Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 19, 2023 | Sep. 07, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 0-17449 | ||
Entity Registrant Name | PROCYON CORPORATION | ||
Entity Incorporation, State or Country Code | CO | ||
Entity Tax Identification Number | 59-3280822 | ||
Entity Address, Address Line One | 164 Douglas Rd | ||
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 | ||
Title of 12(g) Security | Common Stock | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,135,829 | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,087,388 | ||
Auditor Firm ID | 232 | ||
Auditor Name | Ferlita, Walsh, Gonzalez & Rodriguez, P.A. | ||
Auditor Location | Tampa, Florida | ||
Entity Central Index Key | 0000812306 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
CURRENT ASSETS | $ 431,405 | $ 761,651 |
Cash | 451,306 | 760,396 |
Certificates of Deposit, plus accrued interest | 562,472 | 281,105 |
Accounts Receivable, after Allowance for Credit Loss, Current | 493,953 | 407,085 |
Prepaid Expenses | 298,469 | 374,817 |
TOTAL CURRENT ASSETS | 2,237,605 | 2,585,054 |
PROPERTY AND EQUIPMENT, NET | 281,023 | 153,702 |
Other Assets | ||
Deposits | 9,220 | 12,311 |
Inventories | 330,513 | 182,224 |
Intangible Asset | 17,000 | 17,000 |
ROU Assets - Operating Leases | 527,170 | 706,155 |
Deferred Tax Asset, Net of Valuation Allowance of $0 and $31,960, respectively | 161,180 | 146,051 |
Assets, Noncurrent, Excluding Property, Plant and Equipment | 1,045,083 | 1,063,741 |
TOTAL ASSETS | 3,563,711 | 3,802,497 |
CURRENT LIABILITIES | ||
Accounts Payable | 175,057 | 178,083 |
Accrued Expenses | 277,498 | 302,601 |
Short Term Lease Liabilities | 173,565 | 162,547 |
TOTAL CURRENT LIABILITIES | 626,120 | 643,231 |
LONG TERM LIABILITIES | ||
Long Term Lease Liabilities | 319,882 | 491,312 |
TOTAL LONG TERM LIABILITIES | 319,882 | 491,312 |
TOTAL LIABILITIES | 946,002 | 1,134,543 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock, 496,000,000 shares authorized, none issued. | 0 | 0 |
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 | 35,564 |
Accumulated Deficit | (1,989,481) | (1,939,236) |
TOTAL STOCKHOLDERS' EQUITY | 2,617,709 | 2,667,954 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,563,711 | 3,802,497 |
Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock, 496,000,000 shares authorized, none issued. | $ 126,860 | $ 126,860 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 11,625 | $ 13,569 |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 31,960 |
Preferred Stock, Shares Authorized (in shares) | 496,000,000 | 496,000,000 |
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Common Stock, Shares Authorized (in shares) | 80,000,000 | 80,000,000 |
Common Stock, Shares, Outstanding (in shares) | 8,087,388 | 8,087,388 |
Common Stock, Shares, Issued (in shares) | 8,087,388 | 8,087,388 |
Convertible Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Issued (in shares) | 167,100 | 167,100 |
Preferred Stock, Shares Outstanding (in shares) | 167,100 | 167,100 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
NET SALES | $ 4,686,659 | $ 4,842,433 |
COST OF SALES | 1,117,072 | 1,356,612 |
GROSS PROFIT | 3,569,587 | 3,485,821 |
OPERATING EXPENSES | ||
Salaries and Benefits | 1,859,980 | 2,012,430 |
Selling, General and Administrative | 1,806,988 | 1,710,606 |
Operating Costs and Expenses | 3,666,968 | 3,723,036 |
(LOSS) / INCOME FROM OPERATIONS | (97,381) | (237,215) |
OTHER INCOME | ||
Rental Income | 20,191 | 0 |
Interest Income | 11,816 | 1,804 |
Nonoperating Income (Expense) | 32,007 | 1,804 |
(LOSS) / INCOME BEFORE INCOME TAXES | (65,374) | (235,411) |
INCOME TAX (EXPENSE) / BENEFIT | (15,129) | (25,621) |
NET (LOSS) / INCOME | (50,245) | (209,790) |
Dividend requirements on preferred stock | 16,710 | 16,710 |
Basic net (loss) / income available to common shares | $ (66,955) | $ (226,500) |
Basic net (loss) / income per common share (in dollars per share) | $ (0.01) | $ (0.03) |
Weighted average number of common shares outstanding (in shares) | 8,087,388 | 8,087,388 |
Diluted net (loss) / income per common share (in dollars per share) | $ (0.01) | $ (0.03) |
Weighted average number of common shares outstanding, diluted (in shares) | 8,087,388 | 8,087,388 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 |
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) | (209,790) | ||||
Balance (in shares) at Jun. 30, 2022 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2022 | $ 126,860 | $ 4,444,766 | 35,564 | (1,939,236) | 2,667,954 |
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 |
Net Income (Loss) | $ 0 | $ 0 | 0 | (67,562) | (67,562) |
Balance (in shares) at Dec. 31, 2021 | 167,100 | 8,087,388 | |||
Balance at Dec. 31, 2021 | $ 126,860 | $ 4,444,766 | 35,564 | (1,754,526) | 2,852,664 |
Net Income (Loss) | $ 0 | $ 0 | 0 | (105,348) | (105,348) |
Balance (in shares) at Mar. 31, 2022 | 167,100 | 8,087,388 | |||
Balance at Mar. 31, 2022 | $ 126,860 | $ 4,444,766 | 35,564 | (1,859,874) | 2,747,316 |
Net Income (Loss) | $ 0 | $ 0 | 0 | (79,362) | (79,362) |
Balance (in shares) at Jun. 30, 2022 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2022 | $ 126,860 | $ 4,444,766 | 35,564 | (1,939,236) | 2,667,954 |
Net Income (Loss) | $ 0 | $ 0 | 0 | (8,187) | (8,187) |
Balance (in shares) at Sep. 30, 2022 | 167,100 | 8,087,388 | |||
Balance at Sep. 30, 2022 | $ 126,860 | $ 4,444,766 | 35,564 | (1,947,423) | 2,659,767 |
Balance (in shares) at Jun. 30, 2022 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2022 | $ 126,860 | $ 4,444,766 | 35,564 | (1,939,236) | 2,667,954 |
Net Income (Loss) | (50,245) | ||||
Balance (in shares) at Jun. 30, 2023 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2023 | $ 126,860 | $ 4,444,766 | 35,564 | (1,989,481) | 2,617,709 |
Balance (in shares) at Sep. 30, 2022 | 167,100 | 8,087,388 | |||
Balance at Sep. 30, 2022 | $ 126,860 | $ 4,444,766 | 35,564 | (1,947,423) | 2,659,767 |
Net Income (Loss) | $ 0 | $ 0 | 0 | (20,078) | (20,078) |
Balance (in shares) at Dec. 31, 2022 | 167,100 | 8,087,388 | |||
Balance at Dec. 31, 2022 | $ 126,860 | $ 4,444,766 | 35,564 | (1,967,501) | 2,639,689 |
Net Income (Loss) | $ 0 | $ 0 | 0 | (29,471) | (29,471) |
Balance (in shares) at Mar. 31, 2023 | 167,100 | 8,087,388 | |||
Balance at Mar. 31, 2023 | $ 126,860 | $ 4,444,766 | 35,564 | (1,996,972) | 2,610,218 |
Net Income (Loss) | $ 0 | $ 0 | 0 | 7,491 | 7,491 |
Balance (in shares) at Jun. 30, 2023 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2023 | $ 126,860 | $ 4,444,766 | $ 35,564 | $ (1,989,481) | $ 2,617,709 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ (50,245) | $ (209,790) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 52,817 | 38,217 |
Decrease in Allowance for Doubtful Accounts | (1,944) | 4,161 |
Right of Use Asset Amortization | 178,985 | 176,189 |
Accrued Interest on Certificate of Deposit | 6,949 | 667 |
Deferred Income Taxes | 16,831 | (57,581) |
