Accounts Payable and Accrued Expenses

12 Months Ended

Jun. 30, 2013

Accounts Payable and Accrued Expenses [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Note 7 – Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	June 30, 2013		June 30, 2012
Accounts payable	$	1,206,760	$	1,436,369
Accrued expenses		145,800		149,782
Total	$	1,352,560	$	1,586,151

The carrying value of accounts payable and accrued expenses approximates their fair value due to the short-term nature of these obligations.