Chase General (CSGN) 10-K 26 Sep 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2018	Sep. 25, 2018	Dec. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	CHASE GENERAL CORP
Entity Central Index Key	15,357
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Well-Known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		969,834
Entity Public Float			$ 0
Document Type	10-K
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Jun. 30, 2017
CURRENT ASSETS
Cash and Cash Equivalents	$ 2,129	$ 46,182
Trade Receivables, Net of Allowance for Doubtful Accounts of $13,389 and $13,733, Respectively	135,331	127,207
Inventories:
Finished Goods	208,254	270,352
Goods in Process	10,937	13,393
Raw Materials	74,267	60,655
Packaging Materials	152,184	135,638
Prepaid Expenses	12,225	24,689
Income Taxes Receivable		11,160
Total Current Assets	595,327	689,276
PROPERTY AND EQUIPMENT
Land	35,000	35,000
Buildings	77,348	77,348
Machinery and Equipment	851,791	838,131
Trucks and Autos	163,039	213,116
Office Equipment	33,025	31,518
Leasehold Improvements	72,068	72,068
Total	1,232,271	1,267,181
Less Accumulated Depreciation	997,091	1,002,043
Total Property and Equipment, Net	235,180	265,138
Deferred Income Taxes	0	27,163
Total Long Term Assets	235,180	292,301
Total Assets	830,507	981,577
CURRENT LIABILITIES
Accounts Payable	176,871	63,628
Current Maturities of Notes Payable	11,224	16,133
Accrued Expenses	30,852	29,239
Deferred Income	1,299	1,299
Total Current Liabilities	220,246	110,299
LONG-TERM LIABILITIES
Notes Payable, Less Current Maturities	24,787	39,264
Deferred Income	7,466	8,765
Total Long-Term Liabilities	32,253	48,029
Total Liabilities	252,499	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	(5,887,988)	(5,642,747)
Total Stockholders' Equity	578,008	823,249
Total Liabilities and Stockholders' Equity	830,507	981,577
Prior Cumulative Preferred Stock, $5 Par Value: | Series A
Capital Stock Issued and Outstanding:
Preferred stock, value	500,000	500,000
Prior Cumulative Preferred Stock, $5 Par Value: | Series B
Capital Stock Issued and Outstanding:
Preferred stock, value	500,000	500,000
Cumulative Preferred Stock, $20 Par Value: | Series A
Capital Stock Issued and Outstanding:
Preferred stock, value	1,170,660	1,170,660
Cumulative Preferred Stock, $20 Par Value: | Series B
Capital Stock Issued and Outstanding:
Preferred stock, value	$ 190,780	$ 190,780

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Allowance for doubtful accounts on trade receivables (in dollars)	$ 13,389	$ 13,733
Common stock, par value (in dollars per share)	$ 1	$ 1
Prior Cumulative Preferred Stock, $5 Par Value: | Series A
Preferred stock, par value (in dollars per share)	$ 5	$ 5
Preferred stock, liquidation preference (in dollars)	$ 2,310,000	$ 2,280,000
Prior Cumulative Preferred Stock, $5 Par Value: | Series B
Preferred stock, par value (in dollars per share)	$ 5	$ 5
Preferred stock, liquidation preference (in dollars)	$ 2,265,000	$ 2,235,000
Cumulative Preferred Stock, $20 Par Value: | Series A
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, liquidation preference (in dollars)	$ 5,194,796	$ 5,136,263
Cumulative Preferred Stock, $20 Par Value: | Series B
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, liquidation preference (in dollars)	$ 846,594	$ 837,055

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
NET SALES	$ 2,680,236	$ 2,753,043
COST OF SALES	2,085,405	2,259,952
Gross Profit on Sales	594,831	493,091
OPERATING EXPENSES
Selling Expenses	389,373	373,743
General and Administrative Expenses	470,092	396,934
Loss on Sale of Equipment	3,339
Total Operating Expenses	862,804	770,677
Loss from Operations	(267,973)	(277,586)
OTHER INCOME (EXPENSE)
Miscellaneous Income (Expense)	2,051	(5,089)
Interest Expense	(5,341)	(6,377)
Total Other Expense	(3,290)	(11,466)
Loss before Income Taxes	(271,263)	(289,052)
INCOME TAXES BENEFIT	(26,022)	(110,111)
NET LOSS	$ (245,241)	$ (178,941)
NET LOSS PER SHARE OF COMMON STOCK
- BASIC (in dollars per share)	$ (0.38)	$ (0.32)
- DILUTED (in dollars per share)	$ (0.38)	$ (0.32)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Prior Cumulative Preferred Stock - Series A	Prior Cumulative Preferred Stock - Series B	Cumulative Preferred Stock - Series A	Cumulative Preferred Stock - Series B	Common Stock	Paid-In Capital	Accumulated Deficit	Total
BALANCE at Jun. 30, 2016	$ 500,000	$ 500,000	$ 1,170,660	$ 190,780	$ 969,834	$ 3,134,722	$ (5,463,806)	$ 1,002,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss							(178,941)	(178,941)
BALANCE at Jun. 30, 2017	500,000	500,000	1,170,660	190,780	969,834	3,134,722	(5,642,747)	823,249
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss							(245,241)	(245,241)
BALANCE at Jun. 30, 2018	$ 500,000	$ 500,000	$ 1,170,660	$ 190,780	$ 969,834	$ 3,134,722	$ (5,887,988)	$ 578,008

