Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Nov. 09, 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 | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 5,917 | $ 19,259 |
Trade Receivables, Net of Allowance for Doubtful Accounts of $16,849 and $16,549, Respectively | 640,154 | 179,622 |
Inventories: | ||
Finished Goods | 472,167 | 433,043 |
Goods in Process | 10,577 | 6,540 |
Raw Materials | 95,095 | 76,561 |
Packaging Materials | 121,025 | 135,732 |
Prepaid Expenses | 30,015 | 5,689 |
Income Tax Receivable | 29,143 | 29,111 |
Deferred Income Taxes | 7,605 | 7,533 |
Total Current Assets | 1,411,698 | 893,090 |
PROPERTY AND EQUIPMENT | ||
Land | 35,000 | 35,000 |
Buildings | 77,348 | 77,348 |
Machinery and Equipment | 838,131 | 820,885 |
Trucks and Autos | 213,116 | 213,116 |
Office Equipment | 31,518 | 31,518 |
Leasehold Improvements | 72,068 | 72,068 |
Total | 1,267,181 | 1,249,935 |
Less Accumulated Depreciation | 922,780 | 896,288 |
Total Property and Equipment, Net | 344,401 | 353,647 |
Total Assets | 1,756,099 | 1,246,737 |
CURRENT LIABILITIES | ||
Bank Overdraft | 17,153 | |
Accounts Payable | 287,754 | 46,718 |
Current Maturities of Notes Payable | 290,626 | 15,460 |
Accrued Expenses | 50,512 | 25,163 |
Deferred Income | 1,299 | 1,299 |
Total Current Liabilities | 647,344 | 88,640 |
LONG-TERM LIABILITIES | ||
Deferred Income | 9,739 | 10,064 |
Notes Payable, Less Current Maturities | 51,428 | 55,397 |
Deferred Income Taxes | 73,325 | 90,446 |
Total Long-Term Liabilities | 134,492 | 155,907 |
Total Liabilities | 781,836 | 244,547 |
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 | (5,491,733) | (5,463,806) |
Total Stockholders' Equity | 974,263 | 1,002,190 |
Total Liabilities and Stockholders' Equity | 1,756,099 | 1,246,737 |
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 ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Allowance for doubtful accounts on trade receivables (in dollars) | $ 16,849 | $ 16,549 |
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) | $ 2,257,500 | $ 2,250,000 |
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) | $ 2,212,500 | $ 2,205,000 |
Cumulative preferred stock, $20 par value | Series A | ||
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
Preferred stock, liquidation preference (in dollars) | $ 5,092,364 | $ 5,077,730 |
Cumulative preferred stock, $20 par value | Series B | ||
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
Preferred stock, liquidation preference (in dollars) | $ 829,901 | $ 827,516 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||
NET SALES | $ 862,188 | $ 1,063,103 |
COST OF SALES | 671,891 | 843,383 |
Gross Profit on Sales | 190,297 | 219,720 |
OPERATING EXPENSES | ||
Selling | 99,266 | 122,776 |
General and Administrative | 135,746 | 115,051 |
Gain on Sale of Equipment | (12,374) | |
Total Operating Expenses | 235,012 | 225,453 |
Loss from Operations | (44,715) | (5,733) |
OTHER INCOME (EXPENSE) | ||
Miscellaneous Income | 375 | 378 |
Interest Expense | (815) | (271) |
Total Other Income (Expense) | (440) | 107 |
Net Loss before Income Taxes | (45,155) | (5,626) |
INCOME TAX BENEFIT | (17,228) | (1,880) |
NET LOSS | $ (27,927) | $ (3,746) |
NET LOSS PER SHARE OF COMMON STOCK | ||
Basic (in dollars per share) | $ (0.06) | $ (0.04) |
Diluted (in dollars per share) | $ (0.06) | $ (0.04) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (27,927) | $ (3,746) |
Adjustments to Reconcile Net Loss to Net Cash Used by Operating Activities: | ||
Depreciation and Amortization | 26,493 | 29,574 |
Allowance for Bad Debts | 300 | 300 |
Deferred Income Amortization | (325) | (324) |
Deferred Income Taxes | (17,193) | (3,263) |
(Gain) on Sale of Equipment | (12,374) | |
Effects of Changes in Operating Assets and Liabilities: | ||
Trade Receivables | (460,832) | (511,861) |
Inventories | (46,988) | 42,254 |
Prepaid Expenses | (24,326) | (26,948) |
Income Taxes Receivable | (32) | (8,754) |
Accounts Payable | 241,036 | 221,807 |
Accrued Expenses | 25,349 | 29,976 |
Income Taxes Payable | (17,428) | |
Net Cash Used by Operating Activities | (284,445) | (260,787) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of Property and Equipment | (17,247) | (14,082) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Line-of-Credit | 275,000 | 225,000 |
Principal Payments on Notes Payable | (3,803) | (4,423) |
Bank Overdraft | 17,153 | |
Net Cash Provided by Financing Activities | 288,350 | 220,577 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (13,342) | (54,292) |
Cash and Cash Equivalents - Beginning of Period | 19,259 | 84,204 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 5,917 | $ 29,912 |
GENERAL
GENERAL | 3 Months Ended |
