XBRL Rendering Preview
v3.20.1
Document and Entity Information - shares
9 Months Ended
Mar. 31, 2020
Apr. 17, 2020
Document And Entity Information  
Entity Registrant NameADVANCED OXYGEN TECHNOLOGIES INC 
Entity Central Index Key0000352991 
Amendment Flagfalse 
Current Fiscal Year End Date--06-30 
Document Type10-Q 
Document Period End DateMar. 31, 2020 
Document Fiscal Period FocusQ3 
Document Fiscal Year Focus2020 
Entity Current Reporting StatusYes 
Entity Emerging Growth Companyfalse 
Entity Small Businesstrue 
Entity Shell Companyfalse 
Entity Filer CategoryNon-accelerated Filer 
Entity File Number0-9951 
Entity Interactive Data CurrentYes 
Entity Incorporation, State or Country CodeDE 
Entity Common Stock, Shares Outstanding 3,292,945
v3.20.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2020
Jun. 30, 2019
CURRENT ASSETS  
Cash$ 36,074$ 43,098
Property tax receivable1,1751,213
Total Current Assets37,24944,311
LONG TERM ASSETS  
Land596,159615,220
TOTAL ASSETS633,408659,531
CURRENT LIABILITIES  
Accounts payable250225
Taxes payable28,31730,782
Deferred revenue3,082
Advances from a related party124,392120,753
Notes payable, current portion143,842144,380
Total Current Liabilities299,883296,140
TOTAL LONG-TERM LIABILITIES  
Notes payable47,76062,464
Long Term Liabilities47,76062,464
Total Liabilities347,643358,604
STOCKHOLDERS' EQUITY-  
Common stock, par value $0.01; At March 31, 2020 and June 30, 2019, authorized 60,000,000 shares; issued and outstanding 3,292,945 shares and 2,292,945 shares.32,92922,929
Additional paid-in capital21,056,99120,953,991
Accumulated other comprehensive income31,22348,198
Accumulated deficit(20,835,428)(20,724,241)
TOTAL STOCKHOLDERS EQUITY285,765300,927
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY633,408659,531
Convertible Preferred Stock, Series 5  
STOCKHOLDERS' EQUITY-  
Convertible preferred stock
Convertible Preferred Stock, Series 3  
STOCKHOLDERS' EQUITY-  
Convertible preferred stock
Convertible Preferred Stock, Series 2  
STOCKHOLDERS' EQUITY-  
Convertible preferred stock$ 50$ 50
v3.20.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2020
Jun. 30, 2019
Common Stock, shares authorized60,000,00060,000,000
Common Stock, shares issued3,292,9452,292,945
Common Stock, shares outstanding3,292,9452,292,945
Convertible Preferred Stock, Series 2  
Preferred Stock, par value$ 0.01$ 0.01
Preferred Stock, shares authorized10,000,00010,000,000
Preferred Stock, shares issued5,0005,000
Preferred Stock, shares outstanding5,0005,000
Convertible Preferred Stock, Series 3  
Preferred Stock, par value$ 0.01$ 0.01
Preferred Stock, shares authorized1,670,0001,670,000
Preferred Stock, shares issued00
Preferred Stock, shares outstanding00
Common Stock  
Common Stock, par value$ 0.01 
Common Stock, shares authorized10,000,000 
Series 5 Convertible Preferred Stock [Member]  
Preferred Stock, shares issued00
Preferred Stock, shares outstanding00
Series 3 Convertible Preferred Stock [Member]  
Preferred Stock, par value$ 0.01 
Preferred Stock, shares issued00
Preferred Stock, shares outstanding00
Preferred Stock [Member]  
Preferred Stock, par value$ 0.01 
Preferred Stock, shares authorized10,000,000 
Series 2 Convertible Preferred Stock [Member]  
Preferred Stock, par value$ 0.01 
Preferred Stock, shares authorized10,000,000 
Preferred Stock, shares issued5,0005,000
Convertible Preferred Stock, Series 5  
Preferred Stock, shares authorized11
Preferred Stock, shares issued00
Preferred Stock, shares outstanding00
v3.20.1
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
3 Months Ended9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Real Estate Rentals$ 9,326$ 9,528$ 27,936$ 28,689
Total Revenues9,3269,52827,93628,689
Costs and Expenses    
General & Administrative4981,3167,6714,492
Professional expenses2,7472,50011,24711,000
Salary and Wages 113,000
Total Operating Expenses3,2453,816131,91815,492
Income (Loss) from operations6,0815,712(103,982)13,197
