Annual report pursuant to Section 13 and 15(d)

Note 16 - Income Taxes (Tables)

v2.4.0.6
Note 16 - Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2012
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
   
2012
   
2011
 
US operations
  $ (3,614,853 )   $ (17,122 )
Foreign operations
    10,319,508       9,840,633  
    $ 6,704,655     $ 9,823,511  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   
2012
   
2011
 
 Current:
           
 Federal
  $ -     $ 14,762  
 State and Local
    -       21,788  
 Foreign
    55,384       83,992  
 Deferred:
               
 Federal
    -       -  
 State and Local
    -       -  
 Foreign
    -       -  
 Provision for income taxes
  $ 55,384     $ 120,542  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   
2012
         
2011
       
Income taxes (benefit) at statutory rate
  $ 2,309,119       34.0 %   $ 1,988,533       34.0 %
State income taxes, net of federal tax benefit
    418,384       6.2 %     103,375       1.8 %
Foreign earnings taxed at different rates
    (3,615,004 )     -52.7 %     (1,336,651 )     -22.9 %
Change in valuation allowance for deferred tax assets
    356,979       5.3 %     (1,163,238 )     -19.9 %
Non-deductible expenses
    585,906       8.06 %     513,760       8.8 %
Alternative minimum tax
    -       0.0 %     14,763       0.3 %
Provision for income taxes
  $ 55,384       0.86 %   $ 120,542       2.1 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Deferred tax asset:
 
2012
   
2011
 
   Other
  $ 88,590     $ 102,356  
Fixed Assets
    (33,080 )     (148,278 )
AMT Credit
    14,763       14,763  
   Intangible assets
    (40,322 )     (70,564 )
   Net operating loss carry forwards
    10,493,537       10,268,233  
Net deferred tax assets
    10,523,488       10,166,510  
Valuation allowance for deferred tax assets
    (10,523,488 )     (10,166,510 )
Net deferred tax assets
  $ -     $ -  
Schedule Of Deferred Tax Assets By Location [Table Text Block]
   
2012
   
2011
 
Net operating loss carry forward
  $ 619,549     $ 276,452  
Total deferred tax assets
    216,842       96,758  
Less : valuation allowance
    (216,842 )     (96,758 )
Net deferred tax assets
  $ -     $ -  
   
2012
   
2011
 
Net operating loss carry forward
  $ 438,900     $ 398,449  
Total deferred tax assets
    131,670       119,535  
Less : valuation allowance
    (131,670 )     (119,535 )
Net deferred tax assets
  $ -     $ -