Note 6 - Deferred Compensation

6 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

6.	DEFERRED COMPENSATION:

The Company owes deferred compensation to various employees, former employees and consultants totaling $1,170,731 as of December 31, 2015. Included in the deferred compensation balances as of December 31, 2015, are $378,852, $54,632 and $183,316 owed Bassani, Smith and Schafer, respectively, pursuant to extension agreements effective January 1, 2015, whereby unpaid compensation earned after January 1, 2015, accrues interest at 4% per annum and can be converted into shares of the Company’s common stock at the election of the employee during the first five calendar days of any month. The conversion price shall be the average closing price of the Company’s common stock for the last 10 trading days of the immediately preceding month. During the six months ended December 31, 2015, Smith converted $82,861 of deferred compensation into 99,159 shares of the Company’s common stock at conversion prices between $0.76 and $0.96 per share. Also included are sums the Company owes various consultants, pursuant to various agreements, for deferred compensation of $312,447 as of December 31, 2015 with similar conversion terms as those described above for Bassani, Smith and Schafer, with the exception that the interest accrues at 3% per annum. The Company also owes a former employee and a current employee deferred compensation of $168,000 and $984, respectively, which is convertible into 226,168 and 1,131 shares, respectively, of the Company’s common stock as of December 31, 2015 and, the Company owes a former employee $72,500, which is not convertible and is non-interest bearing.