Note 5 - Deferred Compensation:

3 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

5.    DEFERRED COMPENSATION:

The Company owes Edward Schafer (“Schafer”), the Company’s Executive Vice Chairman, and three other key employees, aggregate deferred compensation of $353,250 as of September 30, 2013. The balance is payable dependent upon the cash reserves of the Company.

As of September 30, 2013, the Company owed Bassani deferred compensation of $218,625 including interest of $53,625, which is due and payable on January 15, 2014. The deferred compensation accrues interest at 10% per annum and is convertible into the Company’s restricted common stock at $1.50 per share.

See Note 7 for information related to “Convertible Notes Payable – Affiliates’ owned by Bassani and Mark A. Smith (“Smith”), the Company’s President, for additional deferred compensation (and other items).