Note 9 - Gain on Extinguishment of Liabilities:

12 Months Ended

Jun. 30, 2014

Gain On Extinguishment Of Liabilities [Text Block] [Abstract]

Gain On Extinguishment Of Liabilities [Text Block]

9. GAIN ON EXTINGUISHMENT OF LIABILITIES:

During the year ended June 30, 2014, the Company recognized other income due to the extinguishment of liabilities of $20,113, resulting from the legal release of certain accounts payable. These accounts payable, which related to business activities of the Company discontinued during the 2008 fiscal year, were outstanding for 5-6 years and the vendor had made no attempt to collect these amounts from the Company over the past several years. The extinguishment of liabilities was recorded after a review of the statute of limitations in the state in which the original liability was incurred.