0001471242-12-000750.txt : 20120518 0001471242-12-000750.hdr.sgml : 20120518 20120518123817 ACCESSION NUMBER: 0001471242-12-000750 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120518 DATE AS OF CHANGE: 20120518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFRAX SYSTEMS, INC. CENTRAL INDEX KEY: 0001380277 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 202583185 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52488 FILM NUMBER: 12854615 BUSINESS ADDRESS: STREET 1: 449 CENTRAL AVE., SUITE 105 CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 817-305-7118 MAIL ADDRESS: STREET 1: 449 CENTRAL AVE., SUITE 105 CITY: ST PETERSBURG STATE: FL ZIP: 33701 FORMER COMPANY: FORMER CONFORMED NAME: OPTICON SYSTEMS DATE OF NAME CHANGE: 20070404 FORMER COMPANY: FORMER CONFORMED NAME: OPTICON SYTEMS DATE OF NAME CHANGE: 20070302 FORMER COMPANY: FORMER CONFORMED NAME: TALARI SAM DATE OF NAME CHANGE: 20061106 10-Q 1 ifxy10q0518.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X]	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2012 (Third Quarter)

[ ]	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ________________to ________________

COMMISSION FILE NUMBER 000-52488

INFRAX SYSTEMS, INC.

(Exact name of Registrant as specified in charter)

NEVADA	20-2583185
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

6365 53rd Street N, Pinellas Park, FL 33781

(Address of principal executive offices) (ZIP Code)

(727) 498-8514

(Registrant's telephone no., including area code)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

The number of shares outstanding of each of the issuer’s classes of common equity, as of March 31, 2012 was 17,527,983 shares.

Transitional Small Business Disclosure Format (Check one):

Yes [ ] No [X]

TABLE OF CONTENTS


PART I	FINANCIAL INFORMATION	PAGE

Item 1	Condensed Consolidated Financial Statements

	Condensed Consolidated Balance Sheets as of March 31, 2012 (unaudited) and June 30, 2011	3

	Condensed Consolidated Statements of Operations for the Nine Months Ended March 31, 2012 and 2010 (unaudited)	4

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2012 and 2010 (unaudited)	5

	Condensed Consolidated Notes to Financial Statements (unaudited)	6

Item 2	Management's Discussion and Analysis or Plan of Operation	16

Item 3	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4	Controls and Procedures	23

Item 4 T	Controls and Procedures	23

PART II	OTHER INFORMATION

Item 1	Legal Proceedings	24

Item 1A	Risk Factors	24

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3	Defaults Upon Senior Securities	24

Item 4	Removed and Reserved	24

Item 5	Other Information	24

Item 6	Exhibits	24

Signatures		25

Infrax Systems, Inc.
Consolidated Balance Sheets


			March 31,		June 30,
			2012		2011
			(unaudited)		(audited)
Assets
Current assets
	Cash	$	11,719	$	25,498
	Accounts receivable		106,051		22,050
	Inventory		63,076		55,450
	Note receivable		53,239		50,000
	Prepaid expenses		150,929		-
Total current assets			385,014		152,998

Property & equipment, net of accumulated
	depreciation of $63,748 and $45,807, respectively		115,347		193,169

Intangible property, net of accumulated
	amortization of $2,536,435 and $1,314,775, respectively		5,478,939		6,700,599
Deposits			2,500		2,500
Total Assets		$	5,981,800	$	7,049,266

Liabilities and Stockholders' Equity
Current liabilities
	Accounts payable	$	370,232	$	434,789
	Accrued expenses		1,287,860		889,108
	Notes payable		794,263		774,500
	Loans and notes payable, related parties		7,403		7,802
Total current liabilities			2,459,758		2,106,199

Notes payable to shareholder			515,003		574,957
Total liabilities			2,974,761		2,681,156

Stockholders' Equity
	Preferred stock, 50,000,000 authorized, $.001 par value:
	Series A Convertible: 5,000,000 shares designated;
	2,723,624 and 385,702 issued and outstanding		2,724		386
	Series B Convertible: 100,000,000 shares designated;
	1,210 and 257,764 issued and outstanding		1		258
	Common stock, $.001 par value, 5,000,000,000 shares
	authorized; 17,527,983 and 6,282,275 shares
	issued and outstanding, respectively		17,355		6,282
	Additional paid-in capital		12,664,066		11,451,683
	Subscriptions (receivable) payable				408
	Minority interest in subsidiary		24,494		5,447
	Accumulated deficit		(9,701,601)		(7,096,354)
Total stockholders' equity			3,007,039		4,368,110

Total Liabilities and Stockholders' Equity		$	5,981,800	$	7,049,266

* Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. All shares have been retroactively stated to reflect the reverse-split shares.



The accompanying notes are an integral part of these financial statements.

Infrax Systems, Inc.
Consolidated Statements of Operations
(unaudited)

		For the Three Months Ended						For the Nine Months Ended
		March 31,						March 31,
			2012		2011			2012			2011

Revenues		$	66,650	$	86,315	$		382,374		$	466,558
Direct costs			35,411		69,496			42,654			138,685

Gross Profit			31,239		16,819			339,720			327,873

Operating expenses:
	Salaries and benefits		183,261		23,450			1,352,028			348,063
	Consulting		0		113,719			2,590			353,204
	Professional fees		337		12,500			62,694			78,939
	General and administrative		14,233		133,426			214,164			337,523
	Amortization and depreciation		415,671		337,033			1,247,013			1,011,018
	Total operating expenses		613,512		620,128			2,878,489			2,128,747

Other income (expense):
	Interest expenses		(17,522)		(16,978)			(52,566)			(43,664)
	Sale of assets, net		-		-			(32,842)			-
	Total other (expense)		(17,522)		(16,978)			(85,408)			(43,664)

Loss from operations before income taxes			(599,785)		(620,287)			(2,624,177)			(1,844,538)

Provision for income taxes			-		-			-			-

		$	(599,785)	$	(620,287)		$		(2,624,177)	$	(1,844,538)
Minority Interest			(3,286)		-			18,930			-
Net loss		$	(603,071)	$	(905,592)	$		(2,605,247)		$	(1,844,538)


Earnings (loss) per share:
	Basic	$	(0.04)	$	(0.16)	$		(0.19)		$	(0.32)
Weighted average shares outstanding
	Basic		17,169,041		5,601,491			13,458,769			5,851,677

Infrax Systems, Inc.
Consolidated Statements of Cash Flows
(unaudited)
		For the Nine Months Ended
		March 31,
			2012		2011

Cash Flows from Operating Activities:
	Net (loss) income	$	(2,605,247)	$	(1,844,538)
	Adjustment to reconcile Net Income to net
	cash provided by operations:
	Depreciation and amortization		1,247,013		1,011,018
	Loss on sale of assets		32,842
	Issuance of stock in settlement of services		1,225,129		78,400
	Minority interest		19,047		-
	Changes in assets and liabilities:
	Accounts receivable		(84,001)		(204,637)
	Inventory		(7,626)		25,037
	Due from affiliate		(3,239)		-
	Prepaid and other		(150,929)		(12,863)
	Accounts payable		(64,557)		243,302
	Accrued expenses		393,305		149,526
	Customer deposits and deferred revenue		5,447		(12,213)
	Net Cash (Used) Provided by Operating Activities		7,184		(566,968)
	Cash Flows from Investing Activities: Purchase of property and equipment		(1)		(1,107)
	Net Cash (Used) by Investing Activities		(1)		(1,107)
Cash Flows from Financing Activities:
	Proceeds from issuance of stock
	Proceeds from issuance of note payable		39,763		-
	Repayments of notes payable		(20,000)		-
	Proceeds from sale of assets		19,628		-
	Related party advances		(60,353)		455,283
	Net Cash (Used) Provided by Financing Activities		(20,962)		455,283


Net increase/decrease in Cash			(13,779)		(112,792)

Cash at beginning of period			25,498		115,015

Cash at end of period		$	11,719	$	2,223


Supplemental cash flow information:
	Interest paid	$	-	$	-
	Taxes paid	$	-	$	-


The accompanying notes are an integral part of these financial statements.

Infrax Systems, Inc.

Notes to Condensed Consolidated Financial Statements

For the Nine Months Ended March 31, 2012 and the Period from

(Unaudited)

1. History of the Company and Nature of the Business

History of the Company

Infrax Systems, Inc. (formerly OptiCon Systems, Inc.) (“the Company”, “Infrax”) was formed as a Nevada corporation on October 22, 2004. On July 29, 2005, the stockholders of the Company entered into an agreement to exchange 100% of the outstanding common stock of the Company, for common and preferred stock of FutureWorld Energy, Inc. (formerly Isys Medical, Inc.), a publicly traded company, at which time, the Company became a wholly owned subsidiary of FutureWorld Energy, Inc..

FutureWorld Energy, Inc. (“FutureWorld”), Infrax’s parent company, announced its intention to spin off Infrax (formerly OptiCon Systems, Inc.) through by the payment of a stock dividend. In connection with the proposed spinoff, Infrax’s board of directors approved a stock dividend of 99,118 shares to FutureWorld, its sole shareholder. On August 31, 2007, FutureWorld paid a stock dividend to its stockholders, consisting of 100% of the outstanding common stock of the Company, at the rate of one share of Infrax’s stock for every two shares they own of FutureWorld. As of August 31, 2007, Infrax ceased being a subsidiary of FutureWorld.

Nature of Business

Since its inception, the Company had been dedicated to selling and/or licensing a fiber optic management software system under the name OptiCon Network Manager, originally developed, and acquired from Corning Cable System, Inc. through a related company, FutureTech Capital, LLC. In October 2009, the Company began developing smart grid energy related products. As of June 29, 2010, the Company acquired the assets and management of Trimax Wireless Systems, Inc. (“Trimax”), in exchange for equity and a note payable. In April 2011, the Company acquired controlling interest in Lockwood Technology Corporation (“Lockwood”), a provider of advanced asset management solutions. The Trimax and Lockwood product lines are expected to provide an operating platform and enhanced operating effectiveness to the Secure Intelligent Energy Platform.

While we continue to support the OptiCon Network Management platform, the Company has shifted its focus and energies towards the “Smart Grid” energy sector. The Company believes our secure integrated platform will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities. Infrax’s advantage comes from our products ability to enable the creation of a secure platform scalable to deliver a broad set of intelligent Smart Grid initiatives across millions of endpoints for Utilities.

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated balance sheet as of March 31, 2012, the consolidated statements of operations and statements of cash flows for the respective periods presented, have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading. The results of operations for the Nine months ended March 31, 2012 are not necessarily indicative of results expected for the full year ending June 30, 2012.

In the opinion of management, all adjustments necessary to present fairly the financial position at March 31, 2012, and the results of operations and changes in cash flows for all periods presented, have been made. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report for the year ended June 30, 2011 on Form 10-K filed with the SEC on October 13, 2011.

Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability.

Use of Estimates

The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the accounts and operations of Infrax Systems, Inc., and its wholly owned subsidiary, Infrax Systems SA (Pty) Ltd, an inactive foreign subsidiary and Lockwood Technology Corporation (70% owned by Infrax Systems, Inc. (collectively referred to as the “Company”). Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and material intercompany transactions have been eliminated.

The Trimax Wireless, Inc. acquisition was effective June 29, 2010. The Company, per the agreement, acquired all the assets and liabilities of Trimax Wireless, Inc. As an asset purchase the acquired assets and liabilities are included in the accounts of Infrax Systems, Inc.

Variable Interest Entities

The Company considers the consolidation of entities to which the usual condition (ownership of a majority voting interest) of consolidation does not apply, focusing on controlling financial interests that may be achieved through arrangements that do not involve voting interest. If an enterprise holds a majority of the variable interests of an entity, it would be considered the primary beneficiary. The primary beneficiary is generally required to consolidate assets, liabilities and non-controlling interests at fair value (or at historical cost if the entity is a related party) and subsequently account for the variable interest as if it were consolidated based on a majority voting interest. The Company has evaluated all related parties, contracts, agreements and arrangements in which it may hold a variable interest. The Company has determined it is not the primary beneficiary in any of these entities, arrangements or participates in any of the activities.

Financial Instruments

The Company’s balance sheets include the following financial instruments: cash, accounts receivable, inventory, accounts payable, accrued expenses, and notes payable and notes payable to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the note payable to stockholder approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities.

In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of Nine broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Nine levels of the fair value hierarchy are described below:

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.

The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements.

As of March 31, 2012 and June 30, 2011, the fair values of the Company’s financial instruments approximate their historical carrying amount.

Cash and Cash Equivalents

The majority of cash is maintained with major financial institutions in the United States. Deposits with these banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of Nine months or less to be cash equivalents.

Accounts Receivable and Credit

Accounts receivable consist of amounts due for the delivery of sales to customers. Prepayments on account are recorded as customer deposit, a current liability, as they represent deferred revenue. Additionally, the Company invoices projects when signed agreement or statements of work are received. Amounts are recorded at the anticipated collectible amount and recorded as deferred revenue until such time that the work is performed. A contra receivable is recorded for invoiced work orders when collectability is not certain, reducing amount included as deferred revenue. Contract revenue is recognized as the contract is completed, based on defined milestones (see policy on revenue recognition). An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Company’s customer credit worthiness, and current economic trends. Based on management’s review of accounts receivable, no allowance for doubtful accounts was considered necessary. Receivables are determined to be past due, based on payment terms of original invoices. The Company does not typically charge interest on past due receivables.

Inventories

Inventories are stated at the lower of standard cost or market, which approximates actual cost. Cost is determined using the first-in, first-out method. Inventory is comprised of component parts and accessories available for sale. Parts are generally purchased for projects, as minimal inventory is held to supply customers.

Prepaid Expenses

The company on June 23, 2011 entered into a Binding Letter of Intent for the acquisition of the assets of a company which was reported through a 8-K on January 4, 2012. As a part of these negotiations the company was required to place $150,000 (1,500,000 shares) into escrow for extension of time.

Property & Equipment

Property and equipment are recorded at historical cost or acquisition value. Depreciation is computed on the straight-line method over estimated useful lives of the respective assets, ranging from Nine to five years. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon the Company's most recent analysis, management believes that no impairment of property and equipment exists at June 30, 2011.

Intangible Property

On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The fair market value of consideration issued (stock and note payable) to the sellers was an aggregate amount of $6,511,364. The value assigned to the carrying value of the acquired intellectual property was $6,329,342. Intellectual property has an estimated useful life of 59 months (remaining life of patents).

On May, 2011 the Company completed the acquisition of controlling interest (70%) in Lockwood Technology Corporation, in exchange for stock and certain considerations (cash and warrants). The shares were issued at the fair market value at the date of the transaction ($1,650,000) and warrants were valued using an option price model ($477,900). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158. The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis

of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

Capitalized Software Development Costs

The Company capitalizes software development costs, under which certain software development costs incurred subsequent to the establishment of technological feasibility have been capitalized and are being amortized over the estimated lives of the related products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed.

Amortization begins when the product is available for release and sold to customers. Software development costs will be amortized based on the estimated economic life of the product, anticipated to be 10 years.

Impairment of Long-Lived Assets

Periodically, the Company assesses the recoverability of the Company’s intangible assets, consisting of the Trimax acquired intellectual property, OptiCon Network Manager software and its trademark, and record an impairment loss to the extent that the carrying amounts of the assets exceed its fair value. Based upon management's most recent analysis, the Company believes that no impairment of the Company’s tangible or intangible assets exist at March 31, 2012 and June 30, 2011.

Revenue Recognition

The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance. In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers. When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year. Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement.

Revenue associated with software sales to distributors is recognized, net of discounts, when the Company has performed substantially all its obligations under the arrangement. Until such time as substantially all obligations under the arrangement are met, software sales are recognized as deferred revenue. Costs and expenses associated with deferred revenue are also deferred. When a software sales arrangements include a commitment to provide training and/or other services or materials, the Company estimates and records the expected costs of these training and/or other services and/or materials.

Stock Based Compensation

The Company issues restricted stock to consultants for various services. Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. Stock compensation for the periods presented were issued to consultants for past services provided, accordingly, all shares issued are fully vested, and there is no unrecognized compensation associated with these transactions.

Shipping Costs

The Company includes shipping costs and freight-in costs in cost of goods sold.

Advertising Costs

The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. Advertising expense was $3,230, $11,657, $5,626 and $14,195 for the three and Nine month periods ending March 31, 2012 and 2010, respectively

Research and Development

The Company expenses research and development costs when incurred. Indirect costs related to research and developments are allocated based on percentage usage to the research and development.

Income Taxes

The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.

Earnings (Loss) Per Share

Basic EPS is calculated by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during each period. Diluted EPS is similarly calculated, except that the denominator includes common shares that may be issued subject to existing rights with dilutive potential, except when their inclusion would be anti-dilutive.

Based on an estimated current value of the Company’s stock being equal to or less than the exercise price of the warrants, none of the shares assumed issued upon conversion of the warrants, nor any of the stock assumed issued under the Company's 2004 Non statutory Stock Option Plan, are included in the computation of fully diluted loss per share, since their inclusion would be anti-dilutive. Convertible preferred shares have been included in the dilutive computation, as if they would have been converted at the end of the period.

	March 31,
	2012	2011
Earnings (Loss) per share:
Net Loss	$ (2,605,247)	$ (1,844,538)

Common shares	17,169,041	5,851,677




Earnings (loss) per share, basic	$ (0.17)	$ (0.32)

*Potentially issuable preferred shares, if converted to common, were considered but not included in the calculation of diluted earnings per share for the period ended March 31, 2012 and 2010, respectively, because their inclusion would be anti-dilutive.

Recently Issued Accounting Pronouncements

Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future consolidated financial statements.

3. Going Concern

As of March 31, 2012, the Company has a working capital deficit and has incurred a loss from operations and recurring losses since its inception resulting in a significant accumulated deficit. As of March 31, 2012, the Company had negative working capital of approximately $2.0 million and approximately $12,000 in cash with which to satisfy any future cash requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company’s is attaining revenues and management expects profitability in the future; however operations have not yet attained a profit or break-even. Accordingly, the Company depends upon capital to be derived from future financing activities such as loans from its officers and directors, subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company’s business plan, the ability to raise capital in the future, to continue receiving funding from its officers, directors and shareholders, the ability to expand its customer base, and the ability to hire key employees to grow the business. There may be other risks and circumstances that management may be unable to predict.

4. Accounts Receivable

Accounts receivable reflect the amounts that have billed at their anticipated collectible amount. The Company receives contract acceptances on submitted quotes. Due to the advanced planning required, contract modifications occur, therefore, management invoices contracts upon signing, however, may reserve against invoicing until final scope of project negotiations or good faith deposits are made.

5. Property and Equipment

Property and equipment consists of the following:
	March 31,	June 30,
	2012	2011
	(unaudited)	(audited)
Office and computer equipment	$ 120,636	$ 180,518
Furniture and fixtures	52,990	52,990
Computer software	5,468	5,468
	179,094	238,976
Accumulated depreciation	63,748	45,807
	$ 115,347	$ 193,169

For the Nine months ended March 31, 2012 and 2010, the total depreciation expense charged to operations totaled $25,353, and $25,933 respectively.

6. Intangible Assets

Intangible assets consists of the following:
	March 31, 2011	June 30, 2011
	(unaudited)	(audited)
Opticon fiber optic management software	$ 189,862	$ 189,862
Trademarks	1,000	1,000
TriMax intellectual property	6,329,342	6,329,342
TriMax software	180,020	180,020
Lockwood customer list	394,550	394,550
Lockwood licensing technology	920,600	920,600
	8,015,374	8,015,374
Accumulated amortization	2,536,435	1,314,775
	$ 5,886,159	$ 6,700,599

For the Nine months ended March 31, 2012 and 2010, the total amortization expense charged to operations totaled $1,221,660 and $985,085, respectively.

Opticon fiber optic management software

The Company purchased all rights, titles and interest in the Opticon fiber optic management software on July 26, 2005, from FutureTech, LLC. in exchange for common stock. The agreement became effective upon FutureTech purchasing the acquired assets from Corning Cable Systems, LLC in exchange for $100,000 in cash. The Company recorded the common stock at the transferor’s historical cost basis determined under generally accepted accounting principles.

On July 26, 2005, the Company purchased the OptiCon Network Manager software system which consisted of version R3 and R4. At the time of the purchase, the software system was out of date and had to be updated and integrated with other current business software systems, before it could be distributed to customers. The development of R3 software system was completed during the quarter ended December 31, 2006, and is available for distribution to customers. In June 2010 a transfer of 50% of the R3 license was returned to FutureTech, LLC at a carrying cost value of $22,250.

During the years ended June 30, 2009 and 2008, the Company did not allocate any direct labor costs, and indirect costs and expenses to this effort. The capitalized software costs are amortized when the software is actually sold to customers. Amortization is provided based on the number of software units sold relative to the number of expected to be sold during the software’s economic life.

TriMax intellectual property

On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The acquisition carrying value assigned to the intellectual property was $6,329,342.

TriMax software

Software development costs, in the amount of $180,020, were acquired in the Trimax acquisition. The proprietary software was an identified asset of the acquisition and valued at the historical carrying value, cost. The capitalized software is available for sale and is to be amortized over a 5 year period.

Lockwood Technology Corporation

On May, 2011 the Company completed the acquisition of controlling interest in Lockwood Technology Corporation, a leading RFID software and hardware solutions provider, from Daedalus Capital, LLC. Infrax Systems acquired 70% interest in exchange for stock and certain considerations, including a $50,000 note receivable (due in 180 days) from the sellers to Infrax and $112,000 in cash received by Infrax at closing. Additionally, warrants were issued for the purpose of possible future investment capital, to be received by Infrax. Shares were issued at the fair market value at the date of the transaction ($1,650,000). The agreement included warrants for the purchase of 660,000 (post reverse split) common shares at an exercise price of $5.00 (split adjusted, for a term of 3 years. The warrants are callable by Infrax at certain fair market values of the common stock. Warrants were valued at $477,900 using an option price model (assumptions used in calculation: volatility 400%; risk free rate 1.02%; dividend rate 0%). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158 and was allocated to intangible assets.

The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Infrax also plans to utilize their expertise in future smart grid deployment projects. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

Future amortization of intangible property remaining is expected as follows:

For the year ended June 30,:
2012		$ 1,235,898
2013		1,647,864
2014		1,647,864
2015		1,647,664
2016		114,089
thereafter		-
		$ 6,293,379

7. Debt Agreements

On June 29, 2010 the Company entered into an agreement with the shareholders of Trimax Wireless, Inc. (“Trimax”) for the purchase of their business assets and technology for preferred shares of the Company, the assumption of liabilities and a note payable, in the amount of $712,500. The note is interest bearing at 6% per annum until fully paid with a start period of 90 (September 29, 2010) days for the first payment. The Company shall make interest-only payments on the first day of each month from the date of this Note until the earlier of (a) receipt of Investment Funding as defined; or (b) 180 days from the date hereof ("Maturity Date") (December 29, 2010). Principal plus all accrued and unpaid interest on such principal shall be due and payable on the Maturity Date. As of the balance sheet date the Company is in default, as it has not made payments on this loan and is currently in negotiations to extend terms. There is no default interest rate. The Company has accrued $53,437 on this loan

The Company issued a demand note to an unrelated party, with an unpaid balance in the amount of $6,000, with an annual interest rate of 18%. There are no repayment terms. As of March 31, 2012 accrued interest, since inception, is $4,450.

The Company has a Master Note Agreement, as an unsecured line of credit, from Mr. Sam Talari. The Master Note is for operational capital, in the amount of $350,000 and bears interest at 5% per annum. Mr. Talari has pledged additional funding for operating capital, up to $1 million dollars, under the same terms as the original Master Note.

On June 17, 2010 the Company entered into a Bridge Loan Agreement with Blue Diamond Consulting, LLC (“Lender”). The Company may be advanced up to $500,000, secured by the Company’s common stock. Advances may be requested in increments of $25,000 and bear interest of 8% per annum. Advances have repayment terms of nine months from the date of the requested advance. The Lender has the right, at their option, to convert any amounts due, plus interest, into the Company’s common stock at a conversion rate, as defined, at 50% of the closing bid price at the date of conversion request. As of March 31, 2012, there have been no requested advances and no amount is due to Lender.

8. Related Parties Disclosures

Employment Agreements

The following agreements are with Shareholders, Directors and Members of the Board:

Saed (Sam) Talari

Effective August 1, 2009, the Company entered into a Nine-year employment agreement with Saed (Sam) Talari, one of the Company’s directors. The agreement was automatically renewed for an additional one-year period, and subsequently renewed by the Board for an additional one-year period through July 31, 2013. The Agreement provides for (a) a base salary of $15,000 per month, (b) a signing bonus equal to one month salary, (c) four weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees.

Paul J. Aiello-

Effective March 1, 2012, Mr. Paul Aiello has resigned from the Company as President & CEO. Mr. Aiello is resigning for medical and personal reasons to focus more on family matters. His departure is not due to any disagreement with the Company on any matter related to the Company's operations, policies or practices. Mr. Paul Aiello will remain a board member and advisor and will continue his contribution to the future of the Company.

Malcolm F. Welch

On October 6, 2009, the Company entered into a one-year employment agreement with Malcolm F. Welch, one of the Company’s directors and Co-Chairman of the Board. The agreement is automatically extended for successive one one-year periods, unless previously terminated. The Agreement, as amended effective January 1, 2010 provides for (a) a base salary of $2,000 per month; (b) eligibility to receive 375,000 shares of the Company ’s common stock based on the employee’s achievement of goals and objectives approved by the Board; (c) an option to purchase 375,000 shares of the Company common stock at $0.025 per share to be granted over a 3 years based on the achievement of goals and objectives established by the Board; (d) a bonus based on the level of funding the Company achieves through June 30, 2011 ; (e) two weeks vacation during first year of employment; and (f) all group insurance plans and other benefit plans and programs made available to the Company’s management employees.

Other employment agreements exist with employees.

Line of Credit, Master Agreement

On September 6, 2005, Mr. Sam Talari, one of the Company’s directors, agreed to make advances to the Company as an interim unsecured loan for operational capital of $350,000, evidenced by a master promissory note, with interest at the rate of 5% per annum, based on amounts advanced from time to time, payable annually. Mr. Talari, time to time, has converted advances and accrued interest in exchange for equity shares. Mr. Talari continued making advances to the Company on the loan, of which $448,804 and $185,704 remains outstanding at March 31, 2012 and June 30, 2011, respectively. In addition, the Company has accrued interest on this loan in the amount of $21,499 and $5,390 at March 31, 2012 and June 30, 2011, respectively.

Mr. Talari has pledged additional funding for operating capital, up to $1 million, under the same terms as the original Master Note.

Loan from Related Parties

During the year ended June 30, 2008, FutureWorld Energy, Inc. (formerly Isys Medical), OptiCon’s former parent company, paid expenses on behalf of the Company and made cash advances. Most of these expenses were paid, and the advances made, by FutureWorld Energy at the time OptiCon was still a subsidiary, and are included in Loan & Note Payable – Related Parties on the balance sheet. At March 31, 2012 and June 30, 2011, the amount owed to FutureWorld Energy on this promissory note was $7,802 and $7,802 respectively, and has accrued interest of $2,361 and $655, respectively.

Accounts Payable

The Company relies on advances from the majority shareholder and other key members. Advances are normally in the form of a loan. Payments are made on behalf of the Company by these individual and are treated as trade payables. These amounts are considered liquid and if payment is not made, may be formally converted in the form of a note. The Company currently has an aggregate of $99,337 due to nine individuals as of March 31, 2012.

Stock Transactions

On October 3, 2009, the Company agreed to split a portion of the existing debt balance on the Master Note, described above, into two (2) $25,000 convertible notes, with interest at the rate of 5% per annum, and convertible into shares of the Company’s common stock at 40% discount to the 5-day average bid price per share. Mr. Talari assigned these notes to Eventus Capital, Inc., an unrelated company, for business unrelated to the Company. On February 9, 2010 and March 25, 2010 respectively, the Company agreed to the conversion of these notes by Eventus Capital into 1,860,119 and 5,000,000 shares respectively of the Company’s restricted common stock.

On January 15, 2010, the Company agreed to issue Mr. Talari 1,500,000 shares of the Company’s common stock in exchange for the cancellation of $45,000 of accrued salary owed to Mr. Talari. The number of shares issued was determined based on the market price of $.03 per share on January 15, 2010. The Board agreed to issue these shares from shares previously authorized under the Company’s 2009 Employees and Consultants Stock Compensation Plan.

The amounts and terms of the above transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.

9. Stock Options and Warrants

On December 2, 2005, the Company granted two unrelated individuals Series A Warrants to purchase 660,004 shares, at an adjusted average exercise price of $ .75. All of the Warrants expire on November 11, 2011. All of the Warrants granted were non-qualified fixed price warrants.

The following table summarizes the activity related to the stock purchase warrants and options and weighted average assumptions for the period ended March 31, 2012:

			Weighted Average		Remaining
	Options	Options	Intrinsic	Exercise	Contractual
	Outstanding	Vested	Value	Price	Term
Options, June 30, 2010	4	4	$17,300	$17,300	.125 years
Granted	-	-
Exercised	-	-
Forfeited	-	-
Options, June 30, 2011	4	4
Granted	660.000	660.000	$ .75	$ .75
Exercised	-	-
Forfeited	-	-
Options, March 31, 2012	660,004	660,004

The following are the weighted average assumptions for the options granted:

Weighted Average:
Dividend rate		0.0%
Risk-free interest rate		1.02%
Expected lives (years)		5.0
Expected price volatility		400.0%
Forfeiture Rate		0.0%

10. Income Taxes

There is no current or deferred income tax expense or benefit allocated to continuing operations for the period ended March 31, 2012 and 2011.

The Company has not recognized an income tax benefit for its operating losses generated through March 31, 2012 based on uncertainties concerning the Company’s ability to generate taxable income in future periods. The tax benefit is offset by a valuation allowance established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

For income tax purposes the Company has available a net operating loss carry-forward of approximately $1,197,000 from inception to June 30, 2011, which will expire, unless used to offset future federal taxable income beginning in 2024.

11. Capital Equity

The Company has issued convertible preferred shares. Shares are convertible into the Company’s common stock, at the option of the holder, at the prescribed conversion rate. Conversions are as follows:

	Shares	Conversion
	Outstanding	Rate to Common
Preferred Series A	2,600,000	375
Preferred Series A1	8,889	89
Preferred Series A2	88,889	20
Preferred Series A3	0	16
Preferred Series B	1,210	300
	2,724,834

Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. Due to the event of the reverse stock split, the preferred shares conversion rate to common were adjusted All shares presented have been retroactively stated to reflect the reverse-split shares.

13. Commitments and Contingencies

Lease/Rental Agreements

On March 11, 2010, the Company entered into a lease with Accu Centre, an unrelated party for executive offices and computer center in Pinellas Park, Florida. The lease is for a Nine year period, commencing May 2010, with option to terminate the lease after one year, upon adequate notification (90 days). Base rent is $2,756 per month, with annual cost increases. The future annual minimum rental for each of the next Nine years is $33,075, subject to 4% increases per year.

Rent expense for the Nine months ended March 31, 2012 and 2010 amounted to $43,867 and $29,627, respectively.

Foreign Currency Translation

The balance sheets of the Company's foreign subsidiaries are translated at period-end rates of exchange, and the statements of earnings are translated at the weighted-average exchange rate for the period. Gains or losses resulting from translating foreign currency financial statements are included in accumulated other comprehensive income (loss) in the consolidated statements of stockholders' equity and comprehensive income. At March 31, 2012 and 2010 no foreign currency translation was conducted due to the immaterial nature of its subsidiary’s balance sheet.

Legal Matters

From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations as of March 31, 2012 and June 30, 2011.

In July, 2011 Trimax Wireless filed a complaint relating to the unpaid balance of the Promissory Note executed with the acquisition of Trimax Wireless. The Company believes that it has sufficient affirmative defenses to this complaint and does not believe that it will have a material effect on the Company.

