Note 10 - Subsequent Events

9 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

10.

     SUBSEQUENT EVENTS:

The Company has evaluated events that occurred subsequent to

March 31, 2018

for recognition and disclosure in the financial statements and notes to the financial statements.

From

April 1, 2018

through

May 8, 2018,

the Company has issued

3,750

shares of the Company’s common shares to an employee for services valued at approximately

$2,000.

From

April 1, 2018

through

May 8, 2018

the Company has entered into subscription agreements to sell

71,000

Units of its securities at

$0.50

per Unit for aggregate consideration of approximately

$36,000.

Each Unit consists of

one

share of common stock and a callable warrant to purchase ½ share of the Company’s common shares at

$0.75

per share until

September 30, 2018.

From

April 1, 2018

through

May 8, 2018,

a consultant has elected to convert deferred compensation of approximately

$60,000

under terms similar to the current Unit offering resulting in the issuance of approximately

120,000

shares of the Company’s common stock and approximately

60,000

warrants. 

From

April 1, 2018

through

May 8, 2018,

Smith has elected to convert his loan payable – affiliate balance of

$18,000,

accounts payable for expenses of approximately

$65,540

and

$70,000

of deferred compensation into shares of the Company’s common stock and warrants under terms similar to the current Unit offering.  Smith’s conversion results in the issuance of

307,080

shares of the Company’s common shares stock and the issuance of

153,540

warrants.