Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Feb. 08, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | PROCYON CORP | |
Entity Central Index Key | 0000812306 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 8,087,388 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
CURRENT ASSETS | ||
Cash | $ 96,630 | $ 290,287 |
Certificates of Deposit, plus accrued interest | 155,055 | 153,951 |
Accounts Receivable, less allowance for doubtful accounts of $6,719 and $6,719, respectively. | 631,602 | 419,630 |
Inventories | 590,827 | 485,433 |
Prepaid Expenses | 278,754 | 244,494 |
TOTAL CURRENT ASSETS | 1,752,868 | 1,593,795 |
PROPERTY AND EQUIPMENT, NET | 471,908 | 488,460 |
OTHER ASSETS | ||
Deposits | 4,192 | 4,192 |
Inventories | 171,734 | 123,204 |
Intangible Asset | 17,000 | 17,000 |
ROU assets - operating leases at December 31, 2019 | 52,295 | |
Deferred Tax Asset, net valuation allowance of $171,381 and $171,381, respectively. | 172,359 | 208,281 |
417,580 | 352,677 | |
TOTAL ASSETS | 2,642,356 | 2,434,932 |
CURRENT LIABILITIES | ||
Accounts Payable | 112,849 | 147,445 |
Accrued Expenses | 336,170 | 228,490 |
Lease Liabilities - Operating Leases, Current Portion | 45,343 | |
TOTAL CURRENT LIABILITIES | 494,362 | 375,935 |
LONG TERM LIABILITIES | ||
Lease Liability - Operating Leases | 12,299 | |
TOTAL LONG TERM LIABILITIES | 12,299 | |
COMMITMENTS AND CONTINGENCIES (NOTE I) | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | ||
Common Stock, no par value, 80,000,000 shares authorized; 8,087,388 shares issued and outstanding. | 4,444,766 | 4,444,766 |
Paid-in Capital | 15,885 | 15,885 |
Accumulated Deficit | (2,451,816) | (2,528,514) |
TOTAL STOCKHOLDERS' EQUITY | 2,135,695 | 2,058,997 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 2,642,356 | 2,434,932 |
Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | $ 126,860 | $ 126,860 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Accounts Receivable, allowance for doubtful accounts | $ 6,719 | $ 6,719 |
Deferred Tax Asset, valuation allowance | $ 171,381 | $ 171,381 |
Preferred stock, authorized (in shares) | 496,000,000 | 496,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, issued (in shares) | 8,087,388 | 8,087,388 |
Common stock, outstanding (in shares) | 8,087,388 | 8,087,388 |
Convertible Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, issued (in shares) | 167,100 | 167,100 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, outstanding (in shares) | 167,100 | 167,100 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET SALES | $ 1,127,695 | $ 914,462 | $ 2,310,992 | $ 2,005,088 |
COST OF SALES | 325,130 | 239,891 | 645,567 | 544,192 |
GROSS PROFIT | 802,565 | 674,571 | 1,665,425 | 1,460,896 |
OPERATING EXPENSES | ||||
Salaries and Benefits | 417,518 | 373,299 | 810,707 | 732,734 |
Selling, General and Administrative | 382,096 | 374,334 | 736,737 | 679,616 |
799,614 | 747,633 | 1,547,444 | 1,412,350 | |
INCOME / (LOSS) FROM OPERATIONS | 2,951 | (73,062) | 117,981 | 48,546 |
OTHER INCOME (EXPENSE) | ||||
Interest Income | 1,186 | 967 | 1,577 | 1,151 |
1,186 | 967 | 1,577 | 1,151 | |
INCOME / (LOSS) BEFORE INCOME TAXES | 4,137 | (72,095) | 119,558 | 49,697 |
INCOME TAX (EXPENSE) / BENEFIT | (4,342) | 4,028 | (35,922) | (30,486) |
NET INCOME / (LOSS) | (204) | (68,067) | 83,636 | 19,211 |
Dividend requirements on preferred stock | (4,179) | (4,178) | (8,356) | (8,605) |
Basic net income (loss) available to common shares | $ (4,384) | $ (72,245) | $ 75,280 | $ 10,606 |
Basic net income (loss) per common share (in dollars per share) | $ 0 | $ (0.01) | $ 0.01 | $ 0 |
Weighted average number of common shares outstanding (in shares) | 8,077,388 | 8,077,388 | 8,077,388 | 8,077,388 |
Diluted net income (loss) per common share (in dollars per share) | $ 0 | $ (0.01) | $ 0.01 | $ 0 |
