0001019687-15-003592.txt : 20150930 0001019687-15-003592.hdr.sgml : 20150930 20150929231307 ACCESSION NUMBER: 0001019687-15-003592 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150928 DATE AS OF CHANGE: 20150930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN WIRELESS CORP CENTRAL INDEX KEY: 0000722572 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 953733534 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14891 FILM NUMBER: 151132118 BUSINESS ADDRESS: STREET 1: 6205 LUSK BLVD. CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 858-623-0000 MAIL ADDRESS: STREET 1: 6205 LUSK BLVD. CITY: SAN DIEGO STATE: CA ZIP: 92121 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TELECOMMUNICATIONS CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ABM COMPUTER SYSTEMS DATE OF NAME CHANGE: 19870317 FORMER COMPANY: FORMER CONFORMED NAME: AUTOMATED BUSINESS MACHINES INC DATE OF NAME CHANGE: 19830802 10-K 1 franklin_10k-063015.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For fiscal year ended June 30, 2015

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number: 001-14891

FRANKLIN WIRELESS CORP.

(Exact name of Registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation or organization)

95-3733534

(I.R.S. Employer Identification Number)

6205 Lusk Blvd.

San Diego, California

(Address of principal executive offices)

92121

(Zip code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $.001 per share

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer o	Accelerated filer o	Non-accelerated filer o	Smaller reporting company x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The aggregate market value of the voting common stock held by non-affiliates of the Registrant, based on the closing price of the Registrant’s common stock on December 31, 2014, as reported by The OTCQB, was approximately $7,070,303. For the purpose of this calculation only, shares owned by officers, directors (and their affiliates) and 5% or greater stockholders have been excluded. The Registrant does not have any non-voting stock issued or outstanding.

The Registrant has 10,533,869 shares of common stock outstanding as of September 28, 2015.

FRANKLIN WIRELESS CORP.

INDEX TO ANNUAL REPORT ON FORM 10-K

FOR THE FISCAL YEAR ENDED JUNE 30, 2015

		Page

PART I

Item 1:	Business	4
Item 1A:	Risk Factors	6
Item 1B:	Unresolved Staff Comments	8
Item 2:	Properties	8
Item 3:	Legal Proceedings	8
Item 4:	Mine Safety Disclosures	8

PART II

Item 5:	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	9
Item 6:	Selected Financial Data	10
Item 7:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 7A:	Quantitative and Qualitative Disclosures About Market Risk	15
Item 8:	Financial Statements and Supplementary Data	15
Item 9:	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	15
Item 9A:	Controls and Procedures	16
Item 9B:	Other Information	16

PART III

Item 10:	Directors, Executive Officers and Corporate Governance	17
Item 11:	Executive Compensation	19
Item 12:	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	22
Item 13:	Certain Relationships and Related Transactions, and Director Independence	22
Item 14:	Principal Accounting Fees and Services	23

PART IV

Item 15:	Exhibits, Financial Statement Schedules	24


Signatures		25
Index to Financial Statements		F-1

NOTE ON FORWARD LOOKING STATEMENTS

You should keep in mind the following points as you read this Report on Form 10-K:

	o	the terms "we," "us," "our," “Franklin,” “Franklin Wireless,” or the "Company" refer to Franklin Wireless Corp.
	o	our fiscal year ends on June 30; references to fiscal 2015 and fiscal 2014 and similar constructions refer to the fiscal year ended on June 30 of the applicable year.

This Annual Report on Form 10-K contains statements which, to the extent they do not recite historical fact, constitute "forward looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements are used under the captions "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this Annual Report on Form 10-K. You can identify these statements by the use of words like "may," "will," "could," "should," "project," "believe," "anticipate," "expect," "plan," "estimate," "forecast," "potential," "intend," "continue," and variations of these words or comparable words. Forward looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may differ substantially from the results that the forward looking statements suggest for various reasons, including those discussed under the caption "Risk Factors." These forward looking statements are made only as of the date of this Annual Report on Form 10-K. We do not undertake to update or revise the forward looking statements, whether as a result of new information, future events or otherwise.

PART I

ITEM 1. BUSINESS.

BUSINESS OVERVIEW

We are a provider of intelligent wireless solutions including mobile hotspots, routers and modems as well as innovative hardware and software products that support machine-to-machine (M2M) applications and the Internet of Things (IoT). Our M2M and IoT solutions include embedded modules, modems and gateways built to deliver reliable always-on connectivity supporting a broad spectrum of applications. These products are designed to solve wireless connectivity challenges in a variety of vertical markets including video surveillance, digital signage, home security, oil and gas exploration, kiosks, fleet management, smart grid, vehicle diagnostics, telematics and many more.

We have a majority ownership position in Franklin Technology Inc. (FTI), a research and development facility located in Seoul, South Korea. FTI primarily provides design and development services to us for our wireless products.

Our products are generally marketed and sold directly to wireless operators, and indirectly through strategic partners and distributors. Our global customer base extends primarily from the United States to countries in South America, the Caribbean, Europe, the Middle East and Africa ("EMEA") and Asia.

OUR STRUCTURE

We incorporated in 1982 in California and reincorporated in Nevada on January 2, 2008. The reincorporation had no effect on the nature of our business or our management. Our headquarters office is located in San Diego, California. The office is principally composed of marketing, sales, operations, finance and administrative support. It is responsible for all customer-related activities, such as marketing communications, product planning, product management and customer support, along with sales and business development activities on a worldwide basis.

The consolidated financial statements include the accounts of the Company and a subsidiary with a majority voting interest of 51.8% (48.2% is owned by non-controlling interests) as of June 30, 2015 and 2014. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings are reduced by the portion of the net earnings of subsidiaries applicable to non-controlling interests.

Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how management internally evaluates separate financial information, business activities and management responsibility. We have one reportable segment, consisting of the sale of wireless access products. We generate revenues from four geographic areas, consisting of the United States, the Caribbean and South America, EMEA and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:

	Fiscal Year Ended June 30,
Net sales:	2015		2014
United States	$	36,710,081	$	18,036,635
Caribbean and South America		1,416,052		2,109,320
Europe, the Middle East and Africa ("EMEA")		4,578,970		3,789,414
Asia		3,639,130		7,017,528
Totals	$	46,344,233	$	30,952,897

Long-lived assets, net (property and equipment and intangible assets):	June 30, 2015		June 30, 2014
United States	$	785,144	$	1,786,910
Asia		571,629		837,371
Totals	$	1,356,773	$	2,624,281

OUR PRODUCTS

We were the world’s first supplier of both CDMA EVDO Rev A and dual-mode (CDMA Rev A/WiMAX) Universal Serial Bus (USB) modems. Our mobile broadband products include a variety of wireless USB modems as well as Wi-Fi mobile hotspot routers and embedded modules, which operate over LTE, HSPA, or CDMA networks. Our products provide consumers with an easy and convenient way in which to wirelessly connect to the Internet from laptop or desktop computers. These high-speed devices support the viewing of web pages and sending and receiving email with large file attachments, as well as downloading pictures, videos and music content. Our products are based on widely deployed cellular technologies and operate across 3G and 4G networks including:

Code Division Multiple Access (“CDMA”) technology 1xEVDO – Evolution-Data Optimized technology in both Rev 0 and Rev A releases.

High Speed Packet Access (“HSPA”) based on the Universal Mobile Telecommunications System standard, sometimes referred to as Wideband Code Division Multiple Access (“WCDMA”) technology.

Long Term Evolution (LTE) 4G mobile broadband standard. The LTE specification provides downlink peak rates of at least 100 Mbps, uplink peak rates of at least 50 Mbps and radio access network (RAN) round-trip times of less than 10 milliseconds.

The following are representative selections of our current CDMA, HSPA and LTE wireless data products:

Mobile Broadband Products:

Routers:

Mobile hotspots: Single-mode and dual-mode (3G and 4G) portable Wi-Fi routers that provide wireless Internet access for multiple devices simultaneously including laptops, tablets and portable gaming devices.

USB Modems:

USB modems: Single-mode and dual-mode modems that plug into the Universal Serial Bus (USB) port of laptop or desktop computers, providing an easy and convenient way for users to connect to wireless broadband networks.

IoT and M2M Products:

IoT Gateway Devices:

Wireless modems and gateway devices deliver reliable always-on connectivity supporting a broad spectrum of M2M and IoT applications. Featuring industrial grade ruggedized housings, these versatile and compact modems and routers provide 3G and 4G connectivity and include Wi-Fi and GPS functionality and support IoT cloud management.

Embedded Modules:

Include single-mode and dual-mode modules that provide network connectivity for a wide-variety of products like vending machines, cargo containers, utility meters and video cameras. The primary market for these devices is original equipment manufacturers (OEMs) who seek reliable embedded module solutions for their wireless data needs.

Bus Information System:

Represents a full end-to-end IoT solution and includes both hardware and software engineered by the Company. This innovative system features Franklin’s newly developed intelligent gateway that supports GPS, Wi-Fi, OBDII, CCTV and black box integration and includes a fully functional information system.

CUSTOMERS

Our global customer base is comprised of wireless operators, strategic partners and distributors located primarily in the United States, the Caribbean and South America, EMEA and Asia.

SALES AND MARKETING

We market and sell our products primarily to wireless operators located in the United States, EMEA, South America and the Caribbean regions mainly through our internal, direct sales organization and, to a lesser degree, indirectly through strategic partners and distributors. The sales process is supported with a range of marketing activities, including trade shows, product marketing and public relations.

All of our wireless devices must pass Federal Communications Commission (FCC) testing in order to be sold in United States markets. CDMA Development Group (“CDG”) test certifications are required in order to launch any CDMA wireless data products with wireless operators in North America, the Caribbean and South America. PCS Type Certification Review Board (“PTCRB”) test certifications are required for all HSPA/GSM wireless data products. LTE test certifications, as defined by the 3GPP governing body, are required for LTE wireless data products. Certifications are issued as being a qualifier of CDG 1, CDG 2 and CDG 3, PTCRB and 3GPP.

PRODUCTION AND MANUFACTURING OPERATIONS

For the fiscal year ended June 30, 2015, the manufacturing of the majority of our products was contracted out to one company located in Asia.

EMPLOYEES

As of June 30, 2015, we had 66 employees. We also use the services of consultants and contract workers from time to time. Our employees are not represented by any collective bargaining organization, and we have never experienced a work stoppage.

ITEM 1A. RISK FACTORS.

The following risk factors do not purport to be a complete explanation of the risks involved in our business.

WE MAY NEED ADDITIONAL FINANCING DUE TO LIMITED RESOURCES. Our financial resources are limited, and the amount of funding that is required to develop and commercialize our products and technologies is highly uncertain. Adequate funds may not be available when needed or on terms satisfactory to us. Lack of funds may cause us to delay, reduce and/or abandon certain or all aspects of our development and commercialization programs. We may seek additional financing through the issuance of equity or convertible debt securities. In such event, the percentage ownership of our stockholders would be reduced, stockholders may experience additional dilution, and such securities may have rights, preferences and privileges senior to those of our Common Stock. There can be no assurance that additional financing will be available on terms favorable to us or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to fund our expansion, take advantage of desirable acquisition opportunities, develop or enhance services or products or respond to competitive pressures. Such inability could have a materially adverse effect on our business, results of operations and financial conditions.

