NOTE 8 - INCOME TAXES

9 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 8 – INCOME TAXES

In evaluating the realizability of the net deferred tax assets, we take into account a number of factors, primarily relating to the ability to generate taxable income. Where it is determined that it is likely that we will be unable to realize deferred tax assets, a valuation allowance is established against the portion of the deferred tax asset. Because it cannot be accurately determined when or if we will become profitable, a valuation allowance was provided against the entire deferred income tax asset balance.

The 2009 through 2012 tax years remain open to examination by the Internal Revenue Service.  These taxing authorities have the authority to examine those tax years until the applicable statute of limitations expire. 

The Company did not recognize any interest or penalties related to income taxes for the three or nine months ended March 31, 2013 and 2012.