XML 45 R35.htm IDEA: XBRL DOCUMENT v3.19.2
SUBSEQUENT EVENTS (Details 1) - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Gross sales $ 1,938,322 $ 1,864,222
Cost of sales 1,304,551 1,169,569
Gross profit 633,671 694,653
Operating expenses    
Advertising 35,025 27,330
Bad debt recovery 0 (47)
Depreciation 26,054 27,676
Insurance 31,397 40,419
Payroll expense 457,529 445,573
Professional fees 15,251 39,089
Rent related party 385,586 379,640
Repairs and Maintenance 11,005 6,670
Research and Development 6,375 52,130
Telephone 13,052 25,621
Vehicle 27,051 24,407
Other 86,013 69,454
Total operating expenses 1,094,338 1,137,962
Operating income (loss) (460,667) (443,309)
Other Income (expense)    
Interest 25,635 (23,184)
Gain on sale of asset 0 25,988
Other Income (expense) 4,170 5,893
Total Other Income (expense) (21,465) 8,697
Net income (loss) before taxes (482,132) (434,612)
Income taxes 0 0
Net loss (482,132) (434,612)
Metwood VA [Member]    
Gross sales (1,938,322)  
Cost of sales (1,304,551)  
Gross profit (633,671)  
Operating expenses    
Advertising (35,025)  
Bad debt recovery 0  
Depreciation (26,054)  
Insurance (31,397)  
Payroll expense (457,529)  
Professional fees (15,251)  
Rent related party (385,586)  
Repairs and Maintenance (11,005)  
Research and Development (6,375)  
Telephone (13,052)  
Vehicle (27,051)  
Other (86,013)  
Total operating expenses (1,094,338)  
Operating income (loss) 460,667  
Other Income (expense)    
Interest 3,988  
Gain on sale of asset 0  
Other Income (expense) (4,170)  
Total Other Income (expense) (182)  
Net income (loss) before taxes 460,485  
Income taxes 0  
Net loss 460,485  
Proforma [Member]    
Gross sales  
Cost of sales  
Gross profit  
Operating expenses    
Advertising  
Bad debt recovery  
Depreciation  
Insurance  
Payroll expense  
Professional fees  
Rent related party  
Repairs and Maintenance  
Research and Development  
Telephone  
Vehicle  
Other  
Total operating expenses  
Operating income (loss)  
Other Income (expense)    
Interest 21,647  
Gain on sale of asset  
Other Income (expense)  
Total Other Income (expense) (21,647)  
Net income (loss) before taxes (21,647)  
Income taxes  
Net loss (21,647)  
Proforma Combined [Member]    
Gross sales
Cost of sales
Gross profit
Operating expenses    
Total operating expenses
Operating income (loss)
Other Income (expense)    
Other Income (expense) (18,706)
Net income (loss) before taxes (18,706)
Income taxes
Net loss (18,706)
Pro Forma Adjustment [Member]    
Gross sales (1,864,222) [1]
Cost of sales (1,169,569) [2]
Gross profit
Operating expenses    
Total operating expenses (1,137,962) [3]
Operating income (loss)
Other Income (expense)    
Other Income (expense) (27,403) [4]
Net income (loss) before taxes
Income taxes
Net loss
Historical [Member]    
Gross sales 1,864,222
Cost of sales 1,169,569
Gross profit 694,653
Operating expenses    
Total operating expenses 1,137,962
Operating income (loss) (443,309)
Other Income (expense)    
Other Income (expense) 8,697
Net income (loss) before taxes (434,612)
Income taxes
Net loss $ (434,612)
[1] Represents Metwood of Virginia, Inc.'s historical statement of operations for the year ended as of June 30, 2017 to carve out Metwood of Virigina, Inc's income and expenses prior to its sale with the exception of the interest expense and discount amortization for the convertible note payable.
[2] Represents Metwood of Virginia, Inc.'s historical statement of operations for the year ended as of June 30, 2017 to carve out Metwood of Virigina, Inc's income and expenses prior to its sale with the exception of the interest expense and discount amortization for the convertible note payable.
[3] Represents Metwood of Virginia, Inc.'s historical statement of operations for the year ended as of June 30, 2017 to carve out Metwood of Virigina, Inc's income and expenses prior to its sale with the exception of the interest expense and discount amortization for the convertible note payable.
[4] Represents Metwood of Virginia, Inc.'s historical statement of operations for the year ended as of June 30, 2017 to carve out Metwood of Virigina, Inc's income and expenses prior to its sale with the exception of the interest expense and discount amortization for the convertible note payable.