Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Mar. 01, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | METWOOD INC | |
Entity Central Index Key | 32,567 | |
Trading Symbol | mtwd | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Common Stock, Shares Outstanding | 17,766,647 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 113,662 | $ 91,309 |
Accounts receivable | 185,871 | 201,502 |
Inventory | 485,127 | 479,203 |
Other current assets | 27,636 | 12,454 |
Total current assets | 812,296 | 784,468 |
Property and Equipment | ||
Leasehold Improvements | 275,469 | 274,869 |
Furniture, fixtures and equipment | 78,222 | 78,222 |
Computer and software | 181,842 | 174,541 |
Machinery & Equipment | 744,885 | 720,585 |
Vehicles | 406,652 | 412,917 |
Land Improvements | 67,959 | 67,958 |
Total Property and Equipment | 1,755,029 | 1,729,092 |
Less accumulated depreciation | (1,239,184) | (1,199,154) |
Net Property and Equipment | 515,845 | 529,938 |
Total assets | 1,328,141 | 1,314,406 |
Current liabilities | ||
Accounts payable and accrued liabilities | 134,204 | 181,107 |
Accrued payroll expense | 17,921 | 18,881 |
Note payable to related party | 76,182 | 80,992 |
Total current liabilities | 228,307 | 280,980 |
Long term | ||
Convertible note payable related party | 5,882 | 0 |
Total long term liabilities | 5,882 | 0 |
Total liabilities | 234,189 | 280,980 |
Commitments and contingencies Note 4 | ||
Stockholder's equity | ||
Preferred stock (par $.001) 40,000,000 shares authorized 0 outstanding | ||
Common stock (par $.001) 100,000,000 authorized and 17,774,364 and 15,222,247 outstanding | 17,775 | 17,775 |
Paid in capital | 3,550,228 | 3,500,228 |
Accumulated deficit | (1,382,051) | (1,236,577) |
Contra equity-prepaid rent | (1,092,000) | (1,248,000) |
Total stockholders' equity | 1,093,952 | 1,033,426 |
Total liaibliities and stockholders euityies and stockholders' equity | $ 1,328,141 | $ 1,314,406 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
Stockholder's equity | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 17,774,364 | 15,222,247 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Consolidated Statements Of Operations | ||||
Gross sales | $ 509,360 | $ 349,183 | $ 1,034,865 | $ 848,652 |
Cost of sales | (317,662) | (188,719) | (651,259) | (479,174) |
Gross profit | 191,698 | 160,464 | 383,606 | 369,478 |
Operating expenses | ||||
Advertising | 5,052 | 5,877 | 15,601 | 14,930 |
Depreciation | 7,747 | 9,256 | 13,779 | 18,513 |
Insurance | 8,484 | 1,620 | 24,352 | 15,031 |
Payroll expense | 118,419 | 115,159 | 228,339 | 230,487 |
Professional fees | 485 | 14,323 | 11,778 | 35,550 |
Rent | 95,000 | 22,500 | 195,500 | 45,000 |
Telephone | 6,170 | 0 | 14,658 | 0 |
Vehicle | 5,473 | 2,123 | 11,600 | 7,246 |
Other | 15,799 | 25,311 | 32,418 | 59,879 |
Total operating expenses | 262,629 | 196,169 | 548,025 | 426,636 |
Operating income (loss) | (70,931) | (35,705) | (164,419) | (57,158) |
Income from insurance proceeds | 0 | 0 | 21,177 | 0 |
Interest expense | (1,471) | 0 | (5,882) | 0 |
Other income (expense) | (2,920) | 31,174 | 3,711 | 29,506 |
Total other income | (4,391) | 31,174 | 18,946 | 29,506 |
Net operating (loss) before income taxes | (75,322) | (4,531) | (145,473) | (27,652) |
Income tax benefit | 0 | 989 | 0 | 4,817 |
Net loss after taxes | $ (75,322) | $ (3,542) | $ (145,473) | $ (22,835) |
Basic loss per share | $ 0 | $ 0 | $ (0.01) | $ 0 |
Weighted number of shares outstanding | 17,666,647 | 17,666,647 | 17,666,647 | 17,666,647 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Consolidated Statements Of Cash Flow | ||
Net Income (loss) | $ (145,473) | $ (22,835) |
Depreciation | 40,030 | 32,999 |
Gain on insurance settlement | (21,177) | 0 |
Amortization of prepaid rent | 156,000 | 0 |
Amortization of convertible debt discount | 5,882 | 0 |
Provision for income tax | 0 | (4,817) |
(Increase) decrease in operating assets | ||
Accounts receivable | 10,820 | 57,353 |
Inventory | (5,925) | (57,479) |
Other current assets | (15,182) | 4,407 |
Increase (Decrease) in liabilities | ||
Accounts payable and accrued expenses | (46,903) | (187,373) |
Accrued payroll | (960) | 0 |
Net cash provided (used in operations) | (22,888) | (177,745) |
Investment Operations | ||
Property and equipment purchases | (25,936) | (21,731) |
Proceeds from insurance on assets | 21,177 | 0 |
Total cash provided (used) in investment operations | (4,759) | (21,731) |
Financing activities | ||
Convertible note related party | 50,000 | 0 |
Advances from related party | 0 | 135,208 |
Total financing activities | 50,000 | 135,208 |
Increase (decrease) in cash | 22,353 | (64,268) |
Beginning cash | 91,309 | 100,434 |
Ending Cash | 113,662 | 36,166 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 0 | 741 |