14. Subsequent Events

The Company is currently in merger or acquisition negotiations with entities which management believes to be key components of the Smart Grid solutions we envision. Management believes that acquisitions will be a catalyst for advancing the Company’s existing technology to attain greater market share. We are currently in valuation negotiations with the targeted companies; acquisitions will be primarily share exchanges. Additionally, we are seeking capital financing for the purposes of furthering our plan of operations. These negotiations have not advanced, at this point, to an issuance of a letter of intent; however management believes this ongoing strategy will best serve existing shareholders.

The Company has been approached as a potential target for acquisition. Preliminary discussions were brought to the attention of the Board of Directors. Although negotiations have not advanced, we believe that those discussions were validation of our technology. Management and the Board of Directors are aware of our technology’s potential and will consider any offer that increases shareholder value.

Management has reviewed subsequent events through the date of this filing, May 15, 2012, and believe that all necessary disclosures have been made.

Item 2.

Management’s Discussion and Analysis or Plan of Operation

The information contained in Item 2 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this report. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report.

We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. This filing contains a number of forward-looking statements which reflect management’s current views and expectations with respect to our business, strategies, products, future results and events, and financial performance. All statements made in this filing other than statements of historical fact, including statements addressing operating performance, events, or developments which management expects or anticipates will or may occur in the future, including statements related to distributor channels, volume growth, revenues, profitability, new products, adequacy of funds from operations, statements expressing general optimism about future operating results, and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Readers should not place undue reliance on these forward-looking statements, which are based on management’s current expectations and projections about future events, are not guarantees of future performance, are subject to risks, uncertainties and assumptions (including those described below), and apply only as of the date of this filing. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks to be discussed in our Annual Report on form 10-K and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

The following discussions should be read in conjunction with our financial statements and the notes thereto presented in “Item 1 – Financial Statements” and our audited financial statements and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our report on Form 10-K for the fiscal year ended June 30, 2011. The information set forth in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes forward-looking statements that involve risks and uncertainties. Many factors could cause actual results to differ materially from those contained in the forward-looking statements.

Our Business

INFRAX is a pioneer designer, developer, systems integrator and manufacturer of turnkey secure solutions for the utility industry. We are a provider of unique secure, cost-efficient solutions that provide everything required to bring the utility’s technological platform into the 21st. century. Our SIEP™ platform provides: 1) Network Transport and Management (secure 2 way communications), 2) Secure Smart Devices (Smart Meters), and 3) Asset management, Grid Optimization and Security, all in an integrated state-of-the-art Smart Grid solution that truly provides our customers with end to end grid management capability.

We believe our Secure Integrated Platform will facilitate and hasten the deployment of Smart Grid technology among resource constrained small and mid-sized utilities. INFRAX’ advantage comes from our advanced patented technologies, which provide a highly secure, reliable platform that allows two-way communication with our Secure Intelligent Endpoint Devices for Advanced Metering Infrastructure and Substations applications.

Based on our review of the Smart Grid related products against which the Secure Intelligent Energy Platform now competes, we believe that none of them provide the required encryption and threat detection capabilities required to secure the energy grid.

The Utility industry’s aggressive deployment of Advanced Metering Infrastructure (AMI) and data management devices has led to the accelerated reliance on fiber optic communications to many of the key substations. However, the existing utility networks cannot provide the security, reliability and connectivity to extend the reach to the consumer locations.

Today’s evolution of Smart Grid design and implementations actually began several years prior to the current initiatives. The same applies to the products designed by most of the major players including Itron, Silver Spring and GridPoint. Although the

current security initiatives and elected officials have good intentions, they have missed the window of opportunity to truly integrate security from the beginning by several years. Similar to the credit card industry, banking, health care, and most other industries that conduct business online, the next electrical infrastructure will need to feature security as an add-on that is applied after the Smart Grid is implemented.

Recently discovered vulnerabilities in smart meters have been identified that could allow an attacker to obtain complete control of the meters. Specifically, an attacker could exploit these vulnerabilities to turn off electricity to hundreds of thousands of homes. Thus, an attacker could execute a wide-scale Denial of Service (“DoS”) attack against homes and businesses.

The Advantage of Our Technology

By entering the market without the burden of legacy products and technology, Infrax is able to focus on future technologies and will be poised to provide advanced solutions for companies that are yet to deploy AMI and harden previously installed networks and devices.

While the current use of RF technology is inherently less reliable, Infrax is focused on using highly encrypted data over secure tunnels using a variety of communications medium including WiFi, Cellular or other public communication media. Infrax's secure smart grid platform incorporates a communications transport known as GridMesh™, and a device and data security management tool known as GRiM. Secure management of the "last mile" backhaul is necessary for utilities to implement Smart Grid applications such as AMI, and substation and distribution automation.

We believe that our Secure Intelligent Energy Platform will give us a competitive advantage in the emerging and evolving Smart Grid environment. By utilizing our solution, Utilities can secure their networks and prolong the lifecycle of previously deployed components by eliminating the security concerns that would necessitate replacement.

INFRAX Strategy

We intend to generate revenues from the design, sales, installation, and support of the hardware, software and technology, associated with our integrated solution, Infrax Secure Intelligent Energy Platform (SIEP) ™. Additionally, revenues may be generated from licensing our Security, GRiM and, Infrax Networks wireless communications and future products.

Our Product Portfolio

(a) SNIC

Over the last several quarters, Infrax has been developing the company’s flagship product - Secure Network Interface Card (SNIC) for electric meters. While the initial focus will be to develop the card for one of the largest meter manufactures in the world, the final objective is to have a universal card that can be used in any meter in the world. The wireless part of the first prototype has been completed and successfully tested. With the development and improvements continuing, we will have a complete working prototype by the end of this summer. Although details of the card cannot be disclosed for obvious reasons, our emphasis has been to address the security of the data to and from a meter as well as to provide a robust communication platform that can be used not only for meter data but also in Distribution Automation projects such as capacitor bank and volt/var controllers. The Company believes that the SNIC along with newly created Professional Services division will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities.

(b) SPIDer – Secure Perimeter Intrusion Detection

Building on our expertise in network and physical security platforms, the company has introduced the first active and secure intrusion detection network. The SPIDer Network initial offering is directed to the electrical energy company concerns with copper and material theft and its related impact to safety and homeland security. Infrax Systems is committed to change the present paradigm in the electric utility industry as to how physical and data security processes are deployed to protect electrical substations, remote critical infrastructure facilities, communications networks, advanced distributed controls and intelligent meter networks. Copper theft and its potential threat to safety and homeland security has been estimated by the Department of Energy and other sources as approaching a Billion dollar cost annually in the US alone. Attacks on critical infrastructure such as electric and water resources can cause wide scale economic devastation which would greatly amplify these costs. Most of these assets have little to no security or intrusion detection and what little exists is forensic in nature as it helps to identify what happens but does not detect the threat at the moment it occurs. Infrax Systems’ vision is based on a trusted network of intelligent devices which detect intrusion at any level and quickly determines friend or foe thus taking action when necessary to secure critical infrastructure and intelligent property.

Infrax Systems has recently started a marketing campaign for the SPIDer product line. Currently we have demonstrated the basic SPIDer system to three utilities and are scheduled for another two demonstrations. Five additional utilities have expressed interest in the product. Most are for the image based level although one has shown initial interest in the first level coaxial based system. One customer utility has requested a proposal for a complete network linking 12 facilities. Initial projections indicate a strong market and revenue. Revenues are expected to grow logarithmically as utilities finish their pilot stages and budget for next year.

(c) Professional Services

Infrax Systems has introduced a new division which provides engineering and professional services to its energy customers. This division is charged with packaging Infrax Systems products into engineered solutions that are marketed to their customers. Professional services provides engineering, construction and project managements services to the smaller utilities such as local municipalities, Rural Electric Cooperatives and Investor Owned Utilities who may not have the manpower or expertise to accomplish their goals. By leveraging our over 100 years of combined experience in the electric utility and telecommunications industries, Infrax Systems is well placed in an industry which is becoming the newest high tech phenomenon. The Smart Grid vision relies on vast networks of intelligent devices which sources in the Data and Enterprise Network industry indicate will surpass by several orders of magnitude of any know data network of today. Even a relatively small utility will have upwards of a million devices operating on thousands of individual domains. These networks not only will control instant and real time power flow but will also be the cash register for the Utility industry. Security, scalability and authenticity as well as day to day maintainability are the utmost concerns in providing an intelligent power grid that is safe and secure. Infrax Systems will be a leader in designing, building and securing these networks and solutions.

Initial marketing campaigns have been targeting the municipalities and Electrical Cooperatives. Currently we have responded to one major RFP for Capacitor Bank networks and Smart Grid infrastructure worth in excess of 1.5 million dollars. We are also working on a pilot project for our AMI product with the availability of the SNIC, with a major utility. If the pilot project is accepted and successful, we may be asked to provide AMI to all their customers. The revenue from such project, for only one utility, will be overwhelmingly substantial. We are also in the process of negotiations for a contract to provide customer engineer expertise for a fiber optic construction project and we have installed several radios for one of our initial customers. We have started to communicate with few utilities in Florida to become qualified bidders for the coming projects. We will continue this process with utilities all along the east coast of USA.

(d) Lockwood Technology

The past few months have been eventful for Lockwood Technology. The new development team has made substantial progress in their efforts to map out the new features and improvements to our core software platform “Asset Tracker”. The new features, operational improvements, and added functionality will be released as an incremental upgrade as version v11.6 within the next 30-45 days.

Our development road map plan is to give the entire platform a structural overhaul and graphical refresh by porting all of the features and functions into a “Browser-Based” user GUI that can be more easily deployed, managed, and updated. This would allow Lockwood’s platform to be deployed in a “Cloud-Based” architecture. This upgrade will better position Lockwood’s solutions to be sold into the targeted vertical markets. This will also allow us to better manage different licensing options and increase revenues.

Lockwood has also created a new sales and marketing strategy that will reduce the sales cycle timing and increase the profit margin on all deals. This plan is based on a channel strategy that leverages the efforts of numerous established VAR’s and integrators that each has their own substantial pipeline of deal within the targeted vertical markets. The plan also incorporates the creation of “Pre-Configured” versions of the platform that are tailored to the specific vertical markets we target. We call these “Vertical Market Applications”. These Vertical Market Applications make the systems easier to sell than those of a custom integration based solution. This approach also reduces the man-hours involved in these implementations by pre-configuring the platform with industry specific best practice routines. There is still a significant amount of flexibility within the application to maintain our competitive advantage of the other “Fixed” platforms.

The initial vertical markets we have identified based on our market research are:

• Healthcare

• Education

• Hospitality

• Retail

• Government

This new channel based strategy is beginning to take shape. We have identified the 400-500 individual integrators to partner with, each with their own sales pipelines within the vertical markets listed above. We are working with the RFID and Barcode hardware manufacturers to promote our software as the catalyst that makes their hardware more valuable as part of a total solution. We have developed a web-based sales training system that will enable these VAR’s to incorporate our software solutions with the RFID hardware products they sell to solve the problems their customer are experiencing. This approach will no doubt make Lockwood’s value proposition obvious to the customers while increasing our profit margins as well as those of our integrator partners. Our

goals are to have this channel reaching $2m in software sales revenues by Q3 of this year. We expect this to grow to $4 m by this time next year with the release of the Cloud Based version (v12.0).

On the short-term revenue front, we have had success in maintaining our existing customer base. We are experiencing a 99% take rate on our annual software maintenance renewals. This will provide a consistent and predictable stream of recurring revenue. We are also working with our existing customers to learn more about how they operate and are providing them with the ongoing support to maintain this success. We are also identifying the customers that are using older versions of the platform and encouraging them to upgrade to the current revision level. The upgrade process is facilitated by our customer’s compliancy policies requiring them to meet certain network security standards that can only be achieved by implementing the newer versions of our software.

We also have a significant sales pipeline of proposals that include not only software sales, but also complete solutions that incorporate hardware, software and professional services as well. This pipeline is made up of deals with our existing channel partners such as Lockheed Martin’s IS&GS Group, the US Army, and numerous other municipal, state, and federal government projects and RFP’s. We are also working on significant deals with our international partners within the same vertical markets in the Middle East and Europe.

Lockwood Lawsuit

As previously reported, we have filed a Federal lawsuit against Lockwood Worldwide and its owners, current and previous management in the UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF FLORIDA. We are requesting an award of compensatory damages, an award of treble damages pursuant to the provisions of RICO and other applicable federal and state statutes and an award of punitive damages in the full amount by the jury against each of the Defendants. As Plaintiff, we have suffered damages as a result thereof, an amount in excess of $4,350,000.00.

SPC

Infrax and SP&C continue towards finalizing the acquisition and anticipate that it will be completed in the coming quarter. In the interim, Infrax continues to engage SP&C as its preferred electrical contractor for the installation of smart grid and security related technology. The delay in closing is partly relating to the funding mechanism of the cash portion of the purchase price. To minimize the possibility of the dilution to our shareholders, we have been in ongoing discussions and negotiations with several funding sources to determine a structure and a funding package that would be more amiable to our shareholders. We believe that we are close to finalizing these negotiations and expect to move forward shortly. We will not consider any acquisition that does not bring adequate ROI without dilutions.

Our Market

INFRAX market opportunity exists in one of the largest industries in the world. Globally, according to the International Energy Agency (IEA), this industry is expected to spend close to $10 trillion dollars by 2030 to upgrade electrical infrastructure. Technology innovations in power delivery have been fermenting for years, but only now is the confluence of physical need and social expectations creating an environment in which real and sustained monetary commitments are being made to create a “Smart Grid” built on information-based devices, digital communication and advanced analytics. Networking giant Cisco has estimated that the market for smart grid communications will grow into a $20 billion-a-year opportunity as the infrastructure is built out over the next five years. Researchers at Specialists in Business Information (SBI) forecast the market will grow to $17 billion-per-year by 2014 from today’s $6 billion. Globally, SBI expects the market for smart grid technologies to grow to about $171 by 2014 up from approximately $70 billion in 2009.

Furthering our development towards becoming a leader in the emerging smart-grid industry, on April 8, 2011 we acquired a 70% controlling interest in Lockwood Technology Corporation, to supply RFID and asset tracking, among other technology value to our product lines.

management expects or anticipates will or may occur in the future, including statements related to distributor channels, volume growth, revenues, profitability, new products, adequacy of funds from operations, statements expressing general optimism about future operating results, and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Nature of Our Business

While we continue to maintain the OptiCon Network Management platform, the Company has shifted its focus and energies towards the “Smart Grid” energy sector. The Company believes our secure integrated platform will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities. Infrax’s advantage comes from our products ability to enable the creation of a secure platform scalable to deliver a broad set of intelligent Smart Grid initiatives across millions of endpoints for Utilities.

According to a report issued to Congress by the Office of Electricity Delivery and Energy Reliability, as required by Section 1309 of Title XIII of the Energy Independence and Security Act of 2007, the security of any future Smart Grid is dependent on successfully addressing the cyber security issues associated with the nation’s current power grid.

The complexity of the grid implies that vulnerabilities exist that have not yet been identified. It is particularly difficult to estimate risk from cyber-attack because of the size, complexity, and dynamic nature of the power grid and the unpredictability of potential attackers.

Infrax creates a unified solution path to securely manage Advanced Metering Infrastructure (AMI) and other Smart Grid optimization applications such as substation and distribution automation. Our product portfolio provides Network Transport and Management, Secure Intelligent Devices, Threat Detection, and Grid Optimization, all integral components of a state-of-the-art Smart Grid solution.

Through our wireless broadband business unit, Infrax Networks, we provide outdoor mesh-relay based wireless broadband networks used by customers as the metro-scale IP foundation upon which to run one or many applications that help build greener, safer, smarter communities. Our products have been deployed globally to help connect the unconnected. In addition, our networks are used by electric utilities to build large scale, reliable, and secure networks that deliver the high bandwidth and low latency required for deploying smart grids.

Furthering our development towards becoming a leader in the emerging smart-grid industry, on April 8, 2011 we

acquired a 70% controlling interest in Lockwood Technology Corporation, to supply RFID and asset tracking, among other technology value to our product lines.

Name Changes

None.

Changes in Management

Effective March 1, 2012, Mr. Paul Aiello has resigned from the Company as President & CEO. Mr. Aiello is resigning for medical and personal reasons to focus more on family matters. His departure is not due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices. Mr. Paul Aiello will remain a board member and advisor and will continue his contribution to the future of the Company.

Effective March 1, 2012, the Board of Directors (the “Board”) of Infrax Systems Inc. (the “Company”), has elected Mr. David Glaser as its interim COO. Mr. Glaser is CPA, MBA, senior financial/management professional with over twenty-five years of domestic/international expertise in successfully directing multi-million dollar projects for various private sectors. As CFO of Piper Aircraft Corporation, he was integrally involved with various financing plans (asset based and EXIM guarantees) while utilizing creditor negotiations to keep an adequate supply of materials flowing for continued operations of the Company. He was successful in Completing one of the largest direct working capital guarantees ($50 million) for the financing and ramp up of export sales of the company.

Effective March 1, 2012, the Board of Directors (the “Board”) of Infrax Systems Inc. (the “Company”), has elected Mr. Sam Talari as its Acting President & CEO. Mr. Talari has served as its Chairman since inception.

Sales Activity

The Company’s backlog of proposal activity substantially increased in the quarter. Interest in our core products and development projects continues to increase. We are in discussions with several large, nationwide distribution channels to add our products to their portfolios and are in contract discussions with a national sales channel to sell preconfigured versions of select Infrax products.

Critical Accounting Policies

Our significant accounting policies are more fully described in Note 2 to the financial statements. However, certain accounting policies are particularly important to the portrayal of our financial position and results of operations and require the application of significant judgment by our management; as a result they are subject to an inherent degree of uncertainty. In applying these policies, our management uses its judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are based on knowledge of our industry, historical operations, terms of existing contracts, our observance of trends in the industry and information available from other outside sources, as appropriate.

Our critical accounting policies include:

Principals of Consolidation -The consolidated financial statements include the accounts and operations of the Infrax Systems, Inc., and its wholly owned subsidiary Infrax Systems SA (Pty) Ltd. (collectively referred to as the “Company”). Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and intercompany transactions have been eliminated.

Revenue Recognition - The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance. In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers. When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year. Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement.

Long-Lived Assets - We depreciate property and equipment and amortize intangible assets, including software development costs over the respective assets’ estimated useful life and periodically review the remaining useful lives of our assets to ascertain that our estimate is still valid. If we determine a useful life has materially changed, we either change the useful life or write the asset down or if we determine the asset has exhausted its useful life, we write the asset off completely.

Capitalized Software Development Costs - We capitalize software development costs incurred subsequent to the establishment of technological feasibility and amortize them over the estimated lives of the related products. We discontinue capitalization of software when the software product is available to be sold, leased, or otherwise marketed. Amortization of software costs begins when the developed product is available for sale to our customers. We amortize our software development costs over the estimated economic life and estimated number of units of the product to be sold.

Stock Based Compensation - We recognize stock-based compensation expense net of an estimated forfeiture rate and therefore only recognize compensation cost for those shares expected to vest over the service period of the award. Calculating stock-based compensation expense requires the input of subjective assumptions, including the expected term of the option grant, stock price volatility, and the pre-vesting option forfeiture rate. We estimate the expected life of options granted based on historical exercise patterns. We estimate stock price volatility based on historical implied volatility in our stock. In addition, we are required to estimate the expected volatility rate and only recognize expense for those shares expected to vest. We estimate the forfeiture rate based on historical experience of our stock-based awards that are granted, exercised or cancelled.

Recent Accounting Pronouncement

We have reviewed accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. Those standards have been addressed in the notes to the unaudited financial statement and in our Annual Report, filed on Form 10-K for the period ended June 30, 2011.

Off-Balance Sheet Arrangements:

We do not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as special purpose entities or variable interest entities, which have been established for the purpose of facilitating off-balance sheet arrangements or other limited purposes.

Subsequent Events:

The Company has been approached as a potential target for acquisition. Preliminary discussions were brought to the attention of the Board of Directors. Although negotiations have not advanced, we believe that those discussions were validation of our technology. Management and the Board of Directors are aware of our position and potential of our technology and will consider any offer that increases shareholder value.

Management has reviewed subsequent events through the date of this filing, May XX , 2012, and believe that all necessary disclosures have been made.

RESULTS OF OPERATIONS

For the Nine months ended March 31, 2012 and 2011:

During the Nine month period ended March 31, 2012, we had sales from the delivery of equipment and services in the amount of $382,374 compared to $466,558 for the comparable nine month period ended March 31, 2011. The Company has increased its marketing efforts with the new service and product offerings of Trimax and for the newly acquired Lockwood.

Our expenses increased by approximately $750,000 from $2,128,747 to $2,878,489 for the Nine month period ended March 31, 2012 and 2011, respectively. Expenses increased due to the additional costs incurred with our acquisition of Lockwood, particularly salaries and consulting expenses. We also incurred $1,247,013 of depreciation and amortization costs, compared to $1,011,018, primarily the result of our acquisitions. Additionally, we incurred stock-based service cost in the amount of $548,075, compared to $0 for the comparable period. General and administrative costs increased during the period, primarily for the additional infrastructure required.

During the nine months ended March 31, 2012 we sold furniture, as we consolidated our offices in the closing of the Trimax office. The furniture had a cost of $59,882 and accumulated depreciation of $7,412, which we had sold for gross proceeds of $20,000 resulting in a loss on the sale in the amount of $32,842.

For the nine months ended March 31, 2012, we incurred a net loss of $2,605,247 compared to a loss of $1,844,538 for the nine months ended March 31, 2012, reflecting primarily the additional employees and infrastructure as we advance our operations from an R&D company to a service provider.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2012, we had approximately $$12,000 in cash with which to satisfy our cash requirements for the next twelve months, along with approximately $450,000 remaining on the line of credit from Mr. Talari to pay normal operating expenses, while we attempt to secure other sources of financing. Additionally, our $500,000 Bridge loan remains unused, however, available.

Since the inception of our Master Note Agreement, Mr. Talari has continued to advance funds to us as needed. Mr. Talari remains committed to continue funding the Company and has regularly converted amounts outstanding and accrued interest, under the note agreement, to our common stock, in order to have money available. At March 31, 2012, we owe Mr. Talari $515,000 on the master promissory note plus accrued interest. Mr. Talari has pledged funding for operating capital, up to $1,000,000, under the same terms as the original Master Note.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

We are a Smaller Reporting Company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4.

Controls and Procedures

Not Applicable

Item 4T.

Controls and Procedures

Disclosure controls and procedures: As of March 31, 2012, we carried out an evaluation of the effectiveness of our disclosure controls and procedures, with the participation of our principal executive and principal financial officers. Disclosure controls and procedures are defined in Exchange Act Rule 15d–15(e) as “controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.” Based on our evaluation, our President/Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2012, such disclosure controls and procedures were not effective.

Changes in internal control over financial reporting: Based upon an evaluation by our management of our internal control over financial reporting, with the participation of our principal executive and principal financial officers, there were no changes made in our internal control over financial reporting during the quarter ended March 31, 2012 that have materially affected or are reasonably likely to materially affect this control.

Limitations on the Effectiveness of Internal Control: Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material errors. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations on all internal control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if

any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, and/or by management override of the control. The design of any system of internal control is also based in part upon certain assumptions about risks and the likelihood of future events, and there is no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of ---changes in circumstances and the degree of compliance with the policies and procedures may deteriorate. Because of the inherent limitations in a cost-effective internal control system, financial reporting misstatements due to error or fraud may occur and not be detected on a timely basis.

PART II - OTHER INFORMATION

Item 1

Legal Proceedings.

During the quarter ended June 30, 2011, Trimax Wireless filed a complaint relating to the unpaid balance of the Promissory Note executed with the acquisition of Trimax Wireless. The Company has filed a motion to dismiss such action which is set for hearing. The note is unsecured, however, if holders prevail, they may be entitled to legal cost, in addition to payments per the term of the agreement. The Company believes that it has sufficient affirmative defenses to this complaint and does not believe that it will have a material effect on the Company.

we have filed a Federal lawsuit against Lockwood Worldwide and its owners, current and previous management in the UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF FLORIDA. We are requesting an award of compensatory damages, an award of treble damages pursuant to the provisions of RICO and other applicable federal and state statutes and an award of punitive damages in the full amount by the jury against each of the Defendants. As Plaintiff, we have suffered damages as a result thereof, an amount in excess of $4,350,000.00.

Item 1A

Risk Factors.

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended June 30, 2011 filed on October 13, 2011 with the Securities and Exchange Commission.

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3

Defaults Upon Senior Securities.

Not applicable.

Item 4

Removed and Reserved.

Not applicable

Item 5

Other Information.

None

Item 6

Exhibits


31.A	Principal Executive Officer's Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.B	Principal Financial & Accounting Officer's Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.A	Principal Executive Officer’s Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.B	Principal Financial & Accounting Officer’s Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant cause this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Infrax Systems, Inc.
	(Registrant)

Date: 05/18/2012	By: /s/ Sam Talari
	Sam Talari
	Principal Executive Officer

Date: 05/18/2012	By: /s/ Peter Messineo
	Peter Messineo
	Principal Financial & Accounting Officer

EX-31 2 ifxy10q0518exhib31a.htm

Exhibit 31.A

CERTIFICATION

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULES 13A-14 AND 15D-14

OF THE SECURITIES EXCHANGE ACT OF 1934

I, Sam Talari, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Infrax Systems, Inc. for the quarter ended March 31, 2012;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 18, 2012

By: /s/ Sam Talari

Sam Talari

Principal Executive Officer

EX-31 3 ifxy10q0518exhib31b.htm

Exhibit 31.B

CERTIFICATION

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULES 13A-14 AND 15D-14

OF THE SECURITIES EXCHANGE ACT OF 1934

I, Peter Messineo, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Infrax Systems, Inc. for the quarter ended March 31, 2012;

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 18, 2012

By: /s/ Peter Messineo

Peter Messineo

Principal Accounting Officer

EX-32 4 ifxy10q0518exhib32a.htm

Exhibit 32.A

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission (the “Report”) by Infrax Systems, Inc. (the “Registrant”), I, Sam Talari, hereby certify that:

1.	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2.	The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of Registrant.

By: /s/ Sam Talari

Sam Talari

Dated: May 18, 2012

Chief Executive Officer

EX-32 5 ifxy10q0518exhib32b.htm

Exbibit 32.B

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

1.	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2.	The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of Registrant.

	By: /s/ Peter Messineo
	Peter Messineo
	Principal Accounting Officer

Dated: May 18, 2012

EX-101.INS 6 ifxy-20120331.xml XBRL INSTANCE FILE 0001380277 2012-01-01 2012-03-31 0001380277 2012-03-31 0001380277 IFXY:UnauditedMember 2012-03-31 0001380277 2011-06-30 0001380277 2011-01-01 2011-03-31 0001380277 2011-07-01 2012-03-31 0001380277 2010-07-01 2011-03-31 0001380277 2010-06-30 0001380277 2011-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares INFRAX Systems, Inc. 0001380277 10-Q 2012-03-31 false --12-31 No Yes Yes Smaller Reporting Company Q1 2012 17527983

0.001

0.001 0.001

5000000

2723624

385702

0.001

100000000 100000000

1210

257764

0.001

5000000000

17527983

6282275

11719

25498

106051

22050

63076

55450

53239

50000

385014

152998

115347

193169

5478939

6700599

2500

5981800

7049266

370232

434789

794263

774500

7403

7802

2459758

2106199

2974761

2681156

2724

386

258

17355

6282

12664066

11451683

408

24494

5447

-9701601

-7096354

3007039

4368110

5981800

7049266

66650

86315

382374

466558

35411

69496

42654

138685

31239

16819

339720

327873

183261

23450

1352028

348063

113719

2590

353204

337

12500

62694

78939

14233

133426

214164

337523

415671

337033

1247013

1011018

613512

620128

2878489

2128747

-17522

-16978

-52566

-43664

-17522

-16978

-85408

-43664

-599785

-620287

-2624177

-1844538

-599785

-620287

-2624177

-1844538

-3286

18930

-603071

-905592

-2605247

-1844538

-0.04

-0.16

-0.19

-0.32

17169041

5601491

13458769

5851677

-2605247

-1844538

1247013

1011018

32842

1225129

78400

19047

-84001

-204637

-3239

-150929

-12863

-64557

243302

393305

149526

5447

-12213

7184

-566968

-1

-1107

39763

-20000

19628

-60353

455283

-20962

455283

-13779

-112792

11719

25498

115015

2223

150929

1287860

889108

515003

574957

50000000

-32842

-7626

25037

1. History of the Company and Nature of the Business   History of the Company   Infrax Systems, Inc. (formerly OptiCon Systems, Inc.) (the Company, Infrax) was formed as a Nevada corporation on October 22, 2004. On July 29, 2005, the stockholders of the Company entered into an agreement to exchange 100% of the outstanding common stock of the Company, for common and preferred stock of FutureWorld Energy, Inc. (formerly Isys Medical, Inc.), a publicly traded company, at which time, the Company became a wholly owned subsidiary of FutureWorld Energy, Inc..   FutureWorld Energy, Inc. (FutureWorld), Infraxs parent company, announced its intention to spin off Infrax (formerly OptiCon Systems, Inc.) through by the payment of a stock dividend. In connection with the proposed spinoff, Infraxs board of directors approved a stock dividend of 99,118 shares to FutureWorld, its sole shareholder. On August 31, 2007, FutureWorld paid a stock dividend to its stockholders, consisting of 100% of the outstanding common stock of the Company, at the rate of one share of Infraxs stock for every two shares they own of FutureWorld. As of August 31, 2007, Infrax ceased being a subsidiary of FutureWorld.   Nature of Business   Since its inception, the Company had been dedicated to selling and/or licensing a fiber optic management software system under the name OptiCon Network Manager, originally developed, and acquired from Corning Cable System, Inc. through a related company, FutureTech Capital, LLC. In October 2009, the Company began developing smart grid energy related products. As of June 29, 2010, the Company acquired the assets and management of Trimax Wireless Systems, Inc. (Trimax), in exchange for equity and a note payable. In April 2011, the Company acquired controlling interest in Lockwood Technology Corporation (Lockwood), a provider of advanced asset management solutions. The Trimax and Lockwood product lines are expected to provide an operating platform and enhanced operating effectiveness to the Secure Intelligent Energy Platform.   While we continue to support the OptiCon Network Management platform, the Company has shifted its focus and energies towards the Smart Grid energy sector. The Company believes our secure integrated platform will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities. Infraxs advantage comes from our products ability to enable the creation of a secure platform scalable to deliver a broad set of intelligent Smart Grid initiatives across millions of endpoints for Utilities.

2. Summary of Significant Accounting Policies   Basis of Presentation   The consolidated balance sheet as of March 31, 2012, the consolidated statements of operations and statements of cash flows for the respective periods presented, have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading. The results of operations for the Nine months ended March 31, 2012 are not necessarily indicative of results expected for the full year ending June 30, 2012.   In the opinion of management, all adjustments necessary to present fairly the financial position at March 31, 2012, and the results of operations and changes in cash flows for all periods presented, have been made. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report for the year ended June 30, 2011 on Form 10-K filed with the SEC on October 13, 2011.   Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability.   Use of Estimates   The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.   Principles of Consolidation   The consolidated financial statements include the accounts and operations of Infrax Systems, Inc., and its wholly owned subsidiary, Infrax Systems SA (Pty) Ltd, an inactive foreign subsidiary and Lockwood Technology Corporation (70% owned by Infrax Systems, Inc. (collectively referred to as the Company). Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and material intercompany transactions have been eliminated.   The Trimax Wireless, Inc. acquisition was effective June 29, 2010. The Company, per the agreement, acquired all the assets and liabilities of Trimax Wireless, Inc. As an asset purchase the acquired assets and liabilities are included in the accounts of Infrax Systems, Inc.   Variable Interest Entities   The Company considers the consolidation of entities to which the usual condition (ownership of a majority voting interest) of consolidation does not apply, focusing on controlling financial interests that may be achieved through arrangements that do not involve voting interest. If an enterprise holds a majority of the variable interests of an entity, it would be considered the primary beneficiary. The primary beneficiary is generally required to consolidate assets, liabilities and non-controlling interests at fair value (or at historical cost if the entity is a related party) and subsequently account for the variable interest as if it were consolidated based on a majority voting interest. The Company has evaluated all related parties, contracts, agreements and arrangements in which it may hold a variable interest. The Company has determined it is not the primary beneficiary in any of these entities, arrangements or participates in any of the activities.   Financial Instruments The Companys balance sheets include the following financial instruments: cash, accounts receivable, inventory, accounts payable, accrued expenses, and notes payable and notes payable to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the note payable to stockholder approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities.   In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entitys own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of Nine broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Nine levels of the fair value hierarchy are described below: · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. · Level 3 - Inputs that are both significant to the fair value measurement and unobservable.   Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Companys notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.   The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Companys financial statements.    As of March 31, 2012 and June 30, 2011, the fair values of the Companys financial instruments approximate their historical carrying amount. Cash and Cash Equivalents   The majority of cash is maintained with major financial institutions in the United States. Deposits with these banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of Nine months or less to be cash equivalents.   Accounts Receivable and Credit   Accounts receivable consist of amounts due for the delivery of sales to customers. Prepayments on account are recorded as customer deposit, a current liability, as they represent deferred revenue. Additionally, the Company invoices projects when signed agreement or statements of work are received. Amounts are recorded at the anticipated collectible amount and recorded as deferred revenue until such time that the work is performed. A contra receivable is recorded for invoiced work orders when collectability is not certain, reducing amount included as deferred revenue. Contract revenue is recognized as the contract is completed, based on defined milestones (see policy on revenue recognition). An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Companys customer credit worthiness, and current economic trends. Based on managements review of accounts receivable, no allowance for doubtful accounts was considered necessary. Receivables are determined to be past due, based on payment terms of original invoices. The Company does not typically charge interest on past due receivables.   Inventories   Inventories are stated at the lower of standard cost or market, which approximates actual cost. Cost is determined using the first-in, first-out method. Inventory is comprised of component parts and accessories available for sale. Parts are generally purchased for projects, as minimal inventory is held to supply customers.   Prepaid Expenses   The company on June 23, 2011 entered into a Binding Letter of Intent for the acquisition of the assets of a company which was reported through a 8-K on January 4, 2012. As a part of these negotiations the company was required to place $150,000 (1,500,000 shares) into escrow for extension of time.   Property & Equipment   Property and equipment are recorded at historical cost or acquisition value. Depreciation is computed on the straight-line method over estimated useful lives of the respective assets, ranging from Nine to five years. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon the Company's most recent analysis, management believes that no impairment of property and equipment exists at June 30, 2011.   Intangible Property   On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The fair market value of consideration issued (stock and note payable) to the sellers was an aggregate amount of $6,511,364. The value assigned to the carrying value of the acquired intellectual property was $6,329,342. Intellectual property has an estimated useful life of 59 months (remaining life of patents).   On May, 2011 the Company completed the acquisition of controlling interest (70%) in Lockwood Technology Corporation, in exchange for stock and certain considerations (cash and warrants). The shares were issued at the fair market value at the date of the transaction ($1,650,000) and warrants were valued using an option price model ($477,900). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158. The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Managements allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).   Capitalized Software Development Costs   The Company capitalizes software development costs, under which certain software development costs incurred subsequent to the establishment of technological feasibility have been capitalized and are being amortized over the estimated lives of the related products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed. Amortization begins when the product is available for release and sold to customers. Software development costs will be amortized based on the estimated economic life of the product, anticipated to be 10 years.   Impairment of Long-Lived Assets   Periodically, the Company assesses the recoverability of the Companys intangible assets, consisting of the Trimax acquired intellectual property, OptiCon Network Manager software and its trademark, and record an impairment loss to the extent that the carrying amounts of the assets exceed its fair value. Based upon management's most recent analysis, the Company believes that no impairment of the Companys tangible or intangible assets exist at March 31, 2012 and June 30, 2011.   Revenue Recognition   The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance. In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers. When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year. Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement. Revenue associated with software sales to distributors is recognized, net of discounts, when the Company has performed substantially all its obligations under the arrangement. Until such time as substantially all obligations under the arrangement are met, software sales are recognized as deferred revenue. Costs and expenses associated with deferred revenue are also deferred. When a software sales arrangements include a commitment to provide training and/or other services or materials, the Company estimates and records the expected costs of these training and/or other services and/or materials.   Stock Based Compensation   The Company issues restricted stock to consultants for various services. Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. Stock compensation for the periods presented were issued to consultants for past services provided, accordingly, all shares issued are fully vested, and there is no unrecognized compensation associated with these transactions.   Shipping Costs   The Company includes shipping costs and freight-in costs in cost of goods sold.   Advertising Costs   The costs of advertising are expensed as incurred. Advertising expenses are included in the Companys operating expenses. Advertising expense was $3,230, $11,657, $5,626 and $14,195 for the three and Nine month periods ending March 31, 2012 and 2010, respectively   Research and Development   The Company expenses research and development costs when incurred. Indirect costs related to research and developments are allocated based on percentage usage to the research and development.   Income Taxes    The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.   Earnings (Loss) Per Share   Basic EPS is calculated by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during each period. Diluted EPS is similarly calculated, except that the denominator includes common shares that may be issued subject to existing rights with dilutive potential, except when their inclusion would be anti-dilutive.   Based on an estimated current value of the Companys stock being equal to or less than the exercise price of the warrants, none of the shares assumed issued upon conversion of the warrants, nor any of the stock assumed issued under the Company's 2004 Non statutory Stock Option Plan, are included in the computation of fully diluted loss per share, since their inclusion would be anti-dilutive. Convertible preferred shares have been included in the dilutive computation, as if they would have been converted at the end of the period. <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">March 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 52%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 3%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; width: 21%; padding-right: 5.4pt">2012</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 3%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; width: 21%; padding-right: 5.4pt">2011</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Earnings (Loss) per share:</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Net Loss</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 5.4pt; padding-right: 5.4pt">$ (2,605,247)</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 5.4pt; padding-right: 5.4pt">$ (1,844,538)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Common shares</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 5.4pt; padding-right: 5.4pt">17,169,041</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 5.4pt; padding-right: 5.4pt">5,851,677</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Earnings (loss) per share, basic</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 5.4pt; padding-right: 5.4pt">$ (0.17)</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 5.4pt; padding-right: 5.4pt">$ (0.32)</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> </table>   *Potentially issuable preferred shares, if converted to common, were considered but not included in the calculation of diluted earnings per share for the period ended March 31, 2012 and 2010, respectively, because their inclusion would be anti-dilutive.   Recently Issued Accounting Pronouncements   Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification (ASC) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future consolidated financial statements.

3. Going Concern   As of March 31, 2012, the Company has a working capital deficit and has incurred a loss from operations and recurring losses since its inception resulting in a significant accumulated deficit. As of March 31, 2012, the Company had negative working capital of approximately $2.0 million and approximately $12,000 in cash with which to satisfy any future cash requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Companys is attaining revenues and management expects profitability in the future; however operations have not yet attained a profit or break-even. Accordingly, the Company depends upon capital to be derived from future financing activities such as loans from its officers and directors, subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Companys business plan, the ability to raise capital in the future, to continue receiving funding from its officers, directors and shareholders, the ability to expand its customer base, and the ability to hire key employees to grow the business. There may be other risks and circumstances that management may be unable to predict.

4. Accounts Receivable   Accounts receivable reflect the amounts that have billed at their anticipated collectible amount. The Company receives contract acceptances on submitted quotes. Due to the advanced planning required, contract modifications occur, therefore, management invoices contracts upon signing, however, may reserve against invoicing until final scope of project negotiations or good faith deposits are made.

5. Property and Equipment   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Property and equipment consists of the following:</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 48%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 3%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 25%; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">March 31,</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 3%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 21%; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">June 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">2012</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">2011</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">(unaudited)</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">(audited)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Office and computer equipment</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">$ 120,636</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">$ 180,518</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">52,990</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">52,990</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Computer software</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">5,468</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">5,468</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">179,094</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">238,976</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Accumulated depreciation</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">63,748</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">45,807</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">$ 115,347</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">$ 193,169</td></tr> </table>   For the Nine months ended March 31, 2012 and 2010, the total depreciation expense charged to operations totaled $25,353, and $25,933 respectively.

6. Intangible Assets   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; width: 53%; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">Intangible assets consists of the following:</td> <td nowrap="nowrap" style="padding-left: 0.65pt; width: 1%; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; width: 24%; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; width: 1%; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; width: 21%; padding-right: 0.65pt; padding-top: 0.65pt"> </td></tr> <tr style="background-color: #ccffcc; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">March 31, 2011</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">June 30, 2011</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">(unaudited)</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">(audited)</td></tr> <tr style="background-color: #ccffcc; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">Opticon fiber optic management software</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">$ 189,862</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">$ 189,862</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">Trademarks</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">1,000</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">1,000</td></tr> <tr style="background-color: #ccffcc; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">TriMax intellectual property</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">6,329,342</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">6,329,342</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">TriMax software</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">180,020</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">180,020</td></tr> <tr style="background-color: #ccffcc; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">Lockwood customer list</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">394,550</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">394,550</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">Lockwood licensing technology</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">920,600</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">920,600</td></tr> <tr style="background-color: #ccffcc; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">8,015,374</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">8,015,374</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; font: 9pt Times New Roman, Times, Serif; padding-top: 0.65pt">Accumulated amortization</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">2,536,435</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">1,314,775</td></tr> <tr style="background-color: #ccffcc; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">$ 5,886,159</td> <td nowrap="nowrap" style="padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1.5pt double; font: 9pt Times New Roman, Times, Serif; padding-left: 0.65pt; padding-right: 0.65pt; padding-top: 0.65pt">$ 6,700,599</td></tr> </table>   For the Nine months ended March 31, 2012 and 2010, the total amortization expense charged to operations totaled $1,221,660 and $985,085, respectively.   Opticon fiber optic management software   The Company purchased all rights, titles and interest in the Opticon fiber optic management software on July 26, 2005, from FutureTech, LLC. in exchange for common stock. The agreement became effective upon FutureTech purchasing the acquired assets from Corning Cable Systems, LLC in exchange for $100,000 in cash. The Company recorded the common stock at the transferors historical cost basis determined under generally accepted accounting principles.   On July 26, 2005, the Company purchased the OptiCon Network Manager software system which consisted of version R3 and R4. At the time of the purchase, the software system was out of date and had to be updated and integrated with other current business software systems, before it could be distributed to customers. The development of R3 software system was completed during the quarter ended December 31, 2006, and is available for distribution to customers. In June 2010 a transfer of 50% of the R3 license was returned to FutureTech, LLC at a carrying cost value of $22,250. During the years ended June 30, 2009 and 2008, the Company did not allocate any direct labor costs, and indirect costs and expenses to this effort. The capitalized software costs are amortized when the software is actually sold to customers. Amortization is provided based on the number of software units sold relative to the number of expected to be sold during the softwares economic life.   TriMax intellectual property   On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The acquisition carrying value assigned to the intellectual property was $6,329,342.   TriMax software   Software development costs, in the amount of $180,020, were acquired in the Trimax acquisition. The proprietary software was an identified asset of the acquisition and valued at the historical carrying value, cost. The capitalized software is available for sale and is to be amortized over a 5 year period.   Lockwood Technology Corporation   On May, 2011 the Company completed the acquisition of controlling interest in Lockwood Technology Corporation, a leading RFID software and hardware solutions provider, from Daedalus Capital, LLC. Infrax Systems acquired 70% interest in exchange for stock and certain considerations, including a $50,000 note receivable (due in 180 days) from the sellers to Infrax and $112,000 in cash received by Infrax at closing. Additionally, warrants were issued for the purpose of possible future investment capital, to be received by Infrax. Shares were issued at the fair market value at the date of the transaction ($1,650,000). The agreement included warrants for the purchase of 660,000 (post reverse split) common shares at an exercise price of $5.00 (split adjusted, for a term of 3 years. The warrants are callable by Infrax at certain fair market values of the common stock. Warrants were valued at $477,900 using an option price model (assumptions used in calculation: volatility 400%; risk free rate 1.02%; dividend rate 0%). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158 and was allocated to intangible assets.   The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Infrax also plans to utilize their expertise in future smart grid deployment projects. Managements allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).   Future amortization of intangible property remaining is expected as follows: <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 69%; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">For the year ended June 30,:</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 4%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 27%; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">2012</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">$ 1,235,898</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">2013</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">1,647,864</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">2014</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">1,647,864</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">2015</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">1,647,664</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">2016</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">114,089</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">thereafter</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">-</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 9pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; border-top: windowtext 1pt solid">$ 6,293,379</td></tr> </table>

7. Debt Agreements   On June 29, 2010 the Company entered into an agreement with the shareholders of Trimax Wireless, Inc. (Trimax) for the purchase of their business assets and technology for preferred shares of the Company, the assumption of liabilities and a note payable, in the amount of $712,500. The note is interest bearing at 6% per annum until fully paid with a start period of 90 (September 29, 2010) days for the first payment. The Company shall make interest-only payments on the first day of each month from the date of this Note until the earlier of (a) receipt of Investment Funding as defined; or (b) 180 days from the date hereof ("Maturity Date") (December 29, 2010). Principal plus all accrued and unpaid interest on such principal shall be due and payable on the Maturity Date. As of the balance sheet date the Company is in default, as it has not made payments on this loan and is currently in negotiations to extend terms. There is no default interest rate. The Company has accrued $53,437 on this loan     The Company issued a demand note to an unrelated party, with an unpaid balance in the amount of $6,000, with an annual interest rate of 18%. There are no repayment terms. As of March 31, 2012 accrued interest, since inception, is $4,450.   The Company has a Master Note Agreement, as an unsecured line of credit, from Mr. Sam Talari. The Master Note is for operational capital, in the amount of $350,000 and bears interest at 5% per annum. Mr. Talari has pledged additional funding for operating capital, up to $1 million dollars, under the same terms as the original Master Note.   On June 17, 2010 the Company entered into a Bridge Loan Agreement with Blue Diamond Consulting, LLC (Lender). The Company may be advanced up to $500,000, secured by the Companys common stock. Advances may be requested in increments of $25,000 and bear interest of 8% per annum. Advances have repayment terms of nine months from the date of the requested advance. The Lender has the right, at their option, to convert any amounts due, plus interest, into the Companys common stock at a conversion rate, as defined, at 50% of the closing bid price at the date of conversion request. As of March 31, 2012, there have been no requested advances and no amount is due to Lender.

8. Related Parties Disclosures   Employment Agreements   The following agreements are with Shareholders, Directors and Members of the Board:   Saed (Sam) Talari   Effective August 1, 2009, the Company entered into a Nine-year employment agreement with Saed (Sam) Talari, one of the Companys directors. The agreement was automatically renewed for an additional one-year period, and subsequently renewed by the Board for an additional one-year period through July 31, 2013. The Agreement provides for (a) a base salary of $15,000 per month, (b) a signing bonus equal to one month salary, (c) four weeks vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Companys management employees.   Paul J. Aiello-   Effective March 1, 2012, Mr. Paul Aiello has resigned from the Company as President & CEO. Mr. Aiello is resigning for medical and personal reasons to focus more on family matters. His departure is not due to any disagreement with the Company on any matter related to the Company's operations, policies or practices. Mr. Paul Aiello will remain a board member and advisor and will continue his contribution to the future of the Company. Malcolm F. Welch   On October 6, 2009, the Company entered into a one-year employment agreement with Malcolm F. Welch, one of the Companys directors and Co-Chairman of the Board. The agreement is automatically extended for successive one one-year periods, unless previously terminated. The Agreement, as amended effective January 1, 2010 provides for (a) a base salary of $2,000 per month; (b) eligibility to receive 375,000 shares of the Company s common stock based on the employees achievement of goals and objectives approved by the Board; (c) an option to purchase 375,000 shares of the Company common stock at $0.025 per share to be granted over a 3 years based on the achievement of goals and objectives established by the Board; (d) a bonus based on the level of funding the Company achieves through June 30, 2011 ; (e) two weeks vacation during first year of employment; and (f) all group insurance plans and other benefit plans and programs made available to the Companys management employees.   Other employment agreements exist with employees.   Line of Credit, Master Agreement   On September 6, 2005, Mr. Sam Talari, one of the Companys directors, agreed to make advances to the Company as an interim unsecured loan for operational capital of $350,000, evidenced by a master promissory note, with interest at the rate of 5% per annum, based on amounts advanced from time to time, payable annually. Mr. Talari, time to time, has converted advances and accrued interest in exchange for equity shares. Mr. Talari continued making advances to the Company on the loan, of which $448,804 and $185,704 remains outstanding at March 31, 2012 and June 30, 2011, respectively. In addition, the Company has accrued interest on this loan in the amount of $21,499 and $5,390 at March 31, 2012 and June 30, 2011, respectively.   Mr. Talari has pledged additional funding for operating capital, up to $1 million, under the same terms as the original Master Note.   Loan from Related Parties   During the year ended June 30, 2008, FutureWorld Energy, Inc. (formerly Isys Medical), OptiCons former parent company, paid expenses on behalf of the Company and made cash advances. Most of these expenses were paid, and the advances made, by FutureWorld Energy at the time OptiCon was still a subsidiary, and are included in Loan & Note Payable Related Parties on the balance sheet. At March 31, 2012 and June 30, 2011, the amount owed to FutureWorld Energy on this promissory note was $7,802 and $7,802 respectively, and has accrued interest of $2,361 and $655, respectively.   Accounts Payable   The Company relies on advances from the majority shareholder and other key members. Advances are normally in the form of a loan. Payments are made on behalf of the Company by these individual and are treated as trade payables. These amounts are considered liquid and if payment is not made, may be formally converted in the form of a note. The Company currently has an aggregate of $99,337 due to nine individuals as of March 31, 2012.   Stock Transactions   On October 3, 2009, the Company agreed to split a portion of the existing debt balance on the Master Note, described above, into two (2) $25,000 convertible notes, with interest at the rate of 5% per annum, and convertible into shares of the Companys common stock at 40% discount to the 5-day average bid price per share. Mr. Talari assigned these notes to Eventus Capital, Inc., an unrelated company, for business unrelated to the Company. On February 9, 2010 and March 25, 2010 respectively, the Company agreed to the conversion of these notes by Eventus Capital into 1,860,119 and 5,000,000 shares respectively of the Companys restricted common stock.   On January 15, 2010, the Company agreed to issue Mr. Talari 1,500,000 shares of the Companys common stock in exchange for the cancellation of $45,000 of accrued salary owed to Mr. Talari. The number of shares issued was determined based on the market price of $.03 per share on January 15, 2010. The Board agreed to issue these shares from shares previously authorized under the Companys 2009 Employees and Consultants Stock Compensation Plan.   The amounts and terms of the above transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.

9. Stock Options and Warrants   On December 2, 2005, the Company granted two unrelated individuals Series A Warrants to purchase 660,004 shares, at an adjusted average exercise price of $ .75. All of the Warrants expire on November 11, 2011. All of the Warrants granted were non-qualified fixed price warrants.   The following table summarizes the activity related to the stock purchase warrants and options and weighted average assumptions for the period ended March 31, 2012:     <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Weighted Average</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Remaining</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 32%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 2%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 13%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Options</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 2%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 11%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Options</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 2%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 11%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Intrinsic</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 2%; padding-right: 5.4pt; border-top: windowtext 1pt solid"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 11%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; border-top: windowtext 1pt solid">Exercise</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 2%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 12%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contractual</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Outstanding</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Vested</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Value</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Price</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Term</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Options, June 30, 2010</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">4</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">4</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">$17,300</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">$17,300</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">.125 years</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Granted</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exercised</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Forfeited</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Options, June 30, 2011</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; border-top: windowtext 1pt solid">4</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; border-top: windowtext 1pt solid">4</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Granted</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">660.000</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">660.000</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">$ .75</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">$ .75</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exercised</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Forfeited</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">-</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Options, March 31, 2012</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; border-top: windowtext 1pt solid">660,004</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; border-top: windowtext 1pt solid">660,004</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> </table>     The following are the weighted average assumptions for the options granted: <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 68%; padding-right: 5.4pt; font: bold 9pt Times New Roman, Times, Serif">Weighted Average:</td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 4%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 28%; padding-right: 5.4pt"> </td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Dividend rate</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">0.0%</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Risk-free interest rate</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">1.02%</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Expected lives (years)</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">5.0</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Expected price volatility</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">400.0%</td></tr> <tr style="background-color: #ccffff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">Forfeiture Rate</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt; font: 9pt Times New Roman, Times, Serif">0.0%</td></tr> </table>

10. Income Taxes   There is no current or deferred income tax expense or benefit allocated to continuing operations for the period ended March 31, 2012 and 2011. The Company has not recognized an income tax benefit for its operating losses generated through March 31, 2012 based on uncertainties concerning the Companys ability to generate taxable income in future periods. The tax benefit is offset by a valuation allowance established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.   For income tax purposes the Company has available a net operating loss carry-forward of approximately $1,197,000 from inception to June 30, 2011, which will expire, unless used to offset future federal taxable income beginning in 2024.

11. Capital Equity   The Company has issued convertible preferred shares. Shares are convertible into the Companys common stock, at the option of the holder, at the prescribed conversion rate. Conversions are as follows: <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="background-color: #ccecff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 40%; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 30%; padding-right: 5.4pt">Shares</td> <td nowrap="nowrap" style="text-align: center; padding-left: 5.4pt; width: 30%; padding-right: 5.4pt">Conversion</td></tr> <tr style="background-color: #ccecff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Outstanding</td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt">Rate to Common</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt">Preferred Series A</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">2,600,000</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">375</td></tr> <tr style="background-color: #ccecff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt">Preferred Series A1</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">8,889</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">89</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt">Preferred Series A2</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">88,889</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">20</td></tr> <tr style="background-color: #ccecff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt">Preferred Series A3</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">0</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">16</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt">Preferred Series B</td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">1,210</td> <td nowrap="nowrap" style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">300</td></tr> <tr style="background-color: #ccecff; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt">2,724,834</td> <td nowrap="nowrap" style="padding-left: 5.4pt; padding-right: 5.4pt"> </td></tr> </table>   Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. Due to the event of the reverse stock split, the preferred shares conversion rate to common were adjusted All shares presented have been retroactively stated to reflect the reverse-split shares.

13. Commitments and Contingencies   Lease/Rental Agreements   On March 11, 2010, the Company entered into a lease with Accu Centre, an unrelated party for executive offices and computer center in Pinellas Park, Florida. The lease is for a Nine year period, commencing May 2010, with option to terminate the lease after one year, upon adequate notification (90 days). Base rent is $2,756 per month, with annual cost increases. The future annual minimum rental for each of the next Nine years is $33,075, subject to 4% increases per year.   Rent expense for the Nine months ended March 31, 2012 and 2010 amounted to $43,867 and $29,627, respectively.   Foreign Currency Translation   The balance sheets of the Company's foreign subsidiaries are translated at period-end rates of exchange, and the statements of earnings are translated at the weighted-average exchange rate for the period. Gains or losses resulting from translating foreign currency financial statements are included in accumulated other comprehensive income (loss) in the consolidated statements of stockholders' equity and comprehensive income. At March 31, 2012 and 2010 no foreign currency translation was conducted due to the immaterial nature of its subsidiarys balance sheet.   Legal Matters   From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Companys financial position or results of operations as of March 31, 2012 and June 30, 2011.   In July, 2011 Trimax Wireless filed a complaint relating to the unpaid balance of the Promissory Note executed with the acquisition of Trimax Wireless. The Company believes that it has sufficient affirmative defenses to this complaint and does not believe that it will have a material effect on the Company.

14. Subsequent Events   The Company is currently in merger or acquisition negotiations with entities which management believes to be key components of the Smart Grid solutions we envision. Management believes that acquisitions will be a catalyst for advancing the Companys existing technology to attain greater market share. We are currently in valuation negotiations with the targeted companies; acquisitions will be primarily share exchanges. Additionally, we are seeking capital financing for the purposes of furthering our plan of operations. These negotiations have not advanced, at this point, to an issuance of a letter of intent; however management believes this ongoing strategy will best serve existing shareholders.   The Company has been approached as a potential target for acquisition. Preliminary discussions were brought to the attention of the Board of Directors. Although negotiations have not advanced, we believe that those discussions were validation of our technology. Management and the Board of Directors are aware of our technologys potential and will consider any offer that increases shareholder value.   Management has reviewed subsequent events through the date of this filing, May 15, 2012, and believe that all necessary disclosures have been made.

