Note 2 - Basis of Presentation

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Basis of Accounting [Text Block]

2.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America.

These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. Since the Company

's primary business is now the investment in and management of the Joint Venture Company, it expects that its ongoing cash requirements will only be related to general and administration expenses and funding cash calls from the Joint Venture Company. The Company's sources of cash have historically been from common stock offerings.  Given this, the Company believes that its current cash balances will be sufficient to meet its working capital requirements for the next

twelve

months from the date of this report.