Chase General (CSGN) 10-K23 Sep 222022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Sep. 23, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	2-5916
Entity Registrant Name	CHASE GENERAL CORP
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	36-2667734
Entity Address, Address Line One	1307 South 59th,
Entity Address, City or Town	St. Joseph,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64507
City Area Code	(816)
Local Phone Number	279-1625
Title of 12(b) Security	None
Trading Symbol	Not Applicable
Security Exchange Name	NONE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float				$ 0
Entity Common Stock, Shares Outstanding			969,834
Auditor Name	HoganTaylor LLP	Mayer Hoffman McCann P.C.
Auditor Firm ID	483	199
Auditor Location	Oklahoma City, Oklahoma	Kansas City, Missouri
Entity Central Index Key	0000015357
Current Fiscal Year End Date	--06-30
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
CURRENT ASSETS
Cash and Cash Equivalents	$ 13,511	$ 7,115
Trade Receivables, Net of Allowance for Doubtful Accounts of $948 and $14,948, Respectively	141,336	196,802
Inventories:
Finished Goods	360,225	287,245
Goods in Process	18,603	11,254
Raw Materials	93,326	97,324
Packaging Materials	293,123	224,318
Prepaid Expenses	6,640	10,137
Total Current Assets	926,764	834,195
PROPERTY AND EQUIPMENT
Land	35,000	35,000
Buildings	77,348	77,348
Machinery and Equipment	886,341	867,691
Trucks and Autos	158,632	158,632
Office Equipment	33,025	33,025
Leasehold Improvements	72,068	72,068
Total	1,262,414	1,243,764
Less: Accumulated Depreciation and Amortization	(1,149,835)	(1,111,377)
Total Property and Equipment, Net	112,579	132,387
OTHER LONG-TERM ASSETS
Right of Use Assets	196,126	259,293
Total Long-Term Assets	308,705	391,680
Total Assets	1,235,469	1,225,875
CURRENT LIABILITIES
Accounts Payable	135,705	40,274
Current Maturities of Notes Payable	120,000	124,730
Current Maturities of Lease Liability	67,351	63,137
Accrued Expenses	32,598	26,285
Refund Liability Owed to Customers	8,209	9,794
Deferred Income	1,299	1,299
Total Current Liabilities	365,162	265,519
LONG-TERM LIABILITIES
Notes Payable, Less Current Maturities	0	0
Lease Liabilities, Less Current Maturities	128,775	196,156
Deferred Income	2,271	3,570
Total Long-Term Liabilities	131,046	199,726
Total Liabilities	496,208	465,245
COMMITMENTS AND CONTINGENCIES (NOTE 8)
Capital Stock Issued and Outstanding:
Common Stock, $1 Par Value	969,834	969,834
Paid-In Capital in Excess of Par	3,134,722	3,134,722
Accumulated Deficit	(5,726,735)	(5,705,366)
Total Stockholders' Equity	739,261	760,630
Total Liabilities and Stockholders' Equity	1,235,469	1,225,875
Prior Cumulative Preferred Stock - Series A
Capital Stock Issued and Outstanding:
Preferred stock, value	500,000	500,000
Prior Cumulative Preferred Stock - Series B
Capital Stock Issued and Outstanding:
Preferred stock, value	500,000	500,000
Cumulative Preferred Stock - Series A
Capital Stock Issued and Outstanding:
Preferred stock, value	1,170,660	1,170,660
Cumulative Preferred Stock - Series B
Capital Stock Issued and Outstanding:
Preferred stock, value	$ 190,780	$ 190,780

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Allowance for doubtful accounts on trade receivables (in dollars)	$ 948	$ 14,948
Common stock, par value (in dollars per share)	$ 1	$ 1
Prior Cumulative Preferred Stock
Preferred stock, par value (in dollars per share)	$ 5	$ 5
Prior Cumulative Preferred Stock - Series A
Preferred stock, liquidation preference (in dollars)	$ 2,430,000	$ 2,400,000
Prior Cumulative Preferred Stock - Series B
Preferred stock, liquidation preference (in dollars)	$ 2,385,000	$ 2,355,000
Convertible Cumulative Preferred
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Cumulative Preferred Stock - Series A
Preferred stock, liquidation preference (in dollars)	$ 5,428,928	$ 5,370,395
Cumulative Preferred Stock - Series B
Preferred stock, liquidation preference (in dollars)	$ 884,750	$ 875,211

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SALES	$ 3,064,443	$ 2,960,357
COST OF SALES	2,198,765	1,911,697
Gross Profit on Sales	865,678	1,048,660
OPERATING EXPENSES
Selling	321,992	320,775
General and Administrative	565,950	541,725
Total Operating Expenses	887,942	862,500
Loss from Operations	(22,264)	186,160
OTHER INCOME (EXPENSE)
Miscellaneous Income	4,957	8,758
Gain on Extinguishment of Debt (Note 3)		171,500
Interest Expense	(4,062)	(2,685)
Total Other Income, net	895	177,573
Income (loss) before Income Taxes	(21,369)	363,733
INCOME TAX BENEFIT (PROVISION)	0	0
NET INCOME (LOSS)	$ (21,369)	$ 363,733
EARNINGS (LOSS) PER SHARE
Basic (in dollars per share)	$ (0.15)	$ 0.24
Diluted (in dollars per share)	$ (0.15)	$ 0.18

