PROPERTY AND EQUIPMENT

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE D - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

As of June 30, 2016	Owned			Capitalized Leases			Total
Office Equipment	$	130,518		$	11,364		$	141,882
Furniture and Fixtures		26,860						26,860
Software		56,870						56,870
Leasehold improvements		77,026						77,026
Production Equipment		21,043						21,043
Building		479,336						479,336
Land		64,547						64,547
		856,200			11,364			867,564
Less accumulated depreciation		(326,582	)		(379	)		(326,961	)
	$	529,618		$	10,985		$	540,603

Depreciation expense was $37,706 for the year ended June 30, 2016.

As of June 30, 2015	Owned			Capitalized Leases			Total
Office Equipment	$	144,388		$	14,031		$	158,419
Furniture and Fixtures		27,394						27,394
Software		26,742						26,742
Leasehold Improvements		51,064						51,064
Production Equipment		34,961						34,961
Building		474,168						474,168
Land		64,547						64,547
		823,264			14,031			837,295
Less accumulated depreciation		(326,395	)		(14,031	)		(340,426	)
	$	496,869		$	0		$	496,869

Depreciation expense was $35,868 for the year ended June 30, 2015.

In 2016, the Company leased certain equipment under agreements classified as a capital lease through January 31, 2019. The annual rent is $3,788. The asset and liability under the capital lease is recorded at the lower of the present value of the minimum lease payments or the fair market value of the asset. The equipment is depreciated over the lower of its related lease terms or its estimated productive life. Depreciation of the equipment under the capital lease is included in depreciation expense for 2016.

Future minimum lease payments under the capital lease is as follows:

Year ending June 30:		Amount
	2017	$	3,788
	2018		3,788
	2019		2,110
			9,686
	Less: Current Portion		(3,788	)
		$	5,898