WE MAY INFRINGE THE INTELLECTUAL PROPERTY RIGHTS OF OTHERS. The industry in which we operate has many participants that own, or claim to own, proprietary intellectual property. In the past we have received, and in the future may receive, claims from third parties alleging that we, and possibly our customers, violate their intellectual property rights. Rights to intellectual property can be difficult to verify and litigation may be necessary to establish whether or not we have infringed the intellectual property rights of others. In many cases, these third parties are companies with substantially greater resources than us, and they may be able to, and may choose to, pursue complex litigation to a greater degree than we could. Regardless of whether these infringement claims have merit or not, we may be subject to the following:

	o	We may be liable for potentially substantial damages, liabilities and litigation costs, including attorneys’ fees;
	o	We may be prohibited from further use of the intellectual property and may be required to cease selling our products that are subject to the claim;
	o	We may have to license the third party intellectual property, incurring royalty fees that may or may not be on commercially reasonable terms. In addition, there is no assurance that we will be able to successfully negotiate and obtain such a license from the third party;
	o	We may have to develop a non-infringing alternative, which could be costly and delay or result in the loss of sales. In addition, there is no assurance that we will be able to develop such a non-infringing alternative;
	o	The diversion of management’s attention and resources;
	o	Our relationships with customers may be adversely affected; and,
	o	We may be required to indemnify our customers for certain costs and damages they incur in such a claim.

In the event of an unfavorable outcome in such a claim and our inability to either obtain a license from the third party or develop a non-infringing alternative, then our business, operating results and financial condition may be materially adversely affected and we may have to restructure our business.

Absent a specific claim for infringement of intellectual property, from time to time we have and expect to continue to license technology, intellectual property and software from third parties. There is no assurance that we will be able to maintain our third party licenses or obtain new licenses when required and this inability could materially adversely affect our business and operating results and the quality and functionality of our products. In addition, there is no assurance that third party licenses we execute will be on commercially reasonable terms.

Under purchase orders and contracts for the sale of our products we may provide indemnification to our customers for potential intellectual property infringement claims for which we may have no corresponding recourse against our third party licensors. This potential liability, if realized, could materially adversely affect our business, operating results and financial condition.

WE OPERATE IN AN INTENSIVELY COMPETITIVE MARKET. The wireless broadband data access market is highly competitive, and we may be unable to compete effectively. Many of our competitors or potential competitors have significantly greater financial, technical and marketing resources than we do. To survive and be competitive, we will need to continuously invest in research and development, sales and marketing, and customer support. Increased competition could result in price reductions, and smaller customer orders. Our failure to compete effectively could seriously impair our business.

WE OPERATE IN THE HIGH-RISK TELECOM SECTOR. We are in a volatile industry. In addition, our revenue model is evolving and relies substantially on the assumption that we will be able to successfully complete the development and sales of our products and services in the marketplace. Our prospects must be considered in the light of the risk, uncertainties, expenses and difficulties frequently encountered by companies in the early stages of development and marketing. In order to be successful in the market we must, among other things:

	o	Complete development and introduction of functional and attractive products and services;
	o	Attract and maintain customer loyalty;
	o	Establish and increase awareness of our brand and develop customer loyalty;
	o	Provide desirable products and services to customers at attractive prices;
	o	Establish and maintain strategic relationships with strategic partners and affiliates;
	o	Rapidly respond to competitive and technological developments;
	o	Build operations and customer service infrastructure to support our business; and
	o	Attract, retain, and motivate qualified personnel.

We cannot guarantee that we will be able to achieve these goals, and our failure to achieve them could adversely affect our business, results of operations, and financial condition. We expect that revenues and operating results will fluctuate in the future. There is no assurance that any or all of our efforts will produce a successful outcome.

WE OPERATE IN A FIELD WITH RAPIDLY CHANGING TECHNOLOGY. We cannot be certain that our products and services will function as anticipated or be desirable to our intended markets. Our current or future products and services may fail to function properly, and if our products and services do not achieve and sustain market acceptance, our business, results of operations and profitability may suffer. If we are unable to predict and comply with evolving wireless standards, our ability to introduce and sell new products will be adversely affected. If we fail to develop and introduce products on time, we may lose customers and potential product orders.

WE DEPEND ON THE DEMAND FOR WIRELESS NETWORK CAPACITY. The demand for our products is completely dependent on the demand for broadband wireless access to networks. If wireless operators do not deliver acceptable wireless service, our product sales may dramatically decline. Thus, if wireless operators experience financial or network difficulties, it will likely reduce demand for our products.

WE DEPEND ON COLLABORATIVE ARRANGEMENTS. The development and commercialization of our products and services depend in large part upon our ability to selectively enter into and maintain collaborative arrangements with developers, distributors, service providers, network systems providers, core wireless communications technology providers and manufacturers, among others.

THE LOSS OF ANY OF OUR MATERIAL CUSTOMERS COULD ADVERSELY AFFECT OUR REVENUES AND PROFITABILITY, AND THEREFORE SHAREHOLDER VALUE. We depend on a small number of customers for a significant portion of our revenues. For the year ended June 30, 2015, net revenues from our two largest customers represented 68% and 10% of our consolidated net sales, respectively. We have a written agreement with each of these customers that governs the sale of products to them, but the agreements do not obligate them to purchase any quantity of products from us. If these customers were to reduce their business with us, our revenues and profitability could materially decline.

OUR PRODUCT DELIVERIES ARE SUBJECT TO LONG LEAD TIMES. Due to our limited capital resources, we often experience long-lead times to ship products to our customers, often in excess of 45 days. This could cause us to lose customers, who may be able to secure faster delivery times from our competitors, and require us to maintain higher levels of working capital.

OUR PRODUCT-TO-MARKET CHALLENGE IS CRITICAL. Our success depends on our ability to quickly enter the market and establish an early mover advantage. We must implement an aggressive sales and marketing campaign to solicit customers and strategic partners. Any delay could seriously affect our ability to establish and exploit effectively an early-to-market strategy.

AS OUR BUSINESS EXPANDS INTERNATIONALLY, WE WILL BE EXPOSED TO ADDITIONAL RISKS RELATING TO INTERNATIONAL OPERATIONS. Our expansion into international operations exposes us to additional risks unique to such international markets, including the following:

	o	Increased credit management risks and greater difficulties in collecting accounts receivable;
	o	Unexpected changes in regulatory requirements, wireless communications standards, exchange rates, trading policies, tariffs and other barriers;
	o	Uncertainties of laws and enforcement relating to the protection of intellectual property;
	o	Language barriers; and
	o	Potential adverse tax consequences.

Furthermore, if we are unable to further develop distribution channels in countries in North America, the Caribbean and South America, EMEA and Asia, we may not be able to grow our international operations, and our ability to increase our revenue will be negatively impacted.

GOVERNMENT REGULATION COULD RESULT IN INCREASED COSTS AND INABILITY TO SELL OUR PRODUCTS. Our products are subject to certain mandatory regulatory approvals in the United States and other regions in which we operate. In the United States, the Federal Communications Commission regulates many aspects of communications devices. Although we have obtained all the necessary Federal Communications Commission and other required approvals for the products we currently sell, we may not obtain approvals for future products on a timely basis, or at all. In addition, regulatory requirements may change or we may not be able to obtain regulatory approvals from countries other than the United States in which we may desire to sell products in the future.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

None.

ITEM 2. PROPERTIES.

We lease approximately 11,318 square feet located in San Diego, California, at a monthly rent of $16,576; although the lease expired on August 31, 2015, we continue to occupy the premises with the consent of the landlord. Rent expense related to this lease was $198,914 for the years ended June 30, 2015 and 2014. On September 10, 2015, we signed a lease for a new office space consisting of approximately 12,775 square feet, also located in San Diego, California, at a monthly rent of $23,115, which we anticipate will commence on November 1, 2015. In addition to monthly rent, the new lease includes payment for certain common area costs. The term of the lease for the new office space is four years from the lease commencement date. Our facility is covered by an appropriate level of insurance and we believe it to be suitable for our use and adequate for our present needs.

Our Korea-based subsidiary, Franklin Technology, Inc. (“FTI”), leases approximately 10,000 square feet of office space in Seoul, Korea, at a monthly rent of approximately $8,000. The lease has been extended to September 1, 2017 with no change to the monthly rent. Beginning on June 12, 2015, FTI leased an additional office space consisting of approximately 2,682 square feet, also located in Seoul Korea, at a monthly rent of approximately $2,700, and the lease expires on September 1, 2017. In addition to monthly rent, the lease provides for periodic cost of living increases in the base rent and payment for certain common area costs. These facilities are covered by an appropriate level of insurance and we believe them to be suitable for our use and adequate for our present needs. Rent expense related to these leases was approximately $98,400 and $96,000 for the years ended June 30, 2015 and 2014, respectively.

We lease one corporate housing facility for our vendors and employees who travel, under a non-cancelable operating lease that expired on September 13, 2015 and was extended to September 5, 2016. During the year ended June 30, 2014, we leased an additional corporate housing facility which was terminated in April 2014. Rent expense related to these leases was $10,573 and $20,209 for the years ended June 30, 2015 and 2014, respectively.

ITEM 3. LEGAL PROCEEDINGS.

Refer to NOTE 9 - COMMITMENTS AND CONTINGENCIES in the Consolidated Financial Statements.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.

MARKET PRICE OF OUR COMMON STOCK

Shares of our Common Stock are quoted and traded on the OTCQB under the trading symbol "FKWL." The following table sets forth the range of high and low bid quotations per share for the Common Stock as reported during the years ended June 30, 2015 and 2014. The bid price reflects inter-dealer prices and does not include retail mark-up, markdown, or commission.

	High	Low
Year Ended June 30, 2015
First Quarter	$1.80	$1.43
Second Quarter	$1.72	$1.40
Third Quarter	$1.75	$1.30
Fourth Quarter	$1.86	$1.45

Year Ended June 30, 2014
First Quarter	$2.00	$1.32
Second Quarter	$1.90	$1.35
Third Quarter	$1.77	$1.50
Fourth Quarter	$2.05	$1.56

We have one class of common stock. As of June 30, 2015, we had 944 shareholders of record. Since many of the shares of our common stock are held by brokers and other institutions on behalf of shareholders, the total number of beneficial holders represented by these record holders is not practicably determinable.

DIVIDENDS

We have never declared or paid any dividends on our Common Stock. We currently intend to retain all available funds for use in the operation and development of our business and, therefore, and do not expect to declare or pay any cash dividends in the foreseeable future.

EQUITY COMPENSATION PLAN INFORMATION

The following table summarizes share and exercise price information about our equity compensation plans as of June 30, 2015:

Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans

Equity compensation plans approved by security holders		850,337	$	1.24		805,000

Equity compensation plans not approved by security holders		–		N/A		–

Total		850,337	$	1.24		805,000

ITEM 6. SELECTED FINANCIAL DATA.

As a “smaller reporting company” as defined by Rule 12b-2 of the Exchange Act, we are not required to include this item.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this report. This report contains certain forward-looking statements relating to future events or our future financial performance. These statements are subject to risks and uncertainties which could cause actual results to differ materially from those discussed in this report. You are cautioned not to place undue reliance on this information which speaks only as of the date of this report. We are not obligated to publicly update this information, whether as a result of new information, future events or otherwise, except to the extent we are required to do so in connection with our obligation to file reports with the SEC. For a discussion of the important risks to our business and future operating performance, see the discussion under the caption “Item 1A. Risk Factors” and under the caption “Factors That May Influence Future Results of Operations” below. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

BUSINESS OVERVIEW

FACTORS THAT MAY INFLUENCE FUTURE RESULTS OF OPERATIONS

We believe that our revenue growth will be influenced largely by (1) the successful maintenance of our existing customers, (2) the rate of increase in demand for wireless data products, (3) customer acceptance for our new products, (4) new customer relationships and contracts, and (4) our ability to meet customers’ demands.

We have entered into and expect to continue to enter into new customer relationships and contracts for the supply of our products, and this may require significant demands on our resources, resulting in increased operating, selling, and marketing expenses associated with such new customers.

