v2.4.0.6

CAPITAL LEASE | 3 Months Ended
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Sep. 30, 2012
Capital Lease Obligations [Abstract] |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | 5. CAPITAL LEASE Digipath is the lessee of equipment under a capital lease expiring September 2015. The asset and liability are recorded at the lower of the present value of the minimum lease payments or fair value of the asset. The asset is amortized over the shorter of the lease term or the estimated life of the asset. The following is a summary of the property held under the capital lease:
|  |  |  | September 30, |
|  |  |  | 2012 |
| Machinery and equipment |  | $ | 181,384 |
| Less accumulated amortization |  |  | 63,484 |
|  |  | $ | 117,900 |
Minimum future lease payments under the capital lease are as follows:
| Year Ending September 30, |  |  |  |
| 2013 |  | $ | 39,897 |
| 2014 |  |  | 39,897 |
| 2015 |  |  | 39,897 |
| 2016 |  |  | 13,299 |
| Total minimum lease payments |  |  | 132,990 |
| Less amount representing interest |  |  | 13,219 |
| Present value of minimum lease payments |  |  | 119,771 |
| Less current portion of obligation under capital lease |  |  | 44,945 |
| Long-term portion of obligation under capital lease |  | $ | 74,826 |
Interest on the capital lease is 6.25% and is imputed based on the lower of the incremental borrowing rate at the inception of the lease or the lessor’s implicit rate of return. Interest expense for the three months ended September 30, 2012 was $291.

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- Definition The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 + Details
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