NOTE 8 - NOTES RECEIVABLE

12 Months Ended

Jun. 30, 2012

Notes to Financial Statements

NOTE 8 - NOTES RECEIVABLE

NOTE 8 – NOTES RECEIVABLE

Notes receivable as of June 30, 2012 and 2011 consist of the following:

	As of June 30,
	2012			2011
Note Receivable – (a)	$	65,000			65,000
Note Receivable – (b)		233,182			264,985
Note Receivable – (c)		158,800			207,842
Total Notes Receivable		456,982			537,827
Allowance		(65,000	)		(65,000	)
Net Notes Receivable	$	391,982		$	472,827
Current Portion	$	116,016		$	114,058
Long-Term Portion	$	275,966		$	358,769

a) This note receivable represents a note due from a customer for the purchase of a system. The note is past due. The Company has an allowance for doubtful accounts of $65,000 as of June 30, 2012 and 2011 on this note.

b) This note receivable represents a note due from a customer for the purchase of an Upright MRI system. The note is payable in 60 consecutive equal monthly payments of principal and interest of $5,798 commencing November 2010.

c) This represents notes from a customer for past due service provided to two Upright MRI systems. The notes are payable in monthly payments of principal and interest of $5,444.