ADOPTION OF ASC TOPIC 740

12 Months Ended

Jun. 30, 2014

Adoption Of Asc Topic 740

ADOPTION OF ASC TOPIC 740

The Company adopted ASC Topic 740, Accounting for Income Taxes - Interpretation of Topic 740.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Balance at July 1, 2012	$	(249	)
Additions based on current year tax positions		-
Additions for prior year(s) tax positions		(1	)
Reductions for prior year(s) tax positions		-
Settlements		-
Expiration of statute of limitations		-
Balance at June 30, 2013	$	(250	)
Additions based on current year tax positions		-
Additions for prior year(s) tax positions		-
Reductions for prior year(s) tax positions		-
Settlements		-
Expiration of statute of limitations		-
Settlements		-
Balance at June 30, 2014	$	(250	)

The Company accrues penalties and interest on unrecognized tax benefits as a component of penalties and interest expense, respectively. The Company has not accrued any penalties or interest expense relating to the unrecognized benefits at June 30, 2014 and June 30, 2013.

The major tax jurisdictions in which the Company files income tax returns are the United States of America, Singapore, Malaysia, China and Indonesia. The statute of limitations, in general, is open for years 2004 to 2014 for tax authorities in those jurisdictions to audit or examine income tax returns.  The Company is under annual review by the governments of Singapore, Malaysia, China and Indonesia. However, the Company is not currently under tax examination in any other jurisdiction.