Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Feb. 11, 2016 | |
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 | Dec. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 371,114 | $ 84,204 |
Trade Receivables, Net of Allowance for Doubtful Accounts of $16,896 and $16,296, Respectively | 175,289 | 187,607 |
Inventories: | ||
Finished Goods | 118,215 | 377,853 |
Goods in Process | 8,733 | 13,815 |
Raw Materials | 89,489 | 90,506 |
Packaging Materials | 172,059 | 130,726 |
Prepaid Expenses | 38,239 | 5,689 |
Deferred Income Taxes | 6,727 | 7,288 |
Total Current Assets | 979,865 | 897,688 |
PROPERTY AND EQUIPMENT | ||
Land | 35,000 | 35,000 |
Buildings | 77,348 | 77,348 |
Machinery and Equipment | 817,836 | 807,325 |
Trucks and Autos | 213,116 | 198,845 |
Office Equipment | 31,518 | 31,518 |
Leasehold Improvements | 72,068 | 72,068 |
Total | 1,246,886 | 1,222,104 |
Less Accumulated Depreciation | 841,424 | 861,341 |
Total Property and Equipment, Net | 405,462 | 360,763 |
Total Assets | 1,385,327 | 1,258,451 |
CURRENT LIABILITIES | ||
Accounts Payable | 125,767 | 111,944 |
Current Maturities of Notes Payable | 15,107 | 8,297 |
Accrued Expenses | 14,903 | 17,966 |
Income Taxes Payable | 20,335 | 26,119 |
Deferred Income | 1,299 | 1,299 |
Total Current Liabilities | 177,411 | 165,625 |
LONG-TERM LIABILITIES | ||
Deferred Income | 10,713 | 11,362 |
Notes Payable, Less Current Maturities | 63,209 | 14,004 |
Deferred Income Taxes | 96,462 | 98,866 |
Total Long-Term Liabilities | 170,384 | 124,232 |
Total Liabilities | $ 347,795 | $ 289,857 |
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 | (5,428,464) | (5,497,402) |
Total Stockholders' Equity | 1,037,532 | 968,594 |
Total Liabilities and Stockholders' Equity | 1,385,327 | 1,258,451 |
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 BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Allowance for doubtful accounts on trade receivables (in dollars) | $ 16,896 | $ 16,296 |
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) | $ 2,235,000 | $ 2,220,000 |
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) | $ 2,190,000 | $ 2,175,000 |
Cumulative Preferred Stock, $20 Par Value | Series A | ||
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
Preferred stock, liquidation preference (in dollars) | $ 5,048,464 | $ 5,019,197 |
Cumulative Preferred Stock, $20 Par Value | Series B | ||
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
Preferred stock, liquidation preference (in dollars) | $ 822,746 | $ 817,977 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||
NET SALES | $ 1,278,677 | $ 1,291,273 | $ 2,341,780 | $ 2,283,181 |
COST OF SALES | 920,887 | 846,057 | 1,764,270 | 1,561,127 |
Gross Profit on Sales | 357,790 | 445,216 | 577,510 | 722,054 |
OPERATING EXPENSES | ||||
Selling | 156,957 | 149,763 | 279,733 | 264,404 |
General and Administrative | 95,236 | 90,453 | 210,287 | 211,834 |
Gain on Sale of Equipment | (8,990) | (15,912) | (21,364) | (15,912) |
Total Operating Expenses | 243,203 | 224,304 | 468,656 | 460,326 |
Income from Operations | 114,587 | 220,912 | 108,854 | 261,728 |
OTHER INCOME (EXPENSE) | ||||
Miscellaneous Income | 421 | 422 | 799 | 12,444 |
Interest Expense | (2,741) | (1,069) | (3,014) | (1,956) |
Total Other Income (Expense), Net | (2,320) | (647) | (2,215) | 10,488 |
Income before Income Taxes | 112,267 | 220,265 | 106,639 | 272,216 |
PROVISION FOR INCOME TAXES | 39,581 | 77,726 | 37,701 | 94,976 |
NET INCOME | $ 72,686 | $ 142,539 | $ 68,938 | $ 177,240 |
NET INCOME PER SHARE OF COMMON STOCK | ||||
Basic (in dollars per share) | $ 0.04 | $ 0.11 | $ 0.01 | $ 0.12 |
Diluted (in dollars per share) | $ 0.02 | $ 0.06 | $ 0.06 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 68,938 | $ 177,240 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 60,968 | 50,127 |
Allowance for Bad Debts | 600 | 1,350 |
Deferred Income Amortization | (649) | (649) |
Deferred Income Taxes | (1,843) | (4,270) |
(Gain) on Sale of Equipment | (21,364) | (15,912) |
Effects of Changes in Operating Assets and Liabilities: | ||
Trade Receivables | 11,718 | (91,597) |
Inventories | 224,404 | 244,727 |
Prepaid Expenses | (32,550) | (22,388) |
Accounts Payable | 13,823 | 49,484 |
Accrued Expenses | (3,063) | (124,026) |
Income Taxes Payable | (5,784) | 78,722 |
Net Cash Provided by Operating Activities | 315,198 | 342,808 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of Property and Equipment | (21,622) | (33,876) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Line-of-Credit | 300,000 | 265,000 |
Principal Payments on Line-of-Credit | (300,000) | (265,000) |
Principal Payments on Notes Payable | (6,666) | (18,437) |
Net Cash Used by Financing Activities | (6,666) | (18,437) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 286,910 | 290,495 |
Cash and Cash Equivalents - Beginning of Period | 84,204 | 162,435 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 371,114 | $ 452,930 |
GENERAL
GENERAL | 6 Months Ended |
Dec. 31, 2015 | |
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, 2015 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, 2015 and for the three and six months ended December 31, 2014 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, 2015. The results of operations for the three and six months ended December 31, 2015 and cash flows for the six months ended December 31, 2015 are not necessarily indicative of the results for the entire fiscal year ending June 30, 2016. 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, 2015, 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, 2015. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Dec. 31, 2015 | |