EX-101.SCH 7 ifxy-20120331.xsd XBRL SCHEMA FILE 0001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 0002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 0003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0004 - Statement - Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0005 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0006 - Disclosure - History of the Company and Nature of the Business link:presentationLink link:calculationLink link:definitionLink 0007 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 0008 - Disclosure - Going Concern link:presentationLink link:calculationLink link:definitionLink 0009 - Disclosure - Accounts Receivable link:presentationLink link:calculationLink link:definitionLink 0010 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 0011 - Disclosure - Intangible Assets link:presentationLink link:calculationLink link:definitionLink 0012 - Disclosure - Debt Agreements link:presentationLink link:calculationLink link:definitionLink 0013 - Disclosure - Related Parties Disclosures link:presentationLink link:calculationLink link:definitionLink 0014 - Disclosure - Stock Options and Warrants link:presentationLink link:calculationLink link:definitionLink 0015 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 0016 - Disclosure - Capital Equity link:presentationLink link:calculationLink link:definitionLink 0017 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 0018 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 8 ifxy-20120331_def.xml XBRL DEFINITION FILE EX-101.LAB 9 ifxy-20120331_lab.xml XBRL LABEL FILE Unaudited Statement, Scenario [Axis] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] Scenario [Axis] Current assets Cash Accounts receivable Inventory Note receivable Prepaid expenses Total current assets Property & equipment, net of accumulated depreciation of $63,748 and $45,807, respectively Intangible property, net of accumulated amortization of $2,129,215 and $1,314,775, respectively Deposits Total Assets Current liabilities Accounts payable Accrued expenses Notes payable Loans and notes payable, related parties Total current liabilities Notes payable to Shareholder Total liabilities Stockholders' Equity Preferred Stock, 50,000,000 authorized, $.001 par value: Series A Convertible: 5,000,000 shares designated; 2,723,624 and 385,702 issued and outstanding Preferred stock, 50,000,000 authorized, $.001 par value: Series B Convertible: 100,000,000 shares designated; 1,210 and 257,764 issued and outstanding Common stock, $.001 par value, 5,000,000,000 shares authorized; 17,527,983 and 6,282,275 shares issued and outstanding, respectively Additional paid-in capital Subscriptions (receivable) payable Minority interest in subsidiary Accumulated deficit Total stockholders' equity Total Liabilities and Stockholders' Equity Preferred stock; par value Preferred stock; shares authorized Series A, Preferred stock; par value Series A, Preferred stock; shares designated Series A, Preferred stock; shares issued Series A, Preferred stock; shares outstanding Series B, Preferred stock; par value Series B, Preferred stock; shares designated Series B, Preferred stock; shares issued Series B, Preferred stock; shares outstanding Common stock; par value Common stock; shares authorized Common stock; shares issued Common stock; shares outstanding Income Statement [Abstract] Revenues Direct costs Gross Profit Operating expenses: Salaries and benefits Consulting Professional fees General and administrative Amortization and depreciation Total operating expenses Other income (expense): Interest expenses Sale of assets, net Total other income (expense) Loss from operations before income taxes Provision for income taxes Total income (expense) Minority Interest Net loss Earnings (loss) per share: Basic Weighted average shares outstanding: Basic Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Net (loss) income Adjustment to reconcile Net Income to net cash provided by operations: Depreciation and amortization Loss on sale of assets Issuance of stock in settlement of services Minority interest Changes in assets and liabilities: Accounts receivable Inventory Due from affiliate Prepaid and other Accounts payable Accrued expenses Customer deposits and deferred revenue Net Cash (Used) Provided By Operating Activities Cash Flows from Investing Activities: Purchase of property and equipment Net Cash (Used) by Investing Activities Cash Flows from Financing Activities: Proceeds from issuance of stock Proceeds from issuance of notes payable Repayments of notes payable Proceeds from sale of assets Related party advances Net Cash (Used) Provided by Financing Activities Net increase/decrease in Cash Cash at beginning of period Cash at end of period Supplemental cash flow information: Interest paid Taxes paid Notes to Financial Statements History of the Company and Nature of the Business Summary of Significant Accounting Policies Going Concern Accounts Receivable Property and Equipment Intangible Assets Debt Agreements Related Parties Disclosures Stock Options and Warrants Income Taxes Capital Equity Commitments and Contingencies Subsequent Events Assets, Current Assets Liabilities, Current Liabilities, Noncurrent Postconfirmation, Stockholders' Equity Preconfirmation, Liabilities and Stockholders' Equity Operating Expenses Nonoperating Income (Expense) Other Income Increase (Decrease) in Receivables Increase (Decrease) in Inventories and Other Operating Assets Increase (Decrease) in Accounts Payable Allocated Share-based Compensation Expense, Net of Tax Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash [Default Label] EX-101.PRE 10 ifxy-20120331_pre.xml XBRL PRESENTATION FILE XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } ZIP 12 0001471242-12-000750-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001471242-12-000750-xbrl.zip M4$L#!!0````(`,]DLD!+$YP#S5H``(67`@`1`!P`:69X>2TR,#$R,#,S,2YX M;6Q55`D``P5[MD\%>[9/=7@+``$$)0X```0Y`0``Y%WK<]LXDO]^5?<_\+QU M6[M5ELV'2$K.8\MC)W/>26ROG4QF/UW!)"1AAR(U!&E;^]=?-T!*H$1*I`0Y MCTM-31010/^ZT2\T0.CUWYZGD?%(4\Z2^,V1=6(>&30.DI#%XS='G^][Y_<7 M5U='QM_>_N=_&/#G]7_U>L9[1J/PS+A,@MY5/$I>&==D2L^,GVE,4Y(EZ2OC M5Q+E^$WRGD4T-2Z2Z2RB&84'DM*9X9S8@='KM1CV5QJ'2?KY[FHQ["3+9F>G MIT]/3R=Q\DB>DO1W?A(D[8:[3_(TH(NQV.AY;IE_F*XU.'D>`?1+DL'7MFG9 MIZ9[:@T^6=Z9Z9Y97LOA,Y+E?#&\^6P6?V3WU\\/:<3.\/\&2#[F9\^E@T93_JVY6_B3[8H.^2\-R9DMN@P(OQ! M-"X>U("!)VD245[;1SRIZ10G<9Q/ZW&%67J:S6?T%!KUH!5-6;#HM[U3M0-@ MP*_KT8DG->BNWO_VST6'9):Q((GYG&=TRED<@.U-12?3@2ZED:!BG7&AOG=T M9`B=/)N(F4*CZY4=3IYY>%0\1OIOCCA#=W%DG)9#2:,!FAE]S@P6OCEZGR;3 M$J9I98G\[/26]!?=:)RQ;+[X=O$]"_')B(%_$BAI18ZEOEU<_7+T%LS7<@:F M[?NO3U<[+\F=UM(KJ,U@#I)P'0484YJASWF[9*<<:?ELK1OX1*43\KTD'U:Z ME-]7`)1?%B)MEO,YOQE]M[*5KBJK$5+YY!!"^M_/,12Q@F<1JA`Q:RER@<'!G&-$H]K\/:$Q`/N?/C!^]19=P MML+JZ]/:455$I_60OHL)!MOT>H[Y_5I!P4CGNHQ`WZ$" M5B.0WC"=QTQ*Z//]Y9I8II3P/*5OBS7=&;0I!RL?54G@:`WCWT](2GDCB<*< M1*.=:0"^VP8Z(7N$^5B7+?:]QA4>%E[6,[P.,EC%6#>J0O22QLF4Q=O(;I?+ M*MVZ@_&?=R M<7ML7,'R]O5IT[#K9"_`-%(27<4A??Z%SEO35RLL\)WT]*W'5V-RXV@JN7-X&F*+]Q$9MR8S(A&GDD)E`'7D MBSQ-\6O&`Q+]DY*T*R^]'GPN&6D:;5T!OM`H^B5.GN)[T/(DIN$5YSGXW[9D MKQ-5`1I&6R?[:Q+E,03SN:BX\M;D_HEFV3A,C7Y+0=S169)F+![+>N>NY.I' M6Z>'P6$7MIMKE/`1QL20FT3WH M)^5-0UB'DOH^F`[%URXSHH./^EF5=,_S;)*D[-\TW&TF&M"[J2:-6:>^/ M=%VV+X=,!%&]\K-]V_'L_F:4DNY^"%O+33.B=K&AN^"<@>N;]F:4K4-%*ZBM M):@56ELG\+)1K2VJP_&F+^IUY:6%IUYU+CM&OZ8TJ3P;T"IJK&'1S4=KN]"$ MN]TL'LQC6[;5&%0V@=`+O[W07Q#NH7R][?J^UQB1MF(Y`"OMHZE>Z,IJZ%L) M##M`.A!7^X2$PW+Q$BEX)=?M@$4S&UWS\Q>`+69M9S-0@9MJC:(M91U(:U7[ M)9$=UL%[]L"V?;>#(NSF(_7Z=KVH"9^Z/G#V2B,89/\\N2)K.H;U> M);9\:ZC@;D-;&^`VNFR[_>%@3X#G09#DT.R.!A2Z/$3TFF9%Y5B;($W/=)4P MLHGFOOA:R$Q`?5%->Q'<7DMM+5`K25N*HAN#.P<\YIQC5+RQFXIJ6DS14B MG1&TBIZN/51=SF:*09!/\PA3PDLZ2V$<@LX>/D<4/X#\SJ>X=_1O\?UMFLQH MFLUO(Q)G\`Q]V&RJTPU9KM/W*W:O!=]+\MUJDH:.Y0U?E$^U_V6Q=GO/8GR5 MX2+AF39'Z?;]P="IYVT;!LWPV\R$YYNF.]0#%Z8KX4R?*&U7=6CEZ%VHMDM1 MVE"1;D2;D@P'UD`E*X=O3[0-8[[9']J>MY5(D5OW2N"66 M-L)P!MZ^I/>N*M4DBALQM=X;:`.O7:XPV!70UIK2(;:X?,?M4M:JWS':`WFG M$MS>0)=M;PD+K^(+,F,9B;3I(B13?;.24-43W`-7J\63U7L._H(XUSVOKH^L;RE.>I>P#ET%U(UKV0O(GDP',L=V^2:^_F;LZ] M;S[CW5C68&DE6SV2::EPRT(;N9X;M@D-:N%QMWG%GPG);B\^O([`JE MZXQ[P_[0.QB43IK0MSTUHNB$TE5!+%@1#MQN6$1Z=9LF(Y9IT1&KLM>FC-Z1 M<%>-@/3:TD6XFR=PAKYMZJ#<=;H=VQ_X3BO*MV2.FRW\4_)N.HN2.=7CZZV! M8ZL%H1HR.R+I.OVV4]EYU@JDDSI8CFN;]N`04#KK1W]@JJ7K%DA$$@R+K:3T M&3('UJ$KRNPT4-D#3&=O83F58S@'0=1);VQW>%`)=58>U['-?F=$Z'XHYZ*R M\5Z3EW$<7\UTJP1V`=!96ZH;CIH@=%(/S_:&?;T0NFK$RB;Y-@CR;LD(SP&$ M4Q:+5_`S6%6_>Y[!\EJ+2['ZMJ/&O\T4-0#LK#B.`^GA"R/LYG:LOJ4>DC\\ MPLZ.R/%=>_=9[GA.I1BE\;A*L>]V,2'I6(L.]RW7\^LK:=KQ?FW9=#4?F'I3 M-?`?7#;=\DR[[YO6_Q/A=%X(0S/3&GP=X2S6V\4H>JIJL*ZPE/VV-2([H>A< M=D&T@P.@Z!:S!OZ@KYX.T@.CJY+9(`I?W:W9"J/28*/>\37+$'A$^N\&HTZ!OE(0VOXN7. M)D*\`,@LSF'TPH,EL9:8U7.',.?N2@U!#[X79KVSNGM8!/1_$-:[V93MV7W+ M_R%X[VRYUJ#?=YW!B_!>)*&RXR?R7#B%GV!]O/MFSK;S0-V)MC"=@Q#=IK3Z MB;;0EFU$A;KHJ[G7>^`-M61]%?9Z#[@K:1T>:"?:FCQ`8[$\H#04%K_N%K<$?[`V@6Z5E,'3,KR\W#=[EFF;+,'.>92E[ MR#,\8_DIP:`$--,DBD2667.*<5>U\TS'5"N\_*2F9\(9\%.%M!T\4W//%&W5&L)[HQJJT)O M0&5Y!T2U63\WH1H>"M56;=N`2GTULA6J+Y2-)_AN[B-D\F-ZG>.IU)O1VK4D M.^I;XXLDEC) MS;K?-!$#U_+4C'HO'BJN^@6B6F?ZFJ-1S?OOBRVHE9VG@VP-;J"W)[2]-^8Z M0/N9L!BE>1-?,BY>^8=&-Z.:-^YW/F>IH\L`%M,+R+"IGI60K;M6K;BR3HAT`Z_^P&FOGJ,:S_P ME7(=S'D@*W8T7!;LRK>&7BJWMR#>*RY0-\2O(0(=5A('*26<7E+Y]U6\?+=0 M3_!!M;(JZSJ')-ON>XVN#=YE31'(^&K$(W';])0>[2K)Z45=[XGIA M'T3I;E,Z(RR\HRSF>8I^![Z9LER/9^Y9KCFT-\JN&8!N\-VS)WN@GE/7BWWE MZA@MTO;ZKKO1I%:(:D'9^7Q*WW%,>P^4YU&4!'ADJES;TA#?CZ4Q5P])U;Z4 MNVL&-@3(RG9%-P3Z\7=.;_M#5SWONQ_^&B]67%]1O/F']W+F/(,HG)Z'CV@6 M^+IG[>U:.TY(]77T/0&]`'\[N![;VNAZ]N(0KVXD?'*;)O@C>.%/\\\<]WH7 M!\7.@XP]BM=T=4R6#ZO0R@JT)6V]J#M/@>MY0V^@`_AR4^4\^"-G:?,!3CTQ MM^[5JFV4]6+NKN^6Z6N!K>QE+1=2RBTP!]J5WXFNAH1.I=MXS=O.4<^OO*;7 M0&H?2!HD<`V!/@X:HJ>\!%9[R@&&"]JZ-7;74->+>U^A[XY;=!._#[J:.^K) M,1S?7_FY@'IJ^^':(8^P??4T1#=@&Z[OV?+:]MJ/)[0=WMKMIP_:#F^VN@7. M-=5[:CK"W[[@M]7W).M&+TNM>.?<@1*T;23T%-?DD4R,]P=D9"L5+2F%J&P5 ME0#=/Y&Q4A2L);8SH@:+VL;Q>1#`@_!P=_;B:UD#K_I3'/44]X+6QJ$,!D/+ M'.R`1$UFJX'_(B*Y?R0!M,1LNNMX"03/Z-I)U_?Y0+<'N@;;;;R'N M)NXM/\35=$-MUU_BVI^5==F_$/3E!KI9>A(4<.YY>X4NVZ? M-1Q@6".W)[*#[)"5OQ8D+RT4")8U/WU"\CW;VU3PW0[C4*QTWN!QSI&Q6G,K!0UPT>#LLRF_0*GY@^.'%9"O^P1:?OGM17L6CE#P;]W.. M[P,>&V#%)\9?1DDZ!7G-C1NPP8LDKC[_J_&7A>`+B'W_U8'E7M`9O#HVEC0E M^N6SY>S\U7@BW!!\A`9\(B"01Q(2()W.$GD\R(#_]D=]$V0)9%L"N6T?&[9I M]BO03XP;'73^GL-\V$-!P*T0.!8FSI5K=E_`QU"QT`X-!AX>'(Y!QBFE8I\( M_DV?@PF)QQ04TOSOT@(!?`\2TDHTEJ!X%C`(9GQ-&'! MQ,C`"(_U\&G43L@##O(]N['FV:OQ M5$KC6M>!756_XKWB`NF,%$M&.;^@27&2QP$:`6148`CP%-T*&`"?,7`OHU$Q MTG:/FDW2)!]/C(>YL)5B7PD5DQ0Z&C*L#P;.JO!5`16K*TT1J3E-F!#4)!K#TA'C9D:%.7(JCEYC+#X%[87PB3]Y(=1M MQ""9,A)`%P#\F(QE4L&34?:$AL"%WS0$0F$K,4:]TJM>4["!]'>!YZ/HG1X; ML`(%*1`,BB$82I3,:'@L\@`BCYV$Q@A6CA!6Q>MTQH78PY<.N@@CI7LF1BJK M>\LH("WB$X487_R*SK'QX6F_?\_!,\ADT#*KHRYX*N>%R!4_\JL(%`;YE,)B_MGX`JTC M4/?51<`R8,J&RU@)$1+"VR+)$PY(_J"$$"IH2R9"&,KQ!$8SSF)4S^2*8BD/Y0.<#.+FG)`D-E'$,*@ARN5"R>`5HV;0"E:#T,!2D(IS*8W/A M4C15-8MRL:]]8GP"C(6$D*L%BF(J##0/D"JH)'V>01R5FEV0PHQX<6F2,8-) MQ`1`#$3CB0"P?"Z@T-&(BB,2Z'EP))31/0W0)^&F%LAEC`AE=F/<%D-^UUG; MEPD#0WN26\+XZH;P#?D,IE;&P16S-CXN9ZJ4J0Q@JD)-8+G')VR4%8G9*`ER M7H@>9,=$$@.^)!114EE-W@OS^QG,;ZD_I2%RD2E)K5C:;\3`>,$@\Q0;P%3) M=`BF:YQ*NRUG_HE%$2*#'%%0#2E>@;[(\>#ADKJ1+14=;0L,`2@$0DQXW2P3 MB?T4.PFC9F&/BX(ZJ*[E?#+DS-!>+N%CX M042+%3VY8A;YJ-3*!6\O5L[G:MZQ>=J\\KM8N[]DX M9B.(<7%6'&P'T[Y-(+8!W.^N7FF?&/?Y=%ID?0IOQI(YH^3NQTB/UE-",?W( MOZH`/UI6B!X-'0O,92A\U@-8,R:*?$+!<(D0P$>20GXC5V&6+0.XVJE8=L%' M<1Q2K%V65YNAEZH^Q!O(C%&4/$FS%FL>RFD8K^,MG)BZ:/S$N:)J!^P6?A8Y/ND1L/$J23"0](>-!E'!PCUP& MIAC;8>;)BJO6,*-!+.T.LBGH.D-FQO(Z M\@CS*,SIEP0^QZR-0"$A)(D*8LRXJ*:033(\7, MD:/+D!R_9LPC%\P!A5]5V@P*%C&H#;)Y"?XAR)-0JJ M((Q<$EFD=^7XHQPB[YR2%$?'^1#9N&/*T;_KC.Q*Z@XN1XIPOTR.CT6:0I:7 M"2YD-Y>9KY@Q@65$_J^]+WUN&TGR_?XBWO^`\%-'2R\@-@]1A[VS$?+5S[/= MTP[+,_T9)(L2VB#`00&2.7_]RZL.@*!$ZB1I[NSN6!()5&5EY?G+S!AC754^ M-V7I&.2HRQ/#1$"OBJL M(:)+!!?CKS+U`FQH*`G"HOD9N$X4`V18YJK(Q!QT-Y\>D:8E?`^N.IJYAJD, M/\'G?';J8)+B(UI9G?;A_\!K$_B`#?==?'B'?SL\7FL&Z.:1+MJ]@J;+C#?>M1"Z`/A-:.5 M-"C99FU<4;W!G-HU`DB^$24:N)RB'WX,PJA$90^*]!5&5K0N)U.^#*1>(PH: MB.1$<8(KFU!1+;EJ+O*3.,P?_>S="C3'R/\FSZSY.R:71?I<@M,+K1@GS.>7 ME)N!E.2/FW;X(["\@)+N2T17DNDMS^FG5)$/>!%=@]UQCX#`:%BRI62D-44/0&D8Q$#YG]QFL3G\%ZQ05 M7_T51E9\MCQMTH;OK+4_[P-MGMQL]GP6R`12W\0M[.JKK$9FFH!8%(@1/V4C!^:I&4L"I*>8(*+ M7@T&?3/J8PCK8P\LP4^11JJ-AW;@`^3*!I\%3 M-]4JL-Q=B_#+05/$76QQ1,G8T',UK4.^ M059SK@D^0I%X,-#`SM?FLO&3ZTF,BBK+52.3&'73Q.B;?*CS5MV_P'4E56?[ M&'T`75[$SV??O80I1]E[0CI5(U'BM"HA`0HO@=](,JS4J-$QYL'\OX\R,==7 M\91CVY/H+VJ''%QGA9^(.A`SR7O/*(,78`@AFDY!YG&>@?`$:267Y423>9@6 M^1AA[@E#)L"S5VC4C%RB$5N!78H*HD^.,GI9G%YG"5S5VOI:P:4"OZ(:HA MCLHT_"&(_1"5&+ND4SSI[5WP<,Y03;/TL"DSJ#&,@'$&V$]2*CC('']S14!0 M1&C!&S!_R'OF;>%J7`87?`'4LA28!+D)ST8R MP<_U`"I%T]);V*F:2,*,E<)MT->!5+0&?YVD-(D,H*]0?QH!S$2J<`N(0>;Y MF-D+^0"6,K>%^36,%/QE0NFEF(WMF#E\P;%3F#(UC*65O7=A=45`1-H$^CP% MNTGN:T%DBUNW3#1_M!?_$^;M2B+<IE[X`K"#`_PE^U<,<9AGTK8DODA-W! M:PK`A4[/YK9(''$!C/F?>7\7)`#]!NO/K.47>A$S^5##;S`G[*!;SBH9`H^1 M(>BYET,IZ_+,!?.KBF!!O-MW7KB';Q/H*(W;LEQJ; M'W&=\)7B1DEF5]`F1A7QQ?#(9]QC>)^-+(/'FDC;4;Z5=F^T))NC\($5@807 M/=KX^]*5+1F)-,CRG(\WI\\(<3"R<1W%-HOK!_11!/K+)]=9@XF<1"`;05ZX M^$2N)E%,$)H)@JDV_TY_2N'WTX+*Z1#`<\R9+W>QO63H!6(&"57`,87]C^<7 M;P^,DJ7\.@$LP2"=*$(S(&4G*M(<_/".2[RCB*+!5FEZ(9MHD)45[<>/!*MY;V7GW+"V2%`\.'X[`/0CV,"_?A'Q1:HQ4*!EAPJ-MAN7$(! MY:,DD*RO0THQ)EN('-&QU!!$EL"S8!\MLN^@Q^FQ!\;#L?%#?,@$S1P+[,A* MC3S\33G;Q;[./9<4,/QJ1)!DSP\VDHQ6(L^QJIMXBU?@\1O%`UO@QS&5P'S1 M&8;#0);$H�XO+H!69NCKF?F1BU#,$M^9-&C.YW#F03M`YO`940J`7S.?DF M2X8E14$V*!@J0V&Z&"[3%/,KA/)".(T&FQ',OOQ:K*)I66@V!_>[!\X6KJ/` M$53KKX+OXCRM[EHJ7QJ"N'G)9"N%Y:B'<3XL)W@U:<%EZI8LHH66S5JCD#8_PW?'W0.;+08L\US[YT[(//%GFP9 M=T1KX/W8N'03)3!8,")\SX#PS?#&UT\12N7_M/IQ*JF/F-CN=7#8;G7AM]9< M]'&WGHJZF$T&6>+KN%->5*4*;?[+)W>M\97;YUU/(T09KX>^)<<5'`;_7,P, M08T1.$>14TA&:1V3?5?4!0A'U-$4JS!.",>/;@H\G!$)#6PTMXW=42Y[E%TX MRD]\I3+,5N-AI7,G*I$UM/D0B2M,8,_5NYYP=M6H;T7CA(&*Z2U<&%FTD'#X)8LR MJ1)ID4K>5ZW+5NCB"V2?'W`MK[S.+@74-MD3U@X`>C*4$ZOY6SUWM^R9#3)RFQR.4MRL9B.>CMU7 M?_<[CG7TJ3ZZ#;NTK'WW`47.`AJ]X-4YR6ZQFZ#6,EIJ9:A"G;GK: MP$AS[*D:VXFU90+/-#:KXQA%U9ER!TK@'C4@+[(2CV";UH]?>O<.BX`H>X\O M8,^`:@-I!;2!C8Y85)S[Z32)85?&,S-@.0RIW^79LP/(`FE4"[539!L?DB-D MEH(7`T1*,R=8AQYQ+]Z;EWDK'`T#/C$;*]ZP+S--V"!=Q%U-:>"-/D_WBO,& MB47T6[Z"3_H(B,=D$(85S1+6E-**K01N+5%O/JBZ])J/S?HYG6K,]PF/%J/Y M>?!+Q12HAO>I5R(>`/T#6U4#Q9X]Q/],,L5/(A+^-L8X$UBK'&*AH#!]IG:R M<5$ZB$P3/*X5V(;Z!I2E4?6GWS1EK]1W;";,5C.=.9<2R1P.4V]':H-@ZB-Y M6BOXU>0=0WXH^YGF99)X!