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Collections from Customers	$ 2,672,112	$ 2,805,458
Cost of Sales, Selling, General and Administrative Expenses Paid	(2,652,853)	(2,732,696)
Interest Paid	(5,341)	(6,377)
Income Taxes Paid		(6,757)
Net Cash Provided by Operating Activities	13,918	59,628
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sale of Property and Equipment	34,000
Purchases of Property and Equipment	(72,585)	(17,245)
Net Cash Used by Investing Activities	(38,585)	(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	(19,386)	(15,460)
Net Cash Used by Financing Activities	(19,386)	(15,460)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(44,053)	26,923
Cash and Cash Equivalents, Beginning of Year	46,182	19,259
CASH AND CASH EQUIVALENTS, END OF YEAR	2,129	46,182
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net Loss	(245,241)	(178,941)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	65,204	105,754
Allowance for Bad Debts	(2,916)	(2,916)
Deferred Income Amortization	(1,299)	(1,299)
Deferred Income Taxes	27,163	(110,076)
Loss on Sale of Equipment	3,339
Effects of Changes in Operating Assets and Liabilities:
Trade Receivables	(5,208)	55,331
Inventories	34,396	171,838
Prepaid Expenses	12,464	(19,000)
Income Taxes Receivable	11,160	17,951
Accounts Payable	113,243	16,910
Accrued Expenses	1,613	4,076
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 13,918	$ 59,628

NATURE OF BUSINESS AND SIGNIFIC

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2018
Nature Of Business and Significant Accounting Policies [Abstract]
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business Chase General Corporation (the Company) was incorporated on November 6, 1944 in the state of Missouri for the purpose of manufacturing confectionery products. The Company grants credit terms to substantially all customers, consisting of repackers, grocery accounts, and national syndicate accounts, who are primarily located in the Midwest region of the United States. Significant accounting policies are as follows: Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Dye Candy Company. All intercompany transactions and balances have been eliminated in consolidation. Segment Reporting of the Business The subsidiary, Dye Candy Company, operates two divisions, Chase Candy Products and Seasonal Candy Products. Chase Candy Products involve production and sale of a candy bar marketed under the trade name "Cherry Mash". The Seasonal Candy Products involve production and sale of coconut, peanut, chocolate, and fudge confectioneries. The products of both divisions are sold to the same type of customers in the same geographical areas. In addition, both divisions share a common labor force and utilize the same basic equipment and raw materials. Management considers these two divisions as one reportable segment in these consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less when purchased to be cash equivalents. Revenue Recognition The Company recognizes revenues as product is shipped to customers. Net sales are comprised of the total sales billed during the period, including shipping and handling charges to customers, less the estimated returns, customer allowances, and customer discounts. Shipping and Handling Costs Shipping and handling costs for freight expense on goods shipped are included in cost of sales. Freight expense on goods shipped for the years ended June 30, 2018 and 2017 was $155,421 and $159,851, respectively. Trade Receivables Trade receivables are uncollateralized customer obligations which generally require payment within thirty days from the invoice date. Trade receivables are stated at the invoice amount as no interest is charged to the customer for any past due amounts. Payments of trade receivables are applied to the specific invoices identified on the customer’s remittance advice or, if unspecified, to the earliest unpaid invoices. The carrying amount of trade receivables is reduced by a valuation allowance that reflects management’s best estimate of amounts that will not be collected. The allowance for doubtful accounts is based on management’s assessment of the collectability of specific customer accounts and the aging of the trade receivables. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than the historical experience, management’s estimates of the recoverability of amounts due to the Company could be adversely affected. All accounts or portions thereof deemed to be uncollectible, or that require an excessive collection cost, are written off to the allowance for doubtful accounts. Inventories Inventories are carried at the “lower of cost or net realizable value,” with cost being determined on the “first-in, first-out” basis of accounting. The cost of goods in process include an estimate for manufacturing overhead. Finished goods inventory are valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method, the valuation of finished goods inventory at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventories. Property and Equipment The Company’s property and equipment is recorded at cost and is being depreciated on straight-line and accelerated methods over the following estimated useful lives: Buildings 39 years Machinery and equipment 5 – 7 years Trucks and autos 5 years Office equipment 5 – 7 years Leasehold improvements Lesser of estimated Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets. Income Taxes Deferred income taxes are provided using the liability method for temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred income tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred income tax assets are only recognized if it is more likely than not that a tax position will be realized or sustained upon examination by the relevant taxing authority. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred income tax assets will not be realized. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of relevant information. Deferred income tax liabilities are recognized for temporary differences that will be taxable in future years’ tax returns. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the dates of enactment. Based on the facts, the Company has determined it necessary to reduce their deferred income tax asset with a valuation allowance due it being more likely than not that the Company will be able to realize all of the deferred income tax asset. The Company’s policy is to evaluate uncertain tax positions under the guidance as prescribed by Accounting Standards Codification (ASC) 740, Income Taxes Earnings Per Common Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share shall be computed by including contingently issuable shares with the weighted average shares outstanding during the period. When inclusion of the contingently issuable shares would have an antidilutive effect upon earnings per share, diluted earnings per share will be calculated in the same manner as basic earnings per share. The following table details out the contingently issuable shares for the years ended June 30, 2018 and 2017. For 2017 and 2016, the contingently issuable shares were not included in diluted earnings per common share as they would have an antidilutive effect upon earnings per share. 2018 2017 Shares Issuable Upon Conversion of Series A Prior Cumulative Preferred Stock 400,000 400,000 Shares Issuable Upon Conversion of Series B Prior Cumulative Preferred Stock 375,000 375,000 Shares Issuable Upon Conversion of Series A Cumulative Preferred Stock 222,133 222,133 Shares Issuable Upon Conversion of Series B Cumulative Preferred Stock 36,201 36,201 Total Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334 Advertising Expense Advertising is expensed when incurred. Advertising expense was $14,779 and $16,049 for the years ended June 30, 2018 and 2017, respectively. Going Concern The Company follows ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40)”. ASU 2014-15 provides guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosure for the year ended June 30, 2018. Management determined that, when considered in the aggregate, the current conditions and events do not that raise substantial doubt about the Company’s ability to continue as a going concern for at least one year after the date the consolidated financial statements are available for issuance.

