XML 32 R21.htm IDEA: XBRL DOCUMENT v3.19.1

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS - REVENUE (Tables)

9 Months Ended

Mar. 31, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

Adoption of the standard related to revenue recognition impacted the Company's previously reported results as follows:

						New
		As				Revenue
Balance Sheets		Previously				Standard				As
June 30, 2018		Reported				Adjustment				Adjusted
Current liabilities:
Accrued liabilities		$	1,178,571			$	(389,610	)		$	788,961
Deferred revenue		—				690,905				690,905
Long-term liabilities:
Other liabilities		155,702				(155,702		)		—
Deferred revenue		—				168,465				168,465
Equity:
Retained earnings		8,728,628				(314,058		)		8,414,570

						New
		As				Revenue
Statements of Income		Previously				Standard				As
Three Months Ended March 31, 2018		Reported				Adjustment				Adjusted
Net sales		$	4,326,674			$	63,780			$	4,390,454
Cost of goods sold		3,363,121				13,914				3,377,035
Income tax provision		5,126				(852		)		4,274
Net (loss)		(812,868		)		50,718				(762,150		)
(Loss) per common share:
Basic		$	(0.11	)		$	0.01			$	(0.10	)
Diluted		(0.11		)		0.01				(0.10		)

						New
		As				Revenue
Statements of Income		Previously				Standard				As
Nine Months Ended March 31, 2018		Reported				Adjustment				Adjusted
Net sales		$	16,277,181			$	88,189			$	16,365,370
Cost of goods sold		11,753,719				37,578				11,791,297
Income tax provision		3,048,208				(852		)		3,047,356
Net (loss)		(3,733,089		)		51,463				(3,681,626		)
(Loss) per common share:
Basic		$	(0.51	)		$	0.01			$	(0.50	)
Diluted		(0.51		)		0.01				(0.50		)

X

- References

No definition available.

+ Details

Name:	us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration