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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 30, 2020
Accounting Policies [Abstract] |
Estimated Useful Life in Years for Property and Equipment | The estimated useful lives in years 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, 2020 and 2019 are summarized in the following table.
|  | For the Years Ended June 30
|  | 2020 |  | 2019
Commercial Insurance/ Managed Care |  | $ | 4,545,987 |  |  | $ | 5,218,656 |
Medicare/Medicaid |  |  | 1,038,288 |  |  |  | 1,172,543 |
Workers' Compensation/Personal Injury |  |  | 16,028,737 |  |  |  | 16,790,025 |
Other |  |  | 882,248 |  |  |  | 1,026,312 |
Net Patient Fee Revenue |  | $ | 22,495,260 |  |  | $ | 24,207,536 |
Earnings Per Share | For the years ended June 30, 2020 and 2019, diluted EPS for common shareholders includes 127,504 shares upon conversion of Class C Common.
|  | June 30, 2020
Basic |  | Total |  | Common Stock |  | Class C Common Stock
Numerator: |  |  |  |  |  |
Net income available to common stockholders |  | $ | 8,240,205 |  |  | $ | 7,735,650 |  |  | $ | 128,500 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 6,443,713 |  |  |  | 6,443,713 |  |  |  | 382,513 |
Basic income per common share |  | $ | 1.28 |  |  | $ | 1.20 |  |  | $ | 0.34 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  |  |  |  |  | 6,443,713 |  |  |  | 382,513 |
Class C Common Stock |  |  |  |  |  |  | 127,504 |  |  |  | — |
Total Denominator for diluted earnings per share |  |  |  |  |  |  | 6,571,217 |  |  |  | 382,513 |
Diluted income per common share |  |  |  |  |  | $ | 1.18 |  |  | $ | 0.34 |
|  | June 30, 2019
Basic |  | Total |  | Common Stock |  | Class C Common Stock
Numerator: |  |  |  |  |  |
Net income available to common stockholders |  | $ | 15,371,131 |  |  | $ | 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 |
Lease, Liability, Maturity | A reconciliation of operating and financing lease payments undiscounted cash flows to lease liabilities recognized as of June 30, 2020 is as follows:
Year Ending June 30, |  | Operating Lease Payments |  | Financing Lease Payments
| 2021 |  |  |  | $ | 5,078,892 |  |  |  | $ | 122,172 |
| 2022 |  |  |  |  | 4,826,934 |  |  |  |  | 244,343 |
| 2023 |  |  |  |  | 4,787,845 |  |  |  |  | 244,343 |
| 2024 |  |  |  |  | 4,501,027 |  |  |  |  | 244,343 |
| 2025 |  |  |  |  | 4,445,344 |  |  |  |  | 244,343 |
| Thereafter |  |  |  |  | 19,607,295 |  |  |  |  | 407,240 |
| Present value discount |  |  |  |  | (9,772,724 | ) |  |  |  | (180,914 | )
| Total lease liability |  |  |  | $ | 33,474,613 |  |  |  | $ | 1,325,870 |
Weighted Average Remaining Lease Term |  |
Operating leases - years |  |  | 10.4 |
Finance lease - years |  |  | 6.6 |
Weighted Average Discount Rate |  |  |  |
Operating leases |  |  | 5.5 | %
Finance lease |  |  | 3.6 | %
Components of lease expense | The components of lease expense were as follows:
|  | For year ended June 30, 2020
Operating lease cost |  | $ | 5,135,604 |
Finance lease cost: |  |  |  |
Depreciation of leased equipment |  | $ | — |
Interest on lease liabilities |  |  | — |
Total finance lease cost |  | $ | — |
Supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows:
|  | For year ended June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 4,170,977 |
Financing cash flows from financing leases |  |  | — |
Right-of-use & equipment assets obtained in exchange for lease obligations: |  |  |  |
Operating leases(1) |  |  | 34,786,611 |
Financing leases |  |  | 1,325,871 |

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