ equity:
Preferred stock		40			-			40
Common stock		2,268,154			-			2,268,154
Additional paid-in capital		394,053,929			-			394,053,929
Accumulated deficit		(295,772,879	)		(500,000	)		(296,272,879	)
Total stockholders’ equity		100,549,244			(500,000	)		100,049,244
Total liabilities and stockholders’ equity	$	104,735,136		$	-		$	104,735,136

Schedule of earnings per share

	Year Ended June 30,
	2019	2018	2017
Net income (loss)	$       35,773,027	$       24,702,714	$      (13,331,533)
Denominator:
Weighted average common shares outstanding - Basic	207,670,607	198,101,060	184,087,719
Effect of dilutive shares:
Common stock equivalents arising from stock options,
warrants and conversion of preferred stock	7,142,309	6,752,604	-
Restricted stock units	2,320,458	2,153,894	-
Weighted average common shares outstanding - Diluted	217,133,374	207,007,558	184,087,719
Net income (loss) per common share:
Basic	$                  0.17	$                  0.12	$                 (0.07)
Diluted	$                  0.16	$                  0.12	$                 (0.07)