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FINANCE RECEIVABLES | 12 Months Ended
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Jun. 30, 2012
Receivables [Abstract] |
Finance Receivables | 3. FINANCE RECEIVABLES Finance Receivables consist of the following:
|  | June 30, |
|  | 2012 |  |  | 2011 |
Total finance receivables |  | $ | 542,847 |  |  | $ | 481,387 |
Less current portion |  |  | 206,649 |  |  |  | 285,786 |
Non-current portion of finance receivables |  | $ | 336,198 |  |  | $ | 195,601 |
As of June 30, 2012 and 2011, there was no allowance for credit losses of finance receivables. As the Company collects monthly payments of the receivables from the customers’ transaction funds the risk of loss was determined to be remote. Credit Quality Indicators As of June 30, 2012
Credit risk profile based on payment activity:
|  | Leases |
Performing |  | $ | 542,847 |
Nonperforming |  |  | - |
Total |  | $ | 542,847 |
Age Analysis of Past Due Finance Receivables As of June 30, 2012
|  | 31 – 60 Days Past Due |  |  | 61 – 90 Days Past Due |  |  | Greater than 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Finance Receivables |
Leases |  |  | - |  |  |  | 2,057 |  |  |  | 18,855 |  |  |  | 20,912 |  |  | $ | 521,935 |  |  | $ | 542,847 |
Total |  | $ | - |  |  | $ | 2,057 |  |  | $ | 18,855 |  |  | $ | 20,912 |  |  | $ | 521,935 |  |  | $ | 542,847 |
Age Analysis of Past Due Finance Receivables As of June 30, 2011
|  | 31 – 60 Days Past Due |  |  | 61 – 90 Days Past Due |  |  | Greater than 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Finance Receivables |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 481,387 |  |  | $ | 481,387 |
Total |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 481,387 |  |  | $ | 481,387

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=7880640&loc=SL6953791-111525 + Details
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