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UNAUDITED QUARTERLY DATA | 12 Months Ended
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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 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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