Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 15, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | PROCYON CORP | |
Entity Central Index Key | 0000812306 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 8,087,388 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
CURRENT ASSETS | ||
Cash | $ 646,982 | $ 665,834 |
Certificates of Deposit, plus accrued interest | 155,412 | 155,132 |
Accounts Receivable, less allowance for doubtful accounts of $9,408 and $9,408, respectively. | 459,726 | 311,043 |
Inventories | 623,632 | 758,516 |
Prepaid Expenses | 201,847 | 183,138 |
TOTAL CURRENT ASSETS | 2,087,599 | 2,073,663 |
PROPERTY AND EQUIPMENT, NET | 440,151 | 452,855 |
OTHER ASSETS | ||
Deposits | 4,192 | 4,192 |
Inventories | 279,398 | 83,812 |
Intangible Asset | 17,000 | 17,000 |
ROU Assets - Operating Leases | 43,643 | 30,245 |
Deferred Tax Asset, net valuation allowance of $87,981 and $144,619, respectively. | 132,593 | 159,874 |
Assets, Noncurrent, Excluding Property, Plant and Equipment | 476,826 | 295,123 |
TOTAL ASSETS | 3,004,576 | 2,821,641 |
CURRENT LIABILITIES | ||
Accounts Payable | 113,773 | 167,459 |
Lease Liability, Current | 18,424 | |
PPP Loan | 156,426 | 57,028 |
Accrued Expenses | 187,649 | 289,466 |
TOTAL CURRENT LIABILITIES | 476,272 | 513,953 |
LONG TERM LIABILITIES | ||
Lease Liability - Operating Leases | 26,605 | |
PPP Loan | 44,574 | 143,972 |
TOTAL LONG TERM LIABILITIES | 71,179 | 143,972 |
TOTAL LIABILITIES | 547,451 | 657,925 |
COMMITMENTS AND CONTINGENCIES (NOTE I) | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | ||
Common Stock, no par value, 80,000,000 shares authorized; 8,087,388 shares issued and outstanding. | 4,444,766 | 4,444,766 |
Paid-in Capital | 15,885 | 15,885 |
Accumulated Deficit | (2,130,386) | (2,423,795) |
TOTAL STOCKHOLDERS' EQUITY | 2,457,125 | 2,163,716 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,004,576 | 2,821,641 |
Contingent Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | $ 126,860 | $ 126,860 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts Receivable, allowance for doubtful accounts | $ 9,408 | $ 9,408 |
Deferred Tax Asset, valuation allowance | $ 87,981 | $ 144,619 |
Preferred stock, authorized (in shares) | 496,000,000 | 496,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, issued (in shares) | 8,087,388 | 8,087,388 |
Common stock, outstanding (in shares) | 8,087,388 | 8,087,388 |
Contingent Convertible Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, issued (in shares) | 167,100 | 167,100 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, outstanding (in shares) | 167,100 | 167,100 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
NET SALES | $ 1,174,405 | $ 1,127,695 | $ 2,420,648 | $ 2,310,992 |
COST OF SALES | 328,571 | 325,130 | 662,892 | 645,567 |
GROSS PROFIT | 845,834 | 802,565 | 1,757,756 | 1,665,425 |
OPERATING EXPENSES | ||||
Salaries and Benefits | 414,467 | 417,518 | 826,721 | 810,707 |
Selling, General and Administrative | 326,492 | 382,096 | 609,612 | 736,737 |
Operating Costs and Expenses, Total | 740,959 | 799,614 | 1,436,333 | 1,547,444 |
INCOME / (LOSS) FROM OPERATIONS | 104,875 | 2,951 | 321,423 | 117,981 |
OTHER INCOME (EXPENSE) | ||||
Interest Income / (Expense) | (1,017) | 1,186 | (733) | 1,577 |
Nonoperating Income (Expense), Total | (1,017) | 1,186 | (733) | 1,577 |
INCOME / (LOSS) BEFORE INCOME TAXES | 103,858 | 4,137 | 320,690 | 119,558 |
INCOME TAX (EXPENSE) / BENEFIT | (29,545) | (4,342) | (27,281) | (35,922) |
NET INCOME / (LOSS) | 74,313 | (205) | 293,409 | 83,636 |
Dividend requirements on preferred stock | (4,178) | (4,179) | (8,356) | (8,356) |
Basic net income (loss) available to common shares | $ 70,135 | $ (4,384) | $ 285,053 | $ 75,280 |
Basic net income (loss) per common share (in dollars per share) | $ 0.01 | $ 0 | $ 0.04 | $ 0.01 |
Weighted average number of common shares outstanding (in shares) | 8,087,388 | 8,087,388 | 8,087,388 | 8,087,388 |
Diluted net income (loss) per common share (in dollars per share) | $ 0.01 | $ 0 | $ 0.03 | $ 0.01 |
Weighted average number of common shares outstanding, diluted (in shares) | 8,319,488 | 8,319,488 | 8,319,488 | 8,319,488 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member]Convertible Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings, Appropriated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member]Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings, Appropriated [Member] | Total |
Balance (in shares) at Jun. 30, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Jun. 30, 2019 | $ (6,938) | $ (6,938) | $ 126,860 | $ 4,444,766 | $ 15,885 | $ (2,528,514) | $ 2,058,997 | |||
Net Income (Loss) | 83,840 | 83,840 | ||||||||
Balance (in shares) at Sep. 30, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Sep. 30, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,612) | 2,135,899 | |||||
Balance (in shares) at Jun. 30, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Jun. 30, 2019 | $ (6,938) | $ (6,938) | $ 126,860 | $ 4,444,766 | 15,885 | (2,528,514) | 2,058,997 | |||
Net Income (Loss) | 83,636 | |||||||||
Balance (in shares) at Dec. 31, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Dec. 31, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,816) | 2,135,695 | |||||
Balance (in shares) at Sep. 30, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Sep. 30, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,612) | 2,135,899 | |||||
Net Income (Loss) | (204) | (205) | ||||||||
Balance (in shares) at Dec. 31, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Dec. 31, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,816) | 2,135,695 | |||||
Net Income (Loss) | 293,409 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Dec. 31, 2020 | $ 126,860 | $ 4,444,766 | 15,885 | (2,130,386) | 2,457,125 | |||||
Balance (in shares) at Jun. 30, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Jun. 30, 2020 | $ 126,860 | $ 4,444,766 | 15,885 | (2,423,795) | 2,163,716 | |||||
Net Income (Loss) | 219,096 | 219,096 | ||||||||
Balance (in shares) at Sep. 30, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Sep. 30, 2020 | $ 126,860 | $ 4,444,766 | 15,885 | (2,204,699) | 2,382,812 | |||||
Balance (in shares) at Jun. 30, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Jun. 30, 2020 | $ 126,860 | $ 4,444,766 | 15,885 | (2,423,795) | 2,163,716 | |||||
Net Income (Loss) | 293,409 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Dec. 31, 2020 | $ 126,860 | $ 4,444,766 | 15,885 | (2,130,386) | 2,457,125 | |||||
Balance (in shares) at Sep. 30, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Sep. 30, 2020 | $ 126,860 | $ 4,444,766 | 15,885 | (2,204,699) | 2,382,812 | |||||
Net Income (Loss) | 74,313 | 74,313 | ||||||||
Balance (in shares) at Dec. 31, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Dec. 31, 2020 | $ 126,860 | $ 4,444,766 | $ 15,885 | $ (2,130,386) | $ 2,457,125 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 67 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net Income / (Loss) | $ 74,313 | $ (205) | $ 293,409 | $ 83,636 | $ 293,409 | $ 83,636 | |
Adjustments to reconcile net income to net cash (used in) / provided by operating activities | |||||||
Depreciation | 22,731 | 27,703 | |||||
Right of Use Asset Amortization | 21,400 | 21,425 | $ 64,873 | ||||
Deferred Income Taxes | 83,920 | 35,922 | |||||
Valuation Allowance | (56,639) | ||||||
Accrued Interest on Certificates of Deposit | (280) | ||||||
Decrease (increase) in: | |||||||
Accounts Receivable | (148,683) | (211,972) | |||||
Inventory | (60,702) | (153,925) | |||||
Prepaid Expenses | (18,709) | (34,260) | |||||
Increase (decrease) in: | |||||||
Accounts Payable | (53,686) | (34,596) | |||||
Accrued Expenses | (101,817) | 107,682 | |||||
NET CASH (USED IN) OPERATING ACTIVITIES | (19,056) | (158,385) | |||||
CASH FLOW FROM INVESTING ACTIVITIES | |||||||
Purchase of property & equipment | (10,027) | (11,150) | |||||
NET CASH (USED IN) INVESTING ACTIVITIES | (10,027) | (11,150) | |||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Purchase of CD | (1,105) | ||||||
Increase in Operating Lease Liability Reduction | 10,231 | (23,017) | |||||
NET CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES | 10,231 | (24,122) | |||||
NET CHANGE IN CASH | (18,852) | (193,657) | |||||
CASH AT BEGINNING OF PERIOD | 665,834 | 290,287 | |||||
CASH AT END OF PERIOD | $ 646,982 | $ 665,834 | $ 646,982 | $ 665,834 | 646,982 | 665,834 | $ 646,982 |
SUPPLEMENTAL DISCLOSURES | |||||||
Interest Paid | |||||||
Taxes Paid |
Noncash Disclosure
Noncash Disclosure | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | During the six December 31, 2019, $73,719 $80,659. $6,938 July 1, 2019 842. During the quarter ended September 30, 2020, $34,798 |
Note A - Summary of Accounting
Note A - Summary of Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A - SUMMARY OF ACCOUNTING POLICIES The interim consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted as allowed by such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not June 30, 2020. not may Management of the Company has prepared the accompanying unaudited condensed consolidated financial statements prepared in conformity with generally accepted accounting principles, which require the use of management estimates, contain all adjustments (including normal recurring adjustments) necessary to present fairly the operations and cash flows for the period presented and to make the financial statements not STOCK-BASED COMPENSATION Stock based compensation is accounted for in accordance with Topic 718 718, 718 December 2020, 2020 On December 31, 2020, 65,000 2009 December 2019. The fair value of a stock option is determined using the Black-Scholes option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. There were no The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities such as stock options and other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in earnings. We use the treasury stock method to compute potential common shares from stock options and the as-if-converted method to compute potential common shares from Preferred Stock. For the six December 31, 2020, 2019, |
Note B - Inventories
Note B - Inventories | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE B - INVENTORIES Inventories consisted of the following: December 31, 2020 June 30, 2020 Finished Goods $ 730,005 $ 645,039 Raw Materials 173,025 197,289 $ 903,030 $ 842,328 At December 31, 2020 June 30, 2020, $279,398 $83,812 not one |
Note C - Stockholders' Equity
Note C - Stockholders' Equity | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE C - STOCKHOLDERS' EQUITY During January 1995, 4,000,000 $.10 December 31, 2020, no $395,661 December 31, 2020. Holders of the Preferred Stock have the right to convert their shares of Preferred Stock into an equal number of shares of Common Stock of the Company. In addition, Preferred Stock holders have the right to vote the number of shares into which their shares are convertible into Common Stock. Such preferred shares will automatically convert into one $1,000,000, $1 no |
Note D - Income Taxes and Avail
Note D - Income Taxes and Available Carryforward | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE D - INCOME TAXES AND AVAILABLE CARRYFORWARD As of December 31, 2020, $855,000. 2035. 382 The components of the provision for income tax (expense) attributable to continuing operations are as follows: Six Months 12/31/2020 Six Months 12/31/2019 Current Federal $ 0 $ 0 State 0 0 Deferred $ 0 $ 0 Federal $ (22,605 ) $ (29,764 ) State (4,676 ) (6,158 ) $ (27,281 ) $ (35,922 ) Total Income Tax Benefit / (Expense) $ (27,281 ) $ (35,922 ) Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: Non-Current Deferred tax assets NOL and contribution carryforwards $ 216,796 Accrued compensated absences 5,360 Allowance for doubtful accounts 2,384 Total deferred tax assets 224,540 Deferred tax (liabilities) Excess of tax over book depreciation (3,966 ) Total deferred tax (liabilities) (3,966 ) Total deferred tax asset 220,574 Valuation Allowance (87,981 ) Net Deferred Tax Asset $ 132,593 The change in the valuation allowance is as follows: June 30, 2020 $ (144,619 ) December 31, 2020 $ (87,981 ) $ 56,638 Management believes it is more likely than not $855,000 not $87,981 Income taxes for the six December 31, 2020 2019 25.35% Six Months Six Months December 31, 2020 December 31, 2019 Expected (provision) at US statutory rate $ (67,345 ) $ (24,879 ) State income tax net of federal (provision) (13,934 ) (5,148 ) Nondeductible Expense (2,303 ) (3,329 ) Change in estimates of loss carryforward (337 ) (2,566 ) Change in valuation allowance 56,638 - Income Tax (Expense) $ (27,281 ) $ (35,922 ) The earliest tax year still subject to examination by a major taxing jurisdiction is fiscal year end June 30, 2017. The Company performed a review of its uncertain tax positions in accordance with Accounting Standards Codification ASC 740 10 not no no During the year ended June 30, 2020, $201,000 19 On December 27, 2020, 2021" no no no |
Note E - Line of Credit
Note E - Line of Credit | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE E - LINE OF CREDIT In fiscal 2019, $250,000 October 9, 2020, not October 9, 2020, $0 |
Note F - Paycheck Protection Pr
Note F - Paycheck Protection Program Loan | 6 Months Ended |
Dec. 31, 2020 | |
