Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Oct. 04, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | PROCYON CORP | |
Entity Central Index Key | 0000812306 | |
Trading Symbol | pcyn | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
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 Public Float | $ 2,830,586 | |
Entity Shell Company | false | |
Document Type | 10-K | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Title of 12(g) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
CURRENT ASSETS | ||
Cash | $ 1,226,522 | $ 665,834 |
Certificates of Deposit, plus accrued interest | 280,438 | 155,132 |
Accounts Receivable, less allowance for doubtful accounts of $9,408 and $9,408 respectively | 497,358 | 311,043 |
Inventories | 591,058 | 758,516 |
Prepaid Expenses | 276,251 | 183,138 |
TOTAL CURRENT ASSETS | 2,871,627 | 2,073,663 |
PROPERTY AND EQUIPMENT, NET | 109,275 | 452,855 |
OTHER ASSETS | ||
Deposits | 3,235 | 4,192 |
Inventories | 263,280 | 83,812 |
Intangible Asset | 17,000 | 17,000 |
ROU Assets - Operating Leases | 882,344 | 30,245 |
Deferred Tax Asset, Net of Valuation Allowance of $0 and $144,619, respectively | 95,568 | 159,874 |
Assets, Noncurrent, Excluding Property, Plant and Equipment | 1,261,427 | 295,123 |
TOTAL ASSETS | 4,242,329 | 2,821,641 |
CURRENT LIABILITIES | ||
Accounts Payable | 167,588 | 167,459 |
PPP Loan Payable | 57,028 | |
Accrued Expenses | 315,881 | 289,466 |
Lease liabilities - operating leases due in the 12 months ending June 30, 2022 | 154,022 | |
TOTAL CURRENT LIABILITIES | 637,491 | 513,953 |
LONG TERM LIABILITIES | ||
PPP Loan Payable | 143,972 | |
Long Term Lease Liabilities | 653,860 | |
TOTAL LONG TERM LIABILITIES | 653,860 | 143,972 |
TOTAL LIABILITIES | 1,291,351 | 657,925 |
COMMITMENTS AND CONTINGENCIES (NOTE G) | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | ||
Common Stock, no par value, 80,000,000 shares authorized; 8,087,388 and 8,087,388 shares issued and outstanding, respectively | 4,444,766 | 4,444,766 |
Paid-in Capital | 35,564 | 15,885 |
Accumulated Deficit | (1,656,212) | (2,423,795) |
TOTAL STOCKHOLDERS' EQUITY | 2,950,978 | 2,163,716 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,242,329 | 2,821,641 |
Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | $ 126,860 | $ 126,860 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Accounts Receivable, allowance for doubtful accounts | $ 9,408 | $ 9,408 |
Valuation allowance | $ 0 | $ 144,619 |
Preferred stock, authorized (in shares) | 496,000,000 | 496,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, no 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 |
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, no 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 - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
NET SALES | $ 4,719,672 | $ 4,334,088 |
COST OF SALES | 1,330,979 | 1,134,675 |
GROSS PROFIT | 3,388,693 | 3,199,413 |
OPERATING EXPENSES | ||
Salaries and Benefits | 1,733,708 | 1,729,688 |
Selling, General and Administrative | 1,330,215 | 1,316,709 |
Operating Costs and Expenses, Total | 3,063,923 | 3,046,397 |
INCOME FROM OPERATIONS | 324,770 | 153,016 |
OTHER INCOME | ||
(Loss) on Disposal of Assets | 304,887 | (4,697) |
Other Income / Gain on Extinguishment of Debt | 203,172 | 10,000 |
Interest Income | 1,232 | 1,746 |
Interest Expense | 0 | 0 |
Nonoperating Income (Expense), Total | 507,119 | 7,049 |
INCOME BEFORE INCOME TAXES | 831,889 | 160,065 |
INCOME TAX EXPENSE | (64,306) | (48,407) |
NET INCOME | 767,583 | 111,658 |
Dividend requirements on preferred stock | (16,710) | (16,710) |
Basic net income available to common shares | $ 750,873 | $ 94,948 |
Basic net income per common share (in dollars per share) | $ 0.09 | $ 0.01 |
Weighted average number of common shares outstanding (in shares) | 8,087,388 | 8,087,388 |
Diluted net income per common share (in dollars per share) | $ 0.09 | $ 0.01 |
Weighted average number of common shares outstanding, diluted (in shares) | 8,319,624 | 8,319,488 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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 | $ (6,939) | $ (6,939) | $ 126,860 | $ 4,444,766 | $ 15,885 | $ (2,528,514) | $ 2,058,997 | |||
Net Income | 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 | (2,451,613) | 2,135,898 | |||||
Balance (in shares) at Jun. 30, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Jun. 30, 2019 | $ (6,939) | $ (6,939) | $ 126,860 | $ 4,444,766 | 15,885 | (2,528,514) | 2,058,997 | |||
Net Income | 111,658 | |||||||||
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 | |||||
Balance (in shares) at Sep. 30, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Sep. 30, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,613) | 2,135,898 | |||||
Net Income | (204) | (204) | ||||||||
Balance (in shares) at Dec. 31, 2019 | 167,100 | 8,087,388 | ||||||||
Balance at Dec. 31, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,817) | 2,135,694 | |||||
Net Income | 55,929 | 55,929 | ||||||||
Balance (in shares) at Mar. 31, 2020 | 167,100 | 8,087,388 | ||||||||
Balance at Mar. 31, 2020 | $ 126,860 | $ 4,444,766 | 15,885 | (2,395,888) | 2,191,623 | |||||
Net Income | (27,907) | (27,907) | ||||||||
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 | 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 | 767,583 | |||||||||
Balance (in shares) at Jun. 30, 2021 | 167,100 | 8,087,388 | ||||||||
Balance at Jun. 30, 2021 | $ 126,860 | $ 4,444,766 | 35,564 | (1,656,212) | 2,950,978 | |||||
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 | 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 | |||||
Net Income | 21,714 | 21,714 | ||||||||
Stock Options Issued (in shares) | ||||||||||
Stock Options Issued | ||||||||||
Balance (in shares) at Mar. 31, 2021 | 167,100 | 8,087,388 | ||||||||
Balance at Mar. 31, 2021 | $ 126,860 | $ 4,444,766 | 15,885 | (2,108,672) | 2,478,839 | |||||
Net Income | 452,460 | 452,460 | ||||||||
Stock Options Issued (in shares) | ||||||||||
Stock Options Issued | 19,679 | 19,679 | ||||||||
Balance (in shares) at Jun. 30, 2021 | 167,100 | 8,087,388 | ||||||||