CRITICAL ACCOUNTING POLICIES

Revenue Recognition

We recognize revenue in accordance with ASC 605, “Revenue Recognition,” when persuasive evidence of an arrangement exists, the price is fixed or determinable, collection is reasonably assured and delivery of products has occurred or services have been rendered. Accordingly, we recognize revenues from product sales upon shipment of the products to the customers or when the products are received by the customers in accordance with shipping or delivery terms. We provide a warranty for one year, which is covered by our vendors under the purchase agreements. Any net warranty related expenditures made by us have not historically been material. Under our sales return policy, customers may generally return products that are under warranty for repair or replacement.

Capitalized Product Development Costs

Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and shall be accounted for under Subtopic 985-20. Our products contain embedded software internally developed by FTI which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.

The costs of product development that are capitalized once technological feasibility is determined (noted as Technology in progress in the Intangible Assets table, in Note 2 to Notes to Financial Statements) include payroll, employee benefits, and other headcount-related expenses associated with product development. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to the Company’s customers.

As of June 30, 2015 and June 30, 2014, capitalized product development costs in progress were $0 and $39,545, respectively, and these amounts are included in intangible assets in our consolidated balance sheets. During the year ended June 30, 2015, we incurred $89,145 in capitalized product development costs, and such amounts are primarily comprised of certifications and licenses. All costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income (loss).

Income Taxes

Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We have evaluated the available evidence supporting the realization of our gross deferred tax assets, including the amount and timing of future forecasted taxable income, and have determined it is more likely than not that the assets will be fully realized and no valuation allowance is necessary as of June 30, 2015. As of June 30, 2015, we have federal and state net operating loss carryforwards of approximately $5.2 million and $1.7 million, which expire through 2034 and 2017, respectively. The utilization of net operating loss carryforwards may be subject to limitations under the provisions of Internal Revenue Code Section 382 and similar state provisions.

Under the provision of ASC 740 “Application of the Uncertain Tax Position Provisions” related to accounting for uncertain tax positions, which prescribes a recognition threshold and measurement process for recording in the financial statements, uncertain tax positions taken or expected to be taken in a tax return, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. Tax benefits of an uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained based on technical merits.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Refer to NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES in the Consolidated Financial Statements.

RESULTS OF OPERATIONS

The following table sets forth, for the years ended June 30, 2015 and 2014, our statements of operations including data expressed as a percentage of sales:

	2015			2014
	(as a percentage of sales)

Net sales		100.0%			100.0%
Cost of goods sold		81.9%			85.9%
Gross profit		18.1%			14.1%
Operating expenses		17.0%			23.6%
Income (loss) from operations		1.1%			(9.5%	)
Other income, net		1.0%			4.6%
Net income (loss) before income taxes		2.1%			(4.9%	)
Income tax benefit		(0.2%	)		(1.7%	)
Net income (loss)		2.3%			(3.2%	)
Non-controlling interest in net income of subsidiary		(0.6%	)		0.0%
Net income (loss) attributable to Parent Company stockholders		1.7%			(3.2%	)

YEAR ENDED JUNE 30, 2015 COMPARED TO YEAR ENDED JUNE 30, 2014

NET SALES - Net sales increased by $15,391,336, or 49.7%, to $46,344,233 for the year ended June 30, 2015 from $30,952,897 for the corresponding period of 2014. For the year ended June 30, 2015, net sales by geographic regions, consisting of South America and the Caribbean, the United States, EMEA (Europe, the Middle East and Africa) and Asia were $1,416,052 (3.1% of net sales), $36,710,081 (79.2% of net sales), $4,578,970 (9.9% of net sales) and $3,639,130 (7.8% of net sales), respectively.

Net sales in the South American and Caribbean regions decreased by $693,268, or 32.9%, to $1,416,052 for the year ended June 30, 2015, from $2,109,320 for the corresponding period of 2014. The decrease was primarily due to the general nature of sales in these regions, which often fluctuate significantly from period to period due to timing of orders placed by a relatively small number of customers. Net sales in the United States increased by $18,673,446, or 103.5%, to $36,710,081 for the year ended June 30, 2015, from $18,036,635 for the corresponding period of 2014. The increase in net sales was primarily due to the launch of two new products; one took place during the second quarter of fiscal 2015, and the other took place at the end of the second quarter of fiscal 2014. These increases were partially offset by a carrier customer that did not make any repeat purchase during fiscal 2015. Net sales in EMEA increased by $789,556, or 20.8%, to $4,578,970 for the year ended June 30, 2015, from $3,789,414 for the corresponding period of 2014. The increase in net sales was due to timing of orders placed by a carrier customer in Africa. Net sales in Asia decreased by $3,378,398, or 48.1%, to $3,639,130 for the year ended June 30, 2015, from $7,017,528 for the corresponding period of 2014. The decrease in net sales was primarily due to lower product and component sales generated by FTI, which typically vary from period to period.

GROSS PROFIT- Gross profit increased by $4,021,474, or 91.8%, to $8,400,078 for the year ended June 30, 2015, from $4,378,604 for the corresponding period of 2014. The increase was primarily due to the change in net sales as indicated above. The gross profit in terms of net sales percentage was 18.1% for the year ended June 30, 2015, compared to 14.1% for the corresponding period of 2014. The increase in gross profit in terms of net sales and net sales percentage was due to variations in customer and product mix, competitive selling prices and product costs which generally vary from period to period and region to region.

OPERATING EXPENSES Operating expenses increased by $595,828, or 8.2%, to $7,888,420 for the year ended June 30, 2015, from $7,292,592 for the corresponding period of 2014. The increase was primarily due to higher shipping and handling expenses resulting from the volume increase in product shipments and higher research and development costs due to increased headcount, which were partially offset by lower share-based compensation expense and lower commissions paid to third parties.

OTHER INCOME, NET - Other income, net decreased by $967,276, or 68.1%, to $453,968 for the year ended June 30, 2015, from $1,421,244 for the corresponding period of 2014. The decrease was primarily due to the difference in the amount of expenses that were reversed associated with certain marketing related activities that were incurred and accrued in prior periods which expired during the years ended June 30, 2015 and 2014.

LIQUIDITY AND CAPITAL RESOURCES

Our historical operating results, capital resources and financial position, in combination with current projections and estimates, were considered in management's plan and intentions to fund our operations over a reasonable period of time, which we define as the twelve month period ending June 30, 2016. For purposes of liquidity disclosures, we assess the likelihood that we have sufficient available working capital and other principal sources of liquidity to fund our operating activities and obligations as they become due.

Our principal source of liquidity as of June 30, 2015 consisted of cash and cash equivalents of $11,822,620. We believe we have sufficient available capital to cover our existing operations and obligations through at least June 30, 2016. Our long-term future cash requirements will depend on numerous factors, including our revenue base, profit margins, product development activities, market acceptance of our products, future expansion plans and ability to control costs. If we are unable to achieve our current business plan or secure additional funding that may be required, we would need to curtail our operations or take other similar actions outside the ordinary course of business in order to continue to operate as a going concern.

OPERATING ACTIVITIES Net cash provided by operating activities for the year ended June 30, 2015 was $4,185,322, and net cash used in operating activities for the year ended June 30, 2014 was $1,707,651.

The $4,185,322 in net cash provided by operating activities for the year ended June 30, 2015 was primarily due to the increase in accounts payable of $1,867,779 as well as our operating results (net income adjusted for depreciation, amortization, and other non-cash charges).

The $1,707,651 in net cash used in operating activities for the year ended June 30, 2014 was primarily due to increases in inventory and accounts receivable of $1,704,823 and $303,846, respectively, the increase in accounts payable of $1,361,070 as well as our operating results (net income adjusted for depreciation, amortization, and other non-cash charges).

INVESTING ACTIVITIES - Net cash used in investing activities for the years ended June 30, 2015 and 2014 was $181,675 and $357,477, respectively.

The $181,675 in net cash used in investing activities for the year ended June 30, 2015 was primarily due to the payments for capitalized product development of $89,145 and purchases of intangible assets and property and equipment of $51,012 and $53,032, respectively.

The $357,477 in net cash used in investing activities for the year ended June 30, 2014 was primarily due to the payments for capitalized product development and purchases of property and equipment of $310,615 and $127,894, respectively, which were partially offset by the repayment of a loan from a third party of $110,294.

FINANCING ACTIVITIES Net cash provided by financing activities for the years ended June 30, 2015 and 2014 was $0 and $96,074, respectively. The $96,074 in net cash provided by financing activities for the year ended June 30, 2014 was primarily due to the issuance of stock related to stock options exercised.

OFF-BALANCE SHEET ARRANGEMENTS

None.

CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS

The following table summarizes our contractual obligations and commitments as of June 30, 2015, and the effect such obligations could have on our liquidity and cash flow in future periods:

	Payments Due by June 30,
	2016		2017		2018		2019		Thereafter		Total
Leases	$	411,166	$	408,207	$	298,741	$	277,377	$	92,459	$	1,487,950
Borrowings from banks		148,295		–		–		–		–		148,295
Total	$	559,461	$	408,207	$	298,741	$	277,377	$	92,459	$	1,636,245

On July 27, 2010, we entered into a Common Stock Repurchase Agreement with C-Motech (the “Agreement”), under which we agreed to repurchase 3,370,356 shares of our Common Stock from C-Motech for $3,500,000. A total of 1,803,684 shares were repurchased on the date of the Agreement in exchange for non-cash consideration in the amount of $1,873,065, which represented amounts owed to the Company by C-Motech for certain marketing funds as well as the settlement of a price dispute for products previously purchased by the Company from C-Motech. Under the Agreement, the remaining 1,566,672 shares were to be repurchased by us upon payment of the balance, $1,626,935, on or before December 31, 2010.

On January 28, 2011 (the “Amendment Date”) the Agreement was amended to reflect (1) a change in the date the 1,566,672 shares are to be repurchased from C-Motech from December 31, 2010 to March 31, 2011, and (2) a change to the non-cash consideration of $1,873,065. In exchange for the 1,803,684 shares, we were to pay cash to C-Motech (in the same amount) for the shares, by March 31, 2011. In addition, in a separate agreement dated January 28, 2011, C-Motech agreed to pay us $1,873,065, for amounts owed, by March 31, 2011. The purpose of these revisions was to more clearly differentiate each party’s payment obligations to the other with respect to this transaction. Following the Amendment Date, we paid C-Motech $1,873,065 in exchange for the 1,803,684 shares previously transferred to us by C-Motech, and C-Motech paid us $1,873,065 for amounts owed, of which $1,581,457 was booked to other income and $291,608 was booked to cost of goods sold. The repurchase of the remaining 1,566,672 shares from C-Motech was not completed. We have provided formal notification to C-Motech that it is in breach of its obligations and we have also provided a demand to sell the shares back to us. We have attempted to tender payment for the shares without results. We were previously advised that two individuals, Cheng-Ji Zhu and Ok-Nam Yun, claim to have purchased the shares from C-Motech through its former CEO; however, the authority of the former CEO to agree to the sale of the shares was disputed by C-Motech. The ownership of the shares was the subject of litigation involving Cheng-Ji Zhu and Ok-Nam Yun and C-Motech in U.S. and Korean courts. On April 1, 2015 the Circuit Court of Cook County, Illinois County Department, Chancery Division issued an Order with respect to the matter of Cheng-Ji Zhu and Ok-Nam Yun, plaintiffs, v. Integrity Stock Transfer and Registrar, Mountain Share Transfer, Inc. and C-Motech Company Ltd., defendants. The Order recognizes and enforces the plaintiff's Motion to Recognize and Enforce Foreign Judgment in which the plaintiffs previously prevailed over C-Motech with respect to the ownership of the 1,566,672 shares of Franklin Wireless Common Stock in an action that took place in Korea.

