Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Bion Integrated Projects Group, Inc. (“Projects Group”), Bion Technologies, Inc., BionSoil, Inc., Bion Services,

PA1,

and

PA2;

and its

58.9%

owned subsidiary, Centerpoint Corporation (“Centerpoint”). All significant intercompany accounts and transactions have been eliminated in consolidation.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents:

The Company considers all highly liquid investments purchased with an original maturity of

three

months or less to be cash and cash equivalents.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment:

Property and equipment are stated at cost and are depreciated, when placed into service, using the straight-line method over the estimated useful lives of the related assets, generally

three

to

twenty

years. The Company capitalizes all direct costs and all indirect incrementally identifiable costs related to the design and construction of its Integrated Projects. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset

may

not

be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the assets or asset group exceeds its estimated fair value, and is recognized as a loss from operations.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Patents:

The Company has elected to expense all costs and filing fees related to obtaining patents (resulting in

no

related asset being recognized in the Company's consolidated balance sheets) because the Company believes such costs and fees are immaterial (in the context of the Company's total costs/expenses) and have

no

direct relationship to the value of the Company's patents.

Share-based Payment Arrangement [Policy Text Block]

Stock-based compensation:

The Company follows the provisions of Accounting Standards Codification (“ASC”)

718,

which generally requires that share-based compensation transactions be accounted and recognized in the statement of operations based upon their grant date fair values.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments:

Pursuant to ASC Topic

815

“Derivatives and Hedging” (“Topic

815”

), the Company reviews all financial instruments for the existence of features which

may

require fair value accounting and a related mark-to-market adjustment at each reporting period end. Once determined, the Company assesses these instruments as derivative liabilities. The fair value of these instruments is adjusted to reflect the fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives.

Equity Issuances Warrants Policy [Policy Text Block]

Warrants:

The Company has issued warrants to purchase common shares of the Company. Warrants are valued using a fair value based method, whereby the fair value of the warrant is determined at the warrant issue date using a market-based option valuation model based on factors including an evaluation of the Company's value as of the date of the issuance, consideration of the Company's limited liquid resources and business prospects, the market price of the Company's stock in its mostly inactive public market and the historical valuations and purchases of the Company's warrants. When warrants are issued in combination with debt or equity securities, the warrants are valued and accounted for based on the relative fair value of the warrants in relation to the total value assigned to the debt or equity securities and warrants combined.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of credit risk:

The Company's financial instruments that are exposed to concentrations of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions and selected brokerage accounts. Such deposit accounts at times

may

exceed federally insured limits. The Company has

not

experienced any losses on such accounts.

Minority Interest Policy [Policy Text Block]

Noncontrolling interests:

In accordance with ASC

810,

“Consolidation”, the Company separately classifies noncontrolling interests within the equity section of the consolidated balance sheets and separately reports the amounts attributable to controlling and noncontrolling interests in the consolidated statements of operations. In addition, the noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance.

Fair Value Measurement, Policy [Policy Text Block]

Fair value measurements:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has

three

levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.

Level

1

– quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level

2

– observable inputs other than Level

1,

quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are

not

active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level

3

– assets and liabilities whose significant value drivers are unobservable.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company's market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability

may

fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.

The fair value of cash and accounts payable approximates their carrying amounts due to their short-term maturities. The fair value of the loan payable is indeterminable at this time due to the nature of the arrangement with a state agency and the fact that it is in default. The fair value of the redeemable preferred stock approximates its carrying value due to the dividends accrued on the preferred stock which are reflected as part of the redemption value. The fair value of the deferred compensation and convertible notes payable - affiliates are

not

practicable to estimate due to the related party nature of the underlying transactions.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition:

The Company currently does

not

generate revenue and if and when the Company begins to generate revenue the Company will comply with the provisions of ASC

606

“Revenue from Contracts with Customers”.

Income Tax, Policy [Policy Text Block]

Income taxes:

The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, as well as net operating losses.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets or liabilities of a change in tax rates is recognized in the period in which the tax change occurs. A valuation allowance is provided to reduce the deferred tax assets by

100%,

since the Company believes that at this time it is more likely than

not

that the deferred tax asset will

not

be realized.

The Company is

no

longer subject to U.S. federal and state tax examinations for fiscal years before

2009.

Management does

not

believe there will be any material changes in the Company's unrecognized tax positions over the next

12

months.

The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of

June 30, 2021,

there were

no

penalties or accrued interest amounts associated with any unrecognized tax benefits, nor was any interest expense recognized during the years ended

June 30, 2021

and

2020.

Earnings Per Share, Policy [Policy Text Block]

Loss per share:

Basic loss per share amounts are calculated using the weighted average number of shares of common stock outstanding during the period. Diluted loss per share assumes the conversion, exercise or issuance of all potential common stock instruments, such as options or warrants, unless the effect is to reduce the loss per share or increase the earnings per share. During the years ended

June 30, 2021

and

2020,

the basic and diluted loss per share was the same, as the impact of potential dilutive common shares was anti-dilutive.

The following table represents the warrants, options and convertible securities excluded from the calculation of basic loss per share:

	June 30, 2021		June 30, 2020
Warrants		21,931,903		20,378,513
Options		10,471,600		9,511,600
Convertible debt		10,183,558		10,285,241
Convertible preferred stock		20,000		19,000

The following is a reconciliation of the denominators of the basic and diluted loss per share computations for the years ended

June 30, 2021

and

2020:

	Year ended June 30, 2021			Year ended June 30, 2020
Shares issued – beginning of period		31,409,005			28,068,688
Shares held by subsidiaries (Note 7)		(704,309	)		(704,309	)
Shares outstanding – beginning of period		30,704,696			27,364,379
Weighted average shares issued during the period		2,364,136			1,666,727
Diluted weighted average shares – end of period		33,068,832			29,031,106

Use of Estimates, Policy [Policy Text Block]

Use of estimates:

In preparing the Company's consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements:

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change.

In

June 2018,

the FASB issued ASU

No.

2018

-

07

“Compensation – Stock Compensation – Improvements to Nonemployee Share-Based Payment Accounting” to simplify the accounting for share based payments granted to nonemployees and was adopted by the Company effective

July 1, 2019.

Under this guidance, payments to nonemployees are aligned with the requirements for share based payments granted to employees. The adoption of this guidance did

not

have a material impact on the Company's financial statements as previously issued share-based payments to nonemployees had already reached a measurement date.