Provision for Taxes (Table)

12 Months Ended

Jun. 30, 2013

Income Taxes:

Summary of Valuation Allowance

The change in the allowance account from June 30, 2012 to June 30, 2013 was approximately $54,000 (2012 - $121,000)..

	June 30, 2013			June 30, 2012
Statutory rate		25.00	%		25.80	%
Income taxes recovered at the effective tax rate	$	7,500		$	9,000
Temporary timing differences:		-			-
Permanent timing differences:		-			-
Change in tax rate:		(61,500	)		(130,000	)
Change in valuation allowance:		54,000			121,000
Income tax recovery (expense) recognized in year	$	-		$	-

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax asset at June 30, 2013 and June 30, 2012 were as follows:

	June 30, 2013			June 30, 2012
Net operating loss carry forward	$	7,685,000		$	7,654,000
Deferred tax asset	$	1,921,000		$	1,975,000
Deferred tax asset valuation allowance		(1,921,000	)		(1,975,000	)
Net deferred tax asset	$	-		$	-