>F&B33Z_DA-2,&EHY`!O(BW">%3H%@F<8J=CX(\ MUM^JB3.7BD;9BN$34#%)#.PPHFR(`4L;;`-;Y0SI3VUMJHF8SVR81@#LZ"1( M12"F8I'TRK':9LNVN2ME)H($KN\PWS`XIK@(MNUBG<\;:"9<1Z%QR6NAB6@\ M1ZFO(S;1D<'G83Y=QD(`XU,+S9GD`E)CVPDT$D%:7.!AOF&N#%;*UI-EF,:3 M9@*Y$G`]AL$9&B9@3DXKN(Y[\ M4B5$61)9-D706\&YT*2ZF<(5.Z\1FCT[Z#LV>T_Q$_@Z+N0@)9H0W+L[4J3D:( MPJD<.FWGXC$-*V\A0I/@`0(>X/W(6L"$^@]_3_`R],E`0'>)HAHK:W]SG@,K M2X'!B@Q3'OM:@;#%>K\9?L(\7IZ-YXX0P)2KAE`RLT>$)GI6#HIQF3@?@][J M("4DV%S"P*1)9I;_+5`&B^OR#1:;[#T7J!.#!,`K+'N6,W%N6)HY M4@7-9,*$F$)F1E(AL&W$4+S)-*-H#Z;"5L)IWD_E@GNFE$W?PP>"TMXWU&?_/H@[D&(.? MI82NUM\N>!MSJ>=OJBCX1GRB?E]6S5G$L@"K#;A-\@N(+37OXNN"XMU6R+C^ M,J>'_T.+B=(2$79')C2),&GB=1<43-5E5L1>"4+A;8@?[_"6TR0"3;/7Z;?# M=KL=['?"?IO_R1VC#GBGF![-;KBER_<"N_+(7H".6\??/&Q*,".]TS>!&W:U M;;QN-TO8(KO-NAE=A\^B)>:8FI;#,=+`GYQMI'-9.&@#-2JYO"H.$W)F2:`' M:+9Y`=]2*[1X$@(?6+B=#;^;X#0B20DAE6<36@+YQ\"L8_P48HMT#37G(@7H MDR=9>GF84,9,KF/LXVT9SR?V#;4P$2V%`%]7[FRB]"-OXT[M^(/*^8&!"(4R ME3]ZK15BM.YHV#/Z$6]=GN.1(FT_2_P6CQ"M,O)\V"0._2Q(M98.;%(,L,:Y MJ::=-C.-^AX+_OI10X];)EY`/R#?HOGA),V6294_TFK)T,)&9)X>K%4!T6)J M%7,.#,"=X:04@/JKHMTIU]U6"S'H[D::5@RE(`R,27-G.?4_9OR[+,7$%$+S M)=.)BZ600;*B&+3]N+B%D6+;UMP.7@R+DYAK/XS/-J;><'[#`M-CTO8&BQV; M\,($4<6TJS];OMZX#B(`UJY)*[*Z1<)4VJ\\3)N9A;1BF^2C-?A@XX-0HI`F M.2`X`IL8;:`PKUWZ4<9:EURB56D;Y]=Y>1M1TDF+'F^=D<87$_K2!D2K#3L= M.M74+"/0TW81:7Q>A182SJ&E[\LS!9]N*6.SMW@B.;OMU`_Y,E>7^%JGC/:. MPWZG$_:.C]RY$K4X$B8/JF:=_1"&I=3B\X=7].`V]HZZ+6D;5__4%:^O00N/ MB0#],Q-ZWK>W@!%V\@$,KJ6(.=QPR?5[-!-;WY=:-A[68-'3ZQO;%&)Y[<$2 MS0KG&R+:I"$3Q=>EH;R?1_YN[_7"8_9 M.V!0IGG5W'5DWYTZ''J"99*-5`)/.3HY"<_@&;S`(BN0^2J2.@3/I3")I%`0 M`7YPC.Z8*IH$(C-Y)SSK'X>=_FDU7N5'.L$HG4S4*,;=>E:-J1'U[N11)T2H M>IWR)-5L9(&-)_R=R'1$K.`S,,[LQ#NCM49@,H+O-BF3@OM"U.^O+:CEU@+, M2IA45\4"A8`K!"'Y[/U%D3E$TJ$@;$:1>-/`&K8V]MTC(5H%] MVNXC;.I3U8#6KX#UX5YFTW@8G+;[K>!C_-U9Y514SY"Z!@H0CSNK?9Q5ETF< MD"N^"FC)-JA\LG*Q(RTRBX\KP-"5=68P8F\9YHW9.V<#I2Y"GN=JQ@?DOA?L MX,A%\WPI@D=8MO<]",%,>/PE^ETHX.Z=ET'D33I;1Q2'E3TVKIU@)FF_AZ7_ M>;#7.SL*^_VV@UP[5+IMK\N`#&G'*\%B*\BXB0`\Z:S;#H_QCF^R"FC*Z%/_ M7A(@%X8B[YE(=$`5G3B_IM!WWT`,&NKQA;4\-?(H2.9T*.V;.1!F M]-[BSZ-#4/*X!ENH:YC>)HZL$#/\BC>/PW,*KI^DV+R^=]YA(M92+5A1;\]L6<%#11//R2(XII.QSK*J9Q MH+!I\0CMT?J[&SCB^ M[J6T+Q;S!G76'2AW:K2*2IF-.SV;R3/&K+)CYZQOMTS"??8B?*MTO+\=S4:&(=E/4CIE\](L:IX&.#=G'OJC M+'QGT?0NO]5G#!>TV,ZK%@$"IFST)?10%&QG6V8"[]H"4K@LLB!1;4`4327; MGETI6"]JSV81B)7XJ(M=_JR#YO#FZC2G%2^8J7-K?/0)CM<>+N%&*E:@)1(: M=7,]-.E0*ITCMTQF?1'(R1<'.=DV.?58EAC"E%QID`^]'$B;(:$-Y3?!!Y4L$R6<[]"22R8=3&S/">,C6T21 M3>R38/,R_O1\(Y2LBX*=C/,16TBR-AT2\A2V+OXFM$4R;G7F.3T*Z:"@G<&!.*!YJU&@/%12=H(23/ M_(6:Z@HUI6I?(QOM;AM&]1F2$+KE$; M-5UT<0.)NP=C5?,S"1EG1C14P67`!F#.S9S13)4L1L*[A6'$1YIBXWPCM*^8 M.[[XQ`3N'"MJNXU@?I5?$X*PTE9FGK`FO$,!3-<(Q_LZ?CKEX'Q]G2[*X5[R MC':SV3V(^0R#`P9573MA3%#&6!4[*&ET5^4,7(A!HE-4X*TJY1(4`+8H1O*H M"C1\K:C`E"FJX`S<-_'J5?[WP.'T(']E:\;J@6@/-M*>01C/L,ED$R1U+E=_:Y6Z914&# MPL6Z?.>5N6V;6>&'R"E)@"+#%M9S`D(ZLH&VB\RL%6P8ANU$##L8%:YM:Q&M MJCTT^1Z[FK%:?:NH@FJ4W39',%%IN)YFC'N+9;HWM8.U2'_J8',8IX<23!.83230SW!\ZD+AD*8;R< MR"4I6H%/$R-565TTM"MNJ$MQZ"!79-_P3,Z%]\(N1GSV.IB^/X%_],/C[C$Q MY5[G*.R<]:U@+:YR9XZ)+H6B!=O;"# M:[@D-4:TE/=VV`%F3!:WFK=0^4IZT?0309?9[P2+#\,/WC6+I<`N!XPMJ^=' MQI6">F\V"D\R"N?&-*@)QF/SF;\H!.LOL;_"!L!D\#OZ(`;,7BLS=.5;KH.L MPC$5\@X."9L&)'BCH^_2Q8^.Q32R%+UC(W4FOC%:\D#\T;N8"5=%D;#;Q"UU M-WR&P[RX^!#1C&KL@YAI?1!\!KZ^0(]FVQ05SMX.(W9*BCR8:Y6M`W:4GM?1FJ02$!]A"SLJ"J M1WR3#"CR;@1`+A^8)&WUE;&EV!>-L*KDK$:`&RYL"%@P@(2@03JE,D.2V#0AIA#X:_O6J_HI^G&/Z2GX57;^)1<87,VO[I M#;98A^,XQ-8.T52KUX'Y5[6M8)&;;Q,Y0&:8B,X@*XILXCZ-4Z;I&UAX<)-' MT[^]XO^V[YFWSJ:%F\"\TN2$?+;IDM8C%[V34`>(''ZMU>]5XO> MZL>[AE28ZUYZYTK>!"Q*SI9J^VA=7W_%],_\>8]/>*K?_>DYCU+>VGNJE\KE M8!J]AM>EH^P&CS?H3+$O=Q*/ECZO:AST5KZ0;74[M^V+1@/OR/@(9.R\].5Y MN!RHV]E6W[U>"Z&Y>]-*;[J5!P?1\-ME#O[V")5VEK\.\LO!?K=]%'9[IV&W MWS]X$ZPMG_Y#%0%RZ#J?X&)IU6UU^].">A\E:@6)M=K:]X+];GC<[H?=HY.# M':%N)50G/#TZ"ON]TX,'W)^;J[A0SWIIUD+*[-ZTD]%-,OJ=']I9YV.\Q:QL M/8/XZ9R$G>.SL'W4V1%IX=+[X6F_$QZ?G.SD\^Y-._F\Q@1[1%=^M_'G8]R= M<'P$Y;?;^T[8[MZT,6]:>Q%YW^!M4@W>4C_L>+C.Q[D&,:!VJ[.+D]U)HU[W M(2&RG<1^Y*/>;?[Q=<`OA(*H_&H3($#_][-!0"5<\!8U@4U"A(TXA(@%CDE+ M>Y6[2C6$G94%34*80\L(UDL`/`8CHXP&LJJG5MV$4!3XW"*D/:W!1]OC&*)A M5.JE@3;+4G>5B9TO"<\?,LCT$T.>O"9SG_,LA7\/N3J7UG1/&.0ZDN(#8P>I M15*9*--A$*O^?BQCX MR7.FI[8]K;0:D#F@^!$LD"1(:,S-$M14"KTKK4XK[3>'PW(B^&Y9@\P46V(C MV"KVDN5#?3\H0-Q0&M`>>]U6&Z=:);;=2O7/\'2S^C2^\V]9=)&94#O$$NGF4AYA$AAKS4&CWL*H@%.NZG*!%.?PG7.U!B0 M#P1/[)*8=@L9`AG)LU"<#7(5?3O$5[=(2=@2;/_P1FJ*\[0$ M"2V'QI4<9L0YL9M06D2A:>2#EA$K,6I`@LW/LRC5;JAO-@96HL&,6$%&]6I9 M#G?&:R*989$,&6K<[;?:%<`,&+8O1O*030ZK9*5*=.$F:9AHR#[Z4="H7XV+\IX,"(=B2:RYM3 MCTP;UY6--*Z6DB.I+Q!-)=5\..H27X?&K*U!Y8MK^YZ$9`N;-XG1P$O(PH;^ M10W\:;M030F%3DK7<3U?%L,.%88,_5LAK2-PB>.2RC08K%X__M"=/;>7](I" MYEX.M\(TO+/-DK"&R_8%\#]\!<^E@U"3:9+-%+7GH44LY`6IZ>!&*SA,E-F.*]N^'*ED/OH:#?-+P4O.Z$R)=MEW?;=QK(,D'*V'$.*'F\?V3G7N411`UX[ MPM()',TS@`<@D/!1_RXS'B]<6A<@&EWC!T>!P./!?,D MKXP$]NZF'6YJOBSJC.P;ZD_'*C2D6XSV?HX2]S+"CB_R;5P)#1YE`483&?40 M)+"TZ:.Z+W_:%VHF["B!W7(*-_.8&_!$HP7>__UO[:TWL7YMS;0;+#$JSM.1 M':KUI'X"7:9^*Z@,NK*O7N&^W?L6+5?QO)Z%14L4X3Q1KF;!8#+I:6NC&N,, MIZ7"J[8>?[]B(N'_#(=C^)\GRQ\("QZ=;E4=TLHE+_T%*WF$ZK)M(M.BRJ#5 MR&3:&"]]+7:YLP>=WL-/[!%KY[:`%,O7OSV_/-]PGGZARL>%>]D'I[P<80AD M0Q$3+T2V)J*MBX@WE+C;(:;7_T%Q)@[CF+$MJN)XK"E3^,=(#[Z'3%R21GM! M!T=&]8YW]##T.&V'_<[IAFF*%;?YLU2=WK?,!KV`6+!,=?@B_2'';T?'ICF`/(-@&Z)`-\C:>40!V M3L["]MG1CAKL1/=.P[.3XRW0!^<5;(L;_+K.![UN4NZX%YX<[?3""GLYZH>G M[8>4B.\4PWW/NZ$)P+,<.;B4G7[8.SK9T6U5NIWUL/'$';=E0XLA/DK9@>OV MK^^H/>#>U1D#0CV%A4LRDP>&5_`2KIKPL*#T)?CM7A<8L=]CS!3^<-;K568' MW`N?L!Q@9]'''9AA%7Q"'=OPR8[D/*>FU!L,?3[&T8=VW.BY&_S[TK"D]41( M+"4ZVZWCOM^\LR$Q:SZRXRYL%TQ,3]67AZ_&"TVX])J752>`_>X=<\&BGP;K\]&-&P]6E;BG[;#=W6FF>]#I1]%-OV7#;S=8:VO[`22Q?C"N>^LYIG=V M%/;[NYMU#SIME4:RUR>)ARKEL<%J>)6"5+C<1-ON<8-=C[*=,RRMV$CW:C.( MN2&:[L5EX8LOX,'"ZC1L(X;JY,$PW!^34ENEN'S@;C3)8/'_>13@[D[,XLJ[ M8;]W'![U^CMR/L9V.F&OG/1W>FL]%O#$4\+NN:.]H!^>GAZ'G?[9CJ:/ M1M/C\*3=#OMG.P3Q/(*XHCE70!!WPFZW$QX?MQE#?';:#]OP?TN@B#>$JOB0 M>-7,O&MLOJ&=B?U>?M,2N"?2:%XE"6/WL1]G7%3:G"OJDD<<)92BU=Q!+6P% M^/\@-!@U&EU;Q+J/I`,$[0CI?S'2A M)IH6-+>>O0Z(%J\G\5P[1)2)KG=YI7VM=)@M\BC58Y5GN=^#]2J&#^6HYN%+ M0&,0OU0IMHP'2G*C1=R)Z_D^S>-T&$_AP#;Z+OZ1DN;! MKU=`@T2"!*AQ2+]]#8HI!?UBIB!9_2,@OX0;[1N6H^7B,_&OX2.\P>^FZS_; MNTGFFKP#)OB'*K`AMO2[YUZ;]GYH8CII;"W`W//+W/ZD;IM1O?QX%/WV3^;X8-<ZF$1)$H'XR?-93.W'05Y<1TE)W+#7[8;=?OL)!0`\9)`'O]A'OWCZAM-4BT;,B<.3/-KX&\I``TJB'F2_D+_8X;5++U MH@VA"A"CJ!#`R&$.D[;5-)/"\I5\/U?&'$).OU)I]>[@*1/T`80M.)%U_CWW M+"G\[#3/KF,C^P=T^V6^A!O@89]=IM@>EIZ:*QQ7M_F%$Q%G(8L*_(=9@ M(>N%C1;@#:#*!*CR9XQ#4#3SOS5N-ZR`"F-$[ID\U/D?3 M[`BATG[E86S>F17SKX'4M`:0;D#::(9$.P@#/"PN!HOB'/G@F_)D=P.%>>T\ M(HN&9_&LJXI16C%LW4:4S*^AQYLFW\TOQC]@CS3X!7?[]#?6&() M5!=[W"..54G\8-A!?.FIL=N)OF?A0%LEN.[O,-[KU9M*M@NC&NLVH1@`XG-R M$WJRK9!V?\>S;CTK*+HG8=39[=L;&;%)$:[^J&8.\@6XJ0H%9$A M\.7CI_>.]=@+S$?L:V5)R3$_,61S"=&\C]0(.%D'[YA].5!#J_B4CG.X8V)W MN"MX`HZ-O\**LA*E@MTY0?1'<5I5G-HW7*)@K\_A%E*CWEB+_9&,88+O@R`` MU333![Q@LHU1Q^1T@621%+;L5`=*6>L%Q]69SQ5.O9V/>&`4N@`@9N!B1S@^ M@^0-JV*.?9E)DB407?.0B`Q4']UHMEWB]!IHP9WT#1G9JI]?0BNX8&WOO6>Q M\HX**Z*,>K9!)AS)!/RSO]<)CYF.!_48FIV?:7?G[8;M0GCB\3&?POX474V< M8)7C_*QI$A<'8BQP.(,7CNXIGKK*A[$U+%%D]UOX$/I>$(W^*C'&$=(;P3-6 M^00_U&,GDA=J5T5N&YP#'7[UM(2+D#2T")\\UG2IQA'_K!RE$^5[1RB]-SG,+`[)CAX M#Z.TACOM,=SPBYB(YV[HC8$@I[G3Z<:[ME[T6B,YJJ0R*P1$;\CQE5 MBV$%L"4T2B6S:`VT*X++/*:F:$DV(YK(J!O-TM[-Z?0C#L;MOE@_.# M'"^^<:.-X%^H4>19/+))*1:V@SPK+Z\*,0CG[%!*(%B9X7<.$AW@L:XX9H8" M(CI=&)LM;%]6P#=H$1*5:/6CS77R,SK>8EQ/=V3U=_ZK)C!'W+>R7U;M2Y'B;V@$W9[_?#T M;-/Z$*]\XKW=B3/6\/CH)#P]?CGH[V,>ZM9W7'ZJ0]W02_Q@P/$VG??QEESB MK1\KL^2A=H["]NE=,-3-OL+DJD;C0N6[,\<%':[C!7X:+^-)WK085-YM=>^% M*G_8V5%EB,>?=LU[8.UE#S'ES%&.9,=-+=%>N-V1^KP9/.U?Z:9LP MG[0"W$%P;A(DZ]&"^6DA1M34C](818;Q<9<=HN"J"?51&3-_P!\_/IFX/&W!('I2VJU(O+>I%`_.(T5V.5YQ((DU23!"]MW%RB MQI*?P3\G<33`/$PL^*1`>6V'64HOIF]H`S_DY\"C"5,8#:^X:,0E2UW> M$/;Y#]PO[X-`05&>Q`Q'W(\..-TT)3)]LBE-6L-'L%HH9X:@]3$BUM]@Z'9_ M<&#SL[4WHN&`CWWU>U24.2;*WL.O7QT$^P:'ZRB#<^0)VHY9,4Q&X_ZCX3`O M&;/,T/^4:&Y/"O-])98`V*\RW1"67'+86;C`D*JRDE9P;OEK$"64;=!72A6\ M?/\&$7_0&F#O49D4(=(AQL"_)GSK)!JIVL'`=Y(L2@W40^#5<'[`D*FZS(K8 MUN`$(#D578A\HDW2(<8G!_(^NVE:1$ZK]QD&UV'(M=?OA4>]D\HJ-EFV/7,N MT23D`T11IB,6$"PXRY3`O`C"@_N.D`&Z_JG/G8:3YL7.,:;8[7=(H@#+6F[. MY99V3G\R+!!QVBE7PEF&09AOJ]5@D@YF%C`/#0.0NK08K"6A1!DPQ-Y1>/2D M`/+G/3#B?:"&QE(!$F]6N],UI8/3"BZ@PCQ4JDSV=PB_B`N!P?R>MX*+:!)\ MA?/+8[Y=_C-C%MRV=HZ08(+TF#_KGL!:D($&A)FWYPPZI4\ZA4\,]4J+WLYO MINU,$S7"8KW(`E1`Z;#\]1:!N%NSA'**/+K7"29QDJ!F'&%J)P?Z<5T1@6:P MFHI8",E"`%NPA6-XNN1_[6XWFC>,+=0YN=,6"M[F,1`Z^`T%M>4:6@I=T[>8 MJWX?P\&FF'!.)6?/11J>)?0;YI9RSQ*J2N<)Z&902M'H&D7#R!Q6GTO-X)(* MH6I#4:&OQ;9,I.#J40,3I]"/RR4S':<"Q2'<%/@3:#W M3#EUOE4:57I(MD'%)`KY))O)-E>>%\F3J>`*!6[HV3.T%*]F1V!BP2`>"=1! MDO"R53D4]SS>=;-X#CGG[U+\+-AK=&(+%OXBHB2F;2-%F';WFN-SBP.XP)NK M.WU?6.M]1J7WU0'/-GD:SVDKD%T%N"UT'MQNML0IM,#;#Q,+^:DYOAL/M_WJ MS]UQGBT#"DF&7WAN;0B'C!5F6N@D>&X.C27\)EE`5NC,'&"L*!4W7B@8_02G`68 MF<5QG('QH+H<:-0BY%G*]XT=0:P' M&$8J\^!&J6_:$5)0>0)%Q*,`.P>_3CL1\E,PV\L\FFAV[FT1!\.Q%YH<7G,$9B+U1,7Z+WO' MK&3Y')5)\'
F(%4O@PV";!4I,F;-%9@PY]-MH];YWL6K`=J"+.V<6&103< M]QD_@3#2@)?>.WT3O/OP!WN`\J#8/,?X>PAG1L@G<27H*[K%N8JTA(_&V1`N MU23C/ASC"'Q`=#J*@@J9_Q_UF<"(12D%@S$'K<2TY))L/1\5MJ*22J+,$P,3 M`ZG>@9^UUU<&#/4LB8=H55%@%^U%L&Y;EF:T#-GN38SM2`@1B0*%A-:$XX,4 MSQU=QSKC?]-'T<*,TY+`L%PXXU7F4T"4@9A5D?P\=]#5N5E%N<(A]C;R:S??"\_P!5AR=W?(O*-0X<.N#9W1JW3LNE%2ZQ MS+OL\-T5`J\C"V`GO>CTFUJ)+Z, M!URA4F2F#BGHG;"&KN17:`GFE!8ZT)6F!T:Y56H%AE>QNE8&^G^918FHV,%? MO#M-L/CLNF:DO"&U;\MQC(JU::3&1?N5=14O?Z_=:G?[1`_Z@E1B76))D"NP ME#JDZJZ\'1BGH'$7X+6#+1#KJ_F-C.B$R,RI/#I!8#S7D7`DK]H%@-ZK/5N, M8K@Z"XR=@R"JPM)"TC.`UDK"%WG=ZP&31^J!E$*ZF:0L$/9P:Q MF"-*-0DL!/-C>03)K:?=]_-7[W+D/'@G47,)%[NHZ:9K.*/"7.+6]C*K)@?N M4$"<)S1**&3N(',)$[HNU%>]/)*IH+AF//$S%AB;7I!Z\',-8:"HU'!((HGM M37@C'1+WS5]3ZB8*]]2AH/9B$2@K%6(@CI+C- MY2^@NQ'/&;(&[)Y;=.T='9V&I^TCJ2L^[8EP>-# M4VBCX$.J\LN9@44!4TU4+BT)/^F9#GYGK_T@-!T"??N(/XXX`NG'P_`F@A"8 MIF=XZP?J*DK&>,EQDP_N9^@;^D1)V],0Q0-9=U34;(0EB-5,FSI>,,3MTJAB M%%<;VLK/R&4D1R#:P2R>IY;MD0D'06LQS1,Q&*H+=.\CBFG&HYC"@:0)J,&" M]#&@AAC`B"Y\0NGYSZ)XA,9]X.=Z?D<$?07J0[T625#2:FX3X;[(O6%]WK`_ M(ZAK&I?K\T]`H_"SY9^^\`TMSJE9`Y"?USON\/>/^UO9G%<*O;4YS^TP*JNM M"A)A1GM?;*QP$OV5Y=:FX9R5Y0KVS[ZIF03'M)>M9Z!0/J&@A9@'*&&0:R(R M&C#L-G.9,;KI%?'BFR#LT5(#`>I?40I"Q%S&(E?<3%1SMSEC]G&*0RMG*E(S M1MOH+8G!9),>I&,#EPMB!Z$+#9IA;#;CC$,!X%6WAG>KBK5P.+LKMJBC2["_ M+\6TW3L["WN]$Q/Z)"2#VZ267FA5RVD[;M8%14?\[/UVW"T72,$AQL-84&CUK@+X0-ZF,<#9/Y!=JT,_.0F"_:[![0" M@[81SJ7"?^KELI+71?V3O"?0:QK#7_/A.EJ&C88=M7^R/4N,[],_1+AP!$^/ MP)ER`!<;,JNX4Y&T^1.AP(UIX$D?KN&B^8VCN"^E#Y0TP"6V;M#PMD!P!Z:L M.F2M`([THQKD%`4U>';*UM.U!/+RKZK*L_F\C M'K?#3H>]*CI2/P3IO_R6`\&#!LIZE'`0K@V_=39.+>>QZ`@(3^NS4R<4X!OS MZ7(\+='=ILZ80[RL"?=F(AE_Q!<0%8184296+G:;6PSI#EJ'U\2WTHOS)JIT M::^$=*6EC>M_U6KWO+!S-D\DUE6NMG5ZNC`=8QW/,H0ADI' M_>YSSV$P&3TTOYPYX=GSM"SMV9N`;>&6I'][ MU7OU"&,OE[G.?IN$(9F>*_1)H(W]:>3?.@+:VW=G;WTXTN?QX;[@^' M7-O1;87-_(OJM'FP>]./\Z8-M<--Z'`G5S=`GNSHL'O3C_:F[3-D M/V;Y6,4[4W8C1,V.#KLW_6AOVE!3MC&DW%GGPWH>X;(DB&`7;-T*2NW>]..\ M:?MLXUV0UZ?&\7&[U=Z<3,>.&L^9!<-BK!TM-H,6/[!5O@LP;Y"7OZ/#[DT_ MVINVSXC>!9@W2-3LZ+![TX_VI@TU96V`N3:'=(U/:\79\ZM"V%<76$L%6*5# MR8ZP/R!A=V_Z<=[4H`=^H9XJE5]M1Z^8QY[[F/.\]J4Z]$A+'UJ+=$E:V)GG M&7O:/&U/B./3.ZJ&!UDR"LZ6TOSU/B"O'^F^R%*/7J1[Q2+Z;(>OO-S!OH]I M@LB(>M*NL[A]##=Q.9*T6^V?UME87VX77V+][7"<*^6Z#^^.V!"GTVIWES_C M3;S7'[YCKV)JP(XSQO:I/NI@G4__B0C1;[4W_S+;T^0.CM<9MC[&,7_K?*#/ M=YV/VBO)[$V\SQ+2QB&G7W9B?'E-77>GFEV297HGW[L!1\!;$1M27]D\#!Q[A`.)S%#17"8\4B-5MKUB4LV73*Y[F[ MN%`F16VQFQQ_^HC<[R[%M,RGF99>TY5)CG96;A2DP&KSS!$,05?,#N$ZW>!4 M")Q:@2.2O\<3."`@UUXG[)R=T$0+8B]XJYJ:<>>U&67,,71^W(/<#J4N-?>\ M%HYG'J$UC!6<8Y34+A$<'.R6+B)_38XP=NTWQS\P8:E>R3JDS6;)V6 MG0K#[UU!M]V;)^?5[+-(?1EXXD\=FN9&/)@IJQ<\CB3*_;DZWHBB)8:XA&;R M$0=B3>=Z/E[[1WBUF;3D#>]!<=_",2;R"X[B8O@WTA(/UL\9S%TQ9[JL_Z&& M3^A_F#!K>UTZ6O9N70ESW$NOPK'CW?7K@QY3.M\0L9FQD* MN,D*C/#6#YFM]FWHO0+N7$'^=X\VY26^?0=G?CXAA M]SX=6!^NN]H;>=N>U<*\IT%RTCT*3WLOA/=;(AWQ(J&O.Y,K]3=\&(]Y\&UP M7EZ6NN#8D^_X_ZQEPBEX]N_C'#Z=Y3J(Z'L2$(^"SNM^&V?XHE#O^!-:*A'[@7\Z''0P<`UK:&# MUFDK>,^CP&D,]#4%^<<2C)U;6F@B$Y6@2#T^$5"TGS9`Z[&S!'%,GQOGJE5J MJ.&&A^:JR+/(S!4&ATA&U<$K$]J36]@A;TEH=)_@W'+AI44?]Y)ART;GZF$] M]*/B@J;2GZ>C=Y0AN53I$!3#)J?#>JW`VYD9O.OVMGI^;!TCX/@0FA[_FXJT M^N4+[#5*@G,<:DS[IA=OPWAYSES)Z,W:F.O*"-\H2!0-D,11ON?#81F\@[_G MBE,P_ECT`$?ZSBB%IKZK82ECAL?Q4%)%.#>XQ*GS'*C`&/SG.,4IUSKX'.7? MPN`CZ/MX%'%:B]\;(?-)WN'W:":;H;5F-I_`TZ1D^.W^63L813-]T`K>XEA_&^#:*$LM[Z2F$:6"Z6,^K&3"]:"5PI M'8_BB)PX@M\+[3!37HC<.3188GJ8^CZ\BD`'ACQ!G8;OPM]82>+?(TK\-SW. MQ_8?"K:?EF&>R897%4W1"G[%C#VB,B0)#RQ<)H5-U)MWT"^$%X:&%\8@!D%@ M@J3Q5HDK`_&1E".2^2S70=!/2EXJ9_A1>.?J"BXCBG7)I^[C&@Y0D.,*,7^. M?@U]JTH&[5E3/P>*["FK$^J/;=$2SHN%5SO-YK=6.#8/;B*R7TZ-9P5=`JE^CPH@VA/;/NM' MA8]TG>()HV3`>8DOF0DG3#7@Z>LLN<;K.$RB>*(M MYL9[6@MH;&$H`Y7$ZII@%RPET%R@>><6LF6>39^X(2P-NEOBA5H>5^2=HN^Y M((/MY,$TTS$GKG.1*'1O/5171+]HN)(5N,8/?][FVS$S6KN]AP&!^0^:"/X]@<, MD^C-\\N/6H';1,"["#;>&;_=IC/G6Y?T=H/:FZ!)=. M)!G=)/A23.A,AI=-FN0O(?V^J1G=`O`54V=`7L!2B^!7\%8QEEO*@^&ZIMX$PS#C4:74?DW2Z2WNI[K%F@J.%5FB79)2%( M03?`A0TNP1]$'Q<6^DU)2*T5_*DC#40*2DYUEUFQ:J6^D(`65)FJ)+5@V?@T4$<@_ M+G-4B@0Z+O,`Q%-:554D`K6J[H2$$XHN)JL:(2A+#@3X:)J!C`N)?"F!QHQ, MQOA'0;&",=69I<6;X"J[P7!E,]/@T[+T,L/UZ0)->#@6H0Z&@T)DZS1JLJ0U*!%^(B(^_A6.*9K8;0\B3&V0\!C/2RU MEHL(7#4@C'9AU"V:3*F/S9L/YP.+)L45(;M]WG'A["K_W*BJ'H2O`M?-K0.N M%OI$\F9D67=?*V+">)!->0:YL]%-Q$Y+]3&^5+"4H^<1XQE@0``%0`<`&EF>'DM M,C`Q,C`S,S%?9&5F+GAM;%54"0`#!7NV3P5[MD]U>`L``00E#@``!#D!``#M M7=]SXK86?N_,_1]TZ4O[0(!DL]W033LT/[;,9!-FV>WM?0N-"C!%VV"&W]^LM_O@/RW_O_MMO@%B//[8-KZK2' M9$I_!O=P@?K@`R*(04'9S^`/Z/GJ";W%'F+@BBZ6'A)(?K!Y<1^KV+BXN._C0434BN)LP+WW'6">%$EN6GKH@4XL+GG;=W]OHBO52-BN.5:MH@(Z0X'E8 MEZOLDQX4*/=O""T&_@GQ^ MZ]'G@Y$G#)0,_'?,9519RQ?).`+)6C:M>]G+,O0P_"JKINP;'(?ZLG,@LY$L3P>C7/S%K)3LP@PNX$6$\0*PMU5/3Y6Z'G%$&J%X^,B5`R* M0@MU7K1.HBGT/7%PI0S5=S'+QYA@%9ONY)\[N-%*(.(B-T2N#)8UHY>/E;%N MM]L#;1!JQ'^%Q`4;=;"C?W3X^1/U"/NI!!Q-SN3O<540Z()`.8`=`O>HLX/6 M4XD:RE)KB69W"OE$4^SS]@S"94>GS9`G>/A$!X-VMQ=D9KX/'C]&"&41H:'R M-WR+!R?(T^]^'-[^^?\TP4X-<'^.SR),F`.A?;S;"C)@(?*@<5CV0)L6V9>U M1<@J=>/IM\E6C6;QV<.4T45V20:E1LW8X^4J(;0`92YBEZU>=XM"CG"1>]D2 MS$]QM@IRQ@XBD&$Z6.'<>K4K6RI5J4.&3&IV"SV-EC37DNR<=JLE(@#YA?`E MKF#R=.N MF?@[.Y2_E)FN!/'XA4#?Q3(T?PS&O*DT[$D]EE[VN^/NU'+-K>LT$Z\QCE3: M'C9IK2N?J86#P80+!AUA("%5]C&M0AR="ZM(;L9KXJ+:ODFM(J@DAOQ/I5N> MH*?3&N(*,K;&9*975`W<6.E6PE4N"_00+VK:FA)I]GLD`M=-C2I#I?9\Y8(W MC@(JI6E(5":.LO4'1KEI?+PK5'LJ4N`:0WBEA7]/!5*YVCL*29&&DJM7>XKL M/#"Q]J92UD8,+2%V;U9+.49%V4RERM:>'3-J$R/G]1FYV8S8:L]`$JVIY-]6 M'>7]A:]7.:_1DLG)@,Z"RM\]I$N2N(,%90+_I9^'R]LC#V[2K_MKW,D102GF MZ\]WF8Z:JLI/=:DJ<5>NT13)$G)O,5'9Z"O*A6D84L!"DPBW\L7$Z;M*.97U MDW)L)"S\N/9L[``U%?5%#6)<9G"K?3''8&8M)518RG<83K"'U78=NT206:'& MV:`$L>V MK6UEF\&6&;J1EVKG[GK7_YQZ$@O?;&G/F>J8%6H\U2FVLG^B`5Y(`T_ M:[$[1;(B-FS*F>8#-S%2\6:I%+@/OM`'XS&9V9,34VHL3_L^&"FK-E^@SL-0 MHF$/7%>7*?3&B,D>>CR'#/$AY_YV^_7^+A([[6:06,09(YL5IQ@BW".