REVISION OF PRIOR YEAR FINANCIAL STATEMENTS

9 Months Ended

Mar. 31, 2013

Revision For Prior Year Financial Statements [Abstract]

Accounting Changes and Error Corrections [Text Block]

NOTE 3 – REVISION OF PRIOR YEAR FINANCIAL STATEMENTS

During the year ended June 30, 2012, the Company identified an error related to the classification of the warrants to purchase up to 685,000 shares of common stock (the “Warrants”, with the fair value of $1.3 million at the issuance date of March 10, 2010). Previously, the Warrants were reflected as a component of equity as opposed to liabilities on the consolidated balance sheets and the consolidated statements of operations did not include the subsequent non-cash changes in estimated fair value of the Warrants. However, since the Company is obliged to deliver registered shares to the warrant holders upon exercise, the warrants should be classified as liabilities in accordance with ASC 815 because there are further registration and prospectus delivery requirements that are outside of the control of the Company. The Company assessed the materiality of this error on prior periods’ financial statements in accordance with the SEC’s Staff Accounting Bulletin No. 99 (“SAB 99”), and concluded that the error was not material to any of its prior annual or interim financial statements. As a result, the Company elected to revise its previously issued consolidated financial statements the next time they are filed as permitted in SEC’s Staff Accounting Bulletin No.108 (“SAB 108”) regarding immaterial revisions. As each subsequent filing is made in the future, the previous period consolidated financial statements affected by the errors will be revised. The Company has revised the unaudited condensed consolidated statements of operations for the three and nine month ended March 31, 2012 included herein to reflect the correct balances. The impact of correcting this error on net income as reported for the three and nine month ended March 31, 2012 was an increase of $56,502 and $288,968, respectively.

Set out below are the line items within the condensed consolidated statement of operations for the three and nine month ended March 31, 2013 have been affected by the revisions. The revisions had no impact on the Company’s cash flows from operating, investing or financing activities.

	For the three months ended March 31, 2012
	Previously reported			Adjustments		Revised
Consolidated Statement of Operations
Changes in fair value of warrant liabilities	$	-		$	56,502	$	56,502
Total Other Incomes/(Expenses)		(2,951,572	)		56,502		(2,895,070	)
Income Before Taxes		1,772,184			56,502		1,828,686
Net Income	$	1,218,669		$	56,502	$	1,275,171
Comprehensive Income	$	2,662,916		$	56,502	$	2,719,418
Basic Earnings per Share	$	0.03		$	-	$	0.03
Diluted Earnings per Share	$	0.03		$	-	$	0.03

	For the nine month ended March 31, 2012
	Previously reported			Adjustments		Revised
Consolidated Statement of Operations
Changes in fair value of warrant liabilities	$	-		$	288,968	$	288,968
Total Other Incomes/(Expenses)		(7,279,390	)		288,968		(6,990,422	)
Income Before Taxes		8,926,130			288,968		9,215,098
Net Income	$	8,772,944		$	288,968	$	9,061,912
Comprehensive Income	$	14,079,638		$	288,968	$	14,368,606
Basic Earnings per Share	$	0.22		$	-	$	0.22
Diluted Earnings per Share	$	0.22		$	-	$	0.22