Note 9 - Gain On Extinguishment of Liabilities

12 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

9 . GAIN ON EXTINGUISHMENT OF LIABILITIES:

During the year ended

June 30, 2018,

the Company recognized other income due to the extinguishment of liabilities of

$157,272,

resulting from the legal release of certain accounts payable. These accounts payable were outstanding for over

6

years and the vendors 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 and in which the Company operates its business, as applicable.