Summary of Significant Accounting Policies and New Accounting Standards (Policies)

9 Months Ended

Mar. 31, 2015

Net Income per Share and Weighted Average Shares

Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the exercise of stock options and warrants. For the three and nine month periods ended March 31, 2015, all stock options and warrants were included in the calculation of diluted net income per share. For the three and nine month periods ended March 31, 2014, all stock options and warrants were included in the calculation of diluted net income per share for the period from February 15, 2014 to March 31, 2014, with a market value of $15.00 per share. For periods prior to February 15, 2014, all stock options and warrants were excluded from the calculation of diluted net income per share because the assumed exercise of the stock options and warrants would have been anti-dilutive.

	Three Months						Nine Months
For the Periods Ended March 31	2015			2014			2015			2014
	(Restated)						(Restated)
Net income		$	16,696		$	6,370		$	49,876		$	14,515
Weighted average number of shares – basic			38,998			30,458			38,951			30,458
Dilutive effect of stock options and warrant			921			199			815			67
Weighted average number of shares – diluted			39,919			30,657			39,766			30,525
Net income per share:
basic		$	0.43		$	0.21		$	1.28		$	0.48
diluted		$	0.42		$	0.21		$	1.25		$	0.48

New Accounting Standards

ASU 2014-08, Presentation of Financials (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, changes the criteria for reporting a discontinued operation while enhancing disclosures. Under the new guidance, a disposal of a component of an entity or group of components of an entity that represents a strategic shift that has, or will have, a major effect on operations and financial results is a discontinued operation when any of the following occurs: (i) it meets the criteria to be classified as held for sale, (ii) it is disposed of by sale, or (iii) it is disposed of other than by sale. Also, a business that, on acquisition, meets the criteria to be classified as held for sale is reported in discontinued operations. Additionally, the new guidance requires expanded disclosures about discontinued operations, as well as disclosure of the pre-tax profit or loss attributable to a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity and all businesses that, on acquisition, are classified as held for sale, that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements.

ASU 2014-09, Revenue from Contracts with Customers (Topic 606), establishes principles for the recognition of revenue from contracts with customers. The underlying principle is to identify the performance obligations of a contract, allocate the revenue to each performance obligation and then to recognize revenue when the company satisfies a specific performance obligation of the contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The guidance should be applied retrospectively to each prior reporting period presented. We are currently evaluating the impact that adopting this guidance will have on our consolidated financial statements.

ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Management will need to assess if there is substantial doubt about an entity’s ability to continue as a going concern within one year after the issuance date. Management will need to consider relevant conditions that are known and reasonably knowable at the issuance date. Substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. Under the new standard, the definition of substantial doubt incorporates a likelihood threshold of “probable” similar to the current use of that term in U.S. Generally

Accepted Accounting Principles (“GAAP”) for loss contingencies. ASU 2014-15 will be effective for annual periods ending after December 15, 2016. Earlier adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements.

ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), eliminates the concept of extraordinary items under current GAAP. As a result, an entity will no longer be required to separately present an extraordinary item on its statement of operations, net of tax, after income from continuing operations or to disclose income taxes and net income per share data applicable to an extraordinary item. ASU 2015-01 retains the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, although early adoption is permitted. Retrospective or prospective method of adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements.