NOTE 3 - PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2012

Property, Plant and Equipment Disclosure [Text Block]

NOTE 3 – PROPERTY AND EQUIPMENT

Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The useful lives of property, plant and equipment for purposes of computing depreciation is five years. Depreciation expense for the nine month periods ended March 31, 2012 and 2011 was $126,339 and $129,483 respectively, which include patent amortization.

The following is a summary of property, equipment, and accumulated depreciation:

	March 31, 2012			June 30, 2011

Plant assets and equipment	$	272,357		$	261,515

Less accumulated depreciation		(223,757	)		(205,264	)
	$	48,600		$	56,252

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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