Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Disclosures

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Balance Sheet Disclosures
6 Months Ended
Dec. 31, 2019
Balance Sheet Disclosures [Abstract]  
Balance Sheet Disclosures

Note 3 - Balance Sheet Disclosures

 

Prepaid expenses and other current assets consist of the following:

 

    December 31,     June 30,  
    2019     2019  
Software and technology   $ 675,306     $ 237,930  
Professional services     292,484       169,804  
Insurance     89,202       159,940  
Deposit     51,925       10,000  
    $ 1,108,917     $ 577,674  

 

At December 31, 2019, approximately $277,000 of software and technology prepaid expenses was related to a contract with a cloud software company specializing in business intelligence. The balance will be amortized over one year.

 

As of December 31, 2019, approximately $181,000 of professional services prepaid expenses related to the contract with the State of Utah. These costs will be deferred and recognized at the same time as the related revenue is recognized, under the matching principle.

  

Accrued liabilities consist of the following:

 

    December 31,     June 30,  
    2019     2019  
Professional fees   $ -     $ 49,205  
Accrued acquisition-related costs     500,000       -  
Sales taxes     2,390       36,358  
Compensation     61,958       354,724  
Leaf Data Systems contractors     -       19,557  
Other     -       40,706  
    $ 564,348     $ 500,550  

 

The accrued compensation as of June 30, 2019 includes approximately $215,000 of accrued bonus earned by the Company's Chief Executive Officer with respect to fiscal year 2019. The balance was paid in October, 2019.

 

At December 31, 2019, the Company accrued $500,000 in fees related to deal costs for the Solo acquisition (Note 8).