Chase General (CSGN) 10-Q 12 May 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2016	May. 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	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Jun. 30, 2015
CURRENT ASSETS
Cash and Cash Equivalents	$ 282,679	$ 84,204
Trade Receivables, Net of Allowance for Doubtful Accounts of $17,196 and $16,296, Respectively	147,781	187,607
Inventories:
Finished Goods	94,482	377,853
Goods in Process	9,321	13,815
Raw Materials	82,404	90,506
Packaging Materials	158,989	130,726
Prepaid Expenses	18,337	5,689
Prepaid Income Taxes	29,760
Deferred Income Taxes	7,314	7,288
Total Current Assets	831,067	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	869,233	861,341
Total Property and Equipment, Net	377,653	360,763
Total Assets	1,208,720	1,258,451
CURRENT LIABILITIES
Accounts Payable	40,606	111,944
Current Maturities of Notes Payable	15,297	8,297
Accrued Expenses	28,874	17,966
Income Taxes Payable		26,119
Deferred Income	1,299	1,299
Total Current Liabilities	86,076	165,625
LONG-TERM LIABILITIES
Deferred Income	10,389	11,362
Notes Payable, Less Current Maturities	59,324	14,004
Deferred Income Taxes	93,916	98,866
Total Long-Term Liabilities	163,629	124,232
Total Liabilities	$ 249,705	$ 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	(5,506,981)	(5,497,402)
Total Stockholders' Equity	959,015	968,594
Total Liabilities and Stockholders' Equity	1,208,720	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 ($)	Mar. 31, 2016	Jun. 30, 2015
Allowance for doubtful accounts on trade receivables (in dollars)	$ 17,196	$ 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)	$ 2,242,500	$ 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)	$ 2,197,500	$ 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)	$ 5,063,097	$ 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)	$ 825,131	$ 817,977

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
NET SALES	$ 476,676	$ 450,836	$ 2,818,456	$ 2,734,017
COST OF SALES	437,017	356,567	2,201,287	1,917,694
Gross Profit on Sales	39,659	94,269	617,169	816,323
OPERATING EXPENSES
Selling	73,854	74,670	353,587	339,074
General and Administrative	86,747	83,890	297,034	295,724
Gain on Sale of Equipment		(10,590)	(21,364)	(26,502)
Total Operating Expenses	160,601	147,970	629,257	608,296
Income (Loss) from Operations	(120,942)	(53,701)	(12,088)	208,027
OTHER INCOME (EXPENSE)
Miscellaneous Income	609	626	1,408	13,070
Interest Expense	(890)	(125)	(3,906)	(2,081)
Total Other Income (Expense), Net	(281)	501	(2,498)	10,989
Net Income (Loss) Before Income Taxes	(121,223)	(53,200)	(14,586)	219,016
PROVISION (BENEFIT) FOR INCOME TAXES	(42,708)	(18,397)	(5,007)	76,579
NET INCOME (LOSS)	$ (78,515)	$ (34,803)	$ (9,579)	$ 142,437
NET INCOME (LOSS) PER SHARE OF COMMON STOCK
Basic (in dollars per share)	$ (0.11)	$ (0.07)	$ (0.11)	$ 0.05
Diluted (in dollars per share)	$ (0.11)	$ (0.07)	$ (0.11)	$ 0.02

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ (9,579)	$ 142,437
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	88,777	74,904
Allowance for Bad Debts	900	1,950
Deferred Income Amortization	(973)	(974)
Deferred Income Taxes	(4,976)	(2,267)
(Gain) on Sale of Equipment	(21,364)	(26,502)
Effects of Changes in Operating Assets and Liabilities:
Trade Receivables	38,926	35,644
Inventories	267,704	72,079
Prepaid Expenses	(12,648)	(14,129)
Prepaid Income Taxes	(29,760)	(11,970)
Accounts Payable	(71,338)	(7,145)
Accrued Expenses	10,908	(104,293)
Income Taxes Payable	(26,119)	58,322
Net Cash Provided by Operating Activities	230,458	218,056
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of Property and Equipment	(21,622)	(54,001)
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	(10,361)	(21,317)
Net Cash Used by Financing Activities	(10,361)	(21,317)
NET INCREASE IN CASH AND CASH EQUIVALENTS	198,475	142,738
Cash and Cash Equivalents - Beginning of Period	84,204	162,435
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 282,679	$ 305,173