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 December 31 December 31 2015 2014 2015 2014 Net Income $ 72,686 $ 142,539 $ 68,938 $ 177,240 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 $ 40,668 $ 110,521 $ 4,902 $ 113,204 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 $ 0.04 $ 0.11 $ 0.01 $ 0.12 Diluted Earnings per Share $ 0.02 $ 0.06 $ - $ 0.06 Cumulative Preferred Stock dividends in arrears at December 31, 2015 and 2014 totaled $7,884,770 and $7,756,698, respectively. Total dividends in arrears, on a per share basis, consist of the following: Six Months Ended December 31 2015 2014 6% Convertible Series A $ 17 $ 17 Series B 17 16 5% Convertible Series A $ 66 $ 65 Series B 66 65 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, 2015 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | NOTE 3 NOTES PAYABLE The Company’s long-term debt consists of: December 31, June 30, Payee Terms 2015 2015 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 4, 2017, 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 $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle. 16,596 19,151 Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 41,720 - Ford Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 20,000 - Ford Credit $517 monthly payments, interest of 0%; secured by a vehicle. - 3,150 Total 78,316 22,301 Less Current Portion 15,107 8,297 Long-Term Portion $ 63,209 $ 14,004 Future minimum payments for the twelve months ending December 31 are: December 31: Amount 2016 $ 15,107 2017 15,793 2018 16,481 2019 11,974 2020 12,098 Thereafter 6,863 Total $ 78,316 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Dec. 31, 2015 | |
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, 2015. The Company has no material tax positions at December 31, 2015 for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. The Company had no accruals for interest or penalties at December 31, 2015. The Company’s federal income tax returns for the fiscal years ended 2013, 2014 and 2015 are subject to examination by the Internal Revenue Service taxing authority. |
SUPPLEMENTAL DISCLOSURES OF CAS
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | 6 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | NOTE 5 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Six Months Ended December 31 2015 2014 Cash Paid for: Interest $ 3,014 $ 1,956 Income Taxes $ 45,368 $ 28,504 Noncash Transactions: Financing of New Vehicles $ 62,681 $ 21,228 Sales Tax on New Vehicle in Accounts Payable $ - $ 3,467 |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS | 6 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS | NOTE 6 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued an update to defer the effective date of this update by one year. The updated standard becomes effective for interim and annual periods beginning after December 15, 2017, but allows the Company to adopt the standard one year earlier if it so chooses. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its Consolidated Financial Statements and related disclosures. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," ("ASU 2015-11"). An entity using an inventory method other than last-in, first out ("LIFO") or the retail inventory method should measure inventory at the lower of cost and net realizable value. The new guidance clarifies that net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This update is effective as of January 1, 2017, with early adoption permitted. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. 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 financial statements. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of income per share computed on the weighted average of outstanding common shares | Three Months Ended Six Months Ended December 31 December 31 2015 2014 2015 2014 Net Income $ 72,686 $ 142,539 $ 68,938 $ 177,240 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 $ 40,668 $ 110,521 $ 4,902 $ 113,204 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 $ 0.04 $ 0.11 $ 0.01 $ 0.12 Diluted Earnings per Share $ 0.02 $ 0.06 $ - $ 0.06 |
Schedule of total dividends in arrears, on a per share basis | Six Months Ended December 31 2015 2014 6% Convertible Series A $ 17 $ 17 Series B 17 16 5% Convertible Series A $ 66 $ 65 Series B 66 65 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Notes Payable [Abstract] | |
Schedule of long-term debt | December 31, June 30, Payee Terms 2015 2015 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 4, 2017, 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 $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle. 16,596 19,151 Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 41,720 - Ford Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 20,000 - Ford Credit $517 monthly payments, interest of 0%; secured by a vehicle. - 3,150 Total 78,316 22,301 Less Current Portion 15,107 8,297 Long-Term Portion $ 63,209 $ 14,004 |
Schedule of future minimum payments of long term debt | December 31: Amount 2016 $ 15,107 2017 15,793 2018 16,481 2019 11,974 2020 12,098 Thereafter 6,863 Total $ 78,316 |