PPP Loan [Member] | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE F - PAYCHECK PROTECTION PROGRAM LOAN The Company applied for a loan with the Small Business Administration (the "SBA") Paycheck Protection Program ("PPP") of the Coronavirus Aid, Relief and Economic Security Act of 2020 $201,000 April 13, 2020. The Loan, which is evidenced by a promissory note (the "Note"), has a two April 13, 2022, 1.00% seven not may The Loan may eight April 13, 2020. Principal payments of $156,426 $44,574 December 31, 2021 2022, |
Note G - Recent Accounting Pron
Note G - Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE G - RECENT ACCOUNTING PRONOUNCEMENTS On June 16, 2016, 2016 13, 326 2019 10 November 2019. December 15, 2019, December 15, 2018. not Other recent accounting pronouncements issued by the FASB, the AICPA and the SEC did not not |
Note H - Right-of-Use Assets an
Note H - Right-of-Use Assets and Lease Liabilities | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE H - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Operating leases In June 2015, 63 one not $1,079 no 3%. 842, 63 5.5% September 2020. September 30, 2020. In February 2018, 39 no first three $2,936 12 $3,024 8 $3,019 4 $3,109 12 842, 39 5.5% In August 2020, 63 not $574 842, 63 4.25% The following is information related to the Company's right-of-use assets and liabilities for its operating leases: ROU assets - operating leases obtained in exchange for lease liabilities - operating leases $ 108,516 Amortization of ROU assets since lease inception $ (64,873 ) ROU assets - operating leases at December 31, 2020 $ 43,643 Lease liabilities - operating leases on adoption date and increase in lease liabilities $ 115,456 Payments on lease liabilities (70,427 ) Lease liabilities - operating leases on December 31, 2020 45,029 Lease liabilities - operating leases due in the 12 months ending December 31, 2020 18,424 Lease liabilities - operating leases due in the 12 months ending December 31, 2021 $ 26,605 Variable lease expense was $8,386 $11,666 three December 31, 2020 2019, Weighted average remaining lease term was 3.66 4.57% December 31, 2020. |
Note I - Contingency
Note I - Contingency | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE I - CONTINGENCY At the time of release of these financial statements, the United States is experiencing a National Emergency related to persistent health issues. Management is unable to quantify the potential duration and economic impact of mandated closures by our National, State or Local governments. |
Note J - Subsequent Events
Note J - Subsequent Events | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE J - SUBSEQUENT EVENTS We have evaluated subsequent events through February 23, 2021, In January 2021, five $14,165 not two not five 18,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Share-based Payment Arrangement [Policy Text Block] | STOCK-BASED COMPENSATION Stock based compensation is accounted for in accordance with Topic 718 718, 718 December 2020, 2020 On December 31, 2020, 65,000 2009 December 2019. The fair value of a stock option is determined using the Black-Scholes option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. There were no The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities such as stock options and other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in earnings. We use the treasury stock method to compute potential common shares from stock options and the as-if-converted method to compute potential common shares from Preferred Stock. For the six December 31, 2020, 2019, |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current and Noncorrent [Table Text Block] | Inventories consisted of the following: December 31, 2020 June 30, 2020 Finished Goods $ 730,005 $ 645,039 Raw Materials 173,025 197,289 $ 903,030 $ 842,328 |
Note D - Income Taxes and Ava_2
Note D - Income Taxes and Available Carryforward (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Six Months 12/31/2020 Six Months 12/31/2019 Current Federal $ 0 $ 0 State 0 0 Deferred $ 0 $ 0 Federal $ (22,605 ) $ (29,764 ) State (4,676 ) (6,158 ) $ (27,281 ) $ (35,922 ) Total Income Tax Benefit / (Expense) $ (27,281 ) $ (35,922 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Non-Current Deferred tax assets NOL and contribution carryforwards $ 216,796 Accrued compensated absences 5,360 Allowance for doubtful accounts 2,384 Total deferred tax assets 224,540 Deferred tax (liabilities) Excess of tax over book depreciation (3,966 ) Total deferred tax (liabilities) (3,966 ) Total deferred tax asset 220,574 Valuation Allowance (87,981 ) Net Deferred Tax Asset $ 132,593 June 30, 2020 $ (144,619 ) December 31, 2020 $ (87,981 ) $ 56,638 |