GENERAL

GENERAL	9 Months Ended
	Mar. 31, 2016
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 nine months ended March 31, 2016 and for the three and nine months ended March 31, 2015 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 nine months ended March 31, 2016 and cash flows for the nine months ended March 31, 2016 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 March 31, 2016, through the date of filing this form, that would require disclosure in this Form 10-Q or would be required to be recognized in the condensed consolidated financial statements as of or for the nine month period ended March 31, 2016.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Mar. 31, 2016
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. Contingently issuable shares were not included in the diluted earnings for the three months ended March 31, 2016, the three months ended March 31, 2015, and the nine months ended March 31, 2016 as they would have an antidilutive effect upon earnings per share. Three Months Ended Nine Months Ended March 31 March 31 2016 2015 2016 2015 Net Income (Loss) $ (78,515 ) $ (34,803 ) $ (9,579 ) $ 142,437 Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 45,000 45,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 51,054 51,054 Total Dividend Requirements 32,018 32,018 96,054 96,054 Net Income (Loss) - Common Stockholders $ (110,533 ) $ (66,821 ) $ (105,633 ) $ 46,383 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 ) $ (0.07 ) $ (0.11 ) $ 0.05 Diluted Earnings per Share $ (0.11 ) $ (0.07 ) $ (0.11 ) $ 0.02 Cumulative Preferred Stock dividends in arrears at March 31, 2016 and 2015 totaled $7,916,788 and $7,788,716, respectively. Total dividends in arrears, on a per share basis, consist of the following: Nine Months Ended March 31 2016 2015 6% Convertible Series A $ 17 $ 17 Series B 17 16 5% Convertible Series A $ 67 $ 66 Series B 67 66 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	9 Months Ended
	Mar. 31, 2016
Notes Payable [Abstract]
NOTES PAYABLE	NOTE 3 NOTES PAYABLE The Company’s notes payable consists of: March 31, June 30, Payee Terms 2016 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. 15,305 19,151 Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 40,208 - Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 19,108 - Ford Credit $517 monthly payments, interest of 0%; secured by a vehicle. - 3,150 Total 74,621 22,301 Less Current Portion 15,297 8,297 Long-Term Portion $ 59,324 $ 14,004 Future minimum payments for the twelve months ending March 31 are: March 31: Amount 2017 $ 15,297 2018 15,962 2019 15,716 2020 11,652 2021 11,155 Thereafter 4,839 Total $ 74,621

INCOME TAXES

INCOME TAXES	9 Months Ended
	Mar. 31, 2016
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

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	9 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	NOTE 5 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Nine Months Ended March 31 2016 2015 Cash Paid for: Interest $ 3,906 $ 2,081 Income Taxes $ 55,888 $ 32,494 Noncash Transactions: Financing of New Vehicles $ 62,681 $ 21,228

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS	9 Months Ended
	Mar. 31, 2016
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 amended guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required regarding customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The guidance will initially be applied retrospectively using one of two methods. The standard will be effective for the entity for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted beginning for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is evaluating the impact of the amended revenue recognition guidance on its consolidated financial statements. 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. The 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. In February 2016, the FASB issued amended guidance for the treatment of leases. The guidance requires lessees to recognize a right-of-use asset and a corresponding lease liability for all operating and finance leases with lease terms greater than one year. The guidance also requires both qualitative and quantitative disclosures regarding the nature of the entity’s leasing activities. The guidance will initially be applied using a modified retrospective approach. The amendments in the guidance are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the impact of the amended lease guidance on the its consolidated financial statements. In August 2014, the FASB issued 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. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for interim and annual periods thereafter. Early application is permitted. We do not expect the adoption of ASU 2014-15 to have a material effect on our financial position, results of operations or cash flows. 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)	9 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of income per share computed on the weighted average of outstanding common shares	Three Months Ended Nine Months Ended March 31 March 31 2016 2015 2016 2015 Net Income (Loss) $ (78,515 ) $ (34,803 ) $ (9,579 ) $ 142,437 Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 45,000 45,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 51,054 51,054 Total Dividend Requirements 32,018 32,018 96,054 96,054 Net Income (Loss) - Common Stockholders $ (110,533 ) $ (66,821 ) $ (105,633 ) $ 46,383 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 ) $ (0.07 ) $ (0.11 ) $ 0.05 Diluted Earnings per Share $ (0.11 ) $ (0.07 ) $ (0.11 ) $ 0.02
Schedule of total dividends in arrears, on a per share basis	Nine Months Ended March 31 2016 2015 6% Convertible Series A $ 17 $ 17 Series B 17 16 5% Convertible Series A $ 67 $ 66 Series B 67 66