Weighted average number of common shares outstanding, diluted (in shares) | 8,077,388 | 8,077,388 | 8,319,488 | 8,319,488 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member]Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings, Appropriated [Member] | Total |
Balance (in shares) at Jun. 30, 2018 | 177,100 | 8,077,388 | |||
Balance at Jun. 30, 2018 | $ 136,860 | $ 4,434,766 | $ 15,885 | $ (2,555,738) | $ 2,031,773 |
Net Income (Loss) | 87,280 | 87,280 | |||
Balance (in shares) at Sep. 30, 2018 | 177,100 | 8,077,388 | |||
Balance at Sep. 30, 2018 | $ 136,860 | $ 4,434,766 | 15,885 | (2,468,458) | 2,119,053 |
Balance (in shares) at Jun. 30, 2018 | 177,100 | 8,077,388 | |||
Balance at Jun. 30, 2018 | $ 136,860 | $ 4,434,766 | 15,885 | (2,555,738) | 2,031,773 |
Net Income (Loss) | 19,211 | ||||
Balance (in shares) at Dec. 31, 2018 | 167,100 | 8,087,388 | |||
Balance at Dec. 31, 2018 | $ 126,860 | $ 4,444,766 | 15,885 | (2,536,525) | 2,050,986 |
Balance (in shares) at Sep. 30, 2018 | 177,100 | 8,077,388 | |||
Balance at Sep. 30, 2018 | $ 136,860 | $ 4,434,766 | 15,885 | (2,468,458) | 2,119,053 |
Net Income (Loss) | (68,067) | (68,067) | |||
Preferred Stock Converted to Common (in shares) | (10,000) | 10,000 | |||
Preferred Stock Converted to Common | $ (10,000) | $ 10,000 | |||
Balance (in shares) at Dec. 31, 2018 | 167,100 | 8,087,388 | |||
Balance at Dec. 31, 2018 | $ 126,860 | $ 4,444,766 | 15,885 | (2,536,525) | 2,050,986 |
Balance (in shares) at Jun. 30, 2019 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,528,514) | 2,058,997 |
Cumulative Adjustment from adoption of ASC 842 | Accounting Standards Update 2016-02 [Member] | (6,938) | (6,938) | |||
Net Income (Loss) | 83,840 | 83,840 | |||
Balance (in shares) at Sep. 30, 2019 | 167,100 | 8,087,388 | |||
Balance at Sep. 30, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,612) | 2,135,899 |
Balance (in shares) at Jun. 30, 2019 | 167,100 | 8,087,388 | |||
Balance at Jun. 30, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,528,514) | 2,058,997 |
Net Income (Loss) | 83,636 | ||||
Balance (in shares) at Dec. 31, 2019 | 167,100 | 8,087,388 | |||
Balance at Dec. 31, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,816) | 2,135,695 |
Balance (in shares) at Sep. 30, 2019 | 167,100 | 8,087,388 | |||
Balance at Sep. 30, 2019 | $ 126,860 | $ 4,444,766 | 15,885 | (2,451,612) | 2,135,899 |
Net Income (Loss) | (204) | (204) | |||
Balance (in shares) at Dec. 31, 2019 | 167,100 | 8,087,388 | |||
Balance at Dec. 31, 2019 | $ 126,860 | $ 4,444,766 | $ 15,885 | $ (2,451,816) | $ 2,135,695 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 83,636 | $ 19,211 |
Adjustments to reconcile net income to net cash (used in) / provided by operating activities: | ||
Depreciation | 27,703 | 26,161 |
Right of Use Asset Amortization | 21,425 | |
Deferred Income Taxes | 35,922 | 30,486 |
Decrease (increase) in: | ||
Accounts Receivable | (211,972) | 56,337 |
Inventory | (153,925) | (52,478) |
Prepaid Expenses | (34,260) | (56,577) |
Increase (decrease) in: | ||
Accounts Payable | (34,596) | 102,066 |
Accrued Expenses | 107,682 | (49,965) |
NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES | (158,385) | 75,241 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of property & equipment | (11,150) | (7,581) |
NET CASH (USED IN) INVESTING ACTIVITIES | (11,150) | (7,581) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Purchase of CD | (1,105) | (51,112) |
Redemption of CD | 50,772 | |
Capital Lease Liability payments | (1,894) | |
Operating Lease Liability Reduction | (23,017) | |
NET CASH (USED IN) FINANCING ACTIVITIES | (24,122) | (2,234) |
NET CHANGE IN CASH | (193,657) | 65,426 |
CASH AT BEGINNING OF PERIOD | 290,287 | 270,313 |
CASH AT END OF PERIOD | 96,630 | 335,739 |
SUPPLEMENTAL DISCLOSURES | ||
Interest Paid | ||
Taxes Paid |
Noncash Disclosure
