Chase General (CSGN) 10-Q 7 Feb 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Dec. 31, 2013	Feb. 06, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'CHASE GENERAL CORP	'
Entity Central Index Key	'0000015357	'
Trading Symbol	'csgn	'
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	31-Dec-13	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Jun. 30, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$438,648	$28,564
Trade receivables, net of allowance for doubtful accounts of $16,796 and $16,196, respectively	242,793	166,585
Inventories:	'	'
Finished goods	40,741	258,392
Goods in process	9,891	10,942
Raw materials	96,354	81,515
Packaging materials	94,097	158,283
Prepaid expenses	26,424	5,414
Deferred income taxes	6,518	6,863
Total current assets	955,466	716,558
PROPERTY AND EQUIPMENT	'	'
Land	35,000	35,000
Buildings	77,348	77,348
Machinery and equipment	732,999	717,985
Trucks and autos	188,594	188,594
Office equipment	31,094	30,826
Leasehold improvements	72,068	72,068
Total	1,137,103	1,121,821
Less accumulated depreciation	797,533	759,996
Total property and equipment, net	339,570	361,825
TOTAL ASSETS	1,295,036	1,078,383
CURRENT LIABILITIES	'	'
Accounts payable	109,666	66,598
Current maturities of notes payable	48,634	54,172
Accrued expenses	15,863	27,466
Income taxes payable	87,846	3,711
Deferred income	1,299	1,299
Total current liabilities	263,308	153,246
LONG-TERM LIABILITIES	'	'
Deferred income	13,311	13,960
Notes payable, less current maturities	10,922	39,787
Deferred income taxes	83,109	93,973
Total long-term liabilities	107,342	147,720
Total liabilities	370,650	300,966
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	-5,541,610	-5,688,579
Total stockholders' equity	924,386	777,417
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,295,036	1,078,383
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

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Allowance for doubtful accounts on trade receivables (in dollars)	$16,796	$16,196
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)	2,175,000	2,160,000
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)	2,130,000	2,115,000
Cumulative preferred stock, $20 par value | Series A	'	'
Preferred stock, par value (in dollars per share)	$20	$20
Preferred stock, liquidation preference (in dollars)	4,931,398	4,902,131
Cumulative preferred stock, $20 par value | Series B	'	'
Preferred stock, par value (in dollars per share)	$20	$20
Preferred stock, liquidation preference (in dollars)	$803,668	$798,899

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]	'	'	'	'
NET SALES	$1,402,545	$1,475,203	$2,313,805	$2,272,795
COST OF SALES	938,247	986,482	1,596,601	1,570,127
Gross profit on sales	464,298	488,721	717,204	702,668
OPERATING EXPENSES	'	'	'	'
Selling	161,115	164,742	258,037	257,116
General and administrative	95,111	91,803	233,501	217,105
Loss (gain) on sale of equipment	93	246	93	-22,254
Total operating expenses	256,319	256,791	491,631	451,967
Income from operations	207,979	231,930	225,573	250,701
OTHER INCOME (EXPENSE)	'	'	'	'
Miscellaneous income	1,972	397	2,336	762
Interest expense	-555	-1,296	-3,141	-5,030
Total other income (expense), net	1,417	-899	-805	-4,268
Net income before income taxes	209,396	231,031	224,768	246,433
PROVISION FOR INCOME TAXES	73,564	90,454	77,799	95,305
NET INCOME	$135,832	$140,577	$146,969	$151,128
NET INCOME PER SHARE OF COMMON STOCK	'	'	'	'
- BASIC (in dollars per share)	$0.11	$0.11	$0.09	$0.09
- DILUTED (in dollars per share)	$0.05	$0.05	$0.04	$0.04

