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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2012

Net deferred tax liabilities consist of the following components at June 30:

	2012			2011
Deferred tax assets:
NOL Carryover	$	44,932,303		$	44,614,944
Depreciation		-			37,351
Amortization		322,991			181,775
Allowance for Bad Debts		85,800			6,077
Accrued Expenses		225,430			124,157
Deferred Revenue		360,022			648,660
Deferred tax liabilities:
Depreciation		-			-
Amortization		(39,431	)		-
Valuation allowance		(45,887,115)			(45,612,964)
Net deferred tax asset	$	-		$	-

Summary of income tax

The income tax provision differs from the amounts of income tax determined by applying the US federal income tax rate to pretax income from continuing operations for the years ended June 30, 2012 and 2011 due to the following:

	2012			2011
Book Income	$	(334,880	)	$	(80,131	)
Stock for Services		143,936			360,317
Life Insurance		13,714			14,301
Meals & Entertainment		11,783			12,476
Change in deferred revenue		(288,639	)		116,548
Change in accrual and Allowance		180,996			35,661
Change in depreciation		(130,649	)		(308,210	)
NOL utilization		403,739			(146,276	)
Change in Related Party Accruals		-			(4,686	)
Valuation allowance		-			-
	$	115,211,000		$	-

- Definition

Tabular disclosure of deferred tax liabilities not recognized because of the exceptions to comprehensive recognition of deferred taxes, including a description of the temporary differences, events that would cause the temporary differences to become taxable, the cumulative amounts of the temporary differences and the amounts not recognized as deferred tax liabilities or a statement that the determination of the deferred tax liabilities is not practicable.

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