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Note 5 - Deferred Compensation:

9 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

5.	DEFERRED COMPENSATION:

The Company owes Edward Schafer (“Schafer”), the Company’s Executive Vice Chairman, and three other key employees, aggregate deferred compensation of $448,750 as of March 31, 2014. The balance is payable dependent upon the cash reserves of the Company.

As of March 31, 2014, the Company owed Bassani deferred compensation of $226,875 including interest of $61,875, which was due and payable on April 30, 2014 but has been extended until July 1, 2014. The deferred compensation accrues interest at 10% per annum and is convertible into the Company’s restricted common stock at $1.50 per share.

See Note 7 for information related to “Convertible Notes Payable – Affiliates’ owned by Bassani and Smith for additional deferred compensation (and other items).

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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