Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 11, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CHASE GENERAL CORP | |
Entity Central Index Key | 15,357 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 969,834 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 29,912 | $ 84,204 |
Trade Receivables, Net of Allowance for Doubtful Accounts of $16,596 and $16,296, Respectively | 699,168 | 187,607 |
Inventories: | ||
Finished Goods | 290,334 | 377,853 |
Goods in Process | 10,959 | 13,815 |
Raw Materials | 104,216 | 90,506 |
Packaging Materials | 165,137 | 130,726 |
Prepaid Expenses | 41,391 | 5,689 |
Deferred Income Taxes | 7,077 | 7,288 |
Total Current Assets | 1,348,194 | 897,688 |
PROPERTY AND EQUIPMENT | ||
Land | 35,000 | 35,000 |
Buildings | 77,348 | 77,348 |
Machinery and Equipment | 817,836 | 807,325 |
Trucks and Autos | 212,100 | 198,845 |
Office Equipment | 31,518 | 31,518 |
Leasehold Improvements | 72,068 | 72,068 |
Total | 1,245,870 | 1,222,104 |
Less Accumulated Depreciation | 845,543 | 861,341 |
Total Property and Equipment, Net | 400,327 | 360,763 |
Total Assets | 1,748,521 | 1,258,451 |
CURRENT LIABILITIES | ||
Accounts Payable | 333,751 | 111,944 |
Current Maturities of Notes Payable | 235,749 | 8,297 |
Accrued Expenses | 47,942 | 17,966 |
Income Taxes Payable | 8,691 | 26,119 |
Deferred Income | 1,299 | 1,299 |
Total Current Liabilities | 627,432 | 165,625 |
LONG-TERM LIABILITIES | ||
Deferred Income | 11,038 | 11,362 |
Notes Payable, Less Current Maturities | 49,811 | 14,004 |
Deferred Income Taxes | 95,392 | 98,866 |
Total Long-Term Liabilities | 156,241 | 124,232 |
Total Liabilities | $ 783,673 | $ 289,857 |
COMMITMENTS AND CONTINGENCIES | ||
Capital Stock Issued and Outstanding: | ||
Common Stock, $1 Par Value | $ 969,834 | $ 969,834 |
Paid-In Capital in Excess of Par | 3,134,722 | 3,134,722 |
Accumulated Deficit | (5,501,148) | (5,497,402) |
Total Stockholders' Equity | 964,848 | 968,594 |
Total Liabilities and Stockholders' Equity | 1,748,521 | 1,258,451 |
Prior Cumulative Preferred Stock, $5 Par Value | Series A | ||
Capital Stock Issued and Outstanding: | ||
Preferred stock, value | 500,000 | 500,000 |
Prior Cumulative Preferred Stock, $5 Par Value | Series B | ||
Capital Stock Issued and Outstanding: | ||
Preferred stock, value | 500,000 | 500,000 |
Cumulative Preferred Stock, $20 Par Value | Series A | ||
Capital Stock Issued and Outstanding: | ||
Preferred stock, value | 1,170,660 | 1,170,660 |
Cumulative Preferred Stock, $20 Par Value | Series B | ||
Capital Stock Issued and Outstanding: | ||
Preferred stock, value | $ 190,780 | $ 190,780 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Allowance for doubtful accounts on trade receivables (in dollars) | $ 16,596 | $ 16,296 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Prior Cumulative Preferred Stock, $5 Par Value | Series A | ||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, liquidation preference (in dollars) | $ 2,227,500 | $ 2,220,000 |
Prior Cumulative Preferred Stock, $5 Par Value | Series B | ||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, liquidation preference (in dollars) | $ 2,182,500 | $ 2,175,000 |
Cumulative Preferred Stock, $20 Par Value | Series A | ||
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
Preferred stock, liquidation preference (in dollars) | $ 5,033,830 | $ 5,019,197 |
Cumulative Preferred Stock, $20 Par Value | Series B | ||
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
Preferred stock, liquidation preference (in dollars) | $ 820,362 | $ 817,977 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||
NET SALES | $ 1,063,103 | $ 991,908 |
COST OF SALES | 843,383 | 715,070 |
Gross Profit on Sales | 219,720 | 276,838 |
OPERATING EXPENSES | ||
Selling | 122,776 | 114,641 |
General and Administrative | 115,051 | $ 121,381 |
Gain on Sale of Equipment | (12,374) | |
Total Operating Expenses | 225,453 | $ 236,022 |
Income (Loss) from Operations | (5,733) | 40,816 |
OTHER INCOME (EXPENSE) | ||
Miscellaneous Income | 378 | 12,022 |
Interest Expense | (271) | (887) |
Total Other Income (Expense), Net | 107 | 11,135 |
Income (Loss) before Income Taxes | (5,626) | 51,951 |
PROVISION (BENEFIT) FOR INCOME TAXES | (1,880) | 17,250 |
NET INCOME (LOSS) | $ (3,746) | $ 34,701 |
NET LOSS PER SHARE OF COMMON STOCK | ||
Basic (in dollars per share) | $ (0.04) | $ 0 |
Diluted (in dollars per share) | $ (0.04) | $ 0 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ (3,746) | $ 34,701 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Used by Operating Activities: | ||
Depreciation and Amortization | 29,574 | 21,814 |
Allowance for Bad Debts | 300 | 300 |
Deferred Income Amortization | (324) | (324) |
Deferred Income Taxes | (3,263) | $ (7,405) |
(Gain) on Sale of Equipment | (12,374) | |