Balance at Jun. 30, 2021 | $ 126,860 | $ 4,444,766 | $ 35,564 | $ (1,656,212) | $ 2,950,978 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 767,583 | $ 111,658 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 43,331 | 53,942 |
Increase in Allowance for Doubtful Accounts | 2,689 | |
Right of Use Asset Amortization | 120,981 | (30,245) |
Adoption of ASC 842 | (6,939) | |
Accrued Interest on Certificate of Deposit | (306) | |
Deferred Income Taxes | 208,925 | 48,407 |
Valuation Allowance | (144,619) | |
(Gain)/Loss on Sale of Assets | (304,887) | 4,697 |
Gain on Extinguishment of Debt | (203,172) | |
Stock Based Compensation | 19,679 | |
Decrease (increase) in: | ||
Accounts Receivable | (186,315) | 105,898 |
Deposits | 957 | |
Inventory | (12,010) | (233,691) |
Prepaid Expenses | (93,113) | 61,356 |
Increase (decrease) in: | ||
Accounts Payable | 129 | 20,014 |
Accrued Interest Payable | 2,172 | |
Accrued Expenses | 60,165 | 60,976 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 279,500 | 198,772 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of Certificate of Deposit | (125,000) | |
Redemption of Certificate of Deposit | (1,181) | |
Purchase of Property & Equipment | (65,166) | (23,044) |
Proceeds on disposal of property and equipment | 670,303 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 480,137 | (24,225) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Payments on Operating Lease Liability | (198,949) | |
Proceeds from PPP Loan | 201,000 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (198,949) | 201,000 |
NET CHANGE IN CASH | 560,688 | 375,547 |
CASH AT BEGINNING OF THE YEAR | 665,834 | 290,287 |
CASH AT END OF THE YEAR | 1,226,522 | 665,834 |
SUPPLEMENTAL DISCLOSURES | ||
Interest Paid | ||
Taxes Paid |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Increase (Decrease) in Operating Lease Right-of-use Asset | $ 973,081 |
Increase (Decrease) in Operating Lease Liability | $ 973,081 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Activity Procyon Corporation has two July 2009, third July 31, 2009, no Principles of Consolidation The consolidated financial statements include the accounts of Procyon Corporation and its wholly-owned subsidiaries, AMERX and Sirius. All material inter-company accounts and transactions are eliminated. 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, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For the purpose of the Statements of Cash Flows, the Company considers cash-on-hand, demand deposits in banks and highly liquid investments purchased with an original maturity of three Concentration of Credit Risk The Company maintains its cash at various financial institutions. All noninterest-bearing transaction accounts are fully insured by the Federal Deposit Insurance Corporation, regardless of the balance of the account, at all insured institutions. At June 30, 2021 2020, $30 $334,265 Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board's (FASB) release of Accounting Standards Update (ASU) 2014 09, 606 five 1 2 3 4 5 Accounts Receivable and Concentration of Credit Risk AMERX grants credit to customers, most of whom are national pharmaceutical distributors, drug stores nationwide and physicians. AMERX wholesales its products to national pharmaceutical distributors and drug stores at a sales term of 2/10, 30 2/10 30 The valuation of accounts receivable is based upon the credit-worthiness of customers as well as historical collection experience. Estimating the credit worthiness of customers and recoverability of customer accounts requires us to exercise considerable judgment. Allowances for doubtful accounts are recorded as a selling, general and administrative expense for estimated amounts expected to be uncollectible from third June 30, 2021 2020, $9,400 $9,400, 2% 3% Inventories Inventories are valued at the lower of average cost or net realized value determined by the first first not 12 Property and Equipment Property and equipment are stated at cost. Depreciation is computed on a straight-line basis over their estimated useful lives. Leased equipment is recorded at it's fair market value at the beginning of the lease term and is depreciated over the life of the equipment. Depreciation on leased equipment is included in depreciation expense. Deferred Income Taxes Deferred income taxes are recognized for the expected tax consequences in future years for differences between the tax bases of assets and liabilities and their financial reporting amounts, based upon exacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The Company accounts for income taxes under Topic 740 no June 30, 2021. $144,619 June 30, 2020. Fair Value of Financial Instruments The carrying value of cash, accounts receivable, prepaid expenses, deposits, inventory, accounts payable and accrued expenses approximate fair value. Considerable judgement is required in interpreting market data to develop the estimates of fair value, and accordingly, the estimates are not Shipping and Handling Costs Shipping and handling costs incurred were approximately $221,000 $157,000 June 30, 2021, 2020, Advertising and Marketing The Company records advertising and marketing expenses in the periods in which they are incurred. During the years ended June 30, 2021 2020, $240,000 $400,000, Stock Based Compensation In November 2020, 2020 “2020 The Company maintained the Procyon Corporation 2009 "2009 December 8, 2019. 2009 December 8, 2009. No may 2009 The 2009 2009 500,000 500,000 2009 250,000 September 27, 2016, June 30, 2016. 