Advanced Oxygen (AOXY) 10-K 27 Sep 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Document And Entity Information
Entity Registrant Name	ADVANCED OXYGEN TECHNOLOGIES INC
Entity Central Index Key	352,991
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Type	10-K
Document Period End Date	Jun. 30, 2017
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	2,292,945
Entity Public Float		$ 10,476

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Jun. 30, 2016
CURRENT ASSETS
Cash	$ 50,331	$ 46,170
Property Tax Receivable	1,221	1,173
Total Current Assets	51,552	47,343
FIXED ASSETS
Land and buildings	619,592	595,280
TOTAL ASSETS	671,144	642,623
CURRENT LIABILITIES
Accounts Payable	1,405	2,599
Taxes payable	30,389	24,028
Note Payable, Current Portion	153,638	150,887
Advances From a Related Party	96,725	78,262
Total current liabilities	282,157	255,776
Notes Payable	98,760	122,609
Total Long Term Liabilities	98,760	122,609
Total Liabilities	380,917	378,385
STOCKHOLDERS' EQUITY-
Common stock, par value $0.01; At June 30, 2017 and June 30, 2016, authorized 60,000,000 shares; issued and outstanding 2,292,945 shares.	22,929	22,929
Additional paid-in capital	20,953,991	20,953,991
Other Comprehensive Income	53,065	27,085
Accumulated deficit	(20,739,808)	(20,739,817)
TOTAL STOCKHOLDERS EQUITY	290,227	264,238
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	671,144	642,623
Convertible Preferred Stock, Series 2
STOCKHOLDERS' EQUITY-
Convertible preferred stock	50	50
Convertible Preferred Stock, Series 3
STOCKHOLDERS' EQUITY-
Convertible preferred stock
Convertible Preferred Stock, Series 5
STOCKHOLDERS' EQUITY-
Convertible preferred stock

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Jun. 30, 2016
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	60,000,000	60,000,000
Common Stock, shares issued	2,292,945	2,292,945
Common Stock, shares outstanding	2,292,945	2,292,945
Convertible Preferred Stock, Series 2
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	5,000	5,000
Preferred Stock, shares outstanding	5,000	5,000
Convertible Preferred Stock, Series 3
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares authorized	1,670,000	1,670,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Convertible Preferred Stock, Series 5
Preferred Stock, shares authorized	1	1
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenues
Real Estate Rentals	$ 35,917	$ 36,227
Total Revenues	35,917	36,227
Costs and Expenses
General & Administrative	5,382	4,503
Professional expenses	14,023	5,739
Transfer Agent Expense	1,278	2,100
Total Operating Expenses	20,683	12,342
Income from operations before other income (expenses)	15,234	23,885
Other income (expenses)
Interest Expense	6,658	8,273
Income before Income Taxes	8,576	15,612
Income Taxes Benefit (Expense)	8,567	(4,591)
NET INCOME	$ 9	$ 11,021
Weighted average number of common shares outstanding	2,292,945	2,292,945
Basic Net Income per Share	$ 0	$ 0.0048
Dilutive Net Income per Share	$ 0	$ 0.0048
Other Income(Loss)
Translation Adjustments	$ 25,980	$ (7,729)
Total Comprehensive Income (Loss)	$ 25,989	$ 3,292

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Convertible Preferred Stock, Series 2	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Other Comprehensive Income	Total
Beginning Balance, Amount at Jun. 30, 2015	$ 50	$ 22,929	$ 20,953,991	$ (20,750,838)	$ 34,814	$ 260,946
Beginning Balance, Shares at Jun. 30, 2015	5,000	2,292,945
Net Income (Loss)				11,021		11,021
Foreign Currency Translation Adjustment					(7,729)	(7,729)
Ending Balance, Amount at Jun. 30, 2016	$ 50	$ 22,929	20,953,991	(20,739,817)	27,085	264,238
Ending Balance, Shares at Jun. 30, 2016	5,000	2,292,945
Net Income (Loss)				(9)		9
Foreign Currency Translation Adjustment					25,980	25,980
Ending Balance, Amount at Jun. 30, 2017	$ 50	$ 22,929	$ 20,953,991	$ (20,739,808)	$ 53,065	$ 290,227
Ending Balance, Shares at Jun. 30, 2017	5,000	2,292,945