On May 7, 2013, we filed a lawsuit against C-Motech in the Superior Court of California for the County of San Diego for breach of the Agreement and breach of other contracts between the parties relating to indemnification and other obligations. On February 25, 2014, C-Motech answered the complaint and on February 26, 2014, C-Motech filed a Notice of Removal from the Superior Court of the State of California for the County of San Diego to the United States District Court for the Southern District of California. On June 19, 2014, C-Motech filed a voluntary petition for relief under Chapter 15 of the U.S. Bankruptcy Code and on June 27, 2014, C-Motech filed a Motion for Recognition of a Foreign Main Proceeding under Chapter 15 of the U.S. Bankruptcy Code and Further Relief. On July 10, 2014, this motion was heard in the U.S. Bankruptcy Court for the Southern District of California during which the Court ordered that C-Motech's bankruptcy proceeding in South Korea was recognized as a foreign main proceeding and that our lawsuit against C-Motech in the U.S. District Court is stayed. The effect of this ruling is that we must participate in C-Motech's bankruptcy proceeding in South Korea if we wish to pursue our various claims against C-Motech. We are currently considering our options with respect to this ruling.

As of June 30, 2015, C-Motech was the registered owner of certificates representing 1,566,672 shares, or 15%, of our outstanding Common Stock, which were issued by the Company in C-Motech’s name. However, as of the date of this Report, the registered owners of these shares are Cheng-Ji Zhu and Ok-Nam Yun, who own 838,350 and 728,322 shares, respectively.

LEASES

Refer to ITEM 2. PROPERTIES.

FUTURE LIQUIDITY AND CAPITAL REQUIREMENTS

For the next twelve months, we may require in excess of $5.0 million for capital expenditures, software licenses and for testing and certifying new products.

We believe we will be able to fund our future cash requirements for operations from our cash available, operating cash flows, bank lines of credit and issuance of equity securities. We believe these sources of funds will be sufficient to continue our operations and planned capital expenditures. However, we will be required to raise additional debt or equity capital if we are unable to generate sufficient cash flow from operations to fund the expansion of our sales and to satisfy the related working capital requirements for the next twelve months. Our ability to satisfy such obligations also depends upon our future performance, which in turn is subject to general economic conditions and regional risks, and to financial, business and other factors affecting our operations, including factors beyond our control. See Item 1A, “Risk Factors” included in this report.

If we are unable to generate sufficient cash flow from operations to meet our obligations and commitments, we will be required to raise additional debt or equity capital. Additionally, we may be required to sell material assets or operations or delay or forego expansion opportunities. We might not be able to effect these alternative strategies on satisfactory terms, if at all.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The financial statements and the supplementary financial information required by this Item and included in this report are listed in the Index to Financial Statements beginning on page F-1.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.

The Company’s President and Chief Financial Officer have concluded, based on an evaluation of the Company’s disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15(d)-15(e)), that such disclosure controls and procedures were effective as of the end of the period covered by this report.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no significant changes in our internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act or in other factors that materially affected or are reasonably likely to materially affect our internal controls and procedures over financial reporting during the fourth quarter of the fiscal year ended June 30, 2015.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

To evaluate the effectiveness of internal controls over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act, management conducted an assessment, using the criteria in Internal Control-Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its assessment, management concluded that we maintained effective internal control over financial reporting as of June 30, 2015.

This annual report does not include an attestation report from our independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to Sarbanes-Oxley Rule 404(c).

ITEM 9B. OTHER INFORMATION.

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Set forth below are the names, ages, titles and present and past positions of our directors and executive officers as of June 30, 2015.

Name	Age	Position
OC Kim	50	President, Secretary and a Director
Gary Nelson	74	Chairman of the Board and a Director
Joon Won Jyoung	73	Director
Johnathan Chee	52	Director
Benjamin Chung	40	Director
Yun J. (David) Lee	53	Chief Operating Officer
Richard Walker	53	Chief Financial Officer

OC Kim has been our President, Secretary and a director since September 2003 and also served as our Acting Chief Financial Officer until March, 2014. Prior to joining Franklin Wireless, Mr. Kim was the CEO and President of Accetio Inc., a company he founded in April 2001 that developed cell phones and modules for the telecommunications industry. In September 2003, Accetio Inc. merged with Franklin Telecommunications Corp. and was renamed Franklin Wireless Corp. Prior to this, Mr. Kim was the Chief Operating Officer of Axesstel Inc., a pioneering developer of CDMA Wireless Local Loop Products. Before joining Axesstel, he was the president of the U.S. sales office for Kolon Data Communications Co., Ltd., one of Korea's most prominent technology conglomerates. While at Kolon Data Communications, Mr. Kim helped introduce the first generation of CDMA phones to the Korean market through his work with Qualcomm Personal Electronics (QPE), a joint venture between Qualcomm Incorporated and Sony Electronics Inc. Mr. Kim began his career at Lucky Goldstar (LG) Electronics. He has more than 27 years of experience in sales, marketing, and operations management in the telecommunications and information systems industries. He earned a B.A. from Sogang University in Korea. We believe Mr. Kim’s qualifications to serve as a director of the Company include his extensive business, operational and management experience in the wireless industry, including his current position as the Company’s President. In addition, his knowledge of the Company’s business, products, strategic relationships and future opportunities is of great value to the Company.

Gary Nelson has been a director since September 2003. Mr. Nelson was an early investor in Franklin Telecommunications Corp. in the 1980’sand served as a director from 2001 up until the Company’s merger with Accetio Inc. in September 2003, at which time the Company was renamed Franklin Wireless Corp. Following the merger, Mr. Nelson became a director and ultimately Chairman of the Board of Franklin Wireless Corp. He was co-founder and President of Churchill Mortgage Corporation, an income property mortgage banking firm based in Los Angeles, California, which was a loan correspondent for major life insurance companies and other financial institutions. In addition, Mr. Nelson was the Chief Operating Officer of Churchill Mortgage Capital, which is the loan origination arm of Churchill Mortgage Corporation. Mr. Nelson’s prior experience includes various marketing positions with Control Data Corporation and design engineering positions with North American Aviation where he worked on the Apollo Project. He holds a B.S. in Mechanical Engineering from Kansas State University and an MBA from the University of Southern California. We believe that Mr. Nelson’s qualifications to serve as a director of the Company include his many years of business, operational and management experience including his previous position as President of Churchill Mortgage Corporation. In addition, Mr. Nelson has served as a director of the Company for twelve years, and brings a valuable historical perspective on the development of the Company’s business and its leadership.

Joon Won Jyoung has been a director since September 2009. He has been an active investor since 1997 and made early investments in Sewon Telecom, Telson Electronics and Pantech, three leading telecommunications companies based in Korea. From 2001 to 2007, Mr. Jyoung served as a director and Treasurer for Sewon Telecom. From 1992 to 1996, he served as President of Sneakers Classic Ltd., and from 1987 to 1991, he was Chairman of Empire State Bank in New York. From 1972 to 1982, he was Chairman of Downtown Mart, a distribution company in New York and Virginia. He holds a B.S. in Mathematics from Seoul National University and an M.S. in Statistics from the University of Connecticut. We believe Mr. Jyoung’s qualifications to serve as a director of the Company include his extensive management experience in a diverse range of industries as well as his broad experience in international business matters. Mr. Jyoung’s background and experience allow him to provide the Company’s Board of Directors with valuable knowledge and insight.

Johnathan Chee has been a director since September 2009. He is an attorney and has owned the Law Offices of Johnathan Chee, in Niles, Illinois, since August 2007. Mr. Chee has represented clients in various business dealings and negotiations with Ameritech, SBC, Sprint and several wireless carriers in Latin America. Between 1998 and 2007, he served as an attorney with the C&S Law Group, P.C., in Glenview, Illinois. He holds a B.A. from the University of Illinois-Chicago and a J.D. from IIT Chicago-Kent College of Law. He is a member of the Illinois Bar Association. We believe Mr. Chee’s qualifications to serve as a director of the Company include his experience as a business attorney that allow him to provide the Company’s Board of Directors with valuable knowledge of legal matters that may affect the Company.

Benjamin Chung has been a director since November 2011. He is a Certified Public Accountant and an experienced finance and accounting executive whose client base includes several telecommunications companies. He is currently a Partner in the accounting firm of Benjamin & Young, LLP. Between September 2010 and July 2011 he served as International Controller for American Apparel, Inc., a publicly traded company. He served as an Audit Senior Manager in the accounting firm of BDO USA, LLP from October 2007 to August 2010 and completed an 18 month international rotation at BDO Daejoo Korea where he was promoted to an Audit Partner. Prior to BDO, he was the Director of Internal Audit for Big 5 Sporting Goods Corporation, a publicly traded company, from January 2006 to October 2007. He holds a B.S. in Business Administration from California State Polytechnic University, Pomona. We believe Mr. Chung’s qualifications to serve as a director of the Company include his experience as a certified public accountant and as controller for public companies, which will allow him to provide the Company’s Board of Directors with valuable knowledge of financial and accounting matters that may affect the Company.

Yun J. (David) Lee has been our Chief Operating Officer since September 2008. Mr. Lee has 21 years of upper level management experience in telecommunications, including experience in the cellular telephone business in the U.S. and South America. Prior to joining the Company, he was President of Ace Electronics, and served as Chief Financial Officer and Director of Sales and Marketing for RMG Wireless. Prior to that, he served as Controller and Director of International Sales for Focus Wireless in Chicago.

Richard Walker has been our Chief Financial Officer since March 2014. Mr. Walker joined the Company in December 2009 and previously served as Vice President, Finance and Accounting. Mr. Walker has over 20 years of senior financial management experience in telecommunications, software and the Internet. From 2006 to 2009, he was Senior Vice President and Chief Financial Officer for Intercasting Corp., a developer of software applications for mobile phones. Prior to Intercasting Corp., Mr. Walker held senior financial management positions at Peregrine Systems, MP3.com and Qualcomm.

COMPLIANCE WITH SECTION 16(A) OF EXCHANGE ACT

Section 16(a) of the Securities Exchange Act of 1934 requires officers and directors, and persons who own more than ten percent of our equity securities, to file reports of ownership and changes in ownership with the Securities and Exchange Commission (the "Commission"). Officers, directors and greater than regulations to furnish us with copies of all forms they file pursuant to Section 16(a). Based solely on our review of the copies of such forms it received and written representations from reporting persons required to file reports under Section 16(a), to our knowledge all of the Section 16(a) filing requirements applicable to such persons with respect to fiscal 2015 were complied with.

CODE OF ETHICS

The Board of Directors has adopted a Code of Ethics, which is applicable to all of our employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Code of Ethics covers all areas of professional conduct, including honest and ethical conduct, conflicts of interest, compliance with laws, disclosure obligation, and accountability for adherence to this Code.

CORPORATE GOVERNANCE

During fiscal 2015, the Board of Directors held three meetings. Each director attended at least 75% of the meetings of the Board, except for Joon Won Jyoung, who attended none of the meetings. The Board of Directors has an Audit Committee made up of Messrs. Chung (committee chair) and Nelson and a Compensation Committee made up of Messrs. Nelson (committee chair) and Chee. The Board of Directors has no other committees.

ITEM 11. EXECUTIVE COMPENSATION

The following table sets forth all compensation paid or accrued by us for the years ended June 30, 2015 and 2014 to our President, Chief Operating Officer and Chief Financial Officer (The "Named Executive Officers").

Name and Principal Position	Fiscal Year	Salary ($)		Bonus ($)		Option Awards ($)		All Other Compensation ($)(1)		Total ($)

OC Kim,	2014	$	200,000	$	–	$	–		35,385	$	235,385
President	2015	$	200,000	$	–	$	–		10,000	$	210,000

Yun J. (David) Lee,	2014	$	170,000	$	2,000	$	–		–	$	172,000
Chief Operating Officer	2015	$	190,417	$	–	$	–		–	$	190,417

Richard Walker,	2014	$	112,500	$	1,000	$	–	$	–	$	113,500
Chief Financial Officer	2015	$	112,500	$	–	$	–	$	–	$	112,500

(1) Represents the value of unused accrued vacation paid in cash.