Valuation Allowance | 31,960 | (31,960) |
(Gain)/Loss on Sale of Assets | 0 | 0 |
Gain on Extinguishment of Debt | 0 | 0 |
Stock Based Compensation | 0 | 0 |
Decrease (increase) in: | ||
Accounts Receivable | (84,924) | 86,112 |
Deposits | 3,091 | (9,076) |
Inventory | 181,957 | (89,537) |
Prepaid Expenses | 76,348 | (98,566) |
Increase (decrease) in: | ||
Accounts Payable | (3,026) | 10,495 |
Accrued Expenses | (25,103) | (111,376) |
Payments on Operating Lease Liability | 160,412 | 154,023 |
NET CASH (USED) / PROVIDED BY OPERATING ACTIVITIES | 145,466 | (383,482) |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of Certificate of Deposit | 400,000 | |
Redemption of Certificate of Deposit | (125,582) | 0 |
Purchase of Property & Equipment | 180,138 | 82,644 |
Proceeds on disposal of property and equipment | 0 | 0 |
NET CASH (USED IN) / PROVIDED BY INVESTING ACTIVITIES | (454,556) | (82,644) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
NET CASH (USED IN) FINANCING ACTIVITIES | 0 | 0 |
NET CHANGE IN CASH | (309,090) | (466,126) |
CASH AT BEGINNING OF THE YEAR | 760,396 | 1,226,522 |
CASH AT END OF THE YEAR | 451,306 | 760,396 |
SUPPLEMENTAL DISCLOSURES | ||
Interest Paid | 0 | 0 |
Taxes Paid | $ 0 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Increase (Decrease) in Operating Lease Right-of-use Asset | $ 180,109 |
Increase (Decrease) in Operating Lease Liability | $ 180,109 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Activity Procyon Corporation has two 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 months or less to be cash equivalents. Concentration of Credit Risk The Company maintains its cash at various financial institutions. All accounts are fully insured by the Federal Deposit Insurance Corporation, up to $250,000 per Company. At June 30, 2023 and 2022, our uninsured cash balance was $0 and $52,539 respectively. Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board's (FASB) release of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) which requires that five basic criteria must be met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. 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 2/10 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-party payers and customers. The Company bases its estimates on its historical collection and write-off experience, current trends, credit policy, and on analysis of accounts receivable by aging category. As of June 30, 2023 and 2022, accounts receivable allowance was approximately $11,600 and $13,600, or less than 2% of gross accounts receivable. Inventories Inventories are valued at the lower of average cost or net realized value determined by the first-in, first-out method. A portion of inventory is included in non-current inventory. The non-current balance represents product that will most likely not be used within the next 12 months. A majority of this non-current inventory comes from minimum economic level orders necessary to produce product at a reasonable cost. 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. 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 - Income Tax in the Accounting Standards Codification. A valuation allowance is used to reduce deferred tax assets to the net amount expected to be recovered in future periods. The estimates for deferred tax assets and the corresponding valuation allowance require us to exercise complex judgments. We periodically review and adjust those estimates based upon the most current information available. We have a valuation allowance of $ 0 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 necessarily indicative of the amounts that the Company could realize in a current market exchange. Shipping and Handling Costs Shipping and handling costs incurred were approximately $215,000 and $210,000 for the years ended June 30, 2023, and 2022, respectively, and were included in selling, general and administrative expenses. Advertising and Marketing The Company records advertising and marketing expenses in the periods in which they are incurred. During the years ended June 30, 2023 and 2022, approximately $536,000 and $473,000, of advertising and marketing costs were included in selling, general and administrative expenses for each respective year. Stock Based Compensation In November 2020, our shareholders approved the Procyon Corporation 2020 Stock Option and Incentive Plan (the “2020 Option Plan”). The Company maintained the Procyon Corporation 2009 Stock Option Plan (the "2009 Option Plan"), which expired on December 8, 2019. The 2009 Option Plan was approved by the Company's shareholders on December 8, 2009. No The 2009 Option Plan provided for the granting of incentive stock options, non-qualified stock options, and stock appreciation rights ("SARs") to eligible officers, directors, employees and consultants of the Company and its subsidiaries. The 2009 Option Plan is administered by the Compensation Committee. The Board of Directors has authorized the issuance of 500,000 shares of common stock to underlie the granting of incentive stock options and 500,000 shares of common stock to underlie the granting of non-qualified stock options and SARs under the 2009 Option Plan. The Board issued 250,000 shares of common stock to underlie Non-Qualified Stock Options, on September 27, 2016, effective June 30, 2016. However, 40,000 Options to purchase common stock were awarded to Justice Anderson pursuant to his employment agreement effective July 1, 2016 and 25,000 Options to purchase common stock were awarded to Justice Anderson pursuant to his employment agreement effective July 1, 2017. These Options will expire ten Eligible participants under the 2009 Option Plan must be such full or part-time officers and other employees, non-employee directors and key persons (including consultants and prospective employees) of the Company and its Subsidiaries as are selected from time to time by the Compensation Committee in its sole discretion. Only employees may receive incentive stock options. Employees, non-employee directors and consultants may receive non-qualified stock options or SARs. Non-Qualified Stock Options granted under the 2009 Option Plan many have a term of not more than ten ten five The 2020 Option Plan provides for the granting of Incentive Stock Options, meeting the requirements of 422 of the Internal Revenue Code (the “Code”), Non-Qualified Stock Options, which do not qualify as Incentive Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, or Other Stock-Based Awards (together, an “Award”). An SAR is an Award entitling the recipient to receive shares of Common Stock having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised. “Restricted Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one The Board of Directors has authorized the issuance of 2,000,000 shares of Common Stock to underlie the granting of Awards under the 2020 Option Plan. The 2,000,000 shares of Common Stock that have been reserved for the 2020 Option Plan have not been registered under the Securities Act of 1933. We have no present plans to register such shares. Incentive Stock Options may only be granted to employees of the Company or its Subsidiaries and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. Incentive Stock Options can be granted for a term not exceeding ten years, except for Ten Percent Owners of our Common Stock, for whom the maximum option term is five Non-Qualified Stock Options are Options that is not intended to be or otherwise do not qualify as an Incentive Stock Option. Non-Qualified Stock Options shall be granted and have a term of not more than ten Effective June 30, 2021, the Company granted 25,000 non-qualified stock options to Justice W. Anderson and 25,000 non-qualified stock options to James B. Anderson for exceeding certain performance standards in fiscal 2021, pursuant to the terms of their respective Restated and Amended Executive Employment Agreements dated July 1, 2020. Each of the options were dated September 24, 2021, but were granted and effective as of June 30, 2021 for a 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 vesting restrictions and are fully transferable. Because option valuation models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. Our options do not have the characteristics of traded options, therefore, the option valuation models do not necessarily provide a reliable measure of the fair value of our options. Agreements to grant 40,000 and 25,000 Options to purchase common stock were executed and delivered to Justice Anderson, pursuant to his executive employment agreements, on September 27, 2016 and August 23, 2017, respectively, but with grant dates of June 30, 2016 and June 30, 2017, respectively. Equity instruments issued to non-employees in exchange for goods, fees and services are accounted for under the fair value-based method of Accounting Standards Codification Topic 718 - Compensation - Stock Compensation (“Topic 718"). Effective as of June 30, 2021, the Company granted 25,000 non-qualified stock options to Justice W. Anderson and 25,000 non-qualified stock options to James B. Anderson for exceeding certain performance standards in fiscal 2021, pursuant to the terms of their respective Restated and Amended Executive Employment Agreements dated July 1, 2020. Each of the options were granted on June 30, 2021 with a ten .373 Additional information with respect to stock option activity is as follows: Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2021 115,000 $ 0.26 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2022 115,000 $ 0.26 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2023 115,000 $ 0.26 Options exercisable at June 30, 2022 115,000 $ 0.26 Options exercisable at June 30, 2023 115,000 $ 0.26 Net Income Per Common Share The Company computes net income per share in accordance with Accounting Standards Codification Topic 260 - Earnings per Share (Topic 260). Topic 260 requires presentation of both basic and diluted earnings per shares (EPS) on the face of the income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. Subsequent Events We have evaluated subsequent events through September 18, 2023, which is the date the financial statements were available to be issued. |
Note B - Inventories
Note B - Inventories | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE B - INVENTORIES Inventories consisted of the following: June 30, 2023 June 30, 2022 Finished Goods $ 576,548 $ 759,118 Raw Materials 185,370 184,757 $ 761,918 $ 943,875 At June 30, 2023 and 2022, respectively, $330,513 and $182,224 of our inventory was considered non-current as it will not be used within a one year period. |
Note C - Property and Equipment
Note C - Property and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
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, 2023 Total Office Equipment 239,890 Furniture and Fixtures 102,541 Software 177,019 Leasehold improvements 42,289 Production Equipment 26,752 Building 18,392 606,883 Less accumulated depreciation (325,860 ) $ 281,023 Depreciation expense was $52,817 for the year ended June 30, 2023. As of June 30, 2022 Total Office Equipment $ 224,635 Furniture and Fixtures 95,038 Software 26,021 Leasehold improvements 35,907 Production Equipment 26,752 Building 18,392 426,745 Less accumulated depreciation (273,043 ) $ 153,702 Depreciation expense was $38,217 for the year ended June 30, 2022. |
Note D - Intangible Assets
Note D - Intangible Assets | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE D - INTANGIBLE ASSETS On June 30, 2017, the Company acquired the formulation of its care lotion from its manufacturer for $17,000. The Company has determined that this asset has an indefinite useful life and therefore is not being amortized, but instead will be tested for impairment at least annually in accordance with the provisions of FASB ASC 350, Intangibles - Goodwill and Other. |
Note E - Accrued Expenses
Note E - Accrued Expenses | 12 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022. 2023 2022 Accrued Payroll $ 70,298 $ 151,341 Accrued Paid Time Off 33,820 41,837 Accrued Professional Fees 48,793 53,681 Accrued Incentive Plan 24,387 10,789 Accrued Lease Liability 92,856 40,439 Other 7,344 4,514 Total $ 277,498 $ 302,601 |
Note F - Line of Credit
Note F - Line of Credit | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE F - LINE OF CREDIT A line of credit was procured in June 2021, with a bank. The limit for this line of credit is $250,000 as well. Terms of the Line of credit include and an interest rate that fluctuates at prime plus a half of point, interest only. The line of credit matures on June 30, 2022. This line of credit, renews annually until either party decides otherwise. At June 30, 2023, the Company owed $0 on the line of credit. Interest expense for the years ended June 30, 2023 and 2022 was $0 and $0, respectively. The line of credit is guaranteed by Justice W. Anderson, President and Chief Executive Officer. |
Note G - Commitments and Contin
Note G - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE G - COMMITMENTS AND CONTINGENCIES The Company leases its office space, warehouse space and certain equipment. The minimum lease payments due under the lease agreements for fiscal years ended June 30, are as follows: 2024 $ 184,805 2025 188,353 2026 141,062 $ 514,220 |
Note H - Stockholders' Equity
Note H - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE H - STOCKHOLDERS EQUITY During January 1995, the Company's Board of Directors authorized the issuance of up to 4,000,000 shares of Series A Cumulative Convertible Preferred Stock. The preferred stockholders are entitled to receive, if declared by the board of directors, quarterly dividends at an annual rate of $ .10 The preferred stockholders have the right to convert each share of Series A Cumulative Convertible Preferred Stock into one one 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 accrued and charged against income for the periods ended June 30, 2023 and 2022 was $10,721 and $0 respectively. |
Note I - Earnings Per Share
Note I - Earnings Per Share | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE I - EARNINGS PER SHARE As required by Accounting Standards Codification Topic 260 - Earnings per Share (“Topic 260"), the following table sets forth the computation of basic and diluted earnings per share: Years Ended June 30, 2023 2022 Numerator: Net (Loss) Income $ (50,245 ) $ (209,790 ) 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 $ (66,955 ) $ (226,500 ) Effect of dilutive securities: Numerator for diluted earnings per share- Net income available to common stockholder $ (66,955 ) $ (226,500 ) Denominator: Denominator for basic earnings per share- Weighted-average common shares 8,087,388 8,087,388 Effect of dilutive securities: Stock options 0 0 Weighted-average Dilutive potential common shares 0 0 Denominator for dilutive earnings per share-Adjusted weighted-average shares and assumed conversions 8,087,388 8,087,388 Basic Net Income per share $ (0.01 ) $ (0.03 ) Diluted Net Income per share $ (0.01 ) $ (0.03 ) |
Note J - Income Taxes and Avail
Note J - Income Taxes and Available Carryforward | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE J - INCOME TAXES AND AVAILABLE CARRYFORWARD As of June 30, 2023, the Company had consolidated income tax net operating loss ("NOL") carryforwards for federal income tax purposes of approximately $716,000. NOL arising before December 31, 2020 will expire in various years ending through the year 2035 and for losses arising in taxable years beginning after December 31, 2020, the deduction is limited to 80% of taxable income and can be carried forward indefinitely. The utilization of certain loss carryforwards are limited under Section 382 of the Internal Revenue Code. The components of the provision for income taxes expenses are attributable to continuing operations as follows: Year ended Year ended June 30, 2023 June 30, 2022 Current $ - $ - Federal State - - Deferred - - Federal $ 12,535 $ 21,229 State 2,594 4,392 $ 15,129 $ 25,621 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 $ 181,439 Share based payments 6,387 Lease Liabilities - operating leases 125,064 Accrued compensated absences 8,572 Accrued bonus 6,181 Allowance for doubtful accounts 2,946 330,589 Deferred tax (liabilities): Right of use assets - operating leases (133,611 ) Excess of tax over book depreciation (35,798 ) Total deferred tax (liabilities) (169,409 ) Net deferred tax asset (liability) 161,180 Valuation Allowance - Net deferred tax asset $ 161,180 The change in the valuation allowance is as follows: June 30, 2023 $ - June 30, 2022 (31,960 ) $ (31,960 ) Income taxes for the years ended June 30, 2023 and 2022 differ from the amounts computed by applying the effective income tax rates of 25.35% to income before income taxes as a result of the following: 2023 2022 Expected benefit (provision) at US statutory rate $ 13,767 $ 49,436 State income tax net of federal benefit (provision) 2,848 10,229 Nondeductible expense (1,246 ) (689 ) Non Taxable Income - - Change in estimates of losses carryforward (32,200 ) (1,395 ) Change in valuation allowance 31,960 (31,960 ) Income tax benefit (expense) $ 15,129 $ 25,621 The earliest tax year still subject to examination by taxing jurisdictions is fiscal year June 30, 2020. The Company performed a review of its uncertain tax positions in accordance with Accounting Standards Codification ASC 740-10 "Uncertainty in Income Taxes". In this regard, an uncertain tax position represents the Company's expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes. |
Note K - Concentration of Suppl
Note K - Concentration of Supply Risk | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE K - 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 expect a discontinuance of its wound care products from the manufacturer in the near term. The Company has also opened relationships with other manufactures to address supply risk. There were no back orders as of June 30, 2023 and 2022, respectively, due to the timely receipt of product from the manufacturer. |
Note L - Major Customer
Note L - Major Customer | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Major Customer Disclosure [Text Block] | NOTE L - MAJOR CUSTOMER During the year ended June 30, 2022 sales from one one |
Note M - Research and Developme
Note M - Research and Development | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | NOTE M - RESEARCH AND DEVELOPMENT AMERX incurred $30,600 and $30,000 during the years ended June 30, 2023 and 2022, respectively, towards research and development efforts. These efforts were directed towards additional studies aimed at expanding existing markets, correcting issues with FDA compliance and manufacturing. |
Note N - Right-of-use Assets an
Note N - Right-of-use Assets and Lease Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE N - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Operating Leases In August 2020, the Company entered into a lease agreement to lease certain office equipment with a lease term of 63 months. The lease renews on a month-to-month basis and contains an option to purchase the equipment at fair market value or return the equipment. Historically, the Company has not exercised the option to purchase at the end of the initial lease term for similar leases and simply returned the equipment at the end of the initial lease term. Initial rent amount was $574 per month. In applying ASC 842, the Company uses a lease term of 63 months and an incremental borrowing rate of 4.25% which was the borrowing rate on the Company’s line of credit with a financial institution. In January 2021, the Company entered in a lease agreement to lease warehouse space with a lease term of 64 months. The Company pays no In January 2021, the Company entered in a lease agreement to lease office space with a lease term of 64 months. The Company pays no In May 2021, the Company entered into a lease agreement to lease certain office equipment with a lease term of 39 months. The lease expires at the end of the lease term and the Company can simply return the equipment at the end of the initial lease term or upgrade the equipment during or at the end of the current lease term. Initial rent amount was $547 per month. In applying ASC 842, the Company uses a lease term of 39 months and an incremental borrowing rate of 4.25% which was the borrowing rate on the Company’s line of credit with a financial institution. 