Quarterly Results (unaudited) (Tables)

12 Months Ended

Jun. 30, 2016

Valuation and Qualifying Accounts [Abstract]

Schedule of quarterly results

	Fiscal 2016
	Q1			Q2			Q3			Q4			Year
Net sales	$	5,250,985		$	6,039,355		$	5,426,147		$	6,396,707		$	23,113,194
Cost of goods sold		1,769,565			1,944,101			1,850,838			2,046,736			7,611,240
Gross profit		3,481,420			4,095,254			3,575,309			4,349,971			15,501,954
Operating expenses:
Selling expenses		2,636,601			2,882,935			3,224,962			3,551,587			12,296,085
General and administrative expenses		1,821,352			1,841,760			1,673,395			2,028,403			7,364,910
Research and development expenses		393,375			347,949			493,776			435,247			1,670,347
Total operating expenses		4,851,328			5,072,644			5,392,133			6,015,237			21,331,342
Loss from operations		(1,369,908	)		(977,390	)		(1,816,824	)		(1,665,266	)		(5,829,388	)
Other income/(expense):
Interest income		19			25			19			18			81
Royalty income and license fees		988,170			1,018,362			963,025			979,200			3,948,757
Other		(6,021	)		(5,413	)		(5,464	)		(4,980	)		(21,878	)
Total other income		982,168			1,012,974			957,580			974,238			3,926,960
(Loss)/income from continuing operations before income taxes		(387,740	)		35,584			(859,244	)		(691,028	)		(1,902,428	)
Income tax expense/(benefit)		(168,000	)		(139,000	)		(15,000	)		(251,351	)		(573,351	)
Net (loss)/income from continuing operations	$	(219,740	)	$	174,584		$	(844,244	)	$	(439,677	)	$	(1,329,077	)
Discontinued operations:
Net income from discontinued operations net of income tax expense/(benefit) of $0, $0, $85,000 and $8,069, respectively		-			-			165,000			(8,069	)		156,931
Net (loss)/income from discontinued operations		-			-			165,000			(8,069	)		156,931
Net (loss)/income	$	(219,740	)	$	174,584		$	(679,244	)	$	(447,746	)	$	(1,172,146	)
Net (loss)/income per share from continuing operations - Basic	$	(0.03	)	$	0.02		$	(0.11	)	$	(0.06	)	$	(0.17	)
Net (loss)/income per share from discontinued operations - Basic		-			-			0.02			-			0.02
Net (loss)/income per share - Basic	$	(0.03	)	$	0.02		$	(0.09	)	$	(0.06	)	$	(0.15	)
Net (loss)/income per share from continuing operations - Diluted	$	(0.03	)	$	0.02		$	(0.11	)	$	(0.06	)	$	(0.17	)
Net (loss)/income per share from discontinued operations - Diluted		-			-			0.02			-			0.02
Net (loss)/income per share - Diluted	$	(0.03	)	$	0.02		$	(0.09	)	$	(0.06	)	$	(0.15	)

	Fiscal 2015
	Q1			Q2			Q3			Q4			Year
Net sales	$	4,539,337		$	5,601,008		$	5,314,797		$	6,749,436		$	22,204,578
Cost of goods sold		1,586,105			1,767,175			1,670,359			2,256,637			7,280,276
Gross profit		2,953,232			3,833,833			3,644,438			4,492,799			14,924,302
Operating expenses:
Selling expenses		2,019,286			2,085,174			2,465,803			2,492,432			9,062,695
General and administrative expenses		1,246,078			1,534,784			1,583,399			1,619,362			5,983,623
Research and development expenses		437,591			324,301			407,773			423,258			1,592,923
Total operating expenses		3,702,955			3,944,259			4,456,975			4,535,052			16,639,241
Loss from operations		(749,723	)		(110,426	)		(812,537	)		(42,253	)		(1,714,939	)
Other income/(expense):
Interest income		25			19			12			19			75
Royalty income and license fees		1,147,951			1,044,941			1,032,027			1,031,402			4,256,321
Other		(5,679	)		(4,847	)		(6,452	)		(5,055	)		(22,033	)
Total other income		1,142,297			1,040,113			1,025,587			1,026,366			4,234,363
Income from continuing operations before income taxes		392,574			929,687			213,050			984,113			2,519,424
Income tax expense/(benefit)		14,352			33,465			8,406			(2,840,855	)(1)		(2,784,632	)
Net income from continuing operations	$	378,222		$	896,222		$	204,644		$	3,824,968		$	5,304,056
Discontinued operations:
Net income from discontinued operations net of income tax expense/(benefit) of $0, $0, $5,280 and ($4,153), respectively		4,975			4,975			249,696			7,469			267,115
Net income from discontinued operations		4,975			4,975			249,696			7,469			267,115
Net income	$	383,197		$	901,197		$	454,340		$	3,832,437		$	5,571,171
Net income per share from continuing operations - Basic	$	0.05		$	0.12		$	0.03		$	0.50		$	0.70
Net income per share from discontinued operations - Basic		-			-			0.03			-			0.04
Net income per share - Basic	$	0.05		$	0.12		$	0.06		$	0.50		$	0.74
Net income per share from continuing operations - Diluted	$	0.05		$	0.11		$	0.02		$	0.46		$	0.66
Net income per share from discontinued operations - Diluted		-			-			0.03			-			0.03
Net income per share - Diluted	$	0.05		$	0.11		$	0.05		$	0.46		$	0.69

(1) relates to the reversal of the tax valuation allowance