Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 13-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | METWOOD INC | |
Entity Central Index Key | 32567 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | MTWD | |
Entity Common Stock, Shares Outstanding | 15,221,647 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $73,826 | $36,836 |
Accounts receivable, net | 164,633 | 149,671 |
Inventory | ||
Raw materials | 576,589 | 721,158 |
Work in process | 174,153 | 94,034 |
Total inventory | 750,742 | 815,192 |
Other current assets | 33,587 | 44,356 |
Total current assets | 1,022,788 | 1,046,054 |
Property and Equipment | ||
Leasehold and land improvements | 342,828 | 342,828 |
Furniture, fixtures and equipment | 78,222 | 78,222 |
Computer hardware, software and peripherals | 177,151 | 175,207 |
Machinery and shop equipment | 477,166 | 467,166 |
Vehicles | 392,751 | 387,443 |
Property, Plant, and Equipment, Owned, Net | 1,468,118 | 1,450,866 |
Less accumulated depreciation | -1,126,154 | -1,071,802 |
Net property and equipment | 341,964 | 379,064 |
Other Assets | ||
Deferred tax asset, net of valuation reserve | 246,163 | 246,163 |
Total other assets | 246,163 | 246,163 |
TOTAL ASSETS | 1,610,915 | 1,671,281 |
Current Liabilities | ||
Accounts payable and accrued expenses | 162,707 | 224,262 |
Customer deposits | 24,301 | 13,166 |
Total current liabilities | 187,008 | 237,428 |
Long-term Liabilities | ||
Due to related company | 73,701 | 94,815 |
Total long-term liabilities | 73,701 | 94,815 |
Total liabilities | 260,709 | 332,243 |
Stockholders' Equity | ||
Common stock, $.001 par, 100,000,000 shares authorized; 15,221,647 shares issued and outstanding at March 31, 2015 and June 30, 2014 | 15,222 | 15,222 |
Common stock not yet issued ($.001 par, 8,150 shares) | 0 | 8 |
Preferred Stock, $.001 par, 40,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2015 and June 30, 2014 | 0 | 0 |
Additional paid-in capital | 1,899,781 | 1,899,773 |
Retained earnings | -564,797 | -575,964 |
Total stockholders' equity | 1,350,206 | 1,339,039 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,610,915 | $1,671,282 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS [Parenthetical] (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 15,221,647 | 15,221,647 |
Common Stock, Shares, Outstanding | 15,221,647 | 15,221,647 |
Common Stock, Shares Subscribed but Unissued | 8,150 | 8,150 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
STATEMENTS_OF_INCOME
STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
REVENUES | |||||||
Gross sales | $441,265 | $355,267 | $1,332,472 | $1,431,251 | |||
Cost of sales | -184,931 | -273,415 | -722,532 | -901,658 | |||
Gross profit | 256,334 | 81,852 | 609,940 | 529,593 | |||
ADMINISTRATIVE EXPENSES | |||||||
Advertising | 2,678 | 9,592 | 15,587 | 15,510 | |||
Depreciation | 6,894 | 5,958 | 20,681 | 15,786 | |||
Insurance | 8,458 | 5,466 | 23,456 | 16,573 | |||
Payroll expenses | 91,835 | 122,331 | 286,936 | 346,748 | |||
Professional fees | 7,299 | 7,099 | 41,723 | 29,372 | |||
Rent | 14,810 | 18,710 | 53,430 | 55,735 | |||
Vehicle | 3,595 | 4,259 | 15,308 | 17,697 | |||
Other | 74,708 | 43,742 | 127,129 | 99,787 | |||
Total administrative expenses | 210,277 | 217,157 | 584,250 | 597,208 | |||
Operating income (loss) | 46,057 | -135,305 | 25,690 | -67,615 | |||
Other expense | -1,756 | 144 | -10,639 | 95 | |||
Intereset Expense | -1,169 | -1,438 | -3,884 | -7,751 | |||
Income (loss) before income taxes | 43,132 | -136,599 | 11,167 | -75,271 | |||
Income tax expense (benefit) | 1,984 | -13,496 | 0 | -2,590 | |||
Net income (loss) from operations | $41,148 | ($123,103) | $11,167 | ($72,681) | |||
Basic and diluted deficit per share (in dollars per share) | [1] | ($0.01) | [1] | [1] | |||
Weighted average number of shares (in shares) | 15,221,647 | 15,221,647 | 15,221,647 | 15,221,647 | |||
[1] | Less than $0.01 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
OPERATIONS | ||
Net income (loss) | $11,167 | ($72,681) |
Adjustments to reconcile net income (loss)to net cash provided by (used in) from operating activities: | ||
Depreciation | 54,352 | 53,043 |
Reversal of deferred income taxes | 0 | -2,590 |
(Increase) decrease in operating assets: | ||
Accounts receivable | -15,566 | 51,891 |
Prepaid expenses | 9,068 | 0 |
Inventory | 64,450 | -67,891 |
Other operating assets | 2,305 | 30,160 |
Decrease in operating liabilities: | ||
Accounts payable and accrued expenses | -50,419 | -30,247 |
Net cash provided by (used in) operating activities | 75,356 | -38,315 |
INVESTING | ||
Capital asset expenditures | -17,252 | -60,518 |
Net cash used in investing activities | -17,252 | -60,518 |
FINANCING | ||
Decrease in borrowings from related party | -21,114 | -3,767 |
Net cash used in financing activities | -21,114 | -3,767 |
Net increase (decrease) in cash | 36,990 | -102,600 |
Cash, beginning of the year | 36,836 | 174,650 |
Cash, end of the period | $73,826 | $72,050 |
ORGANIZATION_AND_OPERATIONS