Other income (expenses)    
Interest Expense(792)(1,014)(2,547)(3,227)
Income (loss) before Income Taxes5,2894,698(106,529)9,970
Income Taxes Benefit (expense)1,1135,5364,6585,345
NET INCOME (LOSS)$ 4,176$ (838)$ (111,187)$ 4,625
Weighted average number of common shares outstanding:    
Basic3,292,9452,292,9452,987,4902,292,945
Dilutive3,302,9452,292,9452,987,4902,302,945
Earnings per share:    
Basic$ 0$ 0$ (0.04)$ 0
Dilutive$ 0$ 0$ (0.04)$ 0
OTHER COMPREHENSIVE LOSS    
Foreign Currency Translation Adjustments$ (9,438)$ (11,166)$ (16,975)$ (22,086)
Total Comprehensive (Loss)$ (5,262)$ (12,004)$ (128,162)$ (17,461)
v3.20.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
Preferred Stock Convertible Series 2
Common Stock
Additional Paid In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Total
Beginning Balance, Shares at Jun. 30, 20185,0002,292,945    
Beginning Balance, Amount at Jun. 30, 2018$ 50$ 22,929$ 20,953,991$ (20,732,352)$ 63,139$ 307,757
To Record the stock-based compensation issuance of 1,000,000 shares of common stock, par value $0.01, Amount     
Net Income   4,625 4,625
Foreign Currency Translation Adjustment    (22,086)(22,086)
Ending Balance, Shares at Mar. 31, 20195,0002,292,945    
Ending Balance, Amount at Mar. 31, 2019$ 50$ 22,92920,953,991(20,727,727)41,053290,296
Beginning Balance, Shares at Dec. 31, 20185,0002,292,945    
Beginning Balance, Amount at Dec. 31, 2018$ 50$ 22,92920,953,991(20,726,889)52,219302,300
Net Income   (838) (838)
Foreign Currency Translation Adjustment    (11,166)(11,166)
Ending Balance, Shares at Mar. 31, 20195,0002,292,945    
Ending Balance, Amount at Mar. 31, 2019$ 50$ 22,92920,953,991(20,727,727)41,053290,296
Beginning Balance, Shares at Jun. 30, 20195,0002,292,945    
Beginning Balance, Amount at Jun. 30, 2019$ 50$ 22,92920,953,991(20,724,241)48,198300,927
To Record the stock-based compensation issuance of 1,000,000 shares of common stock, par value $0.01, Shares 1,000,000    
To Record the stock-based compensation issuance of 1,000,000 shares of common stock, par value $0.01, Amount $ 10,000103,000  113,000
Net Income   (111,187) (111,187)
Foreign Currency Translation Adjustment    (16,975)(16,975)
Ending Balance, Shares at Mar. 31, 20205,0003,292,945    
Ending Balance, Amount at Mar. 31, 2020$ 50$ 32,92921,056,991(20,835,428)31,223285,765
Beginning Balance, Shares at Dec. 31, 20195,0003,292,945    
Beginning Balance, Amount at Dec. 31, 2019$ 50$ 32,92921,056,991(20,839,604)40,661291,027
Net Income   4,176 4,176
Foreign Currency Translation Adjustment    (9,438)(9,438)
Ending Balance, Shares at Mar. 31, 20205,0003,292,945    
Ending Balance, Amount at Mar. 31, 2020$ 50$ 32,929$ 21,056,991$ (20,835,428)$ 31,223$ 285,765
v3.20.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - Common Stock
9 Months Ended
Mar. 31, 2020
$ / shares
shares
Issuance of common stock, Shares | shares1,000,000
Common Stock, par value | $ / shares$ 0.01
v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities  
Net income (loss)$ (111,187)$ 4,625
Adjustments to reconcile net income (loss) to net cash  
Stock-based compensation113,000
Expenses Paid on Behalf of a related Party14,67614,350
Changes in operating assets and liabilities  
Accounts payable26(25)
Taxes payable(1,518)(12,427)
Deferred revenue3,082
Net cash provided by (used in) operating activities18,0796,523
Cash flow from financing activities:  
Repayment of long-term debt(12,818)(13,027)
Repayment of notes payable - related party(11,069)(6,456)
Net cash provided by (used in) financing activities(23,887)(19,483)
Change due to FX Translation(1,216)(1,871)
Net Change in Cash(7,024)(14,831)
Cash at beginning of the period43,09853,415
Cash at end of period36,07438,584
Supplemental Disclosure of Cash flow Information  
Cash paid for Interest$ 2,547$ 3,227
v3.20.1
ORGANIZATION AND LINE OF BUSINESS
9 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] 
NOTE 1 - ORGANIZATION AND LINE OF BUSINESS