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 $ 979,744 Amortization of ROU assets since lease inception (452,574 ) ROU assets - operating leases at June 30, 2022 $ 527,170 Lease liabilities - operating leases on adoption date $ 979,744 Payments on lease liabilities (486,297 ) Lease liabilities - operating leases on June 30, 2023 493,447 Lease liabilities - operating leases due in the 12 months ending June 30, 2024 173,565 Lease liabilities - operating leases due after June 30, 2024 $ 319,882 Variable lease expense was $202,270 and $208,467 for the years ended June 30, 2023 and 2022, respectively. Weighted average remaining lease term was 2.73 years and weighted average discount rate was 3.29% at June 30, 2023. Sublease to a Third Party The Company entered into a lease agreement with an unrelated party to sublease a portion of the warehouse space that it is leasing from its landlord. The contract conveys the right to control the use of the specified area of the warehouse for a period of time in exchange for consideration. Therefore, the sublease meets the definition of a lease pursuant to ASC 842. The Company classifies the sublease as an operating lease because it does not transfer ownership at the end of the lease term. The sublease is for a term of twelve months and it contains a renewal option of which the sublessee is not reasonably certain to exercise. The Company received sublease income of $19,908 during the year ended June 30, 2023. The following is the amount of sublease income the Company will receive over the next five years: 12 months ending June 30, 2024 $ 14,220 2025 - 2026 - 2027 - 2028 - $ 14,220 |
Note O - Recent Accounting Pron
Note O - Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE O - RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the F ASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Loss (Topic 326) (44ASU 2016-13"), which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model ("CECL ") will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU 2016-13 must be adopted on a modified-retrospective approach. This update was effective for fiscal years beginning after December 15, 2020 including interim periods within those fiscal years. In October 2019, the FASB approved an extension for all non-SEC filers, including small reporting companies, to extend the effective date to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Therefore, the effective date for this update will be July 1, 2023. The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
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 months or less to be cash equivalents. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company maintains its cash at various financial institutions. All accounts are fully insured by the Federal Deposit Insurance Corporation, up to $250,000 per Company. At June 30, 2023 and 2022, our uninsured cash balance was $0 and $52,539 respectively. |
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, Revenue from Contracts with Customers (Topic 606) which requires that five basic criteria must be met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. |
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 2/10 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-party payers and customers. The Company bases its estimates on its historical collection and write-off experience, current trends, credit policy, and on analysis of accounts receivable by aging category. As of June 30, 2023 and 2022, accounts receivable allowance was approximately $11,600 and $13,600, or less than 2% of gross accounts receivable. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of average cost or net realized value determined by the first-in, first-out method. A portion of inventory is included in non-current inventory. The non-current balance represents product that will most likely not be used within the next 12 months. A majority of this non-current inventory comes from minimum economic level orders necessary to produce product at a reasonable cost. |
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. |
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 - Income Tax in the Accounting Standards Codification. A valuation allowance is used to reduce deferred tax assets to the net amount expected to be recovered in future periods. The estimates for deferred tax assets and the corresponding valuation allowance require us to exercise complex judgments. We periodically review and adjust those estimates based upon the most current information available. We have a valuation allowance of $ 0 |
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 necessarily indicative of the amounts that the Company could realize in a current market exchange. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs incurred were approximately $215,000 and $210,000 for the years ended June 30, 2023, and 2022, respectively, and were included in selling, general and administrative expenses. |
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, 2023 and 2022, approximately $536,000 and $473,000, of advertising and marketing costs were included in selling, general and administrative expenses for each respective year. |
Share-Based Payment Arrangement [Policy Text Block] | Stock Based Compensation In November 2020, our shareholders approved the Procyon Corporation 2020 Stock Option and Incentive Plan (the “2020 Option Plan”). The Company maintained the Procyon Corporation 2009 Stock Option Plan (the "2009 Option Plan"), which expired on December 8, 2019. The 2009 Option Plan was approved by the Company's shareholders on December 8, 2009. No The 2009 Option Plan provided for the granting of incentive stock options, non-qualified stock options, and stock appreciation rights ("SARs") to eligible officers, directors, employees and consultants of the Company and its subsidiaries. The 2009 Option Plan is administered by the Compensation Committee. The Board of Directors has authorized the issuance of 500,000 shares of common stock to underlie the granting of incentive stock options and 500,000 shares of common stock to underlie the granting of non-qualified stock options and SARs under the 2009 Option Plan. The Board issued 250,000 shares of common stock to underlie Non-Qualified Stock Options, on September 27, 2016, effective June 30, 2016. However, 40,000 Options to purchase common stock were awarded to Justice Anderson pursuant to his employment agreement effective July 1, 2016 and 25,000 Options to purchase common stock were awarded to Justice Anderson pursuant to his employment agreement effective July 1, 2017. These Options will expire ten Eligible participants under the 2009 Option Plan must be such full or part-time officers and other employees, non-employee directors and key persons (including consultants and prospective employees) of the Company and its Subsidiaries as are selected from time to time by the Compensation Committee in its sole discretion. Only employees may receive incentive stock options. Employees, non-employee directors and consultants may receive non-qualified stock options or SARs. Non-Qualified Stock Options granted under the 2009 Option Plan many have a term of not more than ten ten five The 2020 Option Plan provides for the granting of Incentive Stock Options, meeting the requirements of 422 of the Internal Revenue Code (the “Code”), Non-Qualified