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Lease Commitments | 12 Months Ended
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Jun. 30, 2013
Lease Commitments |
Lease Commitments | 12. Lease Commitments The Company has operating leases for office space. At June 30, 2013, the Company has a lease agreement for a manufacturing and office facility in Orlando, Florida (the "Orlando Lease"). The Orlando Lease, which is for a six-year original term with renewal options, expires April 2015. As of June 30, 2013, the Company, through its wholly-owned subsidiary, has a lease agreement for a manufacturing and office facility in Shanghai, China (the "China Lease"). The China Lease, which is for a five-year original term with renewal options, expires April 2014. During June 2012, the company entered into three-year capital lease agreements for computer equipment and is included as part of Property and Equipment. Assets under capital lease are included in computer equipment and software for $10,500, with accumulated amortization as of June 30, 2013 of $3,343. Amortization related to capital leases will be included in depreciation expense. Rent expense totaled $434,930 and $436,192 during the years ended June 30, 2013 and 2012, respectively. The approximate future minimum lease payments under capital and operating leases at June 30, 2013 were as follows:
Fiscal year ending June 30, |  | Capital Lease |  |  | Operating Lease
2014 |  | $ | 4,300 |  |  |  | 456,556 |
2015 |  |  | 3,942 |  |  |  | 339,631 |
Total minimum payments |  |  | 8,242 |  |  |  | 796,187 |
Less imputed interest |  |  | (1,338 | ) |  |  |  |
Present value of minimum lease payments |  |  | 6,904 |  |  |  |  |
Less short term portion |  |  | 3,602 |  |  |  |  |
Long term portion |  | $ | 3,302 |  |  |  |  |

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a)(19)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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