(W2$) M#F.9$@SITLU@*PN\D9T:)!>2Z_EZ`T;NJ,].N1G<%?#%2&6UJ8J/F%"F#\4( M)'L&$VG[8LV@)Q6UD8B*=S5LEP@?Q!PQ]6T%#,W5QN@GM#D:>Z=J%1(/T\]P ME;]H:F.E&30>XI21Y6H3'R/*A4/)%`<'R))E81I=_9\_=._EG9HV9_`!#_L MV/KQ]43FZXG,9#KK]41F652]GLA\/9'Y+R7F]41F0?Y>3V0:XDC5@^M8[EF. MCAZ8KD"N3D./$-/)2ZODNTFYQDM7!1PPT5>G-9/TQ//`%W/*\%_&/'PQ(XVA MT\J1LENEH9?+1F:J>+V#"#-::RQSV1X9(U6-6N9!+;&Q+:]02ZO\I&$">.:B MI5FA8?18K$=6FYQ/`UUT0T!"JV$DV>X#J#C!?E#O76IP:PROA1PRT7WHMK:# M1B?[O?EAHY*$E<8RENZ)B:HZ[7([8(^.O8&&\VD1#BL^.&?C1='XF&NEX:S: MQL^*S]UE;!XK&#T/L%1CB@_UQDASM7/"W#V"N1/$`A::26NQ)$VU<\<,-S*_ M/"U'K9G$67Q96K73R=Q*EQ\[BYAH)HL%HV9LVEGYEI&%E7#,5@;S8!QDJ@;C6T:%F7CH5@NUU]\&&:IN;$+:*1\=K MO(DJPMK;Q[I5`:'.\:^92+^;*@)YN@]2*8"XQM$AYE]0%:$]VT<;Z()`&>QH M'[]/R[FS*L+])M&)*4T0J.JZNU5^@:J;O-$J@GJ>K+5*&@3BQP_LJ?=;1?`2 ML2Z0!Z'""XP\\F^XBN`FHE=,6].^I_\"8=AP^U4$.1&TMBH@U%$P@^&L^J%N MO)5/_@902P,$%`````@`SV2R0/[D\EIF&@``76@!`!4`'`!I9GAY+3(P,3(P M,S,Q7VQA8BYX;6Q55`D``P5[MD\%>[9/=7@+``$$)0X```0Y`0``U5UM;^.V MLOY^@?L?>-/B=A=P-G;2;';3]A3>9-,;G'03).D;BH."MNB$I[+DE>1L?'[] M)2G)EL17*0XU*=!VUYX9/R0?4;W?'-R?GY#DHS'`4XC"/RPTX4[_SXC__^+\3^^?Y_=G?1&25A<(Q. MX^GN>32+OT.?\)PZN@]E?213$R2_7YVNS]UFV.-[;^_+ERYLH?L!?XN3O],TT=C-W$R^3 M*5G;HK/'U6CX>7@X>O?F<<:@G^*,?;P_'.WO#0_W1N]N1V^/AX?'H[>.YC.< M+=.U^>'CL/@G5_\^I-'?Q_P_$YP2Q,8B2H\?4_K#3J517P[>Q,G=WOYP.-K[ M_>>+F^D]F>-=&O$QF9*=4HM;4>F-WK]_OR>^+44ER<=)$I:_<;!7PEE;9M]2 M@WP%24J/4P'O(I[B3%#*^C-(*\'_MEN*[?*/=D?[NP>C-X]IL%-VONC!)`[) M-9DATLM_Z*OB MXPL\(>$.XI*,?-IVO:_9*I3V?(.](@F-@X]1-]1-[9[@LV9N\0TJVG*YIUV"'_\(+]J0:;>PO;8>3VMV0SY9QDF]1_B;:)>_=X8'^8SWU?G9[W_\]4N$EP%E MX'\F\PE9ZPC`/^RH1?::O\^%QTD)`B=32TL*B;UIS*;Y1;8;YGV6J\^2>*[[ MY:*5L?K[O\+)VDK>$^R'-'!K8@E)Q6N[U4!4,1NZJP`U#YD0]X%(M/O+S5\7'?W&_ M@LQ)E-U,2839;#=^I&FC=199'ZQP@LOI813LG2XH1QYE M?-'3:+5>S`>E;"`Y@W0RO1/&`JS)CX(2&UFQ!NV/%B>,JPD.SYG+]/A/LM(V M3I+S2PP-S#HS&D*`J*%&IN%&(8R$-&+B?;"CG,=NF5E%L^I?^^*""E1)@>IW M($9>`4C[LN`R?8[R.IC`(VF&MC3D?(^[$F:3`#4A4$Q0(=-2(A=F+D0@PIM] ML&/,@`0#O%]WT@*[[E9JA$&0R`5ADTGG:;DPQ8AK[O[-55&IBW+E M'_LCU:]QN(PRG*S$3F0S8F:0\TLB#1I"@$BC1F8BRUH#"94>&5),AM=D M$2<9C>[R'5S]\DLC[GD-:P3=6,HJ90&QQPA02Z)O4K36*+;=46&I1S8)-I^P M]^A=G.@C(`TIO]Q10JQ3IB8"B"DJ7)K(1Y%Y4LCV1XBKY22DT[,PQLU@O$;& M+QD4\.I4J`@`(H*,2D.#7!`)R1[?,?%\'DL^ZX7&8BPXK-7?II MT:CD^7WCT(#&6\>@`8A(#C!UH56AB83J`.7*J*+=9PPN7]CE89\S]IG*G3'( M^H[%:>$VXW&2(`@FV=!IXW+%^KL(SPF5_EG#HP%NG*E(]L,8":J:+VLQ@&QI M8K-Q1<1JMLZ4+>2EW.))V(SPZ81ZR42I`52FH`B)WCEBA*5-.D%_"K$GYYIL MF147-"+G[(_65*6*8"_LD(`J&;*6@L>2)C0#4[@H$K)&NL!-#]OWVOT/))G$ MZ[Q1\R@H84I#L=WTL.T\LN,T)5E:!%`TZ6,669\/KA%NE4%*03"/KPF=;M<& M"QT8K#G!Z?TX"OC_/GY>T@<<,H3I.#O!2;)BBR!Q#$;3=D==GZQJU9PJRYP4 MP;"N#5J)A4P)!O?&TVF\9+BOR92P-C#OYQ/)BH=$][@95;S.7P[@:].801X, MKQQ`2MD*A0I*UCHPV'4>/3#4<;+Z*8E3G?O:%/+)(#7`*F?J$F!8HH0E;?.4 M0C#8\"G.2,JFS(L81VTF'`<]GYQQ;D:51E8E,,QR1=HD&]<#-P%=)62!:?#Q M<4&BE)AIII'U22TCW"J=E()@*&1"UZ1-(8M(+@S$):\M*5R6'3TNW*P+-J^\ MR"H'<>W=IB&%.,V+I@#7:LS56LZ7(3\(>TH6;+JCXA@1^W-(Q&FD*!C/>3[% M?\3G5TF\($FVNF+-$Z>7V$IA,3?ZUELR[]D/WVJG-'SVK=@&,SENN4'R?)K+ MH__%\\5WB)3B`Q21#,4SA#>_CX(*`/[=UV\/!D??OD,X"M#7WQX.W@V/!NR= MGB[(-*,/)`3B2%:ZL-I5IV1&V(P1G-&(5]8XB=-,M^9H9:&G1\FU:9JGQ:8. M\8%PQ"RO#@]&W@Z.C0XBD M9Q-$G%(MHS=?^Z1K$U25B^5W8(C6`"3M$A=?PQCNW$TR^E!]^)QZ9Q.BEVET M+\>`W,H+BB,4# M,FY!_:9P'^%\-6!5(+\N"89#1GC:X/TBEP9#GF1)`OEIT#=9)^^90F;8#1:I MA2$1R8A0P24N#RR8)B+*Q;-@"CJO1;Q'\QO@I,!]\3T87BA`J<+QP.84L:/@ M]#922GIU:_10:_Z,+`:&(WIL3:H(2;$"CJJDX8O@?-V\P`DZD')^]]1C]N"\X>J4>9WS^BJG]4F(TY3.*`D9\8"5SGNJIL3].=#%%:.#U_N'1X.CMMZ"I7CF) M/PX"RC>Z<9BW.S]<+VI)!9KA<-;V>IRD79-J!TK<5,$\#NWP2AM1>2V%XJ%H ML'^PF=2K3-\\+XSI1X/#_:/!^W<'@MMO!_OO]@?[1X>EK)KW$%,E-IUWA6EP M'IW@!65.NB[(KI/VNG%AAES;ME"+@F&Q&9^T9;&61CP/>)=&:)HKP."2)AU> M'+NP+LM=E0$<7]`TR.$,0T,3#`];P9768,M).DWH@E,S1:\VYQI>P]I3^9E& M;/[F%R)DA'6@CHBRF$_*Z4!6R=64`4,C#;`F84HQ1`LY]@>4,A;1@&(H)[`J MJ9:7V3U)^)V"";DG4WN?1-)Z3"_YTD.QR=HL?];O2[:STE$#;IHF:)%H7 M$V"8V@VW(H>@DA\^HU.ZU9IO3UC&QVG&"#"CQ=4MU("B!%02MMJNR5\"<#7=2MK7B.>#4I8F-"%0;$\"XVPF\ MFL@59;%V?BG1_2N<7":B)D\@`G-7)!%!"*=0GEZYO[BIK4'Z^*E.$\R;OQ5< M2SSUNTW0""(MU8&Q\3J.Y=1#=B/]T=2U@7JZVBP`I:TC;"M]I=#F,UT=:4:O M>PA'C;YXFBEO%TP^L;'K.R<[VNF=LEL`+X68BKW7`7I9,W"G&1?2#-M^1GTA M,ZCCC&D@GK0!"I>`QIU,DT+?Q-/O5^JE01/.N"MI)UN^KPB7:&US17JZ9Z!E M$VR\@Y\NXGK5@)V!X-(XNCD:G;QLB"OUM@UV7PJ]L)5\2_@:YG]X3@^ST^*H MZ:AT6!0I3`!9#&D;Y[@(DO1[)^<30+>@Y(OP/3MDU;4Q`&?.;>>KOHCTNM:0 MVY,7KB^K;FY;W];!"C0*M_)]K29>%)F=?6,#H\'YQH8DV9:.<2=+0%*?V[C$ M'60_E::;^7I!@AUV]+48J"H9D9GUQ7F$NCRJU_I0*0^^:NR0.) MED17)G;SM4^Z-$%5^5%^!X80#4!-!I1?PQCN4YJ0:7:Y(`G.V(1F*G"N%O5: M&MH`ME8F6B$'AAX&<%+Y:"&*IEP$!EW$2;>K))Y1W>NE)N&3'`IH54Y4O@9# M!1E3DP%"`N4B,!BP)FYQ%4]J<3<,\C[9885=Y8I6&`QS;`B;/%K+K^NX'L.@ MTQ5><3YU]S)!KLSH^S:7GU@]V:4/.-S2I@N.6&4_*AP$Z=]X2[`UO]'ICGS$,CI1(1U7O4^)-:O4<0 MQG,JK;EPTDCE*6DC([JI*4WST_)<3Z7E]-!`Q? MU+@4=X;F9;I@34,_81KQ(DV7T0T.R>5,\-AX%Z11P^M:Q@Z]MH[1BX.ADAVC M(A1'Q+6S0DC<0@N#6'(4R#S[&.3]5JNTP*X7J-0(PW*8;#`UCI/RC0:#7/ES M$?Q[F68B9'T6\ZCC%*?WYQF9IZR1X3(@P7FTJ4)WQH;Y)(Y8'RQ9-Q0^9!QI M_?1M_H)WMVR[72/Y<-LQ#V;6W7Z;Y!O/TA3Q<2J7([S(ZX3,XH243UB&'Z'X M!,62/&_M+7XL9HL/^4:/IA-M2EXS&IT:4,MA-&J`8:H33$4T_8'R8#IB?`-( MM\IZR[XBZVV-:UG0PGKCR\#4[WB8;W=&V"DA@9AD-YO29<'CRKUIAATZ9P.> M]^Y:-JRQJ^>H#6:^:@U96^6Z7#[#8.@GDFU\@7&6)72RS'B1]MN8>P[,,6!= M$PIWVU@FO8,=KXNAKLVL+9+:&@'#WJ[(I:L?289"9@(&=S_B)&*8T_+XX@>< MTJFF!S2R/CEHA%OEF5(0#)=,Z)I\*671*\Z:UX@M&?+C)<=(J,'@T6^$WMUG M)!@_L!7-'?FTG$](=6I>E8^M#(#A:1?43?Z6-A#.C2C. M1H%B\OJ\S>7LA"WZS\+XBVTCSJSB]_I2._CZ!:9Z>3`L=``I7V):'IJ*9X@K M(:$%[@@5G<>.#6UXCRVM M@"%Q9^A2GNR&S2*&N,G7WY@`LM-<%S36Q0HD)DFH5(N,PE_,HSHP M"%$)J]_&U_R6BRD-2:U!M_%V)L3G^2F_ES(^7V?5;W3<_N^`>5B>L7'R79+E M3Z$L1DGY6X@_B\59;O9YQ/[&-Y/0HOA!-%E5]H&`S-S57,Y&"J>FHXT:7D_^ MVJ'7#@#KQ<&0V(Y1.@YDB3D75C??",# M?'7&D4(!#-5<4"KWLWGMDUKV$0R6\8J:F`WFY2RO[A(%O^$DP?F^_@U)'NB4 MI)?)28CI7,>ZEC:\)DIV:5XMC;*-`3`L[8):2L$L;'#&BJH]XLI4DF7A.G"0 M%I:`4+F6;\(>SVF>;OF$W:AMO\S_JL%;;^3Y#)#V_L-.(_5\S3, M>EDQF.G9QM=T'A8 MGF(2TK.QA79(P;Q[]C=>WC`JO";AK(<;$T#6@W+K-U?::]TFLTZ_O%;`-[.V MHN"5DP\DF<0I,>5WN8!5W+,=+YF_Q.,4A2A4IIU'#\P?BY/\_EO54^?<+RZF M^N6E>V/-=+7;@<]BYS;(IZMR12`W&\LM.UT2[F&-9S,VS>.,I$4JKW/7Z`WT M2U];P\RDU6D#=@(LD*6XW)+DNW:X5(!*T:N$+#`-K@F-TF7"%\KLDSE=ZJ,D MK4ST2U-[X\Q$U>L#IJH5M.)N8ZX@7%)Q_@LJ5TMGY@JON"/CW".27K^LU#3# M3,6&$ORWNAJPUC]=Y&(PJ#<.A7$2E%F;)#B)Y_RT1+6Z21DBT6U)MC3B=<^Y M4P-KN\FM+$"C:R?T"NXF2Q(`.]NO\%V*.Y>*,M/,QSY9IED\Y\VC4G`[D*7=DCAK4*#EV@2/Y M<$_0>W*&']34RZ>E7,(Z]-@:MRJ%3N1:ON*:KU%I"7U8*7,N0;.81T32;204 M&PT!8+5#0QW8;;`"9L;N#-V64+RV`"^A>'-J=#S]O*2)OI"@IM/:&.BG8+AK MP]1UQ&W:8-C;&K(4G&!H[IFCPO,T%H6N\"Y(J0B#LNZ/Z9.?Q-H"0&^B M4H]BDU%8N0M0]^ZRZ_551\38#%WY$*42&&:Z(E44.A)Z.0UI,]L3'@4_Q1FQ M;&'HQ?LBG`JTCF=569#T4@!T9U7$E6%M5UR31>%F7\XXJX4+%C!8._[FNM)R_6H*ZBG[9Z?A$A(3UNYYVFR4JY?(;! M8M%FDM`X:.X=:_K)I."U'K`5>*T6L%8:S(QIA:@B'"U$]X)"EI]!X9;@L,O0 M7/^,T7'#*PL68I1O,O92,\U(%5S*\!S.T(3#[ZMS]'KKW M(_,];)V[;^E>PE-F73K68UV[Y6*1'VW&85E&[3R:QM5%5P MJBNI^/=@B*,`I;V,BF?[0^%!<:%!,<[G9[__\9<(B-[&Q1('A^NBG;K=9&5 MWGG2#J>TNA!AZRQ&:U6TT84QO7Q8IC0B:7I*TFE"%T5=+5Z$..5Q4I+R-R7_ M])8\9A]"_59P%T,^)ZGN#:W.8^VM]$[A)T-OLOK_:,I/%'.O/KLGB)\*P5&> M8$^N$=U@"I,CD.GQ>J8AB(Y9%QR>SG.!7J654 M`,,M%Y3:`\'7P`K6:!/7W:>R=B8\ITFT;EPC8<)9'PP].X!6)%%L3B1\A'4B MX9QYO-$=90]0G@?BSE,G3<\1.=>F-`)U-C4P9'3'J@CK%9IH#"A[YY1,6DR- M6FF_)<6-D.OEQ)6B8.ADQB>7$9^P1<-=0B`%;RJ)0*O;!$U==/JZ;#.ZF`(V1ZS+M6KR`Q#&TT@A+V9WI-@&9;5JHL[3KE7D*UXL+2L M77V97/.KTNQAF>[VO$9JGMKL6O"FJS$P1']J"^0KSGC-\LM%?GT\]S-+"S!8 MO]YD:N-?FE1ZV=QS]BCU\F`8Z`!2]B'%O36W<.Z'5S\\[AQKH>_WXL:6S:K? MXNBH#(:*;1'+>58+RG-9G9UHC7-,A. M#:SE]+6R`(:MG6!+E-T8$6_KFAD8#+Y93E+R>WF\:H`5V M/?%/(PR&;3:$\EY?*8]RA9X2>?,@DZ'@!N$J3C,F-J-%\K?LC2OW\JQ:@(:G!5AI[ZZA.D!5Y6\J>,XMC,!:5`[(E<4MJ\/<,62\,T!#?BZU&A1>UKY[I>$``V:'EMS6#95 M53\Z5,Y^QCYG$W1<8LDC8`4@5=]KA0&-@1VCG,2]T2AOKWY5*+WNZU'@=U#D M6)0/P>9K0%VO0B41G\L4O=Q3WV[YAC0X_>^&4Q'WS@]%ORKU7O/ST155,./D M\<8PR*/:`K[C8%8`S)C4X"B+SOQY2F9X&6;H@FO^2]&=U8\NV)_8Q^5'[#_\+[9/=7@+``$$)0X```0Y`0``[5W?<]NX$7[O M3/\'UGUI'Q1;SN7NXKNTH]AQSE.?K;&=N_8I`Y.0C!Y%*`"I6/WK"X"41$D$ ML:!(`\HH#XE#8Y?8[\/BQV(!_OS/YTD<8(92RGX*?D-Q)I_02Q)C%IS3R33&*1:_R%]\%KQ^=1H&O1Y` M[6\XB2C[='>U5/N4IM.SX^.O7[^^2N@,?:7L#_XJI#!U]S1C(5[J(J/G>?_D MR\F;_H^OGD>BZAO./U\:(Z2\WBMZ2F?*DFG)QQ M5;UK&J)4-2GC:P)M"?F_WJ)83S[J]4][K_NOGGETM`!?((;#J?"E_A1#;UH^!XU^J>B\AV*CLTP;$5Z/4:7JCJ MYX@_7<;T:^.:;REHN>*_$"Z&BKEXD1@<4#(7KG4CNDZ&;T?O,U$4(<'&^MMI:=F$CU2\0Y`?8F;L M_JK*MER=PFY^AT-,9NA1*JVOE%ZBY:H-&15>G,KF]>%+1J;204R5JY-IN7I7 MB1B,QT38/^`<,#[HRK=XEI>$?MU,U;H@6]#MB#`%`-(BUWN[$C_@!/9OQJRC:]C"( MIB1%L?2U=&X<\JH*MSXN3R8D5:U94"'Z3MFEBX468%@`B+8^G#UR_"43;_PP M@WBKKGQ=M:;"7419-1FZ%@_61/!S*E9Y.%HHDK5J:TXO'DME8@G6#WK!0J+\ MHUCI!KEX4)8OJK\P(*;A6IUCN>*AS-CV+__]G\]U]1P\\I2A<#D\Q.@1QTK] M9RD+$SUN4MD"7[4&XSA\-::SXPB38[7X%3\H0WHG_6(%]E?QZ'->ASL\)O+5 M22I7O9J:5Q?=K&FY70Q8&%`682;H6BA%+%QK#=NKQJ+$\52M%'KA$XF7#6G$ MZ,06RP(W:K*DC*^HPXN3<"XL82B^$H[S_"\\KV5AJRR0AKZ'/&CL=D'$PI`' MH=;@OWD1(.RG7L%>9:5+M(>8$2I,B&2LS@#[1ED@_J^]Q+_2;A=$#$1M(EFC MRQB--01LE`$"_YU7P%?:Z0+P\XQ)&R_%R@/%_\&(U3=^?7$@#6^\HL%DO;LA M^'<$B(QFZ'D]7KGK!H1("T_>DA+/0KNV%&MY%QT MJ6/*ZA<2&R6!7+SUD(M*F]U1,,P>8Q)>QA3I(@$5Y<"K.`_QKS#88?=$)Q.: MJ`#J_9,PG-]FJ4J!$$Y:WTG5"D+Y\7*9#8#$Y2HPGP[F:Z)+\4PWF-24A]+C MYW)<"X![5N0D'?KB`PW""_&5 M="D3%:6"/M&QUHPJ@2]5?!D*]03\^Q`G2(QU@V=BQ'^]['Y1L%[WY8:`8Q:* M2GU*^!2'9$1P=$$GB"0Z)O3E?6*CJDVMD:(W8V=B-%O%GQ*4140,L;_BR:,V ME+A5R@=436VDC.R6`:4-1X?M/$^)*L(TANF#IJS+#6[]2+6VK5%G9)N+A^8\ MR.Q3F?PB_I%I.C,48YD.DYXCQN9B`:K2ZW6['S!9ISO@]110:V-\XFX[,?,& MIX6I.E>J%7&Z:0YF"F*V'P1=)3)KB[+Y1T:Y;BZU6(I(].%YBA..ZSG2E'6ZW0[FI=90/[A8 MLP4R'W.\G0X?-:H,*V$N:CW"XI?1=6ZLMFZJ8BE-4:Q*NIX!9)-,Y\\#A_B<\E0W1;'2X#1KH`G54%#\8%,T1AG@U6[X+'_M-&,`S,.F M.7Z`O'Y@JW+X``#JBC!$M<'>D,(RX>!;ANEYT95WFS!@34V]V7ZPHY;I M1?.I"TDLBT`YZ";\8,=!E7%^P*ZB(J!NJK(DE(1N8@UV)-28Z@D7T)YIERZI MF\B#)1.0OF@O9V1E1U\_OW\>(\[5]B0@[@K5`"6]FU!"\SX0"(UW;GE#DQ#J MF>6R4)ZZB0,T=LYM<_?=/U5B\1.-!=P\OXG!F*VG%X"RVDU4`;9B,AOLAY,- M%ZU)5;ANH[VR)'BSMB,JC"!3@P&>EB M$[K24)ZZB4S8\60PV0]>-.D#*M/#.!V$"D-9ZR:68<>:'2!^D/@K22A3)VM2 M+*#5T;5=#$I,-_$-.V)T1OI!06F/\39]PDS>GLGP$TXXF>'\JK9KV8)P>CMZ M0,_FS5>8%BB!W81%+/O#9A#YP>^0\C2DR8@4)]>V3==-'`&"4!:[B7-83A[! M0.S[8EI,D\N&E@('8GB`\V^K!=H8N@FF6*\DFD#4:LOP[]1G]>W:RR.@K^%' M0(._K>GZ^^%(Z.%(Z.%(Z.%(:)?@'XZ$'HZ$'HZ$'HZ$OF`,7DQR;IEJ+)&* M1@\Q4Y%,4"Q>+^S_H5$[&#Q9":_5N3H"/5LE3L^5-N$2BLNN MG&IZM_K*Z!I:OQ%;-=JZXZAV\[). MP.D9R.;<^+@S655/VWR`YK<4=A68;\J0MXD`S?KI5@MK1(#_'1H';(WCML>G_&%A=;]LQ$:!E'\[D-83&#UYK M4L4L1\Q&FMR>(X/QNP-$WG,,7`A::7![+FUG3OU>(]94O/9R-J.8VX-L.[/F M81:YL8V9QTL[%6Y/P+7D>+"1THN4#L,7QY?I'-_5I7.LE`1T%*S4!'];;LRX M3.K(L^Z6E33D<6A+.W3#.SS#289U.]6K7[O<##+`7/:@37O\Z.PN",-A6C1? M^=5R_?U!U46=[M]8P%]GJ!]4J$3T(:,CHG/3M1).K_FT`+["+#_P7K:%XB8_ M;N@D:\H[W0VSX,)HLA_,#-%%'.NYN"7-NH[O:53C]]NK83;&T/MN0&8[P=/VRN9>J^I*>]VR]>>(Z/IW\28-8C^F_%4!1$N MJ5RXAH@_J5T<87.<13BZ2E8G\"\%INGFH;QK/$Q0_GN\'IJF\?I"DC MCUDJ#QX_4#D2B(Y>H!6KF47MQ4P-]+B];;T59Z41U-ECKP-.OI)9`J?$D_:IT?\O20OA=.A4B;L="62$Q ME,^(8/[]_!.7:Y_E2#$(4S++KX:JM[")(B].^M>0N#$<-@3*CPYX;3B'3&@< M9W_M@+=N$N,7(:40Q`.]DQ>RA41]`'95X0?:CF]V\RJG.6KM-(\N.?"CE94W M9C?V8S6-I5;":2YIPFL_W4DV@$:Z> M-(FU?0G1@L-\:P)'JYV)Q6W,.T2WVG^-TP3%%VM8';'C3=MC&'%\@?-_!3PR MWK_"2'6A\A[^TO>:,."$TFY:G>96MC,5;0E97YO)ZI,,VE&J7L9I6F1;Y-3R M70%1XYVS&6:/E&/W>V?;9EXE,X$V9?EMXU4X@AL(1)73_,L7:3=P0+_%YG21 M83G0#D8C@1]*31\IM5'@-L7S1=J."3U?AY,APU-$HCM,$IXQ.9$73R8DTZ^! MK%2X32=]$>;-"/K*_<97W<&$;\FY34Q]$98U6.W_0#"(E7(<+3:\<20_3(03 M7CYK8OINDZ42MUFR'3289BCN?^NI&`@+.XJ+'`2*YQE/Q4J>#:*9[!TEL!=8 M!0OA8XRE5K=9M"\SX6B"LQ\C$7R=O_,6N>N\VPZ:@CUZ^YXVJK%8+M=X&ZD5 MM8H\N79JM^0*`%1^=`VK[-=!^"4C3'_(54.QC0*W&<([4%5Y-P84,#^(AEN_ MLR^[3A9NAVA[P+[1;K_XTMONW7ZM(KQ::X%2W4VLK!VJ&T+G!^]P"':>W\+9 M[B8HB([JL[ZT7`YZ&ZX<02XXH+Z,J6 M^L)!<7^/7,#6T+!1"LI$1Q\EVX6)2GM].M__"^&"[+F*W4U1,A=+EAN49DRL M3=]GHB@NG:U=GO#_/N@%\OA#3+DH*?Y3:)%'^M,G'!2Z`I1$0:YM\9NESA8_ M9:D"(@^TF&RC>'7%@"D*#Q!TZ"T+K"XP#QF9%D<6Y4T17`8.5HWA09#_/M;' MI)LH:9?F(=.:0Q"; MCK$0"DI2!_`H'`)X$>8B&_?^YB#8Y7OD,G$Y)?CRKOY%!WEHYQ4IE'T-_*(RA)JPG=NOS! ML2TR,#$R,#,S,2YX[9/=7@+``$$ M)0X```0Y`0``[5K?4]LX$'Z^F[G_0>>GWH/CF!2NI*0="J67&0H,H;WVJ:/8 MFT136S*2#.'^^EO)LIU?#H'2N9D+/#!FM=^GW6]E64(Z>#M-$W(#4C'!>U[8 M:GL$>"1BQL<][]/`/QP<]?L>>?OFMU\)_AS\[OODA$$2=\FQB/P^'XG7Y(RF MT"4?@(.D6LC7Y#--"SDI\M^ M13O1.NL&P>WM;8N+&WHKY'?5BL1F=`.1RP@J+C::WH7MZ_9N^*HU'6'HQU2C M>:<=[@3MW2!\=17N==N[W7!O0WI-=:XJ^O:T[7X*^(&*)I!2@JISU?-F,KGM MM(0X=B=)HQ_7^4>[N_O![:U=%WRG`YE4E)W`M,\I`HJ M9FQE:_P95YKR:,X_UA5@UGDW*!KG7-E*U[W"E96N,2SX*8A:8W$38$-@:N&W M0[\3ENZY\L>49A5D1-704KN&%1`N.,_3U8G&6@;Z+H,`G7ST`LFB"G<_:!Z` M(1BS6AF<;5D17?_DR]<*(#+-(L'5G=*0*L8C'-NI!;4[!@()I,#UB9#I,8QH MGF`YKG.:L!&#V".:RC%H,QI51B/8E+83HQ7@&]*;N(^Y/%[KIF^,Z^-3&U7'F%QSUOK83K'4&SW M,8P89S9&?+-"XI,2.OM(>4P*'C)#=!`L4LP0YPKB<_[&/F<2%-)8T"D:'-"Y M-(`BFD1Y\C!,';,'$P"MB@HT-S?+OX.: MFUD/G/ZS',21D(+E6?N5XEY0BEL7A7R8H[TC^Y1BNU/Z)JA=CJZ@ M7(TV<6RNTI[YWC,5)4(A!/]P=*8L.)\11VJ7`@5MV5*2;W>9!GF:4J/^@(TY MKA\CBJNO*!(Y+IOX^`('?,3`56I#W^9B_;E8+,=H2C+#26I24K)N=Y4^"-0" M)Z`(I%LISUF:%7^UJ+C%$0?<;E'=*%.7$`&[H<,$"FE7V)L%WE\4N$23&K[= M,E](@0L8;>;U]]H27^SS2H;M5KN/"?$QPU%WJ%2U MJUNR-JL<+JI<8TD!WFZ!CV&H#\<2BM6?^[?%O*U9W)U%<0V2U-#MEO82$K.X MQKVHQB]^K9-3N;FY6?#.HN".A#B6F<8M%W^@1?3]/+/[3)R0_Z92TFJ`-S4V M"_]R::EG*(CCL#-VR;+=NO&9GUWEZ=I`R,6M]V*'M&,:9J8 M!8&^<_\'F#,UJ[JTFW1`4B"W7%>1IDS;[Q3.`;B%,!LTX/7^<)U#L^9+F\(9 M&CM/S!%M=PD&^5#!=8YYO;^IEQ]+UF:QE_:#-984X/^/P.:7.>B\A!&Q!Z1= M<_C6\Q0S9]&>LTTDC'J>.03VRY.P;YA::YHFI8NA7G-`:BNSJ(;KN*2@,EIB M63K`11*[H<%A'I3!EP2::0._F.F&F'YP"`1/D7)"AP]-&2&0_,1<3PW_DR:) M(^FA2W=^+Y[,'F+B0FO"E$]]UI_G%/813$5FJ M-1#SEU_B?&/RPQV_$[:F*JXC?4@0M0P/"Z+$/2*(]6?P#6'8$%9>+0@@T:KB M\FNN3>-9>\=A73B+&//PB/[77IAXO!S&\HAH-KB,L%4`S5/;-4`GW M?C"8QP5R7Q3N*D>Q\C_Y\O5;=7[T$=(A2,\&V/.6S2Q)S#\7>YZ6N9E0S#6> M+DXT3,17=CZ,<^FN5A3S8W$!IAN+E#+>Q[6%<<-\<`6`\U!N7#](D6<]K^#" MWM)UD:Z[K'&(G))&N@Q_,U_JGLJ<'IYCX8$LN&!\@A3QY>#^/8 M3M(T&6`(8$[BSZ4]"8SM9:\+D(,)E1"663\>?F_BQ7RLJ]IB83.'_^EYVU[4 M8:XG0K)_(-XPWU6PA^;IZFN9GB#/,Z%!78D3QO';QC#0ZEAW<0!OXOD?#M^# MH)B6\/%?4$L!`AX#%`````@`SV2R0$L3G`/-6@``A9<"`!$`&````````0`` M`*2!`````&EF>'DM,C`Q,C`S,S$N>&UL550%``,%>[9/=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`SV2R0%?:@:XX"@``RGD``!4`&````````0```*2! M&%L``&EF>'DM,C`Q,C`S,S%?9&5F+GAM;%54!0`#!7NV3W5X"P`!!"4.```$ M.0$``%!+`0(>`Q0````(`,]DLD#^Y/):9AH``%UH`0`5`!@```````$```"D M@9]E``!I9GAY+3(P,3(P,S,Q7VQA8BYX;6Q55`4``P5[MD]U>`L``00E#@`` M!#D!``!02P$"'@,4````"`#/9+)`*C;@^?`2```Y$0$`%0`8```````!```` MI(%4@```:69X>2TR,#$R,#,S,5]P&UL550%``,%>[9/=7@+``$$)0X` M``0Y`0``4$L!`AX#%`````@`SV2R0(6(@=U1!@``T2D``!$`&````````0`` M`*2!DY,``&EF>'DM,C`Q,C`S,S$N>'-D550%``,%>[9/=7@+``$$)0X```0Y 9`0``4$L%!@`````%``4`OP$``"^:```````` ` end XML 13 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6