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 9	$ 11,021
Changes in operating assets and liabilities
Accounts Payable	(1,194)	(164)
Taxes Payable	11,277	(22,637)
Net cash provided by (used in) operating activities	10,092	(11,756)
Proceeds From:
Advances from a related party	17,943	17,264
Long Term Debt
Proceeds used for:
Long Term Debt	(25,857)	(24,963)
Net cash provided by financing activities	(7,914)	(7,699)
Change due to FX Translation	1,983	(2,635)
NET DECREASE IN CASH	4,161	(22,090)
Cash at beginning of year	46,170	68,260
Cash at end of year	50,331	46,170
Non Cash Investing and Financing Activities
Cash paid for Interest	$ 6,658	$ 7,955

ORGANIZATION AND LINE OF BUSINE

ORGANIZATION AND LINE OF BUSINESS	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
1. ORGANIZATION AND LINE OF BUSINESS	Organization: Advanced Oxygen Technologies Inc., incorporated in Delaware in 1981 under the name Aquanautics Corporation and was, from 1985 until May 1995, a startup stage specialty materials company producing new oxygen control technologies. From May of 1995 through December of 1997 the Company had minimal operations and was seeking funding for operations and companies to which it could merge or acquire. In March of 1998 the Company began operations again in California. From 1998 through 2000, the business produced and sold CD- ROMS for conference events, advertisement sales on the CD’s, database management and event marketing all associated with conference events. From 2000 through March of 2003, the business consisted solely of database management. From 2003 through April 2005, the business operations were derived totally from the Company’s wholly owned business, IP Service, ApS, a Danish IP security vulnerability company (“IP Service”). Since then, business operations have been solely derived from real estate rentals in Denmark through its wholly owned subsidiary. Lines of Business: The Company, through its wholly owned subsidiary Anton Nielsen Vojens ApS owns income producing commercial real estate leased until 2026. The real estate consists solely of the land with no buildings or improvements (“Land”). All improvements on the Land are those of the tenant.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Revenue Recognition of rental income: Revenues are recognized during the period in which the rental payment is received. The Company applies the provisions of FASB Accounting Standards Codification (“ASC”) 605-10. Revenue Recognition in Financial Statements ASC 605-10, which provides guidance on recognition, presentation, and disclosure of revenues in financial statements filed with the SEC. The Company’s source of revenue is from the Commercial Property lease in which quarterly payments are received pursuant to the property lease which is in effect until 2026. Property Plant and Equipment: Land and buildings are recognized at cost. Land is carried at cost less accumulated impairment losses. Foreign currency translation: Foreign currency transactions are translated applying the current rate method. Assets and liabilities are translated at current rates. Stockholders' equity accounts are translated at the appropriate historical rates and revenue and expenses are translated at weighted average rates for the year. Exchange rate differences that arise between the rate at the transaction date and the one in effect at the payment date, or at the balance sheet date, are recognized in the income statement. Income Taxes: The Company accounts for income taxes under the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is required when it is less likely than not that the Company will be able to realize all or a portion of its deferred tax assets. Because it is doubtful that the net operating losses of recent years will ever be used, a valuation allowance has been recognized equal to the tax benefit of net operating losses generated. Net Earnings per Share: Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of June 30, 2017 and June 30, 2016 there were 10,000 and 10,000, respectively potential dilutive shares and because of the net loss, the effect of these potential common shares is anti-dilutive for June 30, 2017. Cash and Cash Equivalents: For purposes of the statement of cash flows, the Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at June 30, 2017 did not exceed federally insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on such amounts. Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Concentrations of Credit Risk: Financial instruments that potentially subject the Company to major credit risk consist principally of a single subsidiary of Anton Nielsen Vojens ApS. Subsequent Events: The Company evaluated subsequent events and transactions for potential recognition or disclosure in the consolidated financial statements through the date of issuance. Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance. In February 2015, the FASB issued Accounting Standards Update No. 2015-02 (ASU 2015-02) "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not anticipate that the adoption of ASU 2015-02 will have any impact on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.

