Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies

Schedule of information is necessary to calculate earnings per share

The following information is necessary to calculate earnings per share for the periods presented:

Year ended June 30,	2020		2019		2018
Net loss, as reported	$	(3,014,100)	$	(2,109,685)	$	(2,192,170)
Weighted average common shares outstanding		4,013,537		4,013,537		4,013,537
Effect of dilutive stock options		—		—		—
Weighted average diluted common shares outstanding		4,013,537		4,013,537		4,013,537
Net loss per common share
Basic	$	(0.75)	$	(0.53)	$	(0.55)
Diluted	$	(0.75)	$	(0.53)	$	(0.55)
Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive		—		—		—

Schedule of the weighted average assumptions utilized in the Black-Scholes option pricing model for options granted

The following table summarizes the weighted average assumptions utilized in the Black-Scholes option pricing model for options granted during the fiscal years ended June 30, 2020, 2019 and 2018.

	2020			2019			2018
Weighted-average fair value	$	0.61		$	1.06		$	0.99
Weighted-average volatility		53	%		48	%		44	%
Weighted-average expected life (in years)		6.0			6.0			6.0
Weighted-average risk-free interest rate		1.77	%		3.03	%		2.11	%
Dividend yield		0	%		0	%		0	%