Sep. 30, 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, 2016 has been condensed from audited consolidated financial statements at that date. The condensed consolidated financial statements as of and for the three months ended September 30, 2016 and for the three months ended September 30, 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, 2016. The results of operations for the three months ended September 30, 2016 and cash flows for the three months ended September 30, 2016 are not necessarily indicative of the results for the entire fiscal year ending June 30, 2017. 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 September 30, 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 three month period ended September 30, 2016. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | NOTE 2 EARNINGS (LOSS) PER SHARE The earnings (loss) per share were computed on the weighted average of outstanding common shares during the period. Three Months Ended September 30 2016 2015 Net Loss $ (27,927 ) $ (3,746 ) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 Total Dividend Requirements 32,018 32,018 Net Loss - Common Stockholders $ (59,945 ) $ (35,764 ) Diluted earnings per share are calculated by including contingently issuable shares with the weighted average shares outstanding. Three Months Ended September 30 2016 2015 Weighted Average 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 $ (0.06 ) $ (0.04 ) Diluted Loss per Share $ (0.06 ) $ (0.04 ) The contingently issuable shares were not included in diluted earnings per common share as they would have an antidilutive effect upon earnings per share. Cumulative Preferred Stock dividends in arrears at September 30, 2016 and 2015 totaled $7,980,824 and $7,852,752, respectively. Total dividends in arrears, on a per share basis, consist of the following: Three Months Ended September 30 2016 2015 6% Convertible Series A $ 17 $ 17 Series B $ 17 $ 17 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 | 3 Months Ended |
Sep. 30, 2016 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | NOTE 3 NOTES PAYABLE The Company’s long-term debt consists of: September 30, June 30, Payee Terms 2016 2016 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. $ 275,000 $ - Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 37,117 38,674 Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 17,243 18,179 Ford Credit $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle. 12,694 14,004 Total 342,054 70,857 Less Current Portion 290,626 15,460 Long-Term Portion $ 51,428 $ 55,397 Future minimum payments for the twelve months ending September 30 are: 2017 $ 290,626 2018 16,306 2019 13,229 2020 11,947 2021 9,245 Thereafter 701 Total $ 342,054 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Sep. 30, 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 740-10. The Company recognized no liability for unrecognized tax benefits at September 30, 2016. The Company has no material tax positions at September 30, 2016 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 2014, 2015 and 2016 are subject to examination by the IRS taxing authority. |
SUPPLEMENTAL DISCLOSURES OF CAS
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | 3 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | NOTE 5 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Three Months Ended September 30 2016 2015 Cash Paid for: Interest $ 812 $ 136 Income Taxes $ - $ 27,700 Noncash Transactions: Financing of New Vehicles $ - $ 42,682 |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS | 3 Months Ended |
Sep. 30, 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. In November 2015, the FASB issued ASC Update No. 2015-17, “Balance Sheet Classification of Deferred Taxes” as part of its simplification initiatives. This update requires deferred tax liabilities and assets to be classified as non-current on the consolidated condensed balance sheet for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted. An entity can elect to adopt prospectively or retrospectively to all periods presented. We do not expect the adoption of ASU 2015-17 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 consolidated financial statements. |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of income per share computed on the weighted average of outstanding common shares | Three Months Ended September 30 2016 2015 Net Loss $ (27,927 ) $ (3,746 ) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 Total Dividend Requirements 32,018 32,018 Net Loss - Common Stockholders $ (59,945 ) $ (35,764 ) Three Months Ended September 30 2016 2015 Weighted Average 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 $ (0.06 ) $ (0.04 ) Diluted Loss per Share $ (0.06 ) $ (0.04 ) |