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$146,969	$151,128
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	43,294	45,560
Allowance for bad debts	600	600
Deferred income amortization	-649	-649
Deferred income taxes	-10,519	55,034
Loss (gain) on sale of equipment	93	-22,254
Effects of changes in operating assets and liabilities:	'	'
Trade receivables	-76,808	-113,798
Inventories	268,049	191,078
Prepaid expenses	-21,010	-15,475
Accounts payable	43,068	54,064
Accrued expenses	-11,603	-10,146
Income taxes payable	84,135	40,271
Net cash provided by operating activities	465,619	375,413
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Proceeds from sale of equipment	'	22,500
Purchases of property and equipment	-21,132	-2,225
Net cash (used in) provided by investing activities	-21,132	20,275
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from line-of-credit	290,000	310,050
Principal payments on line-of-credit	-290,000	-350,050
Principal payments on notes payable	-34,403	-30,488
Net cash used in financing activities	-34,403	-70,488
NET INCREASE IN CASH AND CASH EQUIVALENTS	410,084	325,200
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	28,564	17,949
CASH AND CASH EQUIVALENTS, END OF PERIOD	$438,648	$343,149

GENERAL

GENERAL	6 Months Ended
	Dec. 31, 2013
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, 2013 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 six months ended December 31, 2013 and for the three and six months ended December 31, 2012 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, 2013.  The results of operations for the three and six months ended December 31, 2013 and cash flows for the six months ended December 31, 2013 are not necessarily indicative of the results for the entire fiscal year ending June 30, 2014.  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.
	No events have occurred subsequent to December 31, 2013, 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 six month period ended December 31, 2013.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	NOTE 2 - EARNINGS PER SHARE
	The income per share was computed on the weighted average of outstanding common shares during the period.  Diluted earnings per share is calculated by including contingently issuable shares with the weighted average shares outstanding.
		Three Months Ended				Six Months Ended
		31-Dec				31-Dec
		2013		2012		2013		2012
	Net income	$	135,832	$	140,577	$	146,969	$	151,128
	Preferred dividend requirements:
	6% Prior Cumulative Preferred, $5 par value		15,000		15,000		30,000		30,000
	5% Convertible Cumulative Preferred, $20 par value		17,018		17,018		34,036		34,036
	Total dividend requirements		32,018		32,018		64,036		64,036
	Net income - common stockholders	$	103,814	$	108,559	$	82,933	$	87,092
	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 earnings per share	$	0.11	$	0.11	$	0.09	$	0.09
	Diluted earnings per share	$	0.05	$	0.05	$	0.04	$	0.04
	Cumulative Preferred Stock dividends in arrears at December 31, 2013 and 2012 totaled $7,628,626 and $7,500,554, respectively.  Total dividends in arrears, on a per share basis, consist of the following:
		Six Months Ended
		31-Dec
		2013		2012
	6% Convertible
	Series A	$	17	$	16
	Series B	$	16	$	16
	5% Convertible
	Series A	$	64	$	63
	Series B	$	64	$	63
	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.  It 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.

NOTES_PAYABLE

NOTES PAYABLE	6 Months Ended
	Dec. 31, 2013
Notes Payable [Abstract]	'
NOTES PAYABLE	'
	NOTE 3 - NOTES PAYABLE
	The Company’s long-term debt consists of:
				December 31,		June 30,
	Payee	Terms		2013		2013
	Nodaway Valley Bank	$350,000 line-of-credit agreement expiring on January 3, 2014, with a variable interest rate at prime but not less than 5%. The line-of-credit agreement replaced two existing line-of-credit agreements that expired on January 3, 2013. The line-of-credit is collateralized by substantially all assets of the Company.		$	-	$	-
	Ford Credit	$679 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.			10,338		22,413
	Ford Credit	$517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.			13,950		17,050
	Nodaway Valley Bank	$3,192, including interest of 5.75%; final payment due June 2015, secured by equipment.			30,703		48,698
	Toyota Financial Services	$305 monthly payments including interest of 2.9% due March 2015, secured by a vehicle.			4,565		5,798
		Total			59,556		93,959
		Less current portion			48,634		54,172
		Long-term portion		$	10,922	$	39,787
	Upon expiration of the line-of-credit agreement on January 3, 2014, the Company entered into a $350,000 line-of-credit agreement that expires on January 3, 2015 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.
	Future minimum payments for the twelve months ending December 31 are:
	2014	$	48,634
	2015		9,372
	2016		1,550
	Total	$	59,556

INCOME_TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2013
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 740-10.  The Company recognized no liability for unrecognized tax benefits at December 31, 2013.  The Company has no material tax positions at December 31, 2013 for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility.  The Company’s federal income tax returns for the fiscal years ended 2011, 2012 and 2013 are subject to examination by the IRS taxing authority.

