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Note 5 - Deferred Compensation:

12 Months Ended

Jun. 30, 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, two employees and two former employees, aggregate deferred compensation of $485,734 as of June 30, 2014 (subject to the outcome of pending litigation – see Note 13). The majority of the balance is payable dependent upon the cash reserves of the Company and $984 was paid by the issuance of 807 shares of the Company’s common shares in July 2014.

As of June 30, 2014, the Company owed Bassani deferred compensation of $231,000 including interest of $66,000, which was due and payable on July 1, 2014 but has been extended until January 1, 2015. The deferred compensation accrues interest at 10% per annum and is convertible into the Company’s restricted common stock at $1.50 per share.

- 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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