40,000 July 1, 2016 25,000 July 1, 2017. ten June 30, 2021, no 2009 1,000,000 2009 250,000 not 1933. Eligible participants under the 2009 may may Non-Qualified Stock Options granted under the 2009 not ten not 100% 2009 not ten five not 100% 110% The 2020 422 not one may The Board of Directors has authorized the issuance of 2,000,000 2020 2,000,000 2020 not 1933. no may 422 not ten five not 100% 110% first not $100,000. Non-Qualified Stock Options are Options that is not not not ten not 100% Effective June 30, 2021, 25,000 25,000 2021, July 1, 2020. September 24, 2021, June 30, 2021 ten .373 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. The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not Agreements to grant 40,000 25,000 September 27, 2016 August 23, 2017, June 30, 2016 June 30, 2017, 718 718" Effective as of June 30, 2021, 25,000 25,000 2021, July 1, 2020. June 30, 2021 ten .373 Additional information with respect to stock option activity is as follows: Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2019 65,000 $ 0.17 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2020 65,000 $ 0.17 Granted 50,000 $ 0.37 Exercised - $ - Cancelled - $ - Outstanding at June 30, 2021 115,000 $ 0.26 Options exercisable at June 30, 2020 65,000 $ 0.17 Options exercisable at June 30, 2021 115,000 $ 0.26 Net Income Per Common Share The Company computes net income per share in accordance with Accounting Standards Codification Topic 260 260 260 Subsequent Events We have evaluated subsequent events through September 29, 2021, |
Note B - Inventories
Note B - Inventories | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE B - INVENTORIES Inventories consisted of the following: June 30, 2021 June 30, 2020 Finished Goods $ 683,771 $ 645,039 Raw Materials 170,567 160,242 $ 854,338 $ 805,281 At June 30, 2021 2020, $263,280 $83,812 not one |
Note C - Property and Equipment
Note C - Property and Equipment | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE C - PROPERTY AND EQUIPMENT Property and equipment consisted of the following: As of June 30, 2021 Owned Capitalized Leases Total Office Equipment $ 223,018 $ 0 $ 223,018 Furniture and Fixtures 45,082 45,082 Software 26,021 26,021 Leasehold improvements 26,301 26,301 Production Equipment 26,249 26,249 Building 18,392 18,392 Land 0 0 0 365,063 0 365,063 Less accumulated depreciation (255,788 ) 0 (255,788 ) $ 109,275 $ 0 $ 109,275 Depreciation expense was $43,331 June 30, 2021. As of June 30, 2020 Owned Capitalized Leases Total Office Equipment $ 178,404 $ 11,364 $ 189,768 Furniture and Fixtures 40,304 40,304 Software 26,021 26,021 Leasehold Improvements 95,329 95,329 Production Equipment 25,452 25,452 Building 492,559 492,559 Land 64,547 64,547 922,616 11,364 933,980 Less accumulated depreciation (469,761 ) (11,364 ) (481,125 ) $ 452,855 $ 0 $ 452,855 Depreciation expense was $53,942 June 30, 2020. |
Note D - Intangible Assets
Note D - Intangible Assets | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE D - INTANGIBLE ASSETS On June 30, 2017, $17,000. not 350, |
Note E - Accrued Expenses
Note E - Accrued Expenses | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE E - ACCRUED EXPENSES Accrued expenses consist of the following at June 30, 2021 2020. 2021 2020 Accrued Payroll $ 131,187 $ 119,756 Accrued Paid Time Off 29,899 31,094 Accrued Professional Fees 50,916 49,278 Accrued Incentive Plan 55,398 51,746 Accrued Lease Liabiity 38,620 33,750 Other 9,861 3,842 Total $ 315,881 $ 289,466 |
Note F - Line of Credit
Note F - Line of Credit | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE F - LINE OF CREDIT In fiscal 2019, $250,000 June 30, 2021 June 30, 2020, $0 not A new line of credit was procured in June 2021, $250,000 June 30, 2022. Interest expense for the years ended June 30, 2021 2020 $0 $0, The line of credit is guaranteed by Justice W. Anderson, President and Chief Executive Officer. |
Note G - Paycheck Protection Pr
Note G - Paycheck Protection Program Loan | 12 Months Ended |
Jun. 30, 2021 | |
PPP Loan [Member] | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE G - 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. The loan was forgiven in May 2021. |
Note H - Commitments and Contin
Note H - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE H - COMMITMENTS AND CONTINGENCIES The Company leases warehouse office space under operating leases expiring through year 2021. June 30, 2021 2020 $31,091 $29,193, June 30, 2022 $ 177,915 2023 181,326 2024 184,805 2025 188,353 2026 141,062 $ 873,461 |
Note I - Stockholders' Equity
Note I - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE I - STOCKHOLDERS EQUITY During January 1995, 4,000,000 $.10 June 30, 2021, no $404,516 $2.42 June 30, 2021. The preferred stockholders have the right to convert each share of Series A Cumulative Convertible Preferred Stock into one one $1 $1 Share-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest. As share-based compensation expense recognized in the statement of operations is based on awards ultimately expected to vest, it can be reduced for estimated forfeitures. The ASC topic Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The share based compensation charged against income for the periods ended June 30, 2021 2020 $19,679 $0 The Black-Scholes option-pricing model, which values options based on the stock price at grant date, the expected life of the options, the estimated volatility of the stock and the risk free interest rate over the life of the option. The assumption used in the Black-Scholes model were as follows for the stock options granted for the year ended June 30, 2021. Stock Price at Date of Grant $ .373 Risk-free interest rate 1.41 % Expected volatility of common stock 183.81 % Dividend yield 0 % Expected life of options (years) 10 |
Note J - Earnings Per Share
Note J - Earnings Per Share | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE J - EARNINGS PER SHARE As required by Accounting Standards Codification Topic 260 260" Years Ended June 30, 2021 2020 Numerator: Net Income (Loss) $ 767,583 $ 111,658 Adjustment for basic earnings per share: Dividend requirements on preferred stock (16,710 ) (16,710 ) Numerator for basic earnings per share- Net income available to common stockholders $ 750,873 $ 94,948 Effect of dilutive securities: Numerator for diluted earnings per share-Net income available to common stockholder $ 750,873 $ 94,948 Denominator: Denominator for basic earnings per share-Weighted-average common shares 8,087,388 8,087,388 Effect of dilutive securities: Stock options 65,136 65,000 Weighted-average Dilutive potential common shares 167,100 167,100 Denominator for dilutive earnings per share-Adjusted weighted-average shares and assumed conversions 8,319,624 8,319,488 Basic Net Income per share $ 0.09 $ 0.01 Diluted Net Income per share $ 0.09 $ 0.01 |
