Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.19.1
Stockholders' Equity
 9 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Stockholders' Equity

NOTE 16 - STOCKHOLDERS’ EQUITY

 

During the nine months ended March 31, 2019, the Company issued 31,448 shares of common stock for services rendered by officers of the Company. These shares were valued at the fair market value of $192,832.

 

During the nine months ended March 31, 2019, the Company issued 28,278 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 $159,926.

 

During the nine months ended March 31, 2019, the Company issued 97,785 shares of its common stock to employees pursuant to the terms of their employment agreements valued at $599,424.

 

During the nine months ended March 31, 2019, the Company adjusted the opening balance of retained earnings on adoption of the new revenue recognition standard ASC 606. Total adjustment was $8,753,655 of which $5,795,795 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 nine months ended March 31, 2019 is provided below:

 

    Common Stock     Additional Paid-in     Treasury     Accumulated     Stock Subscriptions     Shares to     Other Comprehensive     Non Controlling     Total 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 income 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  

 

    Common Stock     Additional Paid-in     Treasury     Accumulated     Stock Subscriptions     Shares to     Other Comprehensive     Non Controlling     Total Stockholders’  
    Shares     Amount     Capital     Shares     Deficit     Receivable     be Issued     Loss     Interest     Equity  
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  
Exercise of common stock options     10,000       100       64,900       -       -       -       -       -       -       65,000  
Common stock issued for: Services     67,950       679       415,519       -       -       -       -       -       -       416,198  
Equity component shown as current liability at September 30, 2018     -       -       -       -       -       -       88,324       -       -       88,324  
December 31, 2018     -       -       -       -       -       -       (88,324 )     -       -       (88,324 )
Dividend to non-controlling interest     -       -       -       -       -       -       -       -       (566,465 )     (566,465 )
Foreign currency translation adjustment     -       -       -       -       -       -       -       (3,797,537 )     (1,986,953 )     (5,784,490 )
Net income for the year     -       -       -       -       2,855,629       -       -       -       1,475,355       4,330,984  
Balance at December 31, 2018     11,860,310     $ 118,603     $ 127,398,738     $ (1,205,024 )   $ (39,972,079 )   $ (221,000 )   $ -     $ (28,446,811 )   $ 10,237,446     $ 67,909,873  

 

    Common Stock     Additional Paid-in     Treasury     Accumulated     Stock Subscriptions     Shares to     Other Comprehensive     Non Controlling     Total Stockholders'  
    Shares     Amount     Capital     Shares     Deficit     Receivable     be Issued     Loss     Interest     Equity  
Balance at December 31, 2018     11,860,310     $ 118,603     $ 127,398,738     $ (1,205,024 )   $ (39,972,079 )   $ (221,000 )   $ -     $ (28,446,811 )   $ 10,237,446       67,909,873  
Exercise of common stock options     3,076       31       19,969       -       -       -       -       -       -       20,000  
Common stock issued for: Services     15,670       157       89,287       -       -       -       -       -       -       89,444  
Equity component shown as current liability at December 31, 2018     -       -       -       -       -       -       88,324       -       -       88,324  
March 31, 2019     -       -       -       -       -       -       (88,324 )     -       -       (88,324 )
Fair value of options extended     -       -       43,612       -       -       -       -       -       -       43,612  
Foreign currency translation adjustment     -       -       -       -       -       -       -       (28,021 )     (100,366 )     (128,387 )
Net income for the year     -       -       -       -       1,267,560       -       -       -       501,835       1,769,395  
Balance at March 31, 2019     11,879,056     $ 118,791     $ 127,551,606     $ (1,205,024 )   $ (38,704,519 )   $ (221,000 )   $ -     $ (28,474,832 )   $ 10,638,915     $ 69,703,937  

 

A summary of the changes in equity for the nine months ended March 31, 2018 is provided below:

 

    Common Stock     Additional Paid-in     Treasury     Accumulated     Stock Subscriptions     Shares to     Other Comprehensive     Non Controlling     Total 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 income (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  

 

    Common Stock     Additional Paid-in     Treasury     Accumulated     Stock Subscriptions     Shares to     Other Comprehensive     Non Controlling     Total Stockholders’  
    Shares     Amount     Capital     Shares     Deficit     Receivable     be Issued     Loss     Interest     Equity  
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  
Exercise of subsidiary common stock options     -       -       (16,600 )     -       -       -       -       -       24,355       7,755  
Common stock issued for: Services     62,272       623       383,606       -       -       -       -       -       -       384,229  
Purchase of treasury shares     -       -       -       (100,357 )     -       -       -       -       -       (100,357 )
Equity component shown as current liability at September 30, 2017     -       -       -       -       -       -       88,324       -       -       88,324  
December 31, 2017     -       -       -       -       -       -       (88,324 )     -       -       (88,324 )
Dividend to non-controlling interest     -       -       -       -       -       -       -       -       (417,853 )     (417,853 )
Payment received for stock subscription     -       -       -       -       -       52,926       -       -       -       52,926  
Foreign currency translation adjustment     -       -       -       -       -       -       -       (1,612,881 )     (841,009 )     (2,453,890 )
Net income for the year     -       -       -       -       634,421       -       -       -       1,027,581       1,662,002  
Balance at December 31, 2017     11,395,401     $ 113,954     $ 125,354,035     $ (1,055,330 )   $ (42,036,467 )   $ (221,000 )   $ -     $ (20,276,030 )   $ 14,543,224     $ 76,422,386  

 

          Additional                 Stock           Other     Non     Total  
    Common Stock     Paid-in     Treasury     Accumulated     Sub-scriptions     Shares to     Compre-hensive     Controlling     Stockholders’  
    Shares     Amount     Capital     Shares     Deficit     Receivable     be issued     Loss     Interest     Equity  
Balance at December 31, 2017     11,395,401     $ 113,954     $ 125,354,035     $ (1,055,330 )   $ (42,036,467 )   $        (221,000 )   $             -     $       (20,276,030 )   $ 14,543,224        76,422,386  
Exercise of subsidiary common stock options     -       -       (5,560 )     -       -       -       -       -       8,154       2,594  
Common stock issued for:                                                                                
Services     62,272       623       383,606       -       -       -       -       -       -       384,229  
Purchase of treasury shares                             (149,694 )                                             (149,694 )
Equity component shown as current liability at December 31, 2017     -       -       -       -       -       -       88,324       -       -       88,324  
March 31, 2018     -       -       -       -       -       -       (88,324 )     -       -       (88,324 )
Acquisition of non-controlling interest in subsidiary     -       -       1,892       -       -       -       -       -       (35,879 )     (33,987 )
Foreign currency translation adjustment     -       -       -       -       -       -       -       (1,729,215 )     (944,207 )     (2,673,422 )
Net income for the year     -       -       -       -       2,864,445       -       -       -       1,994,869       4,859,314  
Balance at March 31, 2018     11,457,673     $ 114,577     $ 125,733,973     $ (1,205,024 )   $ (39,172,022 )   $ (221,000 )   $ -     $ (22,005,245 )   $ 15,566,161     $ 78,811,420