Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2018 | May 13, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CHASE GENERAL CORP | |
Entity Central Index Key | 15,357 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 969,834 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 184,860 | $ 46,182 |
Trade Receivables, Net of Allowance for Doubtful Accounts of $14,633 and $13,733, Respectively | 214,739 | 127,207 |
Inventories: | ||
Finished Goods | 30,326 | 270,352 |
Goods in Process | 9,253 | 13,393 |
Raw Materials | 68,781 | 60,655 |
Packaging Materials | 162,593 | 135,638 |
Prepaid Expenses | 26,124 | 24,689 |
Income Tax Receivable | 11,160 | |
Total Current Assets | 696,676 | 689,276 |
PROPERTY AND EQUIPMENT | ||
Land | 35,000 | 35,000 |
Buildings | 77,348 | 77,348 |
Machinery and Equipment | 836,066 | 838,131 |
Trucks and Autos | 213,116 | 213,116 |
Office Equipment | 33,025 | 31,518 |
Leasehold Improvements | 72,068 | 72,068 |
Total | 1,266,623 | 1,267,181 |
Less Accumulated Depreciation | 1,050,204 | 1,002,043 |
Total Property and Equipment, Net | 216,419 | 265,138 |
Deferred Income Taxes | 27,163 | |
Total Long Term Assets | 216,419 | 292,301 |
Total Assets | 913,095 | 981,577 |
CURRENT LIABILITIES | ||
Accounts Payable | 113,182 | 63,628 |
Current Maturities of Notes Payable | 11,085 | 16,133 |
Accrued Expenses | 27,970 | 29,239 |
Deferred Income | 1,299 | 1,299 |
Total Current Liabilities | 153,536 | 110,299 |
LONG-TERM LIABILITIES | ||
Deferred Income | 7,791 | 8,765 |
Notes Payable, Less Current Maturities | 27,646 | 39,264 |
Deferred Income Taxes | 5,787 | |
Total Long-Term Liabilities | 41,224 | 48,029 |
Total Liabilities | 194,760 | 158,328 |
COMMITMENTS AND CONTINGENCIES | ||
Capital Stock Issued and Outstanding: | ||
Common Stock, $1 Par Value | 969,834 | 969,834 |
Paid-In Capital in Excess of Par | 3,134,722 | 3,134,722 |
Accumulated Deficit | (5,747,661) | (5,642,747) |
Total Stockholders' Equity | 718,335 | 823,249 |
Total Liabilities and Stock holders' Equity | 913,095 | 981,577 |
Prior Cumulative Preferred Stock, $5 Par Value: | Series A | ||
Capital Stock Issued and Outstanding: | ||
Prior Cumulative Preferred Stock, $5 Par Value: | 500,000 | 500,000 |
Prior Cumulative Preferred Stock, $5 Par Value: | Series B | ||
Capital Stock Issued and Outstanding: | ||
Prior Cumulative Preferred Stock, $5 Par Value: | 500,000 | 500,000 |
Cumulative Preferred Stock, $20 Par Value: | Series A | ||
Capital Stock Issued and Outstanding: | ||
Prior Cumulative Preferred Stock, $5 Par Value: | 1,170,660 | 1,170,660 |
Cumulative Preferred Stock, $20 Par Value: | Series B | ||
Capital Stock Issued and Outstanding: | ||
Prior Cumulative Preferred Stock, $5 Par Value: | $ 190,780 | $ 190,780 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Allowance for doubtful accounts on trade receivables (in dollars) | $ 14,633 | $ 13,733 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Prior Cumulative Preferred Stock, $5 Par Value: | ||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Prior Cumulative Preferred Stock, $5 Par Value: | Series A | ||
Preferred stock, liquidation preference (in dollars) | $ 2,302,500 | $ 2,280,000 |
Prior Cumulative Preferred Stock, $5 Par Value: | Series B | ||
Preferred stock, liquidation preference (in dollars) | $ 2,257,500 | $ 2,235,000 |
Cumulative Preferred Stock, $20 Par Value: | ||
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
Cumulative Preferred Stock, $20 Par Value: | Series A | ||
Preferred stock, liquidation preference (in dollars) | $ 5,180,163 | $ 5,136,263 |
Cumulative Preferred Stock, $20 Par Value: | Series B | ||
Preferred stock, liquidation preference (in dollars) | $ 844,209 | $ 837,055 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||||
NET SALES | $ 378,326 | $ 398,077 | $ 2,358,991 | $ 2,413,734 |
COST OF SALES | 344,016 | 408,514 | 1,791,498 | 2,011,640 |
Gross Profit (Loss) on Sales | 34,310 | (10,437) | 567,493 | 402,094 |
OPERATING EXPENSES | ||||
Selling | 82,324 | 69,670 | 312,872 | 301,165 |
General and Administrative | 106,855 | 97,294 | 376,518 | 319,949 |