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Prior Cumulative Preferred Stock - Series A Preferred Stock	Prior Cumulative Preferred Stock - Series B Preferred Stock	Cumulative Preferred Stock - Series A Preferred Stock	Cumulative Preferred Stock - Series B Preferred Stock	Common Stock	Paid-In Capital	Accumulated Deficit	Total
BALANCE, Beginning of period at Jun. 30, 2020	$ 500,000	$ 500,000	$ 1,170,660	$ 190,780	$ 969,834	$ 3,134,722	$ (6,069,099)	$ 396,897
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income							363,733	363,733
BALANCE, End of period at Jun. 30, 2021	500,000	500,000	1,170,660	190,780	969,834	3,134,722	(5,705,366)	760,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income							(21,369)	(21,369)
BALANCE, End of period at Jun. 30, 2022	$ 500,000	$ 500,000	$ 1,170,660	$ 190,780	$ 969,834	$ 3,134,722	$ (5,726,735)	$ 739,261

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Collections from Customers	$ 3,119,909	$ 2,906,017
Cost of Sales, Selling, General and Administrative Expenses Paid	(3,086,093)	(3,038,048)
Interest Paid	(4,062)	(2,685)
Net Cash Provided by (Used by) Operating Activities	29,754	(134,716)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of Property and Equipment	(18,628)	(15,880)
Net Cash Used by Investing Activities	(18,628)	(15,880)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Line-of-Credit	375,000	395,000
Principal Payments on Line-of-Credit	(375,000)	(275,000)
Principal Payments on Notes Payable	(4,730)	(15,679)
Net Cash Provided by (Used by) Financing Activities	(4,730)	104,321
INCREASE IN CASH AND CASH EQUIVALENTS	6,396	(46,275)
Cash and Cash Equivalents - Beginning of Period	7,115	53,390
CASH AND CASH EQUIVALENTS - END OF PERIOD	13,511	7,115
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH PROVIDED BY (USED BY) OPERATING ACTIVITIES
Net Income (loss)	(21,369)	363,733
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used by) Operating Activities:
Depreciation and Amortization	38,436	39,987
Allowance for Bad Debts	(14,000)	1,777
Deferred Income Amortization	(1,299)	(1,299)
Gain on Extinguishment of Debt		(171,500)
Effects of Changes in Operating Assets and Liabilities:
Trade Receivables	69,466	(54,340)
Inventories	(145,136)	(306,655)
Prepaid Expenses	3,497	(2,484)
Accounts Payable	95,431	(7,631)
Refund Liability Owed to Customers	(1,585)	(382)
Accrued Expenses	6,313	4,078
NET CASH PROVIDED BY (USED BY) OPERATING ACTIVITIES	$ 29,754	$ (134,716)

NATURE OF BUSINESS AND SIGNIFIC

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2022
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business Chase General Corporation (the Company) was incorporated on November 6, 1944 in the state of Missouri for the purpose of manufacturing confectionery products. The Company grants credit terms to substantially all customers, consisting of repackers, grocery accounts, and national syndicate accounts, who are primarily located in the Midwest region of the United States. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Dye Candy Company. All intercompany transactions and balances have been eliminated in consolidation. Segment Reporting of the Business The subsidiary, Dye Candy Company, operates two divisions, Chase Candy Products and Seasonal Candy Products. Chase Candy Products involve production and sale of a candy bar marketed under the trade name “Cherry Mash”. The Seasonal Candy Products involve production and sale of coconut, peanut, chocolate, and fudge confectioneries. The products of both divisions are sold to the same type of customers in the same geographical areas. In addition, both divisions share a common labor force and utilize the same basic equipment and raw materials. Management considers these two divisions as one reportable segment in these consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Shipping and Handling Costs Shipping and handling costs for freight expense on goods shipped are included in cost of sales. Freight expense on goods shipped for the years ended June 30, 2022 and 2021 was $134,620 and $115,587, respectively. Trade Receivables Trade receivables are uncollateralized customer obligations which generally require payment within thirty days from the invoice date. Trade receivables are stated at the invoice amount as no interest is charged to the customer for any past due amounts. Payments of trade receivables are applied to the specific invoices identified on the customer’s remittance advice or, if unspecified, to the earliest unpaid invoices. NOTE 1 NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Trade Receivables (Continued) The carrying amount of trade receivables is reduced by a valuation allowance that reflects management’s best estimate of amounts that will not be collected. The allowance for doubtful accounts is based on management’s assessment of the collectibility of specific customer accounts and the aging of the trade receivables. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than the historical experience, management’s estimates of the recoverability of amounts due to the Company could be adversely affected. All accounts or portions thereof deemed to be uncollectible, or that require an excessive collection cost, are written off to the allowance for doubtful accounts. Inventories Raw material and packaging material inventories are carried at the “lower of cost or net realizable value,” with cost being determined on the “first-in, first-out” basis of accounting. The cost of goods in process include an estimate for manufacturing overhead. Finished goods inventory are valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method, the valuation of finished goods inventory at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventories. Property and Equipment The Company’s property and equipment is recorded at cost and is being depreciated on straight-line method over the following estimated useful lives: Buildings 39 years Machinery and equipment 5 – 7 years Trucks and autos 5 years Office equipment 5 – 7 years Leasehold improvements Lesser of estimated useful life or the lease term Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets. Paycheck Protection Program Note The Small Business Administration Paycheck Protection Program Promissory Note further discussed in Note 3 is being accounted for under Accounting Standards Codification (ASC) 470, Debt. Under ASC 470, the initial recognition of the debt is a financial liability that accrues interest. Under ASC 470, derecognition of the liability will occur when the Company has been “legally released” or pays off the loan at which time forgiveness will be recorded as a gain on extinguishment. NOTE 1 NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes Deferred income taxes are provided using the liability method for temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred income tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred income tax assets are only recognized if it is more likely than not that a tax position will be realized or sustained upon examination by the relevant taxing authority. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred income tax assets will not be realized. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of relevant information. Deferred income tax liabilities are recognized for temporary differences that will be taxable in future years’ tax returns. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the dates of enactment. Based on the facts, the Company has determined it necessary to reduce their deferred income tax asset with a valuation allowance due to it being more likely than not that the Company will not be able to realize all of the deferred income tax assets. The Company’s policy is to evaluate uncertain tax positions under the guidance as prescribed by ASC 740, Income Taxes Earnings Per Common Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share shall be computed by including contingently issuable shares with the weighted average shares outstanding during the period. When inclusion of the contingently issuable shares would have an antidilutive effect upon earnings per share, diluted earnings per share will be calculated in the same manner as basic earnings per share. NOTE 1 NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue Recognition The majority of the Company’s revenue is derived by fulfilling customer orders for the purchase of our products, including 1) a candy bar marketed under the trade name “Cherry Mash” and 2) coconut, peanut, chocolate, and fudge confectioneries. The Company recognizes revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon shipment to the customer. Shipping and handling costs incurred to ship product to the customer are recorded within cost of sales. Amounts billed and due from our customers are classified as trade receivables on the balance sheet and require payment on a short-term basis. Generally, individual orders from customers are accounted for as a single performance obligation. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The amount of consideration the Company expects to receive and revenue the Company recognizes includes estimates of variable consideration, including costs for trade promotional programs, customer incentives, and allowances and discounts associated with aged or potentially unsaleable products. These estimates are based upon our analysis of the programs offered, historical trends, and expectations regarding customer and consumer participation, sales and payment trends and our experience with payment patterns associated with similar programs offered in the past. The Company reviews and updates these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments recognized for the year ended June 30, 2022 and 2021 resulting from updated estimates of revenue for prior year product sales were not significant. The Company has elected a practical expedient to recognize incremental costs incurred to obtain contracts, which primarily represent sales commissions where the amortization period would be less than one year, as a selling expense when incurred in the financial statements. The majority of the Company’s products are confectionery and confectionery-based and, therefore, exhibit similar economic characteristics, such that they are based on similar ingredients and are marketed and sold through the same channels to the same customers. The Company operates two divisions, Chase Candy Products and Seasonal Candy Products. Chase Candy Products involve production and sale of a candy bar marketed under the trade name “Cherry Mash”. The Seasonal Candy Products involve production and sale of coconut, peanut, chocolate, and fudge confectioneries. Both divisions share a common labor force and utilize the same basic equipment and raw materials. Management considers these two divisions as one reportable segment. Advertising is expensed when incurred and considered as a component of revenue. Advertising expense was $7,115 and $18,011 for the years ended June 30, 2022 and 2021, respectively. The various divisions of revenue are as follows: 2022 2021 SALES Chase Candy $ 1,849,227 $ 1,868,899 Seasonal Candy 1,215,216 1,091,458 Total $ 3,064,443 $ 2,960,357