Note K - Income Taxes and Avail
Note K - Income Taxes and Available Carryforward | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE K - INCOME TAXES AND AVAILABLE CARRYFORWARD As of June 30, 2021, $446,000. 2035.The 382 The components of the provision for income taxes expenses are attributable to continuing operations as follows: Year ended June 30, 2021 Year ended June 30, 2020 Current Federal $ - $ - State - - - - Deferred Federal $ (53,281 ) $ (40,109 ) State (11,025 ) (8,298 ) $ (64,306 ) $ (48,407 ) 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 $ 112,934 Share based payments 4,988 Lease Liabilities - operating leases 204,758 Accrued compensated absences 7,578 Accrued bonus 14,041 Allowance for doubtful accounts 2,384 346,683 Deferred tax (liabilities): Right of use assets - operating leases (223,630 ) Excess of tax over book depreciation (27,485 ) Total deferred tax (liabilities) (251,115 ) Net deferred tax asset (liability) 95,568 Valuation Allowance - Net deferred tax asset $ 95,568 The change in the valuation allowance is as follows: June 30, 2021 $ - June 30, 2020 (144,619 ) $ 144,619 Income taxes for the years ended June 30, 2021 2020 25.35% 2021 2020 Expected benefit (provision) at US statutory rate $ (174,963 ) $ (33,613 ) State income tax net of federal benefit (provision) (36,201 ) (6,955 ) Nondeductible expense (3,450 ) (6,412 ) Non Taxable Income 51,494 - Change in estimates of losses carryforward (45,805 ) (29,328 ) Change in valuation allowance 144,619 26,761 Other - 1,140 Income tax benefit (expense) $ (64,306 ) $ (48,407 ) The earliest tax year still subject to examination by taxing jurisdictions is fiscal year June 30, 2018. The Company performed a review of its uncertain tax positions in accordance with Accounting Standards Codification ASC 740 10 not During the year ended June 30, 2020, $201,000 19 |
Note L - Concentration of Suppl
Note L - Concentration of Supply Risk | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE L - CONCENTRATION OF SUPPLY RISK The Company's manufacturing and packaging activities are performed at a production facility owned and operated by a non-affiliated pharmaceutical manufacturer. At the present time, the manufacturer is the major source of the Company's wound care products. The sudden loss or failure of this manufacturer could significantly impair AMERX's ability to fulfill customer orders on a short-term basis and therefore, could materially and adversely affect the Company's operations. However, the Company has maintained a long-term relationship with this manufacturer and does not There were no June 30, 2021 2020, |
Note M - Major Customer
Note M - Major Customer | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Major Customer Disclosure [Text Block] | NOTE M - MAJOR CUSTOMER During the year ended June 30, 2021 one 10% 2020 no 10% |
Note N - Research and Developme
Note N - Research and Development | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | NOTE N - RESEARCH AND DEVELOPMENT AMERX incurred $30,900 $23,093 June 30, 2021 2020, |
Note O - Pandemic Health Issue
Note O - Pandemic Health Issue | 12 Months Ended |
Jun. 30, 2021 | |
COVID 19 Health Issue [Member] | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE O - PANDEMIC HEALTH ISSUE At the time of release of these financial statements, the United States continues to experience a National Emergency related to persistent health issues caused by the COVID- 19 |
Note P - Right-of-use Assets an
Note P - Right-of-use Assets and Lease Liabilities | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE P - 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% In January 2021, 64 no first four $4,792.50 5th no 2% not 5%. 842, 64 3.25% In January 2021, 64 no first four $9,372 5th no 2% not 5%. 842, $114,083 64 3.25% 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 $ 1,046,800 Amortization of ROU assets since lease inception (164,455 ) ROU assets - operating leases at June 30, 2021 $ 882,344 Lease liabilities - operating leases on adoption date $ 1,053,740 Payments on lease liabilities (245,858 ) Lease liabilities - operating leases on June 30, 2021 807,882 Lease liabilities - operating leases due in the 12 months ending June 30, 2022 154,022 Lease liabilities - operating leases due after June 30, 2022 $ 653,860 Variable lease expense was $133,531 $46,666 June 30, 2021 2020, Weighted average remaining lease term was 4.74 3.29% June 30, 2021. |
Note Q - Recent Accounting Pron
Note Q - Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE Q - RECENT ACCOUNTING PRONOUNCEMENTS In December 2019, No. 2019 12, 740 {44ASU 2019 12" 2019 12 740 2019 12 December 15, 2020. In June 2016, No. 2016 13, 326 {44ASU 2016 13" 2016 13 December 15, 2020 October 2019, December 15, 2022, July 1, 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Procyon Corporation and its wholly-owned subsidiaries, AMERX and Sirius. All material inter-company accounts and transactions are eliminated. |
Use of Estimates, Policy [Policy Text Block] | 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, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For the purpose of the Statements of Cash Flows, the Company considers cash-on-hand, demand deposits in banks and highly liquid investments purchased with an original maturity of three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company maintains its cash at various financial institutions. All noninterest-bearing transaction accounts are fully insured by the Federal Deposit Insurance Corporation, regardless of the balance of the account, at all insured institutions. At June 30, 2021 2020, $30 $334,265 |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board's (FASB) release of Accounting Standards Update (ASU) 2014 09, 606 five 1 2 3 4 5 |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Concentration of Credit Risk AMERX grants credit to customers, most of whom are national pharmaceutical