Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 23, 2014 | Dec. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Amerityre Corp | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 41,441,620 | ' |
Entity Public Float | ' | ' | $2,280,561 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000945828 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
CURRENT ASSETS | ' | ' |
Cash | $728,585 | $108,747 |
Accounts receivable - net | 384,160 | 338,242 |
Accounts receivable - related party - net | 17,089 | 30,018 |
Inventory - net | 770,991 | 543,752 |
Deferred debt issuance cost | 0 | 30,000 |
Prepaid and other current assets | 39,631 | 84,770 |
Total Current Assets | 1,940,456 | 1,135,529 |
PROPERTY AND EQUIPMENT | ' | ' |
Leasehold improvements | 162,683 | 162,683 |
Molds and models | 824,979 | 804,359 |
Equipment | 2,966,649 | 3,109,440 |
Leased equipment | 0 | 27,900 |
Furniture and fixtures | 105,622 | 100,142 |
Construction in progress | 975 | 0 |
Software | 311,632 | 311,632 |
Less – accumulated depreciation | -3,915,542 | -3,841,200 |
Total Property and Equipment | 456,998 | 674,956 |
OTHER ASSETS | ' | ' |
Patents and trademarks – net | 286,947 | 505,006 |
Deposits | 11,000 | 11,000 |
Total Other Assets | 297,947 | 516,006 |
TOTAL ASSETS | 2,695,401 | 2,326,491 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 617,678 | 680,658 |
Convertible notes | 0 | 100,000 |
Unsecured notes and short-term borrowings | 0 | 409,200 |
Current portion of long-term debt | 16,013 | 18,888 |
Deferred revenue | 0 | 7,293 |
Total Current Liabilities | 633,691 | 1,216,039 |
Long-term debt | 53,840 | 53,840 |
TOTAL LIABILITIES | 687,531 | 1,269,879 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock: 5,000,000 shares authorized of $0.001 par value, 2,000,000 and -0- shares issued and outstanding, respectively | 2,000 | 0 |
Common stock: 75,000,000 shares authorized of $0.001 par value, 41,441,620 and 39,741,620 shares issued and outstanding, respectively | 41,441 | 39,741 |
Additional paid-in capital | 62,455,820 | 60,213,599 |
Accumulated deficit | -60,491,391 | -59,196,728 |
Total Stockholders’ Equity | 2,007,870 | 1,056,612 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $2,695,401 | $2,326,491 |
Balance_Sheets_Parentheticals
Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 2,000,000 | 0 |
Preferred stock, shares outstanding | 2,000,000 | 0 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 41,441,620 | 39,741,620 |
Common stock, shares outstanding | 41,441,620 | 39,741,620 |
Statement_of_Operations
Statement of Operations (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
NET SALES | $4,316,061 | $3,634,676 |
COST OF REVENUES | 3,556,579 | 3,055,267 |
GROSS PROFIT | 759,482 | 579,409 |
EXPENSES | ' | ' |
Research and development | 166,890 | 161,194 |
Sales and marketing | 470,575 | 484,537 |
General and administrative | 1,020,814 | 995,286 |
Total Expenses | 1,658,279 | 1,641,017 |
LOSS FROM OPERATIONS | -898,797 | -1,061,608 |
OTHER INCOME/(EXPENSE) | ' | ' |
Interest expense | -92,979 | -29,883 |
Write-off of deferred financing costs | -40,000 | 0 |
Loss on disposal of assets | -250,845 | -43,702 |
Other income | 12,958 | 568 |
Total Other Income/Expense | -370,866 | -73,017 |
NET LOSS | -1,269,663 | -1,134,625 |
Preferred Stock Dividend | -25,000 | 0 |
NET LOSS ATTRIBUTABALE TO COMMON SHAREHOLDERS | ($1,294,663) | ($1,134,625) |
BASIC AND DILUTED LOSS PER SHARE (in Dollars per share) | ($0.03) | ($0.03) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in Shares) | 40,012,990 | 36,620,798 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (USD $) | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Employee [Member] | Employee [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Receivables from Stockholder [Member] | Receivables from Stockholder [Member] | Retained Earnings [Member] | Total |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Stock Issued for Subscriptions at Par Value [Member] | Stock Issued for Convertible Preferred Stock at 4:1 Conversion Rate [Member] | USD ($) | Stock Issued for Convertible Preferred Stock at 4:1 Conversion Rate [Member] | Stock Issued for Services at $0.08 [Member] | USD ($) | Stock Issued for Subscriptions at Par Value [Member] | Stock Issued for Convertible Preferred Stock at 4:1 Conversion Rate [Member] | Stock Issued for Services at $0.08 [Member] | USD ($) | Stock Issued for Subscriptions at Par Value [Member] | USD ($) | USD ($) | USD ($) | ||
Stock Issued for Services at $0.20 [Member] | Stock Issued at $0.11 [Member] | Stock Issued for Services at $0.06 [Member] | Stock Issued for Services at $0.20 [Member] | Stock Issued at $0.11 [Member] | Stock Issued for Services at $0.06 [Member] | Stock Issued at $0.11 [Member] | Stock Issued at $0.11 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
Balance at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $34,176 | ' | ' | ' | $58,890,503 | ' | $260,000 | ($58,062,103) | ' |
Balance (in Shares) at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 34,176,620 | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits on preferred stock subscriptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 875,000 | ' | ' |
Stock Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,135 | ' | ' | ' | ' | ' | 1,133,865 | ' | ' | ' | -1,135,000 | ' | ' | ' |
Stock Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock subscription and issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -60,311 | ' | ' | ' | ' |
Common stock issued to directors for additional services | 750 | 250 | ' | 149,250 | 27,250 | ' | 25 | 2,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to directors for additional services (in Shares) | 750,000 | 250,000 | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Common stock issued for convertible preferred stock at 4:1 conversion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,135 | ' | 4,540 | ' | ' | ' | -3,405 | ' | ' | ' | ' | ' | ' |
Common stock issued for convertible preferred stock at 4:1 conversion rate (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,135,000 | ' | 4,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,721 | ' | ' | ' | ' |
Net loss for the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,134,625 | -1,134,625 |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 39,741 | ' | ' | ' | 60,213,599 | ' | 0 | -59,196,728 | 1,056,612 |
Balance (in Shares) at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 39,741,620 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 1,978,478 | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | 3,450 | ' | ' | ' | ' |
Stock Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to directors for additional services | ' | ' | 1,150 | ' | ' | 67,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | 39,500 | ' | ' | ' | ' | ' |
Common stock issued to directors for additional services (in Shares) | ' | ' | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,000 | -25,000 |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,973 | ' | ' | ' | ' |
Warrant expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,970 | ' | ' | ' | ' |
Net loss for the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,269,663 | -1,269,663 |
Balance at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 | ' | ' | $41,441 | ' | ' | ' | $62,455,820 | ' | $0 | ($60,491,391) | $2,007,870 |
Balance (in Shares) at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | 41,441,620 | ' | ' | ' | ' | ' | ' | ' | ' |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity (Parentheticals) (USD $) | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Director [Member] | Director [Member] | Director [Member] | Employee [Member] | Convertible Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | Stock Issued for Subscriptions at Par Value [Member] | Stock Issued for Convertible Preferred Stock at 4:1 Conversion Rate [Member] | Stock Issued for Services at $0.08 [Member] | ||
Stock Issued for Services at $0.20 [Member] | Stock Issued at $0.11 [Member] | Stock Issued for Services at $0.06 [Member] | Stock Issued at $0.11 [Member] | ||||||
Stock issued per share | $0.20 | $0.11 | $0.06 | $0.11 | $1 | $0.00 | ' | $0.08 | $0.07 |
Common stock issued for convertible preferred stock conversion rate | ' | ' | ' | ' | ' | ' | '4:1 | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Loss | ($1,269,663) | ($1,134,625) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Depreciation and amortization expense | 224,150 | 213,919 |
Change in allowance for bad debt expense (recovery) | 7,317 | -29,106 |
Stock based compensation related to director and employee stock options | 111,973 | 73,721 |
Stock based compensation | 69,000 | 30,250 |
Accretion of discount on convertible note | 40,970 | 0 |
Write off of deferred financing costs | 40,000 | 0 |
(Gain)/loss on disposal of assets | 250,845 | 43,702 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -43,651 | 84,285 |
Prepaid and other current assets | 75,139 | -22,559 |
Inventory and change in inventory reserve | -216,424 | 9,825 |
Accounts payable, accrued expenses and deferred revenue | -70,273 | 89,600 |
Net Cash Used by Operating Activities | -780,617 | -640,988 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of property and equipment | -46,448 | -225,742 |
