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Note 17 - Concentrations
12 Months Ended
Jun. 30, 2014
Risks and Uncertainties [Abstract]  
Concentration Risk Disclosure [Text Block]

NOTE 17 - CONCENTRATIONS


Concentration of Customer


The Company entered into two warehouse lines of credit agreements with a mortgage banker whose Executive Vice President is a member of the Board of Directors of PSMH, for up to $75,000,000 each, bearing annual interest rates of 5% each, for funding residential mortgage loans. Per the terms of the agreement, the Company could be required to repurchase the loans subject to certain terms and conditions. The outstanding balance on these two warehouse lines of credit as of June 30, 2014 was $14,942,781.


The Company recorded revenues of $10,526,199 from one customer whose Executive Vice President is a member of the Board of Directors of PSMH, which represented approximately 83% of the total revenues earned for the year ended June 30, 2014.


Concentration of Credit Risk


On November 9, 2010, the FDIC issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts.  Beginning December 31, 2010 through June 30, 2013, all noninterest-bearing transaction accounts are fully insured, regardless of the balance of the account, at all FDIC-insured institutions.  The unlimited insurance coverage is available to all depositors, including consumers, businesses, and governmental entities.  This unlimited insurance coverage is separate from, and in addition to, the insurance coverage provided to a depositor’s other deposit accounts held at an FDIC-insured institution.  A noninterest-bearing transaction account is a deposit account where interest is neither accrued nor paid; depositors are permitted to make an unlimited number of transfers and withdrawals; and the bank does not reserve the right to require advance notice of an intended withdrawal.


The Company maintains its cash in bank and financial institution deposits that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts through June 30, 2014.  As of June 30, 2014, the Company’s bank balances in some instances exceed FDIC insured amounts.