FORGIVABLE LOAN AND DEFERRED IN

FORGIVABLE LOAN AND DEFERRED INCOME	12 Months Ended
FORGIVABLE LOAN AND DEFERRED INCOME	Jun. 30, 2022
FORGIVABLE LOAN AND DEFERRED INCOME
FORGIVABLE LOAN AND DEFERRED INCOME	NOTE 2 FORGIVABLE LOAN AND DEFERRED INCOME During 2004, the Company received a $25,000 economic development incentive from Buchanan County, which is a five five

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
NOTES PAYABLE	Jun. 30, 2022
NOTES PAYABLE
NOTES PAYABLE	NOTE 3 NOTES PAYABLE The Company’s long-term debt at June 30, 2022 and 2021 consists of: June 30, June 30, Payee Terms 2022 2021 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 4, 2023, with a variable interest rate at prime but not less than 5% . The line of credit is collateralized by substantially all assets of the Company. $ 120,000 $ 120,000 Toyota Credit $444 monthly payments, interest of 6.49%; matured May 2022, secured by a vehicle. — 4,730 Total 120,000 124,730 Less Current Portion 120,000 124,730 Long-Term Portion $ — $ —

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
CAPITAL STOCK	Jun. 30, 2022
CAPITAL STOCK
CAPITAL STOCK	NOTE 4 CAPITAL STOCK Capital stock authorized, issued, and outstanding as of June 30, 2022 is as follows: Shares Issued and Authorized Outstanding Prior Cumulative Preferred Stock, $5 Par Value: 6% Convertible 240,000 Series A 100,000 Series B 100,000 Cumulative Preferred Stock, $20 Par Value: 5% Convertible 150,000 Series A 58,533 Series B 9,539 Common Stock, $1 Par Value: Reserved for Conversion of Preferred Stock - 1,030,166 shares 2,000,000 969,834 Cumulative Preferred Stock dividends in arrears at June 30, 2022 and 2021 totaled $8,717,238 and $8,589,166, respectively. Total dividends in arrears, on a per share basis, consist of the following at June 30, 2022 and 2021: For the Year Ended June 30, 2022 2021 6% Convertible: Series A $ 19 $ 19 Series B $ 19 $ 18 5% Convertible: Series A $ 73 $ 72 Series B $ 73 $ 72 The 6% convertible prior cumulative preferred stock may, upon 30 days prior notice, be redeemed by the Corporation at $5.25 a share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. Cumulative preferred stock may be exchanged for common stock at the option of the shareholders in the ratio of four common shares for one share of Series A and 3.75 common shares for one share of Series B. The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of preferred.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 5 INCOME TAXES Management believes the income tax positions taken for open years are appropriately stated and supported for all open years. The Company’s federal tax returns for the years ended June 30, 2021, 2020, and 2019 are subject to examination by the Internal Revenue Service taxing authority. The sources of deferred income tax assets and liabilities at June 30, 2022 and 2021 are as follows: June 30, June 30, 2022 2021 Deferred tax assets: Bad Debt Allowance 200 3,600 Deferred Income 900 1,200 Contribution Carryover 500 — Net operating loss carryforwards 38,900 38,600 40,500 43,400 Deferred tax liabilities: Book/Tax Difference on Property and Equipment (10,000) (18,000) (10,000) (18,000) Net deferred tax asset before valuation allowance 30,500 25,400 Valuation allowance: Beginning balanace (25,400) (77,232) (Increase) Decrease during the period (5,100) 51,832 Ending balance (30,500) (25,400) Net deferred tax asset $ — $ — The income tax provision differs from the amount of income tax determined by applying the statutory federal income tax rate to pretax income (loss) for the years ended June 30, 2022 and 2021 due to the following: For the Years Ended June 30, 2022 2021 Computed at statutory rate $ (4,487) $ 76,384 Increase (decrease) resulting from: Nondeductible Meals & Entertainment — 9 PPP Loan Forgivenss Income — (36,015) State income taxes - net of federal tax benefit (675) 6,076 Change in deferred tax asset valuation allowance 5,100 (51,832) Other 62 5,378 Actual tax provision $ — $ — The Company has available at June 30, 2022, $161,212 of net unused operating losses that may be carried forward and applied against future taxable income. Within this amount of net operating loss carryforwards, $54,902 expires on June 30, 2038, the remaining balance does not expire.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
EARNINGS (LOSS) PER SHARE	Jun. 30, 2022
EARNINGS (LOSS) PER SHARE
EARNINGS PER SHARE	NOTE 6 EARNINGS (LOSS) PER SHARE The earnings (loss) per share for the years ended June 30, 2022 and 2021, respectively, was computed on the weighted average of outstanding common shares during the year as follows: For the Years Ended June 30, 2022 2021 Net Income (Loss) $ (21,369) $ 363,733 Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 60,000 60,000 5% Convertible Cumulative Preferred, $20 Par Value 68,072 68,072 Total Dividend Requirements 128,072 128,072 Net Income (Loss) attributable to Common Stockholders $ (149,441) $ 235,661 Weighted Average Shares - Basic 969,834 969,834 Effect of Contingently Issuable Shares, if Dilutive 1,033,334 1,033,334 Weighted Average Shares - Diluted 2,003,168 2,003,168 Basic Earnings (Loss) per Share $ (0.15) $ 0.24 Diluted Earnings (Loss) per Share $ (0.15) $ 0.18 Contingently issuable shares were not included in the 2022 diluted earnings per common share as they would have an antidilutive effect upon earnings per share. The following table details out the contingently issuable shares for the years ended June 30, 2022 and 2021. For 2022 and 2021, the contingently issuable shares were not included in diluted earnings per common share as they would have an antidilutive effect upon earnings per share. 2022 2021 Shares Issuable Upon Conversion of Series A Prior Cumulative Preferred Stock 400,000 400,000 Shares Issuable Upon Conversion of Series B Prior Cumulative Preferred Stock 375,000 375,000 Shares Issuable Upon Conversion of Series A Cumulative Preferred Stock 222,133 222,133 Shares Issuable Upon Conversion of Series B Cumulative Preferred Stock 36,201 36,201 Total Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	12 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	Jun. 30, 2022
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	NOTE 7 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION For the Years Ended June 30, 2022 2021 Cash Paid for: Interest $ 4,062 $ 2,685

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS	12 Months Ended
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS	Jun. 30, 2022
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS	NOTE 8 COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS The Company leases its office and manufacturing facility, located in St. Joseph, Missouri under an operating lease from an entity that is owned by the son of the Chief Executive Officer of the Company. The lease term is from February 1, 2005 through March 31, 2025 with an option to extend for an additional term of five years. The Company does not believe that exercise of the renewal option is reasonably assured, and has not included the additional five years in the lease term. The lease currently requires payments of $6,500 per month. Operating lease right-of-use assets and liabilities were recognized upon adoption of the lease standard based on the present value of minimum lease payments over the remaining lease term. The Company’s operating lease has a remaining term of 2.75 years and the present value of the lease payments is calculated using the lessor’s implicit rate of 6.43%. Operating lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreement does not contain any residual value guarantees. Additionally, any other short-term leases are immaterial. The Company elected the practical expedient to not separate lease and nonlease components and also elected the short-term practical expedient for all leases that qualify. As a result, the Company will not recognize right-of-use assets or liabilities for short-term leases that qualify for the short-term practical expedient, but instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. Operating lease expenses and cash paid for operating lease liabilities were $78,000 for the year ended June 30, 2022, of which, $71,565 is included in cost of sales and $6,435 is included in general and administrative expenses. Minimum annual payments required under existing operating lease liabilities that have initial or remaining noncancelable terms in excess of one year as of June 30, 2022 are as follows: Twelve Months Ending June 30, Amount 2023 $ 78,000 2024 78,000 2025 58,500 Total Lease Payments 214,500 Less: Imputed Interest (18,374) Total Lease Liabilities $ 196,126 As of June 30, 2022, the Company had raw materials purchase commitments with six vendors totaling approximately $120,000.

DISCLOSURES ABOUT FAIR VALUE OF

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2022
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 9 DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables and payables, and notes payable. There are no significant differences between the carrying value and fair value of any of these financial instruments.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
CONCENTRATION OF CREDIT RISK	Jun. 30, 2022
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK	NOTE 10 CONCENTRATION OF CREDIT RISK For the years ended June 30, 2022 and 2021, three customers accounted for 50% and 55%, respectively , of the sales. As of June 30, 2022 and 2021, these same three customers accounted for 49% and 54%, respectively, of trade receivables. The effects of the COVID-19 pandemic are further discussed below in Note 11