ORGANIZATION AND OPERATIONS | 9 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 - ORGANIZATION AND OPERATIONS |
The Company was incorporated under the laws of the State of Wyoming on June 19, 1969. On January 28, 2000, the Company, through a majority shareholder vote, changed its domicile to Nevada through a merger with EMC Energies, Inc., a Nevada corporation. The Company also changed its par value to $.001 and the amount of authorized common stock to 100,000,000 shares. | |
Prior to 1990, the Company was engaged in the business of exploring for and producing oil and gas in the Rocky Mountain and mid-continental areas of the United States. The Company liquidated substantially all of its assets in 1990 and was dormant until June 30, 2000, when it acquired, in a stock-for-stock, tax-free exchange, all of the outstanding common stock of a privately held Virginia corporation, Metwood, Inc. ("Metwood"), which was incorporated in 1993. Metwood has been in the metal and metal/wood construction materials manufacturing business since 1992. Following the acquisition, the Company approved a name change from EMC Energies, Inc. to Metwood, Inc. | |
Effective January 1, 2002, Metwood acquired certain assets of Providence Engineering, PC ("Providence"), a professional engineering firm with customers in the same proximity as Metwood, for $350,000 and accounted for the transaction under the purchase method of accounting. As of June 30, 2012, Providence was no longer an operating segment of the Company. We concluded that the majority of the engineering portion of the business can best be handled through a strategic partnership with an outside engineering firm. We believe that continuing research and development efforts will soon enable us to meet code requirements for our products and will eliminate the need for individual engineering seals. | |
Metwood provides construction-related products and engineering services to residential customers and contractors, commercial contractors, developers and retail enterprises, primarily in southwestern Virginia. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES |
Basis of Presentation - The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ended June 30, 2015. The condensed balance sheet at June 30, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in Metwood, Inc.'s annual report on Form 10-K for the year ended June 30, 2014. | |
Fair Value of Financial Instruments - For certain of the company's financial instruments, none of which are held for trading, including cash, accounts receivable, accounts payable and accrued expenses, the carrying amounts approximate fair value due to their short maturities. | |
Management's Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Accounts Receivable - We grant credit in the form of unsecured accounts receivable to our customers based on an evaluation of their financial condition. We perform ongoing credit evaluations of our customers. The estimate of the allowance for doubtful accounts, which is charged off to bad debt expense, is based on management’s assessment of current economic conditions and historical collection experience with each customer. At March 31, 2015, the allowance for doubtful accounts was $7,633. Specific customer receivables are considered past due when they are outstanding beyond their contractual terms and are charged off to bad debt expense when they are determined to be uncollectible. For the three and nine months ended March 31, 2015 and 2014, the net amount of bad debts charged off was $244 and $-0-, respectively. | |
Inventory - Inventory, consisting of metal and wood raw materials, is located on our premises and is stated at the lower of cost or market using the first-in, first-out method. | |
Property and Equipment - Property and equipment are recorded at cost and include expenditures for improvements when they substantially increase the productive lives of existing assets. Maintenance and repair costs are expensed to operations as incurred. Depreciation is computed using the straight-line method over the assets' estimated useful lives, which range from three to forty years. When a fixed asset is disposed of, its cost and related accumulated depreciation are removed from the accounts. The difference between undepreciated cost and the proceeds is recorded as a gain or loss. | |
Impairment of Long-lived Assets - We evaluate our long-lived assets for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amounts to the future net undiscounted cash flows which the assets are expected to generate. Should an impairment exist, the impairment would be measured by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from the asset. There have been no such impairments of long-lived assets through March 31, 2015. | |
Patents - We have been assigned several key product patents developed by certain company officers. No value has been recorded in our financial statements because the fair value of the patents was not determinable within reasonable limits at the date of assignment. | |