Income taxes paid | 0 | 0 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Debt discount on convertible note | $ 50,000 | $ 0 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND OPERATIONS | Metwood, Inc. (The Company) was incorporated under the laws of the State of Wyoming on June 19, 1969. On January 28, 2000, the Company, through a majority shareholder vote, changed its domicile to Nevada through a merger with EMC Energies, Inc., a Nevada corporation. The Company also changed its par value to $.001 and the amount of authorized common stock to 100,000,000 shares. Prior to 1990, the Company was engaged in the business of exploring for and producing oil and gas in the Rocky Mountain and mid-continental areas of the United States. The Company liquidated substantially all of its assets in 1990 and was dormant until June 30, 2000, when it acquired, in a stock-for-stock, tax-free exchange, all of the outstanding common stock of a privately held Virginia corporation, Metwood, Inc. (“Metwood”), which was incorporated in 1993. Metwood has been in the metal and metal/wood construction materials manufacturing business since 1992. Following the acquisition, the Company approved a name change from EMC Energies, Inc. to Metwood, Inc. The Company provides construction-related products and engineering services to residential customers and contractors, commercial contractors, developers and retail enterprises, primarily in southwesternVirginia. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | Going Concern Our consolidated financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We have sustained significant operating losses which raises substantial doubt about the Company’s ability to continue as a going concern. During the six months ended December 31, 2016, the Company incurred a loss from operations of $145,473 and has an accumulated deficit of $1,382,051. Management will continue its ongoing efforts to increase the customer base and seek lower cost suppliers to generate future profits. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. The basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. Basis of Presentation For further information, refer to the consolidated financial statements and footnotes thereto included in Metwood, Inc.’s annual report on Form 10-K for the year ended June 30, 2016. Fair Value of Financial Instruments Management’s Use of Estimates Cash and Cash Equivalents Accounts Receivable Inventory Property and Equipment Impairment of Long-lived Assets Patents Revenue Recognition Income Taxes Research and Development Earnings Per Common Share Recent Accounting Pronouncements In February, 2016 the FASB issued ASU 20 16-0 2, “Leases (Topic 842)” requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The adoption of this standard is not expected have a material impact on the Company’s consolidated financial statements. |
CONCENTRATIONS OF CUSTOMER RISK
CONCENTRATIONS OF CUSTOMER RISK | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 3 - CONCENTRATIONS OF CUSTOMER RISK | For the six months ended December 31, 2016, the customers that individually accounted for 10% or more of our company’s revenues are shown in the table below % of Sales % of Accounts Receivable 84 Lumber 15.7 0 Builders First Source 11.6 0 Capps Home Building 0 16.66 David James Homes 0 16.12 Superior Home 0 21.36 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - COMMITMENTS AND CONTINGENCIES | In prior years, The Company implemented a stock-based incentive compensation plan for its employees. Participating employees have an after-tax deduction withheld by the Company throughout the calendar year. As of December 31 of each year, the employee is considered vested in the plan, and The Company will match the participating employee’s withheld amounts. The Company may also make a discretionary contributions based upon pay incentives or attendance. Periodically, The Company will purchase restricted stock on behalf of the employee in the amount of their withholding , our match, and any discretionary contributions. This plan was discontinued in fiscal year 2015 and there are no liabilities for past contributions either in cash or unissued common stock. During the year ended June 30, 2005, The Company into as sales and leaseback transaction with a related party. The Company sold various buildings at the corporate headquarters which house it’s manufacturing plants, executive offices and other buildings for $600,000 in cash. The Company simultaneously entered into a commercial lease agreement with the related party whereby the Company is committed to lease back these same properties for $6,800 per month over a ten-year term expiring December 31, 2014. On July 1, 2015 a new lease was entered into with the related party. This lease has a term of five years and the monthly rental is $5,500 in cash, in addition the Company issued common stock as part of the transaction. The Company incurred rent expense of $195,500 including the amortization of prepaid rent of $156,000 for the six months ended December 31, 2016. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 5 - RELATED-PARTY TRANSACTIONS | The Company has executed a demand note with it’s controlling shareholder, Cahas Mountain, LLC, that Cahas Mountain will make available cash advances from time to time to bridge cash flow shortfalls. These advances ae repaid to Cahas Mountain as cash flow allows. The unpaid balance due to Cahas Mountain at the end of each month is subject to an interest rate of 6% per year, At December 31, 2016 and 2015, advances under this note are payable to Cahas Mountain Properties of approximately $76,000 and $81,000, respectively. Accrued interest payable to Cahas Mountain Properties totaled approximately $19,000 and $19,000 at December 31, 2016 and June 30, 2016 respectively. The Company recognized interest expense of approximately $0 and $2,150 for the six months ended December 31,2016 and 2015, respectively, The unpaid advances are due on demand. On August 18, 2016 the Company entered into a convertible note with Cahas Mountain in the amount of $50,000 with an interest rate of 8% per year, this note expires on June 30, 2019. The note is convertible into common shares of Metwood, Inc. at par value of $.001 and if converted in its entirety will dilute the current shareholders by a maximum of 50,000,000 shares of common stock. The maximum conversion in any year is 10,000,000 shares of common stock. A debt discount of $50,000 was recorded at issuance and $5,822 was amortized during the six months ended December 31, 2016. |
EQUITY
EQUITY | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 6 - EQUITY | During the six months ended December 31,2016 The Company did not issue any preferred shares or common shares of stock. There are 100,000,000 shares of common stock authorized and at the quarter end there are 17,774,364 shares issued and outstanding. The authorized preferred stock is 40,000,000 shares and there are -0- shares of preferred stock issued and outstanding. If the convertible note that is covered in the related party note (Note 5) and |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 7 - LEGAL PROCEEDINGS | On June 27, 2016, a law suit was brought against the company alleging breach of contract. This action alleges that the company failed to complete a contract that would have transferred control of the public portion of the company to third parties. The company attorneys has determined that there is an affirmative defense against this claim and that the company will prevail. See note 8. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 8 - SUBSEQUENT EVENTS | The law suit in Note 7 was subsequently decided in the favor of the company and the judgment was upheld on appeal. Final judgment was rendered in October 2017. A contract that will eventually change control of the company was entered into on October 11, 2018 and is planned to close within the first quarter of calendar year 2019. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Practices | |
Going Concern | Our consolidated financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We have sustained significant operating losses which raises substantial doubt about the Company’s ability to continue as a going concern. During the six months ended December 31, 2016, the Company incurred a loss from operations of $145,473 and has an accumulated deficit of $1,382,051. Management will continue its ongoing efforts to increase the customer base and seek lower cost suppliers to generate future profits. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. The basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals unless otherwise indicated) considered necessary for a fair presentation have been included. Operating results for the three month period ended December 31,2016 are not necessarily indicative of the results that may be expected for the year ended June 30, 2017. The condensed balance sheet at June 30, 2016 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Metwood, Inc.’s annual report on Form 10-K for the year ended June 30, 2016. |
Fair Value of Financial Instruments | For certain of the Company’s financial instruments, none of which are held for trading, including cash, accounts receivable, accounts payable and accrued expenses, the carrying amounts approximate fair value due to their short maturities. |
Management's Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the Consolidated Statements of cash Flows, we consider liquid investments with an original maturity of six months or less to be cash equivalents. We maintain our cash in bank deposit accounts, which, at times, may exceed the federally insured limit of $250,000. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on cash and cash equivalents. |