Cash (paid for)/recovered from patents and trademarks | 0 | 1,595 |
Net Cash Used by Investing Activities | -46,448 | -224,147 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from the issuance of unsecured note payables | 355,182 | 409,200 |
Redemption of convertible note payables | -100,000 | -350,000 |
Payments on notes payable | -767,257 | -5,845 |
Proceeds from sale of common stock | 3,500 | 0 |
Proceeds from sale of preferred stock, net of offering costs | 1,980,478 | 814,689 |
Preferred stock dividends | -25,000 | 0 |
Net Cash Provided by Financing Activities | 1,446,903 | 868,044 |
NET (DECREASE) INCREASE IN CASH | 619,838 | 2,909 |
CASH AT BEGINNING OF YEAR | 108,747 | 105,838 |
CASH AT END OF YEAR | 728,585 | 108,747 |
NON-CASH FINANCING ACTIVITES | ' | ' |
Interest paid | 60,391 | 20,836 |
Income taxes paid | 0 | 0 |
SUPPLEMENTAL SCHEDULE OF CASH FLOW ACTIVITIES | ' | ' |
Commission accrual decreasing current portion of long-term debt | 0 | 8,057 |
Property and equipment reclassifications within property and equipment category to correct properly classification of assets | 31,857 | 0 |
Removal of fully depreciated furniture and fixture | $10,000 | $0 |
NOTE_1_ORGANIZATION_AND_SUMMAR
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
a. Organization | |||||||||
Amerityre Corporation (the “Company”) incorporated as a Nevada corporation on January 30, 1995 under the name American Tire Corporation and changed its name to Amerityre Corporation in December 1999. The Company was organized to take advantage of existing proprietary and non-proprietary technology available for the manufacturing of specialty tires. The Company engages in the manufacturing, marketing, distribution and sales of “flat free” specialty tires and tire-wheel assemblies and currently is manufacturing these tires at its manufacturing facility located in Boulder City, Nevada. | |||||||||
b. Accounting Method | |||||||||
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a June 30 year-end. | |||||||||
c. Reclassifications | |||||||||
Prior period amounts have been adjusted to conform to the current year presentation. | |||||||||
d. Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. | |||||||||
e. Concentrations of Risk | |||||||||
The Company maintains several accounts with financial institutions. Currently, the accounts are insured by the Federal Deposit Insurance Corporation up to $250,000. | |||||||||
Credit losses, if any, have been provided for in the financial statements and are based on management’s expectations. The Company’s accounts receivable are subject to potential concentrations of credit risk. The Company does not believe that it is subject to any unusual risks or significant risks in the normal course of its business. | |||||||||
We have two customers who accounted for 21% and 22% of our sales for the years ended June 30, 2014 and 2013, respectively. | |||||||||
f. Cash and Cash Equivalents | |||||||||
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of June 30, 2014 and 2013, respectively, we had no cash equivalents. | |||||||||
g. Trade Receivables | |||||||||
We generally charge-off trade receivables that are more than 120 days outstanding as bad-debt expense, unless management believes the amount to be collectable. The charge-off amounts are included in selling expenses. For the fiscal years ended June 30, 2014 and 2013, our bad debt (recovery) expense was $59,577 and ($26,450), respectively. | |||||||||
h. Inventory | |||||||||
Inventory is stated at the lower of cost (computed on a first-in, first-out basis) or market. The cost of finished goods includes the cost of raw material, direct and indirect labor, and other indirect manufacturing costs. The inventory consists of chemicals, finished goods produced in the Company’s plant and products purchased for resale. | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 358,725 | $ | 239,266 | |||||
Finished goods | 525,722 | 366,673 | |||||||
Inventory reserve | (113,456 | ) | (62,187 | ) | |||||
Inventory - net | $ | 770,991 | $ | 543,752 | |||||
We had an inventory reserve amount of $113,456 and $62,187 recorded as of June 30, 2014 and 2013, respectively, for items that were deemed to be slow moving based on an analysis of all inventories on hand. | |||||||||
i. Property and Equipment | |||||||||
Property and equipment are stated at cost. Expenditures for small tools, ordinary maintenance and repairs are charged to operations as incurred. Major additions and improvements are capitalized. When we retire or dispose of assets, the costs and accumulated depreciation or amortization are removed from the respective accounts and we recognize any related gain or loss. Major replacements that substantially extend the useful life of an asset are capitalized and depreciated. Depreciation is computed using the straight-line method over estimated useful lives as follows: | |||||||||
Leasehold improvements | 5 years, or over lease term | ||||||||
Equipment | 5 to 10 years | ||||||||
Furniture and fixtures | 7 years | ||||||||
Automobiles | 5 years | ||||||||
Software | 3 years | ||||||||
Depreciation expense for the years ended June 30, 2014 and 2013 was $205,289 and $189,297, respectively. | |||||||||
j. Patents and Trademarks | |||||||||
Patent and trademark costs have been capitalized at June 30, 2014, totaling $590,192 with accumulated amortization of $303,245 for a net book value of $286,947. Patent and trademark costs capitalized at June 30, 2013, totaling $758,935 with accumulated amortization of $253,929 for a net book value of $505,006. | |||||||||
The patents which have been granted are being amortized over a period of 20 years. Patents which are pending or are being developed are not being amortized. Amortization will begin once the patents have been issued. Included in the total patent and trademark costs are $6,207 and $245,823 of patent and trademark costs pending at June 30, 2014 and 2013, respectively, that were not being amortized. As of June 30, 2014 pending or expired patents were inventoried and analyzed, which resulted in the recognition of a loss on abandonment of patents and trademarks of $168,743 as of June 30, 2014. | |||||||||
Amortization expense for the years ended June 30, 2014 and 2013 was $49,315 and $24,621 respectively. The Company evaluates the recoverability of intangibles and reviews the amortization period on a continual basis utilizing the guidance of Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other. Several factors are used to evaluate intangibles, including, but not limited to, management’s plans for future operations, recent operating results and projected, undiscounted cash flows. | |||||||||
The estimated amortization expense, based on current intangible balances, for the next five fiscal years beginning July 1, 2014 is as follows: | |||||||||
2015 | $ | 28,260 | |||||||
2016 | $ | 28,260 | |||||||
2017 | $ | 28,260 | |||||||
2018 | $ | 28,260 | |||||||
2019 | $ | 28,260 | |||||||
k. Financial and Derivative Instruments | |||||||||
The Company periodically enters into financial instruments. Upon entry, each instrument is reviewed for debt or equity treatment. In the event that the debt or equity treatment is not readily apparent, ASC 480-10-S99 is consulted for temporary treatment. Once an event takes place that removes the temporary element the Company appropriately reclassifies the instrument to debt or equity. | |||||||||
The Company periodically assesses its financial and equity instruments to determine if they require derivative accounting. Instruments which may potentially require derivative accounting are conversion features of debt, equity, and common stock equivalents in excess of available authorized common shares, and contracts with variable share settlements. In the event of derivative treatment, we mark the instrument to market. | |||||||||
l. Valuation of Options and Warrants | |||||||||
The valuation of options and warrants granted to unrelated parties for services are measured as of the earlier of (1) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached, or (2) the date the counterparty’s performance is complete. The options and warrants will continue to be revalued in situations where they are granted prior to the completion of the performance. | |||||||||
m. Equity Securities | |||||||||
Equity securities issued for services rendered have been accounted for at the fair market value of the securities on the date of authorization. | |||||||||
n. Basic and Fully Diluted Net Loss per Share | |||||||||
Basic and Fully Diluted net loss per share is computed using the weighted-average number of common shares outstanding during the period. | |||||||||
The Company’s outstanding stock options, warrants, and shares issuable upon conversion of outstanding convertible notes have been excluded from the diluted net loss per share calculation. The Company excluded a total of 2,254.000 and 2,612,286 common stock equivalents for the years ended June 30, 2014 and 2013, respectively because they are anti-dilutive. | |||||||||
o. Income Taxes | |||||||||
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.Net deferred tax assets consist of the following components as of June 30, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
NOL carryover | $ | 16,930,200 | $ | 16,690,000 | |||||
Section 1231 loss carryover | 900 | 1,300 | |||||||
