ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

12 Months Ended

Jun. 30, 2014

Notes to Financial Statements

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

Accounts receivable are customer obligations due under normal trade terms. The Company performs continuing credit evaluations of its customers’ financial conditions, and although management generally does not require collateral, letters of credit may be required from its customers in certain circumstances.

Senior management reviews accounts receivable on a periodical basis to determine if any receivables will potentially be uncollectible. Management includes any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts.  After all attempts to collect a receivable have failed, the receivable is written off against the allowance.  Based on the information available to us, management believed the allowance for doubtful accounts as of June 30, 2014 and June 30, 2013 was adequate.  

The following table represents the changes in the allowance for doubtful accounts:

	For the Year Ended June 30,
	2014			2013
Beginning	$	139		$	122
Additions charged to expenses		303			196
(Recovered) / (Write-off)		(2	)		(131	)
Currency translation effect		(2	)		(48	)
Ending	$	438		$	139