NOTE 9 - INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Abstract]

Temporary differences and carry forwards which give rise to the deferred income tax

Accrued compensation	$	23,089
Issuance of Non-qualified stock options		18,248
Other		3,767
Net operating loss carry forwards		76,338
Valuation allowance		(121,442	)
Net long-term deferred tax asset	$	—

Reconciliation of income taxes

Income tax benefit at the statutory rate	$	(212,002
State income taxes, net of federal benefit		(7,598	)
Foreign rate differential		134,764
Change in valuation allowance		(2,200,026	)
Section 382 NOL limitation		2,284,862
Deferred income tax benefit	$	—