NOTE 1- ORGANIZATION AND LINE OF BUSINESS:

 

Organization and Basis of Presentation:

 

Advanced Oxygen Technologies Inc, (“theCompany”), was incorporated in Delaware in 1981 under the name Aquanautics Corporation and was, from 1985 until May 1995,a startup stage specialty materials company producing new oxygen control technologies. From May of 1995 through December of 1997the Company had minimal operations and was seeking funding for operations and companies to which it could merge or acquire. InMarch of 1998 the Company began operations again in California. From 1998 through 2000, the business produced and sold CD- ROMSfor conference events, advertisement sales on the CD’s, database management and event marketing all associated with conferenceevents. From 2000 through March of 2003, the business consisted solely of database management. From 2003 through April 2005, thebusiness operations were derived totally from the Company’s wholly owned business, IP Service, ApS, a Danish IP securityvulnerability company (“IP Service”). Since then, business operations have been solely derived from real estate rentalsin Denmark through its wholly owned subsidiary.

 

The results of operations for the nine monthsended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending June 30, 2020. The accompanyingunaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidatedfinancial statements and notes related thereto for the years ended June 30, 2019 and 2018 included in Form 10-K filed with theSEC.

 

Lines of Business:

 

The Company, through its wholly owned subsidiaryAnton Nielsen Vojens ApS owns income producing commercial real estate leased until 2026. The real estate consists solely of theland with no buildings or improvements (Land). All improvements on the land are those of the tenant.

v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract] 
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES:

 

Revenue recognition of rental income:

 

In May 2014, the FASB issued ASU No. 2014-09,Revenue from Contracts with Customers (Topic 606), to update the financial reporting requirements for revenue recognition.Topic 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers.It supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is based on the principlethat an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects theconsideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additionaldisclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, includingsignificant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. This guidance becameeffective for the Company beginning on January 1, 2018, and entities have the option of using either a full retrospective or amodified retrospective approach for the adoption of the new standard. We adopted this standard using the modified retrospectiveapproach on July 1, 2018. 

 

The Company's source of revenue is from theCommercial Property lease in which quarterly payments are received pursuant to the property lease which is in effect until 2026.(See Note 3 for further details).

 

Property Plant and Equipment:

 

Land and buildings are recognized at cost.Land is carried at cost less accumulated impairment losses.

 

Foreign currency translation: 

 

Foreign currency transactions are translatedapplying the current rate method. Assets and liabilities are translated at current rates. Stockholders’ equity accounts aretranslated at the appropriate historical rates and revenue and expenses are translated at weighted average rates for the year.Exchange rate differences that arise between the rate at the transaction date and the one in effect at the payment date, or atthe balance sheet date, are recognized in the income statement.

 

Income Taxes:

 

The Company accounts for income taxes underthe asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the futuretax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilitiesand their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxableincome in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assetsand liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowanceis required when it is less likely than not that the Company will be able to realize all or a portion of its deferred tax assets.Because it is doubtful that the net operating losses of recent years will ever be used, a valuation allowance has been recognizedequal to the tax benefit of net operating losses generated.

 

Earnings per Share:

 

Basic earnings per share is computed by dividingincome available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share iscomputed similar to basic earnings per share except that the denominator is increased to include the number of additional commonshares that would have been outstanding if the potential common shares had been issued and if the additional common shares weredilutive. As of March 31, 2020, and March 31, 2019 there were 10,000 and 10,000 potential dilutive shares that need to be consideredas common share equivalents and because of the net loss, the effect of these potential common shares is anti-dilutive for nine-monthsended March 31, 2020 and dilutive for the three-months ended March 31, 2020.

 

Cash and Cash Equivalents:

 

For purposes of the statement of cash flows,the Company considers all highly-liquid investments purchased with original maturities of six months or less to be cash equivalents.

    

The Company maintains its cash in bank depositaccounts which, at March 31, 2020 did not exceed federally insured limits. The Company has not experienced any losses in such accountsand believes that it is not exposed to any significant credit risk on such amounts.

 

Stock-Based Compensation:

 

The Company records stock-based compensationin accordance with ASC 718, Compensation. All transactions in which goods or services are the consideration received for the issuanceof equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equityinstrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services receivedas consideration are measured and recognized based on the fair value of the equity instruments issued and are recognized over theemployees required service period, which is generally the vesting period.

 

Estimates:

 

The preparation of financial statements inconformity with generally accepted accounting principles requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements,as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.

 

Concentrations of Credit Risk:

 

Financial instruments that potentially subjectthe Company to major credit risk consist principally of a single subsidiary of Anton Nielsen Vojens ApS.

 

Leases:

 

The company adopted ASU No. 2016-02, Leases(Topic 842), as of July 1, 2019, using the modified retrospective approach, which allows comparative periods not to be restated.In addition, the company elected the package of practical expedients permitted under the transition guidance within the new standard,which among other things, allowed the company to carry forward the historical lease classification, not reassess whether any expiredor existing contracts are or contain leases and not to reassess initial direct costs for any existing leases. The company alsoelected the hindsight expedient to determine the lease terms for existing leases. The election of the hindsight expedient did nothave a significant impact on the calculation of the expected lease term.

 

The Company leases land to a customer. TheCompany determines if an arrangement contains a lease at contract inception. An arrangement is or contains a lease if the agreementidentifies an asset, implicitly or explicitly, that the Customer has the right to use over a period of time. If an arrangementcontains a lease, the Company classifies the lease as either an operating lease or as a finance lease based on the five criteriadefined in ASC 842.

 

Lease liabilities are recognized at commencementdate based on the present value of the remaining lease payments over the lease term. The corresponding right-of-use asset is recognizedfor the same amount as the lease liability adjusted for any payments made at or before the commencement date, any lease incentivesreceived, and any initial direct costs. The Company’s lease agreements may include options to renew, extend or terminatethe lease. These clauses are included in the initial measurement of the lease liability when at lease commencement the Companyis reasonably certain that it will exercise such options. The discount rate used is the interest rate implicit in the lease or,if that cannot be readily determined, the Company's incremental borrowing rate.