Stock Options, which do not qualify as Incentive Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, or Other Stock-Based Awards (together, an “Award”). An SAR is an Award entitling the recipient to receive shares of Common Stock having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised. “Restricted Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one The Board of Directors has authorized the issuance of 2,000,000 shares of Common Stock to underlie the granting of Awards under the 2020 Option Plan. The 2,000,000 shares of Common Stock that have been reserved for the 2020 Option Plan have not been registered under the Securities Act of 1933. We have no present plans to register such shares. Incentive Stock Options may only be granted to employees of the Company or its Subsidiaries and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. Incentive Stock Options can be granted for a term not exceeding ten years, except for Ten Percent Owners of our Common Stock, for whom the maximum option term is five Non-Qualified Stock Options are Options that is not intended to be or otherwise do not qualify as an Incentive Stock Option. Non-Qualified Stock Options shall be granted and have a term of not more than ten Effective June 30, 2021, the Company granted 25,000 non-qualified stock options to Justice W. Anderson and 25,000 non-qualified stock options to James B. Anderson for exceeding certain performance standards in fiscal 2021, pursuant to the terms of their respective Restated and Amended Executive Employment Agreements dated July 1, 2020. Each of the options were dated September 24, 2021, but were granted and effective as of June 30, 2021 for a 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 vesting restrictions and are fully transferable. Because option valuation models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. Our options do not have the characteristics of traded options, therefore, the option valuation models do not necessarily provide a reliable measure of the fair value of our options. Agreements to grant 40,000 and 25,000 Options to purchase common stock were executed and delivered to Justice Anderson, pursuant to his executive employment agreements, on September 27, 2016 and August 23, 2017, respectively, but with grant dates of June 30, 2016 and June 30, 2017, respectively. Equity instruments issued to non-employees in exchange for goods, fees and services are accounted for under the fair value-based method of Accounting Standards Codification Topic 718 - Compensation - Stock Compensation (“Topic 718"). Effective as of June 30, 2021, the Company granted 25,000 non-qualified stock options to Justice W. Anderson and 25,000 non-qualified stock options to James B. Anderson for exceeding certain performance standards in fiscal 2021, pursuant to the terms of their respective Restated and Amended Executive Employment Agreements dated July 1, 2020. Each of the options were granted on June 30, 2021 with a ten .373 Additional information with respect to stock option activity is as follows: Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2021 115,000 $ 0.26 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2022 115,000 $ 0.26 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2023 115,000 $ 0.26 Options exercisable at June 30, 2022 115,000 $ 0.26 Options exercisable at June 30, 2023 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 - Earnings per Share (Topic 260). Topic 260 requires presentation of both basic and diluted earnings per shares (EPS) on the face of the income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have evaluated subsequent events through September 18, 2023, which is the date the financial statements were available to be issued. |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding at June 30, 2021 115,000 $ 0.26 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2022 115,000 $ 0.26 Granted - $ - Exercised - $ - Cancelled - $ - Outstanding at June 30, 2023 115,000 $ 0.26 Options exercisable at June 30, 2022 115,000 $ 0.26 Options exercisable at June 30, 2023 115,000 $ 0.26 |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current and Noncurrent [Table Text Block] | June 30, 2023 June 30, 2022 Finished Goods $ 576,548 $ 759,118 Raw Materials 185,370 184,757 $ 761,918 $ 943,875 |
Note C - Property and Equipme_2
Note C - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, 2023 Total Office Equipment 239,890 Furniture and Fixtures 102,541 Software 177,019 Leasehold improvements 42,289 Production Equipment 26,752 Building 18,392 606,883 Less accumulated depreciation (325,860 ) $ 281,023 As of June 30, 2022 Total Office Equipment $ 224,635 Furniture and Fixtures 95,038 Software 26,021 Leasehold improvements 35,907 Production Equipment 26,752 Building 18,392 426,745 Less accumulated depreciation (273,043 ) $ 153,702 |
Note E - Accrued Expenses (Tabl
Note E - Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 2023 2022 Accrued Payroll $ 70,298 $ 151,341 Accrued Paid Time Off 33,820 41,837 Accrued Professional Fees 48,793 53,681 Accrued Incentive Plan 24,387 10,789 Accrued Lease Liability 92,856 40,439 Other 7,344 4,514 Total $ 277,498 $ 302,601 |
Note G - Commitments and Cont_2
Note G - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 184,805 2025 188,353 2026 141,062 $ 514,220 |
Note I - Earnings Per Share (Ta
Note I - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended June 30, 2023 2022 Numerator: Net (Loss) Income $ (50,245 ) $ (209,790 ) 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 $ (66,955 ) $ (226,500 ) Effect of dilutive securities: Numerator for diluted earnings per share- Net income available to common stockholder $ (66,955 ) $ (226,500 ) Denominator: Denominator for basic earnings per share- Weighted-average common shares 8,087,388 8,087,388 Effect of dilutive securities: Stock options 0 0 Weighted-average Dilutive potential common shares 0 0 Denominator for dilutive earnings per share-Adjusted weighted-average shares and assumed conversions 8,087,388 8,087,388 Basic Net Income per share $ (0.01 ) $ (0.03 ) Diluted Net Income per share $ (0.01 ) $ (0.03 ) |
Note J - Income Taxes and Ava_2
Note J - Income Taxes and Available Carryforward (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended Year ended June 30, 2023 June 30, 2022 Current $ - $ - Federal State - - Deferred - - Federal $ 12,535 $ 21,229 State 2,594 4,392 $ 15,129 $ 25,621 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Non-Current Deferred tax assets: NOL and contribution carryforwards $ 181,439 Share based payments 6,387 Lease Liabilities - operating leases 125,064 Accrued compensated absences 8,572 Accrued bonus 6,181 Allowance for doubtful accounts 2,946 330,589 Deferred tax (liabilities): Right of use assets - operating leases (133,611 ) Excess of tax over book depreciation (35,798 ) Total deferred tax (liabilities) (169,409 ) Net deferred tax asset (liability) 161,180 Valuation Allowance - Net deferred tax asset $ 161,180 June 30, 2023 $ - June 30, 2022 (31,960 ) $ (31,960 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Expected benefit (provision) at US statutory rate $ 13,767 $ 49,436 State income tax net of federal benefit (provision) 2,848 10,229 Nondeductible expense (1,246 ) (689 ) Non Taxable Income - - Change in estimates of losses carryforward (32,200 ) (1,395 ) Change in valuation allowance 31,960 (31,960 ) Income tax benefit (expense) $ 15,129 $ 25,621 |
