Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Deferred Revenue

Note 11 - Deferred Revenue

9 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Deferred Revenue Disclosure [Text Block]

NOTE

DEFERRED

REVENUE

June 21, 2013,

the Company signed a

ten

-year license agreement with Hanwha Advanced Materials Co., Ltd, of South Korea. The agreement grants Hanwha exclusive rights to sell, distribute and manufacture Integral's patented line of conductive plastics, ElectriPlast, in South Korea, as well as non-exclusive sales and distribution rights to ElectriPlast for Japan, Taiwan and the China markets.

The agreement called for license fees as follows:

●

$250,000

(received) to be paid to the Company within

business days; and

●

$250,000

(received) payment to be paid to the Company

later than

one

year after signing the agreement.

The payments have been recorded as deferred revenue, which will be recognized as license fee revenue in the consolidated statements of operations over the life of the

ten

-year contract. During

nine

months ended

March 31, 2018,

$37,500

(

2017

$37,500

) has been recognized as revenue.

As of

March 31, 2018

and

June 30, 2017,

the remaining deferred revenue was as follows:

	March 31, 2018		June 30, 2017

Current	$	50,000	$	50,000
Non-current		233,333		270,833

	$	283,333	$	320,833