Revenue Recognition - Revenue is recognized when goods are shipped and earned or when services are performed, provided collection of the resulting receivable is probable. If any material contingencies are present, revenue recognition is delayed until all material contingencies are eliminated. Further, no revenue is recognized unless collection of the applicable consideration is probable. | |
Income Taxes - Income taxes are accounted for in accordance with SFAS No. 109, "Accounting for Income Taxes." A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and for net operating loss carryforwards, where applicable. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or the entire deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. | |
Research and Development - We perform research and development on our metal/wood products, new product lines, and new patents. Costs, if any, are expensed as they are incurred. Research and development costs for the three and nine months ended March 31, 2015 were $-0- and $5,092, respectively. Research and development costs for the three and nine months ended March 31, 2014 were $800 and $4,930, respectively. | |
Earnings Per Common Share - Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. This presentation has been adopted for the quarters presented. There were no adjustments required to net income for the years presented in the computation of diluted earnings per share. | |
Recent Accounting Pronouncements – In April 2015, the Financial Accounting Standards Board (“FASB”) issued Update 2015-03—Interest-Imputation of Interest (Subtopic 835-30):Simplifying the Presentation of Debt Issuance Costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not expect this ASU to have a material impact on our financial statements. | |
In January 2015, FASB issued Update No. 2015-01—Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. We do not expect this ASU to have a material impact on our financial statements. | |
In December 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-18—Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council). This standard requires that existing customer-related intangible assets and noncompetition agreements shall continue to be measured in accordance with Topic 350 and should not be subsumed into goodwill upon adoption of this guidance. This standard is effective for the first transaction within the scope of the accounting alternative that occurs in fiscal years beginning after December 15, 2015 and for interim and annual periods thereafter. If the first transaction occurs in a fiscal year beginning after December 15, 2016, then this is effective for the interim period that includes the date of the transaction and for interim and annual periods thereafter. We do not expect this ASU to have a material impact on our financial statements. | |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||
Earnings Per Share [Text Block] | NOTE 3 - EARNINGS PER SHARE | |||||||||||||
Net income (loss) and earnings per share for the three and nine months ended March 31, 2015 and 2014 are as follows: | ||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Net income (loss) | $ | 41,148 | $ | -123,103 | $ | 11,166 | $ | -72,681 | ||||||
Earnings per share - basic and fully diluted | $ | ** | $ | -0.01 | $ | ** | $ | ** | ||||||
Weighted average number of shares | 15,221,647 | 15,221,647 | 15,221,647 | 15,221,647 | ||||||||||
**Less than $0.01 | ||||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 4 – SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||
Supplemental disclosures of cash flow information for the three and nine months ended March 31, 2015 and 2014 are summarized as follows: | ||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Cash paid for: | ||||||||||||||
Income taxes | $ | - | $ | - | $ | - | $ | - | ||||||
Interest (Related Party) | $ | 1,169 | $ | 1,438 | $ | 3,884 | $ | 7,751 | ||||||
RELATEDPARTY_TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 5 - RELATED-PARTY TRANSACTIONS |
From time to time, we contract with a company related through common ownership for building and grounds-related maintenance services. The related party is Cahas Mountain Properties in which Robert Callahan, our Chief Executive Officer, is a Managing Member. Fees paid to the related company for the three and nine months ended March 31, 2015 were $-0- and $-0-, respectively. Fees paid for the three and nine months ended March 31, 2014 were $-0- and $2,585, respectively. For the three and nine months ended March 31, 2015, we had sales of $4,200 and $28,114, respectively, to the company referred to above. For the three and nine months ended March 31, 2014, we had sales of $12,068 and $17,303, respectively to the company. As of March 31, 2015 and 2014, the related receivable was $-0- and $-0-, respectively. See also Note 6. | |
OPERATING_LEASE_COMMITMENTS
OPERATING LEASE COMMITMENTS | 9 Months Ended |
Mar. 31, 2015 | |
Leases [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | NOTE 6 - OPERATING LEASE COMMITMENTS |
