Chase General (CSGN) 10-Q13 Nov 242025 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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
No Trading Symbol Flag	true
Security Exchange Name	NONE
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 Common Stock, Shares Outstanding		969,834
Entity Central Index Key	0000015357
Current Fiscal Year End Date	--06-30
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Jun. 30, 2024
CURRENT ASSETS
Cash and Cash Equivalents	$ 44,311	$ 41,974
Trade Receivables, Net of Allowance for Credit Losses of $1,896	788,852	222,699
Inventories:
Finished Goods	333,171	384,641
Goods in Process	15,518	21,971
Raw Materials	109,016	119,508
Packaging Materials	179,902	193,122
Prepaid Expenses	4,736	6,640
Total Current Assets	1,475,506	990,555
Property & Equipment
Land	35,000	35,000
Buildings	77,348	77,348
Machinery and Equipment	866,976	866,976
Trucks and Autos	184,200	184,200
Office Equipment	33,025	33,025
Leasehold Improvements	72,068	72,068
Total	1,268,617	1,268,617
Less: Accumulated Depreciation and Amortization	(1,073,427)	(1,061,745)
Total Property and Equipment, Net	195,190	206,872
Right-of-Use Asset	352,734	365,372
Deferred Tax Asset	26,849	21,239
Total Long-Term Assets	574,773	593,483
Total Assets	2,050,279	1,584,038
CURRENT LIABILITIES
Accounts Payable	293,872	173,153
Current Maturities of Notes Payable	491,947	161,688
Current Maturities of Lease Liability	53,014	52,019
Accrued Expenses	58,543	25,099
Refund Liability Owed to Customers	34,500	16,533
Deferred Income	648	972
Total Current Liabilities	932,524	429,464
LONG-TERM LIABILITIES
Notes Payable, Less Current Maturities	31,297	36,870
Lease Liability, Less Current Maturities	299,720	313,353
Total Long-Term Liabilities	331,017	350,223
Total Liabilities	1,263,541	779,687
COMMITMENTS AND CONTINGENCIES (NOTE 7)
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	(5,679,258)	(5,661,645)
Total Stockholders' Equity	786,738	804,351
Total Liabilities and Stockholders' Equity	2,050,279	1,584,038
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

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Allowance for Credit Losses (in dollars)	$ 1,896
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)	$ 2,497,500	$ 2,490,000
Prior Cumulative Preferred Stock - Series B
Preferred stock, liquidation preference (in dollars)	$ 2,452,500	$ 2,445,000
Cumulative Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Cumulative Preferred Stock - Series A
Preferred stock, liquidation preference (in dollars)	$ 5,560,627	$ 5,545,994
Cumulative Preferred Stock - Series B
Preferred stock, liquidation preference (in dollars)	$ 906,213	$ 903,828

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SALES	$ 989,021	$ 1,110,799
COST OF SALES	704,078	797,020
Gross Profit on Sales	284,943	313,779
OPERATING EXPENSES
Selling	96,791	100,382
General and Administrative	204,129	199,096
Total Operating Expenses	300,920	299,478
Income (Loss) from Operations	(15,977)	14,301
OTHER INCOME (EXPENSE)
Miscellaneous Income	368	357
Interest Expense	(7,614)	(7,473)
Total Other Expenses, net	(7,246)	(7,116)
Income (Loss) before Income Taxes	(23,223)	7,185
INCOME TAX BENEFIT (PROVISION)	5,610	(7,744)
NET LOSS	$ (17,613)	$ (559)
LOSS PER SHARE
Basic (in dollars per share)	$ (0.05)	$ (0.03)
Diluted (in dollars per share)	$ (0.05)	$ (0.03)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED 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, 2023	$ 500,000	$ 500,000	$ 1,170,660	$ 190,780	$ 969,834	$ 3,134,722	$ (5,569,568)	$ 896,428
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)							(559)	(559)
BALANCE, End of period at Sep. 30, 2023	500,000	500,000	1,170,660	190,780	969,834	3,134,722	(5,570,127)	895,869
BALANCE, Beginning of period at Jun. 30, 2024	500,000	500,000	1,170,660	190,780	969,834	3,134,722	(5,661,645)	804,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)							(17,613)	(17,613)
BALANCE, End of period at Sep. 30, 2024	$ 500,000	$ 500,000	$ 1,170,660	$ 190,780	$ 969,834	$ 3,134,722	$ (5,679,258)	$ 786,738