MAJOR CUSTOMER

MAJOR CUSTOMER	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
3. MAJOR CUSTOMER	The Company's subsidiary, Anton Nielsen Vojens, ApS has sales to one customer who is a non related party. For the period ending June 30, 2017 and June 30, 2016 the major customer concentrations were as follows: Percent of Sales for the Period ending June 30, Customer 2017 2016 Circle K Denmark A/S, Formerly Statoil A/S 100 % 100 % - - Total Sales from Major Customers 100 % 100 %

LAND AND BUILDINGS

LAND AND BUILDINGS	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
4. LAND AND BUILDINGS	The Land owned by the Company's wholly owned subsidiary constitutes the largest asset of the Company. During the period ending June 30, 2017 the Company recorded an increase in the carrying value of the Land of $24,312, due to the currency translation difference. The carrying value of the Land of the Company was as follows: Carrying Value of Land at June 30, 2017 2016 US Dollars $ 619,592 $ 595,280

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
5. RELATED PARTY TRANSACTIONS	Crossfields, Inc., a company that the CEO, Robert Wolfe is an officer and director, has made advances to the Company which are not collateralized, non-interest bearing, and payable upon demand, however, the Company did not expect to make payment within one year. During the years ended of June 30, 2017 and June 30, 2016 the Company had a balance of $96,725 and was advanced $18,463 and a balance of $78,262 and was advanced $17,264 respectively, from the CEO to meet expenses. The balances were not collateralized, were non-interest bearing and were payable on demand.

