Note 14 - Stockholders' Equity

9 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 14. STOCKHOLDERS' EQUITY

Reverse Stock Split

On

November 17, 2017,

the Board of Directors (the “Board’) of the Company approved the implementation of a

one

-for-

thirty

(

1:30

) reverse stock split of all of the Company’s issued and outstanding common and preferred stock (the “Reverse Stock Split”).  The Reverse Stock Split became effective when trading opened on

December 15, 2017.

The Reverse Stock Split was previously approved by the Company’s shareholders pursuant to a majority written consent and by the Board pursuant to unanimous written consent on

February 13, 2017.

The approvals provided discretion to the Board to implement the Reverse Stock Split by the end of

2017.

 The number of the Company’s authorized shares of common stock did

not

change. All figures have been presented on the basis of reverse split where ever applicable for all the periods presented in these financial statements.

Convertible Preferred Stock

Each issued Series B Voting, Convertible Preferred Stock is convertible into

20

shares of common stock and carries a vote of

20

shares of common stock in all matters brought before the shareholders for a vote. On

February 7, 2019,

the Company converted

383,919

shares of Series B Voting, Convertible Preferred Stock to

7,678,380

shares of common stock per the request of the shareholder and pursuant to the stock designation. After the conversion, there remain

53,032

shares of Series B Voting, Convertible Preferred Stock outstanding as of

March 31, 2019.