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (17,613)	$ (559)
Adjustments to Reconcile Net Loss to Net Cash Provided by/(Used in) Operating Activities:
Depreciation and Amortization	11,682	10,943
Deferred Income Amortization	(324)	(324)
Deferred Income Taxes	(5,610)	7,065
Effects of Changes in Operating Assets and Liabilities:
Trade Receivables	(566,153)	(706,807)
Inventories	81,635	(24,555)
Prepaid Expenses	1,904	17,722
Accounts Payable	120,719	249,356
Refund Liability Owed to Customers	17,967	24,110
Accrued Expenses	33,444	45,303
Net Cash Used in Operating Activities	(322,349)	(377,746)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Line-of-Credit	330,000	290,000
Proceeds from Note Payable - Stockholder (Note 7)		100,000
Principal Payments on Notes Payable	(5,314)	(3,064)
Net Cash Provided by Financing Activities	324,686	386,936
INCREASE IN CASH AND CASH EQUIVALENTS	2,337	9,190
Cash and Cash Equivalents - Beginning of Period	41,974	11,295
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 44,311	$ 20,485

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 SIGNIFICANT ACCOUNTING POLICIES General The condensed consolidated balance sheet of Chase General Corporation (hereinafter referred to as Chase, the Company, we, our, and us) at June 30, 2024 has been taken from audited consolidated financial statements at that date and condensed. The condensed consolidated financial statements as of and for the three months ended September 30, 2024 and for the three months ended September 30, 2023 are unaudited and reflect all normal and recurring accruals and adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, operating results and cash flows for the interim periods presented in this quarterly report. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended June 30, 2024. The results of operations for the three months ended September 30, 2024 and cash flows for the three months ended September 30, 2024 are not necessarily indicative of the results for the entire fiscal year ending June 30, 2025. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present the financial position, results of operations, and cash flows for the periods have been included. Revenue Recognition The majority of our 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 consolidated 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 added, 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. NOTE 1 SIGNIFICANT ACCOUNTING POLICIES (cont.) Revenue Recognition (cont.) 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. The various divisions of revenue are as follows: For the three months ended September 30, 2024 2023 SALES Chase Candy $ 319,080 $ 385,147 Seasonal Candy 669,941 725,652 Total $ 989,021 $ 1,110,799 Subsequent Events No other events have occurred subsequent to September 30, 2024, through the date of filing this form, that would require disclosure in this Form 10-Q or would be required to be recognized in the condensed consolidated financial statements as of or for the three month period ended September 30, 2024.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
LOSS PER SHARE	Sep. 30, 2024
LOSS PER SHARE
LOSS PER SHARE	NOTE 2 LOSS PER SHARE The loss per share was computed on the weighted average of outstanding common shares during the period. Diluted loss per share are calculated by including contingently issuable shares with the weighted average shares outstanding. Three Months Ended September 30, 2024 2023 Net Loss $ (17,613) $ (559) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 Total Dividend Requirements 32,018 32,018 Net Loss attributable to Common Stockholders $ (49,631) $ (32,577) 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 and Diluted Loss per Share $ (0.05) $ (0.03) The Company excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive. All of the preferred stock, which is convertible into 1,033,334 shares of common stock was excluded at September 30, 2024 and 2023, as its conversion would have an anti-dilutive effect. Cumulative Preferred Stock dividends in arrears at September 30, 2024 and 2023 totaled $9,005,400 and $8,877,328, respectively. Total dividends in arrears, on a per share basis, consist of the following: Three Months Ended September 30, 2024 2023 6% Convertible: Series A $ 20 $ 19 Series B $ 19 $ 19 5% Convertible: Series A $ 75 $ 74 Series B $ 75 $ 74 The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 per 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. It 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 per share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20 per 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.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
NOTES PAYABLE	Sep. 30, 2024
NOTES PAYABLE
NOTES PAYABLE	NOTE 3 NOTES PAYABLE The Company’s notes payable consists of: September 30, June 30, Payee Terms 2024 2024 Nodaway Valley Bank $500,000 line-of-credit agreement expiring on January 4, 2025, with a variable interest rate at prime but not less than 5% (8% at September 30, 2024). The line of credit is collateralized by substantially all assets of the Company. $ 470,000 $ 140,000 Nodaway Valley Bank $885 monthly payments, interest of 7.25%; final payment due April 2027, secured by a vehicle. 24,916 27,082 Ford Motor Credit Company $1,126 monthly payments, interest of 2.9%; final payment due November 2026, secured by a vehicle. 28,328 31,476 Total 523,244 198,558 Less Current Portion 491,947 161,688 Long-Term Portion $ 31,297 $ 36,870 September 30, Amount 2025 $ 491,947 2026 23,016 2027 8,281 Total $ 523,244