Notes Payable

Notes Payable	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
6. NOTES PAYABLE	The Company issued a promissory note ("Note") for $650,000, payable to the Borkwood Development Ltd, a previous shareholder of the Company ("Seller"), payable and amortized monthly and carrying an interest at 5% per year. The Company has the right to prepay the note at any time with a notice of 14 days. To secure the payment of principal and interest the Sellers will receive a perfect lien and security interest in the Shares in the company ANV until the note with accrued interest is paid in full., and, 2) In the case that the Note has not been repaid within 12 months from the day of closing the Sellers have the right to convert the debt to common stock of Advanced Oxygen Technologies, Inc. in an amount of non-diluted shares calculated on the conversion Date, equal to the lesser of : a) Six hundred and Fifty thousand (650,000) or the Purchase Price minus the principal payments made by the buyer, whichever is greater, divided by the previous ten day closing price of AOXY as quoted on the national exchange, or b) Fifteen million shares, whichever is lesser. The Note has been extended until July 1, 2018 and interest waived through the period ending June 30, 2017. The Company has a note payable with a bank. The original amount of the note was kr 800,000 Danish Krone (kr) ("Note A"). The note is secured by the revenues of the lease with Circle K Denmark A/S. formerly Statoil A/S, with a 7.00% interest rate and 1 year left on the term. The balance on the note as of June 30, 2017 was $10,555. The Company made principal payments of $10,373 and interest payments of $1,163. The value of the note reflect the currency adjustments. The paragraph below summarizes the company’s commitments going forward. The Company has a note payable with a bank ("Note B"). The original amount of Note B was kr 1,132,000 Danish Krone (kr). Note B is secured by the subsidiary's real estate, with a 2.00% interest rate and 6.5 years left on the term. The balance on the note as of June 30, 2017 was $114,814. During the period ended June 30, 2017, the Company paid $16,707, in principal payments and $5,454 in interest. The Company’s commitments and contingencies are $153,638 for 2018 and $22,161 for the years 2019 through 2025 with a total of $252,398. The amounts stated reflect the Company's commitments in the currencies that those commitments were made and the amounts are an estimate of what the US dollar amount would be if the currency rates did not change going forward.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
7. INCOME TAXES	As of June 30, 2017, the Company had federal and state net operating loss carryforwards of approximately $7,258,933 of which approximately $1,160,000 may be utilized to offset future taxable income. Section 382 of the Internal Revenue Code imposes substantial restrictions on the utilization of net operating loss and tax credit carryforwards when a change in ownership occurs. No deferred tax debits have been recorded because it is considered unlikely that they will be realized. The loss carryforwards will expire during the fiscal years ended June 30 as follows: Year Amount 2018 236,000 2019 548,000 2020 351,000 2021 29,000 Total $ 1,164,000 The overall effective tax rate differs from the federal statutory tax rate of 35% due to operating losses and other deferred assets not providing benefit for income tax purposes. A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows at June 30, 2016 and 2017: 2017 2016 United States Statutory Income tax Rate 35 % 35 % Decrease in rate on income subject to Danish income tax rates 13 % 12 % Decrease in rate resulting from Non-Deductible expenses - - Income Tax Expense 22 % 23 % The components of income tax expense (benefit) from continuing operations for the years ended June 30, 2017 and 2016 consisted of the following: Current Tax Expense 2017 2016 Danish Income Tax Expense (Benefit) $ (8,567 ) $ 4,591 Federal US Income Tax Expense (Benefit) Current - Deferred - - Total Income Tax Expense $ (8,567 ) $ 4,591 Deferred income tax expense/(benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
8. STOCKHOLDERS' EQUITY	Common Stock: Pursuant to a Certificate of Amendment to our Certificate of Incorporation filed with the State of Delaware and effective as of December 8, 2014, the Company (effected a reverse stock split of all the outstanding shares of our common stock at an exchange ratio of one for twenty (1:20) and changed the number our authorized shares of common stock, par value $0.01 per share, from 90,000,000 to 60,000,000 while maintaining the number of authorized shares of preferred stock, par value $0.01 per share, at 10,000,000. As a result, the 45,853,585 shares of common stock outstanding at December 7, 2014 had been reduced to 2,292,945 shares of common stock (taking into account the rounding up of fractional share interests). Preferred Stock: The Company is authorized to issue 10,000,000 shares of $0.01 par value preferred stock. The Company may issue any class of preferred shares in series. The board of directors has the authority to establish and designate series and to fix the number of shares included in each such series. Series 2 Convertible Preferred Stock: Each Series 2 preferred share is convertible into two shares of common stock at the option of the holder. Each Series 2 preferred share also includes one warrant to purchase two common shares for $5.00. The warrants are exercisable over a three-year period. In the event of the liquidation of the Company, holders of Series 2 preferred stock would be entitled to receive $5.00 per share, plus any unpaid dividends declared on the Series 2 preferred stock from the funds remaining after the Company's creditors, including directors, have been paid. There have been no dividends declared. During November 1997, 172,000 shares of Series 2 preferred stock were converted into 344,000 shares of the Company's common stock. As of June 30, 2017, there are 5,000 shares issued, which are convertible into 2 common shares. There are no warrants outstanding that have been issued in connection with these preferred shares. Series 3 Convertible Preferred Stock: Each share automatically converts on March 2, 2000 into either (a) one (1) share of the Company's common stock if the average closing price of the common stock during the ten trading days immediately prior to March 1, 2000 is equal to or greater than sixty-six cents ($0.66) per share, or (b) one and one-half (1 1/2) shares of common stock if the average closing price of the common stock during the ten trading days immediately prior March 1, 2000 is less than sixty-six cents ($0.66) per share. Series 5 Convertible Preferred Stock: The shares are collectively convertible to common stock of the Company on March 5, 2004, in an amount equal to the greater of a) 290,000 shares divided by the ten day closing price, prior to the date of acquisition of IPS, of the Company's common stock as quoted on the national exchange and not to exceed twenty million shares, or b) six million shares.

