Note 4 - Deferred Compensation

6 Months Ended

Dec. 31, 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

$1,879,473

as of

December

31,

2016.

Included in the deferred compensation balances as of

December

31,

2016,

are

$772,629,

$281,590

and

$117,292

owed Bassani, 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

$466,478

as of

December

31,

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

1,186

shares, respectively, of the Company’s common stock as of

December

31,

2016

and, a former employee

$72,500,

which is not convertible and is non-interest bearing.