Operating leases

9 Months Ended

Mar. 31, 2015

Operating Leases of Lessor Disclosure [Text Block]

Note 9 - Operating leases

We lease certain office space under non-cancellable operating lease agreements. The leases typically run for a period of three years, with an option to renew the lease after that date.

Future minimum rental payments required under all leases that have remaining non-cancellable lease terms in excess of one year as of March 31, 2015 are as follows:

Year Ending March 31,
2016	$	306,164
2017		278,777
2018		18,000
2019		18,000
2020		18,000
	$	638,841

Rent expense was $73,341 and $7,818 for the three month periods ended March 31, 2015 and 2014, respectively. For the nine month periods ended March 31, 2015 and 2014, rent expense was $222,979 and $192,995, respectively.