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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2013
Income Tax Disclosure [Abstract] |
Significant components of deferred tax assets | Significant components of our net deferred tax assets are shown in the table below.
|  | Year Ended June 30, |
|  | 2013 |  | 2012 |
Deferred Tax Assets: |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 2,727,000 |  | $ | 1,275,000 |
Other, net |  |  | 114,000 |  |  | 178,000 |
Net deferred tax assets |  |  | 2,841,000 |  |  | 1,453,000 |
Valuation allowance for deferred tax assets |  |  | (2,841,000) |  |  | (1,453,000) |
Net deferred tax assets |  | $ | — |  | $ | — |
Income taxes differs from the statutory federal rate | The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate at June 30, 2013 and 2012, due to the following:
|  | Year Ended June 30, |
|  | 2013 |  | 2012 |
Federal income taxes at 34% |  | $ | 120,000 |  | $ | (811,000) |
State income taxes, net |  |  | 21,000 |  |  | (139,000) |
Warrants |  |  | 685,000 |  |  | — |
Change in the estimated fair market value of derivatives |  |  | (2,283,000) |  |  | 210,000 |
Other True Ups, if any |  |  | 69,000 |  |  | 61,000 |
Change in valuation allowance |  |  | 1,388,000 |  |  | 679,000 |
Provision for income taxes |  | $ | — |  | $ | — |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -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 -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 + Details
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