Total Operating Expenses | 189,179 | 166,964 | 689,390 | 621,114 |
Loss from Operations | (154,869) | (177,401) | (121,897) | (219,020) |
OTHER INCOME (EXPENSE) | ||||
Miscellaneous Income (Expense) | 842 | (6,335) | 1,604 | (5,551) |
Interest Expense | (556) | (729) | (4,856) | (5,688) |
Total Other Income (Expense) | 286 | (7,064) | (3,252) | (11,239) |
Loss before Income Taxes | (154,583) | (184,465) | (125,149) | (230,259) |
INCOME TAX BENEFIT | (34,126) | (70,320) | (20,235) | (87,701) |
NET LOSS | $ (120,457) | $ (114,145) | $ (104,914) | $ (142,558) |
LOSS PER SHARE | ||||
Basic (in dollars per share) | $ (0.16) | $ (0.15) | $ (0.21) | $ (0.25) |
Diluted (in dollars per share) | $ (0.16) | $ (0.15) | $ (0.21) | $ (0.25) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (104,914) | $ (142,558) |
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 50,995 | 79,334 |
Allowance for Bad Debts | 900 | 900 |
Deferred Income Amortization | (974) | (974) |
Deferred Income Taxes | 32,950 | (87,666) |
Effects of Changes in Operating Assets and Liabilities: | ||
Trade Receivables | (88,432) | (125,631) |
Inventories | 209,085 | 370,456 |
Prepaid Expenses | (1,435) | (20,083) |
Income Taxes Receivable | 11,160 | 20,648 |
Accounts Payable | 49,554 | 21,905 |
Accrued Expenses | (1,269) | 16,671 |
Net Cash Provided by Operating Activities | 157,620 | 133,002 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of Property and Equipment | (2,276) | (17,245) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Line-of-Credit | 330,000 | 325,000 |
Principal Payments on Line-of-Credit | (330,000) | (325,000) |
Principal Payments on Notes Payable | (16,666) | (11,533) |
Net Cash Used by Financing Activities | (16,666) | (11,533) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 138,678 | 104,224 |
Cash and Cash Equivalents - Beginning of Period | 46,182 | 19,259 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 184,860 | $ 123,483 |
GENERAL
GENERAL | 9 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 GENERAL The condensed consolidated balance sheet of Chase General Corporation (hereinafter referred to as Chase, we, our, and us) at June 30, 2017 has been taken from audited consolidated financial statements at that date and condensed. The condensed consolidated financial statements as of and for the three and nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 are unaudited and reflect all normal and recurring accruals and adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, operating results and cash flows for the interim periods presented in this quarterly report. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended June 30, 2017. The results of operations for the three and nine months ended March 31, 2018 and cash flows for the nine months ended March 31, 2018 are not necessarily indicative of the results for the entire fiscal year ending June 30, 2018. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present financial position, results of operations, and cash flows for the periods have been included. On April 3, 2018, Chase sold a vehicle to a former director for $4,500, netting a loss on the sale of approximately $8,000. The estimated fair market value of the vehicle was $18,000. No other events have occurred subsequent to March 31, 2018, through the date of filing this form, that would require disclosure in this Form 10-Q or would be required to be recognized in the condensed consolidated financial statements as of or for the nine month period ended March 31, 2018. |
LOSS PER SHARE
