Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

A)  BASIS OF PRESENTATION

The condensed consolidated balance sheet as of

September 30, 2019

, the condensed consolidated statements of operations for the 

three

months ended

September 30, 2019

and

2018

, the condensed consolidated statements of cash flows for the 

three

months ended

September 30, 2019

and

2018

and the condensed consolidated statements of stockholders' equity for the

three

months ended

September 30, 2019

and

2018

, have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and have

not

been audited.    In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made.  The operating results for any interim period are

not

necessarily indicative of the operating results that

may

be experienced for the full fiscal year.

Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with U.S. GAAP  have been condensed or omitted.  These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form

10

-K for the fiscal year ended

June 30, 2019

.

The preparation of financial statements in conformity with U.S. GAAP requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are

not

limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, income tax reserves, non-cash stock-based compensation and post-retirement obligations. Actual results could differ from the company's estimates.

Income Tax, Policy [Policy Text Block]

B)   INCOME TAXES

A tax provision of

$0

 

and 

$25

was recorded during the 

three

months ended

September 30, 2019

and

2018

, respectively. Utilization of net operating tax carryforwards and use of bonus depreciation in conjunction with a full valuation allowance against deferred tax assets has reduced the income tax expense to zero.