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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Segment Reporting

The following table contains certain financial information by geographic area:

 

    Three Months Ended     Nine Months Ended  
    March 31,     March 31,  
Net sales:   2013     2012     2013     2012  
United States   $ 5,950,544     $ 2,184,064     $ 22,966,255     $ 6,619,799  
Caribbean and South America     383,024       26,774       1,129,952       78,674  
Asia     192,937       408,492       922,745       2,056,792  
Totals   $ 6,526,505     $ 2,619,330     $ 25,018,952     $ 8,755,265  

 

Long-lived assets, net:   March 31, 2013     June 30, 2012  
United States   $ 2,792,029     $ 706,065  
Asia     1,238,569       3,237,435  
Totals   $ 4,030,598     $ 3,943,500  
Property and Equipment

Depreciation is computed using the straight-line method over the estimated useful lives as follows:

 

Machinery 6 years
Office equipment 5 years
Molds 3 years
Vehicles 5 years
Computers and software 5 years
Furniture and fixtures 7 years
Facilities 5 years
Intangible Assets

The definite lived intangible assets consisted of the following as of March 31, 2013:

 

Definite Lived Intangible Assets:   Expected Life   Average Remaining Life     Gross Intangible Assets     Accumulated Amortization     Net Intangible Assets  
Complete technology   3 years     0.0 years     $ 490,000     $ 490,000     $ –  
Complete technology   3 years     0.1 years       1,517,683       1,478,251       39,432  
Complete technology   3 years     1.8 years       281,714       127,788       153,926  
Complete technology   3 years     2.3 years       361,249       120,428       240,821  
Complete technology   3 years     2.5 years       174,010       29,001       145,009  
Complete technology   3 years     2.8 years       909,962       50,553       859,409  
Supply and development agreement   8 years     4.6 years       1,121,000       490,438       630,562  
Software   5 years     2.8 years       169,798       68,776       101,022  
Patents   10 years     9.5 years       12,218       466       11,752  
Certifications & licenses   3 years     2.7 years       1,379,831       222,145       1,157,686  
Total  as of March 31, 2013               $ 6,417,465     $ 3,077,846     $ 3,339,619  

 

The definite lived intangible assets consisted of the following as of June 30, 2012:

 

Definite Lived Intangible Assets:   Expected Life   Average Remaining Life     Gross Intangible Assets     Accumulated Amortization     Net Intangible Assets  
Complete technology   3 years     0.3 years     $ 490,000     $ 449,167     $ 40,833  
Complete technology   3 years     0.8 years       1,517,683       1,098,830       418,853  
Complete technology   3 years     2.5 years       281,714       46,952       234,762  
Supply and development agreement   8 years     5.3 years       1,121,000       385,344       735,656  
Technology in progress   Not Applicable     –       1,258,499       –       1,258,499  
Software   5 years     3.3 years       163,607       44,033       119,574  
Patents   10 years     9.7 years       11,944       289       11,655  
Certifications & licenses   3 years     2.9 years       701,622       5,942       695,680  
Total  as of June 30, 2012               $ 5,546,069     $ 2,030,557     $ 3,515,512