Assets
|
June 30,
2021
|
June 30,
2020
|
Current Assets
| ||
Cash
|
$24,070,322
|
$20,345,330
|
Receivables, net of allowance for doubtful accounts of $234,693 and $251,954 at June 30, 2021 and 2020, respectively
|
3,891,699
|
4,007,316
|
Contract asset - unbilled current portion
|
1,248,936
|
2,300,754
|
Prepaid expense and other current assets
|
490,817
|
495,511
|
Total Current Assets
|
29,701,774
|
27,148,911
|
Property and equipment, net
|
2,589,194
|
3,003,402
|
Other Assets:
| ||
Deposits, and other assets
|
22,414
|
22,414
|
Prepaid expense - less current portion
|
47,987
|
77,030
|
Contract asset - unbilled long-term portion
|
408,925
|
838,726
|
Operating lease - right-of-use asset
|
695,371
|
781,137
|
Customer relationships
|
525,600
|
657,000
|
Goodwill
|
20,883,886
|
20,883,886
|
Capitalized software costs, net
|
171,732
|
18,539
|
Total Other Assets
|
22,755,915
|
23,278,732
|
Total Assets
|
$55,046,883
|
$53,431,045
|
Liabilities and Shareholders' Equity
| ||
Current liabilities
| ||
Accounts payable
|
$467,194
|
$407,497
|
Accrued liabilities
|
988,092
|
1,123,528
|
Contract liability - deferred revenue
|
1,755,341
|
1,845,347
|
Lines of credit
|
6,000,000
|
4,660,000
|
Operating lease liability - current
|
90,156
|
85,767
|
Current portion of notes payable
|
-
|
310,242
|
Current portion of paycheck protection program loans
|
-
|
479,866
|
Total current liabilities
|
9,300,783
|
8,912,247
|
Long-term liabilities
| ||
Operating lease liability - less current portion
|
605,214
|
695,369
|
Notes payable, less current portion
|
-
|
610,512
|
Paycheck protection program loans
|
-
|
629,484
|
Total liabilities
|
9,905,997
|
10,847,612
|
Commitments and contingencies
| ||
Stockholders' equity:
| ||
Preferred Stock; $0.01 par value, 30,000,000 shares authorized;
| ||
Series B Preferred, 700,000 shares authorized; 625,375 shares issued and outstanding at June 30, 2021 and 2020;
|
6,254
|
6,254
|
Series B-1 Preferred, 550,000 shares authorized; 212,402 shares issued and outstanding at June 30, 2021 and 2020, respectively
|
2,124
|
2,124
|
Common Stock, $0.01 par value, 50,000,000 shares authorized; 19,351,935 and 19,484,485 issued and outstanding at June 30, 2021 and 2020, respectively
|
193,522
|
194,847
|
Additional paid-in capital
|
74,298,924
|
75,271,097
|
Accumulated deficit
|
(29,359,938)
|
(32,890,889)
|
Total stockholders' equity
|
45,140,886
|
42,583,433
|
Total liabilities and stockholders' equity
|
$55,046,883
|
$53,431,045
|
For the Years Ended June 30,
| ||
2021
|
2020
| |
Revenue
|
$21,007,076
|
$20,038,054
|
Operating expense:
| ||
Cost of revenue and product support
|
6,884,647
|
6,997,424
|
Sales and marketing
|
4,995,578
|
5,775,309
|
General and administrative
|
5,214,936
|
4,948,443
|
Depreciation and amortization
|
1,019,515
|
838,866
|
Total operating expense
|
18,114,676
|
18,560,042
|
Income from operations
|
2,892,400
|
1,478,012
|
Other income (expense):
| ||
Interest income
|
237,269
|
224,908
|
Interest expense
|
(106,680)
|
(67,732)
|
Unrealized gain on short term investments
|
61,953
|
-
|
Gain on debt extinguishment
|
1,109,350
|
-
|
Income before income taxes
|
4,194,292
|
1,635,188
|
(Provision) for income taxes
|
(76,897)
|
(41,919)
|
Net income
|
4,117,395
|
1,593,269
|
Dividends on Preferred Stock
|
(586,444)
|
(586,444)
|
Net income applicable to common shareholders
|
$3,530,951
|
$1,006,825
|
Weighted average shares, basic
|
19,502,000
|
19,651,000
|
Weighted average shares, diluted
|
19,754,000
|
19,863,000
|
Basic earnings per share
|
$0.18
|
$0.05
|
Diluted earnings per share
|
$0.18
|
$0.05
|
For the Years Ended June 30,
| ||
2021
|
2020
| |
Cash flows from operating activities:
| ||
Net income
|
$4,117,395
|
$1,593,269
|
Adjustments to reconcile net income to net cash provided by operating activities:
| ||
Depreciation and amortization
|
1,019,515
|
803,002
|
Amortization of operating right of use asset
|
85,766
|
81,604
|
Stock compensation expense
|
336,695
|
399,681
|
Bad debt expense
|
1,056,205
|
800,000
|
Gain on debt extinguishment
|
(1,109,350)
|
-
|
Decrease (increase) in:
| ||
Trade receivables
|
(199,437)
|
(205,718)
|
Long-term receivables, prepaids and other assets
|
465,978
|
1,279,674
|
Increase (decrease) in:
| ||
Accounts payable
|
59,697
|
(122,797)
|
Accrued liabilities
|
(254,601)
|
(278,255)
|
Operating lease liability
|
(85,766)
|
(81,605)
|
Deferred revenue
|
(90,282)
|
(72,716)
|
Net cash provided by operating activities
|
5,401,815
|
4,196,139
|
Cash flows from investing activities:
| ||
Purchase of property and equipment
|
(147,140)
|
(650,422)
|
Capitalization of software development costs
|
(171,733)
|
-
|
Net cash used in investing activities
|
(318,873)
|
(650,422)
|
Cash flows from financing activities:
| ||
Proceeds from employee stock purchase plans
|
117,487
|
120,923
|
Proceeds from issuance of note payable
|
-
|
1,109,350
|
Net increase in lines of credit
|
1,340,000
|
-
|
Dividends paid
|
(586,444)
|
(586,444)
|
Common stock buy-back
|
(1,308,238)
|
(2,158,471)
|
Payments on notes payable and capital leases
|
(920,755)
|
(295,168)
|
Net cash used in financing activities
|
(1,357,950)
|
(1,809,810)
|
Net increase in cash and cash equivalents
|
3,724,992
|
1,735,907
|
Cash and cash equivalents at beginning of period
|
20,345,330
|
18,609,423
|
Cash and cash equivalents at end of period
|
$24,070,322
|
$20,345,330
|
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Disclaimer
Park City Group Inc. published this content on 29 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2021 19:01:04 UTC.