Outstanding Equity Awards at Fiscal Year-End

The following table presents the outstanding equity awards held by each of the Named Executive Officers as of June 30, 2015. The only outstanding equity awards are stock options. No options were granted to the Named Executive Officers during the 2015 fiscal year. The options previously granted to our Named Executive Officers vest over periods ranging from one to three years and are subject to early termination on the occurrence of certain events related to termination of employment. In addition, the full vesting of options is accelerated if there is a change in control of the Company.

Options Awards

Name

Number of
Securities
Underlying
Unexercised
Options
(#)

Option
Exercise
Price
($)

Option
Expiration
Date

Number of
Shares that
have not
Vested
(#)

Market Value
of Shares that
have not
Vested
($)

OC Kim

200,000 (1)

$1.47

06/15/2017

–

Yun J. (David) Lee

100,000 (2)

$1.34

06/15/2022

–

100,000 (3)

$0.45

06/11/2019

–

Richard Walker

50,000 (4)

$1.34

06/15/2022

–

(1)	The option vests and is exercisable in full on the first anniversary of the date of the grant and has a five-year term. On June 15, 2012, the option previously granted on April 19, 2010 for 200,000 shares with an exercise price of $2.07 per share was canceled and a new option was granted for 200,000 shares with an exercise price of $1.47 per share.
(2)	The option vests and is exercisable in full on the first anniversary of the date of the grant and has a ten-year term. On June 15, 2012, the option previously granted on April 19, 2010 for 100,000 shares with an exercise price of $2.07 per share was canceled and a new option was granted for 100,000 shares with an exercise price of $1.34 per share.

(3)	The option vests and is exercisable over two years as follows:

	i.	50% of the shares underlying the option vest on the first anniversary of the date of the grant.
	ii.	25% of the shares underlying the option vest eighteen months following the date of the grant.
	iii.	25% of the shares underlying the option vest on the second anniversary of the date of the grant.

The option originally had a five year term and an expiration date of June 11, 2014. On June 10, 2014, the option was modified to extend the term an additional five years to June 11, 2019.

(4)

The option vests and is exercisable over three years as follows:

	i.	One-third of the shares underlying the option vest on the first anniversary of the date of the grant.
	ii.	One-third of the shares underlying the option vest on the second anniversary of the date of the grant.
	iii.	One-third of the shares underlying the option vest on the third anniversary of the date of the grant.

On June 15, 2012, the option previously granted on April 19, 2010 for 50,000 shares with an exercise price of $2.07 per share was canceled and a new option was granted for 50,000 shares with an exercise price of $1.34 per share.

Director Compensation

Our directors are reimbursed for reasonable out-of-pocket expenses incurred in attending meetings of the Board of Directors. Employee directors do not receive any cash compensation for services as directors and have not received any equity compensation designated for such services. Members of the Board of Directors who are not employees may receive stock option grants as consideration for their board service from time to time, although there is no established policy for such stock option grants. None of our directors received any compensation for serving on our Board for the year ended June 30, 2014.

Fiscal 2015 Director Compensation

Name	Fee Earned or Paid in Cash ($)(1)	Option Awards ($)	All Other Compensation ($)	Total ($)
Gary Nelson	5,000	–	–	5,000
Joon Won Jyoung	–	–	–	–
Johnathan Chee	5,000	–	–	5,000
Benjamin Chung	5,000	–	–	5,000

(1)	Directors are compensated a maximum of $10,000 annually, which is prorated based upon board meeting attendance. This compensation plan became effective January 1, 2015.

The following table sets forth the outstanding equity awards held by each of the named directors as of June 30, 2015.

Options Awards
Name	Number of Securities Underlying Unexercised Options (#)		Option Exercise Price ($)	Option Expiration Date	Number of Shares that have not Vested (#)	Market Value of Shares that have not Vested ($)
Gary Nelson	30,000	(2)	$1.34	06/15/2017	-	-
Joon Won Jyoung	15,000	(1)	$0.57	10/28/2016	-	-
	30,000	(2)	$1.34	06/15/2017	-	-
Johnathan Chee	15,000	(1)	$0.57	10/28/2016	-	-
	30,000	(2)	$1.34	06/15/2017	-	-
Benjamin Chung	30,000	(2)	$1.34	06/15/2017	-	-

(1)	The options vest and are exercisable in full on the six month anniversary of the date of the grant and have a five-year term.
(2)	The options vest and are exercisable over two years as follows, and have a five-year term:

i.	50% of the shares underlying the option vest on the one year anniversary of the date of the grant.
ii.	50% of the shares underlying the option vest on the two year anniversary of the date of the grant.

EMPLOYMENT CONTRACTS

On September 21, 2009 we entered into Change of Control Agreements with OC Kim, our President, Yun J. (David) Lee, our Chief Operating Officer, and Yong Bae Won, our Vice President, Engineering. Each Change of Control Agreement provides for a lump sum payment to the officer in case of a change of control of the Company. The term includes the acquisition of Common Stock of the Company resulting in one person or company owning more than 50% of the outstanding shares, a significant change in the composition of the Board of Directors of the Company during any 12-month period, a reorganization, merger, consolidation or similar transaction resulting in the transfer of ownership of more than fifty percent (50%) of the Company's outstanding Common Stock, or a liquidation or dissolution of the Company or sale of substantially all of the Company's assets.

The Change of Control Agreement with Mr. Kim calls for a payment of $5 million upon a change of control; the agreement with Mr. Lee calls for a payment of $2 million upon a change of control; and the agreement with Mr. Won was for two years and called for a payment of $1 million upon a change of control.

The Board of Directors has approved extension of the Change of Control Agreements with Mr. Kim and Mr. Lee, through September 21, 2017. The Change of Control Agreement with Mr. Won expired on September 21, 2014 and was not renewed or extended.

COMPENSATION DISCUSSION AND ANALYSIS

GENERAL PHILOSOPHY- We compensate our executive officers through a mix of base salary, incentive compensation and stock options. Our compensation policies are designed to be competitive with comparable employers and to align management’s incentives with both near-term and long-term interests of our stockholders. We use informal methods of benchmarking our executive compensation, based on the experience of our directors or, in some cases, studies of industry standards. Our compensation is negotiated on a case by case basis, with attention being given to the amount of compensation necessary to make a competitive offer and the relative compensation among our executive officers.

BASE SALARIES - We want to provide our senior management with a level of cash compensation in the form of base salary that facilitates an appropriate lifestyle given their professional status and accomplishments.

INCENTIVE COMPENSATION Our practice is to award cash bonuses based upon performance objectives set by the Board of Directors. We maintain a bonus plan which provides our executive officers the ability to earn cash bonuses based on the achievement of performance targets. The performance targets are set by the Board of Directors, and our executive officers are eligible to receive bonuses on a quarterly basis. The actual amount of incentive compensation paid to our executive officers is in the sole discretion of the Board of Directors.

SEVERANCE BENEFITS - We are generally an at will employer, and have no employment agreements with severance benefits; however, we have entered into Change of Control Agreements with our executive officers, and one other employee that provide them with lump sum payments in the event of a change in control of the Company.

RETIREMENT PLANS We do not maintain any retirement plans.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The following table sets forth certain information regarding the beneficial ownership of our Common Stock as of June 30, 2015 by each director and executive officer of the Company, each person known to us to be the beneficial owner of more than 5% of the outstanding Common Stock, and all directors and executive officers of the Company as a group. Except as otherwise indicated below, each person has sole voting and investment power with respect to the shares owned, subject to applicable community property laws.

Shares Beneficially Owned
Name and Address	Number			Percent
OC Kim 6205 Lusk Blvd., San Diego, CA 92121		1,596,695			15.16%

Gary Nelson 6205 Lusk Blvd., San Diego, CA 92121		391,825			3.72%

Yun J. (David) Lee 6205 Lusk Blvd., San Diego, CA 92121		25,000			0.24%

C-Motech Co. Ltd 1208 Jamsil-iSpace, Shincheon-dong, Songpa-gu, Seoul 138-922, Korea		1,566,672	(1)		14.87%

Joon Won Jyoung 6205 Lusk Blvd., San Diego, CA 92121		1,340,662			12.73%

Paul Packer 805 Third Ave., 15^th Floor, New York, NY 10022		761,944	(2)		7.23%
All directors and executive officers as a group		3,354,182			31.84%

(1)

The shares owned by C-Motech Co. Ltd. were the subject of a legal dispute between Cheng-Ji Zhu and Ok-Nam Yun ("Plaintiffs") and C-Motech relating to the ownership of these shares. On April 1, 2015 the Circuit Court of Cook County, Illinois County Department, Chancery Division issued an Order that recognized and enforced the Plaintiff's Motion to Recognize and Enforce Foreign Judgment in which the Plaintiffs previously prevailed over C-Motech with respect to the ownership of these shares in an action that took place in Korea. As of the date of this Report, Cheng-Ji Zhu and Ok-Nam Yun are the record owners of 838,350 and 728,322 shares, respectively. We had previously entered into a Common Stock Repurchase Agreement with C-Motech for the repurchase of these shares, which was the subject of a lawsuit we filed against C-Motech, as described in Item 3, “Legal Proceedings.”

(2)

Based solely on a Schedule 13G dated February 13, 2015, which indicates that Mr. Packer may be deemed to beneficially own 761,944 shares. With respect to these shares, Mr. Packer has shared voting power and shared dispositive power with Globis Capital Partners, L.P., Globis Capital Advisors, L.L.C., Globis Overseas Fund, Ltd., Globis Capital Management, L.P. and Globis Capital, L.L.C.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

On January 28, 2011 (the “Amendment Date”) the Agreement was amended to reflect (1) a change in the date the 1,566,672 shares are to be repurchased from C-Motech from December 31, 2010 to March 31, 2011, and (2) a change to the non-cash consideration of $1,873,065. In exchange for the 1,803,684 shares, we were to pay cash to C-Motech (in the same amount) for the shares, by March 31, 2011. In addition, in a separate agreement dated January 28, 2011, C-Motech agreed to pay us $1,873,065, for amounts owed, by March 31, 2011. The purpose of these revisions was to more clearly differentiate each party’s payment obligations to the other with respect to this transaction. Following the Amendment Date, we paid C-Motech $1,873,065 in exchange for the 1,803,684 shares previously transferred to us by C-Motech, and C-Motech paid us $1,873,065 for amounts owed, of which $1,581,457 was booked to other income and $291,608 was booked to cost of goods sold. The repurchase of the remaining 1,566,672 shares from C-Motech was not completed. We have provided formal notification to C-Motech that it is in breach of its obligations and we have also provided a demand to sell the shares back to us. We have attempted to tender payment for the shares without results. We were previously advised that two individuals, Cheng-Ji Zhu and Ok-Nam Yun, claim to have purchased the shares from C-Motech through its former CEO; however, the authority of the former CEO to agree to the sale of the shares was disputed by C-Motech. The ownership of the shares was the subject of litigation involving Cheng-Ji Zhu and Ok-Nam Yun and C-Motech in U.S. and Korean courts. On April 1, 2015 the Circuit Court of Cook County, Illinois County Department, Chancery Division issued an Order with respect to the matter of Cheng-Ji Zhu and Ok-Nam Yun, plaintiffs, v. Integrity Stock Transfer and Registrar, Mountain Share Transfer, Inc. and C-Motech Company Ltd., defendants. The order recognizes and enforces the plaintiff's Motion to Recognize and Enforce Foreign Judgment in which the plaintiffs previously prevailed over C-Motech with respect to the ownership of the 1,566,672 shares of Franklin Wireless Common Stock in an action that took place in Korea.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The aggregate fees billed for the most recently completed fiscal period for the audit of our annual financial statements and services normally provided by the independent registered public accounting firm for this fiscal period were as follows:

	FY 2015		FY 2014
Audit Fees	$	62,000	$	59,000

Total Fees	$	62,000	$	59,000

In the above table, "audit fees" are fees billed by our external auditor for services provided in auditing our company's annual financial statements for the subject year. The fees set forth on the foregoing table relate to the audit as of and for the years ended June 30, 2015 and 2014, which was performed by Haskell & White LLP. All of the services described above were approved in advance by the Board of Directors or the Company's Audit Committee.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

	(a)	Index to financial statements
	(b)	Exhibits

The following Exhibits are files as part of, or incorporated by reference into, this Report on Form 10-K:

Exhibit No.		Description
2.1		Articles of Merger and Agreement and Plan of Reorganization, filed January 2, 2008 with the Nevada Secretary of State (1)
3.1		Articles of Incorporation of Franklin Wireless Corp.(1)
3.2		Amended and Restated Bylaws of Franklin Wireless Corp.(5)
10.1		Co-Development, Co-Ownership and Supply Agreement, dated January 5, 2005 between the Company and C-Motech Co., Ltd. (2)
10.2		Lease, dated August 12, 2011, between the Company and EJMC, Inc., a California corporation. (6)
10.3		Employment Agreement, dated September 21, 2009, between Franklin Wireless Corp. and OC Kim (4)
10.4		Change of Control Agreement, dated September 21, 2009, between Franklin Wireless Corp. and OC Kim (5)
10.5		Change of Control Agreement, dated September 21, 2009, between Franklin Wireless Corp. and David Lee. (5)
10.6		Common Stock Repurchase Agreement between Franklin Wireless Corp. and C-Motech Co., dated July 27, 2010. (7)
14.1		Code of Ethics (3)
31.1		Certificate of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certificate of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.1		Certificate of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certificate of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document*
101.SCH		XBRL Schema Document*
101.CAL		XBRL Calculation Linkbase Document*
101.DEF		XBRL Definition Linkbase Document*
101.LAB		XBRL Label Linkbase Document*
101.PRE		XBRL Presentation Linkbase Document*

* Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

(1) Incorporated by reference from Report on Form 10-QSB for the quarterly period ended March 31, 2008, filed on May 14, 2008.

(2) Incorporated by reference from Annual Report on Form 10-KSB for the year ended June 30, 2005, filed on May 23, 2006.

(3) Incorporated by reference from Annual Report on Form 10-KSB for the year ended June 30, 2008, filed on September 26. 2008.

(4) Incorporated by reference from Annual Report on Form 10-K for the year ended June 30, 2009, filed on October 13, 2009.

(5) Incorporated by reference from Annual Report on Form 10-K for the year ended June 30, 2011, filed on September 28, 2011.

(6) Incorporated by reference from Quarterly Report on Form 10-Q for the quarter ended December 31, 2010 filed on February 14, 2011.

None.

SIGNATURES

In accordance with Section 13 of 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Franklin Wireless Corp.

	By:	/s/ OC Kim
		OC Kim, President

Dated: September 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date

Principal Executive Officer

/s/ OC KIM	President and a Director	September 28, 2015
Principal Financial Officer


/s/ RICHARD WALKER	Chief Financial Officer	September 28, 2015
Richard Walker


/s/ GARY NELSON	Chairman of the Board of Directors	September 28, 2015
Gary Nelson


/s/ JOON WON JYOUNG	Director	September 28, 2015
Joon Won Jyoung


/s/ JOHNATHAN CHEE	Director	September 28, 2015
Johnathan Chee


/s/ BENJAMIN CHUNG	Director	September 28, 2015
Benjamin Chung

FRANKLIN WIRELESS CORP.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2015 and 2014

	Page No.

Index to Consolidated Financial Statements:

Report of Independent Registered Public Accounting Firm	F-2

Consolidated Balance Sheets as of June 30, 2015 and June 30, 2014	F-3

Consolidated Statements of Comprehensive Income (Loss) for the Years ended June 30, 2015 and 2014	F-4

Consolidated Statements of Stockholders' Equity for the Years ended June 30, 2015 and 2014	F-5

Consolidated Statements of Cash Flows for the Years ended June 30, 2015 and 2014	F-6

Notes to Consolidated Financial Statements	F-7

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Franklin Wireless Corp.

San Diego, California

We have audited the accompanying consolidated balance sheets of Franklin Wireless Corp. (the “Company”) as of June 30, 2015 and 2014, and the related consolidated statements of comprehensive income (loss), stockholders’ equity, and cash flows for each of the two years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Franklin Wireless Corp. as of June 30, 2015 and 2014, and the consolidated results of its operations and its cash flows for each of the two years then ended, in conformity with accounting principles generally accepted in the United States.

	/s/ HASKELL & WHITE LLP

	HASKELL & WHITE LLP

Irvine, California

September 28, 2015

F-2

FRANKLIN WIRELESS CORP.

Consolidated Balance Sheets

	As of June 30,
	2015			2014
ASSETS
Current assets:
Cash and cash equivalents	$	11,822,620		$	8,240,595
Accounts receivable		5,464,182			5,622,644
Other receivables, net		143,384			99,406
Inventories		2,281,667			1,967,390
Loan to an employee		–			7,128
Prepaid expenses and other current assets		60,339			191,219
Prepaid income taxes		1,055,788			1,056,588
Deferred tax assets, current		206,902			59,279
Advance payments to vendors		62,321			46,109
Total current assets		21,097,203			17,290,358
Property and equipment, net		314,492			498,465
Intangible assets, net		1,042,281			2,125,816
Deferred tax assets, non-current		1,860,347			1,981,325
Goodwill		273,285			273,285
Other assets		129,859			107,409
TOTAL ASSETS	$	24,717,467		$	22,276,658

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	7,362,075		$	5,534,168
Advance payments from customers		693,317			319,888
Accrued liabilities		238,619			317,298
Marketing funds payable		–			374,608
Short-term borrowings		148,295			148,295
Total current liabilities		8,442,306			6,694,257
Total liabilities		8,442,306			6,694,257

Commitments and contingencies (Note 9)

Stockholders’ equity:
Parent Company stockholders’ equity
Preferred stock, par value $0.001 per share, authorized 10,000,000 shares; No preferred stock issued and outstanding as of June 30, 2015 and 2014		–			–
Common stock, par value $0.001 per share, authorized 50,000,000 shares; 10,533,869 shares issued and outstanding as of June 30, 2015 and 2014		13,806			13,806
Additional paid-in capital		7,305,767			7,245,283
Retained earnings		13,361,091			12,601,083
Treasury stock, 3,342,286 shares as of June 30, 2015 and 2014, respectively		(4,279,479	)		(4,279,479	)
Accumulated other comprehensive loss		(664,722	)		(243,100	)
Total Parent Company stockholders’ equity		15,736,463			15,337,593
Non-controlling interests		538,698			244,808
Total stockholders’ equity		16,275,161			15,582,401
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	24,717,467		$	22,276,658

See accompanying notes to consolidated financial statements.

F-3

FRANKLIN WIRELESS CORP.

Consolidated Statements of Comprehensive Income (Loss)

	Fiscal Years Ended June 30,
	2015			2014
Net sales	$	46,344,233		$	30,952,897
Cost of goods sold		37,944,155			26,574,293
Gross profit		8,400,078			4,378,604
Operating expenses:
Selling, general and administrative		4,973,277			4,512,592
Research and development		2,915,143			2,780,000
Total operating expenses		7,888,420			7,292,592
Income (loss) from operations		511,658			(2,913,988	)
Other income, net:
Interest income		23,264			13,585
Other income, net		430,704			1,407,659
Total other income, net		453,968			1,421,244
Income (loss) before provision (benefit) for income taxes		965,626			(1,492,744	)
Income tax benefit		(88,272	)		(529,016	)
Net income (loss)		1,053,898			(963,728	)
Non-controlling interests in net income of subsidiary at 48.2%		(293,890	)		(8,308	)
Net income (loss) attributable to Parent Company	$	760,008		$	(972,036	)

Basic earnings (loss) per share attributable to Parent Company stockholders	$	0.07		$	(0.09	)
Diluted earnings (loss) per share attributable to Parent Company stockholders	$	0.07		$	(0.09	)

Weighted average common shares outstanding - basic		10,533,869			10,386,881
Weighted average common shares outstanding - diluted		10,640,733			10,386,881

Comprehensive income (loss)
Net income (loss)	$	1,053,898		$	(963,728	)
Translation adjustments		(421,622	)		(221,825	)
Comprehensive income (loss)		632,276			(1,185,553	)
Comprehensive income attributable to non-controlling interest		(293,890	)		(8,308	)
Comprehensive income (loss) attributable to controlling interest	$	338,386		$	(1,193,861	)

See accompanying notes to consolidated financial statements.

F-4

FRANKLIN WIRELESS CORP.

Consolidated Statements of Stockholders' Equity

	Common Stock				Additional Paid-in		Retained			Treasury			Accumulated Other Comprehensive Income			Non-controlling		Total Stockholders
	Shares		Amount		Capital		Earnings			Stock			(Loss)			Interest		Equity
Balance – June 30, 2013		10,374,369	$	13,646	$	6,989,952	$	13,573,119		$	(4,279,479	)	$	(21,275	)	$	236,500	$	16,512,463
Net loss attributable to Parent Company		–		–		–		(972,036	)		–			–			–		(972,036	)
Foreign exchange translation		–		–		–		–			–			(221,825	)		–		(221,825	)
Comprehensive income attributable to non-controlling interest		–		–		–		–			–			–			8,308		8,308
Share-based compensation		–		–		168,578		–			–			–			–		168,578
Issuance of stock related to stock options exercised		159,500		160		86,753		–			–			–			–		86,913
Balance – June 30, 2014		10,533,869		13,806		7,245,283		12,601,083			(4,279,479	)		(243,100	)		244,808		15,582,401
Net income attributable to Parent Company		–		–		–		760,008			–			–			–		760,008
Foreign exchange translation		–		–		–		–			–			(421,622	)		–		(421,622	)
Comprehensive income attributable to non-controlling interest		–		–		–		–			–			–			293,890		293,890
Share-based compensation		–		–		60,484		–			–			–			–		60,484
Balance – June 30, 2015		10,533,869	$	13,806	$	7,305,767	$	13,361,091		$	(4,279,479	)	$	(664,722	)	$	538,698	$	16,275,161

See accompanying notes to consolidated financial statements.

F-5

FRANKLIN WIRELESS CORP.

Consolidated Statements of Cash Flows

	Fiscal Years Ended June 30,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,053,898		$	(963,728	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		237,005			260,654
Amortization of intangible assets		1,223,692			1,287,806
Deferred tax benefit		(26,645	)		(539,147	)
Share-based compensation		60,484			168,578
Gain on debt extinguishment		(414,480	)		(1,300,448	)
Gain on sale of vehicle		(4,386	)		–
Increase (decrease) in cash due to change in:
Accounts receivable		114,484			(303,846	)
Inventories		(314,277	)		(1,704,823	)
Prepaid expenses and other current assets		130,880			(180,494	)
Prepaid income taxes		800			147,372
Advance payments to vendors		(16,212	)		64,169
Other assets		(22,450	)		17,816
Accounts payable		1,867,779			1,361,070
Advance payments from customers		373,429			244,519
Accrued liabilities		(78,679	)		(267,149	)
Net cash provided by (used in) operating activities		4,185,322			(1,707,651	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(53,032	)		(127,894	)
Payments for capitalized development costs		(89,145	)		(310,615	)
Purchases of intangible assets		(51,012	)		(29,262	)
Proceeds from the sale of fixed assets		4,386			–
Receipt of loan repayments from a third party		–			110,294
Receipt of loan repayments from an employee		7,128			–
Net cash used in investing activities		(181,675	)		(357,477	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of stock related to stock options exercised		–			86,913
Proceeds from short-term borrowings		–			9,161
Net cash provided by financing activities		–			96,074

Effect of foreign currency translation		(421,622	)		(221,825	)
Net increase (decrease) in cash and cash equivalents		3,582,025			(2,190,879	)
Cash and cash equivalents, beginning of year		8,240,595			10,431,474
Cash and cash equivalents, end of year	$	11,822,620		$	8,240,595

Supplemental disclosure of cash flow information:
Cash paid during the years for:
Interest	$	5,552		$	10,735
Income taxes	$	–		$	–

See accompanying notes to consolidated financial statements.