LOSS PER SHARE | 9 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | NOTE 2 LOSS PER SHARE The loss per share was computed on the weighted average of outstanding common shares during the period. Diluted earnings per share are calculated by including contingently issuable shares with the weighted average shares outstanding. Three Months Ended Nine Months Ended March 31 March 31 2018 2017 2018 2017 Net Loss $ (120,457 ) $ (114,145 ) $ (104,914 ) $ (142,558 ) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 45,000 45,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 51,054 51,054 Total Dividend Requirements 32,018 32,018 96,054 96,054 Net Loss - Common Stockholders $ (152,475 ) $ (146,163 ) $ (200,968 ) $ (238,612 ) Weighted Average Shares - Basic 969,834 969,834 969,834 969,834 Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334 1,033,334 1,033,334 Weighted Average Shares – Diluted 2,003,168 2,003,168 2,003,168 2,003,168 Basic Loss per Share $ (0.16 ) $ (0.15 ) $ (0.21 ) $ (0.25 ) Diluted Loss per Share $ (0.16 ) $ (0.15 ) $ (0.21 ) $ (0.25 ) The contingently issuable shares, for the three months and nine months ended March 31, 2018 and 2017, were not included in diluted earnings per common share as they would have an antidilutive effect upon earnings per share. Cumulative Preferred Stock dividends in arrears at March 31, 2018 and 2017 totaled $8,172,932 and $8,044,860, respectively. Total dividends in arrears, on a per share 2017 basis, consist of the following: Nine Months Ended March 31 2018 2017 6% Convertible Series A $ 18 $ 17 Series B 17 17 5% Convertible Series A $ 69 $ 68 Series B 69 68 The 6% convertible prior cumulative preferred stock may, upon 30 days prior notice, be redeemed by the Corporation at $5.25 a share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. It may be exchanged for common stock at the option of the shareholders in the ratio of four common shares for one share of Series A and 3.75 common shares for one share of Series B. The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of preferred. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Mar. 31, 2018 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | NOTE 3 NOTES PAYABLE The Company’s notes payable consists of: March 31, June 30, Payee Terms 2018 2017 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 4, 2019, with a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. $ - $ - Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 27,284 32,308 Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 11,447 14,383 Ford Credit $468 monthly payments, interest of 2.9%; final payment was made in March 2018, secured by a vehicle. - 8,706 Total 38,731 55,397 Less Current Portion 11,085 16,133 Long-Term Portion $ 27,646 $ 39,264 Future minimum payments for the twelve months ending March 31 are: March 31: Amount 2019 $ 11,085 2020 11,652 2021 11,155 2022 4,839 Total $ 38,731 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 4 INCOME TAXES The Company follows the provisions for uncertain tax positions as addressed in Financial Accounting Standards Board Accounting Standards Codification On December 22, 2017, the President signed into law The Tax Cuts and Jobs Act (the Act), which enacts significant changes to U.S. income tax and related laws. Among other things, the Act reduces the top U.S. corporate income tax rate from 35.0% to 21.0% effective January 1, 2018, and makes changes to certain other business-related exclusions, deductions and credits. Because a change in tax law is accounted for in the period of enactment, the effect of the Act was recorded in the Company’s fiscal second quarter ending December 31, 2017 which caused a net provision adjustment to deferred income taxes of approximately $19,000. |
SUPPLEMENTAL DISCLOSURES OF CAS
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | 9 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | NOTE 5 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Nine Months Ended March 31 2018 2017 Cash Paid for: Interest $ 4,856 $ 5,688 Income Taxes $ - $ 6,090 |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE 6 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued amended guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required regarding customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The guidance will initially be applied retrospectively using one of two methods. The standard will be effective for the entity for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted beginning for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company plans to adopt the new standard on July 1, 2018 on a modified retrospective basis. The