Note N - Right-of-use Assets _2
Note N - Right-of-use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
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 $ 979,744 Amortization of ROU assets since lease inception (452,574 ) ROU assets - operating leases at June 30, 2022 $ 527,170 Lease liabilities - operating leases on adoption date $ 979,744 Payments on lease liabilities (486,297 ) Lease liabilities - operating leases on June 30, 2023 493,447 Lease liabilities - operating leases due in the 12 months ending June 30, 2024 173,565 Lease liabilities - operating leases due after June 30, 2024 $ 319,882 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | 12 months ending June 30, 2024 $ 14,220 2025 - 2026 - 2027 - 2028 - $ 14,220 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||||||||
Jun. 30, 2021 | Jul. 01, 2017 | Sep. 27, 2016 | Jul. 01, 2016 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2019 | Jun. 29, 2022 | |
Number of Wholly Owned Subsidiaries | 2 | ||||||||
Cash, Uninsured Amount | $ 0 | $ 52,539 | |||||||
Percentage of Discount on Bill Payment Within Ten Days to Pharmaceutical Distributors and Drug Stores | 2% | ||||||||
Term of Sale for Pharmaceutical Distributors and Drug Stores (Day) | 30 days | ||||||||
Percentage of Discount on Bill Payment Within Ten Days to Physicians | 2% | ||||||||
Standard Payment Term to Physicians (Day) | 30 days | ||||||||
Accounts Receivable, Allowance for Credit Loss | $ 11,600 | 13,600 | |||||||
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 31,960 | $ 31,960 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0 | $ 0 | |||||||
The 2009 Option Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 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 | 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% | ||||||||
The 2009 Option Plan [Member] | Non-Qualified Stock Options [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 500,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 250,000 | ||||||||
The 2009 Option Plan [Member] | Non-Qualified Stock Options [Member] | Justice Anderson [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||
The 2009 Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Justice Anderson [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 40,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 25,000 | 40,000 | |||||||
The 2020 Option Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 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% | ||||||||
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 | 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) | $ 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 | 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) | $ 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 | 1 | 1 | |||||||
Selling, General and Administrative Expenses [Member] | |||||||||
Shipping and Handling Expense, Total | $ 215,000 | $ 210,000 | |||||||
Marketing and Advertising Expense | $ 536,000 | $ 473,000 | |||||||
Maximum [Member] | |||||||||
Accounts Receivable, Allowance, Percentage | 2% | 2% | |||||||
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] | 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% | ||||||||
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% | ||||||||
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% | ||||||||
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% |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Outstanding at June 30, 2021 (in shares) | 115,000 | 115,000 |
Outstanding at June 30, 2021 (in dollars per share) | $ 0.26 | $ 0.26 |
Granted (in shares) | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Exercised (in shares) | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Cancelled (in shares) | 0 | 0 |
Cancelled, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Outstanding at June 30, 2022 (in shares) | 115,000 | 115,000 |
Outstanding at June 30, 2022 (in dollars per share) | $ 0.26 | $ 0.26 |
Options exercisable (in shares) | 115,000 | 115,000 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.26 | $ 0.26 |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Inventory, Noncurrent | $ 330,513 | $ 182,224 |
Note B - Inventories - Inventor
Note B - Inventories - Inventories (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Finished Goods | $ 576,548 | $ 759,118 |
Raw Materials | 185,370 | 184,757 |
Inventory, Gross | $ 761,918 | $ 943,875 |
Note C - Property and Equipme_3
Note C - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Depreciation | $ 52,817 | $ 38,217 |
Note C - Property and Equipme_4
Note C - Property and Equipment - Property and Equipment (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Property, plant, and equipment, gross | $ 606,883 | $ 426,745 |
Less accumulated depreciation | (325,860) | (273,043) |
Property, Plant and Equipment, Net | 281,023 | 153,702 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 239,890 | 224,635 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 102,541 | 95,038 |
Software [Member] | ||
Property, plant, and equipment, gross | 177,019 | 26,021 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 42,289 | 35,907 |
Production Equipment [Member] | ||
Property, plant, and equipment, gross | 26,752 | 26,752 |
Building [Member] | ||
Property, plant, and equipment, gross | $ 18,392 | $ 18,392 |
Note D - Intangible Assets (Det
Note D - Intangible Assets (Details Textual) | 12 Months Ended |
Jun. 30, 2017 USD ($) | |
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, 2023 | Jun. 30, 2022 |
Accrued Payroll | $ 70,298 | $ 151,341 |
Accrued Paid Time Off | 33,820 | 41,837 |
Accrued Professional Fees | 48,793 | 53,681 |
Accrued Incentive Plan | 24,387 | 10,789 |
Accrued Lease Liability | 92,856 | 40,439 |
Other | 7,344 | 4,514 |
Total | $ 277,498 | $ 302,601 |
Note F - Line of Credit (Detail
Note F - Line of Credit (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||
Long-Term Line of Credit | $ 0 | ||
Interest Expense, Debt | $ 0 | $ 0 |
Note G - Commitments and Cont_3
Note G - Commitments and Contingencies - Minimum Lease Payments (Details) | Jun. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 184,805 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 188,353 |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 141,062 |
Lease for Office Space, Warehouse Space and Certain Equipment [Member] | |
Lessee, Operating Lease, Liability, to be Paid | $ 514,220 |
Note H - Stockholders' Equity (