Effects of Changes in Operating Assets and Liabilities: | ||
Trade Receivables | (511,861) | $ (508,492) |
Inventories | 42,254 | (11,934) |
Prepaid Expenses | (35,702) | (1,450) |
Accounts Payable | 221,807 | 288,401 |
Accrued Expenses | 29,976 | (96,871) |
Income Taxes Payable | (17,428) | 8,722 |
Net Cash Used by Operating Activities | (260,787) | (272,538) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of Property and Equipment | (14,082) | (11,386) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Line-of-Credit | 225,000 | 135,000 |
Principal Payments on Notes Payable | (4,423) | (11,705) |
Net Cash Provided by Financing Activities | 220,577 | 123,295 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (54,292) | (160,629) |
Cash and Cash Equivalents - Beginning of Period | 84,204 | 162,435 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 29,912 | $ 1,806 |
GENERAL
GENERAL | 3 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 GENERAL The condensed consolidated balance sheet of Chase General Corporation (hereinafter referred to as “Chase”, “we”, “our”, and “us”) at June 30, 2015 has been taken from audited consolidated financial statements at that date and condensed. The condensed consolidated financial statements as of and for the three months ended September 30, 2015 and for the three months ended September 30, 2014 are unaudited and reflect all normal and recurring accruals and adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, operating results and cash flows for the interim periods presented in this quarterly report. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended June 30, 2015. The results of operations for the three months ended September 30, 2015 and cash flows for the three months ended September 30, 2015 are not necessarily indicative of the results for the entire fiscal year ending June 30, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present financial position, results of operations and cash flows for the periods have been included. No events have occurred subsequent to September 30, 2015, through the date of filing this form, that would require disclosure in this Form 10-Q or would be required to be recognized in the condensed consolidated financial statements as of or for the three month period ended September 30, 2015. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 2 EARNINGS PER SHARE The income per share was computed on the weighted average of outstanding common shares during the period. Three Months Ended September 30 2015 2014 Net Income (Loss) $ (3,746 ) $ 34,701 Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 Total Dividend Requirements 32,018 32,018 Net Income (Loss) - Common Stockholders $ (35,764 ) $ 2,683 Diluted earnings per share are calculated by including contingently issuable shares with the weighted average shares outstanding. Three Months Ended September 30 2015 2014 Weighted Average Shares - Basic 969,834 969,834 Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334 Weighted Average Shares – Diluted 2,003,168 2,003,168 Basic Earnings (Loss) per Share $ (0.04 ) $ 0.00 Diluted Earnings (Loss) per Share $ (0.04 ) $ 0.00 The contingently issuable shares were not included in diluted earnings per common share as they would have an antidilutive effect upon earnings per share. Cumulative Preferred Stock dividends in arrears at September 30, 2015 and 2014 totaled $7,852,752 and $7,724,680, respectively. Total dividends in arrears, on a per share basis, consist of the following: Three Months Ended September 30 2015 2014 6% Convertible Series A $ 17 $ 17 Series B 17 16 5% Convertible Series A $ 66 $ 65 Series B 66 65 The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 a share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. It may be exchanged for common stock at the option of the shareholders in the ratio of 4 common shares for one share of Series A and 3.75 common shares for one share of Series B. The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of preferred. |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | NOTE 3 NOTES PAYABLE The Company’s long-term debt consists of: September 30, June 30, Payee Terms 2015 2015 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 3, 2016, with a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. $ 225,000 $ - Ford Credit $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle. 17,878 19,151 Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2020, secured by a vehicle. 42,682 - Ford Credit $517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle. - 3,150 Total 285,560 22,301 Less Current Portion 235,749 8,297 Long-Term Portion $ 49,811 $ 14,004 Future minimum payments for the twelve months ending September 30 are: 2016 $ 235,749 2017 11,796 2018 12,340 2019 9,123 2020 7,694 Thereafter 8,858 Total $ 285,560 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 4 INCOME TAXES The Company follows the provisions for uncertain tax positions as addressed in Financial Accounting Standards Board Accounting Standards Codification 740-10. The Company recognized no liability for unrecognized tax benefits at September 30, 2015. The Company has no material tax positions at September 30, 2015 for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. The Company’s federal income tax returns for the fiscal years ended 2013, 2014 and 2015 are subject to examination by the IRS taxing authority. |