CURRENT ECONOMIC CONDITIONS

CURRENT ECONOMIC CONDITIONS	12 Months Ended
CURRENT ECONOMIC CONDITIONS	Jun. 30, 2022
CURRENT ECONOMIC CONDITIONS
CURRENT ECONOMIC CONDITIONS	NOTE 11 CURRENT ECONOMIC CONDITIONS The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities. The Company put preparedness plans in place at the manufacturing facility. They have adjusted the number of people allowed at their facilities, enforced social distancing, maintained proper sanitation protocol and have asked that any high risk or employees feeling ill to not come in. The office and sales staff continues to work, while adhering to social distancing guidelines, implementing flexible hours, reducing person-to-person interaction and increasing safety measures. The Company believes they have sufficient liquidity to satisfy current cash needs, however, they continue to evaluate and take action, as necessary, to preserve adequate liquidity and ensure that the business can continue to operate during these uncertain times. The potential impact to the Company’s consolidated financial statements could occur as early as the first quarter of fiscal year ending June 30, 2023 and include, but not limited to: impairment of long lived assets; including property and equipment and operating lease right-of-use assets related to the Company’s fair value and collectability of receivables and other financial assets. The Company monitors significant events occurring after June 30, 2022 and prior to the issuance of the financial statements to determine the impact, if any, of the events on the financial statements to be issued. All subsequent events of which the Company is aware were evaluated through the filing date of this Form 10-K.

NATURE OF BUSINESS AND SIGNIF_2

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2022
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Dye Candy Company. All intercompany transactions and balances have been eliminated in consolidation.
Segment Reporting of the Business	Segment Reporting of the Business The subsidiary, Dye Candy Company, operates two divisions, Chase Candy Products and Seasonal Candy Products. Chase Candy Products involve production and sale of a candy bar marketed under the trade name “Cherry Mash”. The Seasonal Candy Products involve production and sale of coconut, peanut, chocolate, and fudge confectioneries. The products of both divisions are sold to the same type of customers in the same geographical areas. In addition, both divisions share a common labor force and utilize the same basic equipment and raw materials. Management considers these two divisions as one reportable segment in these consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs for freight expense on goods shipped are included in cost of sales. Freight expense on goods shipped for the years ended June 30, 2022 and 2021 was $134,620 and $115,587, respectively.
Trade Receivables	Trade Receivables Trade receivables are uncollateralized customer obligations which generally require payment within thirty days from the invoice date. Trade receivables are stated at the invoice amount as no interest is charged to the customer for any past due amounts. Payments of trade receivables are applied to the specific invoices identified on the customer’s remittance advice or, if unspecified, to the earliest unpaid invoices. NOTE 1 NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Trade Receivables (Continued) The carrying amount of trade receivables is reduced by a valuation allowance that reflects management’s best estimate of amounts that will not be collected. The allowance for doubtful accounts is based on management’s assessment of the collectibility of specific customer accounts and the aging of the trade receivables. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than the historical experience, management’s estimates of the recoverability of amounts due to the Company could be adversely affected. All accounts or portions thereof deemed to be uncollectible, or that require an excessive collection cost, are written off to the allowance for doubtful accounts.
Inventories	Inventories Raw material and packaging material inventories are carried at the “lower of cost or net realizable value,” with cost being determined on the “first-in, first-out” basis of accounting. The cost of goods in process include an estimate for manufacturing overhead. Finished goods inventory are valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method, the valuation of finished goods inventory at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventories.
Property and Equipment	Property and Equipment The Company’s property and equipment is recorded at cost and is being depreciated on straight-line method over the following estimated useful lives: Buildings 39 years Machinery and equipment 5 – 7 years Trucks and autos 5 years Office equipment 5 – 7 years Leasehold improvements Lesser of estimated useful life or the lease term
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets.
Paycheck Protection Program Note	Paycheck Protection Program Note The Small Business Administration Paycheck Protection Program Promissory Note further discussed in Note 3 is being accounted for under Accounting Standards Codification (ASC) 470, Debt. Under ASC 470, the initial recognition of the debt is a financial liability that accrues interest. Under ASC 470, derecognition of the liability will occur when the Company has been “legally released” or pays off the loan at which time forgiveness will be recorded as a gain on extinguishment.
Income Taxes	Income Taxes Deferred income taxes are provided using the liability method for temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred income tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred income tax assets are only recognized if it is more likely than not that a tax position will be realized or sustained upon examination by the relevant taxing authority. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred income tax assets will not be realized. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of relevant information. Deferred income tax liabilities are recognized for temporary differences that will be taxable in future years’ tax returns. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the dates of enactment. Based on the facts, the Company has determined it necessary to reduce their deferred income tax asset with a valuation allowance due to it being more likely than not that the Company will not be able to realize all of the deferred income tax assets. The Company’s policy is to evaluate uncertain tax positions under the guidance as prescribed by ASC 740, Income Taxes
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share shall be computed by including contingently issuable shares with the weighted average shares outstanding during the period. When inclusion of the contingently issuable shares would have an antidilutive effect upon earnings per share, diluted earnings per share will be calculated in the same manner as basic earnings per share.
Revenue Recognition	Revenue Recognition The majority of the Company’s revenue is derived by fulfilling customer orders for the purchase of our products, including 1) a candy bar marketed under the trade name “Cherry Mash” and 2) coconut, peanut, chocolate, and fudge confectioneries. The Company recognizes revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon shipment to the customer. Shipping and handling costs incurred to ship product to the customer are recorded within cost of sales. Amounts billed and due from our customers are classified as trade receivables on the balance sheet and require payment on a short-term basis. Generally, individual orders from customers are accounted for as a single performance obligation. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The amount of consideration the Company expects to receive and revenue the Company recognizes includes estimates of variable consideration, including costs for trade promotional programs, customer incentives, and allowances and discounts associated with aged or potentially unsaleable products. These estimates are based upon our analysis of the programs offered, historical trends, and expectations regarding customer and consumer participation, sales and payment trends and our experience with payment patterns associated with similar programs offered in the past. The Company reviews and updates these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments recognized for the year ended June 30, 2022 and 2021 resulting from updated estimates of revenue for prior year product sales were not significant. The Company has elected a practical expedient to recognize incremental costs incurred to obtain contracts, which primarily represent sales commissions where the amortization period would be less than one year, as a selling expense when incurred in the financial statements. The majority of the Company’s products are confectionery and confectionery-based and, therefore, exhibit similar economic characteristics, such that they are based on similar ingredients and are marketed and sold through the same channels to the same customers. The Company operates two divisions, Chase Candy Products and Seasonal Candy Products. Chase Candy Products involve production and sale of a candy bar marketed under the trade name “Cherry Mash”. The Seasonal Candy Products involve production and sale of coconut, peanut, chocolate, and fudge confectioneries. Both divisions share a common labor force and utilize the same basic equipment and raw materials. Management considers these two divisions as one reportable segment. Advertising is expensed when incurred and considered as a component of revenue. Advertising expense was $7,115 and $18,011 for the years ended June 30, 2022 and 2021, respectively. The various divisions of revenue are as follows: 2022 2021 SALES Chase Candy $ 1,849,227 $ 1,868,899 Seasonal Candy 1,215,216 1,091,458 Total $ 3,064,443 $ 2,960,357

