Note 2 - Accounting Policies |
3 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Basis of Presentation and Significant Accounting Policies [Text Block] |
The
preparation of consolidated financial statements in
conformity with accounting principles generally accepted in
the United States of America requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those
estimates.
Accounting
for Convertible Debt with Warrants:
The
Company accounts for proceeds from convertible debt
instruments issued together with warrants by allocating such
proceeds between debt and equity components based on their
relative fair values, along with a corresponding debt
discount. Debt discounts are amortized over the period the
convertible debt is expected to be outstanding as additional
non-cash interest expense.
|