Accounts Receivable
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Accounts Receivable

4. Accounts Receivable

Accounts receivable reflect the amounts that have billed at their anticipated collectible amount. The Company receives contract acceptances on submitted quotes. Due to the advanced planning required, contract modifications occur, therefore, management invoices contracts upon signing, however, may reserve against invoicing until final scope of project negotiations or good faith deposits are made.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2196772

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 55

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=7880640&loc=SL6953791-111525

+ Details

Name: us-gaap_FinancingReceivablesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

EXCEL 14 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]D-S9F.#0V.5\Q83$S7S0P9C)?83,V-5\P9F-D M-6%D,&4S-S'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O5]O M9E]T:&5?0V]M<&%N>5]A;F1?3F%T/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H M965T4V]U#I%>&-E;%=O5]O9E]3:6=N:69I8V%N=%]!8V-O=6YT M/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/D%C8V]U;G1S7U)E8V5I=F%B;&4\+W@Z3F%M93X-"B`@("`\>#I7;W)K5]A;F1?17%U:7!M96YT/"]X.DYA;64^ M#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/DEN8V]M95]487AE#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-A<&ET86Q?17%U:71Y/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H M965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C M=%-T#I0#I0 M#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D/@T* M("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I M=&@@36EC'1087)T7V0W-F8X-#8Y7S%A,3-? M-#!F,E]A,S8U7S!F8V0U860P93,W-PT*0V]N=&5N="U,;V-A=&EO;CH@9FEL M93HO+R]#.B]D-S9F.#0V.5\Q83$S7S0P9C)?83,V-5\P9F-D-6%D,&4S-S'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2=S(%)E<&]R=&EN M9R!3=&%T=7,@0W5R'0^,C`Q,CQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA2`F86UP.R!E<75I<&UE;G0L(&YE="!O9B!A8V-U M;75L871E9"!D97!R96-I871I;VX@;V8@)#8S+#2P@;F5T(&]F(&%C M8W5M=6QA=&5D(&%M;W)T:7IA=&EO;B!O9B`D,BPQ,CDL,C$U(&%N9"`D,2PS M,30L-S6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA6%B;&4L(')E;&%T960@<&%R=&EEF5D+"`D+C`P,2!P87(@=F%L=64Z(%-E6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA3PO=&0^#0H@("`@("`@(#QT9"!C;&%S M7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$F%T:6]N(&%N9"!D97!R96-I871I;VX\+W1D/@T*("`@("`@("`\ M=&0@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^)FYB'0^)FYB M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^)FYB'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$3PO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^)FYB M6UE;G1S(&]F(&YO=&5S('!A>6%B;&4\+W1D/@T* M("`@("`@("`\=&0@8VQA2!A9'9A;F-E'0^)FYB'0^)FYB'1087)T7V0W-F8X-#8Y7S%A,3-?-#!F,E]A,S8U7S!F8V0U860P93,W M-PT*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B]D-S9F.#0V.5\Q83$S M7S0P9C)?83,V-5\P9F-D-6%D,&4S-S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!O9B!T:&4@0V]M<&%N>2!A;F0@3F%T=7)E(&]F('1H92!"=7-I;F5S6QE/3-$)VUA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE2!O9B`\ M9F]N="!S='EL93TS1"=T97AT+75N9&5R;&EN92US='EL93H@;F]N93L@8V]L M;W(Z('=I;F1O=W1E>'0G/G1H90T*0V]M<&%N>3PO9F]N=#X@86YD($YA='5R M92!O9B!T:&4@0G5S:6YE6QE/3-$)W1E>'0M=6YD97)L:6YE+7-T>6QE M.B!N;VYE.R!C;VQO7-T96US+"!);F,N*2`H/&D^)B,Q-#<[ M/&9O;G0@6QE/3-$)W1E>'0M=6YD97)L:6YE M+7-T>6QE.B!N;VYE.R!C;VQO'0G/DIU;'D@,CDL(#(P M,#4\+V9O;G0^+"!T:&4@6QE/3-$ M)W1E>'0M=6YD97)L:6YE+7-T>6QE.B!N;VYE.R!C;VQO'0G/G1H90T*0V]M<&%N>3PO9F]N M=#XL(&9O7,@365D:6-A;"P@26YC M+BDL(&$@<'5B;&EC;'D@=')A9&5D(&-O;7!A;GDL#0IA="!W:&EC:"!T:6UE M+"`\9F]N="!S='EL93TS1"=T97AT+75N9&5R;&EN92US='EL93H@;F]N93L@ M8V]L;W(Z('=I;F1O=W1E>'0G/G1H92!#;VUP86YY/"]F;VYT/B!B96-A;64@ M82!W:&]L;'D@;W=N960@0T*;V8@1G5T=7)E5V]R;&0@16YE M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE2P@86YN;W5N8V5D(&ET2!/<'1I0V]N(%-Y M6UE;G0@;V8@82!S=&]C M:R!D:79I9&5N9"X-"DEN(&-O;FYE8W1I;VX@=VET:"!T:&4@<')O<&]S960@ M6QE/3-$)W1E>'0M=6YD97)L:6YE+7-T>6QE.B!N;VYE.R!C;VQO'0G/G1H90T*0V]M<&%N>3PO9F]N=#XL M(&%T('1H92!R871E(&]F(&]N92!S:&%R92!O9B!);F9R87@F(S$T-CMS('-T M;V-K(&9O2!T=V\@2!O9B!&=71U6QE/3-$)V9O;G0Z(#$R<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0G M/G1H90T*0V]M<&%N>3PO9F]N=#X@:&%D(&)E96X@9&5D:6-A=&5D('1O('-E M;&QI;F<@86YD+V]R(&QI8V5N2!D979E;&]P960L(&%N9"!A8W%U M:7)E9"!F2!B96=A;B!D979E;&]P:6YG M('-M87)T(&=R:60@96YE"!7:7)E;&5S7-T96US+"!) M;F,N("@F(S$T-SM4&-H86YG92!F;W(@97%U M:71Y(&%N9"!A(&YO=&4@<&%Y86)L92X@26X@07!R:6P-"C(P,3$L('1H92!# M;VUP86YY(&%C<75I2!T M;R!E;F%B;&4@=&AE(&-R96%T:6]N(&]F(&$@6QE/3-$ M)VUA3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%]D-S9F.#0V.5\Q83$S7S0P9C)?83,V-5\P9F-D-6%D M,&4S-S<-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO9#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M'0^/'`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`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`H86X@97AI="!P2!C;VYS:7-T6QE M/3-$)V9O;G0M6QE/3-$)V9O;G0Z(#$P<'0@4WEM8F]L)SXF M(S$X,SL\+V9O;G0^/&9O;G0@F4Z(#$P<'0G/DQE=F5L(#(@+2!);G!U=',@;W1H97(@=&AA M;B!Q=6]T960@<')I8V5S(&EN8VQU9&5D('=I=&AI;B!,979E;"`Q('1H870@ M87)E(&]B2P@:6YC;'5D:6YG('%U;W1E M9"!P2`H92YG+BP@:6YT97)E6QE/3-$)V9O;G0Z(#$P<'0@4WEM8F]L)SXF(S$X,SL\+V9O;G0^/&9O M;G0@F4Z(#$P M<'0G/DQE=F5L(#,@+2!);G!U=',@=&AA="!A6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE&EM M871E9"!T:&5I6%B;&4L(&%C8W)U960@ M8V]M<&5N6%B;&4@:7,@ M97-T:6UA=&5D(&)A6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE28C,30V.W,@ M9FEN86YC:6%L('-T871E;65N=',N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W1E>'0M=6YD97)L M:6YE+7-T>6QE.B!N;VYE)SYT:&4@0V]M<&%N>3PO9F]N=#XF(S$T-CMS(&9I M;F%N8VEA;"!I;G-T6EN9R!A;6]U;G0N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2!O9B!.:6YE(&UO;G1H6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6UE;G1S(&]N(&%C8V]U;G0@87)E(')E8V]R9&5D(&%S(&-U M2!A;6]U;G1S('1H870@;6%Y(&YO M="!B92!R96-O=F5R86)L92P@=VAI8V@@:7,@8F%S960@;VX@86X@86YA;'ES M:7,-"F]F('1H92!#;VUP86YY)B,Q-#8[2!C:&%R9V4@:6YT97)E&EM871E6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'!E;G-E6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2`T+"`R,#$R+B!!2!W87,@'1E;G-I;VX@;V8@=&EM92X\+W`^#0H-"CQP('-T M>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!T;R!D971EF%T:6]N('!E6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2X@5&AE('9A;'5A M=&EO;B!C;VYS:61E6EN9R!V86QU90T* M;V8@=&AE(&%C<75I2!W87,@)#8L M,S(Y+#,T,BX@26YT96QL96-T=6%L('!R;W!E2!# M;W)P;W)A=&EO;BP@:6X@97AC:&%N9V4@9F]R('-T;V-K(&%N9"!C97)T86EN M(&-O;G-I9&5R871I;VYS("AC87-H(&%N9`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`@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE&5S M/"]I/CPO8CX\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE2!A8V-O=6YT&5S('5N9&5R('1H92!L:6%B:6QI='D@;65T:&]D+@T*1&5F97)R960@ M=&%X(&%S6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE&-E<'0@=&AA="!T:&4@9&5N;VUI;F%T;W(@:6YC;'5D97,@ M8V]M;6]N('-H87)E2!B92!I&ES=&EN9R!R:6=H=',@=VET:"!D:6QU=&EV92!P;W1E;G1I86PL(&5X8V5P M=`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`U+C1P="<^)B,Q-C`[/"]T9#X\ M+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMG6QE/3-$)W!A9&1I;F6QE M/3-$)V)O'0@,2XU<'0@9&]U8FQE.R!P M861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P="<^)B,Q M-C`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`@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)VUA6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE M/3-$)V9O;G0Z(#$R<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!H87,@82!W;W)K M:6YG(&-A<&ET86P@9&5F:6-I=`T*86YD(&AA2!H860@;F5G871I=F4@=V]R:VEN9R!C87!I=&%L(&]F(&%P<')O>&EM M871E;'D@)#(N,"!M:6QL:6]N(&%N9"!A<'!R;WAI;6%T96QY("0Q,BPP,#`@ M:6X@8V%S:`T*=VET:"!W:&EC:"!T;R!S871I2!F=71U65T(&%T=&%I;F5D(&$@<')O9FET(&]R(&)R96%K M+65V96XN($%C8V]R9&EN9VQY+"!T:&4@0V]M<&%N>2!D97!E;F1S('5P;VX@ M8V%P:71A;"!T;R!B92!D97)I=F5D(&9R;VT@9G5T=7)E(&9I;F%N8VEN9PT* M86-T:79I=&EE2!H879E(&$@9&ER96-T(&)E87)I;F<@;VX@;W!E6QE/3-$ M)VUA3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%]D-S9F.#0V.5\Q83$S7S0P9C)?83,V-5\P9F-D-6%D M,&4S-S<-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO9#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$2!R96-E:79E M2!R97-E6QE/3-$)VUA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%]D-S9F.#0V.5\Q83$S7S0P9C)?83,V-5\P9F-D-6%D,&4S-S<-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO9#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M2!A;F0@17%U:7!M96YT/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\<"!S='EL93TS1"=M87)G:6XZ(#!P="<^/&(^-2X@4')O<&5R='D@ M86YD($5Q=6EP;65N=#PO8CX\+W`^#0H-"CQP('-T>6QE/3-$)VUA6QE/3-$)W9E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P M861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P=#L@9F]N M=#H@,3!P="!4:6UE6QE/3-$)V)A8VMG6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!P M861D:6YG+7)I9VAT.B`U+C1P=#L@9F]N=#H@,3!P="!4:6UE6QE M/3-$)W9E6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z M(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P="<^-2PT-C@\+W1D/@T*("`@ M(#QT9"!N;W=R87`],T1N;W=R87`@6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!P861D M:6YG+7)I9VAT.B`U+C1P="<^-C,L-S0X/"]T9#X-"B`@("`\=&0@;F]W6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T M.R!P861D:6YG+7)I9VAT.B`U+C1P="<^-#4L.#`W/"]T9#X\+W1R/@T*/'1R M('-T>6QE/3-$)V)A8VMG6QE M/3-$)V)O'0@,2XU<'0@9&]U8FQE.R!F M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V)O'0@,2XU M<'0@9&]U8FQE.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E'!E;G-E(&-H87)G960@=&\@;W!E2X\+W`^#0H-"@T*#0H\ M<"!S='EL93TS1"=M87)G:6XZ(#`G/CPO<#X-"@T*/'`@3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%]D-S9F.#0V.5\Q83$S7S0P9C)?83,V-5\P9F-D-6%D,&4S-S<- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO9#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R6QE/3-$)VUA6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)W9E M6QE/3-$)V)A8VMG6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI M9VXZ(&-E;G1E6QE/3-$)W9E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F"!I;G1E;&QE8W1U86P@ M<')O<&5R='D\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@6QE/3-$)W!A9&1I;F6QE/3-$ M)W!A9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)A8VMG6QE/3-$)W!A M9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O'0@,2XU<'0@9&]U8FQE.R!F;VYT.B`Y<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE/3-$)W!A9&1I;FF%T:6]N#0IE>'!E;G-E(&-H87)G960@=&\@;W!E M2!P=7)C:&%S960@86QL(')I9VAT6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE/3-$)W1E>'0M M=6YD97)L:6YE+7-T>6QE.B!N;VYE.R!C;VQO7-T96T@=V%S(&-O;7!L971E9"!D=7)I M;F<@=&AE('%U87)T97(@96YD960@/&9O;G0@6EN9R!C;W-T('9A;'5E(&]F("0R M,BPR-3`N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`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`X(&EN(&-O;G-I9&5R M871I;VX@;V8@:71S(&%N86QY2P@&5D(&%S6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE'!E8W1E9`T*87,@9F]L;&]W6QE/3-$)W=I9'1H.B`Q,#`E.R!B M;W)D97(M8V]L;&%P6QE/3-$)W!A9&1I;F65A6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P M861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P=#L@9F]N M=#H@.7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P M=#L@9F]N=#H@.7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P M861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P=#L@9F]N M=#H@.7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W9E6QE/3-$)V)O'0@,BXR-7!T(&1O=6)L93L@9F]N=#H@.7!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E'0@,7!T('-O;&ED)SXD(#8L,CDS+#,W.3PO=&0^ M/"]T6QE/3-$)VUA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D-S9F.#0V.5\Q M83$S7S0P9C)?83,V-5\P9F-D-6%D,&4S-S<-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO9#'0O:'1M;#L@8VAA'0^/'`@"8C,30X.RD@9F]R('1H92!P=7)C:&%S92!O9B!T:&5I6%B;&4L(&EN('1H92!A;6]U;G0@;V8@)#2!P86ED('=I=&@@82!S=&%R="!P97)I;V0@ M;V8@.3`@*%-E<'1E;6)E6UE;G0N(%1H92!#;VUP86YY('-H86QL(&UA:V4-"FEN=&5R97-T+6]N M;'D@<&%Y;65N=',@;VX@=&AE(&9I2!O9B!E86-H(&UO;G1H(&9R M;VT@=&AE(&1A=&4@;V8@=&AI2!I6UE;G1S(&]N('1H:7,@;&]A;B!A;F0@:7,@8W5R'1E;F0@=&5R;7,N(%1H97)E(&ES(&YO(&1E9F%U;'0@ M:6YT97)E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6UE;G0@=&5R;7,N($%S(&]F($UA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!B92!A9'9A;F-E9"!U<"!T;R`D-3`P+#`P,"P@2!T:&4@0V]M<&%N>28C,30V.W,-"F-O;6UO;B!S=&]C:RX@061V86YC M97,@;6%Y(&)E(')E<75E2!A M;6]U;G1S(&1U92P@<&QU'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6UE;G0@06=R965M96YT6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE2!O9B`D,34L,#`P('!E28C,30V.W,@;6%N86=E;65N="!E;7!L;WEE M97,N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE0T*87,@4')E2X\+W`^ M#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE65A2!T;R!R96-E:79E(#,W-2PP,#`@2`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`D.3DL,S,W(&1U92!T M;R!N:6YE(&EN9&EV:61U86QS(&%S(&]F($UA6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!A=F5R M86=E(&)I9"!P2P@=&AE($-O;7!A;GD@86=R965D('1O('1H90T* M8V]N=F5R2!%=F5N='5S($-A<&ET86P@ M:6YT;R`Q+#@V,"PQ,3D@86YD(#4L,#`P+#`P,"!S:&%R97,@2!A9W)E960@=&\@:7-S=64@37(N(%1A;&%R:2`Q+#4P,"PP M,#`-"G-H87)E28C,30V.W,@8V]M;6]N('-T;V-K M(&EN(&5X8VAA;F=E(&9O2`Q-2P@,C`Q,"X@5&AE($)O87)D(&%G28C,30V.W,@,C`P.2!%;7!L;WEE97,@86YD($-O;G-U M;'1A;G1S(%-T;V-K($-O;7!E;G-A=&EO;B!0;&%N+CPO<#X-"@T*/'`@6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE0T*8F4@:6YD:6-A=&EV92!O9B!T M:&4@86UO=6YT'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'`@6QE/3-$)V9O;G0Z(#$R<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)W1E>'0M=6YD97)L:6YE+7-T M>6QE.B!N;VYE.R!C;VQO'0G/G1H92!#;VUP86YY/"]F;VYT M/B!G'0G/DYO M=F5M8F5R#0HQ,2P@,C`Q,3PO9F]N=#XN($%L;"!O9B!T:&4@5V%R6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE M/3-$)V)A8VMG6QE/3-$)W!A M9&1I;F6QE/3-$)W!A9&1I M;F'0M M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$ M)W!A9&1I;F6QE/3-$)W!A9&1I M;F6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V)A8VMG6QE/3-$)V)O'0@,7!T('-O;&ED.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E6QE/3-$)V)O M'0@,7!T('-O;&ED.R!F;VYT.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)W!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)W9E6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG M+7)I9VAT.B`U+C1P=#L@9F]N=#H@,3!P="!4:6UE6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T M.R!P861D:6YG+7)I9VAT.B`U+C1P=#L@9F]N=#H@,3!P="!4:6UE6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z M(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P=#L@9F]N=#H@,3!P="!4:6UE M'0@,7!T('-O;&ED)SXT/"]T9#X-"B`@("`\=&0@;F]W6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)A8VMG6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)W!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P M861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P=#L@9F]N M=#H@,3!P="!4:6UE6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`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`@&5S/"]B/CPO M<#X-"@T*/'`@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE28C,30V.W,@86)I;&ET>2!T M;R!G96YE"!B96YE9FETF%T:6]N(&]F('-U8V@@86UO M=6YT"!P=7)P;W-E2!H87,@ M879A:6QA8FQE(&$@;F5T(&]P97)A=&EN9PT*;&]S2UF;W)W87)D M(&]F(&%P<')O>&EM871E;'D@)#$L,3DW+#`P,"!F7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A3QB6QE/3-$)VUA28C,30V.W,@8V]M;6]N('-T;V-K+"!A="!T:&4@;W!T:6]N(&]F M('1H92!H;VQD97(L(&%T('1H92!P6QE M/3-$)V)A8VMG6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E6QE/3-$)V)O'0@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97([('!A9&1I M;F6QE/3-$ M)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6QE9G0Z M(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P="<^.#D\+W1D/CPO='(^#0H\ M='(@6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P M="<^,38\+W1D/CPO='(^#0H\='(@6QE/3-$)V)O'0@,7!T('-O;&ED M.R!T97AT+6%L:6=N.B!R:6=H=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@<&%D M9&EN9RUR:6=H=#H@-2XT<'0G/C$L,C$P/"]T9#X-"B`@("`\=&0@;F]W6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG M+6QE9G0Z(#4N-'!T.R!P861D:6YG+7)I9VAT.B`U+C1P="<^,S`P/"]T9#X\ M+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMG3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D-S9F.#0V.5\Q83$S7S0P M9C)?83,V-5\P9F-D-6%D,&4S-S<-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO9#'0O:'1M M;#L@8VAA6QE/3-$)VUA6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!F;W(@97AE8W5T:79E(&]F9FEC97,@86YD M(&-O;7!U=&5R(&-E;G1E6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!46QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE2<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M M86QI9VXZ(&IU2=S(&9O2!A;F0@8V]M<')E:&5N28C,30V.W,-"F)A;&%N8V4@ M'0M86QI9VXZ M(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE2<^1G)O;2!T:6UE('1O('1I;64@=&AE($-O;7!A;GD@;6%Y(&)E M(&$@<&%R='D-"G1O(&QI=&EG871I;VX@;6%T=&5R'0M86QI9VXZ(&IU"!7:7)E;&5S2!B96QI979E M2X\+W`^#0H-"@T*#0H\<"!S='EL93TS1"=M87)G:6XZ(#!P="<^/"]P/CQS M<&%N/CPO7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!I2!C;VUP;VYE M;G1S(&]F('1H92!3;6%R="!'7-T(&9O2!I;B!V86QU871I;VX@;F5G;W1I M871I;VYS('=I=&@@=&AE('1A6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^5&AE($-O;7!A;GD@:&%S(&)E96X@87!P M2X@36%N86=E;65N="!A;F0@=&AE($)O87)D(&]F($1I M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2`Q-2P@,C`Q,BP@86YD(&)E;&EE=F4@=&AA="!A;&P@;F5C97-S M87)Y(&1I6QE/3-$)VUA3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D-S9F.#0V.5\Q83$S7S0P9C)?83,V M-5\P9F-D-6%D,&4S-S<-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M9#'0O:'1M;#L@8VAA M&UL;G,Z;STS1")U'1087)T7V0W-F8X-#8Y @7S%A,3-?-#!F,E]A,S8U7S!F8V0U860P93,W-RTM#0H` ` end XML 15 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6

Going Concern
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Going Concern

3. Going Concern

As of March 31, 2012, the Company has a working capital deficit and has incurred a loss from operations and recurring losses since its inception resulting in a significant accumulated deficit. As of March 31, 2012, the Company had negative working capital of approximately $2.0 million and approximately $12,000 in cash with which to satisfy any future cash requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company’s is attaining revenues and management expects profitability in the future; however operations have not yet attained a profit or break-even. Accordingly, the Company depends upon capital to be derived from future financing activities such as loans from its officers and directors, subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company’s business plan, the ability to raise capital in the future, to continue receiving funding from its officers, directors and shareholders, the ability to expand its customer base, and the ability to hire key employees to grow the business. There may be other risks and circumstances that management may be unable to predict.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References

No definition available.

+ Details

Name: us-gaap_LiquidityDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Balance Sheets (USD $)

Jun. 30, 2011

Mar. 31, 2012

Unaudited

Current assets

Cash $ 25,498 $ 11,719

Accounts receivable 22,050 106,051

Inventory 55,450 63,076

Note receivable 50,000 53,239

Prepaid expenses 150,929

Total current assets 152,998 385,014

Property & equipment, net of accumulated depreciation of $63,748 and $45,807, respectively 193,169 115,347

Intangible property, net of accumulated amortization of $2,129,215 and $1,314,775, respectively 6,700,599 5,478,939

Deposits 2,500 2,500

Total Assets 7,049,266 5,981,800

Current liabilities

Accounts payable 434,789 370,232

Accrued expenses 889,108 1,287,860

Notes payable 774,500 794,263

Loans and notes payable, related parties 7,802 7,403

Total current liabilities 2,106,199 2,459,758

Notes payable to Shareholder 574,957 515,003

Total liabilities 2,681,156 2,974,761

Stockholders' Equity

Preferred Stock, 50,000,000 authorized, $.001 par value: Series A Convertible: 5,000,000 shares designated; 2,723,624 and 385,702 issued and outstanding 386 2,724

Preferred stock, 50,000,000 authorized, $.001 par value: Series B Convertible: 100,000,000 shares designated; 1,210 and 257,764 issued and outstanding 258 1

Common stock, $.001 par value, 5,000,000,000 shares authorized; 17,527,983 and 6,282,275 shares issued and outstanding, respectively 6,282 17,355

Additional paid-in capital 11,451,683 12,664,066

Subscriptions (receivable) payable 408

Minority interest in subsidiary 5,447 24,494

Accumulated deficit (7,096,354) (9,701,601)

Total stockholders' equity 4,368,110 3,007,039

Total Liabilities and Stockholders' Equity $ 7,049,266 $ 5,981,800

X

- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

-Subparagraph a

-Article 5

+ Details

Name: us-gaap_AccountsPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3-4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3

-Subparagraph a(1)

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 4

-Article 5

+ Details

Name: us-gaap_AccountsReceivableNetCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccruedLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

For an unclassified balance sheet, the accumulated amortization, as of the reporting date, representing the periodic charge to earnings of deferred costs which are associated with debt obligations existing as of the end of the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.17)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 17

-Article 5

+ Details

Name: us-gaap_AccumulatedAmortizationDeferredFinanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 14

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.14)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 14, 17, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14A

-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.30(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AdditionalPaidInCapital

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 12

-Article 7

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Concepts (CON)

-Number 6

-Paragraph 25

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 18

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 9

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.9)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6801-107765

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

+ Details

Name: us-gaap_AssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_AssetsCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Total number of additional series of common shares of an entity that have been sold or granted to shareholders (includes related common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.

+ References

No definition available.

+ Details

Name: us-gaap_CommonStockAdditionalSeriesSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

The aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.12)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 12

-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-DEP

-Paragraph 37, 38, 39

-IssueDate 2006-05-01

-Chapter 13

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_Deposits

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Gross amount, as of the balance sheet date, of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.6(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_InventoryGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.21)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 21

-Article 5

+ Details

Name: us-gaap_LiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_LiabilitiesCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Total obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22, 23, 24, 25, 26, 27

-Article 5

+ Details

Name: us-gaap_LiabilitiesNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Carrying value as of the balance sheet date of portion of long-term loans payable due within one year or the operating cycle if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LoansPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 27

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A3

-Appendix A

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 7

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_MinorityInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date(s) more than one year from the balance sheet date. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.17)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 17

-Article 5

+ Details

Name: us-gaap_NotesAndLoansReceivableGrossNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6375948&loc=d3e4531-111522

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section A

-Paragraph 4

-Chapter 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NotesAndLoansReceivableNetCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 13, 16

-Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_NotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The amount for notes payable (written promise to pay), due to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

-Subparagraph a

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k)(1))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(a)(5))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Subparagraph 1

-Article 4

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NotesPayableRelatedPartiesClassifiedCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Total stockholders' equity at the balance sheet date after fresh-start adjustments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 852

-SubTopic 10

-Section 55

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6585303&loc=d3e56426-112766

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 90-7

-Paragraph 68

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PostconfirmationStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Total liabilities and stockholders' equity at the balance sheet date before fresh-start adjustments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 852

-SubTopic 10

-Section 55

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6585303&loc=d3e56426-112766

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 90-7

-Paragraph 39, 68

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PreconfirmationLiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

+ Details

Name: us-gaap_PreferredStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Value of all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by shareholders, which is net of related treasury stock. May be all or a portion of the number of preferred shares authorized. These shares represent the ownership interest of the preferred shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockValueOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6787-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 340

-SubTopic 10

-Section 05

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6386993&loc=d3e5879-108316

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section A

-Paragraph 4

-Chapter 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Current Assets

-URI http://asc.fasb.org/extlink&oid=6509628

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (g)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

+ Details

Name: us-gaap_PrepaidExpenseCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_StockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6

History of the Company and Nature of the Business
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

History of the Company and Nature of the Business

1. History of the Company and Nature of the Business

History of the Company

Infrax Systems, Inc. (formerly OptiCon Systems, Inc.) (“the Company”, “Infrax”) was formed as a Nevada corporation on October 22, 2004. On July 29, 2005, the stockholders of the Company entered into an agreement to exchange 100% of the outstanding common stock of the Company, for common and preferred stock of FutureWorld Energy, Inc. (formerly Isys Medical, Inc.), a publicly traded company, at which time, the Company became a wholly owned subsidiary of FutureWorld Energy, Inc..

FutureWorld Energy, Inc. (“FutureWorld”), Infrax’s parent company, announced its intention to spin off Infrax (formerly OptiCon Systems, Inc.) through by the payment of a stock dividend. In connection with the proposed spinoff, Infrax’s board of directors approved a stock dividend of 99,118 shares to FutureWorld, its sole shareholder. On August 31, 2007, FutureWorld paid a stock dividend to its stockholders, consisting of 100% of the outstanding common stock of the Company, at the rate of one share of Infrax’s stock for every two shares they own of FutureWorld. As of August 31, 2007, Infrax ceased being a subsidiary of FutureWorld.

Nature of Business

Since its inception, the Company had been dedicated to selling and/or licensing a fiber optic management software system under the name OptiCon Network Manager, originally developed, and acquired from Corning Cable System, Inc. through a related company, FutureTech Capital, LLC. In October 2009, the Company began developing smart grid energy related products. As of June 29, 2010, the Company acquired the assets and management of Trimax Wireless Systems, Inc. (“Trimax”), in exchange for equity and a note payable. In April 2011, the Company acquired controlling interest in Lockwood Technology Corporation (“Lockwood”), a provider of advanced asset management solutions. The Trimax and Lockwood product lines are expected to provide an operating platform and enhanced operating effectiveness to the Secure Intelligent Energy Platform.

While we continue to support the OptiCon Network Management platform, the Company has shifted its focus and energies towards the “Smart Grid” energy sector. The Company believes our secure integrated platform will hasten the deployment of all Smart Grid technology for resource constrained small and mid-sized utilities. Infrax’s advantage comes from our products ability to enable the creation of a secure platform scalable to deliver a broad set of intelligent Smart Grid initiatives across millions of endpoints for Utilities.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).

+ References

No definition available.

+ Details

Name: us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 18 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "
"+ text.join( "

\n" ) +"
"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "
" + text[p] + "
\n"; } } }else{ formatted = '
' + raw + '
'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+'
'+formatted+'
'+ "\n"+'
'+ "\n"+'
'+raw+'
'+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6

Summary of Significant Accounting Policies
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated balance sheet as of March 31, 2012, the consolidated statements of operations and statements of cash flows for the respective periods presented, have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading. The results of operations for the Nine months ended March 31, 2012 are not necessarily indicative of results expected for the full year ending June 30, 2012.

In the opinion of management, all adjustments necessary to present fairly the financial position at March 31, 2012, and the results of operations and changes in cash flows for all periods presented, have been made. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report for the year ended June 30, 2011 on Form 10-K filed with the SEC on October 13, 2011.

Certain reclassifications have been made to the Statement of Operations for disclosure purposes and comparability.

Use of Estimates

The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the accounts and operations of Infrax Systems, Inc., and its wholly owned subsidiary, Infrax Systems SA (Pty) Ltd, an inactive foreign subsidiary and Lockwood Technology Corporation (70% owned by Infrax Systems, Inc. (collectively referred to as the “Company”). Accordingly, the assets and liabilities, and expenses of this company have been included in the accompanying consolidated financial statements, and material intercompany transactions have been eliminated.

The Trimax Wireless, Inc. acquisition was effective June 29, 2010. The Company, per the agreement, acquired all the assets and liabilities of Trimax Wireless, Inc. As an asset purchase the acquired assets and liabilities are included in the accounts of Infrax Systems, Inc.

Variable Interest Entities

The Company considers the consolidation of entities to which the usual condition (ownership of a majority voting interest) of consolidation does not apply, focusing on controlling financial interests that may be achieved through arrangements that do not involve voting interest. If an enterprise holds a majority of the variable interests of an entity, it would be considered the primary beneficiary. The primary beneficiary is generally required to consolidate assets, liabilities and non-controlling interests at fair value (or at historical cost if the entity is a related party) and subsequently account for the variable interest as if it were consolidated based on a majority voting interest. The Company has evaluated all related parties, contracts, agreements and arrangements in which it may hold a variable interest. The Company has determined it is not the primary beneficiary in any of these entities, arrangements or participates in any of the activities.

Financial Instruments

The Company’s balance sheets include the following financial instruments: cash, accounts receivable, inventory, accounts payable, accrued expenses, and notes payable and notes payable to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the note payable to stockholder approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities.

In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of Nine broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Nine levels of the fair value hierarchy are described below:

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.

The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements.

As of March 31, 2012 and June 30, 2011, the fair values of the Company’s financial instruments approximate their historical carrying amount.

Cash and Cash Equivalents

The majority of cash is maintained with major financial institutions in the United States. Deposits with these banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of Nine months or less to be cash equivalents.

Accounts Receivable and Credit

Accounts receivable consist of amounts due for the delivery of sales to customers. Prepayments on account are recorded as customer deposit, a current liability, as they represent deferred revenue. Additionally, the Company invoices projects when signed agreement or statements of work are received. Amounts are recorded at the anticipated collectible amount and recorded as deferred revenue until such time that the work is performed. A contra receivable is recorded for invoiced work orders when collectability is not certain, reducing amount included as deferred revenue. Contract revenue is recognized as the contract is completed, based on defined milestones (see policy on revenue recognition). An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Company’s customer credit worthiness, and current economic trends. Based on management’s review of accounts receivable, no allowance for doubtful accounts was considered necessary. Receivables are determined to be past due, based on payment terms of original invoices. The Company does not typically charge interest on past due receivables.

Inventories

Inventories are stated at the lower of standard cost or market, which approximates actual cost. Cost is determined using the first-in, first-out method. Inventory is comprised of component parts and accessories available for sale. Parts are generally purchased for projects, as minimal inventory is held to supply customers.

Prepaid Expenses

The company on June 23, 2011 entered into a Binding Letter of Intent for the acquisition of the assets of a company which was reported through a 8-K on January 4, 2012. As a part of these negotiations the company was required to place $150,000 (1,500,000 shares) into escrow for extension of time.

Property & Equipment

Property and equipment are recorded at historical cost or acquisition value. Depreciation is computed on the straight-line method over estimated useful lives of the respective assets, ranging from Nine to five years. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon the Company's most recent analysis, management believes that no impairment of property and equipment exists at June 30, 2011.

Intangible Property

On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The fair market value of consideration issued (stock and note payable) to the sellers was an aggregate amount of $6,511,364. The value assigned to the carrying value of the acquired intellectual property was $6,329,342. Intellectual property has an estimated useful life of 59 months (remaining life of patents).

On May, 2011 the Company completed the acquisition of controlling interest (70%) in Lockwood Technology Corporation, in exchange for stock and certain considerations (cash and warrants). The shares were issued at the fair market value at the date of the transaction ($1,650,000) and warrants were valued using an option price model ($477,900). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158. The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

Capitalized Software Development Costs

The Company capitalizes software development costs, under which certain software development costs incurred subsequent to the establishment of technological feasibility have been capitalized and are being amortized over the estimated lives of the related products. Capitalization of computer software costs is discontinued when the computer software product is available to be sold, leased, or otherwise marketed.

Amortization begins when the product is available for release and sold to customers. Software development costs will be amortized based on the estimated economic life of the product, anticipated to be 10 years.

Impairment of Long-Lived Assets

Periodically, the Company assesses the recoverability of the Company’s intangible assets, consisting of the Trimax acquired intellectual property, OptiCon Network Manager software and its trademark, and record an impairment loss to the extent that the carrying amounts of the assets exceed its fair value. Based upon management's most recent analysis, the Company believes that no impairment of the Company’s tangible or intangible assets exist at March 31, 2012 and June 30, 2011.

Revenue Recognition

The Company is principally in the business of providing solutions for a secure intelligent energy platform that incorporates our secure wireless technology. Contracts include multiple revenue components, comprised of our software licensing, hardware platforms, installation, training and maintenance. In accordance with ASC 605-25 Multiple-Element Arrangements, revenue from licensing the software will be recognized upon installation and acceptance of the software by customers. When a software sales arrangement includes rights to customer support, the portion of the license fee allocated to such support is recognized ratably over the term of the arrangement, normally one year. Revenue from professional services arrangements will be recognized in the month in which services are rendered over the term of the arrangement.

Revenue associated with software sales to distributors is recognized, net of discounts, when the Company has performed substantially all its obligations under the arrangement. Until such time as substantially all obligations under the arrangement are met, software sales are recognized as deferred revenue. Costs and expenses associated with deferred revenue are also deferred. When a software sales arrangements include a commitment to provide training and/or other services or materials, the Company estimates and records the expected costs of these training and/or other services and/or materials.

Stock Based Compensation

The Company issues restricted stock to consultants for various services. Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. Stock compensation for the periods presented were issued to consultants for past services provided, accordingly, all shares issued are fully vested, and there is no unrecognized compensation associated with these transactions.

Shipping Costs

The Company includes shipping costs and freight-in costs in cost of goods sold.

Advertising Costs

The costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. Advertising expense was $3,230, $11,657, $5,626 and $14,195 for the three and Nine month periods ending March 31, 2012 and 2010, respectively

Research and Development

The Company expenses research and development costs when incurred. Indirect costs related to research and developments are allocated based on percentage usage to the research and development.

Income Taxes



The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.

Earnings (Loss) Per Share

Basic EPS is calculated by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during each period. Diluted EPS is similarly calculated, except that the denominator includes common shares that may be issued subject to existing rights with dilutive potential, except when their inclusion would be anti-dilutive.

Based on an estimated current value of the Company’s stock being equal to or less than the exercise price of the warrants, none of the shares assumed issued upon conversion of the warrants, nor any of the stock assumed issued under the Company's 2004 Non statutory Stock Option Plan, are included in the computation of fully diluted loss per share, since their inclusion would be anti-dilutive. Convertible preferred shares have been included in the dilutive computation, as if they would have been converted at the end of the period.

March 31,

2012 2011

Earnings (Loss) per share:

Net Loss $ (2,605,247) $ (1,844,538)

Common shares 17,169,041 5,851,677

Earnings (loss) per share, basic $ (0.17) $ (0.32)

*Potentially issuable preferred shares, if converted to common, were considered but not included in the calculation of diluted earnings per share for the period ended March 31, 2012 and 2010, respectively, because their inclusion would be anti-dilutive.

Recently Issued Accounting Pronouncements

Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future consolidated financial statements.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 22

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_SignificantAccountingPoliciesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Balance Sheets (Parenthetical) (USD $)

Jun. 30, 2011

Mar. 31, 2012

Unaudited

Preferred stock; par value $ 0.001 $ 0.001

Preferred stock; shares authorized 50,000,000 50,000,000

Series A, Preferred stock; par value $ 0.001 $ 0.001

Series A, Preferred stock; shares designated 5,000,000 5,000,000

Series A, Preferred stock; shares issued 2,723,624 2,723,624

Series A, Preferred stock; shares outstanding 385,702 385,702

Series B, Preferred stock; par value $ 0.001 $ 0.001

Series B, Preferred stock; shares designated 100,000,000 100,000,000

Series B, Preferred stock; shares issued 1,210 1,210

Series B, Preferred stock; shares outstanding 257,764 257,764

Common stock; par value $ 0.001 $ 0.001

Common stock; shares authorized 5,000,000,000 5,000,000,000

Common stock; shares issued $ 17,527,983 $ 17,527,983

Common stock; shares outstanding 6,282,275 6,282,275

X

- Definition

No authoritative reference available.

+ References

No definition available.

+ Details

Name: IFXY_PreferredStockAdditionalSeriesParOrStatedValuePerShare1

Namespace Prefix: IFXY_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition

No authoritative reference available.

+ References

No definition available.

+ Details

Name: IFXY_PreferredStockAdditionalSeriesSharesAuthorized1

Namespace Prefix: IFXY_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Face amount or stated value of additional series of common stock per share; generally not indicative of the fair market value per share.

+ References

No definition available.

+ Details

Name: us-gaap_CommonStockAdditionalSeriesParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition

The maximum number of an additional series of common shares permitted to be issued by an entity's charter and bylaws.

+ References

No definition available.

+ Details

Name: us-gaap_CommonStockAdditionalSeriesSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of additional series of shares of classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury.

+ References

No definition available.

+ Details

Name: us-gaap_CommonStockAdditionalSeriesSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Value of each additional class of issued common stock. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity.

+ References

No definition available.

+ Details

Name: us-gaap_CommonStockAdditionalSeriesValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Face amount or stated value per share of additional series of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References

No definition available.

+ Details

Name: us-gaap_PreferredStockAdditionalSeriesParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition

The maximum number of an additional series of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References

No definition available.

+ Details

Name: us-gaap_PreferredStockAdditionalSeriesSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of additional series of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or a portion of the number of preferred shares authorized. These shares represent the ownership interest of the preferred shareholders. Excludes preferred shares that are classified as debt.

+ References

No definition available.

+ Details

Name: us-gaap_PreferredStockAdditionalSeriesSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Aggregate share number for additional series of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders, which is net of related treasury stock.

+ References

No definition available.

+ Details

Name: us-gaap_PreferredStockAdditionalSeriesSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6

Commitments and Contingencies
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Commitments and Contingencies

13. Commitments and Contingencies

Lease/Rental Agreements

On March 11, 2010, the Company entered into a lease with Accu Centre, an unrelated party for executive offices and computer center in Pinellas Park, Florida. The lease is for a Nine year period, commencing May 2010, with option to terminate the lease after one year, upon adequate notification (90 days). Base rent is $2,756 per month, with annual cost increases. The future annual minimum rental for each of the next Nine years is $33,075, subject to 4% increases per year.

Rent expense for the Nine months ended March 31, 2012 and 2010 amounted to $43,867 and $29,627, respectively.

Foreign Currency Translation

The balance sheets of the Company's foreign subsidiaries are translated at period-end rates of exchange, and the statements of earnings are translated at the weighted-average exchange rate for the period. Gains or losses resulting from translating foreign currency financial statements are included in accumulated other comprehensive income (loss) in the consolidated statements of stockholders' equity and comprehensive income. At March 31, 2012 and 2010 no foreign currency translation was conducted due to the immaterial nature of its subsidiary’s balance sheet.

Legal Matters

From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations as of March 31, 2012 and June 30, 2011.

In July, 2011 Trimax Wireless filed a complaint relating to the unpaid balance of the Promissory Note executed with the acquisition of Trimax Wireless. The Company believes that it has sufficient affirmative defenses to this complaint and does not believe that it will have a material effect on the Company.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6

Document and Entity Information
3 Months Ended

Mar. 31, 2012

Document And Entity Information

Entity Registrant Name INFRAX Systems, Inc.

