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Foreign Operations
12 Months Ended
Jun. 30, 2013
Foreign Operations  
Foreign Operations
14. Foreign Operations

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the period. Gains or losses on the translation of the financial statements of a non-U.S. operation, where the functional currency is other than the U.S. dollar, are reflected as a separate component of equity which was a gain of $52,736 and $88,258 at June 30, 2013 and 2012, respectively. The Company as of June 30, 2013 had approximately $5,403,000 in assets and $4,327,000 in net assets located in China. The Company as of June 30, 2012 had approximately $4,304,000 in assets and $3,362,000 in net assets located in China.