Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 16, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000812306 | |
Entity Registrant Name | PROCYON CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-17449 | |
Entity Incorporation, State or Country Code | CO | |
Entity Tax Identification Number | 59-3280822 | |
Entity Address, Address Line One | 164 Douglas Road East | |
Entity Address, City or Town | Oldsmar | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34677 | |
City Area Code | 727 | |
Local Phone Number | 447-2998 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,087,388 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
CURRENT ASSETS | ||
Cash | $ 1,015,495 | $ 1,226,522 |
Certificates of Deposit, plus accrued interest | 280,438 | 280,438 |
Accounts Receivable, less allowance for doubtfull accounts of $9,408 and $9,408 respectively. | 640,054 | 497,358 |
Inventories | 712,800 | 591,058 |
Prepaid Expenses | 277,949 | 276,251 |
TOTAL CURRENT ASSETS | 2,926,736 | 2,871,627 |
PROPERTY AND EQUIPMENT, NET | 121,534 | 109,275 |
OTHER ASSETS | ||
Deposits | 2,443 | 3,235 |
Inventories | 263,770 | 263,280 |
Intangible Asset | 17,000 | 17,000 |
ROU Assets - Operating Leases | 838,762 | 882,344 |
Deferred Tax Asset, Net of Valuation Allowance of $6,288 and $0, respectively | 96,657 | 120,430 |
Assets, Noncurrent, Excluding Property, Plant and Equipment | 1,218,632 | 1,286,289 |
TOTAL ASSETS | 4,266,902 | 4,267,191 |
CURRENT LIABILITIES | ||
Accounts Payable | 254,088 | 167,588 |
Accrued Expenses | 322,606 | 413,977 |
Lease Liability, Current | 156,126 | 154,022 |
TOTAL CURRENT LIABILITIES | 732,820 | 735,587 |
LONG TERM LIABILITIES | ||
Lease Liability - Long Term | 613,856 | 653,860 |
TOTAL LONG TERM LIABILITIES | 613,856 | 653,860 |
TOTAL LIABILITIES | 1,346,676 | 1,389,447 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
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 | 35,564 | 35,564 |
Accumulated Deficit | (1,686,964) | (1,729,446) |
TOTAL STOCKHOLDERS' EQUITY | 2,920,226 | 2,877,744 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,266,902 | 4,267,191 |
Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Series A Cumulative Convertible Preferred Stock, no par value; 4,000,000 shares authorized; 167,100 shares issued and outstanding. | $ 126,860 | $ 126,860 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Accounts Receivable, allowance for doubtful accounts | $ 9,408 | $ 9,408 |
Valuation allowance | $ 6,288 | $ 0 |
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 (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
NET SALES | $ 1,189,978 | $ 1,246,243 |
COST OF SALES | 328,253 | 334,320 |
GROSS PROFIT | 861,725 | 911,923 |
OPERATING EXPENSES | ||
Salaries and Benefits | 439,459 | 412,254 |
Selling, General and Administrative | 356,382 | 283,120 |
Operating Costs and Expenses, Total | 795,841 | 695,374 |
INCOME FROM OPERATIONS | 65,884 | 216,549 |
OTHER INCOME | ||
Interest Income | 371 | 283 |
Nonoperating Income (Expense), Total | 371 | 283 |
INCOME BEFORE INCOME TAXES | 66,255 | 216,832 |
INCOME TAX (EXPENSE) | (23,773) | 2,264 |
NET INCOME | 42,482 | 219,096 |
Dividend requirements on preferred stock | (4,177) | (4,177) |
Basic net income available to common shares | $ 38,305 | $ 214,919 |
Basic net income per common share (in dollars per share) | $ 0 | $ 0.03 |
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 | $ 0.03 |
Weighted average number of common shares outstanding, diluted (in shares) | 8,332,228 | 8,319,488 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | 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, 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) | $ 0 | $ 0 | 0 | 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, 2021 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2021 | $ 126,860 | $ 4,444,766 | 35,564 | (1,729,446) | 2,877,744 |
Net Income (Loss) | $ 0 | $ 0 | 0 | 42,482 | 42,482 |
Balance (in shares) at Sep. 30, 2021 | 167,100 | 8,087,388 | |||
Balance at Sep. 30, 2021 | $ 126,860 | $ 4,444,766 | $ 35,564 | $ (1,686,964) | $ 2,920,226 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 42,482 | $ 219,096 |
Depreciation | 8,215 | 11,413 |
Right of Use Asset Amortization | 43,582 | 11,764 |
Deferred Income Taxes | 17,485 | 54,375 |
Valuation Allowance | 6,288 | (56,639) |
Accrued Interest on Certificates of Deposit | 0 | (143) |
Decrease (increase) in: | ||
Accounts Receivable | (142,696) | (162,625) |
Deposits | 792 | 0 |
Inventory | (122,232) | 104,953 |
Prepaid Expenses | (1,698) | (58,305) |
ROU Asset | 0 | (34,798) |
Increase (decrease) in: | ||
Accounts Payable | 86,500 | (95,752) |
