v2.4.1.9

INCOME TAXES (Tables)

9 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation between the expected federal income tax rate using the federal statutory tax rate of 35% to the Company’s effective tax rate is as follows:

		For the nine months ended March 31,						For the three months ended March 31,
		2015			2014			2015			2014
		%			%			%			%
U.S. expected federal income tax benefit			35.0			35.0			35.0			35.0
U.S state, local tax net of federal benefit			10.9			10.9			10.9			10.9
U.S. permanent difference			(0.2)			(0.8)			(0.2)			(1.2)
U.S. temporary difference			(45.7)			(45.1)			(45.7)			(44.7)
Permanent difference related to other countries			21.9			3.1			11.4			1.4
Hong Kong statutory income tax rate			(16.5)			(16.5)			(16.5)			(16.5)
Hong Kong income tax benefit			12.1			16.5			16.5			16.5
Total tax expense			17.5			3.1			11.4			1.4

Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block]

The income tax (provision) benefit for the nine and three months ended March 31, 2015 and 2014 are as follows:

		For the nine months ended						For the three months ended
		March 31,						March 31,
		2015			2014			2015			2014
Current
USA		$	-		$	(34,659)		$	-		$	(34,659)
Hong Kong			(5,770)			-			-			-
China			-			(122)			-			(122)
			(5,770)			(34,781)			-			(34,781)
Deferred
USA			91,300			40,700			34,067			35,967
China			-			-			-			-
			91,300			40,700			34,067			35,967
Total		$	85,530		$	5,919		$	34,067		$	1,186

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets are comprised of the following:

		March 31,			June 30,
		2015			2014
Allowance for doubtful accounts		$	220,000		$	224,000
Stock-based compensation			377,000			411,000
Net operating loss			1,955,000			1,004,000
Total deferred tax assets			2,552,000			1,639,000
Valuation allowance			(2,296,800)			(1,475,100)
Deferred tax assets, net - long-term		$	255,200		$	163,900

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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

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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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