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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Provision (benefit) for income taxes

		2012				2011
Current:
Federal		$	(435,000	)		$	492,000
State			(6,000	)			38,000
Deferred:
Federal			—				—
State			—				—
Provision for income taxes		$	(441,000	)		$	530,000

Reconciliation of the expected income tax rate

		2012				2011
Federal income tax provision (benefit) at the statutory rate			(34	)%			34	%
Change in valuation allowance against net deferred tax assets			26				(19	)
State income taxes, net of federal tax benefit			(9	)			10
State income tax rate adjustment			(10	)			—
Tax incentives			(7	)			(10	)
Non-deductible items			3				1
Provision for (benefit from) income taxes			(31	)%			16	%

Deferred income tax assets and liabilities

		2012				2011
Deferred tax assets/(liabilities) — current:
Accrued expenses		$	332,000			$	377,000
Inventories			282,000				406,000
Net operating losses			—				69,000
State taxes			(19,000	)			1,000
Valuation allowance			(486,000	)			(690,000	)
		$	109,000			$	163,000
Deferred tax assets/(liabilities) — non-current:
Income tax credit carry forwards		$	1,235,000			$	743,000
Net operating losses			534,000				—
Intangible assets			430,000				991,000
Deferred rent			163,000				160,000
State taxes			37,000				20,000
Depreciation			(405,000	)			(406,000	)
Valuation allowance			(2,103,000	)			(1,671,000	)
		$	(109,000	)		$	(163,000	)

Full valuation allowance against deferred tax assets

Balance, July 1, 2011		$	(2,362,000	)
Increase in tax asset valuation allowance			(227,000	)
Balance, June 30, 2012		$	(2,589,000	)

Accrual for unrecognized tax benefits

Balance, July 1, 2011		$	277,000
Additions related to current year tax positions			33,000
Additions related to prior year tax positions			3,000
Balance, June 30, 2012		$	313,000

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Full valuation allowance against deferred tax assets.

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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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