Comprehensive Income (Loss) [Table Text Block] | Six Months Six Months December 31, 2020 December 31, 2019 Expected (provision) at US statutory rate $ (67,345 ) $ (24,879 ) State income tax net of federal (provision) (13,934 ) (5,148 ) Nondeductible Expense (2,303 ) (3,329 ) Change in estimates of loss carryforward (337 ) (2,566 ) Change in valuation allowance 56,638 - Income Tax (Expense) $ (27,281 ) $ (35,922 ) |
Note H - Right-of-Use Assets _2
Note H - Right-of-Use Assets and Lease Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Right-of-Use Assets and Liabilities [Table Text Block] | ROU assets - operating leases obtained in exchange for lease liabilities - operating leases $ 108,516 Amortization of ROU assets since lease inception $ (64,873 ) ROU assets - operating leases at December 31, 2020 $ 43,643 Lease liabilities - operating leases on adoption date and increase in lease liabilities $ 115,456 Payments on lease liabilities (70,427 ) Lease liabilities - operating leases on December 31, 2020 45,029 Lease liabilities - operating leases due in the 12 months ending December 31, 2020 18,424 Lease liabilities - operating leases due in the 12 months ending December 31, 2021 $ 26,605 |
Noncash Disclosure (Details Tex
Noncash Disclosure (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 67 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2020 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 73,719 | $ 108,516 | ||
Lease Obligation Incurred | 80,659 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,130,386) | $ (2,423,795) | ||
Increase (Decrease) in Operating Lease Right-of-use Asset | $ 34,798 | |||
Increase (Decrease) in Operating Lease Liability | $ 34,798 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (6,938) |
Note A - Summary of Accountin_2
Note A - Summary of Accounting Policies (Details Textual) | 6 Months Ended |
Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 65,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Inventory, Noncurrent, Total | $ 279,398 | $ 83,812 |
Note B - Inventories - Inventor
Note B - Inventories - Inventories (Details) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Finished Goods | $ 730,005 | $ 645,039 |
Raw Materials | 173,025 | 197,289 |
Inventory, Gross, Total | $ 903,030 | $ 842,328 |
Note C - Stockholders' Equity (
Note C - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jan. 31, 1995 | Dec. 31, 2020 | Jun. 30, 2020 | |
Preferred Stock, Shares Authorized (in shares) | 496,000,000 | 496,000,000 | |
Minimum [Member] | |||
Proceeds From Public Offering Required for Mandatory Conversion | $ 1,000,000 | ||
Share Price (in dollars per share) | $ 1 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 4,000,000 | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ 0.10 | ||
Dividends, Preferred Stock, Total | $ 0 | ||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 395,661 | ||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1 |
Note D - Income Taxes and Ava_3
Note D - Income Taxes and Available Carryforward (Details Textual) - USD ($) | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Apr. 13, 2020 | |
Operating Loss Carryforwards, Total | $ 855,000 | |||
Operating Loss Carryforwards, Valuation Allowance, Total | $ 87,981 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 25.35% | 25.35% | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Notes Payable, Total | $ 201,000 | $ 201,000 |
Note D - Income Taxes and Ava_4
Note D - Income Taxes and Available Carryforward - Provision for Income Tax Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Federal | $ 0 | $ 0 | ||
State | 0 | 0 | ||
Deferred | 0 | 0 | ||
Federal | 22,605 | 29,764 | ||
State | (4,676) | (6,158) | ||
Deferred Federal, State and Local, Tax Expense (Benefit), Total | (27,281) | (35,922) | ||
Total Income Tax Benefit / (Expense) | $ (29,545) | $ (4,342) | $ (27,281) | $ (35,922) |
Note D - Income Taxes and Ava_5
Note D - Income Taxes and Available Carryforward - Deferred Tax Assets and Liabilities (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | |
NOL and contribution carryforwards | $ 216,796 | |
Accrued compensated absences | 5,360 | |
Allowance for doubtful accounts | 2,384 | |
Total deferred tax assets | 224,540 | |