FORGIVABLE LOAN AND DEFERRED IN

FORGIVABLE LOAN AND DEFERRED INCOME	12 Months Ended
	Jun. 30, 2018
Forgivable Loan and Deferred Income [Abstract]
FORGIVABLE LOAN AND DEFERRED INCOME	NOTE 2 FORGIVABLE LOAN AND DEFERRED INCOME During 2004, the Company received a $25,000 economic development incentive from Buchanan County, which is a five year forgivable loan at a rate of $5,000 per year. The Nodaway Valley Bank established an Irrevocable Standby Letter of Credit in the amount of $25,000 as collateral for this loan, with a maturity date of January 3, 2010. The Company met the criteria of occupying a 20,000 square foot building and creating a minimum of two new full-time equivalent jobs during the first year of operation in the new facility. In addition, the Company maintained 19 existing jobs during the five year term. Notice was received February 6, 2009 from the Buchanan County Commission, that the Company had fulfilled its minimum loan requirements so that the loan was forgiven in full and has no further obligations. Since the Company was no longer legally required to return the monies, the liability was reclassified as deferred revenue and amortized into income over the life of the lease term of the new facility. Deferred revenue is recognized on a straight line basis over the lease term of 20 years. During the years ended June 30, 2018 and 2017, deferred revenue of $1,299 was amortized into income.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Jun. 30, 2018
Notes Payable [Abstract]
NOTES PAYABLE	NOTE 3 NOTES PAYABLE The Company’s long-term debt at June 30, 2018 and 2017 consists of: 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. Management anticipates renewal of the line-of-credit agreement at similar terms upon expiration. $ - $ - Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 25,560 32,308 Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 10,451 14,383 Ford Credit $468 monthly payments, interest of 2.9%; paid in full in April 2018. - 8,706 Total 36,011 55,397 Less current portion 11,224 16,133 Long-term portion $ 24,787 $ 39,264 Future minimum payments for the years ended June 30 are: Year Ended June 30, Amount 2019 $ 11,224 2020 11,798 2021 10,204 2022 2,785 Total $ 36,011

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Jun. 30, 2018
Equity [Abstract]
CAPITAL STOCK	NOTE 4 CAPITAL STOCK Capital stock authorized, issued, and outstanding as of June 30, 2018 is as follows: Shares Issued and Authorized Outstanding Prior Cumulative Preferred Stock, $5 Par Value: 6% Convertible 240,000 Series A 100,000 Series B 100,000 Cumulative Preferred Stock, $20 Par Value: 5% Convertible 150,000 Series A 58,533 Series B 9,539 Common Stock, $1 Par Value: Reserved for Conversion of Preferred Stock - 1,030,166 shares 2,000,000 969,834 Cumulative Preferred Stock dividends in arrears at June 30, 2018 and 2017 totaled $8,204,950 and $8,076,878, respectively. Total dividends in arrears, on a per share basis, consist of the following at June 30, 2018 and 2017: 2018 2017 6% Convertible Series A $ 17.85 $ 17.55 Series B $ 17.40 $ 17.10 5% Convertible Series A $ 68.75 $ 67.50 Series B $ 68.75 $ 67.50 The 6% convertible prior cumulative preferred stock may, upon thirty 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. Cumulative preferred stock may be exchanged for common stock at the option of the shareholders in the ratio of 4 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.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 5 INCOME TAXES Management believes the income tax positions taken for open years are appropriately stated and supported for all open years. The Company’s federal tax returns for the years ended June 30, 2017, 2016, and 2015 are subject to examination by the IRS taxing authority. The sources of deferred income tax assets and liability at June 30, 2018 and 2017 are as follows: 2018 2017 Deferred Income Tax Assets: Net Operating Loss Carryover $ 66,580 $ 83,694 Valuation Allowance on Net Operating Loss (29,460 ) - Trade Receivables 3,473 5,251 Deferred Income 2,273 3,837 Inventories 540 952 Contribution Carryover 830 572 Total Deferred Income Tax Assets 44,236 94,306 Deferred Income Tax Liability: Property and Equipment (44,236 ) (67,143 ) NET DEFERRED INCOME TAX ASSET $ - $ 27,163 The net deferred income tax asset is presented in the accompanying June 30, 2018 and 2017 consolidated balance sheets as follows: 2018 2017 Deferred Income Tax Asset $ - $ 27,163 The benefit for income taxes for the years ended June 30, 2018 and 2017consists of the following: 2018 2017 Current Income Tax $ - $ (35 ) Change in Deferred Taxes Due to Enacted Changes in Tax Law (19,369 ) - Deferred Income Tax Credit (6,653 ) (110,076 ) Total $ (26,022 ) $ (110,111 ) The income tax provision differs from the amount of income tax determined by applying the statutory federal income tax rate to pretax loss for the years ended June 30, 2018 and 2017 due to the following: 2018 2017 Computed at Federal Statutory Rates $ (55,176 ) $ (98,278 ) Increase (Decrease) in Income Taxes Resulting from: Non-Deductible Expenses 3,288 111 Change in Deferred Taxes Due to Enacted Changes in Tax Law (19,369 ) - Adjustment of Deferred Tax Balances 15,857 - Changes in Judgment on Realizability of Deferred Tax Assets 24,207 - Other - (36 ) State Income Taxes 5,171 (11,908 ) Total $ (26,022 ) $ (110,111 ) 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 $19,369. The Company has available at June 30, 2018, $256,695 of unused operating loss that may be carried forward and applied against future taxable income. Of the net operating loss carryforward, $16,460 expires on June 30, 2038, the remaining balance does not expire.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
LOSS PER SHARE	NOTE 6 LOSS PER SHARE The loss per share for the years ended June 30, 2018 and 2017, respectively, was computed on the weighted average of outstanding common shares during the year as follows: 2018 2017 Net Loss $ (245,241 ) $ (178,941 ) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 60,000 60,000 5% Convertible Cumulative Preferred, $20 Par Value 68,072 68,072 Total Dividend Requirements 128,072 128,072 Net Loss - Common Stockholders $ (373,313 ) $ (307,013 ) 2018 2017 Weighted Average of Shares - Basic 969,834 969,834 Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334 Weighted Average Shares – Diluted $ 2,003,168 $ 2,003,168 Basic Loss per Share $ (0.38 ) $ (0.32 ) Diluted Loss per Share $ (0.38 ) $ (0.32 ) Contingently issuable shares were not included in the 2018 and 2017 diluted earnings per common share as they would have an antidilutive effect upon earnings per share.