F-6

FRANKLIN WIRELESS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BUSINESS OVERVIEW

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, and a subsidiary with a majority voting interest of 51.8% (48.2% is owned by non-controlling interests) as of June 30, 2015 and 2014. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings are reduced by the portion of the net earnings of the subsidiary applicable to non-controlling interests.

As consolidated financial statements are based on the assumption that they represent the financial position and operating results of a single economic entity, the retained earnings or deficit of the subsidiary at the date of acquisition, October 1, 2009, by the parent are excluded from consolidated retained earnings. When a subsidiary is consolidated, the consolidated financial statements include the subsidiary’s revenues, expenses, gains, and losses only from the date the subsidiary is initially consolidated, and the non-controlling interest is reported in the consolidated statement of financial position within equity, separately from the parent’s equity. There are no shares of the Company held by any subsidiaries as of June 30, 2015 or June 30, 2014.

Non-controlling Interest in a Consolidated Subsidiary

As of June 30, 2015, the non-controlling interest was $538,698, which represents a $293,890 increase from $244,808 as of June 30, 2014. The increase of $293,890 in the non-controlling interest was due to the non-controlling interests in net income of subsidiary for the year ended June 30, 2015.

Segment Reporting

We generate revenues from four geographic areas, consisting of the United States, the Caribbean and South America, Europe, the Middle East and Africa ("EMEA") and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:

	Fiscal Year Ended June 30,
Net sales:	2015		2014
United States	$	36,710,081	$	18,036,635
Caribbean and South America		1,416,052		2,109,320
Europe, the Middle East and Africa ("EMEA")		4,578,970		3,789,414
Asia		3,639,130		7,017,528
Totals	$	46,344,233	$	30,952,897

F-7

Long-lived assets, net (property and equipment and intangible assets):	June 30, 2015		June 30, 2014
United States	$	785,144	$	1,786,910
Asia		571,629		837,371
Totals	$	1,356,773	$	2,624,281

Fair Value of Financial Instruments

The carrying amounts of financial instruments such as assets, cash equivalents, accounts receivable, accounts payable and debt approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash into financial instruments which are readily convertible into cash, such as money market funds and certificates of deposit (see Note 3).

Estimates

The preparation of the 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 materially differ from those estimates.

Allowance for Doubtful Accounts

Based upon our review of our collection history as well as the current balances associated with all significant customers and associated invoices, we do not believe an allowance for doubtful accounts was necessary as of June 30, 2015 and June 30, 2014.

Revenue Recognition

We recognize revenue in accordance with ASC 605, “Revenue Recognition,” when persuasive evidence of an arrangement exists, the price is fixed or determinable, collection is reasonably assured and delivery of products has occurred or services have been rendered. Accordingly, we recognize revenues from product sales upon shipment of the products to customers or when the products are received by the customers in accordance with the shipping or delivery terms. We provide a warranty for one year from the shipment date, which is covered by our vendors pursuant to purchase agreements. Any net warranty related expenditures made by us have not historically been material. Under our sales return policy, customers may generally return products that are under warranty for repair or replacement.

Cost of Goods Sold

All costs associated with our contract manufacturers, as well as distribution, fulfillment and repair services are included in our cost of goods sold. Cost of goods sold also includes amortization expense associated with capitalized product development costs associated with complete technology.

Capitalized Product Development Costs

Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and shall be accounted for under Subtopic 985-20. Our products contain embedded software internally developed by our Korea-based subsidiary Franklin Technology, Inc. (FTI), which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.

The costs of product development that are capitalized once technological feasibility is determined (shown as Technology in progress in the Intangible Assets table in Note 2 to Notes to Consolidated Financial Statements) include payroll, employee benefits, and other headcount-related expenses associated with product development. Related licenses and certification costs are also capitalized. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to our customers.

F-8

Research and Development Costs

Costs associated with research and development are expensed as incurred. Research and development costs were $2,915,143 and $2,780,000 for the years ended June 30, 2015 and 2014, respectively.

Advertising and Promotion Costs

Costs associated with advertising and promotions are expensed as incurred. Advertising and promotion costs were $23,362 and $20,869 for the years ended June 30, 2015 and 2014, respectively.

Warranties

We provide a warranty for one year which is covered by our vendors and manufacturers under purchase agreements between the Company and the vendors. In general, our products are shipped directly from our vendors to our customers. As a result, we believe we do not have any net warranty exposure and do not accrue any warranty expenses. Historically, the Company has not experienced any material net warranty expenditures.

Shipping and Handling Costs

Costs associated with product shipping and handling are expensed as incurred. Shipping and handling costs, which are included in selling, general and administrative expenses on the statement of comprehensive income (loss), were $1,162,427 and $392,128 for the years ended June 30, 2015 and 2014, respectively.

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Inventories

Our inventories consist of finished goods and are stated at the lower of cost or market, cost being determined on a first-in, first-out basis. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. Our customer demand is highly unpredictable, and can fluctuate significantly caused by factors beyond the control of the Company. We may write down our inventory value for potential obsolescence and excess inventory. As of June 30, 2015, we have recorded an inventory reserve in the amount of $120,867 for inventories that we have identified as obsolete or slow-moving. As of June 30, 2014, there was no reserve for slow-moving inventories.

Property and Equipment

Property and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Machinery		6 years
Office equipment		5 years
Molds		3 years
Vehicles		5 years
Computers and software		5 years
Furniture and fixtures		7 years
Facilities		5 years or life of the lease, whichever is shorter

F-9

Goodwill and Intangible Assets

Goodwill and certain intangible assets were recorded in connection with the FTI acquisition in October 2009, and are accounted for in accordance with ASC 805, “Business Combinations.” Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible net assets acquired. Intangible assets are recorded at their fair value at the date of acquisition. Goodwill and other intangible assets are accounted for in accordance with ASC 350, “Goodwill and Other Intangible Assets.” Goodwill and other intangible assets are tested for impairment at least annually and any related impairment losses are recognized in earnings when identified. No impairment was recognized during the years ended June 30, 2015 and 2014.

Intangible Assets

The definite lived intangible assets consisted of the following as of June 30, 2015:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		–	$	490,000	$	490,000	$	–
Complete technology	3 years		–		1,517,683		1,517,683		–
Complete technology	3 years		–		281,714		281,714		–
Complete technology	3 years		–		361,249		361,249		–
Complete technology	3 years		0.3 years		174,009		159,508		14,501
Complete technology	3 years		0.5 years		909,962		733,025		176,937
Complete technology	3 years		1.8 years		65,000		27,083		37,917
Complete technology	3 years		2.5 years		2,402		400		2,002
Complete technology	3 years		2.8 years		6,405		534		5,871
Supply and development agreement	8 years		2.3 years		1,121,000		805,719		315,281
Technology in progress	Not Applicable		–		–		–		–
Software	5 years		1.1 years		197,418		158,284		39,134
Patents	10 years		6.8 years		57,655		1,005		56,650
Certifications & licenses	3 years		0.4 years		1,783,561		1,389,573		393,988
Total as of June 30, 2015				$	6,968,058	$	5,925,777	$	1,042,281

The definite lived intangible assets consisted of the following as of June 30, 2014:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		–	$	490,000	$	490,000	$	–
Complete technology	3 years		–		1,517,683		1,517,683		–
Complete technology	3 years		0.5 years		281,714		245,169		36,545
Complete technology	3 years		1.0 years		361,249		270,949		90,300
Complete technology	3 years		1.3 years		174,009		101,505		72,504
Complete technology	3 years		1.5 years		909,962		429,704		480,258
Complete technology	3 years		2.8 years		65,000		5,417		59,583
Supply and development agreement	8 years		3.3 years		1,121,000		665,594		455,406
Technology in progress	Not Applicable		–		39,545		–		39,545
Software	5 years		2.1 years		196,795		115,173		81,622
Patents	10 years		7.8 years		52,543		761		51,782
Certifications & licenses	3 years		1.4 years		1,618,401		860,130		758,271
Total as of June 30, 2014				$	6,827,901	$	4,702,085	$	2,125,816

F-10

Amortization expense recognized during the years ended June 30, 2015 and 2014 was $1,223,692 and $1,287,806, respectively. The amortization expenses of the definite lived intangible assets for the next five years and thereafter are as follows:

		FY2016				FY2017				FY2018				FY2019				FY2020				Thereafter
Total		$	795,053			$	165,076			$	42,798			$	5,766			$	5,766			$	27,822

Long-lived Assets

In accordance with ASC 360, “Property, Plant, and Equipment,” we review for impairment of long-lived assets and certain identifiable intangibles whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. We consider the carrying value of assets may not be recoverable based upon our review of the following events or changes in circumstances: the asset’s ability to continue to generate income from operations and positive cash flow in future periods; loss of legal ownership or title to the assets; significant changes in our strategic business objectives and utilization of the asset; or significant negative industry or economic trends. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset are less than its carrying amount.

We are not aware of any events or changes in circumstances during the year ended June 30, 2015 that would indicate that the long-lived assets are impaired.

Stock-based Compensation

The Company’s employee share-based awards result in a cost that is measured at fair value on an award’s grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the award’s vesting period. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date on which it is probable that performance will occur. Stock-based compensation costs are reflected in the accompanying consolidated statements of operations based upon the underlying recipients roles within the Company.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets, unless it is more likely than not such assets will be realized. Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes and the annual change in deferred taxes.

The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of income tax expense.

F-11

Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares that were outstanding for the period, without consideration for potential common shares. Diluted net loss per share is calculated by dividing the net loss by the sum of the weighted-average number of dilutive potential common shares outstanding for the period determined using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of common stock options outstanding under our stock plan.

Concentrations of Credit Risk

We extend credit to our customers and perform ongoing credit evaluations of such customers. We evaluate our accounts receivable on a regular basis for collectability and provide for an allowance for potential credit losses as deemed necessary. No reserve was required or recorded for any of the periods presented.

Substantially all of our revenues are derived from sales of wireless data products. Any significant decline in market acceptance of our products or in the financial condition of our existing customers could impair our ability to operate effectively.

A significant portion of our revenue is derived from a small number of customers. For the year ended June 30, 2015, net sales to our two largest customers represented 68% and 10% of our consolidated net sales, respectively, and 87%, and 7% of our accounts receivable balance as of June 30, 2015. For the year ended June 30, 2014, net sales to our four largest customers represented 42%, 12%, 11%, and 10% of our consolidated net sales, respectively, and 69%, 19%, 0%, and 0% of our accounts receivable balance as of June 30, 2014. No other customers accounted for more than ten percent of total net sales for the years ended June 30, 2015 and 2014.

For the year ended June 30, 2015, we purchased the majority of our wireless data products from one manufacturing company located in Asia. If this manufacturing company were to experience delays, capacity constraints or quality control problems, product shipments to our customers could be delayed, or our customers could consequently elect to cancel the underlying product purchase order, which would negatively impact the Company’s revenue. For the year ended June 30, 2015, we purchased wireless data products from this supplier in the amount of $30,466,215, or 81.2% of total purchases, and had related accounts payable of $6,749,486 as of June 30, 2015. For the year ended June 30, 2014, we purchased wireless data products from three suppliers located in Asia. For the year ended June 30, 2014, we purchased wireless data products from these suppliers in the amount of $20,336,773, or 75.8% of total purchases, and had related accounts payable of $8,817,409 as of June 30, 2014.