distributors, drug stores nationwide and physicians. AMERX wholesales its products to national pharmaceutical distributors and drug stores at a sales term of 2/10, 30 2/10 30 The valuation of accounts receivable is based upon the credit-worthiness of customers as well as historical collection experience. Estimating the credit worthiness of customers and recoverability of customer accounts requires us to exercise considerable judgment. Allowances for doubtful accounts are recorded as a selling, general and administrative expense for estimated amounts expected to be uncollectible from third June 30, 2021 2020, $9,400 $9,400, 2% 3% |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of average cost or net realized value determined by the first first not 12 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation is computed on a straight-line basis over their estimated useful lives. Leased equipment is recorded at it's fair market value at the beginning of the lease term and is depreciated over the life of the equipment. Depreciation on leased equipment is included in depreciation expense. |
Income Tax, Policy [Policy Text Block] | Deferred Income Taxes Deferred income taxes are recognized for the expected tax consequences in future years for differences between the tax bases of assets and liabilities and their financial reporting amounts, based upon exacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The Company accounts for income taxes under Topic 740 no June 30, 2021. $144,619 June 30, 2020. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value of cash, accounts receivable, prepaid expenses, deposits, inventory, accounts payable and accrued expenses approximate fair value. Considerable judgement is required in interpreting market data to develop the estimates of fair value, and accordingly, the estimates are not |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs incurred were approximately $221,000 $157,000 June 30, 2021, 2020, |
Advertising Cost [Policy Text Block] | Advertising and Marketing The Company records advertising and marketing expenses in the periods in which they are incurred. During the years ended June 30, 2021 2020, $240,000 $400,000, |
Share-based Payment Arrangement [Policy Text Block] | Stock Based Compensation In November 2020, 2020 “2020 The Company maintained the Procyon Corporation 2009 "2009 December 8, 2019. 2009 December 8, 2009. No may 2009 The 2009 2009 500,000 500,000 2009 250,000 September 27, 2016, June 30, 2016. 40,000 July 1, 2016 25,000 July 1, 2017. ten June 30, 2021, no 2009 1,000,000 2009 250,000 not 1933. Eligible participants under the 2009 may may Non-Qualified Stock Options granted under the 2009 not ten not 100% 2009 not ten five not 100% 110% The 2020 422 not one may The Board of Directors has authorized the issuance of 2,000,000 2020 2,000,000 2020 not 1933. no may 422 not ten five not 100% 110% first not $100,000. Non-Qualified Stock Options are Options that is not not not ten not 100% Effective June 30, 2021, 25,000 25,000 2021, July 1, 2020. September 24, 2021, June 30, 2021 ten .373 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. The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not Agreements to grant 40,000 25,000 September 27, 2016 August 23, 2017, June 30, 2016 June 30, 2017, 718 718" Effective as of June 30, 2021, 25,000 25,000 2021, July 1, 2020. June 30, 2021 ten .373 Additional information with respect to stock option activity is as follows: Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2019 65,000 $ 0.17 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2020 65,000 $ 0.17 Granted 50,000 $ 0.37 Exercised - $ - Cancelled - $ - Outstanding at June 30, 2021 115,000 $ 0.26 Options exercisable at June 30, 2020 65,000 $ 0.17 Options exercisable at June 30, 2021 115,000 $ 0.26 |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share The Company computes net income per share in accordance with Accounting Standards Codification Topic 260 260 260 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have evaluated subsequent events through September 29, 2021, |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2019 65,000 $ 0.17 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2020 65,000 $ 0.17 Granted 50,000 $ 0.37 Exercised - $ - Cancelled - $ - Outstanding at June 30, 2021 115,000 $ 0.26 Options exercisable at June 30, 2020 65,000 $ 0.17 Options exercisable at June 30, 2021 115,000 $ 0.26 |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current and Noncorrent [Table Text Block] | June 30, 2021 June 30, 2020 Finished Goods $ 683,771 $ 645,039 Raw Materials 170,567 160,242 $ 854,338 $ 805,281 |
Note C - Property and Equipme_2
Note C - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, 2021 Owned Capitalized Leases Total Office Equipment $ 223,018 $ 0 $ 223,018 Furniture and Fixtures 45,082 45,082 Software 26,021 26,021 Leasehold improvements 26,301 26,301 Production Equipment 26,249 26,249 Building 18,392 18,392 Land 0 0 0 365,063 0 365,063 Less accumulated depreciation (255,788 ) 0 (255,788 ) $ 109,275 $ 0 $ 109,275 As of June 30, 2020 Owned Capitalized Leases Total Office Equipment $ 178,404 $ 11,364 $ 189,768 Furniture and Fixtures 40,304 40,304 Software 26,021 26,021 Leasehold Improvements 95,329 95,329 Production Equipment 25,452 25,452 Building 492,559 492,559 Land 64,547 64,547 922,616 11,364 933,980 Less accumulated depreciation (469,761 ) (11,364 ) (481,125 ) $ 452,855 $ 0 $ 452,855 |
Note E - Accrued Expenses (Tabl
Note E - Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 2021 2020 Accrued Payroll $ 131,187 $ 119,756 Accrued Paid Time Off 29,899 31,094 Accrued Professional Fees 50,916 49,278 Accrued Incentive Plan 55,398 51,746 Accrued Lease Liabiity 38,620 33,750 Other 9,861 3,842 Total $ 315,881 $ 289,466 |
Note H - Commitments and Cont_2
Note H - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 177,915 2023 181,326 2024 184,805 2025 188,353 2026 141,062 $ 873,461 |
Note I - Stockholders' Equity (