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	12 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	NOTE 7 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION 2018 2017 Cash Paid for: Interest $ 5,341 $ 6,377 Income Taxes - 6,757

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS	NOTE 8 COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS Dye Candy Company leases its office and manufacturing facility, located at 1307 South 59 th Future minimum lease payments under this lease are as follows: Year Ending June 30, Amount 2019 $ 78,000 2020 78,000 2021 78,000 2022 78,000 2023 78,000 Thereafter 136,500 $ 526,500 As of June 30, 2018, the Company had raw materials purchase commitments with four vendors totaling approximately $164,800. 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 value of the vehicle was $18,000.

DISCLOSURES ABOUT FAIR VALUE OF

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 9 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 June 30, 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.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 10 CONCENTRATION OF CREDIT RISK For the years ended June 30, 2018 and 2017, two customers accounted for 54% of the gross sales. As of June 30, 2018 and 2017, four customers accounted for 63% and two customers accounted for 52%, respectively, of trade receivables.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS	12 Months Ended
	Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS	NOTE 11 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 (ASC 606). 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 public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is adopting the new standard on July 1, 2018 on a modified retrospective basis by which the cumulative effect of the change is recognized in retained earnings at the date of initial application. 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 has applied the five-step model of the new standard to the Company’s customer contracts and compared the results to current accounting practices. The new standard will not affect the economics of the Company’s underlying customer contracts nor have a material change to current accounting practices. Based on the evaluation of our current contracts, revenue will be recognized consistently under both the current and new revenue standards. The Company has identified certain amounts paid to customers which are currently recorded as selling expense. Under ASC 606, these amounts will be recorded as a reduction to revenue as the Company does not receive a distinct good or service in exchange for the payment. Although this change will not have an impact to retained earnings at the date of adoption, it is expected to have a material impact to the amount of revenue recorded upon adoption of ASC 606. The Company has also identified certain amounts included in accounts payable that will be separately recorded as a current liability upon adoption of ASC 606. There will be no impact to working capital as a result of these reclassifications. For the quarter ending September 30, 2018, the Company will be expanding the revenue disclosures to reflect the requirements of ASC 606. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU will require lessees to recognize most leases on their balance sheet as lease liabilities with corresponding right-of-use (“ROU”) assets. Recognition, measurement, and presentation of expenses will depend on classification as a finance or operating lease. We are currently in the process of evaluating our existing lease portfolio, including accumulating all of the necessary information required to properly account for the leases under the new standard. ASU 2016-02 is effective for us beginning July 1, 2019. The guidance originally required entities to apply ASU 2016-02 on a modified retrospective basis; however, the FASB has recently proposed guidance that would allow adoption of this standard as of the effective date without restating prior periods. We expect adoption to result in a material increase in lease-related assets and liabilities on our consolidated balance sheets; however, we do not expect it to have a significant impact on our consolidated statements of operations or cash flows. 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. Effective July 1, 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 SUBSEQUENT EVENTS The Company monitors significant events occurring after June 30, 2018 and prior to the issuance of the financial statements to determine the impact, if any, of the events on the financial statements to be issued. All subsequent events of which the Company is aware were evaluated through the filing date of this Form 10-K.

