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9. Employee Benefit Plans
12 Months Ended
Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
9. Employee Benefit Plans

Employee Benefit Plans

 

During the fiscal year ended June 30, 2013, the Company adopted a single 401(k) profit sharing plan covering all its employees, which provides for voluntary employee salary contributions not to exceed the statutory limitations provided by the Internal Revenue Code. The plan provides for Company matching contribution equal to 100% of employee’s deferral up to 3% of pay, plus 50% of employee’s deferral over 3% of pay up to 5%. Previously, the Company had two separate plans. Total matching contributions amounted to $42,800 and $34,800 for the years ended June 30, 2013 and 2012, respectively.