Allowance for doubtful accounts | 6,000 | 3,100 | |||||||
Related party accruals | 24,400 | 24,400 | |||||||
Inventory reserve | 44,200 | 24,300 | |||||||
R & D carryover | 195,400 | 195,400 | |||||||
Accrued vacation | 5,900 | 4,600 | |||||||
Deferred tax liabilities: | |||||||||
Depreciation | (44,300 | ) | (162,900 | ) | |||||
Valuation allowance | (17,162,700 | ) | (16,780,200 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the years ended June 30, 2014 and 2013 due to the following: | |||||||||
2014 | 2013 | ||||||||
Book income | $ | (495,200 | ) | $ | (442,500 | ) | |||
Depreciation | 54,300 | (8,100 | ) | ||||||
Meals & entertainment | 3,300 | 6,900 | |||||||
Stock for services | 102,200 | 40,500 | |||||||
Accrued vacation | 1,300 | (300 | ) | ||||||
Inventory reserve | 20,000 | 11,200 | |||||||
Receivable reserve | 2,900 | (11,400 | ) | ||||||
Loss on asset disposal | 71,000 | - | |||||||
Valuation allowance | 240,200 | 403,700 | |||||||
$ | - | $ | - | ||||||
At June 30, 2014, the Company had net operating loss carry-forwards of approximately $43,411,000 that may be offset against future taxable income from the year 2014 through 2033. No tax benefit has been reported in the June 30, 2014 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. | |||||||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years. | |||||||||
ASC 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of ASC 740, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by ASC 740. | |||||||||
The Company files income tax returns in the U.S. federal jurisdiction, and in Utah. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2010. | |||||||||
We adopted the provisions of Accounting Standards Codification 740, Income Taxes (ASC 740), on January 1, 2007. The Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. As of June 30, 2014 the Company had no accrued interest or penalties related to uncertain tax positions. | |||||||||
p. Fair Value Accounting | |||||||||
As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||
The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||
Level 2 | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | ||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||
q. Revenue Recognition | |||||||||
Revenue for products is recognized when the sales amount is determined, shipment of goods to the customer has occurred and collection is reasonably assured. Generally, we ship all of our products FOB origination. License fee revenue is recognized as earned, and no revenue is recognized until the inception of the license term. | |||||||||
r. Shipping and Handling | |||||||||
Shipping and Handling Fees require that freight costs charged to customers be classified as revenues. Freight expenses are included in costs of sales. | |||||||||
s. Product Warranties | |||||||||
The Company’s standard sales terms include a limited warranty on workmanship and materials to the original purchaser if items sold are used in the service for which they are intended. Specifically the Company warrants wheels, bearings, and bushings for one year from the date of purchase. The Company estimates its warranty reserve based on historical experience with warranty claims and returns for defective items. As of June 30, 2014 and 2013, the Company had no estimated warranty reserves accrued. | |||||||||
t. Stock Based-Compensation Expense | |||||||||
We account for stock-based compensation under the provisions of ASC 718, Compensation – Stock Compensation. Our financial statements as of and for the fiscal years ended June 30, 2014 and 2013 reflect the impact of ASC 718. Stock-based compensation expense recognized under ASC 718 for the fiscal years ended June 30, 2014 and 2013 was $111,973 and $73,721, respectively, related to employee stock options. | |||||||||
ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our Statement of Operations. Stock-based compensation expense recognized in our Statements of Operations for fiscal years ended June 30, 2014 and 2013 assume all awards will vest; therefore no reduction has been made for estimated forfeitures. | |||||||||
u. Advertising | |||||||||
The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense for the years ended June 30, 2014 and 2013 was $5,128 and $13,108, respectively. | |||||||||
v. Sales Tax | |||||||||
In accordance with FASB ASC 605-45, formerly EITF Issue No. 06-3, How Taxes Collected from Customers and Remitted to Government Authorities Should Be Presented in the Income Statement, the Company accounts for sales taxes and value added taxes imposed on its good and services on a net basis in the Statement of Operations. | |||||||||
w. Related Party Transactions | |||||||||
Amerityre’s Chairman of the Board and Chief Executive and Financial Officer, Timothy L. Ryan, is also the principal owner of Rhino Rubber LLC, a manufacturing and distribution company for solid industrial tires and wheels. During fiscal 2014 and fiscal 2013, Rhino Rubber LLC purchased a total of $9,668 and $6,210, respectively, in tire products from Amerityre. As of June 30, 2014 and 2013, the accounts receivable balances for Rhino Rubber LLC were $17,089 and $30,018, respectively. The terms and conditions of those related-party sales transactions were the same as those afforded to any of Amerityre’s customers. | |||||||||
We currently distribute directly from our manufacturing facility in Boulder City, Nevada and in the past from an independent, contracted warehouse in Ravenna, Ohio. This contract distribution point was unable to support customer requirements, became ineffective and stopped operations in the second quarter of 2014. In order to keep commitments to customers and keep revenue growth positive, distribution and other related services were transferred to Rhino Rubber in Akron, Ohio. Costs for these services were limited to freight, shipping and labor for mounting services. All storage and other fees were waived by Rhino Rubber. | |||||||||
A former board member, Silas O. Kines, who passed away on January 11, 2013, was also the principal owner of Forklift Tire of Florida and K-2 Industrial Tire, Inc. Forklift Tire of Florida is a distributor primarily of Amerityre’s forklift product line. During fiscal 2014 and fiscal 2013, Forklift Tire of Florida did not purchase tire products from Amerityre. | |||||||||
In accordance with the Commission Agreement with Forklift Tire of Florida, dated February 2, 2011, between Amerityre Corporation and K-2 Industrial Tire, Inc., K-2 is due a five percent (5%) commission on all forklift tire sales. In exchange for the forklift models transferred to Amerityre under that agreement, the first $96,000 in commission payments will be used to extinguish to the long term liability recorded on the transaction. As of June 30, 2014, $16,013 and $53,840 (2013 $18,888 and $53,840) were recorded for the current and long-term portion, respectively, of the related liability. Since his passing, Mr. Kines is no longer considered a related party. As a result, the related receivables are not reflected as related party receivables on the balance sheet for the years ended June 30, 2014 and 2013. | |||||||||
x. Recent Accounting Pronouncements | |||||||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC, did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. | |||||||||
NOTE_2_NOTES_PAYABLE_AND_SHORT
NOTE 2 - NOTES PAYABLE AND SHORT-TERM BORROWINGS | 12 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
NOTE 2 – NOTES PAYABLE AND SHORT-TERM BORROWINGS | |
In September 2010, we closed a private placement of secured convertible promissory notes (the “Notes”). We sold an aggregate of $755,800 in Notes. The Notes had a one year term with simple interest of 6.0%. The Notes were convertible at the holders’ option to our common stock at a conversion rate of $0.35 per share. The Notes were secured by all assets of the Company. Principal and interest was due at maturity of the Notes if the Notes were not converted. If the holder elected such conversion, for each two shares in the conversion, the holder would also receive one warrant to purchase an additional share, exercisable at $0.60 per share for an exercise period of 2 years from the date of conversion. No officers, directors or affiliates of the Company participated in the private placement. The Notes were sold pursuant to subscription documents between the Company and each investor. In connection with the private placement of secured convertible promissory notes, on September 15, 2010, the Company issued 142,856 shares of restricted common stock as finders' fees. The aggregate value of the shares issued as finders’ fees was $50,000, based on the closing price of $0.36 per share. As of June 30, 2013, $460,000 of the Notes were redeemed; $195,800 of the Notes converted into 559,429 shares of common stock; and $100,000 of the Notes extended maturity until March 31, 2014 with related interest due of $4,500. As of June 30, 2014 the remaining convertible note has been paid in full. | |
Under the terms of the agreement to extend the remaining $100,000 secured convertible promissory note, the note holder received 500,000 common stock warrants and $6,500 in accrued interest and fees. The value of the warrants issued was $40,970, using the Black Scholes valuation method, and is amortized to interest expense over the extension period. As of June 30, 2014, the discount on convertible note was fully amortized to interest expense. | |