Accounts Receivable | We grant credit in the form of unsecured accounts receivable to our customers based on an evaluation of their financial condition. We perform ongoing credit evaluations of our customers. The estimate of the allowance for doubtful accounts, which is charged off to bad debt expense, is based on management’s assessment of current economic conditions and historical collection experience with each customer. At December 31, 2016, the allowance for doubtful accounts was $ 8,362. Specific customer receivables are considered past due when they are outstanding beyond their contractual terms and are charged off to bad debt expense when they are determined to be uncollectible. For the six months ended December 31, 2016 and 2015, the net amount of bad debts charged off was $-0-. |
Inventory | Inventory, consisting of metal and wood raw materials, is located on our premises and is stated at the lower of cost or market using the first-in, first-out method. At December 31, 2016 the inventory consisted of raw materials of $372,586 and work in process of $112,541. |
Property and Equipment | Property and equipment are recorded at cost and include expenditures for improvements when they substantially increase the productive lives of existing assets. Maintenance and repair costs are expensed to operations as incurred. Depreciation is computed using the straight-line method over the assets’ estimated useful lives, which range from three to forty years. When a fixed asset is disposed of, its cost and related accumulated depreciation are removed from the accounts. The difference between undepreciated cost and the proceeds is recorded as a gain or loss. |
Impairment of Long-lived Assets | We evaluate our long-lived assets for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amounts to the future net undiscounted cash flows which the assets are expected to generate. Should an impairment exist, the impairment would be measured by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from the asset. There have been no such impairments of long-lived assets through December 31,2016. |
Patents | We have been assigned several key product patents developed by certain company officers. No value has been recorded in our financial statements because the fair value of the patents was not determinable within reasonable limits at the date of assignment. The company has been developing additional products. |
Revenue Recognition | Revenue is recognized when goods are shipped and earned or when services are performed, provided collection of the resulting receivable is probable. If any material contingencies are present, revenue recognition is delayed until all material contingencies are eliminated. Further, no revenue is recognized unless collection of the applicable consideration is probable. |
Income Taxes | Income taxes are accounted for in accordance with FASB ASC 740, “Income Taxes”. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and for net operating loss carryforwards where applicable. 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 the entire deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. |
Research and Development | We perform research and development on our metal/wood products, new product lines, and new patents. Costs, if any, are expensed as they are incurred. Research and development costs for the three months ended December 31,2016 and 2015 were $-0- and $1,500, respectively. |
Earnings Per Common Share | Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. This presentation has been adopted for the quarters presented. There were no adjustments required to net loss for the years presented in the computation of diluted earnings per share. If the convertible note with the related party is converted in it’s entirety an additional 50,000,000 shares of common stock will be issued. The maximum number of shares that can be issued in any one year is 10,000,000. If the change of control contact is consummated than an additional 30,000,000 shares of common stock will be issued. |
Recent Accounting Pronouncements | In February, 2016 the FASB issued ASU 20 16-0 2, “Leases (Topic 842)” requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The adoption of this standard is not expected have a material impact on the Company’s consolidated financial statements. In February, 2016 the FASB issued ASU 20 16-0 2, “Leases (Topic 842)” requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The adoption of this standard is not expected have a material impact on the Company’s consolidated financial statements. |
CONCENTRATIONS OF CUSTOMER RI_2
CONCENTRATIONS OF CUSTOMER RISK (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Concentrations Of Customer Risk | |
Schedule of customer concentration sales and accounts receivable | % of Sales % of Accounts Receivable 84 Lumber 15.7 0 Builders First Source 11.6 0 Capps Home Building 0 16.66 David James Homes 0 16.12 Superior Home 0 21.36 |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details Narrative) - $ / shares | 3 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2016 | |