Accrued Expenses | (91,371) | (34,307) |
NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES | (152,653) | (40,968) |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of property & equipment | (20,474) | (6,786) |
NET CASH (USED IN) INVESTING ACTIVITIES | (20,474) | (6,786) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Increase in Operating Lease Liability | (37,900) | 55,603 |
NET CASH PROVIDED BY /(USED IN) FINANCING ACTIVITIES | (37,900) | 55,603 |
NET CHANGE IN CASH | (211,027) | 7,849 |
CASH AT BEGINNING OF PERIOD | 1,226,522 | 665,834 |
CASH AT END OF PERIOD | 1,015,495 | 673,683 |
SUPPLEMENTAL DISCLOSURES | ||
Interest Paid | 0 | 0 |
Taxes Paid | $ 0 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Increase (Decrease) in Operating Lease Right-of-use Asset | $ 34,798 |
Increase (Decrease) in Operating Lease Liability | $ 34,798 |
Note A - Summary of Accounting
Note A - Summary of Accounting Policies | 3 Months Ended |
Sep. 30, 2021 | |
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, 2021, 10 November 12, 2021, June 30, 2021 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 2009, On September 30, 2021, 2009 2020 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 options granted during the quarter ended September 30, 2021. 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 three September 30, 2021, 2020, |
Note B - Inventories
Note B - Inventories | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE B - INVENTORIES Inventories consisted of the following: September 30, June 30, 2021 2021 Finished Goods $ 764,589 $ 683,771 Raw Materials 211,981 170,567 $ 976,570 $ 854,338 At September 30, 2021 June 30, 2021, not one |
Note C - Stockholders' Equity
Note C - Stockholders' Equity | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE C - STOCKHOLDERS' EQUITY During January 1995, $.10 September 30, 2021, September 30, 2021. 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 |
Note D - Income Taxes and Avail
Note D - Income Taxes and Available Carryforward | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE D - INCOME TAXES AND AVAILABLE CARRYFORWARD As of September 30, 2021, 2035. 382 The components of the provision for income tax (expense) attributable to continuing operations are as follows: Three Months 9/30/2021 Three Months 9/30/2020 Current Federal $ 0 $ 0 State 0 0 $ 0 $ 0 Deferred Federal $ (19,698 ) $ 1,876 State (4,075 ) 388 $ (23,773 ) $ 2,264 Total Income Tax Benefit / (Expense) $ (23,773 ) $ 2,264 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 $ 113,759 Share based payments 4,988 Lease liabilities - operating leases 195,152 Accrued compensated absences 5,019 Accrued bonus 24,862 Allowance for doubtful accounts 2,384 Total deferred tax assets 346,164 Deferred tax (liabilities) Right-of-use-assets - operating leases (212,584 ) Excess of tax over book depreciation (30,635 ) Total deferred tax (liabilities) (243,219 ) Total deferred tax asset 102,945 Valuation Allowance (6,288 ) Net Deferred Tax Asset $ 96,657 The change in the valuation allowance is as follows: June 30, 2021 $ - September 30, 2021 $ 6,288 $ 6,288 Income taxes for the three September 30, 2021 2020 25.35% Three Months Three Months September 30, 2021 September 30, 2020 Expected (provision) at US statutory rate $ (14,024 ) $ (45,535 ) State income tax net of federal (provision) (2,902 ) (9,421 ) Nondeductible Expense (559 ) (952 ) Change in estimates of loss carryforward - 1,534 Change in valuation allowance (6,288 ) $ 56,638 Income Tax (Expense) $ (23,773 ) $ 2,264 The earliest tax year still subject to examination by a major taxing jurisdiction is fiscal year end June 30, 2018. The Company performed a review of its uncertain tax positions in accordance with Accounting Standards Codification ASC 740 10 not no |
Note E - Line of Credit
Note E - Line of Credit | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE E - LINE OF CREDIT A new line of credit was procured in June 2021, June 30, 2022. Interest expense for the years ended June 30, 2021 September 30, 2021, The line of credit is guaranteed by Justice W. Anderson, President and Chief Executive Officer. |
Note F - Paycheck Protection Pr
Note F - Paycheck Protection Program Loan | 3 Months Ended |
Sep. 30, 2021 | |
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 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 by the SBA in May 2021. |
Note G - Recent Accounting Pron
Note G - Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE G - RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, No. 2016 13, 326 {44ASU 2016 13" 2016 13 December 15, 2020 October 2019, December 15, 2022, July 1, 2023. |
Note H - Right-of-use Assets an