In February 2013, we closed a private placement of unsecured promissory notes (the “Unsecured Notes”), resulting in proceeds of $285,000. The Unsecured Notes mature on June 30, 2014 with a simple interest of 12% and no convertible provision. Interest due on the Unsecured Notes as of June 30, 2013 was $14,504. As of June 30, 2014, all notes related to this transaction have been paid in full; interest due on the Unsecured Notes as of June 30, 2014 was $4,363. | |
In May 2013, we entered into a short-term loan agreement with a shareholder to finance bulk chemical purchases for a large customer order. The loan agreement is secured by customer purchase orders and uses a 2.0% factoring rate to determine the amount of the repayment. As of June 30, 2013, the Company had $124,200 in short-term loans outstanding. As of June 30, 2014, all notes related to this transaction have been paid in full. | |
In December 2013, we executed a Commitment Letter with a private lender commencing negotiations for a $1,000,000 line of credit. Under the terms of the Commitment Letter, the board of directors authorized the issuance of 500,000 shares of common stock to the lender as commitment fees. The total value of the shares issued was $40,000 based on the market closing price on the authorization date of $0.08 per share. The value of the shares issued was treated as a deferred cost on the balance sheet and would have been amortized over the term of the related line of credit. However the line of credit negotiations expired on March 31, 2014 without a successful agreement. As a result, the deferred financing cost related to the Commitment Letter was written-off to non-operating expense. In connection with the Commitment Letter, we entered into a short-term loan agreement with the private lender (the “Lender Agreement”) for $150,000. The Lender Agreement matured on March 31, 2014 and has been paid in full. | |
NOTE_3_COMMITMENTS_AND_CONTING
NOTE 3 - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE 3 – COMMITMENTS AND CONTINGENCIES | |
In May 2014, we negotiated a one year extension of the lease on our executive office and manufacturing facility located at 1501 Industrial Road, Boulder City, Nevada. The property consists of a 49,200 square foot building of which the landlord has negotiated to possibly occupy 7,000 square feet. This space is not critical to our manufacturing processes and will not interrupt current business operations. We currently occupy all 49,200, inclusive of approximately 5,500 square feet of office space, situated on approximately 4.15 acres. The extended lease commenced on July 1, 2014 for the base rent of $11,000 per month. All other terms and conditions of the building lease remain in effect. | |
NOTE_4_STOCK_TRANSACTIONS
NOTE 4 - STOCK TRANSACTIONS | 12 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
NOTE 4 – STOCK TRANSACTIONS | |
During the years ended June 30, 2014 and 2013, the Company had the following stock transactions: | |
On March 5, 2013, the Company issued 250,000 shares of restricted common stock to a director for additional services provided during the six months ended December 31, 2012. The Company also issued 25,000 shares of restricted common stock to an employee as a performance bonus. The total value of the shares issued was $27,500 based on the market closing price on the authorization date of $0.10 per share. | |
In December 2013, we executed a Commitment Letter with a private lender commencing negotiations for a $1,000,000 line of credit. Under the terms of the Commitment Letter, the board of directors authorized the issuance of 500,000 shares of common stock to the lender as commitment fees. The total value of the shares issued was $40,000 based on the market closing price on the authorization date of $0.08 per share. | |
On December 13, 2013, the Board of Directors approved a resolution designating 2,000,000 shares of preferred stock, $0.001 par value, as 2013 Series Convertible Preferred Stock (the “2013 Series Shares”). On December 18, 2013, the Company filed a | |
Certificate of Designation with the Nevada Secretary of State for the 2013 Series Convertible Preferred Stock, which was approved by the Nevada Secretary of State on December 19, 2013. The 2013 Series Shares have voting rights only on any matters directly affecting the rights and privileges of the 2013 Series Shares. The 2013 Series Shares have a liquidation preference amounting to a return of the initial par value per share only, with no further participation in any distributions to other shareholders. Any issued 2013 Series Shares will convert to the Company’s common stock at a ratio of ten shares of common stock for each share of the 2013 Series Shares (1) at any time at the election of the holder; or (2) automatically on the date that is six years after the date of original issuance of the shares. Lastly, the 2013 Series Shares contain a quarterly cash dividend rate of 1.25% of the original issuance price of $1.00 per share. | |
The 2013 Series Shares were offered and sold in reliance on the exemption from registration under Securities and Exchange Commission Rule 506, Regulation D. As of the close of the private placement on April 8, 2014, the Company had received cash deposits and issued a stock certificate for the purchase of all 2,000,000 of the 2013 Series Shares. As of this filing, proceeds from the private placement of the 2013 Series Shares were $1,978,478, net of issuance costs of $19,522. No underwriter participated in the placement and no commissions were paid. | |
NOTE_5_STOCK_OPTIONS_AND_WARRA
NOTE 5 - STOCK OPTIONS AND WARRANTS | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | ' | ||||||||||||||||||||||
NOTE 5 – STOCK OPTIONS AND WARRANTS | |||||||||||||||||||||||
General Option Information | |||||||||||||||||||||||
On July 6, 2011, the Board of Directors cancelled the “2004 Non-Employee Directors’ Stock Incentive Plan” and approved the "Directors’ 2011 Stock Option and Award Plan”. The Company also maintains the 2005 Stock Option and Award Plan, which was previously approved by shareholders, for the purpose of granting option awards to its employees and consultants. Under the 2011 Plan, a total of 3,300,000 shares are authorized for issuance. Each non-executive director is eligible to receive, based on their length of service, options to purchase a total of 300,000 shares at that day’s closing price, $0.17. Any options issued will vest over a three year service period as follows: 100,000 on June 30, 2012, 100,000 on June 30, 2013 and 100,000 on June 30, 2014. These options expire two years after vesting. The Director who serves as Audit Chair during the fiscal year will receive an additional 50,000 options per year under the same terms. In June 2014, 1,450,000 options, representing 650,000 share options from the 2012 service period, 400,000 share options from the 2013 service period and 400,000 from the 2014 service period were extended for 5 years. In accordance with the Stock Compensation topic of the ASC, the Company analyzed the transaction and determined that there was incremental compensation cost which is included in the Company’s total stock based compensation expense. | |||||||||||||||||||||||
CEO Timothy L. Ryan was granted 200,000 options per year under the same terms, under the 2005 Stock Option and Award Plan. | |||||||||||||||||||||||
During the fiscal year ended June 30, 2013, the Company granted a total of 300,000 options to a director for his services on the Board of Directors. Those options were all cancelled during the year ended June 30, 2013, upon the director’s resignation from the Board. The Company also recognized $73,721 in expense related to the continued vesting of options that were granted during prior years. | |||||||||||||||||||||||
During the fiscal year ended June 30, 2014 the Company granted a total of 150,000 options to directors for service on the Board of Directors. | |||||||||||||||||||||||
The Company recognized a total of $111,973 in expense related to the continued vesting of options granted in and from prior years. | |||||||||||||||||||||||
We use the Black-Scholes model to value stock options. The Black-Scholes model requires the use of employee exercise behavior data and the use of a number of assumptions including volatility of our stock price, the weighted average risk-free interest rate, and the weighted average expected life of the options. Because we do not pay dividends, the dividend rate variable in the Black-Scholes model is zero. | |||||||||||||||||||||||
We estimated the fair value of the stock options at the grant date based on the following weighted average assumptions: | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Risk free interest rate | 0.75% | 0.33% | - | 0.75% | |||||||||||||||||||
Expected life | 6.5 Years | 3.0 Years | |||||||||||||||||||||
Expected volatility | 103.35% | - | 109.33% | 47.64% | - | 84.38% | |||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||||||
A summary of the status of our outstanding stock options as of June 30, 2014 and June 30, 2013 and changes during the periods then ended is presented below: | |||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||||||||
Exercise Price | Exercise Price | ||||||||||||||||||||||
