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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax and Tax Rate Reconciliation

The reconciliation of income tax computed at the U.S. federal statutory rates to income tax expense is:

		Year ended June 30,
		2013				% of Pretax				2012				% of Pretax				2011				% of Pretax
Tax expense (benefit) at statutory rate		$	(60,856)				34.0%			$	849,792				34.0%			$	4,090,206				34.0%
Nondeductible membership dues			26,853				-15.0%				27,491				1.1%				27,929				0.2%
Nondeductible meals and entertainment			44,294				-24.7%				40,720				1.7%				42,959				0.4%
Other			4,933				-2.8%				50,950				2.0%				36,278				0.3%
Total tax expense		$	15,224				-8.5%			$	968,953				38.8%			$	4,197,372				34.9%

Components of Total Tax Expense (Benefit)

Components of total tax expense (benefit) are as follows:

		Year ended June 30,
		2013				2012				2011
Current tax expense		$	6,612			$	1,252,286			$	3,876,255
Deferred tax expense (benefit)			8,612				(283,333	)			321,117
Total tax expense		$	15,224			$	968,953			$	4,197,372

Deferred Assets and Liabilities using the Effective Statutory Tax Rate

The Company’s deferred assets and liabilities using the effective statutory tax rate (34.0 percent for 2013 and 2012) are as follows:

		Year ended June 30,
		2013				2012
Book/tax differences in the balance sheet
Trading securities		$	237,921			$	253,128
Prepaid expenses			(152,391	)			(201,124	)
Accumulated depreciation			85,208				60,837
Available-for-sale securities & equity method			(74,070	)			640,280
Accrued expenses			110,341				110,564
Stock-based compensation expense			117,372				114,129
Tax Carryovers
Capital loss carryover			549,029				-
Charitable contributions carryover			27,286				-
Valuation Allowance			(27,286	)			-
Net deferred tax asset		$	873,410			$	977,814

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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

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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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