On January 3, 2005, the Company entered into a ten-year commercial operating lease with a company related through common ownership. The related party is Cahas Mountain Properties in which Robert Callahan, our Chief Executive Officer, is a Managing Member. The lease covers various buildings and property which house our manufacturing plant, executive offices and other buildings with a current monthly rental of $5,500. The lease expired on December 31, 2014, and discussions are currently ongoing as this lease is renegotiated. For the three-month periods ended March 31, 2015 and 2014, we recognized rent expense for these spaces of $14,810 and $18,710. For the nine-month periods ended March 31, 2015 and 2014, we recognized rent expense of $53,430 and $55,735, respectively. | |
CONCENTRATIONS_OF_CUSTOMER_RIS
CONCENTRATIONS OF CUSTOMER RISK | 9 Months Ended |
Mar. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 7 – CONCENTRATIONS OF CUSTOMER RISK |
For the three and nine months ended March 31, 2015, two customers individually accounted for 10% or more of our company’s revenues; however, there is no customer whose loss would have a material adverse effect on our company. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation - The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ended June 30, 2015. The condensed balance sheet at June 30, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
For further information, refer to the consolidated financial statements and footnotes thereto included in Metwood, Inc.'s annual report on Form 10-K for the year ended June 30, 2014. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments - For certain of the company's financial instruments, none of which are held for trading, including cash, accounts receivable, accounts payable and accrued expenses, the carrying amounts approximate fair value due to their short maturities. |
Use of Estimates, Policy [Policy Text Block] | Management's Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Receivables, Policy [Policy Text Block] | Accounts Receivable - We grant credit in the form of unsecured accounts receivable to our customers based on an evaluation of their financial condition. We perform ongoing credit evaluations of our customers. The estimate of the allowance for doubtful accounts, which is charged off to bad debt expense, is based on management’s assessment of current economic conditions and historical collection experience with each customer. At March 31, 2015, the allowance for doubtful accounts was $7,633. Specific customer receivables are considered past due when they are outstanding beyond their contractual terms and are charged off to bad debt expense when they are determined to be uncollectible. For the three and nine months ended March 31, 2015 and 2014, the net amount of bad debts charged off was $244 and $-0-, respectively. |
Inventory, Policy [Policy Text Block] | Inventory - Inventory, consisting of metal and wood raw materials, is located on our premises and is stated at the lower of cost or market using the first-in, first-out method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment - Property and equipment are recorded at cost and include expenditures for improvements when they substantially increase the productive lives of existing assets. Maintenance and repair costs are expensed to operations as incurred. Depreciation is computed using the straight-line method over the assets' estimated useful lives, which range from three to forty years. When a fixed asset is disposed of, its cost and related accumulated depreciation are removed from the accounts. The difference between undepreciated cost and the proceeds is recorded as a gain or loss. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets - We evaluate our long-lived assets for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amounts to the future net undiscounted cash flows which the assets are expected to generate. Should an impairment exist, the impairment would be measured by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from the asset. There have been no such impairments of long-lived assets through March 31, 2015. |
Patents [Policy Text Block] | Patents - We have been assigned several key product patents developed by certain company officers. No value has been recorded in our financial statements because the fair value of the patents was not determinable within reasonable limits at the date of assignment. |
Revenue Recognition, Allowances [Policy Text Block] | Revenue Recognition - Revenue is recognized when goods are shipped and earned or when services are performed, provided collection of the resulting receivable is probable. If any material contingencies are present, revenue recognition is delayed until all material contingencies are eliminated. Further, no revenue is recognized unless collection of the applicable consideration is probable. |