Company is finalizing reviews and working on implementing the process, policy, and disclosure changes that will go into effect on July 1, 2018. The Company has performed a review of the requirements of the new guidance and has identified which of its revenue streams will be within the scope of ASC 606. The Company is working through an adoption plan which includes a review of customer contracts, applying the five-step model of the new standard to the customer contracts and comparing the results to our current accounting. As part of this, we are assessing changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting. Effective July 1, 2018, the Company will be revising its revenue recognition accounting policy and expanding revenue disclosures to reflect the requirements of ASC 606, which include disclosures related to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgements, and assets recognized from the costs to obtain or fulfill a contract. Because of the nature of the work that remains, at this time the Company is unable to reasonably estimate the impact of adoption on its consolidated financial statements. In February 2016, the FASB issued amended guidance for the treatment of leases. The guidance requires lessees to recognize a right-of-use asset and a corresponding lease liability for all operating and finance leases with lease terms greater than one year. The guidance also requires both qualitative and quantitative disclosures regarding the nature of the entity’s leasing activities. The guidance will initially be applied using a modified retrospective approach. The amendments in the guidance are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the impact of the amended lease guidance on the its consolidated financial statements. There have been no other newly issued or newly applicable accounting pronouncements that have, or are expected to have, a significant impact on the Company's consolidated financial statements. Recently Adopted Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17), which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet, instead of separating deferred taxes into current and noncurrent amounts. During the period ended September 30, 2017, the Company elected to retrospectively adopt ASU 2015-17, resulting in a reclassification reducing both deferred tax assets and deferred tax liabilities by $63,306 on the balance sheet at June 30, 2017. There was no impact on results of operations as a result of the adoption of ASU 2015-17. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," (ASU 2015-11). The core principal of the guidance is that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance was effective on July 1, 2017. The adoption of this amendment did not have a material impact on these financial statements. |
DISCLOSURES ABOUT FAIR VALUE OF
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 7 DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables and payables, and notes payable. There are no significant differences between the carrying value and fair value of any of these consolidated financial instruments. As of March 31, 2018, the amount of the Company’s long-term debt approximates fair value based on the present value of estimated future cash flows using a discount rate commensurate with a borrowing rate available to the Company. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earnings (loss) per share computed on weighted average of outstanding common shares | Three Months Ended Nine Months Ended March 31 March 31 2018 2017 2018 2017 Net Loss $ (120,457 ) $ (114,145 ) $ (104,914 ) $ (142,558 ) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 45,000 45,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 51,054 51,054 Total Dividend Requirements 32,018 32,018 96,054 96,054 Net Loss - Common Stockholders $ (152,475 ) $ (146,163 ) $ (200,968 ) $ (238,612 ) Weighted Average Shares - Basic 969,834 969,834 969,834 969,834 Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334 1,033,334 1,033,334 Weighted Average Shares – Diluted 2,003,168 2,003,168 2,003,168 2,003,168 Basic Loss per Share $ (0.16 ) $ (0.15 ) $ (0.21 ) $ (0.25 ) Diluted Loss per Share $ (0.16 ) $ (0.15 ) $ (0.21 ) $ (0.25 ) |