NATURE OF BUSINESS AND SIGNIF_3

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2022
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Schedule of property plant and equipment depreciated over the estimated useful life	Buildings 39 years Machinery and equipment 5 – 7 years Trucks and autos 5 years Office equipment 5 – 7 years Leasehold improvements Lesser of estimated useful life or the lease term
Schedule of divisions of revenue	2022 2021 SALES Chase Candy $ 1,849,227 $ 1,868,899 Seasonal Candy 1,215,216 1,091,458 Total $ 3,064,443 $ 2,960,357

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
NOTES PAYABLE (Tables)	Jun. 30, 2022
NOTES PAYABLE
Schedule of long-term debt	June 30, June 30, Payee Terms 2022 2021 Nodaway Valley Bank $350,000 line-of-credit agreement expiring on January 4, 2023, with a variable interest rate at prime but not less than 5% . The line of credit is collateralized by substantially all assets of the Company. $ 120,000 $ 120,000 Toyota Credit $444 monthly payments, interest of 6.49%; matured May 2022, secured by a vehicle. — 4,730 Total 120,000 124,730 Less Current Portion 120,000 124,730 Long-Term Portion $ — $ —

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	12 Months Ended
CAPITAL STOCK (Tables)	Jun. 30, 2022
CAPITAL STOCK
Schedule of capital stock authorized, issued, and outstanding	Shares Issued and Authorized Outstanding Prior Cumulative Preferred Stock, $5 Par Value: 6% Convertible 240,000 Series A 100,000 Series B 100,000 Cumulative Preferred Stock, $20 Par Value: 5% Convertible 150,000 Series A 58,533 Series B 9,539 Common Stock, $1 Par Value: Reserved for Conversion of Preferred Stock - 1,030,166 shares 2,000,000 969,834
Schedule of preferred stock dividends in arrears on a per share basis	For the Year Ended June 30, 2022 2021 6% Convertible: Series A $ 19 $ 19 Series B $ 19 $ 18 5% Convertible: Series A $ 73 $ 72 Series B $ 73 $ 72

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
INCOME TAX (Tables)	Jun. 30, 2022
INCOME TAXES
Schedule of sources of deferred tax assets and liability	June 30, June 30, 2022 2021 Deferred tax assets: Bad Debt Allowance 200 3,600 Deferred Income 900 1,200 Contribution Carryover 500 — Net operating loss carryforwards 38,900 38,600 40,500 43,400 Deferred tax liabilities: Book/Tax Difference on Property and Equipment (10,000) (18,000) (10,000) (18,000) Net deferred tax asset before valuation allowance 30,500 25,400 Valuation allowance: Beginning balanace (25,400) (77,232) (Increase) Decrease during the period (5,100) 51,832 Ending balance (30,500) (25,400) Net deferred tax asset $ — $ —
Schedule of effective income tax rate reconciliation	For the Years Ended June 30, 2022 2021 Computed at statutory rate $ (4,487) $ 76,384 Increase (decrease) resulting from: Nondeductible Meals & Entertainment — 9 PPP Loan Forgivenss Income — (36,015) State income taxes - net of federal tax benefit (675) 6,076 Change in deferred tax asset valuation allowance 5,100 (51,832) Other 62 5,378 Actual tax provision $ — $ —

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
EARNINGS (LOSS) PER SHARE (Tables)	Jun. 30, 2022
EARNINGS (LOSS) PER SHARE
Schedule of earnings (loss) per share computed on the weighted average of outstanding common shares	For the Years Ended June 30, 2022 2021 Net Income (Loss) $ (21,369) $ 363,733 Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 60,000 60,000 5% Convertible Cumulative Preferred, $20 Par Value 68,072 68,072 Total Dividend Requirements 128,072 128,072 Net Income (Loss) attributable to Common Stockholders $ (149,441) $ 235,661 Weighted Average Shares - Basic 969,834 969,834 Effect of Contingently Issuable Shares, if Dilutive 1,033,334 1,033,334 Weighted Average Shares - Diluted 2,003,168 2,003,168 Basic Earnings (Loss) per Share $ (0.15) $ 0.24 Diluted Earnings (Loss) per Share $ (0.15) $ 0.18
Schedule of antidilutive shares excluded from computation of earnings per share	2022 2021 Shares Issuable Upon Conversion of Series A Prior Cumulative Preferred Stock 400,000 400,000 Shares Issuable Upon Conversion of Series B Prior Cumulative Preferred Stock 375,000 375,000 Shares Issuable Upon Conversion of Series A Cumulative Preferred Stock 222,133 222,133 Shares Issuable Upon Conversion of Series B Cumulative Preferred Stock 36,201 36,201 Total Dilutive Effect of Contingently Issuable Shares 1,033,334 1,033,334