Noncash Disclosure | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NONCASH DISCLOSURE During the six December 31, 2019, $73,719 $80,659. $6,938 July 1, 2019 842. |
Note A - Summary of Accounting
Note A - Summary of Accounting Policies | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A - SUMMARY OF ACCOUNTING POLICIES The interim consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted as allowed by such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not June 30, 2019. not may Management of the Company has prepared the accompanying unaudited condensed consolidated financial statements prepared in conformity with generally accepted accounting principles, which require the use of management estimates, contain all adjustments (including normal recurring adjustments) necessary to present fairly the operations and cash flows for the period presented and to make the financial statements not STOCK-BASED COMPENSATION Stock based compensation is accounted for in accordance with Topic 718 718, 718 December 2009, 2009 December 8, 2019. On December 31, 2019, 65,000 The fair value of a stock option is determined using the Black-Scholes option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. There were no December 31, 2019. The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities such as stock options and other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in earnings. We use the treasury stock method to compute potential common shares from stock options and the as-if-converted method to compute potential common shares from Preferred Stock. For the six December 31, 2019, 2018, |
Note B - Inventories
Note B - Inventories | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE B - INVENTORIES Inventories consisted of the following: December 31, 2019 June 30, 2019 Finished Goods $ 610,900 $ 448,395 Raw Materials 151,661 160,242 $ 762,561 $ 608,637 At December 31, 2019 June 30, 2019, $171,734 $123,204 not one |
Note C - Stockholders' Equity
Note C - Stockholders' Equity | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE C - STOCKHOLDERS' EQUITY During January 1995, 4,000,000 $.10 December 31, 2019, no $378,952 December 31, 2019. Holders of the Preferred Stock have the right to convert their shares of Preferred Stock into an equal number of shares of Common Stock of the Company. In addition, Preferred Stock holders have the right to vote the number of shares into which their shares are convertible into Common Stock. Such preferred shares will automatically convert into one $1,000,000, $1 no |
Note D - Income Taxes and Avail
Note D - Income Taxes and Available Carryforward | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE D - INCOME TAXES AND AVAILABLE CARRYFORWARD As of December 31, 2019, $1,353,000. 2035. 382 The components of the provision for income tax (expense) attributable to continuing operations are as follows: Six Months 12/31/2019 Six Months 12/31/2018 Current Federal $ 0 $ 0 State 0 0 $ 0 $ 0 Deferred Federal $ (29,764 ) $ (25,260 ) State (6,158 ) (5,226 ) $ (35,922 ) $ (30,486 ) Total Income Tax (Expense) $ (35,922 ) $ (30,486 ) Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: Non-Current Deferred tax assets NOL and contribution carryforwards $ 342,799 Accrued compensated absences 5,787 Accrued bonus - Allowance for doubtful accounts 1,703 Total deferred tax assets 350,289 Deferred tax (liabilities) Excess of tax over book depreciation (6,549 ) Total deferred tax (liabilities) (6,549 ) Total deferred tax asset 343,740 Valuation Allowance (171,381 ) Net Deferred Tax Asset $ 172,359 The change in the valuation allowance is as follows: June 30, 2019 $ (171,381 ) December 31, 2019 $ (171,381 ) $ - Management believes it is more likely than not $618,000 not $171,381 The accounting for the effects of the rate change on deferred tax balances is complete and no Income taxes for the three December 31, 2019 2018 25.35% Six Months Six Months December 31, 2019 