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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 30, 2019
Accounting Policies [Abstract] |
Estimated Useful Life in Years for Property and Equipment | The estimated useful lives in years of property and equipment are generally as follows:
Diagnostic equipment |  |  | 5–13 |
Research, development and demonstration equipment |  |  | 3-7 |
Machinery and equipment |  |  | 2-7 |
Furniture and fixtures |  |  | 3-9 |
Leasehold improvements |  |  | 2–10 |
Building |  |  | 28 |
Patient Fee Revenue - Net | The Company’s patient fee revenues, net of contractual allowances and discounts less the provision for bad debts for the years ended June 30, 2019, 2018 and 2017 are summarized in the following table:
|  | For the Year Ended June 30,
|  | 2019 |  | 2018 |  | 2017
Commercial Insurance/ Managed Care |  | $ | 5,218,656 |  |  | $ | 4,729,514 |  |  | $ | 4,904,892 |
Medicare/Medicaid |  |  | 1,172,543 |  |  |  | 1,233,078 |  |  |  | 1,274,436 |
Workers' Compensation/Personal Injury |  |  | 16,790,025 |  |  |  | 25,358,543 |  |  |  | 23,240,829 |
Other |  |  | 1,026,312 |  |  |  | 7,844,278 |  |  |  | 6,980,443 |
Patient Fee Revenue, net of contractual allowances and discounts |  |  | 24,207,536 |  |  |  | 39,165,413 |  |  |  | 36,400,600 |
Provision for Bad Debts |  |  | — |  |  |  | (17,896,528 | ) |  |  | (16,171,434 | )
Net Patient Fee Revenue |  | $ | 24,207,536 |  |  | $ | 21,268,885 |  |  | $ | 20,229,166 |
Earnings Per Share | Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares outstanding during the period. For the years ended June 30, 2019, 2018 and 2017, diluted EPS for common shareholders includes 127,504 shares upon conversion of Class C Common.
|  | June 30, 2019
Basic |  | Total |  | Common Stock |  | Class C Common Stock
Numerator: |  |  |  |  |  |
Net income available to common stockholders |  | $ | 15,317,131 |  |  | $ | 14,366,798 |  |  | $ | 242,031 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 6,354,103 |  |  |  | 6,354,103 |  |  |  | 382,513 |
Basic income per common share |  | $ | 2.41 |  |  | $ | 2.26 |  |  | $ | 0.63 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  |  |  |  |  | 6,354,103 |  |  |  | 382,513 |
Class C Common Stock |  |  |  |  |  |  | 127,504 |  |  |  | — |
Total Denominator for diluted earnings per share |  |  |  |  |  |  | 6,481,607 |  |  |  | 382,513 |
Diluted income per common share |  |  |  |  |  | $ | 2.22 |  |  | $ | 0.63 |
|  | June 30, 2018
Basic |  | Total |  | Common Stock |  | Class C Common Stock
Numerator: |  |  |  |  |  |
Net income available to common stockholders |  | $ | 21,230,802 |  |  | $ | 19,899,823 |  |  | $ | 338,974 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 6,287,510 |  |  |  | 6,287,510 |  |  |  | 382,513 |
Basic income per common share |  | $ | 3.38 |  |  | $ | 3.16 |  |  | $ | 0.89 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  |  |  |  |  | 6,287,510 |  |  |  | 382,513 |
Class C Common Stock |  |  |  |  |  |  | 127,504 |  |  |  | — |
Total Denominator for diluted earnings per share |  |  |  |  |  |  | 6,415,014 |  |  |  | 382,513 |
Diluted income per common share |  |  |  |  |  | $ | 3.10 |  |  | $ | 0.89 |
|  | June 30, 2017
Basic |  | Total |  | Common Stock |  | Class C Common Stock
Numerator: |  |  |  |  |  |
Net income available to common stockholders |  | $ | 19,620,621 |  |  | $ | 18,390,586 |  |  | $ | 313,266 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 6,161,599 |  |  |  | 6,161,599 |  |  |  | 382,513 |
Basic income per common share |  | $ | 3.18 |  |  | $ | 2.98 |  |  | $ | 0.82 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  |  |  |  |  | 6,161,599 |  |  |  | 382,513 |
Class C Common Stock |  |  |  |  |  |  | 127,504 |  |  |  | — |
Total Denominator for diluted earnings per share |  |  |  |  |  |  | 6,289,103 |  |  |  | 382,513 |
Diluted income per common share |  |  |  |  |  | $ | 2.92 |  |  | $ | 0.82 |

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