SUPPLEMENTAL_DISCLOSURES_OF_CA

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	6 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	'
	NOTE 5 - SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
		Six Months Ended
		31-Dec
		2013		2012
	Cash paid for:
	Interest	$	3,141	$	5,030
	Income taxes		4,105		-

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
CONTINGENCIES	'
	NOTE 6 - CONTINGENCIES
	The Company has received correspondence from the legal counsel for the Public Building Commission of Chicago (PBC) in August 2012, alleging that the Company previously owned and operated a manufacturing facility in Chicago and that the Company is a liable party for environmental response costs incurred by the PBC in the amount of $822,642.  It is the opinion of management, after reviewing the letter with counsel, that further information is required to determine the validity of the claim, the likelihood of an unfavorable outcome to the Company, and an amount of potential loss to the Company, if any at all.  Management believes significant questions need to be resolved and answered before completing its assessment of the validity of the claim.  In the event that a loss were to be incurred by the Company in connection with this claim, the loss would be material.

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Schedule of income per share computed on the weighted average of outstanding common shares	'
		Three Months Ended				Six Months Ended
		31-Dec				31-Dec
		2013		2012		2013		2012
	Net income	$	135,832	$	140,577	$	146,969	$	151,128
	Preferred dividend requirements:
	6% Prior Cumulative Preferred, $5 par value		15,000		15,000		30,000		30,000
	5% Convertible Cumulative Preferred, $20 par value		17,018		17,018		34,036		34,036
	Total dividend requirements		32,018		32,018		64,036		64,036
	Net income - common stockholders	$	103,814	$	108,559	$	82,933	$	87,092
	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 earnings per share	$	0.11	$	0.11	$	0.09	$	0.09
	Diluted earnings per share	$	0.05	$	0.05	$	0.04	$	0.04
Schedule of total dividends in arrears, on a per share basis	'
		Six Months Ended
		31-Dec
		2013		2012
	6% Convertible
	Series A	$	17	$	16
	Series B	$	16	$	16
	5% Convertible
	Series A	$	64	$	63
	Series B	$	64	$	63

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	6 Months Ended
	Dec. 31, 2013
Notes Payable [Abstract]	'
Schedule of long-term debt	'
				December 31,		June 30,
	Payee	Terms		2013		2013
	Nodaway Valley Bank	$350,000 line-of-credit agreement expiring on January 3, 2014, with a variable interest rate at prime but not less than 5%. The line-of-credit agreement replaced two existing line-of-credit agreements that expired on January 3, 2013. The line-of-credit is collateralized by substantially all assets of the Company.		$	-	$	-
	Ford Credit	$679 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.			10,338		22,413
	Ford Credit	$517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.			13,950		17,050
	Nodaway Valley Bank	$3,192, including interest of 5.75%; final payment due June 2015, secured by equipment.			30,703		48,698
	Toyota Financial Services	$305 monthly payments including interest of 2.9% due March 2015, secured by a vehicle.			4,565		5,798
		Total			59,556		93,959
		Less current portion			48,634		54,172
		Long-term portion		$	10,922	$	39,787
Schedule of future minimum payments of long term debt	'
	2014	$	48,634
	2015		9,372
	2016		1,550
	Total	$	59,556

SUPPLEMENTAL_DISCLOSURES_OF_CA1

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
Schedule of supplemental disclosures of cash flow information	'
		Six Months Ended
		31-Dec
		2013		2012
	Cash paid for:
	Interest	$	3,141	$	5,030
	Income taxes		4,105		-