NATURE OF BUSINESS AND SIGNIF19

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2018
Nature Of Business and Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Dye Candy Company. All intercompany transactions and balances have been eliminated in consolidation.
Segment Reporting of the Business	Segment Reporting of the Business The subsidiary, Dye Candy Company, operates two divisions, Chase Candy Products and Seasonal Candy Products. Chase Candy Products involve production and sale of a candy bar marketed under the trade name "Cherry Mash". The Seasonal Candy Products involve production and sale of coconut, peanut, chocolate, and fudge confectioneries. The products of both divisions are sold to the same type of customers in the same geographical areas. In addition, both divisions share a common labor force and utilize the same basic equipment and raw materials. Management considers these two divisions as one reportable segment in these consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Revenue Recognition	Revenue Recognition The Company recognizes revenues as product is shipped to customers. Net sales are comprised of the total sales billed during the period, including shipping and handling charges to customers, less the estimated returns, customer allowances, and customer discounts.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs for freight expense on goods shipped are included in cost of sales. Freight expense on goods shipped for the years ended June 30, 2018 and 2017 was $155,421 and $159,851, respectively.
Trade Receivables	Trade Receivables Trade receivables are uncollateralized customer obligations which generally require payment within thirty days from the invoice date. Trade receivables are stated at the invoice amount as no interest is charged to the customer for any past due amounts. Payments of trade receivables are applied to the specific invoices identified on the customer’s remittance advice or, if unspecified, to the earliest unpaid invoices. The carrying amount of trade receivables is reduced by a valuation allowance that reflects management’s best estimate of amounts that will not be collected. The allowance for doubtful accounts is based on management’s assessment of the collectability of specific customer accounts and the aging of the trade receivables. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than the historical experience, management’s estimates of the recoverability of amounts due to the Company could be adversely affected. All accounts or portions thereof deemed to be uncollectible, or that require an excessive collection cost, are written off to the allowance for doubtful accounts.
Inventories	Inventories Inventories are carried at the “lower of cost or net realizable value,” with cost being determined on the “first-in, first-out” basis of accounting. The cost of goods in process include an estimate for manufacturing overhead. Finished goods inventory are valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method, the valuation of finished goods inventory at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventories.
Property and Equipment	Property and Equipment The Company’s property and equipment is recorded at cost and is being depreciated on straight-line and accelerated methods over the following estimated useful lives: Buildings 39 years Machinery and equipment 5 – 7 years Trucks and autos 5 years Office equipment 5 – 7 years Leasehold improvements Lesser of estimated
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets.
Income Taxes	Income Taxes Deferred income taxes are provided using the liability method for temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred income tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred income tax assets are only recognized if it is more likely than not that a tax position will be realized or sustained upon examination by the relevant taxing authority. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred income tax assets will not be realized. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of relevant information. Deferred income tax liabilities are recognized for temporary differences that will be taxable in future years’ tax returns. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the dates of enactment. Based on the facts, the Company has determined it necessary to reduce their deferred income tax asset with a valuation allowance due it being more likely than not that the Company will be able to realize all of the deferred income tax asset. The Company’s policy is to evaluate uncertain tax positions under the guidance as prescribed by Accounting Standards Codification (ASC) 740, Income Taxes
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share shall be computed by including contingently issuable shares with the weighted average shares outstanding during the period. When inclusion of the contingently issuable shares would have an antidilutive effect upon earnings per share, diluted earnings per share will be calculated in the same manner as basic earnings per share. The following table details out the contingently issuable shares for the years ended June 30, 2018 and 2017. For 2017 and 2016, the contingently issuable shares were not included in diluted earnings per common share as they would have an antidilutive effect upon earnings per share. 2018 2017 Shares Issuable Upon Conversion of Series A Prior Cumulative Preferred Stock 400,000 400,000 Shares Issuable Upon Conversion of Series B Prior Cumulative Preferred Stock 375,000 375,000 Shares Issuable Upon Conversion of Series A Cumulative Preferred Stock 222,133 222,133 Shares Issuable Upon Conversion of Series B Cumulative Preferred Stock 36,201 36,201 Total Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334
Advertising Expense	Advertising Expense Advertising is expensed when incurred. Advertising expense was $14,779 and $16,049 for the years ended June 30, 2018 and 2017, respectively.
Going Concern	Going Concern The Company follows ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40)”. ASU 2014-15 provides guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosure for the year ended June 30, 2018. Management determined that, when considered in the aggregate, the current conditions and events do not that raise substantial doubt about the Company’s ability to continue as a going concern for at least one year after the date the consolidated financial statements are available for issuance.