Organization And Operations | |||
State of incorporation | Wyoming | ||
Date of incorporation | Jun. 19, 1969 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Operating income (loss) | $ (70,931) | $ (35,705) | $ (164,419) | $ (57,158) | |
Income (loss) from operations | (75,322) | (3,542) | (145,473) | (22,835) | |
Accumulated deficit | (1,382,051) | (1,382,051) | $ (1,236,577) | ||
FDIC insured amount | 250,000 | 250,000 | |||
Allowance for doubtful accounts receivable, current | 8,362 | 8,362 | |||
Bad debts charged off | 0 | $ 0 | |||
Raw materials | 372,586 | 372,586 | |||
Work in process inventory | 112,541 | $ 112,541 | |||
Research and development expense | $ 0 | $ 1,500 | |||
Description for antidilutive effect of securities excluded from computation of EPS | If the convertible note with the related party is converted in it’s entirety an additional 50,000,000 shares of common stock will be issued. The maximum number of shares that can be issued in any one year is 10,000,000. If the change of control contact is consummated than an additional 30,000,000 shares of common stock will be issued.</font></p> | ||||
Minimum [Member] | |||||
Property, plant and equipment, useful life | 3 years | ||||
Maximum [Member] | |||||
Property, plant and equipment, useful life | 40 years |
CONCENTRATIONS OF CUSTOMER RI_3
CONCENTRATIONS OF CUSTOMER RISK (Details) | 6 Months Ended |
Dec. 31, 2016 | |
Sales [Member] | 84 Lumber [Member] | |
Concentration Risk, Percentage | 15.70% |
Sales [Member] | Builders First Source[Member] | |
Concentration Risk, Percentage | 11.60% |
Sales [Member] | Capps Home Building [Member] | |
Concentration Risk, Percentage | 0.00% |
Sales [Member] | David James Homes [Member] | |
Concentration Risk, Percentage | 0.00% |
Sales [Member] | Superior Home [Member] | |
Concentration Risk, Percentage | 0.00% |
Accounts Receivable [Member] | 84 Lumber [Member] | |
Concentration Risk, Percentage | 0.00% |
Accounts Receivable [Member] | Builders First Source[Member] | |
Concentration Risk, Percentage | 0.00% |
Accounts Receivable [Member] | Capps Home Building [Member] | |
Concentration Risk, Percentage | 16.66% |
Accounts Receivable [Member] | David James Homes [Member] | |
Concentration Risk, Percentage | 16.12% |
Accounts Receivable [Member] | Superior Home [Member] | |
Concentration Risk, Percentage | 21.36% |
CONCENTRATIONS OF CUSTOMER RI_4
CONCENTRATIONS OF CUSTOMER RISK (Details Narrative) | 6 Months Ended |
Dec. 31, 2016 | |
Concentrations Of Customer Risk Details Narrative Abstract | |
Percentage of revenues of accounts receivable | 10.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2005 | |
Commercial Lease Agreement [Member] | ||
Term of lease | 5 years | |
Term of lease description | The Company simultaneously entered into a commercial lease agreement with the related party whereby the Company is committed to lease back these same properties for $6,800 per month over a ten-year term expiring December 31, 2014.</font></p> | |
Rent expense | $ 195,500 | |
Operating leases, rent expense | 5,500 | |
Prepaid rent | $ 156,000 | |
Corporate Headquarters [Member] | ||
Property, plant and equipment sold in exchange for cash | $ 600,000 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Aug. 18, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Amortization of note discount | $ 5,822 | |||
Debt discount on convertible note | $ 50,000 | $ 0 | ||
Cahas Mountain Properties [Member] | ||||
Interest rate | 6.00% | 6.00% | ||
Advances payable, related parties | $ 76,000 | $ 81,000 | ||
Accrued interest payable | 19,000 | $ 19,000 | ||
Interest expense | 0 | $ 2,150 | ||
Cahas Mountain, LLC. [Member] | Convertible Note Payable [Member] | ||||
Interest rate | 8.00% | |||
Convertible note payable | $ 50,000 | |||
Expires date | Jun. 30, 2019 | |||
Description for terms of conversion feature | The note is convertible into common shares of Metwood, Inc. at par value of $.001 and if converted in its entirety will dilute the current shareholders by a maximum of 50,000,000 shares of common stock. The maximum conversion in any year is 10,000,000 shares of common stock.</font></p> | |||
Amortization of note discount | 5,822 | |||
Debt discount on convertible note | $ 50,000 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - shares | 6 Months Ended | |||
Dec. 31, 2016 | Oct. 11, 2018 | Sep. 30, 2016 | Jun. 30, 2016 | |
Common stock, authorized | 100,000,000 | 100,000,000 | 100,000,000 | |
Common stock, issued | 17,774,364 | |||
Common stock, outstanding | 17,774,364 | 15,222,247 | ||
Preferred stock, authorized | 40,000,000 | 40,000,000 | ||
Preferred stock, issued | 0 | |||
Preferred stock, outstanding | 0 | 0 | ||
Common stock issuable upon conversion, Shares | 50,000,000 | |||
Emerge Nutraceuticals, Inc. [Member] | Subsequent Event [Member] | ||||
Common stock shares reserved for future issuance | 30,000,000 |