 

Operating lease expense is recognized on astraight-line basis over the lease term and presented within cost of sales on the Company’s consolidated statements of operations.Finance lease right-of-use assets are amortized on a straight-line basis over the shorter of the useful life of the asset or thelease term. Interest expense on the finance lease liability is recognized using the effective interest rate method and is presentedwithin interest expense on the Company’s consolidated statements of operations and comprehensive income. Variable rent paymentsrelated to both operating and finance leases are expensed as incurred. The Company’s variable lease payments primarily consistsof real estate taxes, maintenance and usage charges. The Company made an accounting policy election to combine lease and non-leasecomponents.

 

The Company has elected to exclude short-termleases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of lessthan or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term.

 

The adoption of the new standard did not materiallyimpact consolidated net income and had no impact on cash flows.

 

Recently Issued Accounting Standards:  

 

In February 2016, the FASB issued ASU No.2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leasesfor both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifyingleases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchaseby the lessee. This classification will determine whether lease expense is recognized based on an effective interest method oron a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset anda lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a termof 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requireslessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, directfinancing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. effectiveJanuary 1, 2019. On July 1, 2019 the Company adopted the requirements of Financial Accounting Standards Board (“FASB”)Accounting Standards Update (“ASU”) No. 2016-02 (Topic 842), Leases (“ASU 2016-02”)using modified retrospective approach. Amounts and disclosures set forth in this Form 10-Q reflect this change.

 

New Accounting Pronouncements Not Yet Adopted

 

In December 2019, the FASB issued ASU No. 2019-12,Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to simplify accountingfor income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improveconsistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods withinthose fiscal years, which is fiscal 2022 for us, with early adoption permitted. We do not expect adoption of the new guidance tohave a significant impact on our financial statements.

 

In August 2018, the FASB issued ASU 2018-13, FairValue Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements. ThisASU includes additional disclosures requirements for recurring Level 3 fair value measurements including disclosure of changesin unrealized gains and losses for the period included in other comprehensive income, disclosure of the range and weighted averageof significant unobservable inputs used to develop Level 3 fair value measurements and narrative description of measurement uncertaintyrelated to Level 3 measurements. Early adoption is permitted. This ASU will be effective for us on July 1, 2020. We are evaluatingthe impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are notable to estimate the effect the adoption of the new standard will have on our financial statements.

 

Other recent accounting pronouncements issuedby the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.

v3.20.1
REVENUE
9 Months Ended
Mar. 31, 2020
Revenue 
NOTE 3 - REVENUE

NOTE 3 - REVENUE:

 

The Company's subsidiary, Anton Nielsen Vojens,ApS has one customer who is a non-related party and leases property from the Company. Rent revenues related to the operating leaseare recognized as incurred. For the period ending March 31, 2020 and March 31, 2019 the major customer concentrations were as follows:

 

   

Percent of Sales for the Nine-Month

Period ending March 31,

Customer   2020   2019
Circle K Denmark A/S, Formerly Statoil A/S     100 %     100 %
                 
Total Sales from Major Customers     100 %     100 %

v3.20.1
LAND
9 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract] 
NOTE 5 - LAND

NOTE 4 - LAND:

 

The Land owned by the Company’s whollyowned subsidiary constitutes the largest asset of the Company. During the nine-month period ending March 31, 2020 the Company recordeda decrease in the carrying value of the Land of $19,061 due to the currency translation difference. The carrying value of the Landof the Company was as follows:

 

   

 Carrying Value of

Land at

      March 31, 2020       June 30, 2019  
US Dollars   $ 596,159     $ 615,220  

 

v3.20.1
RELATED PARTY TRANSACTIONS
9 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract] 
NOTE 6 - RELATED PARTY TRANSACTIONS

NOTE 5 - RELATED PARTY TRANSACTIONS:

 

Crossfield, Inc., a company of which the CEO,Robert Wolfe is an officer and director, has made advances to the Company which are not collateralized, non-interest bearing, andpayable upon demand, however, the Company did not expect to make payment within one year. At March 31, 2020 and June 30, 2019,the Company had a balance of $124,392 and $120,753 respectively. During the nine-month period ended March31, 2020 and March 31,2019expenses paid on behalf of the Company were $14,676 and $14,350respectively. The Company repaid $11,069of the advancement duringthe nine months ending March 31, 2020.

v3.20.1
NOTES PAYABLE
9 Months Ended
Mar. 31, 2020
Notes Payable [Abstract] 
NOTE 7 - NOTES PAYABLE

NOTE 6 - NOTES PAYABLE:

 

