NOTE 14 - ACQUISITION OF FAIR HAVEN SERVICES

12 Months Ended

Jun. 30, 2012

Business Combinations [Abstract]

NOTE 14 - ACQUISITION OF FAIR HAVEN SERVICES

NOTE 14 – ACQUISITION OF FAIR HAVEN SERVICES

On October 1, 2010, the Company purchased 100% of the stock of Fair Haven Services, an entity wholly owned by Raymond V. Damadian for $10. The entity is in the business of leasing medical equipment to various unrelated PCs. The transaction was accounted for as a merger of commonly-controlled entities. The carrying value of the assets and liabilities at the acquisition date approximated the fair value. The carrying value of the assets acquired and liabilities assumed consisted of the following:

Accounts Receivable	$	182,000
Equipment		2,288,703
Short term portion of debt		(1,733,955	)
Other accrued expenses		(13,955	)
Long term debt less current portion		(693,829	)
Net Capital Contributed	$	28,964