SUPPLEMENTAL DISCLOSURES OF CAS
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | 3 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | NOTE 5 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Three Months Ended September 30 2015 2014 Cash Paid for: Interest $ 136 $ 887 Income Taxes $ 27,700 $ 15,933 Noncash Transactions: Financing of New Vehicles $ 42,682 $ - |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS | 3 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUONCEMENTS | NOTE 6 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board issued new accounting guidance for the recognition of revenue from contracts with customers, which will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company’s fiscal year 2019, and early adoption is not permitted. The Company is evaluating the effect the new guidance will have on its consolidated financial statements and related disclosures. The Company has not yet determined the effect of the standard on its ongoing financial reporting. There have been no other newly issued or newly applicable accounting pronouncements that have, or are expected to have, a significant impact on the Company’s financial statements. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of income per share computed on the weighted average of outstanding common shares | Three Months Ended September 30 2015 2014 Net Income (Loss) $ (3,746 ) $ 34,701 Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 Total Dividend Requirements 32,018 32,018 Net Income (Loss) - Common Stockholders $ (35,764 ) $ 2,683 |
Schedule of diluted earnings per share calculated by including contingently issuable shares with the weighted average shares outstanding | Three Months Ended September 30 2015 2014 Weighted Average Shares - Basic 969,834 969,834 Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334 Weighted Average Shares – Diluted 2,003,168 2,003,168 Basic Earnings (Loss) per Share $ (0.04 ) $ 0.00 Diluted Earnings (Loss) per Share $ (0.04 ) $ 0.00 |
Schedule of total dividends in arrears, on a per share basis | Three Months Ended September 30 2015 2014 6% Convertible Series A $ 17 $ 17 Series B 17 16 5% Convertible Series A $ 66 $ 65 Series B 66 65 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
Schedule of long-term debt | September 30, June 30, Payee Terms 2015 2015 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 3, 2016, with a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. $ 225,000 $ - Ford Credit $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle. 17,878 19,151 Ford Credit $705 monthly payments, interest of 5.8%; final payment due October 2020, secured by a vehicle. 42,682 - Ford Credit $517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle. - 3,150 Total 285,560 22,301 Less Current Portion 235,749 8,297 Long-Term Portion $ 49,811 $ 14,004 |
Schedule of future minimum payments of long term debt | 2016 $ 235,749 2017 11,796 2018 12,340 2019 9,123 2020 7,694 Thereafter 8,858 Total $ 285,560 |
SUPPLEMENTAL DISCLOSURES OF C14
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flow information | Three Months Ended September 30 2015 2014 Cash Paid for: Interest $ 136 $ 887 Income Taxes $ 27,700 $ 15,933 Noncash Transactions: Financing of New Vehicles $ 42,682 $ - |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Class of Stock [Line Items] | ||
Net Income (Loss) | $ (3,746) | $ 34,701 |
Preferred Dividend Requirements: | ||
Total Dividend Requirements | 32,018 | 32,018 |
Net Income (Loss) - Common Stockholders | (35,764) | 2,683 |
6% Prior Cumulative Preferred, $5 Par Value | ||
Preferred Dividend Requirements: | ||
Total Dividend Requirements | 15,000 | 15,000 |
5% Convertible Cumulative Preferred, $20 Par Value | ||
Preferred Dividend Requirements: | ||
Total Dividend Requirements | $ 17,018 | $ 17,018 |
EARNINGS PER SHARE (Parenthetic
EARNINGS PER SHARE (Parentheticals) (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
6% Prior Cumulative Preferred, $5 Par Value | ||
Class of Stock [Line Items] | ||
Stated percentage of preferred stock | 6.00% | 6.00% |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
5% Convertible Cumulative Preferred, $20 Par Value | ||
Class of Stock [Line Items] | ||
Stated percentage of preferred stock | 5.00% | 5.00% |
