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Note 3 - Change in Accounting Policy
 12 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Accounting Changes and Error Corrections [Text Block]
3.
CHANGE IN ACCOUNTING POLICY
 
During the 
first
quarter of fiscal
2020,
the Company changed its method of recording stock-based compensation expense.  Under the new accounting
policy
, stock-based compensation expense is recorded on a straight-line basis over the vesting period and forfeitures are recognized when they occur.  Under the previous method, the Company estimated future forfeitures and the expected number of awards that would vest and subsequently adjusted for forfeitures.  The Company believes this method of recording stock-based compensation expense on a straight-line basis over the vesting period is preferable since it is more reflective of the stock options that will actually vest.
 
The cumulative effect of the changes in the 
June 30, 2019 
Consolidated Balance Sheet for the change in
policy 
related to stock-based compensation expense
 applied retrospectively
 was as follows:
 
   
 
 
 
  
Stock-Based
    
 
 
 
Balance Sheet
  
As Previously
    
Compensation
    
As
  
June 30, 2019
  
Reported
    
Adjustment
    
Adjusted
  
Equity:
                        
Paid in capital
   $
6,186,393
     $
146,742
     $
6,333,135
  
Retained earnings
   $
8,848,684
     $
(146,742
 )   $
8,701,942
  
 
The impact of the change in principle on the Consolidated Statement of Operations for th
e 
year ended
June 30, 2019
 was as follows:
 
     
 
 
  
Stock-Based
      
 
 
Statement of Operations
  
As Previously
    
Compensation
    
As
  
Year ended June 30, 2019
  
Reported
    
Adjustment
    
Adjusted
  
Selling, general and administrative expenses
   $
6,415,441
     $
128,125
     $
6,543,566
  
Income from operations
    
404,433
      
(128,125
 )    
276,308
  
Net income
   $
434,114
     $
(128,125
 )   $
305,989
  
                         
Income per common share
                        
Basic
   $
0.06
     $
(0.02
 )   $
0.04
  
Diluted
   $
0.06
     $
(0.02
 )   $
0.04
  
 
The impact of the change in principle on the Consolidated Statement of Cash Flows for
the 
year ended
June 30, 2019
 was as follows:
 
     
 
 
  
Stock-Based
      
 
 
Statement of Cash Flows
  
As Previously
    
Compensation
    
As
  
Year ended June 30, 2019
  
Reported
    
Adjustment
    
Adjusted
  
Operating activities:
                        
Net income
   $
434,114
     $
(128,125
 )   $
305,989
  
Stock-based compensation expense
   $
387,556
     $
128,125
     $
515,681