LIQUIDITY	9 Months Ended
Mar. 31, 2014
Liquidity
NOTE 3. LIQUIDITY	Historically, the Company has financed its operations through operating revenues, loans from directors, officers and stockholders, loans from the Chief Executive Officer and majority shareholder, and private placements of equity securities. At March 31, 2014, the Company had positive working capital of $1,573,650 compared with positive working capital of $1,124,476 at June 30, 2013. This $449,174 increase in working capital is principally due to increased accounts receivable and reductions in deferred revenue and current notes payable. These were partially offset by an increase in accrued liabilities and accounts payable and decrease in prepaid expenses. While no assurances can be given, management currently believes that the Company will continue to increase its working capital position, and thereby reduce its indebtedness in subsequent periods utilizing existing cash resources and projected cash flow from operations. In addition, management may also pay down, pay off, or refinance certain of the Company’s indebtedness to extend the maturities of such indebtedness. Management believes that these initiatives will enable us to address our debt service requirements during the next twelve months without negatively impacting our working capital. 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. On September 4, 2012, the Company announced that its Board of Directors had approved a share repurchase program (the "Repurchase Program") of up to $2.0 million of the Company's common stock over the next two years, or such other date, whichever is earlier, when the Repurchase Program is revoked or varied by the Board of Directors. The Repurchase Program does not obligate the Company to acquire any particular number of shares of common stock. The Repurchase Program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. As of May 12, 2014, the Company had not repurchased any shares of common stock under the Repurchase Program. It is unlikely at this time that the Board of Directors will repurchase any shares under the Repurchase Program through the date of the Repurchase Program’s termination, on August 22, 2014.

LIQUIDITY

9 Months Ended

Mar. 31, 2014

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

At March 31, 2014, the Company had positive working capital of $1,573,650 compared with positive working capital of $1,124,476 at June 30, 2013. This $449,174 increase in working capital is principally due to increased accounts receivable and reductions in deferred revenue and current notes payable. These were partially offset by an increase in accrued liabilities and accounts payable and decrease in prepaid expenses. While no assurances can be given, management currently believes that the Company will continue to increase its working capital position, and thereby reduce its indebtedness in subsequent periods utilizing existing cash resources and projected cash flow from operations. In addition, management may also pay down, pay off, or refinance certain of the Company’s indebtedness to extend the maturities of such indebtedness. Management believes that these initiatives will enable us to address our debt service requirements during the next twelve months without negatively impacting our working capital. 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.

On September 4, 2012, the Company announced that its Board of Directors had approved a share repurchase program (the "Repurchase Program") of up to $2.0 million of the Company's common stock over the next two years, or such other date, whichever is earlier, when the Repurchase Program is revoked or varied by the Board of Directors. The Repurchase Program does not obligate the Company to acquire any particular number of shares of common stock. The Repurchase Program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. As of May 12, 2014, the Company had not repurchased any shares of common stock under the Repurchase Program. It is unlikely at this time that the Board of Directors will repurchase any shares under the Repurchase Program through the date of the Repurchase Program’s termination, on August 22, 2014.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References+ Details