Revenue Recognition (Tables)

6 Months Ended

Dec. 31, 2018

Revenue Recognition [Abstract]

Schedule of impacts of adopting ASC Topic 606

The impacts of adopting ASC Topic 606 on the Company’s consolidated balance sheets as of July 1, 2018 were as follows:

					As
					Adjusted
	As		ASC 606		Under
	Reported		Adjustments		ASC 606
Contract assets	$	—	$	960,000	$	960,000
Total Shareholders’ equity	$	24,401,178	$	960,000	$	25,361,178

Schedule of provisions of ASC 606

The Company determined that the satisfied performance obligations and allocation of the transaction price related to the $5,000,000 received prior to adoption was consistent with the provisions of ASC 606 and also recorded a transitional adjustment to accumulated deficit in the amount of $960,000 as follows: 

Minimum royalty revenue provided by the contract	$	6,000,000
Implicit price concession		(5,040,000	)
Adoption adjustment to accumulated deficit under ASC 606	$	960,000

Schedule of product revenue by classification and location

The following table disaggregates the Company’s product revenue by classification and geographic location:

	For the three months ended December 31,				For the six months ended December 31,
	2018		2017		2018		2017
Total
Consumables	$	7,570,395	$	6,162,064	$	13,915,047	$	11,505,826
Equipment		2,606,058		2,161,781		5,622,570		4,098,742
Total	$	10,176,453	$	8,323,845	$	19,537,617	$	15,604,568
Domestic:
Consumables	$	5,477,995	$	4,623,545	$	10,308,167	$	8,722,636
Equipment		600,559		776,878		1,179,711		1,329,930
Total	$	6,078,554	$	5,400,423	$	11,487,878	$	10,052,566
International:
Consumables	$	2,092,400	$	1,538,519	$	3,606,880	$	2,783,190
Equipment		2,005,499		1,384,903		4,442,859		2,768,812
Total	$	4,097,899	$	2,923,422	$	8,049,739	$	5,552,002