Note I - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Price at Date of Grant $ .373 Risk-free interest rate 1.41 % Expected volatility of common stock 183.81 % Dividend yield 0 % Expected life of options (years) 10 |
Note J - Earnings Per Share (Ta
Note J - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended June 30, 2021 2020 Numerator: Net Income (Loss) $ 767,583 $ 111,658 Adjustment for basic earnings per share: Dividend requirements on preferred stock (16,710 ) (16,710 ) Numerator for basic earnings per share- Net income available to common stockholders $ 750,873 $ 94,948 Effect of dilutive securities: Numerator for diluted earnings per share-Net income available to common stockholder $ 750,873 $ 94,948 Denominator: Denominator for basic earnings per share-Weighted-average common shares 8,087,388 8,087,388 Effect of dilutive securities: Stock options 65,136 65,000 Weighted-average Dilutive potential common shares 167,100 167,100 Denominator for dilutive earnings per share-Adjusted weighted-average shares and assumed conversions 8,319,624 8,319,488 Basic Net Income per share $ 0.09 $ 0.01 Diluted Net Income per share $ 0.09 $ 0.01 |
Note K - Income Taxes and Ava_2
Note K - Income Taxes and Available Carryforward (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended June 30, 2021 Year ended June 30, 2020 Current Federal $ - $ - State - - - - Deferred Federal $ (53,281 ) $ (40,109 ) State (11,025 ) (8,298 ) $ (64,306 ) $ (48,407 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Non-Current Deferred tax assets: NOL and contribution carryforwards $ 112,934 Share based payments 4,988 Lease Liabilities - operating leases 204,758 Accrued compensated absences 7,578 Accrued bonus 14,041 Allowance for doubtful accounts 2,384 346,683 Deferred tax (liabilities): Right of use assets - operating leases (223,630 ) Excess of tax over book depreciation (27,485 ) Total deferred tax (liabilities) (251,115 ) Net deferred tax asset (liability) 95,568 Valuation Allowance - Net deferred tax asset $ 95,568 The change in the valuation allowance is as follows: June 30, 2021 $ - June 30, 2020 (144,619 ) $ 144,619 |
Comprehensive Income (Loss) [Table Text Block] | 2021 2020 Expected benefit (provision) at US statutory rate $ (174,963 ) $ (33,613 ) State income tax net of federal benefit (provision) (36,201 ) (6,955 ) Nondeductible expense (3,450 ) (6,412 ) Non Taxable Income 51,494 - Change in estimates of losses carryforward (45,805 ) (29,328 ) Change in valuation allowance 144,619 26,761 Other - 1,140 Income tax benefit (expense) $ (64,306 ) $ (48,407 ) |
Note P - Right-of-use Assets _2
Note P - Right-of-use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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 $ 1,046,800 Amortization of ROU assets since lease inception (164,455 ) ROU assets - operating leases at June 30, 2021 $ 882,344 Lease liabilities - operating leases on adoption date $ 1,053,740 Payments on lease liabilities (245,858 ) Lease liabilities - operating leases on June 30, 2021 807,882 Lease liabilities - operating leases due in the 12 months ending June 30, 2022 154,022 Lease liabilities - operating leases due after June 30, 2022 $ 653,860 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) | Jun. 30, 2021USD ($)$ / sharesshares | Jul. 01, 2017shares | Sep. 27, 2016shares | Jul. 01, 2016shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019shares |
Number of Wholly Owned Subsidiaries | 2 | ||||||
Cash, Uninsured Amount | $ | $ 30 | $ 30 | $ 334,265 | ||||
Percentage of Discount on Bill Payment Within Ten Days to Pharmaceutical Distributors and Drug Stores | 2.00% | ||||||
Term of Sale for Pharmaceutical Distributors and Drug Stores (Day) | 30 days | ||||||
Percentage of Discount on Bill Payment Within Ten Days to Physicians | 2.00% | ||||||
Standard Payment Term to Physicians (Day) | 30 days | ||||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ | 9,400 | 9,400 | 9,400 | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ | $ 0 | $ 0 | $ 144,619 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.37 | ||||||
The 2009 Option Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 | ||||||
The 2009 Option Plan [Member] | Incentive Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||||||
The 2009 Option Plan [Member] | Incentive Stock Options [Member] | Ten Percent Owners [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | ||||||
The 2009 Option Plan [Member] | Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 250,000 | ||||||
The 2009 Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | Justice Anderson [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | 40,000 | |||||
The 2020 Option Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | 2,000,000 | |||||
The 2020 Option Plan [Member] | Incentive Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Aggregate Fair Market Value Per First-time Participant | $ | $ 100,000 | $ 100,000 | |||||
The 2020 Option Plan [Member] | Incentive Stock Options [Member] | Ten Percent Owners [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | ||||||
The 2020 Option Plan [Member] | Non-Qualified Stock Options [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.373 | ||||||
The 2020 Option Plan [Member] | Non-Qualified Stock Options [Member] | Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.373 | ||||||
The 2020 Option Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Per Award (in shares) | 1 | 1 | |||||
Selling, General and Administrative Expenses [Member] | |||||||
Shipping and Handling Expense, Total | $ | $ 221,000 | $ 157,000 | |||||
Marketing and Advertising Expense, Total | $ | $ 240,000 | $ 400,000 | |||||
Maximum [Member] | |||||||
Accounts Receivable, Allowance, Percentage | 2.00% | 2.00% | 3.00% | ||||
Maximum [Member] | The 2009 Option Plan [Member] | Incentive Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Maximum [Member] | The 2009 Option Plan [Member] | Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Maximum [Member] | The 2020 Option Plan [Member] | Incentive Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Maximum [Member] | The 2020 Option Plan [Member] | Incentive Stock Options [Member] | Ten Percent Owners [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||||||