Outstanding beginning of period | 1,904,000 | $ | 0.23 | 2,579,000 | $ | 0.45 | |||||||||||||||||
Granted | 150,000 | $ | 0.08 | 300,000 | $ | 0.26 | |||||||||||||||||
Expired/Cancelled | (300,000 | ) | $ | 0.5 | (975,000 | ) | $ | 0.81 | |||||||||||||||
Exercised | - | $ | - | - | $ | - | |||||||||||||||||
Outstanding end of period | 1,754,000 | $ | 0.17 | 1,904,000 | $ | 0.23 | |||||||||||||||||
Exercisable | 1,604,000 | $ | 0.18 | 1,204,000 | $ | 0.34 | |||||||||||||||||
The following table summarizes the range of outstanding and exercisable options as of June 30, 2014: | |||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||
Range of | Number Outstanding at | Average | Weighted | Number | Average Remaining | ||||||||||||||||||
Exercise Prices | 30-Jun-14 | Remaining | Average | Exercisable at | Contractual Life | ||||||||||||||||||
Contractual Life | Exercise Price | 30-Jun-14 | |||||||||||||||||||||
$ | 0.08 | 150,000 | 7.42 | $ | 0.08 | - | - | ||||||||||||||||
$ | 0.17 | 650,000 | 5.42 | $ | 0.17 | 650,000 | 5.42 | ||||||||||||||||
$ | 0.17 | 400,000 | 6.42 | $ | 0.17 | 400,000 | 6.42 | ||||||||||||||||
$ | 0.17 | 400,000 | 7.42 | $ | 0.17 | 400,000 | 7.42 | ||||||||||||||||
$ | 0.29 | 154,000 | 1 | $ | 0.29 | 154,000 | 1 | ||||||||||||||||
1,754,000 | 1,604,000 | ||||||||||||||||||||||
As of June 30, 2014 there was no unrecognized stock-based compensation related to stock options. | |||||||||||||||||||||||
General Warrant Information | |||||||||||||||||||||||
In September 2013, the Company obtained an extension on the remaining $100,000 secured convertible promissory note (the “Note”) that was issued in the private placement that closed in September 2010. Under the terms of the agreement, the maturity date on the Note is extended through March 31, 2014. In exchange for the extension, the note holder received 500,000 common stock warrants and $6,500 in accrued interest and fees. The common stock warrants expire three years from the date of issuance, are exercisable at $0.13 per share, and vest on the next date the value of Amerityre common stock reaches $0.25 per share. | |||||||||||||||||||||||
As of June 30, 2014, $195,800 of the secured convertible promissory notes (the “Notes”) converted to common stock. In accordance with the terms of the Notes, upon conversion, the Company issued 279,715 two-year $0.60 common stock warrants. | |||||||||||||||||||||||
As of June 30, 2014, all of the warrants issued upon conversion of the secured convertible promissory notes had expired and 500,000 common stock warrants were outstanding. | |||||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||
b. Accounting Method | |||||||||
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a June 30 year-end. | |||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||
c. Reclassifications | |||||||||
Prior period amounts have been adjusted to conform to the current year presentation. | |||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
d. Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. | |||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||
e. Concentrations of Risk | |||||||||
The Company maintains several accounts with financial institutions. Currently, the accounts are insured by the Federal Deposit Insurance Corporation up to $250,000. | |||||||||
Credit losses, if any, have been provided for in the financial statements and are based on management’s expectations. The Company’s accounts receivable are subject to potential concentrations of credit risk. The Company does not believe that it is subject to any unusual risks or significant risks in the normal course of its business. | |||||||||
We have two customers who accounted for 21% and 22% of our sales for the years ended June 30, 2014 and 2013, respectively. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
f. Cash and Cash Equivalents | |||||||||
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of June 30, 2014 and 2013, respectively, we had no cash equivalents. | |||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||
g. Trade Receivables | |||||||||
We generally charge-off trade receivables that are more than 120 days outstanding as bad-debt expense, unless management believes the amount to be collectable. The charge-off amounts are included in selling expenses. For the fiscal years ended June 30, 2014 and 2013, our bad debt (recovery) expense was $59,577 and ($26,450), respectively. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
h. Inventory | |||||||||
Inventory is stated at the lower of cost (computed on a first-in, first-out basis) or market. The cost of finished goods includes the cost of raw material, direct and indirect labor, and other indirect manufacturing costs. The inventory consists of chemicals, finished goods produced in the Company’s plant and products purchased for resale. | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 358,725 | $ | 239,266 | |||||
Finished goods | 525,722 | 366,673 | |||||||
Inventory reserve | (113,456 | ) | (62,187 | ) | |||||
Inventory - net | $ | 770,991 | $ | 543,752 | |||||
We had an inventory reserve amount of $113,456 and $62,187 recorded as of June 30, 2014 and 2013, respectively, for items that were deemed to be slow moving based on an analysis of all inventories on hand. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
i. Property and Equipment | |||||||||
Property and equipment are stated at cost. Expenditures for small tools, ordinary maintenance and repairs are charged to operations as incurred. Major additions and improvements are capitalized. When we retire or dispose of assets, the costs and accumulated depreciation or amortization are removed from the respective accounts and we recognize any related gain or loss. Major replacements that substantially extend the useful life of an asset are capitalized and depreciated. Depreciation is computed using the straight-line method over estimated useful lives as follows: | |||||||||
Leasehold improvements | 5 years, or over lease term | ||||||||
Equipment | 5 to 10 years | ||||||||
Furniture and fixtures | 7 years | ||||||||
Automobiles | 5 years | ||||||||
Software | 3 years | ||||||||
Depreciation expense for the years ended June 30, 2014 and 2013 was $205,289 and $189,297, respectively. | |||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | ||||||||
j. Patents and Trademarks | |||||||||
Patent and trademark costs have been capitalized at June 30, 2014, totaling $590,192 with accumulated amortization of $303,245 for a net book value of $286,947. Patent and trademark costs capitalized at June 30, 2013, totaling $758,935 with accumulated amortization of $253,929 for a net book value of $505,006. | |||||||||
The patents which have been granted are being amortized over a period of 20 years. Patents which are pending or are being developed are not being amortized. Amortization will begin once the patents have been issued. Included in the total patent and trademark costs are $6,207 and $245,823 of patent and trademark costs pending at June 30, 2014 and 2013, respectively, that were not being amortized. As of June 30, 2014 pending or expired patents were inventoried and analyzed, which resulted in the recognition of a loss on abandonment of patents and trademarks of $168,743 as of June 30, 2014. | |||||||||
Amortization expense for the years ended June 30, 2014 and 2013 was $49,315 and $24,621 respectively. The Company evaluates the recoverability of intangibles and reviews the amortization period on a continual basis utilizing the guidance of Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other. Several factors are used to evaluate intangibles, including, but not limited to, management’s plans for future operations, recent operating results and projected, undiscounted cash flows. | |||||||||
The estimated amortization expense, based on current intangible balances, for the next five fiscal years beginning July 1, 2014 is as follows: | |||||||||
2015 | $ | 28,260 | |||||||
2016 | $ | 28,260 | |||||||
2017 | $ | 28,260 | |||||||
2018 | $ | 28,260 | |||||||
2019 | $ | 28,260 | |||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||
k. Financial and Derivative Instruments | |||||||||
The Company periodically enters into financial instruments. Upon entry, each instrument is reviewed for debt or equity treatment. In the event that the debt or equity treatment is not readily apparent, ASC 480-10-S99 is consulted for temporary treatment. Once an event takes place that removes the temporary element the Company appropriately reclassifies the instrument to debt or equity. | |||||||||
The Company periodically assesses its financial and equity instruments to determine if they require derivative accounting. Instruments which may potentially require derivative accounting are conversion features of debt, equity, and common stock equivalents in excess of available authorized common shares, and contracts with variable share settlements. In the event of derivative treatment, we mark the instrument to market. | |||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||
l. Valuation of Options and Warrants | |||||||||
The valuation of options and warrants granted to unrelated parties for services are measured as of the earlier of (1) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached, or (2) the date the counterparty’s performance is complete. The options and warrants will continue to be revalued in situations where they are granted prior to the completion of the performance. | |||||||||
