Revisions of Financial Statements for the six months ending December 31, 2020 and 2019
|6 Months Ended
Dec. 31, 2020
|Organization, Consolidation and Presentation of Financial Statements [Abstract]
|Revisions of Financial Statements for the six months ending December 31, 2020 and 2019
Note 16 – Revisions of Previously Issued Financial Statements
During the course of preparing the annual report on Form 10-K for the year ended June 30, 2020, we determined that costs incurred during the application development phase of certain new software applications and enhancements were not properly capitalized, which resulted in the overstatement of operating expenses and net loss, and an understatement of amortization expense for each of the quarters during the year ended June 30, 2020. We assessed the materiality of these errors on prior periods’ financial statements and concluded that the errors were not material to any prior annual or interim periods, but the cumulative adjustments necessary to correct the errors would be material if we recorded the corrections the period in which the errors were identified. In accordance with GAAP, we are revising the prior periods’ financial statements when they are next issued. See Item. 4 of Part I, Controls, and Procedures.