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INCOME TAXES | 12 Months Ended
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Jun. 30, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 8 – INCOME TAXES During both 2014 and 2013, the Company incurred a net loss and therefore had no tax liability. The Company does not have any material uncertain income tax positions. As a result of significant losses and uncertainty of future profit, the net deferred tax asset has been fully reserved.As of June 30, 2014, the valuation allowance decreased by $604 related to decreased federal and state NOL carry forwards. The cumulative net operating loss carryforward is approximately $47.7 million and $47.7 million at June 30, 2014 and 2013, respectively, and will start expiring in the year ended 2029. The Company has not performed a detailed analysis to determine whether an ownership change under Section 382 of the IRC has occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of net operating loss (“NOL”) carryforwards attributable to periods before the change. Any limitation may result in expiration of a portion of the NOL before utilization. The tax effects of temporary differences and tax loss carry forwards that give rise to significant portions of deferred tax assets at June 30, 2014 and 2013 are comprised of the following:
|  | As of June 30, |
|  | 2014 |  | 2013 |
Deferred tax asset |  |  |  |  |  |  |
Net operating loss carryovers |  | $ | 21,698 |  | $ | 22,427 |
Stock based compensation |  |  | 125 |  |  | - |
Total deferred tax assets |  |  | 21,823 |  |  | 22,427 |
Valuation Allowance |  |  | (21,823) |  |  | (22,427) |
Deferred tax asset, net of allowance |  | $ | - |  | $ | - |
The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:
|  | As of June 30, |
|  | 2014 |  | 2013 |
Statutory federal income tax rate |  | -34.0 | % | -34.0 | %
State taxes, net of federal tax benefit |  | -11.5 | % | -11.5 | %
Valuation Allowance |  | 45.5 | % | 45.5 | %
Income tax provision (benefit) |  | 0.0 | % | 0.0 | %
The income tax provision consists of the following:
|  | As of June 30, |
|  | 2014 |  | 2013 |
Federal |  |  |  |  |  |  |
Current |  | $ | - |  | $ | - |
Deferred |  |  | 451 |  |  | (350) |
State |  |  |  |  |  |  |
Current |  |  | - |  |  | - |
Deferred |  |  | 153 |  |  | (118) |
Change in valuation allowance |  |  | (604) |  |  | 468 |
Income tax provision (benefit) |  | $ | - |  | $ | - |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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