STOCK OPTIONS AND WARRANTS

12 Months Ended

Jun. 30, 2020

Disclosure Text Block Supplement [Abstract]

Shareholders' Equity and Share-based Payments [Text Block]

NOTE 5 – STOCK OPTIONS

General Option Information

On April 25, 2017, the Board of Directors cancelled the “2015 Omnibus Stock Option and Award Plan” as all options and stock awards under this plan had been granted and adopted the “2017 Omnibus Stock Option and Award Plan” which contains provisions for up to 3,000,000 stock options and stock awards to be granted to employees, consultants and directors.

After an analysis of the Company’s stock option expirations and in association with the Company’s desire to retain its Chief Executive Officer, the Board of Directors approved the termination of the 2017 Omnibus Stock Option and Award Plan on December 4, 2019. Any stock instrument available but unencumbered under this plan was also released.

On December 4, 2019, the Board of Directors adopted the 2019 Equity Incentive Plan which contains provisions for up to 2,500,000 stock-based instruments to be granted to employees, consultants and directors. 

A summary of the status of our outstanding stock options as of June 30, 2020 and June 30, 2019 and changes during the years then ended is presented below: 

	June 30, 2020							June 30, 2019
				Weight Average		Intrinsic					Weight Average		Intrinsic
	Shares			Exercise Price		Value		Shares			Exercise Price		Value
Outstanding beginning of period		3,970,000		$	0.12				3,730,000		$	0.13
Granted		-		$	0.00				480,000		$	0.10
Expired/Cancelled		(1,100,000	)	$	0.14				(240,000	)	$	0.10
Exercised		-		$	0.00				-		$	0.00
Outstanding end of period		2,870,000		$	0.12	$	-		3,970,000		$	0.12	$	-
Exercisable		2,870,000		$	0.12	$	-		3,970,000		$	0.12	$	-

The following table summarizes the range of outstanding and exercisable options as of June 30, 2020:

		Outstanding						Exercisable
Range of Exercise Prices		Number Outstanding at June 30, 2020		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at June 30, 2020		Weighted Average Remaining Contractual Life
$	0.08		150,000		1.42	$	0.08		150,000		1.42
$	0.10		1,920,000		0.69	$	0.10		1,920,000		0.69
$	0.17		800,000		0.92	$	0.17		800,000		0.92
			2,870,000						2,870,000