Stockholders' Equity, Policy [Policy Text Block] | ' | ||||||||
m. Equity Securities | |||||||||
Equity securities issued for services rendered have been accounted for at the fair market value of the securities on the date of authorization. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
n. Basic and Fully Diluted Net Loss per Share | |||||||||
Basic and Fully Diluted net loss per share is computed using the weighted-average number of common shares outstanding during the period. | |||||||||
The Company’s outstanding stock options, warrants, and shares issuable upon conversion of outstanding convertible notes have been excluded from the diluted net loss per share calculation. The Company excluded a total of 2,254.000 and 2,612,286 common stock equivalents for the years ended June 30, 2014 and 2013, respectively because they are anti-dilutive. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
o. Income Taxes | |||||||||
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.Net deferred tax assets consist of the following components as of June 30, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
NOL carryover | $ | 16,930,200 | $ | 16,690,000 | |||||
Section 1231 loss carryover | 900 | 1,300 | |||||||
Allowance for doubtful accounts | 6,000 | 3,100 | |||||||
Related party accruals | 24,400 | 24,400 | |||||||
Inventory reserve | 44,200 | 24,300 | |||||||
R & D carryover | 195,400 | 195,400 | |||||||
Accrued vacation | 5,900 | 4,600 | |||||||
Deferred tax liabilities: | |||||||||
Depreciation | (44,300 | ) | (162,900 | ) | |||||
Valuation allowance | (17,162,700 | ) | (16,780,200 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the years ended June 30, 2014 and 2013 due to the following: | |||||||||
2014 | 2013 | ||||||||
Book income | $ | (495,200 | ) | $ | (442,500 | ) | |||
Depreciation | 54,300 | (8,100 | ) | ||||||
Meals & entertainment | 3,300 | 6,900 | |||||||
Stock for services | 102,200 | 40,500 | |||||||
Accrued vacation | 1,300 | (300 | ) | ||||||
Inventory reserve | 20,000 | 11,200 | |||||||
Receivable reserve | 2,900 | (11,400 | ) | ||||||
Loss on asset disposal | 71,000 | - | |||||||
Valuation allowance | 240,200 | 403,700 | |||||||
$ | - | $ | - | ||||||
At June 30, 2014, the Company had net operating loss carry-forwards of approximately $43,411,000 that may be offset against future taxable income from the year 2014 through 2033. No tax benefit has been reported in the June 30, 2014 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. | |||||||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years. | |||||||||
ASC 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of ASC 740, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by ASC 740. | |||||||||
The Company files income tax returns in the U.S. federal jurisdiction, and in Utah. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2010. | |||||||||
We adopted the provisions of Accounting Standards Codification 740, Income Taxes (ASC 740), on January 1, 2007. The Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. As of June 30, 2014 the Company had no accrued interest or penalties related to uncertain tax positions. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
p. Fair Value Accounting | |||||||||
As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||
The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||
Level 2 | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | ||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
q. Revenue Recognition | |||||||||
Revenue for products is recognized when the sales amount is determined, shipment of goods to the customer has occurred and collection is reasonably assured. Generally, we ship all of our products FOB origination. License fee revenue is recognized as earned, and no revenue is recognized until the inception of the license term. | |||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||
r. Shipping and Handling | |||||||||
Shipping and Handling Fees require that freight costs charged to customers be classified as revenues. Freight expenses are included in costs of sales. | |||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||||||
s. Product Warranties | |||||||||
The Company’s standard sales terms include a limited warranty on workmanship and materials to the original purchaser if items sold are used in the service for which they are intended. Specifically the Company warrants wheels, bearings, and bushings for one year from the date of purchase. The Company estimates its warranty reserve based on historical experience with warranty claims and returns for defective items. As of June 30, 2014 and 2013, the Company had no estimated warranty reserves accrued. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||
t. Stock Based-Compensation Expense | |||||||||
We account for stock-based compensation under the provisions of ASC 718, Compensation – Stock Compensation. Our financial statements as of and for the fiscal years ended June 30, 2014 and 2013 reflect the impact of ASC 718. Stock-based compensation expense recognized under ASC 718 for the fiscal years ended June 30, 2014 and 2013 was $111,973 and $73,721, respectively, related to employee stock options. | |||||||||
ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our Statement of Operations. Stock-based compensation expense recognized in our Statements of Operations for fiscal years ended June 30, 2014 and 2013 assume all awards will vest; therefore no reduction has been made for estimated forfeitures. | |||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||
u. Advertising | |||||||||
The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense for the years ended June 30, 2014 and 2013 was $5,128 and $13,108, respectively. | |||||||||
Sales Tax [Policy Text Block] | ' | ||||||||
v. Sales Tax | |||||||||
In accordance with FASB ASC 605-45, formerly EITF Issue No. 06-3, How Taxes Collected from Customers and Remitted to Government Authorities Should Be Presented in the Income Statement, the Company accounts for sales taxes and value added taxes imposed on its good and services on a net basis in the Statement of Operations. | |||||||||
Related Party Transactions Policy [Policy Text Block] | ' | ||||||||
w. Related Party Transactions | |||||||||
Amerityre’s Chairman of the Board and Chief Executive and Financial Officer, Timothy L. Ryan, is also the principal owner of Rhino Rubber LLC, a manufacturing and distribution company for solid industrial tires and wheels. During fiscal 2014 and fiscal 2013, Rhino Rubber LLC purchased a total of $9,668 and $6,210, respectively, in tire products from Amerityre. As of June 30, 2014 and 2013, the accounts receivable balances for Rhino Rubber LLC were $17,089 and $30,018, respectively. The terms and conditions of those related-party sales transactions were the same as those afforded to any of Amerityre’s customers. | |||||||||
We currently distribute directly from our manufacturing facility in Boulder City, Nevada and in the past from an independent, contracted warehouse in Ravenna, Ohio. This contract distribution point was unable to support customer requirements, became ineffective and stopped operations in the second quarter of 2014. In order to keep commitments to customers and keep revenue growth positive, distribution and other related services were transferred to Rhino Rubber in Akron, Ohio. Costs for these services were limited to freight, shipping and labor for mounting services. All storage and other fees were waived by Rhino Rubber. | |||||||||
A former board member, Silas O. Kines, who passed away on January 11, 2013, was also the principal owner of Forklift Tire of Florida and K-2 Industrial Tire, Inc. Forklift Tire of Florida is a distributor primarily of Amerityre’s forklift product line. During fiscal 2014 and fiscal 2013, Forklift Tire of Florida did not purchase tire products from Amerityre. | |||||||||
In accordance with the Commission Agreement with Forklift Tire of Florida, dated February 2, 2011, between Amerityre Corporation and K-2 Industrial Tire, Inc., K-2 is due a five percent (5%) commission on all forklift tire sales. In exchange for the forklift models transferred to Amerityre under that agreement, the first $96,000 in commission payments will be used to extinguish to the long term liability recorded on the transaction. As of June 30, 2014, $16,013 and $53,840 (2013 $18,888 and $53,840) were recorded for the current and long-term portion, respectively, of the related liability. Since his passing, Mr. Kines is no longer considered a related party. As a result, the related receivables are not reflected as related party receivables on the balance sheet for the years ended June 30, 2014 and 2013. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
x. Recent Accounting Pronouncements | |||||||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC, did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. |
NOTE_1_ORGANIZATION_AND_SUMMAR1
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | 'Inventory is stated at the lower of cost (computed on a first-in, first-out basis) or market. The cost of finished goods includes the cost of raw material, direct and indirect labor, and other indirect manufacturing costs. The inventory consists of chemicals, finished goods produced in the Company’s plant and products purchased for resale. | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 358,725 | $ | 239,266 | |||||