Schedule of total dividends in arrears, on a per share basis | Three Months Ended September 30 2016 2015 6% Convertible Series A $ 17 $ 17 Series B $ 17 $ 17 5% Convertible Series A $ 67 $ 66 Series B $ 67 $ 66 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Payable [Abstract] | |
Schedule of long-term debt | September 30, June 30, Payee Terms 2016 2016 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. $ 275,000 $ - Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle. 37,117 38,674 Toyota Credit $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle. 17,243 18,179 Ford Credit $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle. 12,694 14,004 Total 342,054 70,857 Less Current Portion 290,626 15,460 Long-Term Portion $ 51,428 $ 55,397 |
Schedule of future minimum payments of long term debt | 2017 $ 290,626 2018 16,306 2019 13,229 2020 11,947 2021 9,245 Thereafter 701 Total $ 342,054 |
SUPPLEMENTAL DISCLOSURES OF C14
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flow information | Three Months Ended September 30 2016 2015 Cash Paid for: Interest $ 812 $ 136 Income Taxes $ - $ 27,700 Noncash Transactions: Financing of New Vehicles $ - $ 42,682 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | ||
Net Loss | $ (27,927) | $ (3,746) |
Preferred Dividend Requirements: | ||
Total Dividend Requirements | 32,018 | 32,018 |
Net Loss - Common Stockholders | $ (59,945) | $ (35,764) |
Weighted Average 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 (in dollars per share) | $ (0.06) | $ (0.04) |
Diluted Loss per Share (in dollars per share) | $ (0.06) | $ (0.04) |
6% Prior Cumulative Preferred, $5 Par Value | ||
Preferred Dividend Requirements: | ||
Total Dividend Requirements | $ 15,000 | $ 15,000 |
5% Convertible Cumulative Preferred, $20 Par Value | ||
Preferred Dividend Requirements: | ||
Total Dividend Requirements | $ 17,018 | $ 17,018 |
EARNINGS (LOSS) PER SHARE (Pare
EARNINGS (LOSS) PER SHARE (Parentheticals) (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 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 (LOSS) PER SHARE (De17
EARNINGS (LOSS) PER SHARE (Details 1) - $ / shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 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 | 17 |
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 (LOSS) PER SHARE (De18
EARNINGS (LOSS) PER SHARE (Detail Textuals) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | ||
Total cumulative preferred stock dividends in arrears | $ 7,980,824 | $ 7,852,752 |
6% convertible prior cumulative preferred stock | ||
Class of Stock [Line Items] | ||
Redemption price per share (in dollars per share) | $ 5.25 | $ 5.25 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 5.25 | $ 5.25 |
6% convertible prior cumulative preferred stock | Series A | ||
Class of Stock [Line Items] | ||
Number of common stock exchanged for each preferred stock held | 4 | 4 |
6% convertible prior cumulative preferred stock | Series B | ||
Class of Stock [Line Items] | ||
Number of common stock exchanged for each preferred stock held | 3.75 | 3.75 |
5% convertible cumulative preferred stock | ||
Class of Stock [Line Items] | ||
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 ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Debt Instrument [Line Items] | ||
Total | $ 342,054 | $ 70,857 |
Less Current Portion | 290,626 | 15,460 |
Long-Term Portion | 51,428 | 55,397 |
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 | 275,000 | |
Ford Credit: $705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | 37,117 | 38,674 |
Toyota Credit: $364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | 17,243 | 18,179 |
Ford Credit: $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | $ 12,694 | $ 14,004 |
NOTES PAYABLE - Long-term deb20
NOTES PAYABLE - Long-term debt (Parentheticals) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | |
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 at prime | Variable interest rate at prime |
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: $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: $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% |
NOTES PAYABLE - Future minimum
NOTES PAYABLE - Future minimum payments (Details 1) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Notes Payable [Abstract] | ||
2,017 | $ 290,626 | |
2,018 | 16,306 | |
2,019 | 13,229 | |
2,020 | 11,947 | |
2,021 | 9,245 | |
Thereafter | 701 | |
Total | $ 342,054 | $ 70,857 |
SUPPLEMENTAL DISCLOSURES OF C22
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Paid for: | ||
Interest | $ 812 | $ 136 |
Income Taxes | 27,700 | |
Noncash Transactions: | ||
Financing of New Vehicles | $ 42,682 |