December 31, 2018 Expected (provision) at US statutory rate $ (24,879 ) $ (10,436 ) State income tax net of federal (provision) (5,148 ) (2,159 ) Nondeductible Expense (3,329 ) (3,833 ) Change in estimates of loss carryforward (2,567 ) (563 ) Change in valuation allowance - $ (10,481 ) Other - $ (3,014 ) Income Tax (Expense) $ (35,922 ) $ (30,486 ) The earliest tax year still subject to examination by a major taxing jurisdiction is fiscal year end June 30, 2017. The Company performed a review for uncertain tax positions in accordance with Accounting Standards Codification ASC 740 10 not no no |
Note E - Line of Credit
Note E - Line of Credit | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE E - LINE OF CREDIT In fiscal 2018, $250,000, not April 2018. In fiscal 2019, $250,000 October 9, 2020, December 31, 2019, $0 |
Note F - Subsequent Events
Note F - Subsequent Events | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE F - SUBSEQUENT EVENTS We have evaluated subsequent events through February 18, 2020, |
Note G - Recent Accounting Pron
Note G - Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE G - RECENT ACCOUNTING PRONOUNCEMENTS On June 16, 2016, 2016 13, 326 December 15, 2019, December 15, 2018. not In February 2016, 2016 02, 842 842" December 15, 2018, July 1, 2019 July 1, 2019. not 1. Whether a pre-existing contract is or contain a lease 2. Whether a pre-existing lease should be classified as an operating or finance lease, and 3. Whether the initial direct costs capitalized for a pre-existing lease under the previously lease accounting standard ASC Topic 840 As a result, the Company recorded its right-of-use assets and corresponding lease liabilities on its balance sheet beginning July 1, 2019. Other recent accounting pronouncements issued by the FASB, the AICPA and the SEC did not not |
Note H - Right-of-Use Assets an
Note H - Right-of-Use Assets and Lease Liabilities | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE H - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Operating leases In June 2015, 63 one not $1,079 no 3%. 842, 63 5.5% In February 2018, 39 no first three $2,936 12 $3,024 8 $3,019 4 $3,109 12 842, 39 5.5% The following is information related to the Company’s right-of-use assets and liabilities for its operating leases: ROU assets - operating leases obtained in exchange for lease liabilities - operating leases $ 73,719 Amortization of ROU assets for the 6 months ending December 31, 2019 (21,424 ) ROU assets - operating leases at December 31, 2019 $ 52,295 Lease liabilities - operating leases on adoption date $ 80,659 Payments on lease liabilities (23,017 ) Lease liabilities - operating leases on December 31, 2019 57,642 Lease liabilities - operating leases due in the 12 months ending December 31, 2020 45,343 Lease liabilities - operating leases due in the 12 months ending December 31, 2021 $ 12,299 Variable lease expense was $11,666, three December 31, 2019, Weighted average remaining lease term was 1.23 5.5% December 31, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Share-based Payment Arrangement [Policy Text Block] | STOCK-BASED COMPENSATION Stock based compensation is accounted for in accordance with Topic 718 718, 718 December 2009, 2009 December 8, 2019. On December 31, 2019, 65,000 The fair value of a stock option is determined using the Black-Scholes option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. There were no December 31, 2019. The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities such as stock options and other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in earnings. We use the treasury stock method to compute potential common shares from stock options and the as-if-converted method to compute potential common shares from Preferred Stock. For the six December 31, 2019, 2018, |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current and Noncorrent [Table Text Block] | Inventories consisted of the following: December 31, 2019 June 30, 2019 Finished Goods $ 610,900 $ 448,395 Raw Materials 151,661 160,242 $ 762,561 $ 608,637 |
