COMMITMENTS (Tables)

6 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:

	Amount
Twevle months ending December 31,
2013	$	139,585
2014		46,044
After 2014		-
	$	185,629