Finished goods | 525,722 | 366,673 | |||||||
Inventory reserve | (113,456 | ) | (62,187 | ) | |||||
Inventory - net | $ | 770,991 | $ | 543,752 | |||||
Property, Plant and Equipment [Table Text Block] | 'Depreciation is computed using the straight-line method over estimated useful lives as follows: | ||||||||
Leasehold improvements | 5 years, or over lease term | ||||||||
Equipment | 5 to 10 years | ||||||||
Furniture and fixtures | 7 years | ||||||||
Automobiles | 5 years | ||||||||
Software | 3 years | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 'The estimated amortization expense, based on current intangible balances, for the next five fiscal years beginning July 1, 2014 is as follows: | ||||||||
2015 | $ | 28,260 | |||||||
2016 | $ | 28,260 | |||||||
2017 | $ | 28,260 | |||||||
2018 | $ | 28,260 | |||||||
2019 | $ | 28,260 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 'Net deferred tax assets consist of the following components as of June 30, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
NOL carryover | $ | 16,930,200 | $ | 16,690,000 | |||||
Section 1231 loss carryover | 900 | 1,300 | |||||||
Allowance for doubtful accounts | 6,000 | 3,100 | |||||||
Related party accruals | 24,400 | 24,400 | |||||||
Inventory reserve | 44,200 | 24,300 | |||||||
R & D carryover | 195,400 | 195,400 | |||||||
Accrued vacation | 5,900 | 4,600 | |||||||
Deferred tax liabilities: | |||||||||
Depreciation | (44,300 | ) | (162,900 | ) | |||||
Valuation allowance | (17,162,700 | ) | (16,780,200 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 'The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the years ended June 30, 2014 and 2013 due to the following: | ||||||||
2014 | 2013 | ||||||||
Book income | $ | (495,200 | ) | $ | (442,500 | ) | |||
Depreciation | 54,300 | (8,100 | ) | ||||||
Meals & entertainment | 3,300 | 6,900 | |||||||
Stock for services | 102,200 | 40,500 | |||||||
Accrued vacation | 1,300 | (300 | ) | ||||||
Inventory reserve | 20,000 | 11,200 | |||||||
Receivable reserve | 2,900 | (11,400 | ) | ||||||
Loss on asset disposal | 71,000 | - | |||||||
Valuation allowance | 240,200 | 403,700 | |||||||
$ | - | $ | - |
NOTE_5_STOCK_OPTIONS_AND_WARRA1
NOTE 5 - STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 'We estimated the fair value of the stock options at the grant date based on the following weighted average assumptions: | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Risk free interest rate | 0.75% | 0.33% | - | 0.75% | |||||||||||||||||||
Expected life | 6.5 Years | 3.0 Years | |||||||||||||||||||||
Expected volatility | 103.35% | - | 109.33% | 47.64% | - | 84.38% | |||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'A summary of the status of our outstanding stock options as of June 30, 2014 and June 30, 2013 and changes during the periods then ended is presented below: | ||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||||||||
Exercise Price | Exercise Price | ||||||||||||||||||||||
Outstanding beginning of period | 1,904,000 | $ | 0.23 | 2,579,000 | $ | 0.45 | |||||||||||||||||
Granted | 150,000 | $ | 0.08 | 300,000 | $ | 0.26 | |||||||||||||||||
Expired/Cancelled | (300,000 | ) | $ | 0.5 | (975,000 | ) | $ | 0.81 | |||||||||||||||
Exercised | - | $ | - | - | $ | - | |||||||||||||||||
Outstanding end of period | 1,754,000 | $ | 0.17 | 1,904,000 | $ | 0.23 | |||||||||||||||||
Exercisable | 1,604,000 | $ | 0.18 | 1,204,000 | $ | 0.34 | |||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | 'The following table summarizes the range of outstanding and exercisable options as of June 30, 2014: | ||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||
Range of | Number Outstanding at | Average | Weighted | Number | Average Remaining | ||||||||||||||||||
Exercise Prices | 30-Jun-14 | Remaining | Average | Exercisable at | Contractual Life | ||||||||||||||||||
Contractual Life | Exercise Price | 30-Jun-14 | |||||||||||||||||||||
$ | 0.08 | 150,000 | 7.42 | $ | 0.08 | - | - | ||||||||||||||||
$ | 0.17 | 650,000 | 5.42 | $ | 0.17 | 650,000 | 5.42 | ||||||||||||||||
$ | 0.17 | 400,000 | 6.42 | $ | 0.17 | 400,000 | 6.42 | ||||||||||||||||
$ | 0.17 | 400,000 | 7.42 | $ | 0.17 | 400,000 | 7.42 | ||||||||||||||||
$ | 0.29 | 154,000 | 1 | $ | 0.29 | 154,000 | 1 | ||||||||||||||||
1,754,000 | 1,604,000 |
NOTE_1_ORGANIZATION_AND_SUMMAR2
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 02, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | |
Rhino Rubber LLC [Member] | Rhino Rubber LLC [Member] | K-2 Industrial Tire, Inc. [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | |||
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | ||||||
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash, FDIC Insured Amount | $250,000 | ' | ' | ' | ' | ' | ' |
Concentration Risk, Customer | ' | ' | ' | ' | ' | 'two customers | 'two customers |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | 21.00% | 22.00% |
Provision for Doubtful Accounts | 59,577 | -26,450 | ' | ' | ' | ' | ' |
Inventory Valuation Reserves | 113,456 | 62,187 | ' | ' | ' | ' | ' |
Depreciation | 205,289 | 189,297 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 590,192 | 758,935 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | 303,245 | 253,929 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | 286,947 | 505,006 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' | ' | ' | ' | ' |
Other Finite-Lived Intangible Assets, Gross | 6,207 | 245,823 | ' | ' | ' | ' | ' |
Asset Impairment Charges | 168,743 | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | 49,315 | 24,621 | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 2,612,286 | 2,254 | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | 43,411,000 | ' | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Expiration Year | '2033 | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 111,973 | 73,721 | ' | ' | ' | ' | ' |
Product Warranty Accrual | 5,128 | 13,108 | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | 9,668 | 6,210 | ' | ' | ' |
Accounts Receivable, Related Parties, Current | 17,089 | 30,018 | 17,089 | 30,018 | ' | ' | ' |
Sales Commission, Percentage | ' | ' | ' | ' | 5.00% | ' | ' |
Other Commitment | ' | ' | ' | ' | 96,000 | ' | ' |
Long-term Debt, Current Maturities | 16,013 | 18,888 | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | $53,840 | $53,840 | ' | ' | ' | ' | ' |
NOTE_1_ORGANIZATION_AND_SUMMAR3
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Inventory (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Inventory [Abstract] | ' | ' |
Raw materials | $358,725 | $239,266 |
Finished goods | 525,722 | 366,673 |
Inventory reserve | -113,456 | -62,187 |
Inventory - net | $770,991 | $543,752 |
NOTE_1_ORGANIZATION_AND_SUMMAR4
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of the Estimated Useful Lives of Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2014 | |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Leasehold improvements | '5 years, or over lease term |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment, Estimated Useful Life | '5 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment, Estimated Useful Life | '10 years |
Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment, Estimated Useful Life | '7 years |
Automobiles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment, Estimated Useful Life | '5 years |
Software and Software Development Costs [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and Equipment, Estimated Useful Life | '3 years |
NOTE_1_ORGANIZATION_AND_SUMMAR5
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (USD $) | Jun. 30, 2014 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' |
2015 | $28,260 |
2016 | 28,260 |
2017 | 28,260 |
2018 | 28,260 |
2019 | $28,260 |
NOTE_1_ORGANIZATION_AND_SUMMAR6
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Deferred Tax Assets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Deferred Tax Assets [Abstract] | ' | ' |
NOL carryover | $16,930,200 | $16,690,000 |
Section 1231 loss carryover | 900 | 1,300 |
Allowance for doubtful accounts | 6,000 | 3,100 |
Related party accruals | 24,400 | 24,400 |
Inventory reserve | 44,200 | 24,300 |
R & D carryover | 195,400 | 195,400 |
Accrued vacation | 5,900 | 4,600 |
Depreciation | -44,300 | -162,900 |
Valuation allowance | -17,162,700 | -16,780,200 |
Net deferred tax asset | $0 | $0 |
NOTE_1_ORGANIZATION_AND_SUMMAR7
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Effective Income Tax Reconciliation (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Effective Income Tax Reconciliation [Abstract] | ' | ' |
Book income | ($495,200) | ($442,500) |
Depreciation | 54,300 | -8,100 |
Meals & entertainment | 3,300 | 6,900 |
Stock for services | 102,200 | 40,500 |
Accrued vacation | 1,300 | -300 |
Inventory reserve | 20,000 | 11,200 |
Receivable reserve | 2,900 | -11,400 |
Loss on asset disposal | 71,000 | 0 |
Valuation allowance | 240,200 | 403,700 |
$0 | $0 |
NOTE_2_NOTES_PAYABLE_AND_SHORT1
NOTE 2 - NOTES PAYABLE AND SHORT-TERM BORROWINGS (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | 31-May-13 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 15, 2010 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 15, 2010 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Line of Credit [Member] | Letter of Credit [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | |||