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Mar. 31, 2016
Notes Payable [Abstract]
Schedule of long-term debt	March 31, June 30, Payee Terms 2016 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. 15,305 19,151 Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 40,208 - Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 19,108 - Ford Credit $517 monthly payments, interest of 0%; secured by a vehicle. - 3,150 Total 74,621 22,301 Less Current Portion 15,297 8,297 Long-Term Portion $ 59,324 $ 14,004
Schedule of future minimum payments of long term debt	March 31: Amount 2017 $ 15,297 2018 15,962 2019 15,716 2020 11,652 2021 11,155 Thereafter 4,839 Total $ 74,621

SUPPLEMENTAL DISCLOSURES OF C14

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	9 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosures of cash flow information	Nine Months Ended March 31 2016 2015 Cash Paid for: Interest $ 3,906 $ 2,081 Income Taxes $ 55,888 $ 32,494 Noncash Transactions: Financing of New Vehicles $ 62,681 $ 21,228

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Net Income (Loss)	$ (78,515)	$ (34,803)	$ (9,579)	$ 142,437
Preferred Dividend Requirements:
Total Dividend Requirements	32,018	32,018	96,054	96,054
Net Income (Loss) - Common Stockholders	$ (110,533)	$ (66,821)	$ (105,633)	$ 46,383
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)	$ (0.07)	$ (0.11)	$ 0.05
Diluted Earnings per Share (in dollars per share)	$ (0.11)	$ (0.07)	$ (0.11)	$ 0.02
6% Prior Cumulative Preferred, $5 Par Value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 15,000	$ 15,000	$ 45,000	$ 45,000
5% Convertible Cumulative Preferred, $20 Par Value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 17,018	$ 17,018	$ 51,054	$ 51,054

EARNINGS PER SHARE (Parenthetic

EARNINGS PER SHARE (Parentheticals) (Details) - $ / shares	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
6% Convertible | Series A
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	$ 17	$ 17
6% Convertible | Series B
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	17	16
5% Convertible | Series A
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	67	66
5% Convertible | Series B
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	$ 67	$ 66

EARNINGS PER SHARE (Detail Text

EARNINGS PER SHARE (Detail Textuals) - USD ($)	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Total cumulative preferred stock dividends in arrears	$ 7,916,788	$ 7,788,716
6% convertible prior cumulative preferred stock
Class of Stock [Line Items]
Redemption price per share (in dollars per share)	$ 5.25	$ 5.25
Preferred stock, liquidation preference per share (in dollars per share)	$ 5.25	$ 5.25
6% convertible prior cumulative preferred stock | Series A
Class of Stock [Line Items]
Number of common stock exchanged for each preferred stock held	4	4
6% convertible prior cumulative preferred stock | Series B
Class of Stock [Line Items]
Number of common stock exchanged for each preferred stock held	3.75	3.75
5% Convertible
Class of Stock [Line Items]
Total cumulative preferred stock dividends in arrears	$ 21	$ 21
Preferred stock, liquidation preference per share (in dollars per share)	$ 20	$ 20
Number of common stock exchanged for each preferred stock held	3.795	3.795

NOTES PAYABLE - Long-term debt

NOTES PAYABLE - Long-term debt (Details) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Total	$ 74,621	$ 22,301
Less Current Portion	15,297	8,297
Long-Term Portion	$ 59,324	$ 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	$ 15,305	$ 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	40,208
Toyota Credit: $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle
Debt Instrument [Line Items]
Total	$ 19,108
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 ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2016	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%
Toyota Credit: $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle
Debt Instrument [Line Items]
Notes payable, periodic payment	$ 364	$ 364
Notes payable, frequency	monthly	monthly
Interest rate	3.50%	3.50%
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 ($)	Mar. 31, 2016	Jun. 30, 2015
Notes Payable [Abstract]
2,017	$ 15,297
2,018	15,962
2,019	15,716
2,020	11,652
2,021	11,155
Thereafter	4,839
Total	$ 74,621	$ 22,301

SUPPLEMENTAL DISCLOSURES OF C22

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Paid for:
Interest	$ 3,906	$ 2,081
Income Taxes	55,888	32,494
Noncash Transactions:
Financing of New Vehicles	$ 62,681	$ 21,228