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DESCRIPTION OF BUSINESS
12 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
NOTE 1 - DESCRIPTION OF BUSINESS

 

Summary of Business

 

 The Company is incorporated in the state of Nevada.  The Company has two subsidiaries , PC Group, Inc. (formerly, Park City Group, Inc., a Delaware corporation), a Utah Corporation (98.76% owned), and Park City Group, Inc., (formerly, Prescient Applied Intelligence, Inc.), a wholly owned Delaware Corporation.  All intercompany transactions and balances have been eliminated in consolidation.

 

 The Company designs, develops, markets and supports proprietary software products. These products are designed for businesses having multiple locations to assist in the management of business operations on a daily basis and communicate results of operations in a timely manner. In addition, the Company has built a consulting practice for business improvement that centers on the Company’s proprietary software products. The principal markets for the Company's products are multi-store retail and convenience store chains, branded food manufacturers, suppliers and distributors, and manufacturing companies, which have operations in North America, Europe, Asia and the Pacific Rim.

 

Recent Developments

 

ResposiTrak Agreement

 

Effective June 30, 2013, the Company, ReposiTrak, and Leavitt entered into the Omnibus Agreement, wherein the Company agreed to continue providing certain management and business services to ReposiTrak, including powering ReposiTrak’s subscription-based analytical service of food and drug supply chains with the Company’s technologies for a three year term. In addition to certain subscription and management fees, the Company also has a nine-year option to purchase approximately 75% of the ReposiTrak’s issued and outstanding securities, on a fully diluted basis, for prices ranging from $0.15 - $1.17 per share.  During the year ended June 30, 2014, the Company received $2,330,700 in subscription and management fees pursuant to the Omnibus Agreement.

 

Listing of Common Stock on the NASDAQ Capital Market

 

    On October 15, 2013, the Company notified the NYSE MKT LLC (the “NYSE MKT”) of the Company's intent to withdraw the listing and registration of its common stock from the NYSE MKT, and transfer the listing of its common stock to the NASDAQ Capital Market. The Company’s common stock ceased trading on the NYSE MKT at the close of business on October 25, 2013, and began trading on the NASDAQ Capital Market on October 28, 2013 under the stock symbol “PCYG”.