During 2006, the Company issued a promissorynote (“Note”) for $650,000, payable to the Borkwood Development Ltd, a previous shareholder of the Company (“Seller”),payable and amortized monthly and carrying an interest at 5% per year. The Company has the right to prepay the note at any timewith a notice of 14 days. To secure the payment of principal and interest the Sellers will receive a perfect lien and securityinterest in the Shares in the company ANV until the note with accrued interest is paid in full, and, 2) In the case that the Notehas not been repaid within 12 months from the day of closing the Sellers have the right to convert the debt to common stock ofAdvanced Oxygen Technologies, Inc. in an amount of non-diluted shares calculated on the conversion Date, equal to the lesser of: a) Six hundred and Fifty thousand (650,000) or the Purchase Price minus the principal payments made by the buyer, whichever isgreater, divided by the previous ten day closing price of AOXY as quoted on the national exchange, or b) Fifteen million shares,whichever is lesser. The Note has been extended until July 1, 2020, prior to period end and interest waived through the periodending June 30, 2020. Due to the extension, the note is not in default and therefore not convertible as of March 31, 2020. As ofMarch 31, 2020, the unpaid balance was $127,029.

 

The Company has a note payable with a bank(“Note B”). The original amount of Note B was kr 1,132,000 Danish Krone (kr). Note B is secured by the subsidiary’sreal estate, with a 2.00% interest rate and 3.75 years left on the term. The balance on the note as of March 31, 2020 was $64,573.During the period ended March 31, 2020, the Company paid $12,821in principal payments and $2,537 in interest.

 

The Company’s commitments and contingenciesare $131,327 for 2020. See below table for the years 2020 through 2024 with a total of $191,602. The amounts stated reflect theCompany’s commitments in the currencies that those commitments were made and the amounts are an estimate of what the US dollaramount would be if the currency rates did not change.

 

Year   Amount
  2020     $ 131,327  
  2021       17,411  
  2022       17,762  
  2023       18,120  
  2024       6,982  
  Total     $ 191,602  

 

The amounts stated in this note reflect theCompany’s commitments in the currencies that those commitments were made and the amounts are an estimate of what the US dollaramount would be if the currency rates did not change going forward.

 

v3.20.1
SHAREHOLDERS' EQUITY
9 Months Ended
Mar. 31, 2020
Equity [Abstract] 
NOTE 8 - SHAREHOLDERS' EQUITY

NOTE 7 - SHAREHOLDERS’ EQUITY:

 

Common Stock:

 

Pursuant to a Certificate of Amendment to ourCertificate of Incorporation filed with the State of Delaware and effective as of December 8, 2014, the Company (effected a reversestock split of all the outstanding shares of our common stock at an exchange ratio of one for twenty (1:20) and changed the numberour authorized shares of common stock, par value $0.01 per share, from 90,000,000 to 60,000,000 while maintaining the number ofauthorized shares of preferred stock, par value $0.01 per share, at 10,000,000. As a result, the 45,853,585 shares of common stockoutstanding at December 7, 2014 had been reduced to 2,292,945 shares of common stock (taking into account the rounding up of fractionalshare interests).

 

On September 23, 2019 the Company entered intoa Stock Grant and Investment Agreement with Robert Wolfe, its CEO and a Director (“Wolfe”) whereby the Company hasgranted 1,000,000 shares (the “Shares”) of common stock of the Company, with a fair value of $113,000based on a stockprice of $0.11. The shares were issued for services rendered by Wolfe to the Company and which Shares are deemed irrevocably andfully earned and vested as of the date thereof. The Shares have been issued in reliance upon the exemption from registration pursuantto Section 4(a)(2) of the Securities Act of 1933, as amended.

Preferred Stock:

 

Series 2 Convertible Preferred Stock:

 

The Company is authorized to issue 10,000,000shares of $0.01 par value of series 2 convertible preferred stock. The Company may issue any class of preferred shares in series.The board of directors has the authority to establish and designate series and to fix the number of shares included in each suchseries. Each Series 2 preferred share is convertible into two shares of common stock at the option of the holder.

 

Series 2 Convertible Preferred Stock:

 

Each Series 2 preferred share also includesone warrant to purchase two common shares for $5.00. The warrants are exercisable over a three-year period. In the event of theliquidation of the Company, holders of Series 2 preferred stock would be entitled to receive $5.00 per share, plus any unpaid dividendsdeclared on the Series 2 preferred stock from the funds remaining after the Company's creditors, including directors, have beenpaid. There have been no dividends declared. There are 177,000 Series 2 Convertible Preferred shares designated. During November1997, 172,000 shares of Series 2 preferred stock were converted into 344,000 shares of the Company's common stock. As of March31, 2020, and June 30, 2019 there are 5,000 shares issued, which are convertible into 2 common shares. There are no warrants outstandingthat have been issued in connection with these preferred shares.

 

Series 3 Convertible Preferred Stock:

 

The Company has designated 1,670,000 sharesof series 3 convertible preferred stock with a par value $0.01. Each share automatically converts on March 2, 2000 into either(a) one (1) share of the Company's common stock if the average closing price of the common stock during the ten trading days immediatelyprior to March 1, 2000 is equal to or greater than sixty-six cents ($0.66) per share, or (b) one and one-half (1 1/2) shares ofcommon stock if the average closing price of the common stock during the ten trading days immediately prior March 1, 2000 is lessthan sixty-six cents ($0.66) per share. There are zero shares issued and outstanding at March 31, 2020 and June 30, 2019.

