v2.4.0.6

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Abstract]

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

The income tax benefit differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended June 30, 2012 and 2011 due to the following:

		2012				2011
Computed “expected” tax benefit			(35	)%			(35	)%
Increase (decrease) in income taxes resulting from:
State taxes, net of federal benefit			(3	)%			(3	)%
Tax reporting differences due to the reverse acquisition			—	%			8	%
Goodwill impairment and other permanent differences			(9	)%			15	%
Increase in the valuation reserve			47	%			15	%
			0	%			0	%

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

Significant components of the Company's deferred tax assets and liabilities at June 30, 2012 and 2011 are as follows:

		2012				2011
Deferred tax assets:
Net operating loss carryforward		$	4,129,000			$	3,993,000
Stock-based compensation			383,000				174,000
Intangibles			344,000				385,000
Miscellaneous accruals			53,000				140,000
Property and equipment			8,000				7,000
Valuation allowance			(4,917,000	)			(3,941,000	)
Deferred tax assets			—				758,000
Deferred tax liabilities:
Accrued interest			—				(356,000	)
Deferred gain on sale of EOIR			—				(402,000	)
Deferred tax liabilities			—				(758,000	)
Net deferred tax asset (liability)		$	—			$	—

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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

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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

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