Interim Financial Reporting (Tables)

6 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of recast of selected financial information for adoption of ASC 842

The following table presents a recast of selected unaudited statement of operations line items after giving effect to the adoption of ASC 842:

	For the three months ended December 31, 2018
	As Previously Reported		Effect of Adoption			As Adjusted
Net Revenues	$	8,012,487	$	-		$	8,012,487
Cost of Revenues		1,950,040		-			1,950,040
Gross Profit		6,062,447		-			6,062,447
Operating Expenses
Selling, general and administrative		5,152,394		(2,781	)		5,149,613
Research and development		237,838		-			237,838
Total operating expenses		5,390,232		(2,781	)		5,387,451
Operating Income		672,215		2,781			674,996
Interest income (expense), net		16,521		-			16,521
Net income before income taxes		688,736		2,781			691,517
Income tax expense		311,000		-			311,000
Net Income	$	377,736	$	2,781		$	380,517
Income per share:
Basic	$	0.05	$	0.00		$	0.05
Diluted	$	0.04	$	0.00		$	0.04

	For the six months ended December 31, 2018
	As Previously Reported		Effect of Adoption			As Adjusted
Net Revenues	$	15,288,370	$	-		$	15,288,370
Cost of Revenues		3,683,039		-			3,683,039
Gross Profit		11,605,331		-			11,605,331
Operating Expenses
Selling, general and administrative		10,428,148		(5,550	)		10,422,598
Research and development		306,028		-			306,028
Total operating expenses		10,734,176		(5,550	)		10,728,626
Operating Income		871,155		5,550			876,705
Interest income (expense), net		29,974		-			29,974
Net income before income taxes		901,129		5,550			906,679
Income tax expense		369,000		-			369,000
Net Income	$	532,129	$	5,550		$	537,679
Income per share:
Basic	$	0.06	$	0.00		$	0.06
Diluted	$	0.06	$	0.00		$	0.06

The following table presents a recast of selected unaudited balance sheet line items after giving effect to the adoption of ASC 842:

	June 30, 2019
	As Previously Reported		Effect of Adoption			As Adjusted
Assets
Other Assets		-		45,044			45,044
Liabilities and Shareholder’s Equity
Current maturities of other long-term liabilities				30,320			30,320
Other long-term liabilities		-		14,737			14,737
Retained Earnings		9,522,076		(12	)		9,522,064

The following table presents a recast of selected unaudited statement of cash flow line items after giving effect to the adoption of ASC 842:

	For the six months ended December 31, 2018
	As Previously Reported			Effect of Adoption			As Adjusted
Cash Flow from Operating Activities
Net income	$	532,129		$	5,550		$	537,679
Changes in operating assets and liabilities:
Prepaid expenses and other assets		421,864			91,838			513,702
Accounts payable and accrued liabilities		(233,780	)		(97,388	)		(331,168	)