NATURE OF BUSINESS AND SIGNIF20

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2018
Nature Of Business and Significant Accounting Policies [Abstract]
Schedule of property plant and equipment depreciated over the estimated useful life	Buildings 39 years Machinery and equipment 5 – 7 years Trucks and autos 5 years Office equipment 5 – 7 years Leasehold improvements Lesser of estimated
Schedule of antidilutive shares excluded from computation of earnings per share	2018 2017 Shares Issuable Upon Conversion of Series A Prior Cumulative Preferred Stock 400,000 400,000 Shares Issuable Upon Conversion of Series B Prior Cumulative Preferred Stock 375,000 375,000 Shares Issuable Upon Conversion of Series A Cumulative Preferred Stock 222,133 222,133 Shares Issuable Upon Conversion of Series B Cumulative Preferred Stock 36,201 36,201 Total Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Jun. 30, 2018
Notes Payable [Abstract]
Schedule of long-term debt	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. Management anticipates renewal of the line-of-credit agreement at similar terms upon expiration. $ - $ - Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 25,560 32,308 Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 10,451 14,383 Ford Credit $468 monthly payments, interest of 2.9%; paid in full in April 2018. - 8,706 Total 36,011 55,397 Less current portion 11,224 16,133 Long-term portion $ 24,787 $ 39,264
Schedule of future minimum payments of long term debt	Year Ended June 30, Amount 2019 $ 11,224 2020 11,798 2021 10,204 2022 2,785 Total $ 36,011

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	12 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of capital stock authorized, issued, and outstanding	Shares Issued and Authorized Outstanding Prior Cumulative Preferred Stock, $5 Par Value: 6% Convertible 240,000 Series A 100,000 Series B 100,000 Cumulative Preferred Stock, $20 Par Value: 5% Convertible 150,000 Series A 58,533 Series B 9,539 Common Stock, $1 Par Value: Reserved for Conversion of Preferred Stock - 1,030,166 shares 2,000,000 969,834
Schedule of preferred stock dividends in arrears on a per share basis	2018 2017 6% Convertible Series A $ 17.85 $ 17.55 Series B $ 17.40 $ 17.10 5% Convertible Series A $ 68.75 $ 67.50 Series B $ 68.75 $ 67.50

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of sources of deferred tax assets and liability	2018 2017 Deferred Income Tax Assets: Net Operating Loss Carryover $ 66,580 $ 83,694 Valuation Allowance on Net Operating Loss (29,460 ) - Trade Receivables 3,473 5,251 Deferred Income 2,273 3,837 Inventories 540 952 Contribution Carryover 830 572 Total Deferred Income Tax Assets 44,236 94,306 Deferred Income Tax Liability: Property and Equipment (44,236 ) (67,143 ) NET DEFERRED INCOME TAX ASSET $ - $ 27,163
Schedule of net deferred income tax asset (liability)	2018 2017 Deferred Income Tax Asset $ - $ 27,163
Schedule of provision (benefit) for income taxes	2018 2017 Current Income Tax $ - $ (35 ) Change in Deferred Taxes Due to Enacted Changes in Tax Law (19,369 ) - Deferred Income Tax Credit (6,653 ) (110,076 ) Total $ (26,022 ) $ (110,111 )
Schedule of effective income tax rate reconciliation	2018 2017 Computed at Federal Statutory Rates $ (55,176 ) $ (98,278 ) Increase (Decrease) in Income Taxes Resulting from: Non-Deductible Expenses 3,288 111 Change in Deferred Taxes Due to Enacted Changes in Tax Law (19,369 ) - Adjustment of Deferred Tax Balances 15,857 - Changes in Judgment on Realizability of Deferred Tax Assets 24,207 - Other - (36 ) State Income Taxes 5,171 (11,908 ) Total $ (26,022 ) $ (110,111 )

LOSS PER SHARE(Tables)

LOSS PER SHARE(Tables)	12 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of income per share computed on the weighted average of outstanding common shares	2018 2017 Net Loss $ (245,241 ) $ (178,941 ) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 60,000 60,000 5% Convertible Cumulative Preferred, $20 Par Value 68,072 68,072 Total Dividend Requirements 128,072 128,072 Net Loss - Common Stockholders $ (373,313 ) $ (307,013 ) 2018 2017 Weighted Average of Shares - Basic 969,834 969,834 Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334 Weighted Average Shares – Diluted $ 2,003,168 $ 2,003,168 Basic Loss per Share $ (0.38 ) $ (0.32 ) Diluted Loss per Share $ (0.38 ) $ (0.32 )

SUPPLEMENTAL DISCLOSURES OF C25

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosures of cash flow information	2018 2017 Cash Paid for: Interest $ 5,341 $ 6,377 Income Taxes - 6,757

COMMITMENTS, CONTINGENCIES AN26

COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments	Year Ending June 30, Amount 2019 $ 78,000 2020 78,000 2021 78,000 2022 78,000 2023 78,000 Thereafter 136,500 $ 526,500

NATURE OF BUSINESS AND SIGNIF27

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives (Details)	12 Months Ended
	Jun. 30, 2018
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Trucks and autos
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Office equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Office equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Lesser of estimated useful life or the useful life or the lease term lease term

NATURE OF BUSINESS AND SIGNIF28

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Antidilutive effect of contingently issuable shares (Details 1) - shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	1,033,334	1,033,334
Prior Cumulative Preferred Stock - Series A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	400,000	400,000
Prior Cumulative Preferred Stock - Series B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	375,000	375,000
Cumulative Preferred Stock - Series A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	222,133	222,133
Cumulative Preferred Stock - Series B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	36,201	36,201

NATURE OF BUSINESS AND SIGNIF29

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals)	12 Months Ended
	Jun. 30, 2018USD ($)DivisionSegment	Jun. 30, 2017USD ($)
Nature Of Business And Significant Accounting Policies [Line Items]
Number of product divisions | Division	2
Number of reportable segments | Segment	1
Cost of sales	$ 2,085,405	$ 2,259,952
Advertising expense	14,779	16,049
Freight costs
Nature Of Business And Significant Accounting Policies [Line Items]
Cost of sales	$ 155,421	$ 159,851