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 30, 2024
INCOME TAXES
INCOME TAXES	NOTE 4 INCOME TAXES The Company follows the provisions for uncertain tax positions as addressed in Financial Accounting Standards Board Accounting Standards Codification The Company recognized a net deferred tax asset for unrecognized tax benefits at September 30, 2024. The Company has no material tax positions at September 30, 2024, for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. The Company had no accruals for interest or penalties at September 30, 2024. The Company’s federal income tax returns for the fiscal years ended 2022, 2023, and 2024 are subject to examination by the Internal Revenue Service taxing authority.

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	3 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	Sep. 30, 2024
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	NOTE 5 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Three Months Ended September 30, 2024 2023 Supplemental Cash Flow Information: Interest paid $ 717 $ 313

DISCLOSURES ABOUT FAIR VALUE OF

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 30, 2024
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 6 DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables and payables, and line-of-credit. There are no significant differences between the carrying value and fair value of any of these financial instruments.

COMMITMENT, CONTINGENCIES, AND

COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS	3 Months Ended
COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS	Sep. 30, 2024
COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS
COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS	NOTE 7 COMMITMENT, 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. During the year ended June 30, 2023, the Company determined the exercise of the renewal option is reasonably assured and therefore remeasured the right-of-use asset and lease liability to include the additional five years at the current rate at time of remeasurment so that the new term expires on March 31, 2030. The lease currently requires payments of $6,500 per month, as noted the Company does not believe the payments in the renewal period will vary significantly from the current amount. An operating lease right-of-use asset and lease liability was recognized based on the present value of minimum lease payments over the remaining lease term. The Company’s operating lease has a remaining term of 5.5 years and the present value of the lease payments is calculated using the Company’s estimated incremental borrowing rate of 7.6% as of the remeasurement date. 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. The Company has made a policy election to combine lease and non-lease components, and a policy election to not recognize right-of-use assets or lease liabilities for leases that are less than twelve months. Cash paid for operating lease liabilities was $19,500 and operating lease expense was $19,500 for the three months ended September 30, 2024, of which, $17,891 is included in cost of sales and $1,609 is included in general and administrative expenses. NOTE 7 COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS (cont.) Minimum annual payments required under the existing operating lease liability that has initial or remaining noncancelable terms in excess of one year as of September 30, 2024 is as follows: Twelve Months Ending September 30, Amount 2025 $ 78,000 2026 78,000 2027 78,000 2028 78,000 2029 78,000 Thereafter 45,500 Total Lease Payments 435,500 Less: Imputed Interest (82,766) Total Lease Liabilities $ 352,734 On September 28, 2023, the Chief Executive Officer of the Company advanced the Company $100,000 under a standard promissory note agreement with interest at a rate of 8.5% per annum, due December 30, 2023. On November 30, 2023, the Company paid the note in full including interest of $1,446.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,613)	$ (559)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
General	General The condensed consolidated balance sheet of Chase General Corporation (hereinafter referred to as Chase, the Company, we, our, and us) at June 30, 2024 has been taken from audited consolidated financial statements at that date and condensed. The condensed consolidated financial statements as of and for the three months ended September 30, 2024 and for the three months ended September 30, 2023 are unaudited and reflect all normal and recurring accruals and adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, operating results and cash flows for the interim periods presented in this quarterly report. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended June 30, 2024. The results of operations for the three months ended September 30, 2024 and cash flows for the three months ended September 30, 2024 are not necessarily indicative of the results for the entire fiscal year ending June 30, 2025. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present the financial position, results of operations, and cash flows for the periods have been included.
Revenue Recognition	Revenue Recognition The majority of our 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 consolidated 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 added, 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. NOTE 1 SIGNIFICANT ACCOUNTING POLICIES (cont.) Revenue Recognition (cont.) 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. The various divisions of revenue are as follows: For the three months ended September 30, 2024 2023 SALES Chase Candy $ 319,080 $ 385,147 Seasonal Candy 669,941 725,652 Total $ 989,021 $ 1,110,799
Subsequent Events	Subsequent Events No other events have occurred subsequent to September 30, 2024, through the date of filing this form, that would require disclosure in this Form 10-Q or would be required to be recognized in the condensed consolidated financial statements as of or for the three month period ended September 30, 2024.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
Schedule of divisions of revenue	For the three months ended September 30, 2024 2023 SALES Chase Candy $ 319,080 $ 385,147 Seasonal Candy 669,941 725,652 Total $ 989,021 $ 1,110,799

