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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2012
Income Taxes [Abstract] |
Components of income tax expense (benefit) |
|  | 2012 |  |  | 2011 |
Income / (Loss) Before Income Taxes: |  |  |  |  |  |  |  |
Domestic |  | $ | 14,557,000 |  |  | $ | (50,534,720 | )
International |  |  | 116,000 |  |  |  | (165,030 | )
|  | $ | 14,673,000 |  |  | $ | (50,699,750 | )
Current Taxes |  |  |  |  |  |  |  |
Federal |  | $ | 3,758,000 |  |  | $ | — |
State |  |  | 1,121,000 |  |  |  | 92,000 |
Foreign |  |  | 47,000 |  |  |  | — |
Total Current Income Tax Provision |  | $ | 4,926,000 |  |  | $ | 92,000 |
Deferred Taxes |  |  |  |  |  |  |  |
Federal |  |  | (2,110,000 | ) |  |  | — |
State |  |  | (602,000 | ) |  |  | — |
Foreign |  |  | (12,000 | ) |  |  | — |
Total Deferred Income Tax Provision |  | $ | (2,724,000 | ) |  | $ | — |
Net Income Tax Provision |  | $ | 2,202,000 |  |  | $ | 92,000 |
The effective income tax rate differs from the U.S. Federal statutory income tax rate |
|  | 2012 |  |  | 2011 |
Federal statutory income tax rate |  |  | 35.00 | % |  |  | (34.00 | %)
State income taxes, net of federal benefit |  |  | 5.50 | % |  |  | .24 | %
Tax return to provision true-up |  |  | (1.01 | )% |  |  | (1.35 | %)
Permanent differences: |  |  |  |  |  |  |  |
— interest on convertible debt |  |  | 0.00 | % |  |  | 3.44 | %
— change in derivative liability |  |  | 16.14 | % |  |  | 32.44 | %
— stock option compensation |  |  | 0.30 | % |  |  | .21 | %
— other |  |  | 0.44 | % |  |  | 0.12 | %
Decrease in valuation allowance |  |  | (39.45 | )% |  |  | (0.91 | %)
Net income tax provision (benefit) |  |  | 16.04 | % |  |  | (0.18 | %)
The components of the deferred tax assets and liabilities |
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |  |  |
Federal and state net operating loss carryovers |  | $ | 2,453,000 |  |  | $ | 4,832,000 |
Research and development tax credits |  |  | — |  |  |  | 31,000 |
Contribution carryover |  |  | — |  |  |  | 13,000 |
Stock option compensation |  |  | 988,000 |  |  |  | 722,000 |
Accrued vacation, allowance for returns, bonuses & other |  |  | 600,000 |  |  |  | 540,000 |
Deferred tax asset |  | $ | 4,041,000 |  |  | $ | 6,138,000 |
Deferred liabilities |  |  |  |  |  |  |  |
Patents and trademarks |  |  | (587,000 | ) |  |  | (625,000 | )
Change in tax accounting methods |  |  | (44,000 | ) |  |  | (36,000 | )
Property & equipment |  |  | (540,000 | ) |  |  | (6,000 | )
Total deferred liabilities |  |  | (1,171,000 | ) |  |  | (667,000 | )
Net deferred tax asset |  |  | 2,870,000 |  |  |  | 5,471,000 |
Less: valuation allowance |  |  | (147,000 | ) |  |  | (5,471,000 | )
Deferred tax assets |  | $ | 2,723,000 |  |  | $ | — |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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