Note 3 - Assets and Liabilities Held for Sale and Discontinued Operations

6 Months Ended

Dec. 31, 2011

Disclosure of Long Lived Assets Held-for-sale [Table Text Block]

Note 3. Assets and Liabilities Held for Sale and Discontinued Operations

The Company is seeking to sell the net assets of AgroLabs.  Accordingly, the Company classified the business assets and liabilities and the results of operations of its branded proprietary nutraceutical business as discontinued operations.  The operations of AgroLabs for the current and prior periods and the associated results of operations, financial position and cash flows are separately reported as discontinued operations for all periods presented.

The net assets classified as discontinued operations were comprised of the following:

	December 31, 2011		June 30, 2011
Assets
Assets of discontinued operations held for sale:
Cash	$	58	$	162
Accounts receivable, net		150		199
Inventories		1,858		2,029
Other current assets		93		114
Fixed assets, net		57		68
Intangible assets, net		1,079		1,127
Other assets		23		23
Total assets of discontinued operations held for sale	$	3,318	$	3,722
Liabilities
Current liabilities of discontinued operations:
Accounts payable and other current liabilities	$	1,955	$	2,667
Total current liabilities of discontinued operations		1,955		2,667
Net assets of discontinued operations	$	1,363	$	1,055

The Company’s net sales, gross profit and results of operations classified as discontinued operations were as follows:

	Three months ended December 31,					Six months ended December 31,
	2011			2010		2011			2010
Sales, net	$	3,001		$	4,678	$	5,829		$	9,324
Gross profit	$	1,243		$	1,871	$	2,567		$	3,949
(Loss) income from discontinued operations, net	$	(101	)	$	217	$	(333	)	$	623