Schedule of total dividends in arrears, on a per share basis | Nine Months Ended March 31 2018 2017 6% Convertible Series A $ 18 $ 17 Series B 17 17 5% Convertible Series A $ 69 $ 68 Series B 69 68 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Payable [Abstract] | |
Schedule of long-term debt | March 31, June 30, Payee Terms 2018 2017 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 4, 2019, with a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. $ - $ - Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 27,284 32,308 Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 11,447 14,383 Ford Credit $468 monthly payments, interest of 2.9%; final payment was made in March 2018, secured by a vehicle. - 8,706 Total 38,731 55,397 Less Current Portion 11,085 16,133 Long-Term Portion $ 27,646 $ 39,264 |
Schedule of future minimum payments of long term debt | March 31: Amount 2019 $ 11,085 2020 11,652 2021 11,155 2022 4,839 Total $ 38,731 |
SUPPLEMENTAL DISCLOSURES OF C15
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flow information | Nine Months Ended March 31 2018 2017 Cash Paid for: Interest $ 4,856 $ 5,688 Income Taxes $ - $ 6,090 |
GENERAL (Detail Textuals)
GENERAL (Detail Textuals) - Vehicle - Subsequent event | Apr. 03, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |
Sold of vehicle to a former director | $ 4,500 |
Loss on sale of vehicle | (8,000) |
Fair market value of vehicle | $ 18,000 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Class of Stock [Line Items] | ||||
Net Loss | $ (120,457) | $ (114,145) | $ (104,914) | $ (142,558) |
Preferred Dividend Requirements: | ||||
Total Dividend Requirements | 32,018 | 32,018 | 96,054 | 96,054 |
Net Loss - Common Stockholders | $ (152,475) | $ (146,163) | $ (200,968) | $ (238,612) |
Weighted Average Shares - Basic | 969,834 | 969,834 | 969,834 | 969,834 |
Dilutive Effect of Contingently Issuable Shares | 1,033,334 | 1,033,334 | 1,033,334 | 1,033,334 |
Weighted Average Shares - Diluted (in shares) | 2,003,168 | 2,003,168 | 2,003,168 | 2,003,168 |
Basic Loss per Share (in dollars per share) | $ (0.16) | $ (0.15) | $ (0.21) | $ (0.25) |
Diluted Loss per Share (in dollars per share) | $ (0.16) | $ (0.15) | $ (0.21) | $ (0.25) |
6% Prior Cumulative Preferred, $5 Par Value | ||||
Preferred Dividend Requirements: | ||||
Total Dividend Requirements | $ 15,000 | $ 15,000 | $ 45,000 | $ 45,000 |
5% Convertible Cumulative Preferred, $20 Par Value | ||||
Preferred Dividend Requirements: | ||||
Total Dividend Requirements | $ 17,018 | $ 17,018 | $ 51,054 | $ 51,054 |
LOSS PER SHARE (Parentheticals)
LOSS PER SHARE (Parentheticals) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
6% Prior Cumulative Preferred, $5 Par Value | ||||
Class of Stock [Line Items] | ||||
Stated percentage of preferred stock | 6.00% | 6.00% | 6.00% | 6.00% |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 | $ 5 | $ 5 |
5% Convertible Cumulative Preferred, $20 Par Value | ||||
Class of Stock [Line Items] | ||||
Stated percentage of preferred stock | 5.00% | 5.00% | 5.00% | 5.00% |
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 | $ 20 | $ 20 |
LOSS PER SHARE (Details 1)
LOSS PER SHARE (Details 1) - $ / shares | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
6% Convertible | Series A | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | $ 18 | $ 17 |
6% Convertible | Series B | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | 17 | 17 |
5% Convertible | Series A | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | 69 | 68 |
5% Convertible | Series B | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | $ 69 | $ 68 |
LOSS PER SHARE (Detail Textuals
LOSS PER SHARE (Detail Textuals) | 9 Months Ended | |
Mar. 31, 2018USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | |
Class of Stock [Line Items] | ||
Total cumulative preferred stock dividends in arrears | $ | $ 8,172,932 | $ 8,044,860 |
6% convertible prior cumulative preferred stock | ||
Class of Stock [Line Items] | ||
