Note 8 - Capital Lease Obligations (Tables)

12 Months Ended

Jun. 30, 2013

Tables/Schedules

Schedule of Future Minimum Lease Payments for Capital Leases

June 30	Amount
2014	$200,000
2015	256,452
2016	248,387
2017	240,323
2018	232,258
Thereafter	648,388
Total minimum lease payments	1,825,808
Less: amount representing interest	(889,233)
Present value of lease payments	936,575
Less: current portion	(31,416)
Long-term portion	$905,159

Schedule of Capital Lease Discount Rate Adjustments on Proforma Basis

	Corrected Amount			Amount Recorded
	at 18% Discount Rate			at 8% Discount Rate			Difference
For Quarter ended December 31, 2012
Balance Sheet
Land Under Capital Lease	$	1,055,575		$	1,435,025		$	(379,450	)
Capital Lease Obligation		(936,575	)		(1,316,025	)		379,450
Statement of Operations
Net loss for the 3 months ended December 31, 2012		246,401			238,087			8,314
Net loss for the 9 months ended December 31, 2013	$	480,239		$	471,925		$	8,314
For Quarter ended March 31, 2013
Balance Sheet
Land Under Capital Lease	$	1,055,575		$	1,435,025		$	(379,450	)
Capital Lease Obligation		(936,575	)		(1,316,025	)		379,450
Statement of Operations
Net loss for the 3 months ended March 31, 2013		297,774			256,205			41,569
Net loss for the 9 months ended March 31, 2013	$	778,013		$	728,130		$	49,883