Note D - Income Taxes and Ava_2
Note D - Income Taxes and Available Carryforward (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Six Months 12/31/2019 Six Months 12/31/2018 Current Federal $ 0 $ 0 State 0 0 $ 0 $ 0 Deferred Federal $ (29,764 ) $ (25,260 ) State (6,158 ) (5,226 ) $ (35,922 ) $ (30,486 ) Total Income Tax (Expense) $ (35,922 ) $ (30,486 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Non-Current Deferred tax assets NOL and contribution carryforwards $ 342,799 Accrued compensated absences 5,787 Accrued bonus - Allowance for doubtful accounts 1,703 Total deferred tax assets 350,289 Deferred tax (liabilities) Excess of tax over book depreciation (6,549 ) Total deferred tax (liabilities) (6,549 ) Total deferred tax asset 343,740 Valuation Allowance (171,381 ) Net Deferred Tax Asset $ 172,359 The change in the valuation allowance is as follows: June 30, 2019 $ (171,381 ) December 31, 2019 $ (171,381 ) $ - |
Comprehensive Income (Loss) [Table Text Block] | Six Months Six Months December 31, 2019 December 31, 2018 Expected (provision) at US statutory rate $ (24,879 ) $ (10,436 ) State income tax net of federal (provision) (5,148 ) (2,159 ) Nondeductible Expense (3,329 ) (3,833 ) Change in estimates of loss carryforward (2,567 ) (563 ) Change in valuation allowance - $ (10,481 ) Other - $ (3,014 ) Income Tax (Expense) $ (35,922 ) $ (30,486 ) |
Note H - Right-of-Use Assets _2
Note H - Right-of-Use Assets and Lease Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Right-of-Use Assets and Liabilities [Table Text Block] | ROU assets - operating leases obtained in exchange for lease liabilities - operating leases $ 73,719 Amortization of ROU assets for the 6 months ending December 31, 2019 (21,424 ) ROU assets - operating leases at December 31, 2019 $ 52,295 Lease liabilities - operating leases on adoption date $ 80,659 Payments on lease liabilities (23,017 ) Lease liabilities - operating leases on December 31, 2019 57,642 Lease liabilities - operating leases due in the 12 months ending December 31, 2020 45,343 Lease liabilities - operating leases due in the 12 months ending December 31, 2021 $ 12,299 |
Noncash Disclosure (Details Tex
Noncash Disclosure (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Jul. 01, 2019 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 73,719 | $ 73,719 | |
Lease Obligation Incurred | $ 80,659 | ||
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (6,938) |
Note A - Summary of Accountin_2
Note A - Summary of Accounting Policies (Details Textual) | 3 Months Ended |
Dec. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 65,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Inventory, Noncurrent, Total | $ 171,734 | $ 123,204 |
Note B - Inventories - Inventor
Note B - Inventories - Inventories (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Finished Goods | $ 610,900 | $ 448,395 |
Raw Materials | 151,661 | 160,242 |
$ 762,561 | $ 608,637 |
Note C - Stockholders' Equity (
Note C - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jan. 31, 1995 | Dec. 31, 2019 | Jun. 30, 2019 | |
Preferred Stock, Shares Authorized | 496,000,000 | 496,000,000 | |
Minimum [Member] | |||
Proceeds From Public Offering Required for Mandatory Conversion | $ 1,000,000 | ||
Share Price | $ 1 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 | 4,000,000 |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0.10 | ||
Dividends, Preferred Stock, Total | $ 0 | ||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 378,952 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 |
Note D - Income Taxes and Ava_3
Note D - Income Taxes and Available Carryforward (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards, Total | $ 1,353,000 | |