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended
LOSS PER SHARE (Tables)	Sep. 30, 2024
LOSS PER SHARE
Schedule of earnings (loss) per share computed on the weighted average of outstanding common shares	Three Months Ended September 30, 2024 2023 Net Loss $ (17,613) $ (559) Preferred Dividend Requirements: 6% Prior Cumulative Preferred, $5 Par Value 15,000 15,000 5% Convertible Cumulative Preferred, $20 Par Value 17,018 17,018 Total Dividend Requirements 32,018 32,018 Net Loss attributable to Common Stockholders $ (49,631) $ (32,577) 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 and Diluted Loss per Share $ (0.05) $ (0.03)
Schedule of total dividends in arrears, on a per share basis	Three Months Ended September 30, 2024 2023 6% Convertible: Series A $ 20 $ 19 Series B $ 19 $ 19 5% Convertible: Series A $ 75 $ 74 Series B $ 75 $ 74

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
NOTES PAYABLE (Tables)	Sep. 30, 2024
NOTES PAYABLE
Schedule of debt consists of lines-of -credit	September 30, June 30, Payee Terms 2024 2024 Nodaway Valley Bank $500,000 line-of-credit agreement expiring on January 4, 2025, with a variable interest rate at prime but not less than 5% (8% at September 30, 2024). The line of credit is collateralized by substantially all assets of the Company. $ 470,000 $ 140,000 Nodaway Valley Bank $885 monthly payments, interest of 7.25%; final payment due April 2027, secured by a vehicle. 24,916 27,082 Ford Motor Credit Company $1,126 monthly payments, interest of 2.9%; final payment due November 2026, secured by a vehicle. 28,328 31,476 Total 523,244 198,558 Less Current Portion 491,947 161,688 Long-Term Portion $ 31,297 $ 36,870
Schedule of future minimum payments of long term debt	September 30, Amount 2025 $ 491,947 2026 23,016 2027 8,281 Total $ 523,244

SUPPLEMENTAL DISCLOSURES OF C_2

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	3 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	Sep. 30, 2024
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Schedule of supplemental disclosures of cash flow information	Three Months Ended September 30, 2024 2023 Supplemental Cash Flow Information: Interest paid $ 717 $ 313

COMMITMENT, CONTINGENCIES, AN_2

COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Sep. 30, 2024
COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS
Schedule of annual payments	Twelve Months Ending September 30, Amount 2025 $ 78,000 2026 78,000 2027 78,000 2028 78,000 2029 78,000 Thereafter 45,500 Total Lease Payments 435,500 Less: Imputed Interest (82,766) Total Lease Liabilities $ 352,734

