NOTE 2 - DEBT |
12 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Debt Disclosure [Abstract] | |
| Debt Disclosure [Text Block] |
NOTE 2 – DEBT
In years prior to 2014, the Company engaged in a variety of debt via notes payable and short term borrowings, all of which had been fully paid off as of June 30, 2014, except the following.
A former board member, Silas O. Kines, who passed away on January 11, 2012, was also the principal owner of Forklift Tire of Florida and K-2 Industrial Tire, Inc. In accordance with the Commission Agreement with Forklift Tire of Florida, dated February 2, 2011, between Amerityre Corporation and K-2 Industrial Tire, Inc., K-2 is due a five percent (5%) commission on all forklift tire sales. In exchange for the forklift models transferred to Amerityre under that agreement, the first $96,000 in commission payments will be used to extinguish the long term liability recorded on the transaction. As of June 30, 2015, $13,608 and $53,840 (2014 $16,013 and $53,840) were recorded for the current and long-term portion, respectively, of the related liability.
|