ACCOUNTS RECEIVABLE (Notes)

12 Months Ended

Jun. 30, 2012

Receivables [Abstract]

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

Accounts receivable consists of unsecured trade receivables due from customers.  The Company performs credit evaluations of its customers and does not require collateral to establish an account receivable.  The majority of open accounts, excluding primarily Wal-Mart, are covered by credit insurance. Accounts receivable from our two largest customers represented 31% and 35% of gross accounts receivable as of June 30, 2012 and 2011, respectively.

The Company evaluates collectibility of accounts receivable based on a number of factors.  Accounts receivable are considered to be past due if unpaid one day after their due date.  An allowance for doubtful accounts is recorded for past due receivable balances based on a review of the past due item, general economic conditions and the insurance coverage in place.  The Company writes off accounts receivable when they become uncollectible.  There were no recoveries of previously written-off accounts receivable during fiscal 2012 or fiscal 2011.  Changes in the allowance for doubtful accounts were as follows:

Fiscal Year Ended June 30,	Balance, Beginning of Year		Provision Charged to Expense	Amounts Written-off		Balance, End of Year
2012	$	278,828	135,320	(382,589	)	$	31,559
2011	$	757,535	121,610	(600,317	)	$	278,828

The vast majority of international customers, outside of Canada, are sold on a cash against documents or cash in advance basis. Approximately 30% and 23% of the Company's accounts receivable at June 30, 2012 and 2011, were foreign receivables denominated in U.S. dollars.