Note 11 - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2013

Tables/Schedules

Deferred income tax assets, temporary differences and carry forwards

	For the Years Ended
	June 30, 2013	June 30, 2012
Accrued compensation	$104,176	$23,089
Issuance of non-qualified stock options	31,836	18,248
Other	21,573	3,767
Net operating loss carry forwards	287,225	76,338
Debt discount on beneficial conversion feature	(16,570)	-
Valuation allowance	(428,240)	(121,442)
Net long-term deferred tax asset	$-	$-

Reconciliation of income taxes at the federal statutory rate to actual income tax expense

	For the Years Ended
	June 30, 2013	June 30, 2012
Income tax benefit at the statutory rate	$(562,308)	$(212,002)
State income taxes, net of federal benefit	(28,131)	(7,598)
Foreign rate differential	273,202	134,764
Change in valuation allowance	265,743	(2,200,026)
Change in NOL carry forwards	25,896	2,284,862
Debt discount on beneficial conversion feature	24,991	-
Other	607	-
Deferred income tax expense	$-	$-