Redemption price per share (in dollars per share) | $ 5.25 | $ 5.25 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 5.25 | $ 5.25 |
6% convertible prior cumulative preferred stock | Series A | ||
Class of Stock [Line Items] | ||
Number of common stock exchanged for each preferred stock held | 4 | 4 |
6% convertible prior cumulative preferred stock | Series B | ||
Class of Stock [Line Items] | ||
Number of common stock exchanged for each preferred stock held | 3.75 | 3.75 |
5% convertible cumulative preferred stock | ||
Class of Stock [Line Items] | ||
Redemption price per share (in dollars per share) | $ 21 | $ 21 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 20 | $ 20 |
Number of common stock exchanged for each preferred stock held | 3.795 | 3.795 |
NOTES PAYABLE - Long-term debt
NOTES PAYABLE - Long-term debt (Details) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Debt Instrument [Line Items] | ||
Total | $ 38,731 | $ 55,397 |
Less Current Portion | 11,085 | 16,133 |
Long-Term Portion | 27,646 | 39,264 |
Nodaway Valley Bank: $350,000 line-of-credit agreement expiring on January 4, 2019, with a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. | ||
Debt Instrument [Line Items] | ||
Total | 0 | 0 |
Ford Credit: $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | 27,284 | 32,308 |
Toyota Credit: $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | 11,447 | 14,383 |
Ford Credit: $468 monthly payments, interest of 2.9%; final payment was made in March 2018, secured by a vehicle. | ||
Debt Instrument [Line Items] | ||
Total | $ 0 | $ 8,706 |
NOTES PAYABLE - Long-term deb22
NOTES PAYABLE - Long-term debt (Parentheticals) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Nodaway Valley Bank: $350,000 line-of-credit agreement expiring on January 4, 2019, with a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. | ||
Debt Instrument [Line Items] | ||
Line-of-credit agreement, amount | $ 350,000 | $ 350,000 |
Interest rate, description | Variable interest rate at prime | Variable interest rate at prime |
Line of Credit Facility, Expiration date | Jan. 4, 2019 | Jan. 4, 2019 |
Line of credit facility, Basis for measurement | Prime | Prime |
Basis Spread on Variable Rate | 5.00% | 5.00% |
Ford Credit: $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Notes payable, periodic payment | $ 705 | $ 705 |
Notes payable, frequency | Monthly | Monthly |
Interest rate | 5.80% | 5.80% |
Maturity date | Oct. 31, 2021 | Oct. 31, 2021 |
Toyota Credit: $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Notes payable, periodic payment | $ 364 | $ 364 |
Notes payable, frequency | Monthly | Monthly |
Interest rate | 3.50% | 3.50% |
Maturity date | Dec. 31, 2020 | Dec. 31, 2020 |
Ford Credit: $468 monthly payments, interest of 2.9%; final payment was made in March 2018, secured by a vehicle. | ||
Debt Instrument [Line Items] | ||
Notes payable, periodic payment | $ 468 | $ 468 |
Notes payable, frequency | Monthly | Monthly |
Interest rate | 2.90% | 2.90% |
Maturity date | Mar. 31, 2018 | Mar. 31, 2018 |
NOTES PAYABLE - Future minimum
NOTES PAYABLE - Future minimum payments (Details 1) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Notes Payable [Abstract] | ||
2,019 | $ 11,085 | |
2,020 | 11,652 | |
2,021 | 11,155 | |
2,022 | 4,839 | |
Total | $ 38,731 | $ 55,397 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 6 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Net provision adjustment to deferred income taxes of approximately | $ 19,000 | |
2017 year | ||
Income Tax [Line Items] | ||
US corporate income tax rate | 35.00% | |
2018 year | ||
Income Tax [Line Items] | ||
US corporate income tax rate | 21.00% |
SUPPLEMENTAL DISCLOSURES OF C25
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Paid for: | ||
Interest | $ 4,856 | $ 5,688 |
Income Taxes | $ 0 | $ 6,090 |
RECENTLY ISSUED ACCOUNTING PR26
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Detail Textuals) | Mar. 31, 2018USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
Reclassification of reduction of deferred tax assets and deferred tax liabilities | $ 63,306 |