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]	'	'	'	'
Net income	$135,832	$140,577	$146,969	$151,128
Preferred dividend requirements:	'	'	'	'
Total dividend requirements	32,018	32,018	64,036	64,036
Net income - common stockholders	103,814	108,559	82,933	87,092
Weighted average shares - basic (in shares)	969,834	969,834	969,834	969,834
Dilutive effect of contingently issuable shares (in 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 earnings per share (in dollars per share)	$0.11	$0.11	$0.09	$0.09
Diluted earnings per share (in dollars per share)	$0.05	$0.05	$0.04	$0.04
6% Prior Cumulative Preferred, $5 par value | Series A	'	'	'	'
Preferred dividend requirements:	'	'	'	'
Total dividend requirements	15,000	15,000	30,000	30,000
6% Prior Cumulative Preferred, $5 par value | Series B	'	'	'	'
Preferred dividend requirements:	'	'	'	'
Total dividend requirements	15,000	15,000	30,000	30,000
5% Convertible Cumulative Preferred, $20 par value | Series A	'	'	'	'
Preferred dividend requirements:	'	'	'	'
Total dividend requirements	17,018	17,018	34,036	34,036
5% Convertible Cumulative Preferred, $20 par value | Series B	'	'	'	'
Preferred dividend requirements:	'	'	'	'
Total dividend requirements	$17,018	$17,018	$34,036	$34,036

EARNINGS_PER_SHARE_Parenthetic

EARNINGS PER SHARE (Parentheticals) (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
6% Prior Cumulative Preferred, $5 par value | Series A	'	'	'	'	'
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
6% Prior Cumulative Preferred, $5 par value | Series B	'	'	'	'	'
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% Convertible Cumulative Preferred, $20 par value | Series A	'	'	'	'	'
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
5% Convertible Cumulative Preferred, $20 par value | Series B	'	'	'	'	'
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

EARNINGS_PER_SHARE_Total_divid

EARNINGS PER SHARE - Total dividends in arrears, on a per share basis (Details 1) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
6% Convertible | Series A	'	'
Class of Stock [Line Items]	'	'
Total dividends in arrears, on a per share basis	$17	$16
6% Convertible | Series B	'	'
Class of Stock [Line Items]	'	'
Total dividends in arrears, on a per share basis	$16	$16
5% Convertible | Series A	'	'
Class of Stock [Line Items]	'	'
Total dividends in arrears, on a per share basis	$64	$63
5% Convertible | Series B	'	'
Class of Stock [Line Items]	'	'
Total dividends in arrears, on a per share basis	$64	$63

EARNINGS_PER_SHARE_Detail_Text

EARNINGS PER SHARE (Detail Textuals) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]	'	'
Total dividends in arrears	$7,628,626	$7,500,554
6% Convertible	'	'
Class of Stock [Line Items]	'	'
Redemption price per share (in dollars per share)	$5.25	$5.25
Per share received by holder in voluntary liquidation (in dollars per share)	$5.25	$5.25
6% Convertible | Series A	'	'
Class of Stock [Line Items]	'	'
Conversion ratio	'1:4	'1:4
Number of common stock, issued upon conversion for share of cumulative preferred stock	4	4
6% Convertible | Series B	'	'
Class of Stock [Line Items]	'	'
Conversion ratio	'1:3.75	'1:3.75
Number of common stock, issued upon conversion for share of cumulative preferred stock	3.75	3.75
5% Convertible	'	'
Class of Stock [Line Items]	'	'
Redemption price per share (in dollars per share)	$21	$21
Per share received by holder in voluntary liquidation (in dollars per share)	$20	$20
Conversion ratio	'1:3.795	'1:3.795
Number of common stock, issued upon conversion for share of cumulative preferred stock	3.795	3.795