Preferred stock, par value (in dollars per share) | $ 20 | $ 20 |
EARNINGS PER SHARE (Details 1)
EARNINGS PER SHARE (Details 1) - $ / shares | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted Average Shares - Basic (in shares) | 969,834 | 969,834 |
Dilutive Effect of Contingently Issuable Shares (in shares) | 1,033,334 | 1,033,334 |
Weighted Average Shares - Diluted (in shares) | 2,003,168 | 2,003,168 |
Basic Earnings (Loss) per Share (in dollars per share) | $ (0.04) | $ 0 |
Diluted Earnings (Loss) per Share (in dollars per share) | $ (0.04) | $ 0 |
EARNINGS PER SHARE (Details 2)
EARNINGS PER SHARE (Details 2) - $ / shares | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
6% Prior Convertible Cumulative Preferred Stock - Series A | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | $ 17 | $ 17 |
6% Prior Convertible Cumulative Preferred Stock - Series B | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | 17 | 16 |
5% Convertible Cumulative Preferred Stock - Series A | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | 66 | 65 |
5% Convertible Cumulative Preferred Stock - Series B | ||
Class of Stock [Line Items] | ||
Cumulative preferred stock dividends in arrears | $ 66 | $ 65 |
EARNINGS PER SHARE (Detail Text
EARNINGS PER SHARE (Detail Textuals) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Class of Stock [Line Items] | ||
Total cumulative preferred stock dividends in arrears | $ 7,852,752 | $ 7,724,680 |
6% Prior Cumulative Preferred, $5 par value | ||
Class of Stock [Line Items] | ||
Redemption price per share (in dollars per share) | $ 5.25 | $ 5.25 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 5.25 | $ 5.25 |
6% Prior Convertible Cumulative Preferred Stock - Series A | ||
Class of Stock [Line Items] | ||
Number of common stock exchanged for each preferred stock held | 4 | 4 |
6% Prior Convertible Cumulative Preferred Stock - Series B | ||
Class of Stock [Line Items] | ||
Number of common stock exchanged for each preferred stock held | 3.75 | 3.75 |
5% Convertible Cumulative Preferred, $20 Par Value | ||
Class of Stock [Line Items] | ||
Redemption price per share (in dollars per share) | $ 21 | $ 21 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 20 | $ 20 |
Number of common stock exchanged for each preferred stock held | 3.795 | 3.795 |
NOTES PAYABLE - Long-term debt
NOTES PAYABLE - Long-term debt (Details) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 285,560 | $ 22,301 |
Less Current Portion | 235,749 | 8,297 |
Long-Term Portion | 49,811 | $ 14,004 |
Nodaway Valley Bank: $350,000 line-of-credit agreement expiring on January 3, 2016, with a variable interest rate at prime but not less than 5% | ||
Debt Instrument [Line Items] | ||
Total | 225,000 | |
Ford Credit: $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | 17,878 | $ 19,151 |
Ford Credit: $705 monthly payments, interest of 5.8%; final payment due October 2020, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | $ 42,682 | |
Ford Credit: $517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Total | $ 3,150 |
NOTES PAYABLE - Long-term deb21
NOTES PAYABLE - Long-term debt (Parentheticals) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Jun. 30, 2015 | |
Nodaway Valley Bank: $350,000 line-of-credit agreement expiring on January 3, 2016, with a variable interest rate at prime but not less than 5% | ||
Debt Instrument [Line Items] | ||
Line-of-credit agreement, amount | $ 350,000 | $ 350,000 |
Interest rate, description | variable interest rate | variable interest rate |
Interest rate | 5.00% | 5.00% |
Ford Credit: $468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Notes payable, periodic payment | $ 468 | $ 468 |
Notes payable, frequency | monthly | monthly |
Interest rate | 2.90% | 2.90% |
Ford Credit: $705 monthly payments, interest of 5.8%; final payment due October 2020, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Notes payable, periodic payment | $ 705 | $ 705 |
Notes payable, frequency | monthly | monthly |
Interest rate | 5.80% | 5.80% |
Ford Credit: $517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle | ||
Debt Instrument [Line Items] | ||
Notes payable, periodic payment | $ 517 | $ 517 |
Notes payable, frequency | monthly | monthly |
Interest rate | 0.00% | 0.00% |
NOTES PAYABLE - Future minimum
NOTES PAYABLE - Future minimum payments (Details 1) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Notes Payable [Abstract] | ||
2,016 | $ 235,749 | |
2,017 | 11,796 | |
2,018 | 12,340 | |
2,019 | 9,123 | |
2,020 | 7,694 | |
Thereafter | 8,858 | |
Total | $ 285,560 | $ 22,301 |
SUPPLEMENTAL DISCLOSURES OF C23
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Paid for: | ||
Interest | $ 136 | $ 887 |
Income Taxes | 27,700 | $ 15,933 |
Noncash Transactions: | ||
Financing of New Vehicles | $ 42,682 |