SUPPLEMENTAL DISCLOSURES OF C_2

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	12 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	Jun. 30, 2022
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Schedule of supplemental disclosures of cash flow information	For the Years Ended June 30, 2022 2021 Cash Paid for: Interest $ 4,062 $ 2,685

COMMITMENTS, CONTINGENCIES AN_2

COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Jun. 30, 2022
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS
Schedule of annual payments	Twelve Months Ending June 30, Amount 2023 $ 78,000 2024 78,000 2025 58,500 Total Lease Payments 214,500 Less: Imputed Interest (18,374) Total Lease Liabilities $ 196,126

NATURE OF BUSINESS AND SIGNIF_4

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives (Details)	12 Months Ended
	Jun. 30, 2022
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Trucks and autos
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Lesser of estimated useful life or the lease term

NATURE OF BUSINESS AND SIGNIF_5

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Divisions of Revenue (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer, Including Assessed Tax	$ 3,064,443	$ 2,960,357
Chase Candy
Revenue from Contract with Customer, Including Assessed Tax	1,849,227	1,868,899
Seasonal Candy
Revenue from Contract with Customer, Including Assessed Tax	$ 1,215,216	$ 1,091,458

NATURE OF BUSINESS AND SIGNIF_6

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Jun. 30, 2022 USD ($) segment division	Jun. 30, 2021 USD ($)
Nature Of Business And Significant Accounting Policies [Line Items]
Number of product divisions \| division	2
Number of reportable segments \| segment	1
Cost of sales	$ 2,198,765	$ 1,911,697
Advertising expense	$ 7,115	18,011
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false]	true
Operating Lease, Right-of-Use Asset	$ 196,126	259,293
Operating Lease, Liability	196,126
Freight costs
Nature Of Business And Significant Accounting Policies [Line Items]
Cost of sales	$ 134,620	$ 115,587

FORGIVABLE LOAN AND DEFERRED _2

FORGIVABLE LOAN AND DEFERRED INCOME (Details)	1 Months Ended	12 Months Ended
FORGIVABLE LOAN AND DEFERRED INCOME (Details)	Jun. 30, 2004 USD ($) ft²	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Lease term of deferred revenue		20 years
Amortized deferred revenue into miscellaneous income		$ 1,299	$ 1,299
Nodaway Valley Bank \| Standby Letters of Credit
Line of Credit Facility [Line Items]
Economic development incentive, forgivable loan	$ 25,000
Term of forgivable loan	5 years
Loan rate per year	$ 5,000
Letter of credit, collateral amount	$ 25,000
Area of land occupying \| ft²	20,000
Number of existing jobs maintained \| item		19
Term of existing jobs maintenance		5 years

NOTES PAYABLE - Long-term debt

NOTES PAYABLE - Long-term debt (Details) - USD ($)	12 Months Ended
NOTES PAYABLE - Long-term debt (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Total	$ 120,000	$ 124,730
Less Current Portion	120,000	124,730
Long-Term Portion	0	0
Proceeds from Line-of-Credit	375,000	395,000
Nodaway Valley Bank
Debt Instrument [Line Items]
Total	120,000	120,000
Toyota Credit
Debt Instrument [Line Items]
Total	$ 0	$ 4,730
PPP
Debt Instrument [Line Items]
Proceeds from Line-of-Credit			$ 171,500

NOTES PAYABLE - Long-term deb_2

NOTES PAYABLE - Long-term debt (Parentheticals) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Nodaway Valley Bank
Debt Instrument [Line Items]
Line-of-credit agreement, amount	$ 350,000	$ 350,000
Line of Credit Facility, Expiration date	Jan. 04, 2023	Jan. 04, 2023
Interest rate	5%	5%
Toyota Credit: $444 monthly payments, interest of 6.49%; final payment due May 2022, secured by a vehicle.
Debt Instrument [Line Items]
Line-of-credit agreement, amount	$ 444	$ 444
Interest rate	6.49%	6.49%
Maturity date	May 01, 2022	May 01, 2022

CAPITAL STOCK - Shares authoriz

CAPITAL STOCK - Shares authorized, issued, and outstanding (Details)	Jun. 30, 2022 shares
Class of Stock [Line Items]
Common stock- reserved for conversion of preferred shares authorized	2,000,000
Common stock- reserved for conversion of preferred shares issued	969,834
Common stock- reserved for conversion of preferred shares outstanding	969,834
Prior Cumulative Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized	240,000
Prior Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Preferred shares issued	100,000
Preferred shares outstanding	100,000
Prior Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Preferred shares issued	100,000
Preferred shares outstanding	100,000
Convertible Cumulative Preferred
Class of Stock [Line Items]
Preferred shares authorized	150,000
Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Preferred shares issued	58,533
Preferred shares outstanding	58,533
Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Preferred shares issued	9,539
Preferred shares outstanding	9,539

CAPITAL STOCK - Shares author_2

CAPITAL STOCK - Shares authorized, issued, and outstanding (Parenthetical) (Details) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 1	$ 1
Reserved for conversion of preferred stock (in shares)	1,030,166
Prior Cumulative Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 5	$ 5
Stated percentage of preferred stock	6%	6%
Convertible Cumulative Preferred
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Stated percentage of preferred stock	5%	5%

CAPITAL STOCK - Preferred Stock

CAPITAL STOCK - Preferred Stock dividends in arrears on a per share basis (Details) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
Prior Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	$ 19	$ 19
Prior Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	19	18
Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	73	72
Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Cumulative preferred stock dividends in arrears	$ 73	$ 72