NOTES_PAYABLE_Longterm_debt_De

NOTES PAYABLE - Long-term debt (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Debt Instrument [Line Items]	'	'
Total	$59,556	$93,959
Less current portion	48,634	54,172
Long-term portion	10,922	39,787
Nodaway Valley Bank, $350,000 line-of-credit agreement expiring on January 3, 2014, with a variable interest rate at prime but not less than 5%. The line-of-credit agreement replaced two existing line-of-credit agreements that expired on January 3, 2013	'	'
Debt Instrument [Line Items]	'	'
Total	'	'
Ford Credit, $679 monthly payments including interest of 0%; final payment due March 2016, secured by a vehicle	'	'
Debt Instrument [Line Items]	'	'
Total	10,338	22,413
Ford Credit, $517 monthly payments including interest of 0%; final payment due March 2016, secured by a vehicle	'	'
Debt Instrument [Line Items]	'	'
Total	13,950	17,050
Nodaway Valley Bank, $3,192, including interest of 5.75%; final payment due June 2015, secured by equipment	'	'
Debt Instrument [Line Items]	'	'
Total	30,703	48,698
Toyota Financial Services, $305 monthly payments including interest of 2.9% due March 2015, secured by a vehicle	'	'
Debt Instrument [Line Items]	'	'
Total	$4,565	$5,798

NOTES_PAYABLE_Longterm_debt_Pa

NOTES PAYABLE - Long-term debt (Parentheticals) (Details) (USD $)	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2013
Nodaway Valley Bank, $350,000 line-of-credit agreement expiring on January 3, 2014, with a variable interest rate at prime but not less than 5%. The line-of-credit agreement replaced two existing line-of-credit agreements that expired on January 3, 2013	'	'
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
Interest rate	5.00%	5.00%
Ford Credit, $679 monthly payments including interest of 0%; final payment due March 2016, secured by a vehicle	'	'
Debt Instrument [Line Items]	'	'
Notes payable, periodic payment	679	679
Notes payable, frequency	'Monthly	'Monthly
Interest rate	0.00%	0.00%
Ford Credit, $517 monthly payments including interest of 0%; final payment due March 2016, secured by a vehicle	'	'
Debt Instrument [Line Items]	'	'
Notes payable, periodic payment	517	517
Notes payable, frequency	'Monthly	'Monthly
Interest rate	0.00%	0.00%
Nodaway Valley Bank, $3,192, including interest of 5.75%; final payment due June 2015, secured by equipment	'	'
Debt Instrument [Line Items]	'	'
Notes payable, periodic payment	3,192	3,192
Interest rate	5.75%	5.75%
Toyota Financial Services, $305 monthly payments including interest of 2.9% due March 2015, secured by a vehicle	'	'
Debt Instrument [Line Items]	'	'
Notes payable, periodic payment	$305	$305
Notes payable, frequency	'Monthly	'Monthly
Interest rate	2.90%	2.90%

NOTES_PAYABLE_Future_minimum_p

NOTES PAYABLE - Future minimum payments (Details 1) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Notes Payable [Abstract]	'	'
2014	$48,634	'
2015	9,372	'
2016	1,550	'
Total	$59,556	$93,959

NOTES_PAYABLE_Detail_Textuals

NOTES PAYABLE (Detail Textuals) ($350,000 line-of-credit agreement expiring on January 3, 2015, with a variable interest rate at prime but not less than 5%, Subsequent Event, USD $)	0 Months Ended
	Jan. 03, 2014
$350,000 line-of-credit agreement expiring on January 3, 2015, with a variable interest rate at prime but not less than 5% | Subsequent Event	'
Debt Instrument [Line Items]	'
Line-of-credit agreement, amount	$350,000
line-of-credit agreement, interest rate description	'Variable interest rate at prime
line-of-credit agreement, interest rate	5.00%

SUPPLEMENTAL_DISCLOSURES_OF_CA2

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash paid for:	'	'
Interest	$3,141	$5,030
Income taxes	$4,105	'

CONTINGENCIES_Detail_Textuals

CONTINGENCIES (Detail Textuals) (Unfavorable regulatory action, Threatened litigation, USD $)	6 Months Ended
	Dec. 31, 2013
Unfavorable regulatory action | Threatened litigation	'
Loss Contingencies [Line Items]	'
PBC environmental response costs	$822,642