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Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Use of Estimates
 
Use of Estimates
 
The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates.
 
These estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets.
Concentration of Credit Risk
Concentration of Credit Risk
 
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents and accounts receivable. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit. The Company does not anticipate incurring any losses related to these credit risks. The Company extends credit based on an evaluation of the customer's financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. The Company monitors its exposure for credit losses and intends to maintain allowances for anticipated losses, as required.
 
Cash denominated in Euros with a US Dollar equivalent of $110,574 and $109,585 at March 31, 2019 and June 30, 2018, respectively, was held by Reprints Desk in accounts at financial institutions located in Europe.
 
The Company has no customers that represent 10% of revenue or more for the three and nine months ended March 31, 2019 and 2018.
 
The Company has no customers that accounted for greater than 10% of accounts receivable at March 31, 2019 and June 30, 2018.
 
The following table summarizes vendor concentrations:
 
 
 
Three Months Ended
March 31,
 
 
Nine Months Ended
March 31,
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
Vendor A
 
 
16
%
 
 
15
%
 
 
18
%
 
 
14
%
Vendor B
 
 
12
%
 
 
12
%
 
 
12
%
 
 
12
%
Vendor C
 
 
*
 
 
 
*
 
 
 
11
%
 
 
11
%
 
* Less than 10%
Revenue Recognition
Revenue Recognition
 
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. The Company adopted the guidance of ASC 606 on July 1, 2018. The implementation of ASC 606 had no impact on the condensed consolidated financial statements and no cumulative effect adjustment was recognized.
 
Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company derives its revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our cloud based SaaS research intelligence platform (“Platforms”) and the transactional sale of STM content managed, sourced and delivered through the Platform (“Transactions”).
 
 
 
The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
 
 
 
identify the contract with a customer;
 
identify the performance obligations in the contract;
 
determine the transaction price;
 
allocate the transaction price to performance obligations in the contract; and
 
recognize revenue as the performance obligation is satisfied.
 
Platforms
 
We charge a subscription fee that allows customers to access and utilize certain premium features of our Platform. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.
 
Transactions
 
We charge a transactional service fee for the electronic delivery of single articles, and a corresponding copyright fee for the permitted use of the content. We recognize revenue from single article delivery services upon delivery to the customer only when the selling price is fixed or determinable, and collectability is reasonably assured.
Deferred Revenue
Deferred Revenue
 
Customer deposits and billings or payments received in advance of revenue recognition are recorded as deferred revenue.
Cost of Revenue
Cost of Revenue
 
Platforms
 
Cost of Platform revenue consists primarily of personnel costs of our operations team, and to a lesser extent managed hosting providers and other third-party service and data providers.
 
Transactions
 
Cost of Transaction revenue consists primarily of the respective copyright fee for the permitted use of the content, less a discount in most cases, and to a much lesser extent, personnel costs of our operations team and third-party service providers.
Stock-Based Compensation
Stock-Based Compensation
 
The Company periodically issues stock options, warrants and restricted stock to employees and non-employees for services, in capital raising transactions, and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic 718 of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of stock option and warrant awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's Statements of Operations. The Company estimates the fair value of restricted stock awards to employees and directors using the market price of the Company’s common stock on the date of grant, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's Statements of Operations. The Company accounts for share-based payments to non-employees in accordance with Topic 505 of the FASB Accounting Standards Codification, whereby the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates. 
Foreign Currency
Foreign Currency
 
The accompanying consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities.
 
Gains and losses from foreign currency transactions, which result from a change in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated, are included in selling, general and administrative expenses and amounted to a loss of $2,302 and $17,307, for the three and nine months ended March 31, 2019, respectively and a gain of $9,737 and $22,609, for the three and nine months ended March 31, 2018. Cash denominated in Euros with a US Dollar equivalent of $110,574 and $109,585 at March 31, 2019 and June 30, 2018, respectively, was held in accounts at financial institutions located in Europe.
 
The following table summarizes the exchange rates used:
 
 
 
Nine Months Ended

March 31,
 
 
Year Ended

June 30,
 
 
 
2019
 
 
2018
 
 
2018
 
 
2017
 
Period end Euro : US Dollar exchange rate
 
 
1.12
 
 
 
1.23
 
 
 
1.17
 
 
 
1.14
 
Average period Euro : US Dollar exchange rate
 
 
1.15
 
 
 
1.19
 
 
 
1.19
 
 
 
1.09
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period end Mexican Peso : US Dollar exchange rate
 
 
0.05
 
 
 
0.05
 
 
 
0.05
 
 
 
0.05
 
Average period Mexican Peso : US Dollar exchange rate
 
 
0.05
 
 
 
0.05
 
 
 
0.05
 
 
 
0.05
 
Net Income (Loss) Per Share
Net Income (Loss) Per Share
 
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive. At March 31, 2019 potentially dilutive securities include options to acquire 3,465,335 shares of common stock, warrants to acquire 1,885,000 shares of common stock and unvested restricted common stock of 356,759.  At March 31, 2018 potentially dilutive securities include options to acquire 3,061,835 shares of common stock, warrants to acquire 1,985,000 shares of common stock and unvested restricted common stock of 434,197. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period.
 
Basic and diluted net loss per common share is the same for the three and nine months ended March 31, 2019 and 2018 because all stock options, warrants, and unvested restricted common stock are anti-dilutive.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
 
In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” The ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The ASU also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Revenue from Contracts with Customers (Topic 606). The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted. 
The adoption of ASU 2018-07 is not expected to have a material impact on the Company’s financial position, results of operations, and cash flows.
 
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.