Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.10.0.1
Stockholders' Equity
 3 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Stockholders' Equity

NOTE 16 - STOCKHOLDERS’ EQUITY

 

During the three months ended September 30, 2018, the Company issued 14,838 shares of common stock for services rendered by officers of the Company. These shares were valued at the fair market value of $91,498.

 

During the three months ended September 30, 2018, the Company issued 13,392 shares of common stock for services rendered by the independent members of the Board of Directors as part of their board compensation. These shares were valued at the fair market value of $77,304.

 

During the three months ended September 30, 2018, the Company issued 45,661 shares of its common stock to employees pursuant to the terms of their employment agreements valued at $277,738.

 

During the three months ended September 30, 2018, the Company adjusted the opening balance of retained earnings on adoption of new revenue recognition standard ASC 606. Total adjustment was $8,753,655 of which $5,795,795 were adjusted against the Company’s retained earnings and $2,957,860 were adjusted against non-controlling interest.

 

A summary of the changes in equity for the three months ended September 30, 2018 is provided below:

 

                                  Stock           Other              
                Additional                 Sub-           Compre-     Non     Total  
    Common Stock     Paid-in     Treasury     Accumulated     scriptions     Shares to     hensive     Controlling     Stockholders’  
    Shares     Amount     Capital     Shares     Deficit     Receivable     be Issued     Loss     Interest     Equity  
Balance at June 30, 2018      
11,708,469 		     
$ 		 
117,085 		     
$ 		 
126,479,147 		     
$ 		 
(1,205,024 		 
) 		   
$ 		 
(37,994,502 		 
) 		   
$ 		 
(221,000 		 
) 		   
$ 		 
- 		     
$ 		 
(24,386,071 		 
) 		   
$ 		 
14,146,417 		       
76,936,052 		 
Adjustment in retained earnings on adoption of ASC 606                                     (5,795,795 )                             (2,957,860 )     (8,753,655 )
Exercise of subsidiary common stock options     -       -       (6,629 )     -       -       -       -       -       9,279       2,650  
Common stock issued for:                                                                                
Services     73,891       739       445,801       -       -       -       -       -       -       446,540  
Equity component shown as current liability at                                                                                
June 30, 2018     -       -       -       -       -       -       88,324       -       -       88,324  
September 30, 2018     -       -       -       -       -       -       (88,324 )     -       -       (88,324 )
Foreign currency translation adjustment     -       -       -       -       -       -       -       (263,203 )     (200,873 )     (464,076 )
Net loss for the year     -       -       -       -       962,589       -       -       -       318,546       1,281,135  
Balance at
September 30, 2018 		     
11,782,360 		     
$ 		 
117,824 		     
$ 		 
126,918,319 		     
$ 		 
(1,205,024 		 
) 		   
$ 		 
(42,827,708 		 
) 		   
$ 		 
(221,000 		 
) 		   
$ 		 
- 		     
$ 		 
(24,649,274 		 
) 		   
$ 		 
11,315,509 		     
$ 		 
69,448,646 		 

 

Statement of changes in equity as of September 30, 2017 is provided below:

 

                                  Stock           Other              
                Additional                 Sub-           Compre-     Non     Total  
    Common Stock     Paid-in     Treasury     Accumulated     scriptions     Shares to     hensive     Controlling     Stockholders’  
    Shares     Amount     Capital     Shares     Deficit     Receivable     be Issued     Loss     Interest     Equity  
Balance at June 30, 2017     11,225,385     $ 112,254     $ 124,409,998     $ (454,310 )   $ (42,301,390 )   $ (297,511 )   $ -     $ (18,074,570 )   $ 14,799,082       78,193,553  
Exercise of common stock options     35,773       358       138,442       -       -       -       -       -       -       138,800  
Common stock issued for:                                                                                
Services     71,971       719       438,589       -       -       -       -       -       -       439,308  
Purchase of treasury shares     -       -       -       (500,663 )     -       -       -       -       -       (500,663 )
Equity component shown as current liability at                                                                                
June 30, 2017     -       -       -       -       -       -       88,324       -       -       88,324  
September 30, 2017     -       -       -       -       -       -       (88,324 )     -       -       (88,324 )
Payment received for stock subscription     -       -       -       -       -       23,585       -       -       -       23,585  
Foreign currency translation adjustment     -       -       -       -       -       -       -       (588,579 )     (237,165 )     (825,744 )
Net loss for the year     -       -       -       -       (369,498 )     -       -       -       188,233       (181,265 )
Balance at September 30, 2017     11,333,129     $ 113,331     $ 124,987,029     $ (954,973 )   $ (42,670,888 )   $ (273,926 )   $ -     $ (18,663,149 )   $ 14,750,150     $ 77,287,574