NOTE 2 - NOTES PAYABLE AND SHORT-TERM BORROWINGS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | $150,000 | ' | ' | ' | ' | $755,800 | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 12.00% | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.35 | ' | ' | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | 'If the holder elected such conversion, for each two shares in the conversion, the holder would also receive one warrant to purchase an additional share, exercisable at $0.60 per share for an exercise period of 2 years from the date of conversion. | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.13 | $0.60 | ' | $0.60 | ' | ' | ' |
Warrants, Term of Warrants | ' | ' | ' | ' | ' | ' | '2 years | '3 years | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | ' | ' | ' | ' | ' | ' | 142,856 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' |
Shares Issued, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.36 | ' | ' | ' |
Redemption Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | 460,000 | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 195,800 | 195,800 | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 559,429 | ' | ' | ' | ' |
Convertible Notes Payable, Current | 0 | 100,000 | ' | ' | ' | ' | ' | 100,000 | ' | 100,000 | ' | ' | ' | ' |
Interest Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500 | ' | ' | 4,363 | 14,504 |
Class of Warrant or Rights, Granted (in Shares) | ' | ' | ' | ' | ' | ' | ' | 500,000 | 279,715 | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | 6,500 | ' | ' | ' | ' | ' | ' |
Warrants, Fair Value of Warrants, Granted | ' | ' | ' | ' | ' | ' | ' | 40,970 | ' | ' | ' | ' | ' | ' |
Proceeds from Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 285,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-14 | ' | ' |
Debt Instrument, Collateral | ' | ' | 'The loan agreement is secured by customer purchase orders and uses a 2.0% factoring rate to determine the amount of the repayment. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Factor Rate | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt | 0 | 409,200 | ' | 124,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other (in Shares) | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Amount | ' | ' | ' | ' | $40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | $0.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTE_3_COMMITMENTS_AND_CONTING1
NOTE 3 - COMMITMENTS AND CONTINGENCIES (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
Jul. 01, 2014 | |
Land and Building [Member] | ' |
NOTE 3 - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | '1 year |
Operating Leases, Rent Expense, Minimum Rentals (in Dollars) | $11,000 |
Building [Member] | Area to be Occupied by Landlord [Member] | ' |
NOTE 3 - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' |
Area of Real Estate Property | 7,000 |
Building [Member] | Office Space [Member] | ' |
NOTE 3 - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' |
Area of Real Estate Property | 5,500 |
Building [Member] | ' |
NOTE 3 - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' |
Area of Real Estate Property | 49,200 |
Land [Member] | ' |
NOTE 3 - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' |
Area of Land (in Acres) | 4.15 |
NOTE_4_STOCK_TRANSACTIONS_Deta
NOTE 4 - STOCK TRANSACTIONS (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 08, 2014 | Dec. 13, 2013 | Dec. 13, 2013 | Mar. 05, 2013 | Mar. 05, 2013 | Mar. 05, 2013 | Mar. 05, 2013 | Dec. 31, 2013 |
Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Director [Member] | Employee [Member] | Director and Employee [Member] | Director and Employee [Member] | Line of Credit [Member] | |||
NOTE 4 - STOCK TRANSACTIONS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | 250,000 | 25,000 | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Gross (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $27,500 | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.08 |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Stock Issued During Period, Value, Other (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 | ' | ' | $0.00 | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Terms of Conversion | ' | ' | ' | 'Any issued 2013 Series Shares will convert to the Company’s common stock at a ratio of ten shares of common stock for each share of the 2013 Series Shares (1) at any time at the election of the holder; or (2) automatically on the date that is six years after the date of original issuance of the shares. | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share (in Dollars per share) | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement (in Dollars) | ' | ' | 1,978,478 | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs (in Dollars) | ' | ' | $19,522 | ' | ' | ' | ' | ' | ' | ' |
NOTE_5_STOCK_OPTIONS_AND_WARRA2
NOTE 5 - STOCK OPTIONS AND WARRANTS (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jul. 06, 2011 | Jul. 06, 2011 | Jul. 06, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 06, 2011 | Jul. 06, 2011 | Jul. 06, 2011 | Jul. 06, 2011 | Jun. 30, 2005 | Sep. 30, 2013 | Sep. 15, 2010 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 15, 2010 | |
Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Audit Chair Director [Member] | Chief Executive Officer [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | |||
Share-based Compensation Award, Tranche One [Member] | Share-based Compensation Award, Tranche Two [Member] | Share-based Compensation Award, Tranche Three [Member] | Options Extended [Member] | Options Extended for 2012 Service Period [Member] | Options Extended for 2013 Service Period [Member] | Options Extended for 2014 Service Period [Member] | Maximum [Member] | Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | 2005 Stock Option and Award Plan [Member] | 2005 Stock Option and Award Plan [Member] | Minimum [Member] | ||||||||
Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | Directors' 2011 Stock Option and Award Plan [Member] | |||||||||||||
NOTE 5 - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | 1,450,000 | 650,000 | 400,000 | 400,000 | 300,000 | ' | 3,300,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award, Option Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | ' | ' | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | $111,973 | $73,721 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable, Current (in Dollars) | 0 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 100,000 | ' |
Class of Warrant or Rights, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 279,715 | ' | ' |
Debt Issuance Cost (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500 | ' | ' | ' |
Warrants, Term of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.13 | $0.60 | ' | $0.60 |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $195,800 | $195,800 | ' |
Class of Warrant or Right, Outstanding | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTE_5_STOCK_OPTIONS_AND_WARRA3
NOTE 5 - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Valuation Assumptions | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Valuation Assumptions [Abstract] | ' | ' |
Risk free interest rate | ' | 0.33% |
Risk free interest rate | 0.75% | 0.75% |
Expected life | '6 years 6 months | '3 years |
Expected volatility | 103.35% | 47.64% |
Expected volatility | 109.33% | 84.38% |
Dividend yield | 0.00% | 0.00% |
NOTE_5_STOCK_OPTIONS_AND_WARRA4
NOTE 5 - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Share-based Compensation, Stock Options, Activity (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Share-based Compensation, Stock Options, Activity [Abstract] | ' | ' |
Outstanding beginning of period | 1,904,000 | 2,579,000 |
Outstanding beginning of period | $0.23 | $0.45 |
Granted | 150,000 | 300,000 |
Granted | $0.08 | $0.26 |
Expired/Cancelled | -300,000 | -975,000 |
Expired/Cancelled | $0.50 | $0.81 |
Exercised | 0 | 0 |
Exercised | $0 | $0 |
Outstanding end of period | 1,754,000 | 1,904,000 |
Outstanding end of period | $0.17 | $0.23 |
Exercisable | 1,604,000 | 1,204,000 |
Exercisable | $0.18 | $0.34 |
NOTE_5_STOCK_OPTIONS_AND_WARRA5
NOTE 5 - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Options at $0.08 [Member] | Options at $0.17 [Member] | Options at $0.17 #2 [Member] | Options at $0.17 #3 [Member] | Options at $0.29 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price (in Dollars per share) | ' | ' | ' | $0.08 | $0.17 | $0.17 | $0.17 | $0.29 |
Number of Options Outstanding | 1,754,000 | 1,904,000 | 2,579,000 | 150,000 | 650,000 | 400,000 | 400,000 | 154,000 |
Weighted Average Remaining Contractual Life of Outstading Options | ' | ' | ' | '7 years 153 days | '5 years 153 days | '6 years 153 days | '7 years 153 days | '1 year |
Weighted Average Exercise Price of Outstanding Options (in Dollars per share) | $0.17 | $0.23 | $0.45 | $0.08 | $0.17 | $0.17 | $0.17 | $0.29 |
Number of Exercisable Options | 1,604,000 | 1,204,000 | ' | 0 | 650,000 | 400,000 | 400,000 | 154,000 |
Weighted Average Remaining Contractual Life of Exercisable Options | ' | ' | ' | '0 years | '5 years 153 days | '6 years 153 days | '7 years 153 days | '1 year |