Entity Central Index Key 0001380277

Document Type 10-Q

Document Period End Date Mar. 31, 2012

Amendment Flag false

Current Fiscal Year End Date --12-31

Is Entity a Well-known Seasoned Issuer? No

Is Entity a Voluntary Filer? Yes

Is Entity's Reporting Status Current? Yes

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 17,527,983

Document Fiscal Period Focus Q1

Document Fiscal Year Focus 2012

X

- Definition

If the value is true, then the document is an amendment to previously-filed/accepted document.

+ References

No definition available.

+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition

End date of current fiscal year in the format --MM-DD.

+ References

No definition available.

+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition

The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.

+ References

No definition available.

+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".

+ References

No definition available.

+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.

+ References

No definition available.

+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.

+ References

No definition available.

+ Details

Name: dei_EntityCurrentReportingStatus

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.

+ References

No definition available.

+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

+ References

No definition available.

+ Details

Name: dei_EntityVoluntaryFilers

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.

+ References

No definition available.

+ Details

Name: dei_EntityWellKnownSeasonedIssuer

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Details

Name: IFXY_DocumentAndEntityInformationAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 23 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6

Subsequent Events
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Subsequent Events

14. Subsequent Events

The Company is currently in merger or acquisition negotiations with entities which management believes to be key components of the Smart Grid solutions we envision. Management believes that acquisitions will be a catalyst for advancing the Company’s existing technology to attain greater market share. We are currently in valuation negotiations with the targeted companies; acquisitions will be primarily share exchanges. Additionally, we are seeking capital financing for the purposes of furthering our plan of operations. These negotiations have not advanced, at this point, to an issuance of a letter of intent; however management believes this ongoing strategy will best serve existing shareholders.

The Company has been approached as a potential target for acquisition. Preliminary discussions were brought to the attention of the Board of Directors. Although negotiations have not advanced, we believe that those discussions were validation of our technology. Management and the Board of Directors are aware of our technology’s potential and will consider any offer that increases shareholder value.

Management has reviewed subsequent events through the date of this filing, May 15, 2012, and believe that all necessary disclosures have been made.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

No definition available.

+ Details

Name: us-gaap_SubsequentEventsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Mar. 31, 2012

Mar. 31, 2011

Income Statement [Abstract]

Revenues $ 66,650 $ 86,315 $ 382,374 $ 466,558

Direct costs 35,411 69,496 42,654 138,685

Gross Profit 31,239 16,819 339,720 327,873

Operating expenses:

Salaries and benefits 183,261 23,450 1,352,028 348,063

Consulting 0 113,719 2,590 353,204

Professional fees 337 12,500 62,694 78,939

General and administrative 14,233 133,426 214,164 337,523

Amortization and depreciation 415,671 337,033 1,247,013 1,011,018

Total operating expenses 613,512 620,128 2,878,489 2,128,747

Other income (expense):

Interest expenses (17,522) (16,978) (52,566) (43,664)

Sale of assets, net (32,842)

Total other income (expense) (17,522) (16,978) (85,408) (43,664)

Loss from operations before income taxes (599,785) (620,287) (2,624,177) (1,844,538)

Provision for income taxes

Total income (expense) (599,785) (620,287) (2,624,177) (1,844,538)

Minority Interest (3,286) 18,930

Net loss $ (603,071) $ (905,592) $ (2,605,247) $ (1,844,538)

Earnings (loss) per share: Basic $ (0.04) $ (0.16) $ (0.19) $ (0.32)

Weighted average shares outstanding: Basic 17,169,041 5,601,491 13,458,769 5,851,677

X

- Definition

The reporting period depreciation, depletion and amortization expense on long-lived, physical assets used in the normal conduct of business 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.

+ References

No definition available.

+ Details

Name: us-gaap_AccumulatedDepreciationDepletionAndAmortizationExpensePropertyPlantAndEquipmentCurrentCharge

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 289

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Current Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6509736

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

+ Details

Name: us-gaap_CurrentIncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate direct operating costs incurred during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_DirectOperatingCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The gains (losses) included in results of operations resulting from the sale or disposal of other assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_GainLossOnSaleOfOtherAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1,2)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GrossProfit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_IncomeStatementAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 9

-Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Section 563c.102

-Paragraph 9

-Chapter V

-Subsection II

-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.9)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A1, A4, A5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NetIncomeLossAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 7

-Article 5

+ Details

Name: us-gaap_NonoperatingIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.

+ References

No definition available.

+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_OperatingExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Transactions that result in no cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect method. This element is used when there is not a more specific and appropriate element.

+ References

No definition available.

+ Details

Name: us-gaap_OtherAdjustmentsForNoncashItemsIncludedInIncomeLossFromContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.4)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 4

-Article 7

+ Details

Name: us-gaap_OtherIncome

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_OtherIncomeAndExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 7

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-BRD

-Paragraph 80

-Subparagraph Exhibit 4-4

-IssueDate 2006-05-01

-Chapter 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_OtherNonoperatingIncome

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Payments of cash to employees, including wages and salaries, during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 27

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

+ Details

Name: us-gaap_PaymentsToEmployees

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net cash inflow or outflow from noncontrolled interest to increase or decrease the number of shares they have in the entity. This does not include dividends paid to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_ProceedsFromPaymentsToMinorityShareholders

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.6-07.2(a),(b),(c),(d))

-URI http://asc.fasb.org/extlink&oid=6488393&loc=d3e606610-122999

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 225

-Section 45

-Paragraph 3

-Subparagraph (k)

-URI http://asc.fasb.org/extlink&oid=6488370&loc=d3e13550-115849

+ Details

Name: us-gaap_ProfessionalFees

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 25 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

Debt Agreements
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Debt Agreements

7. Debt Agreements

On June 29, 2010 the Company entered into an agreement with the shareholders of Trimax Wireless, Inc. (“Trimax”) for the purchase of their business assets and technology for preferred shares of the Company, the assumption of liabilities and a note payable, in the amount of $712,500. The note is interest bearing at 6% per annum until fully paid with a start period of 90 (September 29, 2010) days for the first payment. The Company shall make interest-only payments on the first day of each month from the date of this Note until the earlier of (a) receipt of Investment Funding as defined; or (b) 180 days from the date hereof ("Maturity Date") (December 29, 2010). Principal plus all accrued and unpaid interest on such principal shall be due and payable on the Maturity Date. As of the balance sheet date the Company is in default, as it has not made payments on this loan and is currently in negotiations to extend terms. There is no default interest rate. The Company has accrued $53,437 on this loan

The Company issued a demand note to an unrelated party, with an unpaid balance in the amount of $6,000, with an annual interest rate of 18%. There are no repayment terms. As of March 31, 2012 accrued interest, since inception, is $4,450.

The Company has a Master Note Agreement, as an unsecured line of credit, from Mr. Sam Talari. The Master Note is for operational capital, in the amount of $350,000 and bears interest at 5% per annum. Mr. Talari has pledged additional funding for operating capital, up to $1 million dollars, under the same terms as the original Master Note.

On June 17, 2010 the Company entered into a Bridge Loan Agreement with Blue Diamond Consulting, LLC (“Lender”). The Company may be advanced up to $500,000, secured by the Company’s common stock. Advances may be requested in increments of $25,000 and bear interest of 8% per annum. Advances have repayment terms of nine months from the date of the requested advance. The Lender has the right, at their option, to convert any amounts due, plus interest, into the Company’s common stock at a conversion rate, as defined, at 50% of the closing bid price at the date of conversion request. As of March 31, 2012, there have been no requested advances and no amount is due to Lender.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_DebtDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6

Intangible Assets
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Intangible Assets

6. Intangible Assets

Intangible assets consists of the following:

March 31, 2011 June 30, 2011

(unaudited) (audited)

Opticon fiber optic management software $ 189,862 $ 189,862

Trademarks 1,000 1,000

TriMax intellectual property 6,329,342 6,329,342

TriMax software 180,020 180,020

Lockwood customer list 394,550 394,550

Lockwood licensing technology 920,600 920,600

8,015,374 8,015,374

Accumulated amortization 2,536,435 1,314,775

$ 5,886,159 $ 6,700,599

For the Nine months ended March 31, 2012 and 2010, the total amortization expense charged to operations totaled $1,221,660 and $985,085, respectively.

Opticon fiber optic management software

The Company purchased all rights, titles and interest in the Opticon fiber optic management software on July 26, 2005, from FutureTech, LLC. in exchange for common stock. The agreement became effective upon FutureTech purchasing the acquired assets from Corning Cable Systems, LLC in exchange for $100,000 in cash. The Company recorded the common stock at the transferor’s historical cost basis determined under generally accepted accounting principles.

On July 26, 2005, the Company purchased the OptiCon Network Manager software system which consisted of version R3 and R4. At the time of the purchase, the software system was out of date and had to be updated and integrated with other current business software systems, before it could be distributed to customers. The development of R3 software system was completed during the quarter ended December 31, 2006, and is available for distribution to customers. In June 2010 a transfer of 50% of the R3 license was returned to FutureTech, LLC at a carrying cost value of $22,250.

During the years ended June 30, 2009 and 2008, the Company did not allocate any direct labor costs, and indirect costs and expenses to this effort. The capitalized software costs are amortized when the software is actually sold to customers. Amortization is provided based on the number of software units sold relative to the number of expected to be sold during the software’s economic life.

TriMax intellectual property

On June 29, 2010 the Company acquired the assets of Trimax Wireless Systems, Inc., including licenses and trademarks. The purchase price was allocated first to the identifiable assets received, allocating the remaining costs to the intellectual property. The valuation considered future cash flows of the operating intangible assets acquired. The valuation of the intellectual property was limited to the acquisition price (valuation of stock consideration and note payable), less the fair market value of identifiable assets. The shares issued in exchange for the acquired property were valued at the fair market value of the equivalent common stock as of the date of closing. The acquisition carrying value assigned to the intellectual property was $6,329,342.

TriMax software

Software development costs, in the amount of $180,020, were acquired in the Trimax acquisition. The proprietary software was an identified asset of the acquisition and valued at the historical carrying value, cost. The capitalized software is available for sale and is to be amortized over a 5 year period.

Lockwood Technology Corporation

On May, 2011 the Company completed the acquisition of controlling interest in Lockwood Technology Corporation, a leading RFID software and hardware solutions provider, from Daedalus Capital, LLC. Infrax Systems acquired 70% interest in exchange for stock and certain considerations, including a $50,000 note receivable (due in 180 days) from the sellers to Infrax and $112,000 in cash received by Infrax at closing. Additionally, warrants were issued for the purpose of possible future investment capital, to be received by Infrax. Shares were issued at the fair market value at the date of the transaction ($1,650,000). The agreement included warrants for the purchase of 660,000 (post reverse split) common shares at an exercise price of $5.00 (split adjusted, for a term of 3 years. The warrants are callable by Infrax at certain fair market values of the common stock. Warrants were valued at $477,900 using an option price model (assumptions used in calculation: volatility 400%; risk free rate 1.02%; dividend rate 0%). The total purchase price, net of cash, notes receivable, and net assets acquired was $1,956,158 and was allocated to intangible assets.

The Company recognized an immediate impairment in the amount of $641,008 in consideration of its analysis of future discounted cash flows and industry multiples of the acquired Company, resulting in a net intangible assets of $1,315,150. Infrax also plans to utilize their expertise in future smart grid deployment projects. Management’s allocation of the purchase price was based on our assessment of the fair market value of the assets acquired, in accordance with Accounting Standard Codification, Topic 805. Fixed assets and other tangible assets were evaluated for market value. There were no identifiable assets that had any significant appreciation or impairment; therefore those assets have been brought over at the historical basis, net of depreciation. The analysis of the intangible values purchased were allocated to the Lockwood customer list (30% or $394,550) and the developed software and licensing technology (70% or $920,600).

Future amortization of intangible property remaining is expected as follows:

For the year ended June 30,:

2012 $ 1,235,898

2013 1,647,864

2014 1,647,864

2015 1,647,664

2016 114,089

thereafter -

$ 6,293,379

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 44, 45, 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275

+ Details

Name: us-gaap_IntangibleAssetsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 27 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6

Income Taxes
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Income Taxes

10. Income Taxes

There is no current or deferred income tax expense or benefit allocated to continuing operations for the period ended March 31, 2012 and 2011.

The Company has not recognized an income tax benefit for its operating losses generated through March 31, 2012 based on uncertainties concerning the Company’s ability to generate taxable income in future periods. The tax benefit is offset by a valuation allowance established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

For income tax purposes the Company has available a net operating loss carry-forward of approximately $1,197,000 from inception to June 30, 2011, which will expire, unless used to offset future federal taxable income beginning in 2024.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Name: us-gaap_IncomeTaxDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 28 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6

Related Parties Disclosures
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Related Parties Disclosures

8. Related Parties Disclosures

Employment Agreements

The following agreements are with Shareholders, Directors and Members of the Board:

Saed (Sam) Talari

Effective August 1, 2009, the Company entered into a Nine-year employment agreement with Saed (Sam) Talari, one of the Company’s directors. The agreement was automatically renewed for an additional one-year period, and subsequently renewed by the Board for an additional one-year period through July 31, 2013. The Agreement provides for (a) a base salary of $15,000 per month, (b) a signing bonus equal to one month salary, (c) four weeks’ vacation within one year of the starting date, and (d) all group insurance plans and other benefit plans and programs made available to the Company’s management employees.

Paul J. Aiello-

Effective March 1, 2012, Mr. Paul Aiello has resigned from the Company as President & CEO. Mr. Aiello is resigning for medical and personal reasons to focus more on family matters. His departure is not due to any disagreement with the Company on any matter related to the Company's operations, policies or practices. Mr. Paul Aiello will remain a board member and advisor and will continue his contribution to the future of the Company.

Malcolm F. Welch

On October 6, 2009, the Company entered into a one-year employment agreement with Malcolm F. Welch, one of the Company’s directors and Co-Chairman of the Board. The agreement is automatically extended for successive one one-year periods, unless previously terminated. The Agreement, as amended effective January 1, 2010 provides for (a) a base salary of $2,000 per month; (b) eligibility to receive 375,000 shares of the Company ’s common stock based on the employee’s achievement of goals and objectives approved by the Board; (c) an option to purchase 375,000 shares of the Company common stock at $0.025 per share to be granted over a 3 years based on the achievement of goals and objectives established by the Board; (d) a bonus based on the level of funding the Company achieves through June 30, 2011 ; (e) two weeks vacation during first year of employment; and (f) all group insurance plans and other benefit plans and programs made available to the Company’s management employees.

Other employment agreements exist with employees.

Line of Credit, Master Agreement

On September 6, 2005, Mr. Sam Talari, one of the Company’s directors, agreed to make advances to the Company as an interim unsecured loan for operational capital of $350,000, evidenced by a master promissory note, with interest at the rate of 5% per annum, based on amounts advanced from time to time, payable annually. Mr. Talari, time to time, has converted advances and accrued interest in exchange for equity shares. Mr. Talari continued making advances to the Company on the loan, of which $448,804 and $185,704 remains outstanding at March 31, 2012 and June 30, 2011, respectively. In addition, the Company has accrued interest on this loan in the amount of $21,499 and $5,390 at March 31, 2012 and June 30, 2011, respectively.

Mr. Talari has pledged additional funding for operating capital, up to $1 million, under the same terms as the original Master Note.

Loan from Related Parties

During the year ended June 30, 2008, FutureWorld Energy, Inc. (formerly Isys Medical), OptiCon’s former parent company, paid expenses on behalf of the Company and made cash advances. Most of these expenses were paid, and the advances made, by FutureWorld Energy at the time OptiCon was still a subsidiary, and are included in Loan & Note Payable – Related Parties on the balance sheet. At March 31, 2012 and June 30, 2011, the amount owed to FutureWorld Energy on this promissory note was $7,802 and $7,802 respectively, and has accrued interest of $2,361 and $655, respectively.

Accounts Payable

The Company relies on advances from the majority shareholder and other key members. Advances are normally in the form of a loan. Payments are made on behalf of the Company by these individual and are treated as trade payables. These amounts are considered liquid and if payment is not made, may be formally converted in the form of a note. The Company currently has an aggregate of $99,337 due to nine individuals as of March 31, 2012.

Stock Transactions

On October 3, 2009, the Company agreed to split a portion of the existing debt balance on the Master Note, described above, into two (2) $25,000 convertible notes, with interest at the rate of 5% per annum, and convertible into shares of the Company’s common stock at 40% discount to the 5-day average bid price per share. Mr. Talari assigned these notes to Eventus Capital, Inc., an unrelated company, for business unrelated to the Company. On February 9, 2010 and March 25, 2010 respectively, the Company agreed to the conversion of these notes by Eventus Capital into 1,860,119 and 5,000,000 shares respectively of the Company’s restricted common stock.

On January 15, 2010, the Company agreed to issue Mr. Talari 1,500,000 shares of the Company’s common stock in exchange for the cancellation of $45,000 of accrued salary owed to Mr. Talari. The number of shares issued was determined based on the market price of $.03 per share on January 15, 2010. The Board agreed to issue these shares from shares previously authorized under the Company’s 2009 Employees and Consultants Stock Compensation Plan.

The amounts and terms of the above transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph b

-Article 3A

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Article 4

+ Details

Name: us-gaap_RelatedPartyTransactionsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6

Stock Options and Warrants
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Stock Options and Warrants

9. Stock Options and Warrants

On December 2, 2005, the Company granted two unrelated individuals Series A Warrants to purchase 660,004 shares, at an adjusted average exercise price of $ .75. All of the Warrants expire on November 11, 2011. All of the Warrants granted were non-qualified fixed price warrants.

The following table summarizes the activity related to the stock purchase warrants and options and weighted average assumptions for the period ended March 31, 2012:

Weighted Average Remaining

Options Options Intrinsic Exercise Contractual

Outstanding Vested Value Price Term

Options, June 30, 2010 4 4 $17,300 $17,300 .125 years

Granted - -

Exercised - -

Forfeited - -

Options, June 30, 2011 4 4

Granted 660.000 660.000 $ .75 $ .75

Exercised - -

Forfeited - -

Options, March 31, 2012 660,004 660,004

The following are the weighted average assumptions for the options granted:

Weighted Average:

Dividend rate 0.0%

Risk-free interest rate 1.02%

Expected lives (years) 5.0

Expected price volatility 400.0%

Forfeiture Rate 0.0%

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph i

-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(i))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 28

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number D-98

-Paragraph 2

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 30 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6

Capital Equity
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Capital Equity
11. Capital Equity

The Company has issued convertible preferred shares. Shares are convertible into the Company’s common stock, at the option of the holder, at the prescribed conversion rate. Conversions are as follows:

Shares Conversion

Outstanding Rate to Common

Preferred Series A 2,600,000 375

Preferred Series A1 8,889 89

Preferred Series A2 88,889 20

Preferred Series A3 0 16

Preferred Series B 1,210 300

2,724,834

Effective August, 2011 the Company's Board of Directors affected a 1:500 reverse stock split on common shares. In September 2011 the Preferred B shares were subject to a reverse split of 1 for 1,000. Due to the event of the reverse stock split, the preferred shares conversion rate to common were adjusted All shares presented have been retroactively stated to reflect the reverse-split shares.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section B

-Paragraph 7, 11A

-Chapter 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph d

-Article 4

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 23: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

+ Details

Name: us-gaap_StockholdersEquityNoteDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 31 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Cash Flows from Operating Activities:

Net (loss) income $ (2,605,247) $ (1,844,538)

Adjustment to reconcile Net Income to net cash provided by operations:

Depreciation and amortization 1,247,013 1,011,018

Loss on sale of assets 32,842

Issuance of stock in settlement of services 1,225,129 78,400

Minority interest 19,047

Changes in assets and liabilities:

Accounts receivable (84,001) (204,637)

Inventory (7,626) 25,037

Due from affiliate (3,239)

Prepaid and other (150,929) (12,863)

Accounts payable (64,557) 243,302

Accrued expenses 393,305 149,526

Customer deposits and deferred revenue 5,447 (12,213)

Net Cash (Used) Provided By Operating Activities 7,184 (566,968)

Cash Flows from Investing Activities:

Purchase of property and equipment (1) (1,107)

Cash Flows from Financing Activities:

Proceeds from issuance of stock

Proceeds from issuance of notes payable 39,763

Repayments of notes payable (20,000)

Proceeds from sale of assets 19,628

Related party advances (60,353) 455,283

Net Cash (Used) Provided by Financing Activities (20,962) 455,283

Net increase/decrease in Cash (13,779) (112,792)

Cash at beginning of period 25,498 115,015

Cash at end of period 11,719 2,223

Supplemental cash flow information:

Interest paid

Taxes paid

X

- Details

Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References

No definition available.

+ Details

Name: us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_Cash

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Amount of increase (decrease) in cash. Cash is the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

No definition available.

+ Details

Name: us-gaap_CashPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_DepreciationAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The gains (losses) included in earnings resulting from the sale or disposal of tangible assets. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 47

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_GainLossOnDispositionOfAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568447-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 25

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4297-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 27

-Subparagraph f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_IncomeTaxesPaid

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the amount of (a) prepayments by customers for goods or services to be provided at a later date, (b) the amount of customer money held in customer accounts, including security deposits, collateral for current or future transactions, initial payment of the cost of an acquisition or for the right to enter into a contract or agreement, (c) the increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable, or (d) some combination of (a), (b), and (c).

+ References

No definition available.

+ Details

Name: us-gaap_IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in current receivables (due within one year or one operating cycle) to be collected from an entity that is controlling, under the control of, or within the same control group as the reporting entity by means of direct or indirect ownership.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInDueFromAffiliatesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the total amount of inventories and other operating assets not separately disclosed in the statement of cash flows.

+ References

No definition available.

+ Details

Name: us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The change in prepaid reinsurance premiums recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInReceivables

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The amount of cash paid for interest during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4297-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

+ Details

Name: us-gaap_InterestPaid

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The fair value of restricted stock or stock options granted to nonemployees as payment for services rendered or acknowledged claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Reflects the amount of new advances made to related parties in the form of loan and lease receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Section 563c.102

-Paragraph 8

-Subparagraph j

-Chapter V

-Subsection I

-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 7

-Subparagraph e

-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.7(e))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Name: us-gaap_LoansAndLeasesReceivableRelatedPartiesAdditions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net cash inflow or outflow from financing activity for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 17

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PaymentsToAcquirePropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash inflow from the additional capital contribution to the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 19

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash inflow from a borrowing supported by a written promise to pay an obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 19

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromNotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 16

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 12

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3179-108585

+ Details

Name: us-gaap_ProceedsFromSaleOfProductiveAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash outflow for a borrowing supported by a written promise to pay an obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 20

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_RepaymentsOfNotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_SupplementalCashFlowInformationAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 32 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6

Property and Equipment
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Property and Equipment
5. Property and Equipment

Property and equipment consists of the following:

March 31, June 30,

2012 2011

(unaudited) (audited)

Office and computer equipment $ 120,636 $ 180,518

Furniture and fixtures 52,990 52,990

Computer software 5,468 5,468

179,094 238,976

Accumulated depreciation 63,748 45,807

$ 115,347 $ 193,169

For the Nine months ended March 31, 2012 and 2010, the total depreciation expense charged to operations totaled $25,353, and $25,933 respectively.

X

- Details

Name: IFXY_NotesToFinancialStatementsAbstract

Namespace Prefix: IFXY_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13-14)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230

+ Details

Name: us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 33 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 9 109 1 false 1 0 false 3 false false R1.htm 0001 - Document - Document and Entity Information Sheet http://opticonsystemsinc.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 0002 - Statement - Consolidated Balance Sheets Sheet http://opticonsystemsinc.com/role/ConsolidatedBalanceSheets Consolidated Balance Sheets false false R3.htm 0003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://opticonsystemsinc.com/role/ConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) false false R4.htm 0004 - Statement - Consolidated Statements of Operations (Unaudited) Sheet http://opticonsystemsinc.com/role/ConsolidatedStatementsOfOperations Consolidated Statements of Operations (Unaudited) false false R5.htm 0005 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://opticonsystemsinc.com/role/ConsolidatedStatementsOfCashFlows Consolidated Statements of Cash Flows (Unaudited) false false R6.htm 0006 - Disclosure - History of the Company and Nature of the Business Sheet http://opticonsystemsinc.com/role/HistoryOfCompanyAndNatureOfBusiness History of the Company and Nature of the Business false false R7.htm 0007 - Disclosure - Summary of Significant Accounting Policies Sheet http://opticonsystemsinc.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies false false R8.htm 0008 - Disclosure - Going Concern Sheet http://opticonsystemsinc.com/role/GoingConcern Going Concern false false R9.htm 0009 - Disclosure - Accounts Receivable Sheet http://opticonsystemsinc.com/role/AccountsReceivable Accounts Receivable false false R10.htm 0010 - Disclosure - Property and Equipment Sheet http://opticonsystemsinc.com/role/PropertyAndEquipment Property and Equipment false false R11.htm 0011 - Disclosure - Intangible Assets Sheet http://opticonsystemsinc.com/role/IntangibleAssets Intangible Assets false false R12.htm 0012 - Disclosure - Debt Agreements Sheet http://opticonsystemsinc.com/role/DebtAgreements Debt Agreements false false R13.htm 0013 - Disclosure - Related Parties Disclosures Sheet http://opticonsystemsinc.com/role/RelatedPartiesDisclosures Related Parties Disclosures false false R14.htm 0014 - Disclosure - Stock Options and Warrants Sheet http://opticonsystemsinc.com/role/StockOptionsAndWarrants Stock Options and Warrants false false R15.htm 0015 - Disclosure - Income Taxes Sheet http://opticonsystemsinc.com/role/IncomeTaxes Income Taxes false false R16.htm 0016 - Disclosure - Capital Equity Sheet http://opticonsystemsinc.com/role/CapitalEquity Capital Equity false false R17.htm 0017 - Disclosure - Commitments and Contingencies Sheet http://opticonsystemsinc.com/role/CommitmentsAndContingencies Commitments and Contingencies false false R18.htm 0018 - Disclosure - Subsequent Events Sheet http://opticonsystemsinc.com/role/SubsequentEvents Subsequent Events false false All Reports Book All Reports Process Flow-Through: 0002 - Statement - Consolidated Balance Sheets Process Flow-Through: 0003 - Statement - Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 0004 - Statement - Consolidated Statements of Operations (Unaudited) Process Flow-Through: 0005 - Statement - Consolidated Statements of Cash Flows (Unaudited) ifxy-20120331.xml ifxy-20120331.xsd ifxy-20120331_def.xml ifxy-20120331_lab.xml ifxy-20120331_pre.xml true false

Consolidated Balance Sheets (USD $)	Jun. 30, 2011	Mar. 31, 2012 Unaudited
Current assets
Cash	$ 25,498	$ 11,719
Accounts receivable	22,050	106,051
Inventory	55,450	63,076
Note receivable	50,000	53,239
Prepaid expenses		150,929
Total current assets	152,998	385,014
Property & equipment, net of accumulated depreciation of $63,748 and $45,807, respectively	193,169	115,347
Intangible property, net of accumulated amortization of $2,129,215 and $1,314,775, respectively	6,700,599	5,478,939
Deposits	2,500	2,500
Total Assets	7,049,266	5,981,800
Current liabilities
Accounts payable	434,789	370,232
Accrued expenses	889,108	1,287,860
Notes payable	774,500	794,263
Loans and notes payable, related parties	7,802	7,403
Total current liabilities	2,106,199	2,459,758
Notes payable to Shareholder	574,957	515,003
Total liabilities	2,681,156	2,974,761
Stockholders' Equity
Preferred Stock, 50,000,000 authorized, $.001 par value: Series A Convertible: 5,000,000 shares designated; 2,723,624 and 385,702 issued and outstanding	386	2,724
Preferred stock, 50,000,000 authorized, $.001 par value: Series B Convertible: 100,000,000 shares designated; 1,210 and 257,764 issued and outstanding	258	1
Common stock, $.001 par value, 5,000,000,000 shares authorized; 17,527,983 and 6,282,275 shares issued and outstanding, respectively	6,282	17,355
Additional paid-in capital	11,451,683	12,664,066
Subscriptions (receivable) payable	408
Minority interest in subsidiary	5,447	24,494
Accumulated deficit	(7,096,354)	(9,701,601)
Total stockholders' equity	4,368,110	3,007,039
Total Liabilities and Stockholders' Equity	$ 7,049,266	$ 5,981,800

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2011	Mar. 31, 2012 Unaudited
Preferred stock; par value	$ 0.001	$ 0.001
Preferred stock; shares authorized	50,000,000	50,000,000
Series A, Preferred stock; par value	$ 0.001	$ 0.001
Series A, Preferred stock; shares designated	5,000,000	5,000,000
Series A, Preferred stock; shares issued	2,723,624	2,723,624
Series A, Preferred stock; shares outstanding	385,702	385,702
Series B, Preferred stock; par value	$ 0.001	$ 0.001
Series B, Preferred stock; shares designated	100,000,000	100,000,000
Series B, Preferred stock; shares issued	1,210	1,210
Series B, Preferred stock; shares outstanding	257,764	257,764
Common stock; par value	$ 0.001	$ 0.001
Common stock; shares authorized	5,000,000,000	5,000,000,000
Common stock; shares issued	$ 17,527,983	$ 17,527,983
Common stock; shares outstanding	6,282,275	6,282,275

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012
Document And Entity Information
Entity Registrant Name	INFRAX Systems, Inc.
Entity Central Index Key	0001380277
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	Yes
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	17,527,983
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011
Income Statement [Abstract]
Revenues	$ 66,650	$ 86,315	$ 382,374	$ 466,558
Direct costs	35,411	69,496	42,654	138,685
Gross Profit	31,239	16,819	339,720	327,873
Operating expenses:
Salaries and benefits	183,261	23,450	1,352,028	348,063
Consulting	0	113,719	2,590	353,204
Professional fees	337	12,500	62,694	78,939
General and administrative	14,233	133,426	214,164	337,523
Amortization and depreciation	415,671	337,033	1,247,013	1,011,018
Total operating expenses	613,512	620,128	2,878,489	2,128,747
Other income (expense):
Interest expenses	(17,522)	(16,978)	(52,566)	(43,664)
Sale of assets, net			(32,842)
Total other income (expense)	(17,522)	(16,978)	(85,408)	(43,664)
Loss from operations before income taxes	(599,785)	(620,287)	(2,624,177)	(1,844,538)
Provision for income taxes
Total income (expense)	(599,785)	(620,287)	(2,624,177)	(1,844,538)
Minority Interest	(3,286)		18,930
Net loss	$ (603,071)	$ (905,592)	$ (2,605,247)	$ (1,844,538)
Earnings (loss) per share: Basic	$ (0.04)	$ (0.16)	$ (0.19)	$ (0.32)
Weighted average shares outstanding: Basic	17,169,041	5,601,491	13,458,769	5,851,677

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash Flows from Operating Activities:
Net (loss) income	$ (2,605,247)	$ (1,844,538)
Adjustment to reconcile Net Income to net cash provided by operations:
Depreciation and amortization	1,247,013	1,011,018
Loss on sale of assets	32,842
Issuance of stock in settlement of services	1,225,129	78,400
Minority interest	19,047
Changes in assets and liabilities:
Accounts receivable	(84,001)	(204,637)
Inventory	(7,626)	25,037
Due from affiliate	(3,239)
Prepaid and other	(150,929)	(12,863)
Accounts payable	(64,557)	243,302
Accrued expenses	393,305	149,526
Customer deposits and deferred revenue	5,447	(12,213)
Net Cash (Used) Provided By Operating Activities	7,184	(566,968)
Cash Flows from Investing Activities:
Purchase of property and equipment	(1)	(1,107)
Cash Flows from Financing Activities:
Proceeds from issuance of stock
Proceeds from issuance of notes payable	39,763
Repayments of notes payable	(20,000)
Proceeds from sale of assets	19,628
Related party advances	(60,353)	455,283
Net Cash (Used) Provided by Financing Activities	(20,962)	455,283
Net increase/decrease in Cash	(13,779)	(112,792)
Cash at beginning of period	25,498	115,015
Cash at end of period	11,719	2,223
Supplemental cash flow information:
Interest paid
Taxes paid