SUPPLEMENTAL DISCLOSURES OF C14
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flow information | Six Months Ended December 31 2015 2014 Cash Paid for: Interest $ 3,014 $ 1,956 Income Taxes $ 45,368 $ 28,504 Noncash Transactions: Financing of New Vehicles $ 62,681 $ 21,228 Sales Tax on New Vehicle in Accounts Payable $ - $ 3,467 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Net Income | $ 72,686 | $ 142,539 | $ 68,938 | $ 177,240 |
Preferred Dividend Requirements: | ||||
Total Dividend Requirements | 32,018 | 32,018 | 64,036 | 64,036 |
Net Income (Loss) - Common Stockholders | $ 40,668 | $ 110,521 | $ 4,902 | $ 113,204 |
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 Earnings per Share (in dollars per share) | $ 0.04 | $ 0.11 | $ 0.01 | $ 0.12 |
Diluted Earnings per Share (in dollars per share) | $ 0.02 | $ 0.06 | $ 0.06 | |
6% Prior Cumulative Preferred, $5 Par Value | ||||
Preferred Dividend Requirements: | ||||
Total Dividend Requirements | $ 15,000 | $ 15,000 | $ 30,000 | $ 30,000 |
5% Convertible Cumulative Preferred, $20 Par Value | ||||
Preferred Dividend Requirements: | ||||
Total Dividend Requirements | $ 17,018 | $ 17,018 | $ 34,036 | $ 34,036 |
EARNINGS PER SHARE (Parenthetic
EARNINGS PER SHARE (Parentheticals) (Details) - $ / shares | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
6% Prior Cumulative Preferred, $5 Par Value | ||
Class of Stock [Line Items] | ||
Stated percentage of preferred stock | 6.00% | 6.00% |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
5% Convertible Cumulative Preferred, $20 Par Value | ||
Class of Stock [Line Items] | ||
Stated percentage of preferred stock | 5.00% | 5.00% |
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
EARNINGS PER SHARE (Details 1)
EARNINGS PER SHARE (Details 1) - $ / shares | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
6% Prior Convertible Cumulative Preferred Stock - Series A | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | $ 17 | $ 17 |
6% Prior Convertible Cumulative Preferred Stock - Series B | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | 17 | 16 |
5% Convertible Cumulative Preferred Stock - Series A | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | 66 | 65 |
5% Convertible Cumulative Preferred Stock - Series B | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | $ 66 | $ 65 |
EARNINGS PER SHARE (Detail Text
EARNINGS PER SHARE (Detail Textuals) - USD ($) | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Total cumulative preferred stock dividends in arrears | $ 7,884,770 | $ 7,756,698 |
6% Prior Cumulative Preferred, $5 par value | ||
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% Prior Convertible Cumulative Preferred Stock - Series A | ||
Class of Stock [Line Items] | ||
Number of common stock exchanged for each preferred stock held | 4 | 4 |
6% Prior Convertible 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, $20 Par Value | ||
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 ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 78,316 | $ 22,301 |
Less Current Portion | 15,107 | 8,297 |
Long-Term Portion | $ 63,209 | $ 14,004 |
Nodaway Valley Bank: $350,000 line-of-credit agreement expiring on January 4, 2017, with a variable interest rate at prime but not less than 5% | ||
Debt Instrument [Line Items] | ||
Total | ||
Ford Credit: $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | $ 16,596 | $ 19,151 |
Ford Credit: $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | 41,720 | |
Ford credit : $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | $ 20,000 | |
Ford Credit: $517 monthly payments, interest of 0%; secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | $ 3,150 |
NOTES PAYABLE - Long-term deb20
NOTES PAYABLE - Long-term debt (Parentheticals) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Jun. 30, 2015 | |
Nodaway Valley Bank: $350,000 line-of-credit agreement expiring on January 4, 2017, with a variable interest rate at prime but not less than 5% | ||
Debt Instrument [Line Items] | ||
Line-of-credit agreement, amount | $ 350,000 | $ 350,000 |
Interest rate, description | variable interest rate | variable interest rate |
Line of Credit Facility, Expiration date | Jan. 4, 2017 | Jan. 4, 2017 |
Line of credit facility, Basis for measurement | Prime | Prime |
Interest rate | 5.00% | 5.00% |
Ford Credit: $468 monthly payments, interest of 2.9%; final payment due January 2019, 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% |
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% |
Ford 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% |
Ford Credit: $517 monthly payments, interest of 0%; 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% |
NOTES PAYABLE - Future minimum
NOTES PAYABLE - Future minimum payments (Details 1) - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Notes Payable [Abstract] | ||
2,016 | $ 15,107 | |
2,017 | 15,793 | |
2,018 | 16,481 | |
2,019 | 11,974 | |
2,020 | 12,098 | |
Thereafter | 6,863 | |
Total | $ 78,316 | $ 22,301 |
SUPPLEMENTAL DISCLOSURES OF C22
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Paid for: | ||
Interest | $ 3,014 | $ 1,956 |
Income Taxes | 45,368 | 28,504 |
Noncash Transactions: | ||
Financing of New Vehicles | $ 62,681 | 21,228 |
Sales Tax on New Vehicle in Accounts Payable | $ 3,467 |