FORGIVABLE LOAN AND DEFERRED 30

FORGIVABLE LOAN AND DEFERRED INCOME (Detail Textuals)	1 Months Ended	12 Months Ended
	Jun. 30, 2004USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Line of Credit Facility [Line Items]
Lease term of deferred revenue		20 years
Amortized deferred revenue into income for each period		$ 1,299	$ 1,299
Nodaway Valley Bank | Standby Letters of Credit
Line of Credit Facility [Line Items]
Economic development incentive, forgivable loan	$ 25,000
Term of forgivable loan	5 years
Loan rate per year	$ 5,000
Letter of credit, collateral amount	$ 25,000
Area of land occupying | ft²	20,000

NOTES PAYABLE - Long-term debt

NOTES PAYABLE - Long-term debt (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Debt Instrument [Line Items]
Total	$ 36,011	$ 55,397
Less current portion	11,224	16,133
Long-term portion	24,787	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. Management anticipates renewal of the line-of-credit agreement at similar terms upon expiration.
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	25,560	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	10,451	14,383
Ford Credit: $468 monthly payments, interest of 2.9%; paid in full in April 2018
Debt Instrument [Line Items]
Total	$ 0	$ 8,706

NOTES PAYABLE - Long-term deb32

NOTES PAYABLE - Long-term debt (Parentheticals) (Details) - USD ($)	12 Months Ended
	Jun. 30, 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. Management anticipates renewal of the line-of-credit agreement at similar terms upon expiration.
Debt Instrument [Line Items]
Line-of-credit agreement, amount	$ 350,000	$ 350,000
Line of Credit Facility, Expiration date	Jan. 4, 2019	Jan. 4, 2019
Interest rate, description	variable interest rate at prime	variable interest rate at prime
Line of credit facility, Basis for measurement	Prime	Prime
Interest 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]
Line-of-credit agreement, amount	$ 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]
Line-of-credit agreement, amount	$ 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%; paid in full in April 2018
Debt Instrument [Line Items]
Line-of-credit agreement, amount	$ 468	$ 468
Notes payable, frequency	Monthly	Monthly
Interest rate	2.90%	2.90%
Maturity date	Apr. 30, 2018	Apr. 30, 2018

NOTES PAYABLE - Future minimum

NOTES PAYABLE - Future minimum payments (Details 1) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Notes Payable [Abstract]
2,019	$ 11,224
2,020	11,798
2,021	10,204
2,022	2,785
Total	$ 36,011	$ 55,397

CAPITAL STOCK - Shares authoriz

CAPITAL STOCK - Shares authorized, issued, and outstanding (Details)	Jun. 30, 2018shares
Class of Stock [Line Items]
Common stock- reserved for conversion of preferred shares authorized	2,000,000
Common stock- reserved for conversion of preferred shares issued	969,834
Common stock- reserved for conversion of preferred shares outstanding	969,834
6% Prior Convertible Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Preferred shares issued	100,000
Preferred shares outstanding	100,000
6% Prior Convertible Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Preferred shares issued	100,000
Preferred shares outstanding	100,000
5% Convertible Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Preferred shares issued	58,533
Preferred shares outstanding	58,533
5% Convertible Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Preferred shares issued	9,539
Preferred shares outstanding	9,539
6% Prior Cumulative Preferred, $5 par value
Class of Stock [Line Items]
Preferred shares authorized	240,000
5% Convertible Cumulative Preferred, $20 par value
Class of Stock [Line Items]
Preferred shares authorized	150,000

CAPITAL STOCK - Shares author35

CAPITAL STOCK - Shares authorized, issued, and outstanding (Parentheticals) (Details)	12 Months Ended
	Jun. 30, 2018$ / shares
6% Prior Cumulative Preferred, $5 par value
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 5
Stated percentage of preferred stock	6.00%
5% Convertible Cumulative Preferred, $20 par value
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 20
Stated percentage of preferred stock	5.00%

CAPITAL STOCK - Shares author36

CAPITAL STOCK - Shares authorized, issued, and outstanding (Parentheticals 1) (Details) - $ / shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Reserved for conversion of preferred stock (in shares)	1,030,166

CAPITAL STOCK - Preferred Stock

CAPITAL STOCK - Preferred Stock dividends in arrears on a per share basis (Details 1) - $ / shares	Jun. 30, 2018	Jun. 30, 2017
6% Prior Convertible Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	$ 17.85	$ 17.55
6% Prior Convertible Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	17.40	17.10
5% Convertible Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	68.75	67.50
5% Convertible Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	$ 68.75	$ 67.50

CAPITAL STOCK (Detail Textuals)

CAPITAL STOCK (Detail Textuals) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Equity [Abstract]
Total cumulative preferred stock dividends in arrears	$ 8,204,950	$ 8,076,878

CAPITAL STOCK (Detail Textuals

CAPITAL STOCK (Detail Textuals 1)	12 Months Ended
	Jun. 30, 2018$ / sharesshares
6% Prior Cumulative Preferred, $5 par value
Class of Stock [Line Items]
Redemption price per share (in dollars per share)	$ 5.25
Preferred stock, liquidation preference per share (in dollars per share)	$ 5.25
6% Prior Convertible Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Number of common stock exchanged for each preferred stock held | shares	4
6% Prior Convertible Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Number of common stock exchanged for each preferred stock held | shares	3.75
5% Convertible Cumulative Preferred, $20 par value
Class of Stock [Line Items]
Redemption price per share (in dollars per share)	$ 21
Preferred stock, liquidation preference per share (in dollars per share)	$ 20
Number of common stock exchanged for each preferred stock held | shares	3.795

