Note 3 - Property and Equipment

3 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

3.     PROPERTY AND EQUIPMENT:

Property and equipment consists of the following:

	September 30, 2015			June 30, 2015
Machinery and equipment	$	2,923,577		$	2,923,577
Buildings and structures		1,385,125			1,385,125
Computers and office equipment		176,940			175,248
		4,485,642			4,483,950
Less accumulated depreciation		(2,581,042	)		(2,506,731	)
	$	1,904,600		$	1,977,219

Management reviewed property and equipment for impairment as of June 30, 2015 and determined that the carrying amount of property and equipment related to the Kreider 1 project exceeded its estimated future undiscounted cash flows based on certain assumptions regarding timing, level and probability of revenues from sales of nutrient reduction credits. Kreider 1 was measured at estimated fair value on a non-recurring basis using level 3 inputs, which resulted in an impairment of $1,750,000 of the property and equipment for the year ended June 30, 2015. As of September 30, 2015, management believes that no additional impairment exists.

Depreciation expense was $75,879 and $184,884 for the three months ended September 30, 2015 and 2014, respectively.