Note 4 - Deferred Compensation

3 Months Ended

Sep. 30, 2016

Notes to Financial Statements

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

4.     DEFERRED COMPENSATION:

The Company owes deferred compensation to various employees, former employees and consultants totaling $1,657,541 as of September 30, 2016. Included in the deferred compensation balances as of September 30, 2016, are $672,753, $227,166 and $116,182 owed Dominic Bassani (“Bassani”), the Company’s Chief Executive Officer (“CEO”), Mark A. Smith (“Smith”), the Company’s President, and Edward Schafer (“Schafer”), the Company’s Vice Chairman, respectively, pursuant to extension agreements effective January 1, 2015, whereby unpaid compensation earned after January 1, 2015, accrues interest at 4% per annum and can be converted into shares of the Company’s common stock at the election of the employee during the first five calendar days of any month. The conversion price shall be the average closing price of the Company’s common stock for the last 10 trading days of the immediately preceding month. The Company also owes various consultants, pursuant to various agreements, for deferred compensation of $399,956 as of September 30, 2016 with similar conversion terms as those described above for Bassani, Smith and Schafer, with the exception that the interest accrues at 3% per annum. The Company also owes a former employee and a current employee deferred compensation of $168,000 and $984, respectively, which is convertible into 226,168 and 1,172 shares, respectively, of the Company’s common stock as of September 30, 2016 and, a former employee $72,500, which is not convertible and is non-interest bearing.