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LIQUIDITY AND MANAGEMENT'S PLAN
12 Months Ended
Jun. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NOTE 3 - LIQUIDITY AND MANAGEMENT'S PLAN

Historically, the Company has financed its operations through operating revenue, loans from directors, officers, stockholders, loans from the Chief Executive Officer and majority shareholder and private placements of equity securities.  

 

 At June 30, 2012, the Company had negative working capital of $2,345,977 when compared with negative working capital of $2,395,501 at June 30, 2011.  This $49,524 increase in working capital is principally due to the retirement of certain notes payable.  In connection with the retirement of these promissory notes, the Company reduced its current notes payable by approximately $1.6 million. This decrease in current liabilities was partially offset by an increase in deferred revenue. While no assurances can be given, management currently intends to continue to reduce its indebtedness in subsequent periods utilizing existing cash resources and projected cash flow from operations.  In addition, management may also refinance or restructure certain of the Company’s indebtedness to extend the maturities of such indebtedness to address its short-term and long-term working capital requirements.  Management believes that these initiatives will enable us to address our debt service requirements during the next twelve months, as well as fund our currently anticipated operations and capital spending requirements. The financial statements do not reflect any adjustments should cash flow from operations be insufficient to meet our spending and debt service requirements, and we are otherwise unable to refinance or restructure our indebtedness.