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
SALES	$ 989,021	$ 1,110,799
SALES - Chase Candy
Disaggregation of Revenue [Line Items]
SALES	319,080	385,147
SALES - Seasonal Candy
Disaggregation of Revenue [Line Items]
SALES	$ 669,941	$ 725,652

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details)	3 Months Ended
	Sep. 30, 2024 division segment
SIGNIFICANT ACCOUNTING POLICIES
Number of product divisions \| division	2
Number of reportable segment \| segment	1

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($)	3 Months Ended
LOSS PER SHARE (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
LOSS PER SHARE
Net Loss	$ (17,613)	$ (559)
Preferred Dividend Requirements:
Total Dividend Requirements	32,018	32,018
Net Loss attributable to Common Stockholders	$ (49,631)	$ (32,577)
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 Earnings (Loss) per Share (in $ per share)	$ (0.05)	$ (0.03)
Diluted Earnings (Loss) per Share (in $ per share)	$ (0.05)	$ (0.03)
6% Prior Cumulative Preferred, $5 par value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 15,000	$ 15,000
5% Convertible Cumulative Preferred, $20 Par Value
Preferred Dividend Requirements:
Total Dividend Requirements	$ 17,018	$ 17,018

LOSS PER SHARE (Parenthetical)

LOSS PER SHARE (Parenthetical) (Details) - $ / shares	3 Months Ended
LOSS PER SHARE (Parenthetical) (Details) - $ / shares	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
6% Prior Cumulative Preferred, $5 par value
LOSS PER SHARE
Stated percentage of preferred stock	6%	6%
Preferred stock, par value (in dollars per share)	$ 5	$ 5	$ 5
5% Convertible Cumulative Preferred, $20 Par Value
LOSS PER SHARE
Stated percentage of preferred stock	5%	5%
Preferred stock, par value (in dollars per share)	$ 20	$ 20	$ 20

LOSS PER SHARE - Cumulative Pre

LOSS PER SHARE - Cumulative Preferred Stock dividends (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Prior Cumulative Preferred Stock - Series A
LOSS PER SHARE
Total dividends in arrears	$ 20	$ 19
Prior Cumulative Preferred Stock - Series B
LOSS PER SHARE
Total dividends in arrears	19	19
Cumulative Preferred Stock - Series A
LOSS PER SHARE
Total dividends in arrears	75	74
Cumulative Preferred Stock - Series B
LOSS PER SHARE
Total dividends in arrears	$ 75	$ 74

LOSS PER SHARE - Additional inf

LOSS PER SHARE - Additional information (Details)	3 Months Ended
LOSS PER SHARE - Additional information (Details)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares
LOSS PER SHARE
Anti-dilutive shares issuable upon conversion of preferred stock \| shares	1,033,334	1,033,334
Total cumulative preferred stock dividends in arrears \| $	$ 9,005,400	$ 8,877,328
6% Prior Cumulative Preferred, $5 par value
LOSS PER SHARE
Redemption price per share (in dollars per share) \| $ / shares	$ 5.25
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares	$ 5.25
Prior Cumulative Preferred Stock - Series A
LOSS PER SHARE
Number of common stock exchanged for each preferred stock held \| shares	1
Ratio of common stock exchanged for each preferred stock held	4
Prior Cumulative Preferred Stock - Series B
LOSS PER SHARE
Number of common stock exchanged for each preferred stock held \| shares	1
Ratio of common stock exchanged for each preferred stock held	3.75
5% Convertible Cumulative Preferred, $20 Par Value
LOSS PER SHARE
Redemption price per share (in dollars per share) \| $ / shares	$ 21
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares	$ 20
Number of common stock exchanged for each preferred stock held \| shares	1
Ratio of common stock exchanged for each preferred stock held	3.795

NOTES PAYABLE - Debt (Details)