Excess of tax over book depreciation | (3,966) | |
Total deferred tax (liabilities) | (3,966) | |
Total deferred tax asset | 220,574 | |
Valuation Allowance | (87,981) | $ (144,619) |
Net Deferred Tax Asset | 132,593 | 159,874 |
Valuation allowance | (87,981) | $ (144,619) |
Change in valuation allowance | $ 56,638 |
Note D - Income Taxes and Ava_6
Note D - Income Taxes and Available Carryforward - Income Taxes Reconciliation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expected (provision) at US statutory rate | $ (67,345) | $ (24,879) | ||
State income tax net of federal (provision) | (13,934) | (5,148) | ||
Nondeductible Expense | (2,303) | (3,329) | ||
Change in estimates of loss carryforward | (337) | (2,566) | ||
Change in valuation allowance | 56,638 | |||
Total Income Tax Benefit / (Expense) | $ (29,545) | $ (4,342) | $ (27,281) | $ (35,922) |
Note E - Line of Credit (Detail
Note E - Line of Credit (Details Textual) - USD ($) | Oct. 09, 2020 | Jun. 30, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |
Long-term Line of Credit, Total | $ 0 |
Note F - Paycheck Protection _2
Note F - Paycheck Protection Program Loan (Details Textual) - Paycheck Protection Program CARES Act [Member] - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 | Apr. 13, 2020 |
Notes Payable, Total | $ 201,000 | $ 201,000 | |
Long-Term Debt, Maturity, Year One | $ 156,426 | ||
Long-Term Debt, Maturity, Year Two | $ 44,574 |
Note H - Right-of-Use Assets _3
Note H - Right-of-Use Assets and Lease Liabilities (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Aug. 31, 2020 | Feb. 28, 2018 | Jun. 30, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Variable Lease, Cost | $ 8,386 | $ 11,666 | ||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 240 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.57% | |||||
Operating Lease For Office Equipment [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 5 years 90 days | |||||
Lessee, Operating Lease, Rent Per Month | $ 1,079 | |||||
Lessee, Operating Lease, Maximum Yearly Increase of Rent | 3.00% | |||||
Lessee, Operating Lease, Discount Rate | 5.50% | |||||
Operating Lease For Warehouse [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 3 years 90 days | |||||
Lessee, Operating Lease, Discount Rate | 5.50% | |||||
Lessee, Operating Lease, Rent Per Month, First Three Months | $ 0 | |||||
Lessee, Operating Lease, Rent Per Month, Following 12 Months | 2,936 | |||||
Lessee, Operating Lease, Rent Per Month, Following 8 Months | 3,024 | |||||
Lessee, Operating Lease, Rent Per Month, Following 4 Months | 3,019 | |||||
Lessee, Operating Lease, Rent Per Month, Last 12 Months | $ 3,109 | |||||
Operating Lease for Certain Office Equipment [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 5 years 90 days | |||||
Lessee, Operating Lease, Rent Per Month | $ 574 | |||||
Lessee, Operating Lease, Discount Rate | 4.25% |
Note H - Right-of-Use Assets _4
Note H - Right-of-Use Assets and Lease Liabilities - Right-of-Use Assets and Liabilities (Details) - USD ($) | 6 Months Ended | 12 Months Ended | 67 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2020 | |
ROU assets - operating leases obtained in exchange for lease liabilities - operating leases | $ 73,719 | $ 108,516 | |||
Amortization of ROU assets since lease inception | $ (21,400) | $ (21,425) | (64,873) | ||
ROU assets - operating leases at December 31, 2020 | 43,643 | 43,643 | $ 30,245 | ||
Lease liabilities - operating leases on adoption date and increase in lease liabilities | 115,456 | ||||
Payments on lease liabilities | (70,427) | ||||
Lease liabilities - operating leases on December 31, 2020 | $ 115,456 | 45,029 | $ 115,456 | 45,029 | |
Lease liabilities - operating leases due in the 12 months ending December 31, 2020 | 18,424 | 18,424 | |||
Lease liabilities - operating leases due in the 12 months ending December 31, 2021 | $ 26,605 | $ 26,605 |
Note J - Subsequent Events (Det
Note J - Subsequent Events (Details Textual) - Lease Certain Office and Warehouse Space [Member] - Subsequent Event [Member] | 1 Months Ended |
Jan. 31, 2021USD ($)ft² | |
Lessee, Operating Lease, Term of Contract (Month) | 5 years |
Lessee, Operating Lease, Rent Per Month | $ | $ 14,165 |
Area of Real Estate Property (Square Foot) | ft² | 18,000 |
Minimum [Member] | |
Lessee, Operating Lease, Maximum Yearly Increase of Rent | 2.00% |
Maximum [Member] | |
Lessee, Operating Lease, Maximum Yearly Increase of Rent | 5.00% |