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
9. SUBSEQUENT EVENTS	In accordance with ASC 855-10, Company management reviewed all material events through the date of this report. There are no material subsequent events to report.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies Policies
Revenue Recognition of rental income	Revenues are recognized during the period in which the rental payment is received. The Company applies the provisions of FASB Accounting Standards Codification (“ASC”) 605-10. Revenue Recognition in Financial Statements ASC 605-10, which provides guidance on recognition, presentation, and disclosure of revenues in financial statements filed with the SEC. The Company’s source of revenue is from the Commercial Property lease in which quarterly payments are received pursuant to the property lease which is in effect until 2026.
Property Plant and Equipment	Land and buildings are recognized at cost. Land is carried at cost less accumulated impairment losses.
Foreign currency translation	Foreign currency transactions are translated applying the current rate method. Assets and liabilities are translated at current rates. Stockholders' equity accounts are translated at the appropriate historical rates and revenue and expenses are translated at weighted average rates for the year. Exchange rate differences that arise between the rate at the transaction date and the one in effect at the payment date, or at the balance sheet date, are recognized in the income statement.
Income Taxes	The Company accounts for income taxes under the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is required when it is less likely than not that the Company will be able to realize all or a portion of its deferred tax assets. Because it is doubtful that the net operating losses of recent years will ever be used, a valuation allowance has been recognized equal to the tax benefit of net operating losses generated.
Net Earnings per Share	Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of June 30, 2017 and June 30, 2016 there were 10,000 and 10,000, respectively potential dilutive shares and because of the net loss, the effect of these potential common shares is anti-dilutive for June 30, 2017.
Cash and Cash Equivalents	For purposes of the statement of cash flows, the Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at June 30, 2017 did not exceed federally insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on such amounts.
Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.
Concentration of Credit Risk	Financial instruments that potentially subject the Company to major credit risk consist principally of a single subsidiary of Anton Nielsen Vojens ApS.
Subsequent Events	The Company evaluated subsequent events and transactions for potential recognition or disclosure in the consolidated financial statements through the date of issuance.
Recently Issued Accounting Standards	In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance. In February 2015, the FASB issued Accounting Standards Update No. 2015-02 (ASU 2015-02) "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not anticipate that the adoption of ASU 2015-02 will have any impact on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Major Customer (Tables)

Major Customer (Tables)	12 Months Ended
	Jun. 30, 2017
Major Customer Tables
Schedules of major customer concentrations	Percent of Sales for the Period ending June 30, Customer 2017 2016 Circle K Denmark A/S, Formerly Statoil A/S 100 % 100 % - - Total Sales from Major Customers 100 % 100 %

Land and Buildings (Tables)

Land and Buildings (Tables)	12 Months Ended
	Jun. 30, 2017
Land And Buildings Tables
Schedule of value of land	Carrying Value of Land at June 30, 2017 2016 US Dollars $ 619,592 $ 595,280

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2017
Income Taxes Tables
Summary of operating loss carryforwards	Year Amount 2018 236,000 2019 548,000 2020 351,000 2021 29,000 Total $ 1,164,000
Summary of reconciliation of income tax expense rate	2017 2016 United States Statutory Income tax Rate 35 % 35 % Decrease in rate on income subject to Danish income tax rates 13 % 12 % Decrease in rate resulting from Non-Deductible expenses - - Income Tax Expense 22 % 23 %
Summary of components of income tax expense	Current Tax Expense 2017 2016 Danish Income Tax Expense (Benefit) $ (8,567 ) $ 4,591 Federal US Income Tax Expense (Benefit) Current - Deferred - - Total Income Tax Expense $ (8,567 ) $ 4,591

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	Jun. 30, 2017	Jun. 30, 2016
Summary Of Significant Accounting Policies Details Narrative
Potential dilutive shares	10,000	10,000

MAJOR CUSTOMER (Details)

MAJOR CUSTOMER (Details)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Total sales from major customers	100.00%	100.00%
Circle K Denmark A/S, Formerly Statoil A/S [Member] | Sales Revenue, Net [Member]
Total sales from major customers	100.00%	100.00%

LAND AND BUILDINGS (Details)

LAND AND BUILDINGS (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Land And Buildings Details
US Dollars	$ 619,592	$ 595,280

LAND AND BUILDINGS (Details Nar

LAND AND BUILDINGS (Details Narrative)	12 Months Ended
	Jun. 30, 2017USD ($)
Land And Buildings Details Narrative
Increase in carrying value of land	$ 24,312

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Advances From a Related Party	$ 96,725	$ 78,262
Proceeds form related party debt	17,943	17,264
CEO [Member]
Advances From a Related Party	96,725	78,262
Proceeds form related party debt	$ 18,463	$ 17,264