Income Tax, Policy [Policy Text Block] | Income Taxes - Income taxes are accounted for in accordance with SFAS No. 109, "Accounting for Income Taxes." A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and for net operating loss carryforwards, where applicable. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or the entire deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development - We perform research and development on our metal/wood products, new product lines, and new patents. Costs, if any, are expensed as they are incurred. Research and development costs for the three and nine months ended March 31, 2015 were $-0- and $5,092, respectively. Research and development costs for the three and nine months ended March 31, 2014 were $800 and $4,930, respectively. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share - Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. This presentation has been adopted for the quarters presented. There were no adjustments required to net income for the years presented in the computation of diluted earnings per share. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements – In April 2015, the Financial Accounting Standards Board (“FASB”) issued Update 2015-03—Interest-Imputation of Interest (Subtopic 835-30):Simplifying the Presentation of Debt Issuance Costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not expect this ASU to have a material impact on our financial statements. |
In January 2015, FASB issued Update No. 2015-01—Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. We do not expect this ASU to have a material impact on our financial statements. | |
In December 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-18—Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council). This standard requires that existing customer-related intangible assets and noncompetition agreements shall continue to be measured in accordance with Topic 350 and should not be subsumed into goodwill upon adoption of this guidance. This standard is effective for the first transaction within the scope of the accounting alternative that occurs in fiscal years beginning after December 15, 2015 and for interim and annual periods thereafter. If the first transaction occurs in a fiscal year beginning after December 15, 2016, then this is effective for the interim period that includes the date of the transaction and for interim and annual periods thereafter. We do not expect this ASU to have a material impact on our financial statements. | |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net income (loss) and earnings per share for the three and nine months ended March 31, 2015 and 2014 are as follows: | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Net income (loss) | $ | 41,148 | $ | -123,103 | $ | 11,166 | $ | -72,681 | ||||||
Earnings per share - basic and fully diluted | $ | ** | $ | -0.01 | $ | ** | $ | ** | ||||||
Weighted average number of shares | 15,221,647 | 15,221,647 | 15,221,647 | 15,221,647 | ||||||||||
**Less than $0.01 | ||||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental disclosures of cash flow information for the three and nine months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Cash paid for: | ||||||||||||||
Income taxes | $ | - | $ | - | $ | - | $ | - | ||||||
Interest (Related Party) | $ | 1,169 | $ | 1,438 | $ | 3,884 | $ | 7,751 | ||||||
ORGANIZATION_AND_OPERATIONS_De
ORGANIZATION AND OPERATIONS (Details Textual) (USD $) | 0 Months Ended | |||
Jan. 01, 2002 | Mar. 31, 2015 | Jun. 30, 2014 | Jan. 28, 2000 | |
Nature of Operations [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $350,000 | |||
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Summary of Significant Accounting Polices [Line Items] | ||||
Allowance for Doubtful Accounts Receivable, Current | $7,633 | $7,633 | ||
Research and Development Expense | 0 | 800 | 5,092 | 4,930 |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | $244 | $0 | $244 | $0 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Earnings Per Share [Line Items] | |||||||
Net income (loss) | $41,148 | ($123,103) | $11,167 | ($72,681) | |||
Earnings per share - basic and fully diluted (in dollars per share) | [1] | ($0.01) | [1] | [1] | |||
Weighted average number of shares (in shares) | 15,221,647 | 15,221,647 | 15,221,647 | 15,221,647 | |||
[1] | Less than $0.01 |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash paid for: | ||||
Income taxes | $0 | $0 | $0 | $0 |
Interest (Related Party) | $1,169 | $1,438 | $3,884 | $7,751 |
RELATEDPARTY_TRANSACTIONS_Deta
RELATED-PARTY TRANSACTIONS (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Sales | $4,200 | $12,068 | $28,114 | $17,303 |
Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | 0 | 2,585 |
Related receivable | $0 | $0 | $0 | $0 |
OPERATING_LEASE_COMMITMENTS_De
OPERATING LEASE COMMITMENTS (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Lease Commitments [Line Items] | ||||
Monthly Rental | $5,500 | $5,500 | ||
Operating Leases, Rent Expense | $14,810 | $18,710 | $53,430 | $55,735 |
CONCENTRATIONS_OF_CUSTOMER_RIS1
CONCENTRATIONS OF CUSTOMER RISK (Details Textual) (Sales Revenue, Net [Member]) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |