Note 11 - Gain on Extinguishment of Liabilities

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Disclosure of Gain on Extinguishment of Liabilities [Text Block]

11. GAIN ON EXTINGUISHMENT OF LIABILITIES:

During the year ended

June 30, 2020,

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

$122,423,

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

6

years and the vendors had

not

made attempts 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 it business, as applicable.