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	1 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)
Commitments and contingencies [Member]
2,018	$ 153,638	$ 153,638
2,019	22,161	22,161
through 2,025	252,398	252,398
Note A [Member]
Notes Payable	10,555	10,555
Principal payments	10,373	10,373
Interest payments	1,163	1,163
Note A [Member] | Danish Krone [Member]
Notes Payable	$ 800,000	$ 800,000
Interest rate on notes payable	7.00%	7.00%
Notes payable description	1 year left on the term
Note B [Member]
Notes Payable	$ 114,814	$ 114,814
Principal payments	16,707	16,707
Interest payments	5,454	5,454
Note B [Member] | Danish Krone [Member]
Notes Payable	$ 1,132,000	$ 1,132,000
Interest rate on notes payable	2.00%	2.00%
Notes payable description	6.5 years left on the term
Borkwood Development Ltd [Member]
Notes Payable	$ 650,000	$ 650,000
Interest rate on notes payable	5.00%	5.00%
Notes payable description		The Company has the right to prepay the note at any time with a notice of 14 days. To secure the payment of principal and interest the Sellers will receive a perfect lien and security interest in the Shares in the company ANV until the note with accrued interest is paid in full., and, 2) In the case that the Note has not been repaid within 12 months from the day of closing the Sellers have the right to convert the debt to common stock of Advanced Oxygen Technologies, Inc. in an amount of non-diluted shares calculated on the conversion Date, equal to the lesser of : a) Six hundred and Fifty thousand (650,000) or the Purchase Price minus the principal payments made by the buyer, whichever is greater, divided by the previous ten day closing price of AOXY as quoted on the national exchange, or b) Fifteen million shares, whichever is lesser.

Income Taxes (Details)

Income Taxes (Details)	Jun. 30, 2017USD ($)
Operating loss carryforwards	$ 1,164,000
Two Thousand Eighteen [Member]
Operating loss carryforwards	236,000
Two Thousand Nineteen [Member]
Operating loss carryforwards	548,000
Two Thousand Twenty [Member]
Operating loss carryforwards	351,000
Two Thousand Twenty One [Member]
Operating loss carryforwards	$ 29,000

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Taxes Details 1
United States Statutory Income tax Rate	35.00%	35.00%
Decrease in rate on income subject to Danish income tax rates	13.00%	12.00%
Decrease in rate resulting from Non-Deductible expenses
Income Tax Expense	22.00%	23.00%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Current Tax Expense
Danish Income Tax Expense (Benefit)	$ (8,567)	$ 4,591
Federal US Income Tax Expense (Benefit)
Current
Deferred
Total Income Tax Expense	$ (8,567)	$ 4,591

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Taxes (Textual)
Federal and state net operating loss carryforwards	$ 7,258,933
Offset future taxable income	$ 1,160,000
Federal statutory tax rate	35.00%	35.00%

Shareholders' Equity (Details N

Shareholders' Equity (Details Narrative) - $ / shares	1 Months Ended	12 Months Ended
	Nov. 30, 1997	Jun. 30, 2017	Jun. 30, 2016	Dec. 08, 2014	Dec. 07, 2014
Common Stock, par value		$ 0.01	$ 0.01
Common Stock, shares authorized		60,000,000	60,000,000
Common Stock, shares outstanding		2,292,945	2,292,945
Series 5 Convertible Preferred Stock [Member]
Conversion description		The shares are collectively convertible to common stock of the Company on March 5, 2004, in an amount equal to the greater of a) 290,000 shares divided by the ten day closing price, prior to the date of acquisition of IPS, of the Company's common stock as quoted on the national exchange and not to exceed twenty million shares, or b) six million shares.
Convertible Preferred Stock, Series 3
Conversion description		Each share automatically converts on March 2, 2000 into either (a) one (1) share of the Company's common stock if the average closing price of the common stock during the ten trading days immediately prior to March 1, 2000 is equal to or greater than sixty-six cents ($0.66) per share, or (b) one and one-half (1 1/2) shares of common stock if the average closing price of the common stock during the ten trading days immediately prior March 1, 2000 is less than sixty-six cents ($0.66) per share.
Series 2 Convertible Preferred Stock [Member]
Preferred Stock, shares issued		5,000
Convertible common stock		2
Purchase price of warrant		$ 5
Discription of warrants exercisable		3 years
Preferred Stock, shares	172,000
Preferred Stock converted into common stock, shares	344,000
Common Stock
Common Stock exchange ratio		one for twenty (1:20)
Common Stock, par value		$ 0.01
Common Stock, shares authorized		10,000,000		60,000,000	90,000,000
Common Stock, shares outstanding					45,853,585
Reduction of common stock, shares					2,292,945
Preferred Stock [Member]
Preferred Stock, par value		$ 0.01
Preferred Stock, shares authorized		10,000,000