 

Series 5 Convertible Preferred Stock:

 

The Company has designated 1 share of series5 convertible preferred stock, no par value. There is 1 Series 5 Convertible Preferred shares designated. The shares are collectivelyconvertible to common stock of the Company on March 5, 2004, in an amount equal to the greater of a.)290,000 shares divided bythe ten day closing price, prior to the date of acquisition of IPS, of the Company's common stock as quoted on the national exchangeand not to exceed twenty million shares, or b.) six million shares. There are zero shares issued and outstanding at March 31, 2020and June 30, 2019.

v3.20.1
SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract] 
NOTE 9 - SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS: 

 

In accordance with ASC 855-10, Company managementreviewed all material events through the date of this report.

v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract] 
Revenue recognition of rental income

Revenue recognition of rental income:

 

In May 2014, the FASB issued ASU No. 2014-09,Revenue from Contracts with Customers (Topic 606), to update the financial reporting requirements for revenue recognition.Topic 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers.It supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is based on the principlethat an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects theconsideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additionaldisclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, includingsignificant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. This guidance becameeffective for the Company beginning on January 1, 2018, and entities have the option of using either a full retrospective or amodified retrospective approach for the adoption of the new standard. We adopted this standard using the modified retrospectiveapproach on July 1, 2018. 

 

The Company's source of revenue is from theCommercial Property lease in which quarterly payments are received pursuant to the property lease which is in effect until 2026.(See Note 3 for further details).

Property Plant and Equipment

Property Plant and Equipment:

 

Land and buildings are recognized at cost.Land is carried at cost less accumulated impairment losses.

Foreign currency translation

Foreign currency translation: 

 

Foreign currency transactions are translatedapplying the current rate method. Assets and liabilities are translated at current rates. Stockholders’ equity accounts aretranslated at the appropriate historical rates and revenue and expenses are translated at weighted average rates for the year.Exchange rate differences that arise between the rate at the transaction date and the one in effect at the payment date, or atthe balance sheet date, are recognized in the income statement.

Income Taxes

Income Taxes:

 

The Company accounts for income taxes underthe asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the futuretax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilitiesand their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply totaxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferredtax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Avaluation allowance is required when it is less likely than not that the Company will be able to realize all or a portion of itsdeferred tax assets. Because it is doubtful that the net operating losses of recent years will ever be used, a valuation allowancehas been recognized equal to the tax benefit of net operating losses generated.

Earnings per Share

Earnings per Share:

 

Basic earnings per share is computed by dividingincome available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share iscomputed similar to basic earnings per share except that the denominator is increased to include the number of additional commonshares that would have been outstanding if the potential common shares had been issued and if the additional common shares weredilutive. As of March 31, 2020, and March 31, 2019 there were 10,000 and 10,000 potential dilutive shares that need to be consideredas common share equivalents and because of the net loss, the effect of these potential common shares is anti-dilutive for nine-monthsended March 31, 2020 and dilutive for the three-months ended March 31, 2020.

Cash and Cash Equivalents

Cash and Cash Equivalents:

 

For purposes of the statement of cash flows,the Company considers all highly-liquid investments purchased with original maturities of six months or less to be cash equivalents.

    

The Company maintains its cash in bank depositaccounts which, at March 31, 2020 did not exceed federally insured limits. The Company has not experienced any losses in such accountsand believes that it is not exposed to any significant credit risk on such amounts.

Stock-Based Compensation

Stock-Based Compensation:

 

The Company records stock-based compensationin accordance with ASC 718, Compensation. All transactions in which goods or services are the consideration received for the issuanceof equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equityinstrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services receivedas consideration are measured and recognized based on the fair value of the equity instruments issued and are recognized over theemployees required service period, which is generally the vesting period.

Estimates

Estimates:

 

The preparation of financial statements inconformity with generally accepted accounting principles requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements,as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.

Concentrations of Credit Risk

Concentrations of Credit Risk:

 

Financial instruments that potentially subjectthe Company to major credit risk consist principally of a single subsidiary of Anton Nielsen Vojens ApS.

Leases

Leases:

 

The company adopted ASU No. 2016-02, Leases(Topic 842), as of July 1, 2019, using the modified retrospective approach, which allows comparative periods not to be restated.In addition, the company elected the package of practical expedients permitted under the transition guidance within the new standard,which among other things, allowed the company to carry forward the historical lease classification, not reassess whether any expiredor existing contracts are or contain leases and not to reassess initial direct costs for any existing leases. The company alsoelected the hindsight expedient to determine the lease terms for existing leases. The election of the hindsight expedient did nothave a significant impact on the calculation of the expected lease term.

 

The Company leases land to a customer. TheCompany determines if an arrangement contains a lease at contract inception. An arrangement is or contains a lease if the agreementidentifies an asset, implicitly or explicitly, that the Customer has the right to use over a period of time. If an arrangementcontains a lease, the Company classifies the lease as either an operating lease or as a finance lease based on the five criteriadefined in ASC 842.