Operating Loss Carryforwards, Portion Estimated to Expire before Utilization | 618,000 | |
Operating Loss Carryforwards, Valuation Allowance, Total | $ 171,381 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.35% | 25.35% |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note D - Income Taxes and Ava_4
Note D - Income Taxes and Available Carryforward - Provision for Income Tax Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 0 | $ 0 | ||
State | 0 | 0 | ||
0 | 0 | |||
Federal | (29,764) | (25,260) | ||
State | (6,158) | (5,226) | ||
(35,922) | (30,486) | |||
Total Income Tax (Expense) | $ (4,342) | $ 4,028 | $ (35,922) | $ (30,486) |
Note D - Income Taxes and Ava_5
Note D - Income Taxes and Available Carryforward - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
NOL and contribution carryforwards | $ 342,799 | |
Accrued compensated absences | 5,787 | |
Accrued bonus | ||
Allowance for doubtful accounts | 1,703 | |
Total deferred tax assets | 350,289 | |
Excess of tax over book depreciation | (6,549) | |
Total deferred tax (liabilities) | (6,549) | |
Total deferred tax asset | 343,740 | |
Valuation Allowance | (171,381) | $ (171,381) |
Net Deferred Tax Asset | $ 172,359 | $ 208,281 |
Note D - Income Taxes and Ava_6
Note D - Income Taxes and Available Carryforward - Income Taxes Reconciliation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expected (provision) at US statutory rate | $ (24,879) | $ (10,436) | ||
State income tax net of federal (provision) | (5,148) | (2,159) | ||
Nondeductible Expense | (3,329) | (3,833) | ||
Change in estimates of loss carryforward | 2,567 | 563 | ||
Change in valuation allowance | (10,481) | |||
Other | (3,014) | |||
Total Income Tax (Expense) | $ (4,342) | $ 4,028 | $ (35,922) | $ (30,486) |
Note E - Line of Credit (Detail
Note E - Line of Credit (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | $ 250,000 |
Long-term Line of Credit, Total | $ 0 |
Note H - Right-of-Use Assets _3
Note H - Right-of-Use Assets and Lease Liabilities (Details Textual) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Variable Lease, Cost | $ 11,666 | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 83 days | 1 year 83 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.50% |
Operating Lease For Office Equipment [Member] | ||
Lessee, Operating Lease, Term of Contract | 5 years 90 days | 5 years 90 days |
Lessee, Operating Lease, Rent Per Month | $ 1,079 | |
Lessee, Operating Lease, Maximum Yearly Increase of Rent | 3.00% | |
Lessee, Operating Lease, Discount Rate | 5.50% | 5.50% |
Operating Lease For Warehouse [Member] | ||
Lessee, Operating Lease, Term of Contract | 3 years 90 days | 3 years 90 days |
Lessee, Operating Lease, Discount Rate | 5.50% | 5.50% |
Lessee, Operating Lease, Rent Per Month, Following 12 Months | $ 2,936 | |
Lessee, Operating Lease, Rent Per Month, Following 8 Months | 3,024 | |
Lessee, Operating Lease, Rent Per Month, Following 4 Months | 3,019 | |
Lessee, Operating Lease, Rent Per Month, Last 12 Months | $ 3,109 |
Note H - Right-of-Use Assets _4
Note H - Right-of-Use Assets and Lease Liabilities - Right-of-Use Assets and Liabilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2019 | Jun. 30, 2019 | |
ROU assets - operating leases obtained in exchange for lease liabilities - operating leases | $ 73,719 | $ 73,719 | |||
Amortization of ROU assets for the 6 months ending December 31, 2019 | (21,424) | (21,425) | |||
ROU assets - operating leases at December 31, 2019 | $ 52,295 | 52,295 | |||
Lease liabilities - operating leases on adoption date | 57,642 | $ 80,659 | |||
Payments on lease liabilities | (23,017) | ||||
Lease liabilities - operating leases due in the 12 months ending December 31, 2020 | 45,343 | ||||
Lease liabilities - operating leases due in the 12 months ending December 31, 2021 | $ 12,299 |