Maximum [Member] | The 2020 Option Plan [Member] | Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Minimum [Member] | The 2009 Option Plan [Member] | Incentive Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||||
Minimum [Member] | The 2009 Option Plan [Member] | Incentive Stock Options [Member] | Ten Percent Owners [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||||||
Minimum [Member] | The 2009 Option Plan [Member] | Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||||
Minimum [Member] | The 2020 Option Plan [Member] | Incentive Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||||
Minimum [Member] | The 2020 Option Plan [Member] | Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Stock Option Activity (Details) | 12 Months Ended | |
Jun. 30, 2021$ / sharesshares | Jun. 30, 2020$ / sharesshares | |
Outstanding, options (in shares) | shares | 65,000 | 65,000 |
Outstanding options, weighted average exercise price (in dollars per share) | $ / shares | $ 0.17 | $ 0.17 |
Granted (in shares) | shares | 50,000 | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0.37 | |
Exercised (in shares) | shares | ||
Exercised, weighted average exercise price (in dollars per share) | $ / shares | ||
Cancelled (in shares) | shares | ||
Cancelled, weighted average exercise price (in dollars per share) | $ / shares | ||
Outstanding, options (in shares) | shares | 115,000 | 65,000 |
Outstanding options, weighted average exercise price (in dollars per share) | $ / shares | $ 0.26 | $ 0.17 |
Options exercisable (in shares) | shares | 115,000 | 65,000 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 0.26 | $ 0.17 |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Inventory, Noncurrent, Total | $ 263,280 | $ 83,812 |
Note B - Inventories - Inventor
Note B - Inventories - Inventories (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Finished Goods | $ 683,771 | $ 645,039 |
Raw Materials | 170,567 | 160,242 |
Inventory, Gross, Total | $ 854,338 | $ 805,281 |
Note C - Property and Equipme_3
Note C - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation, Total | $ 43,331 | $ 53,942 |
Note C - Property and Equipme_4
Note C - Property and Equipment - Property and Equipment (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Property and equipment, owned | $ 365,063 | $ 922,616 |
Property and equipment, capitalized leases | 0 | 11,364 |
Property and equipment, gross | 365,063 | 933,980 |
Less accumulated depreciation, owned | (255,788) | (469,761) |
Less accumulated depreciation, capitalized leases | 0 | (11,364) |
Less accumulated depreciation | (255,788) | (481,125) |
Property and equipment, net, owned | 109,275 | 452,855 |
Property and equipment, net, capitalized leases | 0 | 0 |
Property and equipment, net | 109,275 | 452,855 |
Office Equipment [Member] | ||
Property and equipment, owned | 223,018 | 178,404 |
Property and equipment, capitalized leases | 0 | 11,364 |
Property and equipment, gross | 223,018 | 189,768 |
Furniture and Fixtures [Member] | ||
Property and equipment, owned | 45,082 | 40,304 |
Property and equipment, gross | 45,082 | 40,304 |
Software [Member] | ||
Property and equipment, owned | 26,021 | 26,021 |
Property and equipment, gross | 26,021 | 26,021 |
Leasehold Improvements [Member] | ||
Property and equipment, owned | 26,301 | 95,329 |
Property and equipment, gross | 26,301 | 95,329 |
Production Equipment [Member] | ||
Property and equipment, owned | 26,249 | 25,452 |
Property and equipment, gross | 26,249 | 25,452 |
Building [Member] | ||
Property and equipment, owned | 18,392 | 492,559 |
Property and equipment, gross | 18,392 | 492,559 |
Land [Member] | ||
Property and equipment, owned | 0 | 64,547 |
Property and equipment, gross | $ 0 | $ 64,547 |
Note D - Intangible Assets (Det
Note D - Intangible Assets (Details Textual) | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Formulation of Care Lotion [Member] | |
Finite-lived Intangible Assets Acquired | $ 17,000 |
Note E - Accrued Expenses - Acc
Note E - Accrued Expenses - Accrued Expenses (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Accrued Payroll | $ 131,187 | $ 119,756 |
Accrued Paid Time Off | 29,899 | 31,094 |
Accrued Professional Fees | 50,916 | 49,278 |
Accrued Incentive Plan | 55,398 | 51,746 |
Accrued Lease Liabiity | 38,620 | 33,750 |
Other | 9,861 | 3,842 |
Total | $ 315,881 | $ 289,466 |
Note F - Line of Credit (Detail
Note F - Line of Credit (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | $ 250,000 | |
Long-term Line of Credit, Total | 0 | $ 0 | |
Interest Expense, Total | $ 0 | $ 0 |
Note G - Paycheck Protection _2
Note G - Paycheck Protection Program Loan (Details Textual) - USD ($) | Jun. 30, 2020 | Apr. 13, 2020 |
Paycheck Protection Program CARES Act [Member] | ||
Notes Payable, Total | $ 201,000 | $ 201,000 |
Note H - Commitments and Cont_3
Note H - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease, Expense | $ 31,091 | $ 29,193 |
Note H - Commitments and Cont_4
Note H - Commitments and Contingencies - Minimum Lease Payments (Details) - Lease for Office Space, Warehouse Space and Certain Equipment [Member] | Jun. 30, 2021USD ($) |
2022 | $ 177,915 |
2023 | 181,326 |
2024 | 184,805 |
2025 | 188,353 |
2026 | 141,062 |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 873,461 |
Note I - Stockholders' Equity_2
Note I - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 1995 | Jun. 30, 2021 | Jun. 30, 2020 | |
Preferred Stock, Shares Authorized (in shares) | 496,000,000 | 496,000,000 | |
Share Price (in dollars per share) | $ 0.373 | ||
Share-based Payment Arrangement, Expense | $ 19,679 | $ 0 | |
Minimum [Member] | |||
Share Price (in dollars per share) | $ 1 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 4,000,000 | 4,000,000 | 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 | $ 404,516 | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears (in dollars per share) | $ 2.42 | ||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1 |
Note I - Stockholders' Equity -
Note I - Stockholders' Equity - Summary of Stock Option Valuation Assumptions (Details) | 12 Months Ended |