Note H - Right-of-use Assets and Lease Liabilities | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE H - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Operating leases In June 2015, one no 842, 63 September 2020. September 30, 2020. In February 2018, first three 12 8 4 12 842, 39 In August 2020, not 842, 63 In January 2021, first four 5th no not 842, In January 2021, first four 5th no not 842, 64 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 $ 973,081 Amortization of ROU assets since lease inception $ (134,319 ) ROU assets - operating leases at September 30, 2021 $ 838,762 Lease liabilities - operating leases on adoption date and increase in lease liabilities $ 973,081 Payments on lease liabilities (203,099 ) Lease liabilities - operating leases on September 30, 2021 769,982 Lease liabilities - operating leases due in the 12 months ending September 30, 2022 156,126 Lease liabilities - operating leases due after September 30, 2022 $ 613,856 Variable lease expense was $50,020 and $12,282 for the three September 30, 2021 2020, Weighted average remaining lease term was 4.49 years and weighted average discount rate was 3.29% at September 30, 2021. |
Note I - Contingency
Note I - Contingency | 3 Months Ended |
Sep. 30, 2021 | |
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 | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE J - SUBSEQUENT EVENTS We have evaluated subsequent events through November 17, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
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 2009, On September 30, 2021, 2009 2020 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 options granted during the quarter ended September 30, 2021. 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 three September 30, 2021, 2020, |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current and Noncorrent [Table Text Block] | September 30, June 30, 2021 2021 Finished Goods $ 764,589 $ 683,771 Raw Materials 211,981 170,567 $ 976,570 $ 854,338 |
Note D - Income Taxes and Ava_2
Note D - Income Taxes and Available Carryforward (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months 9/30/2021 Three Months 9/30/2020 Current Federal $ 0 $ 0 State 0 0 $ 0 $ 0 Deferred Federal $ (19,698 ) $ 1,876 State (4,075 ) 388 $ (23,773 ) $ 2,264 Total Income Tax Benefit / (Expense) $ (23,773 ) $ 2,264 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Non-Current Deferred tax assets NOL and contribution carryforwards $ 113,759 Share based payments 4,988 Lease liabilities - operating leases 195,152 Accrued compensated absences 5,019 Accrued bonus 24,862 Allowance for doubtful accounts 2,384 Total deferred tax assets 346,164 Deferred tax (liabilities) Right-of-use-assets - operating leases (212,584 ) Excess of tax over book depreciation (30,635 ) Total deferred tax (liabilities) (243,219 ) Total deferred tax asset 102,945 Valuation Allowance (6,288 ) Net Deferred Tax Asset $ 96,657 The change in the valuation allowance is as follows: June 30, 2021 $ - September 30, 2021 $ 6,288 $ 6,288 |
Comprehensive Income (Loss) [Table Text Block] | Three Months Three Months September 30, 2021 September 30, 2020 Expected (provision) at US statutory rate $ (14,024 ) $ (45,535 ) State income tax net of federal (provision) (2,902 ) (9,421 ) Nondeductible Expense (559 ) (952 ) Change in estimates of loss carryforward - 1,534 Change in valuation allowance (6,288 ) $ 56,638 Income Tax (Expense) $ (23,773 ) $ 2,264 |
Note H - Right-of-use Assets _2
Note H - Right-of-use Assets and Lease Liabilities (Tables) | 3 Months Ended |
Sep. 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 $ 973,081 Amortization of ROU assets since lease inception $ (134,319 ) ROU assets - operating leases at September 30, 2021 $ 838,762 Lease liabilities - operating leases on adoption date and increase in lease liabilities $ 973,081 Payments on lease liabilities (203,099 ) Lease liabilities - operating leases on September 30, 2021 769,982 Lease liabilities - operating leases due in the 12 months ending September 30, 2022 156,126 Lease liabilities - operating leases due after September 30, 2022 $ 613,856 |
Note A - Summary of Accountin_2
Note A - Summary of Accounting Policies (Details Textual) | 3 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 |
The 2009 Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 65,000 |
The 2020 Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 50,000 |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Inventory, Noncurrent, Total | $ 263,770 | $ 263,280 |
Note B - Inventories - Inventor
Note B - Inventories - Inventories (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Finished Goods | $ 764,589 | $ 683,771 |