CAPITAL STOCK - Additional Info

CAPITAL STOCK - Additional Information (Details)	12 Months Ended
CAPITAL STOCK - Additional Information (Details)	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)
Class of Stock [Line Items]
Total cumulative preferred stock dividends in arrears \| $	$ 8,717,238	$ 8,589,166
6% Convertible
Class of Stock [Line Items]
Redemption price per share (in dollars per share)	$ 5.25
Preferred stock, liquidation preference per share (in dollars per share)	$ 5.25
Prior Cumulative Preferred Stock - Series A
Class of Stock [Line Items]
Number of common stock exchanged for each preferred stock held	4
Prior Cumulative Preferred Stock - Series B
Class of Stock [Line Items]
Number of common stock exchanged for each preferred stock held	3.75
Cumulative Preferred Stock, $20 Par Value:
Class of Stock [Line Items]
Redemption price per share (in dollars per share)	$ 21
Preferred stock, liquidation preference per share (in dollars per share)	$ 20
Number of common stock exchanged for each preferred stock held	3.795

INCOME TAXES - Sources of defer

INCOME TAXES - Sources of deferred tax assets and liability (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Deferred tax assets:
Bad Debt Allowance	$ 200	$ 3,600
Deferred Income	900	1,200
Contribution Carryover	500	0
Net operating loss carryforwards	38,900	38,600
Deferred tax assets	40,500	43,400
Deferred tax liabilities:
Book/Tax Difference on Property and Equipment	(10,000)	(18,000)
Deferred tax liabilities	(10,000)	(18,000)
Net deferred tax asset before valuation allowance	30,500	25,400
Valuation allowance:
Beginning balance	(25,400)	(77,232)
Increase during the period	(5,100)	51,832
Ending balance	(30,500)	(25,400)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES - Effective income

INCOME TAXES - Effective income tax rate reconciliation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES
Computed at statutory rate	$ (4,487)	$ 76,384
Increase (decrease) resulting from:
Nondeductible Meals & Entertainment	0	9
PPP Loan Forgivenss Income		(36,015)
State income taxes - net of federal tax benefit	(675)	6,076
Change in deferred tax asset valuation allowance	5,100	(51,832)
Other	62	5,378
Actual tax provision	$ 0	$ 0

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	12 Months Ended
INCOME TAXES - Additional Information (Details)	Jun. 30, 2022 USD ($)
INCOME TAXES
Operating loss carryforwards	$ 161,212
Operating loss carry forwards expires	$ 54,902
Date of operating loss carry forwards expires	Jun. 30, 2038

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($)	12 Months Ended
EARNINGS (LOSS) PER SHARE (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Net Income (loss)	$ (21,369)	$ 363,733
Preferred Dividend Requirements:
Total Dividend Requirements	128,072	128,072
Net loss - attributable to Common Stockholders	$ (149,441)	$ 235,661
Weighted Average Shares - Basic (in shares)	969,834	969,834
Effect of Contingently Issuable Shares, if Dilutive	1,033,334	1,033,334
Weighted Average Shares - Diluted (in shares)	2,003,168	2,003,168
Basic Loss per Share	$ (0.15)	$ 0.24
Diluted Loss per Share	$ (0.15)	$ 0.18
6% Prior Cumulative Preferred, $5 par value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 60,000	$ 60,000
5% Convertible Cumulative Preferred, $21 Par Value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 68,072	$ 68,072

EARNINGS (LOSS) PER SHARE (Pare

EARNINGS (LOSS) PER SHARE (Parenthetical) (Details) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
6% Prior Cumulative Preferred, $5 par value
Class of Stock [Line Items]
Stated percentage of preferred stock	6%	6%
Preferred stock, par value (in dollars per share)	$ 5	$ 5
5% Convertible Cumulative Preferred, $21 Par Value
Class of Stock [Line Items]
Stated percentage of preferred stock	5%	5%
Preferred stock, par value (in dollars per share)	$ 20	$ 20

EARNINGS (LOSS) PER SHARE - Ant

EARNINGS (LOSS) PER SHARE - Antidilutive effect of contingently issuable shares (Details) - shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	1,033,334	1,033,334
Prior Cumulative Preferred Stock - Series A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	400,000	400,000
Prior Cumulative Preferred Stock - Series B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	375,000	375,000
Cumulative Preferred Stock - Series A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	222,133	222,133
Cumulative Preferred Stock - Series B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Issuable Upon Conversion of Cumulative Preferred Stock	36,201	36,201

SUPPLEMENTAL DISCLOSURES OF C_3

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Paid for:
Interest	$ 4,062	$ 2,685

COMMITMENTS, CONTINGENCIES AN_3

COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS - Future minimum lease payments (Details)	Jun. 30, 2022 USD ($)
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS
2023	$ 78,000
2024	78,000
2025	58,500
Total Lease Payments	214,500
Less: Imputed Interest	(18,374)
Total Lease Liabilities	$ 196,126

COMMITMENTS, CONTINGENCIES AN_4

COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS - Additional Information (Details)	12 Months Ended
	Jun. 30, 2022 USD ($) item
Long-term Purchase Commitment [Line Items]
Lease payments per month	$ 6,500
Operating lease remaining term	2 years 9 months
Operating Lease lessor's implicit rate	6.43%
Operating lease liabilities	$ 78,000
Cost of sales
Long-term Purchase Commitment [Line Items]
Operating lease liabilities	71,565
General and administrative expenses
Long-term Purchase Commitment [Line Items]
Operating lease liabilities	$ 6,435
Raw material
Long-term Purchase Commitment [Line Items]
Raw materials purchase commitments, number of vendors \| item	6
Raw materials purchase commitments	$ 120,000

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details) - Customer concentration risk - Customer [Member] - customer	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Gross sales
Concentration Risk [Line Items]
Number of customers accounted credit risk	3	3
Customer concentration risk, percentage	50%	55%
Trade receivables
Concentration Risk [Line Items]
Number of customers accounted credit risk	3	3
Customer concentration risk, percentage	49%	54%