Note C - Property and Equipment

12 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE C - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

As of June 30, 2018	Owned			Capitalized Leases			Total
Office Equipment	$	143,493		$	11,364		$	154,857
Furniture and Fixtures		29,150						29,150
Software		56,870						56,870
Leasehold improvements		95,329						95,329
Production Equipment		24,577						24,577
Building		491,682						491,682
Land		64,547						64,547
		905,648			11,364			917,012
Less accumulated depreciation		(399,735	)		(4,924	)		(404,659	)
	$	505,913		$	6,440		$	512,353

Depreciation expense was

$47,862

for the year ended

June 30, 2018.

As of June 30, 2017	Owned			Capitalized Leases			Total
Office Equipment	$	145,103		$	11,364		$	156,467
Furniture and Fixtures		29,150						29,150
Software		56,870						56,870
Leasehold Improvements		77,026						77,026
Production Equipment		23,027						23,027
Building		479,336						479,336
Land		64,547						64,547
		875,059			11,364			886,423
Less accumulated depreciation		(372,265	)		(379	)		(372,644	)
	$	502,794		$	10,985		$	513,779

Depreciation expense was

$45,681

for the year ended

June 30, 2017.

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 the years ended

June 30, 2018

and

2017.

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

Year ending June 30:		Amount
	2019	$	2,110