 

Lease liabilities are recognized at commencementdate based on the present value of the remaining lease payments over the lease term. The corresponding right-of-use asset is recognizedfor the same amount as the lease liability adjusted for any payments made at or before the commencement date, any lease incentivesreceived, and any initial direct costs. The Company’s lease agreements may include options to renew, extend or terminatethe lease. These clauses are included in the initial measurement of the lease liability when at lease commencement the Companyis reasonably certain that it will exercise such options. The discount rate used is the interest rate implicit in the lease or,if that cannot be readily determined, the Company's incremental borrowing rate.

 

Operating lease expense is recognized on astraight-line basis over the lease term and presented within cost of sales on the Company’s consolidated statements of operations.Finance lease right-of-use assets are amortized on a straight-line basis over the shorter of the useful life of the asset or thelease term. Interest expense on the finance lease liability is recognized using the effective interest rate method and is presentedwithin interest expense on the Company’s consolidated statements of operations and comprehensive income. Variable rent paymentsrelated to both operating and finance leases are expensed as incurred. The Company’s variable lease payments primarily consistsof real estate taxes, maintenance and usage charges. The Company made an accounting policy election to combine lease and non-leasecomponents.

 

The Company has elected to exclude short-termleases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of lessthan or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term.

 

The adoption of the new standard did not materiallyimpact consolidated net income and had no impact on cash flows.

Recently Issued Accounting Standards

Recently Issued Accounting Standards:  

 

In February 2016, the FASB issued ASU No.2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leasesfor both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifyingleases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchaseby the lessee. This classification will determine whether lease expense is recognized based on an effective interest method oron a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset anda lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a termof 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requireslessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, directfinancing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. effectiveJanuary 1, 2019. On July 1, 2019 the Company adopted the requirements of Financial Accounting Standards Board (“FASB”)Accounting Standards Update (“ASU”) No. 2016-02 (Topic 842), Leases (“ASU 2016-02”)using modified retrospective approach. Amounts and disclosures set forth in this Form 10-Q reflect this change.

 

New Accounting Pronouncements Not Yet Adopted

 

In December 2019, the FASB issued ASU No. 2019-12,Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to simplify accountingfor income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improveconsistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods withinthose fiscal years, which is fiscal 2022 for us, with early adoption permitted. We do not expect adoption of the new guidance tohave a significant impact on our financial statements.

 

In August 2018, the FASB issued ASU 2018-13, FairValue Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements. ThisASU includes additional disclosures requirements for recurring Level 3 fair value measurements including disclosure of changesin unrealized gains and losses for the period included in other comprehensive income, disclosure of the range and weighted averageof significant unobservable inputs used to develop Level 3 fair value measurements and narrative description of measurement uncertaintyrelated to Level 3 measurements. Early adoption is permitted. This ASU will be effective for us on July 1, 2020. We are evaluatingthe impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are notable to estimate the effect the adoption of the new standard will have on our financial statements.

 

Other recent accounting pronouncements issuedby the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.

 

v3.20.1
REVENUE (Tables)
9 Months Ended
Mar. 31, 2020
Revenue 
Schedules of major customer concentrations

For the period ending March 31, 2020 and March31, 2019 the major customer concentrations were as follows:

 

   

Percent of Sales for the Nine-Month

Period ending March 31,

Customer   2020   2019
Circle K Denmark A/S, Formerly Statoil A/S     100 %     100 %
                 
Total Sales from Major Customers     100 %     100 %

 

v3.20.1
LAND (Tables)
9 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract] 
Schedule of value of land

The carrying value of the Land of the Companywas as follows:

 

   

 Carrying Value of

Land at

      March 31, 2020       June 30, 2019  
US Dollars   $ 596,159     $ 615,220  

v3.20.1
NOTES PAYABLE (Tables)
9 Months Ended
Mar. 31, 2020
Notes Payable [Abstract] 
Schedule of commitments and contingencies obligations

Year   Amount
  2020     $ 131,327  
  2021       17,411  
  2022       17,762  
  2023       18,120  
  2024       6,982  
  Total     $ 191,602  