Raw Materials | 211,981 | 170,567 |
Inventory, Gross, Total | $ 976,570 | $ 854,338 |
Note C - Stockholders' Equity (
Note C - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 1995 | Sep. 30, 2021 | Jun. 30, 2021 | |
Preferred Stock, Shares Authorized (in shares) | 496,000,000 | 496,000,000 | |
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 408,694 | ||
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 | 4,000,000 | 4,000,000 |
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ 0.10 | ||
Dividends, Preferred Stock, Total | $ 0 | ||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1 | ||
Conversion of Stock, Shares Converted (in shares) | 0 |
Note D - Income Taxes and Ava_3
Note D - Income Taxes and Available Carryforward (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Loss Carryforwards, Total | $ 449,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.35% | 25.35% |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note D - Income Taxes and Ava_4
Note D - Income Taxes and Available Carryforward - Provision for Income Tax Expense (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Current Federal, State and Local, Tax Expense (Benefit), Total | 0 | 0 |
Federal | 19,698 | (1,876) |
State | (4,075) | 388 |
Deferred Federal, State and Local, Tax Expense (Benefit), Total | (23,773) | 2,264 |
Total Income Tax Benefit / (Expense) | $ (23,773) | $ 2,264 |
Note D - Income Taxes and Ava_5
Note D - Income Taxes and Available Carryforward - Deferred Tax Assets and Liabilities (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
NOL and contribution carryforwards | $ 113,759 | ||
Share based payments | 4,988 | ||
Lease liabilities - operating leases | 195,152 | ||
Accrued compensated absences | 5,019 | ||
Accrued bonus | 24,862 | ||
Allowance for doubtful accounts | 2,384 | ||
Total deferred tax assets | 346,164 | ||
Right-of-use-assets - operating leases | (212,584) | ||
Excess of tax over book depreciation | (30,635) | ||
Total deferred tax (liabilities) | (243,219) | ||
Total deferred tax asset | 102,945 | ||
Valuation Allowance | (6,288) | $ 0 | |
Net Deferred Tax Asset | 96,657 | 120,430 | |
Valuation allowance | 6,288 | $ 0 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 6,288 | $ (56,639) |
Note D - Income Taxes and Ava_6
Note D - Income Taxes and Available Carryforward - Income Taxes Reconciliation (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Expected (provision) at US statutory rate | $ (14,024) | $ (45,535) |
State income tax net of federal (provision) | (2,902) | (9,421) |
Nondeductible Expense | (559) | (952) |
Change in estimates of loss carryforward | 0 | 1,534 |
Change in valuation allowance | (6,288) | 56,638 |
Total Income Tax Benefit / (Expense) | $ (23,773) | $ 2,264 |
Note E - Line of Credit (Detail
Note E - Line of Credit (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |
Interest Expense, Debt, Total | $ 0 | $ 0 |
Note F - Paycheck Protection _2
Note F - Paycheck Protection Program Loan (Details Textual) | Apr. 13, 2020USD ($) |
Paycheck Protection Program CARES Act [Member] | |
Notes Payable, Total | $ 201,000 |
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 | ||||
Jan. 31, 2021 | Aug. 31, 2020 | Feb. 28, 2018 | Jun. 30, 2015 | Sep. 30, 2021 | Sep. 30, 2020 | |
Variable Lease, Cost | $ 50,020 | $ 12,282 | ||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 5 months 26 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.29% | |||||
Operating Lease For Office Equipment [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Month) | 63 months | |||||
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) | 64 months | 39 months | ||||
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) | 63 months | |||||
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) | 64 months | |||||
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 H - Right-of-use Assets _4
Note H - Right-of-use Assets and Lease Liabilities - Right-of-use Assets and Liabilities (Details) - USD ($) | 76 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
ROU assets - operating leases obtained in exchange for lease liabilities - operating leases | $ 973,081 | |
Amortization of ROU assets since lease inception | (134,319) | |
ROU assets - operating leases | 838,762 | $ 882,344 |
Lease liabilities - operating leases on adoption date and increase in lease liabilities | 973,081 | |
Payments on lease liabilities | (203,099) | |
Lease liabilities - operating leases | 769,982 | |
Lease liabilities - operating leases due in the 12 months ending September 30, 2022 | 156,126 | 154,022 |
Lease liabilities - operating leases due after September 30, 2022 | $ 613,856 | $ 653,860 |