INCOME TAXES - Sources of defer

INCOME TAXES - Sources of deferred tax assets and liability (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Deferred Income Tax Assets:
Net Operating Loss Carryover	$ 66,580	$ 83,694
Valuation Allowance on Net Operating Loss	(29,460)	0
Trade Receivables	3,473	5,251
Deferred Income	2,273	3,837
Inventories	540	952
Contribution Carryover	830	572
Total Deferred Income Tax Assets	44,236	94,306
Deferred Income Tax Liability:
Property and Equipment	(44,236)	(67,143)
NET DEFERRED INCOME TAX ASSET	$ 0	$ 27,163

INCOME TAXES - Net deferred tax

INCOME TAXES - Net deferred tax assets (liability) (Details 1) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Deferred Income Tax Asset	$ 0	$ 27,163

INCOME TAXES - Provision for in

INCOME TAXES - Provision for income taxes (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Current Income Tax	$ 0	$ (35)
Change in Deferred Taxes Due to Enacted Changes in Tax Law	(19,369)	0
Deferred Income Tax Credit	(6,653)	(110,076)
Total	$ (26,022)	$ (110,111)

INCOME TAXES - Effective income

INCOME TAXES - Effective income tax rate reconciliation (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Computed at Federal Statutory Rates	$ (55,176)	$ (98,278)
Increase (Decrease) in Income Taxes Resulting from:
Non-Deductible Expenses	3,288	111
Change in Deferred Taxes Due to Enacted Changes in Tax Law	(19,369)	0
Adjustment of Deferred Tax Balances	15,857	0
Changes in Judgment on Realizability of Deferred Tax Assets	24,207	0
Other	0	(36)
State Income Taxes	5,171	(11,908)
Total	$ (26,022)	$ (110,111)

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Federal statutory income tax rate, percent	21.00%	35.00%
Net provision adjustment to deferred income taxes	$ 19,369	$ 0
Operating loss carryforwards	$ 256,695
Date of operating loss carry forwards expires	Jun. 30, 2038
Operating loss carry forwards expires	$ 16,460

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Net Loss	$ (245,241)	$ (178,941)
Preferred Dividend Requirements:
Total Dividend Requirements	128,072	128,072
Net Loss - Common Stockholders	$ (373,313)	$ (307,013)
Weighted Average of Shares - Basic (in shares)	969,834	969,834
Dilutive Effect of Contingently Issuable Shares (in shares)	1,033,334	1,033,334
Weighted Average Shares - Diluted (in shares)	2,003,168	2,003,168
Basic Loss per Share	$ (0.38)	$ (0.32)
Diluted Loss per Share	$ (0.38)	$ (0.32)
6% Prior Cumulative Preferred, $5 par value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 60,000	$ 60,000
5% Convertible Cumulative Preferred, $20 par value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 68,072	$ 68,072

LOSS PER SHARE (Parentheticals)

LOSS PER SHARE (Parentheticals) (Details)	12 Months Ended
	Jun. 30, 2018$ / shares
6% Prior Cumulative Preferred, $5 par value
Class of Stock [Line Items]
Stated percentage of preferred stock	6.00%
Preferred stock, par value (in dollars per share)	$ 5
5% Convertible Cumulative Preferred, $20 par value
Class of Stock [Line Items]
Stated percentage of preferred stock	5.00%
Preferred stock, par value (in dollars per share)	$ 20

SUPPLEMENTAL DISCLOSURES OF C47

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Paid for:
Interest Paid	$ 5,341	$ 6,377
Income Taxes		$ 6,757

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future minimum lease payments (Details)	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 78,000
2,020	78,000
2,021	78,000
2,022	78,000
2,023	78,000
Thereafter	136,500
Future minimum payments due, Total	$ 526,500

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail Textuals)	Apr. 03, 2018USD ($)	Jun. 30, 2018USD ($)Vendor	Jun. 30, 2017USD ($)
Long-term Purchase Commitment [Line Items]
Additional lease period		5 years
Lease payments per month		$ 6,500
Percentage of base rent to be increased		30.00%
Rental expense		$ 78,000	$ 78,000
Vehicle sold to a former director	$ 4,500
Net loss on sale of vehicle	8,000	$ (3,339)
Fair value of vehicle	$ 18,000
Raw material
Long-term Purchase Commitment [Line Items]
Raw materials purchase commitments, number of vendors | Vendor		4
Raw materials purchase commitments		$ 164,800

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Detail Textuals) - Customer concentration risk - Customer	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Gross sales
Concentration Risk [Line Items]
Number of customers accounted credit risk	2	2
Customer concentration risk, percentage	54.00%	54.00%
Trade receivables
Concentration Risk [Line Items]
Number of customers accounted credit risk	4	2
Customer concentration risk, percentage	63.00%	52.00%

RECENTLY ISSUED ACCOUNTING PR51

RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS (Detail Textual)	12 Months Ended
	Jun. 30, 2017USD ($)
Accounting Changes and Error Corrections [Abstract]
Reduction in deferred tax asset and liabilities	$ 63,306