v3.20.1
ORGANIZATION AND LINE OF BUSINESS (Details Narrative)
9 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] 
Entity Incorporation, State Country CodeDE
Year of incorporation1981
v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares
3 Months Ended9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Accounting Policies [Abstract]    
Potential dilutive shares10,00010,00010,00010,000
v3.20.1
REVENUE (Details)
9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Sales Revenue, Net [Member] | Circle K Denmark A/S, Formerly Statoil A/S [Member]  
Total sales from major customers100.00%100.00%
v3.20.1
LAND (Details) - USD ($)
Mar. 31, 2020
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
US Dollars$ 596,159$ 615,220
v3.20.1
LAND (Details Narrative)
9 Months Ended
Mar. 31, 2020
USD ($)
Property, Plant and Equipment [Abstract] 
Decrease in carrying value of land$ 19,061
v3.20.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Jun. 30, 2019
Advances From a Related Party$ 124,392 $ 120,753
Expenses Paid on behalf of a related party14,676$ 14,350 
Affiliates And Officers [Member]   
Advances From a Related Party124,392 $ 120,753
Expenses Paid on behalf of a related party14,676$ 14,350 
Repayment of related party$ 11,069  
v3.20.1
NOTES PAYABLE (Details)
Mar. 31, 2020
USD ($)
Notes Payable [Abstract] 
2020$ 131,327
202117,411
202217,762
202318,120
20246,982
Total$ 191,602
v3.20.1
NOTES PAYABLE (Details Narrative)
9 Months Ended
Mar. 31, 2020
USD ($)
2019$ 131,327
Total payment due191,602
Commitments and contingencies [Member] 
2019131,327
Total payment due191,602
Note B [Member] 
Notes Payable64,573
Principal payments12,821
Interest payments2,537
Borkwood Development Ltd [Member] 
Notes Payable650,000
Unpaid balance$ 127,029
Interest rate on notes payable5.00%
Notes payable descriptionThe Company has the right to prepay the note at any time with a notice of 14 days. To secure the payment of principal and interest the Sellers will receive a perfect lien and security interest in the Shares in the company ANV until the note with accrued interest is paid in full, and, 2) In the case that the Note has not been repaid within 12 months from the day of closing the Sellers have the right to convert the debt to common stock of Advanced Oxygen Technologies, Inc. in an amount of non-diluted shares calculated on the conversion Date, equal to the lesser of : a) Six hundred and Fifty thousand (650,000) or the Purchase Price minus the principal payments made by the buyer, whichever is greater, divided by the previous ten day closing price of AOXY as quoted on the national exchange, or b) Fifteen million shares, whichever is lesser.
Danish Krone [Member] | Note B [Member] 
Notes Payable$ 1,132,000
Interest rate on notes payable2.00%
Notes payable description3.75 years left on the term.
v3.20.1
SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)
1 Months Ended9 Months Ended
Sep. 23, 2019
Nov. 30, 1997
Mar. 31, 2020
Jun. 30, 2019
Dec. 08, 2014
Dec. 07, 2014
Common Stock, shares authorized  60,000,00060,000,000  
Common Stock, shares outstanding  3,292,9452,292,945  
Common Stock      
Common Stock exchange ratio  one for twenty (1:20)   
Common Stock, par value  $ 0.01 $ 0.01$ 0.01
Common Stock, shares authorized  10,000,000 60,000,00090,000,000
Common Stock, shares outstanding     45,853,585
Reduction of common stock, shares     2,292,945
Series 2 Convertible Preferred Stock [Member]      
Preferred Stock, shares issued  5,0005,000  
Convertible common stock  22  
Preferred Stock, par value  $ 0.01   
Preferred Stock, shares authorized  10,000,000   
Purchase price of warrant  $ 5.00   
Discription of warrants exercisable  3 years   
Preferred Stock, shares 172,000    
Preferred Stock converted into common stock, shares 344,000    
Preferred shares designated  177,000   
Series 5 Convertible Preferred Stock [Member]      
Preferred Stock, shares issued  00  
Preferred Stock, shares outstanding  00  
Conversion description  The shares are collectively convertible to common stock of the Company on March 5, 2004, in an amount equal to the greater of a.) 290,000 shares divided by the ten day closing price, prior to the date of acquisition of IPS, of the Company's common stock as quoted on the national exchange and not to exceed twenty million shares, or b.) six million shares.   
Preferred shares designated   1  
Series 3 Convertible Preferred Stock [Member]      
Preferred Stock, shares issued  00  
Preferred Stock, shares outstanding  00  
Preferred Stock, par value  $ 0.01   
Conversion description  Each share automatically converts on March 2, 2000 into either (a) one (1) share of the Company's common stock if the average closing price of the common stock during the ten trading days immediately prior to March 1, 2000 is equal to or greater than sixty-six cents ($0.66) per share, or (b) one and one-half (1 1/2) shares of common stock if the average closing price of the common stock during the ten trading days immediately prior March 1, 2000 is less than sixty-six cents ($0.66) per share.   
Preferred shares designated  1,670,000   
Convertible Preferred Stock, Series 2      
Preferred Stock, shares issued  5,0005,000  
Preferred Stock, shares outstanding  5,0005,000  
Preferred Stock, par value  $ 0.01$ 0.01  
Preferred Stock, shares authorized  10,000,00010,000,000  
Convertible Preferred Stock, Series 3      
Preferred Stock, shares issued  00  
Preferred Stock, shares outstanding  00  
Preferred Stock, par value  $ 0.01$ 0.01  
Preferred Stock, shares authorized  1,670,0001,670,000  
Convertible Preferred Stock, Series 5      
Preferred Stock, shares issued  00  
Preferred Stock, shares outstanding  00  
Preferred Stock, shares authorized  11  
Preferred Stock [Member]      
Preferred Stock, par value  $ 0.01   
Preferred Stock, shares authorized  10,000,000   
Wolfe | Common Stock | Stock Grant and Investment Agreement      
Sahres granted1,000,000     
Fair value$ 113,000     
Stock price$ 0.11