Note H - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 1995 | Jun. 30, 2023 | Jun. 30, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 496,000,000 | 496,000,000 | |
Share-Based Payment Arrangement, Expense | $ 10,721 | $ 0 | |
Minimum [Member] | |||
Share Price | $ 1 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 4,000,000 | 4,000,000 | 4,000,000 |
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 437,936 | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 2.62 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 | ||
Proceeds From Public Offering Required for Mandatory Conversion | $ 1,000,000 | ||
Convertible Common Stock [Member] | |||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0.10 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 |
Note I - Earnings Per Share - E
Note I - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Income (Loss) | $ 7,491 | $ (29,471) | $ (20,078) | $ (8,187) | $ (79,362) | $ (105,348) | $ (67,562) | $ 42,482 | $ (50,245) | $ (209,790) |
Dividend requirements on preferred stock | (16,710) | (16,710) | ||||||||
Numerator for basic earnings per share-Net income available to common stockholders | (66,955) | (226,500) | ||||||||
Numerator for diluted earnings per share- Net income available to common stockholder | $ (66,955) | $ (226,500) | ||||||||
Weighted average number of common shares outstanding (in shares) | 8,087,388 | 8,087,388 | ||||||||
Effect of dilutive securities: Stock options (in shares) | 0 | 0 | ||||||||
Weighted-average Dilutive potential common shares (in shares) | 0 | 0 | ||||||||
Denominator for dilutive earnings per share-Adjusted weighted-average shares and assumed conversions (in shares) | 8,087,388 | 8,087,388 | ||||||||
Basic net (loss) / income per common share (in dollars per share) | $ (0.01) | $ (0.03) | ||||||||
Diluted net (loss) / income per common share (in dollars per share) | $ (0.01) | $ (0.03) |
Note J - Income Taxes and Ava_3
Note J - Income Taxes and Available Carryforward (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Loss Carryforwards | $ 716,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.35% | 25.35% |
Note J - Income Taxes and Ava_4
Note J - Income Taxes and Available Carryforward - Provision for Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Current Income Tax Expense (Benefit) | 0 | 0 |
Federal | 12,535 | 21,229 |
State | 2,594 | 4,392 |
Deferred Federal, State and Local, Tax Expense (Benefit) | $ 15,129 | $ 25,621 |
Note J - Income Taxes and Ava_5
Note J - Income Taxes and Available Carryforward - Deferred Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 29, 2022 | |
Valuation allowance | $ 0 | $ (31,960) | $ (31,960) |
NOL and contribution carryforwards | 181,439 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (31,960) | 31,960 | |
Share based payments | 6,387 | ||
Lease Liabilities - operating leases | 125,064 | ||
Accrued compensated absences | 8,572 | ||
Accrued bonus | 6,181 | ||
Allowance for doubtful accounts | 2,946 | ||
Deferred Tax Assets, Gross | 330,589 | ||
Right of use assets - operating leases | (133,611) | ||
Excess of tax over book depreciation | (35,798) | ||
Total deferred tax (liabilities) | (169,409) | ||
Net deferred tax asset (liability) | 161,180 | ||
Deferred Tax Assets, Valuation Allowance | 0 | $ 31,960 | $ 31,960 |
Net deferred tax asset | $ 161,180 |
Note J - Income Taxes and Ava_6
Note J - Income Taxes and Available Carryforward - Effective Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Expected benefit (provision) at US statutory rate | $ 13,767 | $ 49,436 |
State income tax net of federal benefit (provision) | 2,848 | 10,229 |
Nondeductible expense | (1,246) | (689) |
Non Taxable Income | 0 | 0 |
Change in estimates of losses carryforward | 32,200 | 1,395 |
Change in valuation allowance | 31,960 | (31,960) |
Income tax benefit (expense) | $ 15,129 | $ 25,621 |
Note L - Major Customer (Detail
Note L - Major Customer (Details Textual) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 1 | 1 |
Note M - Research and Develop_2
Note M - Research and Development (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Research and Development Expense | $ 30,600 | $ 30,000 |
Note N - Right-of-use Assets _3
Note N - Right-of-use Assets and Lease Liabilities (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2021 | Jan. 01, 2021 | Jan. 31, 2021 | Aug. 31, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lessee, Operating Lease, Discount Rate | 4.25% | |||||
Variable Lease, Cost | $ 202,270 | $ 208,467 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 8 months 23 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.29% | |||||
Sublease Income | $ 19,908 | |||||
Operating Lease for Certain Office Equipment [Member] | ||||||
Lessee, Operating Lease, Term of Contract | 39 months | 63 months | ||||
Lessee, Operating Lease, Rent Per Month | $ 547 | $ 574 | ||||
Lessee, Operating Lease, Discount Rate | 4.25% | |||||
Operating Lease for Warehouse [Member] | ||||||
Lessee, Operating Lease, Term of Contract | 64 months | |||||
Lessee, Operating Lease, Discount Rate | 3.25% | |||||
Lessee, Operating Lease, Rent Per Month, First Four Months | $ 0 | |||||
Lessee, Operating Lease, Rent Per Month, Beginning After Fifth Month | $ 4,792.50 | |||||
Lessee, Operating Lease, Minimum Yearly Increase of Rent | 2% | |||||
Lessee, Operating Lease, Maximum Yearly Increase of Rent | 5% | |||||
Operating Lease, Initial Direct Cost Expense, over Term | $ 114,083 | |||||
Operating Lease for Office Space [Member] | ||||||
Lessee, Operating Lease, Rent Per Month, First Four Months | $ 0 | |||||
Lessee, Operating Lease, Rent Per Month, Beginning After Fifth Month | $ 9,372 |
Note N - Right-of-use Assets _4
Note N - Right-of-use Assets and Lease Liabilities - Right-of-use Assets and Liabilities (Details) - USD ($) | 12 Months Ended | 96 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | May 31, 2015 | |
ROU assets - operating leases obtained in exchange for lease liabilities - operating leases | $ 979,744 | |||
Amortization of ROU assets since lease inception | (452,574) | |||
ROU Assets - Operating Leases | 527,170 | $ 527,170 | $ 706,155 | |
Lease liabilities - operating leases on adoption date | 493,447 | 493,447 | $ 979,744 | |
Payments on lease liabilities | 486,297 | |||
Short Term Lease Liabilities | 173,565 | 173,565 | 162,547 | |
Long Term Lease Liabilities | $ 319,882 | $ 319,882 | $ 491,312 |
Note N - Right-of-use Assets _5
Note N - Right-of-use Assets and Lease Liabilities - Schedule of Sublease Income (Details) | Jun. 30, 2023 USD ($) |
Lessor, Operating Lease, Payment to be Received, Year One | $ 14,220 |
Lessor, Operating Lease, Payment to be Received, Year Two | 0 |
Lessor, Operating Lease, Payment to be Received, Year Three | 0 |
Lessor, Operating Lease, Payment to be Received, Year Four | 0 |
Lessor, Operating Lease, Payment to be Received, Year Five | 0 |
Lessor, Operating Lease, Payment to be Received | $ 14,220 |