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UNAUDITED QUARTERLY DATA
 12 Months Ended
Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]  
UNAUDITED QUARTERLY DATA UNAUDITED QUARTERLY DATA
 
 
Three months ended
($ in thousands, except per share data)
 
September 30, 2019
 
December 31, 2019
 
March 31, 2020
 
June 30, 2020
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
 
 
 
 
 
 
 
 
Revenue
 
$
43,359

 
$
44,051

 
$
43,098

 
$
32,645

Gross profit
 
$
11,416

 
$
12,762

 
$
10,998

 
$
11,097

Operating loss
 
$
(11,278
)
 
$
(7,756
)
 
$
(10,178
)
 
$
(10,380
)
Net loss
 
$
(11,508
)
 
$
(8,378
)
 
$
(9,295
)
 
$
(11,414
)
Cumulative preferred dividends
 
$
(334
)
 
$
—

 
$
(334
)
 
$
—

Net loss applicable to common shares
 
$
(11,842
)
 
$
(8,378
)
 
$
(9,629
)
 
$
(11,414
)
Net loss per common share - basic
 
$
(0.20
)
 
$
(0.13
)
 
$
(0.15
)
 
$
(0.18
)
Net loss per common share - diluted
 
$
(0.20
)
 
$
(0.13
)
 
$
(0.15
)
 
$
(0.18
)
Weighted average number of common shares outstanding - basic
 
60,096,852

 
63,664,256

 
64,096,778

 
64,154,252

Weighted average number of common shares outstanding - diluted
 
60,096,852

 
63,664,256

 
64,096,778

 
64,154,252

 
 
Three months ended
($ in thousands, except per share data)
 
September 30, 2018
 
December 31, 2018
 
March 31, 2019
 
June 30, 2019 (1)
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Revenue
 
$
33,768

 
$
34,486

 
$
37,704

 
$
38,508

Gross profit
 
$
11,058

 
$
9,435

 
$
9,953

 
$
9,739

Operating loss
 
$
(4,973
)
 
$
(10,008
)
 
$
(3,718
)
 
$
(9,484
)
Net loss
 
$
(5,288
)
 
$
(10,438
)
 
$
(4,306
)
 
$
(9,850
)
Cumulative preferred dividends
 
$
(334
)
 
$
—

 
$
(334
)
 
$
—

Net loss applicable to common shares
 
$
(5,622
)
 
$
(10,438
)
 
$
(4,640
)
 
$
(9,850
)
Net loss per common share - basic
 
$
(0.09
)
 
$
(0.17
)
 
$
(0.08
)
 
$
(0.16
)
Net loss per common share - diluted
 
$
(0.09
)
 
$
(0.17
)
 
$
(0.08
)
 
$
(0.16
)
Weighted average number of common shares outstanding - basic
 
60,053,912

 
60,059,936

 
60,065,053

 
60,065,978

Weighted average number of common shares outstanding - diluted
 
60,053,912

 
60,059,936

 
60,065,053

 
60,065,978


_____________________________________
(1)
As discussed in Note 2—Accounting Policies, the Company identified certain adjustments that were required to be made to its previously disclosed fiscal year 2019 interim and annual financial statements.

During the fourth quarter of fiscal year 2020, the Company reclassified certain operating expenses previously reported in the first three quarters of fiscal year 2020 as Selling, general and administrative expenses to Investigation, proxy solicitation and restatement expenses. The reclassifications resulted from management’s conclusion that those operating expenses related to non-recurring professional services fees to assist the Company with accounting and compliance activities following the filing of the 2019 Form 10-K, as well as the proxy solicitation costs incurred in fiscal year 2020. These reclassifications did not affect total operating expenses or net income.

Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, before the reclassifications:
 
 
Three months ended
($ in thousands)
 
September 30, 2019
 
December 31, 2019
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
$
18,107

 
$
18,700

 
$
20,069

Investigation and restatement expenses
 
3,565

 
738

 
—

Depreciation and amortization
 
1,022

 
1,080

 
1,107

Total operating expenses
 
$
22,694

 
$
20,518

 
$
21,176


Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, after the reclassifications:
 
 
Three months ended
($ in thousands)
 
September 30, 2019
 
December 31, 2019
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
$
17,196

 
$
12,520

 
$
18,065

Investigation, proxy solicitation and restatement expenses
 
4,476

 
6,918

 
2,004

Depreciation and amortization
 
1,022

 
1,080

 
1,107

Total operating expenses
 
$
22,694

 
$
20,518

 
$
21,176