Jun. 30, 2021$ / shares | |
Stock Price at Date of Grant (in dollars per share) | $ 0.373 |
Risk-free interest rate | 1.41% |
Expected volatility of common stock | 183.81% |
Dividend yield | 0.00% |
Expected life of options (Year) | 10 years |
Note J - Earnings Per Share - E
Note J - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income | $ 452,460 | $ 21,714 | $ 74,313 | $ 219,096 | $ (27,907) | $ 55,929 | $ (204) | $ 83,840 | $ 767,583 | $ 111,658 |
Dividend requirements on preferred stock | (16,710) | (16,710) | ||||||||
Numerator for basic earnings per share- Net income available to common stockholders | 750,873 | 94,948 | ||||||||
Numerator for diluted earnings per share-Net income available to common stockholder | $ 750,873 | $ 94,948 | ||||||||
Weighted average number of common shares outstanding (in shares) | 8,087,388 | 8,087,388 | ||||||||
Effect of dilutive securities: Stock options (in shares) | 65,136 | 65,000 | ||||||||
Weighted-average Dilutive potential common shares (in shares) | 167,100 | 167,100 | ||||||||
Denominator for dilutive earnings per share-Adjusted weighted-average shares and assumed conversions (in shares) | 8,319,624 | 8,319,488 | ||||||||
Basic net income per common share (in dollars per share) | $ 0.09 | $ 0.01 | ||||||||
Diluted net income per common share (in dollars per share) | $ 0.09 | $ 0.01 |
Note K - Income Taxes and Ava_3
Note K - Income Taxes and Available Carryforward (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Apr. 13, 2020 | |
Operating Loss Carryforwards, Total | $ 446,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 25.35% | 25.35% | |
Paycheck Protection Program CARES Act [Member] | |||
Notes Payable, Total | $ 201,000 | $ 201,000 |
Note K - Income Taxes and Ava_4
Note K - Income Taxes and Available Carryforward - Provision for Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Federal | ||
State | ||
Federal | 53,281 | 40,109 |
State | (11,025) | (8,298) |
Deferred Federal, State and Local, Tax Expense (Benefit), Total | $ (64,306) | $ (48,407) |
Note K - Income Taxes and Ava_5
Note K - Income Taxes and Available Carryforward - Deferred Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
NOL and contribution carryforwards | $ 112,934 | |
Share based payments | 4,988 | |
Lease Liabilities - operating leases | 204,758 | |
Accrued compensated absences | 7,578 | |
Accrued bonus | 14,041 | |
Allowance for doubtful accounts | 2,384 | |
Deferred Tax Assets, Gross, Total | 346,683 | |
Right of use assets - operating leases | (223,630) | |
Excess of tax over book depreciation | (27,485) | |
Total deferred tax (liabilities) | (251,115) | |
Net deferred tax asset (liability) | 95,568 | |
Valuation Allowance | 0 | $ (144,619) |
Net deferred tax asset | 95,568 | |
Valuation allowance | 0 | (144,619) |
Change in valuation allowance | $ 144,619 |
Note K - Income Taxes and Ava_6
Note K - Income Taxes and Available Carryforward - Income Taxes Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Expected benefit (provision) at US statutory rate | $ (174,963) | $ (33,613) |
State income tax net of federal benefit (provision) | (36,201) | (6,955) |
Nondeductible expense | (3,450) | (6,412) |
Non Taxable Income | 51,494 | |
Change in estimates of losses carryforward | (45,805) | (29,328) |
Change in valuation allowance | 144,619 | 26,761 |
Other | 1,140 | |
Income tax benefit (expense) | $ (64,306) | $ (48,407) |
Note M - Major Customer (Detail
Note M - Major Customer (Details Textual) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 1 | 0 |
Note N - Research and Develop_2
Note N - Research and Development (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Research and Development Expense, Total | $ 30,900 | $ 23,093 |
Note P - Right-of-use Assets _3
Note P - Right-of-use Assets and Lease Liabilities (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2021 | Aug. 31, 2020 | Feb. 28, 2018 | Jun. 30, 2015 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Variable Lease, Cost | $ 133,531 | $ 46,666 | |||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 270 days | ||||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.29% | ||||||
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) | 5 years 120 days | 3 years 90 days | |||||
Lessee, Operating Lease, Maximum Yearly Increase of Rent | 5.00% | ||||||
Lessee, Operating Lease, Discount Rate | 3.25% | 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 | ||||||
Lessee, Operating Lease, Rent Per Month, First Four Months | $ 0 | ||||||
Lessee, Operating Lease, Rent Per Month, Beginning 5th Month | $ 4,792.50 | ||||||
Lessee, Operating Lease, Minimum Yearly Increase of Rent | 2.00% | ||||||
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% | ||||||
Operating Lease for Office Space [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Month) | 5 years 120 days | ||||||
Lessee, Operating Lease, Maximum Yearly Increase of Rent | 5.00% | ||||||
Lessee, Operating Lease, Discount Rate | 3.25% | ||||||
Lessee, Operating Lease, Rent Per Month, First Four Months | $ 0 | ||||||
Lessee, Operating Lease, Rent Per Month, Beginning 5th Month | $ 9,372 | ||||||
Lessee, Operating Lease, Minimum Yearly Increase of Rent | 2.00% | ||||||
Operating Lease, Initial Direct Cost Expense, over Term | $ 114,083 |
Note P - Right-of-use Assets _4
Note P - Right-of-use Assets and Lease Liabilities - Right-of-use Assets and Liabilities (Details) - USD ($) | 73 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
ROU assets - operating leases obtained in exchange for lease liabilities - operating leases | $ 1,046,800 | |
Amortization of ROU assets since lease inception | (164,455) | |
ROU assets - operating leases at June 30, 2021 | 882,344 | $ 30,245 |
Lease liabilities - operating leases on adoption date | 1,053,740 | |
Payments on lease liabilities | (245,858) | |
Lease liabilities - operating leases on June 30, 2021 | 807,882 | |
Lease liabilities - operating leases due in the 12 months ending June 30, 2022 | 154,022 | |
Lease liabilities - operating leases due after June 30, 2022 | $ 653,860 |