NOTES PAYABLE - Debt (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
NOTES PAYABLE
Total	$ 523,244	$ 198,558
Less Current Portion	491,947	161,688
Long-Term Portion	31,297	36,870
Nodaway Valley Bank $500,000 line-of-credit agreement expiring on January 4, 2025, with a variable interest rate at prime but not less than 5% (8% at September 30, 2024). The line of credit is collateralized by substantially all assets of the Company.
NOTES PAYABLE
Total	470,000	140,000
Nodaway Valley Bank $884.84 monthly payments, interest of 7.25%; final payment due April 2027, secured by a vehicle.
NOTES PAYABLE
Total	24,916	27,082
Ford Motor Credit Company, LLC $1,126 monthly payments, interest of 2.90%; final payment due November 2026, secured by a vehicle.
NOTES PAYABLE
Total	$ 28,328	$ 31,476

NOTES PAYABLE - Debt (Narrative

NOTES PAYABLE - Debt (Narratives) (Details) - USD ($)	3 Months Ended	12 Months Ended
NOTES PAYABLE - Debt (Narratives) (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Nodaway Valley Bank $500,000 line-of-credit agreement expiring on January 4, 2025, with a variable interest rate at prime but not less than 5% (8% at September 30, 2024). The line of credit is collateralized by substantially all assets of the Company.
NOTES PAYABLE
Line-of-credit agreement, amount	$ 500,000	$ 500,000
Line of Credit Facility, Expiration date	Jan. 04, 2025	Jan. 04, 2025
Interest rate	8%	8%
Nodaway Valley Bank $500,000 line-of-credit agreement expiring on January 4, 2025, with a variable interest rate at prime but not less than 5% (8% at September 30, 2024). The line of credit is collateralized by substantially all assets of the Company. \| Minimum
NOTES PAYABLE
Interest rate	5%	5%
Nodaway Valley Bank $884.84 monthly payments, interest of 7.25%; final payment due April 2027, secured by a vehicle.
NOTES PAYABLE
Interest rate	7.25%	7.25%
Monthly payment	$ 885	$ 885
Ford Motor Credit Company, LLC $1,126 monthly payments, interest of 2.90%; final payment due November 2026, secured by a vehicle.
NOTES PAYABLE
Line-of-credit agreement, amount	$ 1,126	$ 1,126
Interest rate	2.90%	2.90%

NOTES PAYABLE - Debt Minimum Pa

NOTES PAYABLE - Debt Minimum Payments (Details)	Sep. 30, 2024 USD ($)
NOTES PAYABLE
2025	$ 491,947
2026	23,016
2027	8,281
Total	$ 523,244

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
INCOME TAXES (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES
Income tax benefit	$ 5,610	$ (7,744)
Current income tax liability	0
Operating loss carryovers	210,524
Operating loss carryovers expire	0
Accruals for interest or penalties	$ 0

SUPPLEMENTAL DISCLOSURES OF C_3

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Information:
Interest paid	$ 717	$ 313

COMMITMENT, CONTINGENCIES, AN_3

COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS - Future minimum lease payments (Details)	Sep. 30, 2024 USD ($)
COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS
2025	$ 78,000
2026	78,000
2027	78,000
2028	78,000
2029	78,000
Thereafter	45,500
Total Lease Payments	435,500
Less: Imputed Interest	82,766
Total Lease Liability	$ 352,734

COMMITMENT, CONTINGENCIES, AN_4

COMMITMENT, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)			3 Months Ended
	Nov. 30, 2023	Sep. 28, 2023	Sep. 30, 2024
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS
Option to extend			true
Additional lease period			5 years
Lease payments per month			$ 6,500
Operating lease remaining term			5 years 6 months
Estimated incremental borrowing rate			7.60%
Operating lease liabilities			$ 19,500
Operating lease expense			19,500
Short-term promissory note advanced from chief executive officer, paid in full on November 30, 2023
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS
Promissory note advanced from Chief Executive Officer		$ 100,000
Interest rate		8.50%
Interest included in paid off promissory note	$ 1,446
Cost of sales
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS
Operating lease liabilities			17,891
General and administrative expenses
COMMITMENTS, CONTINGENCIES AND RELATED PARTY TRANSACTIONS
Operating lease liabilities			$ 1,609