We maintain our cash accounts with established commercial banks. Such cash deposits may exceed the Federal Deposit Insurance Corporation insured limit of $250,000 for each financial institution. However, we do not anticipate any losses on excess deposits.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. This amendment addresses revenue from contracts with customers, which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under the update, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. ASU 2015-14 delayed the effective date of this update to annual reporting periods beginning after December 15, 2017, and the amendment is to be applied retrospectively or the cumulative effect as of the date of adoption. Management is currently evaluating the impact ASU 2014-09 will have on the consolidated financial statements and related disclosures.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU introduces an explicit requirement for management to assess if there is substantial doubt about an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management must assess if there is substantial doubt about an entity’s ability to continue as a going concern within one year after the issuance date. Disclosures are required if conditions give rise to substantial doubt. ASU 2014-15 is effective for all entities in the first annual period ending after December 15, 2016. Management does not believe the potential effects of this ASU on the consolidated financial statements will be material.

F-12

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. ASU 2015-15 was issued subsequently to permit costs associated with a line of credit arrangement to be presented as assets and amortized ratably over the term of the arrangement. These updates will be effective for the Company on July 1, 2016. Management does not believe that these updates will materially impact the Company’s consolidated financial statements.

In July 2015, the FASB issued ASU 2015-11, Inventory—Simplifying the Measurement of Inventory. ASU 2015-11 requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.” ASU 2015-11 is effective for the Company beginning on July 1, 2017 and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and disclosure.

NOTE 3 - FAIR VALUE MEASUREMENTS

Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). Assets and liabilities recorded at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities are as follows:

•	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.
•	Level 2 inputs are observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•	Level 3 inputs are unobservable inputs for the asset or liability.

The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable, approximated their fair values due to the short period of time to maturity or repayment. The carrying value of the Company’s short-term borrowings approximate fair value as of June 30, 2015 and June 30, 2014, as the related interest rate approximates market rates currently available to the Company.

NOTE 4 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of:

	June 30, 2015			June 30, 2014
Machinery and facility	$	300,650		$	289,664
Office equipment		373,554			356,932
Molds		775,499			714,356
Vehicle		–			9,843
Construction-in progress		2,130			37,466
		1,451,853			1,408,261
Less accumulated depreciation		(1,137,361	)		(909,796	)
Total	$	314,492		$	498,465

Depreciation expense associated with property and equipment was $237,005 and $260,654 for the fiscal years ended June 30, 2015 and 2014, respectively.

F-13

NOTE 5 - ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of:

	June 30, 2015		June 30, 2014
Accrued salaries, severance	$	140,820	$	198,061
Accrued salaries, payroll deduction to pay		8,434		9,381
Accrued vacation		75,477		74,656
Payroll taxes		10,823		5,522
Other accrued liabilities		3,065		29,678
Total	$	238,619	$	317,298

NOTE 6 - SHORT-TERM BORROWINGS

Short-term borrowings consisted of the following as of:

	June 30, 2015		June 30, 2014
Loan dated June 2011, due to a financial institution, with monthly interest payments (interest rate of 8.90% per annum), and the principal balance due March 2014, which was extended to March 2016 (interest rate of 5.025% per annum as extended)	$	148,295	$	148,295
Total	$	148,295	$	148,295

The short-term borrowings of $148,295 as of June 30, 2015 and 2014 resulted from the consolidation of FTI’s debt.

NOTE 7 - INCOME TAXES

Income tax provision (benefit) for the years ended June 30, 2015 and 2014 consists of the following:

	Year Ended June 30,
	2015			2014
Current income tax expense (benefit):
Federal	$	(40,659	)	$	(430,972	)
State		800			(900	)
		(39,859	)		(431,872	)
Deferred income tax expense (benefit):
Federal		(237,769	)		(76,754	)
State		–			1,700
Foreign		189,356			(22,090	)
		(48,413	)		(97,144	)
Provision (benefit) for income taxes	$	(88,272	)	$	(529,016	)

The provision (benefit) for income taxes reconciles to the amount computed by applying effective federal statutory income tax rate to income (loss) before provision for income taxes as follows:

	Year Ended June 30,
	2015			2014
Federal tax provision (benefit), at statutory rate of 34%	$	170,323		$	(556,588	)
State tax, net of federal tax benefit		528			528
Nondeductible expenses		48,245			28,034
R&D credits		(140,829	)		(24,057	)
Uncertain tax position		1,360			7,389
Foreign rate difference		(82,162	)		(20,435	)
Other		(85,737	)		36,113
Provision (benefit) for income taxes	$	(88,272	)	$	(529,016	)

F-14

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows:

	June 30, 2015			June 30, 2014
Deferred tax asset:
Net operating losses	$	1,773,959		$	1,901,479
State tax		(272	)		(272	)
Intangibles		151,643			108,207
Other, net		141,919			31,190
Total deferred tax assets		2,067,249			2,040,604
Less valuation allowance		–			–
Net deferred tax asset	$	2,067,249		$	2,040,604

Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We have evaluated the available evidence supporting the realization of our gross deferred tax assets, including the amount and timing of forecasted future taxable income, and have determined it is more likely than not that the assets will be fully realized and no valuation allowance is necessary as of June 30, 2015. As of June 30, 2015, we have federal and state net operating loss carryforwards of approximately $5.2 million and $1.7 million, which expire through 2034. The utilization of net operating loss carryforwards may be subject to limitations under provision of the Internal Revenue Code Section 382 and similar state provisions.

We adopted the provision of ASC 740 related to accounting for uncertain tax positions effective July 1, 2007, which prescribes a recognition threshold and measurement process for recording in the financial statements, uncertain tax positions taken or expected to be taken in a tax return. Under this provision, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. Tax benefits of an uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained based on technical merits.

A reconciliation of the beginning and ending balance of unrecognized tax benefits, which are included in accrued liabilities on the consolidated balance sheet, is as follows:

Balance as of June 30, 2013	$	52,746
Gross increase or (decrease)		7,389
Reversal of reserve on unrecognized tax benefits		–
Balance as of June 30, 2014		60,135
Gross increase or (decrease)		5,715
Reversal of reserve on unrecognized tax benefits		(4,355	)
Balance as of June 30, 2015	$	61,495

We do not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. ASC 740 requires us to accrue interest and penalties where there is an underpayment of taxes based on our best estimate of the amount ultimately to be paid. Our policy is to recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. We have not recorded any interest or penalties as the liability associated with the unrecognized tax benefits is immaterial. We are subject to taxation in the U.S., various state and foreign jurisdictions. We believe we are no longer subject to U.S. examination for years before 2012 by the federal taxing authority, and years before 2011 by state taxing authorities.

The Internal Revenue Service and Franchise Tax Board have completed their examination of our 2007 and 2008 taxable years with a favorable final resolution of the Company’s claim for research and development tax credits. As of June 30, 2015, the R&D tax credits that we have claimed are received in full. In addition, the Franchise Tax Board is currently examining our taxable years from 2008 to 2011 for the Company’s claimed tax refunds in regards to the California apportionment of our income. Although the final resolution is uncertain, we do not believe that this examination will have any material adverse effect on our consolidated financial position.

F-15

NOTE 8 - EARNINGS PER SHARE

We report earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings (loss) per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options. For the year ended June 30, 2014, we were in a net loss position and have excluded 895,334 stock options from the calculation of diluted net loss per share because these securities are anti-dilutive. The weighted average number of shares outstanding used to compute earnings per share is as follows:

	Year Ended June 30,
	2015		2014
Net income (loss) attributable to Parent Company	$	760,008	$	(972,036	)
Weighted-average shares of common stock outstanding:
Basic		10,533,869		10,386,881
Dilutive effect of common stock equivalents arising from stock options		106,864		–
Diluted Outstanding shares		10,640,733		10,386,881
Basic earnings (loss) per share	$	0.07	$	(0.09	)
Diluted earnings (loss) per share	$	0.07	$	(0.09	)

NOTE 9 - COMMITMENTS AND CONTINGENCIES

We have agreements to lease office space that expire in fiscal 2016. On September 10, 2015, we signed a lease for a new office space consisting of approximately 12,775 square feet, located in San Diego, California, at a monthly rent of $23,115, which we anticipate will commence on November 1, 2015. In addition to monthly rent, the new lease includes payment for certain common area costs. The term of the lease for the new office space is four years from the lease commencement date. FTI leases approximately 10,000 square feet of office space, located in Seoul, Korea, at a monthly rent of approximately $8,000. The lease associated with this office space expired on September 1, 2015, and has been extended to September 1, 2017 with no change to the monthly rent. Rent expense for the years ended June 30, 2015 and 2014 was $308,187 and $315,123, respectively. Future minimum rental payments under operating leases are as follows:

	Payments Due by June 30,
	2016		2017		2018		2019		Thereafter		Total
Administrative office, San Diego, CA	$	272,397	$	277,377	$	277,377	$	277,377	$	92,459	$	1,196,987
Administrative office, Korea		128,184		128,184		21,364		–		–		277,732
Corporate housing facility		10,585		2,646		–		–		–		13,231
Total Obligations	$	411,166	$	408,207	$	298,741	$	277,377	$	92,459	$	1,487,950

Contingency

F-16

On January 28, 2011 (the “Amendment Date”) the Agreement was amended to reflect (1) a change in the date the 1,566,672 shares are to be repurchased from C-Motech from December 31, 2010 to March 31, 2011, and (2) a change to the non-cash consideration of $1,873,065. In exchange for the 1,803,684 shares, we were to pay cash to C-Motech (in the same amount) for the shares, by March 31, 2011. In addition, in a separate agreement dated January 28, 2011, C-Motech agreed to pay us $1,873,065, for amounts owed, by March 31, 2011. The purpose of these revisions was to more clearly differentiate each party’s payment obligations to the other with respect to this transaction. Following the Amendment Date, we paid C-Motech $1,873,065 in exchange for the 1,803,684 shares previously transferred to us by C-Motech, and C-Motech paid us $1,873,065 for amounts owed, of which $1,581,457 was booked to other income and $291,608 was booked to cost of goods sold. The repurchase of the remaining 1,566,672 shares has not been completed. We have provided formal notification to C-Motech that it is in breach of its obligations and we have also provided a demand to sell the shares back to us. We have attempted to tender payment for the shares without results, and we are unable to determine whether or not this repurchase will take place. We were previously advised that two individuals, Cheng-Ji Zhu and Ok-Nam Yun, claim to have purchased the shares from C-Motech through its former CEO; however, the authority of the former CEO to agree to the sale of the shares was disputed by C-Motech. The ownership of the shares was the subject of litigation involving Cheng-Ji Zhu and Ok-Nam Yun ("Plaintiffs") and C-Motech in U.S. and Korean courts in which the Plaintiffs prevailed over C-Motech. On May 7, 2013, we filed a lawsuit against C-Motech in the Superior Court of California for the County of San Diego for breach of the Agreement and breach of other contracts between the parties relating to indemnification and other obligations. On February 25, 2014, C-Motech answered the complaint and on February 26, 2014, C-Motech filed a Notice of Removal from the Superior Court of the State of California for the County of San Diego to the United States District Court for the Southern District of California. On June 19, 2014, C-Motech filed a voluntary petition for relief under Chapter 15 of the U.S. Bankruptcy Code and on June 27, 2014, C-Motech filed a Motion for Recognition of a Foreign Main Proceeding under Chapter 15 of the U.S. Bankruptcy Code and Further Relief. On July 10, 2014, this motion was heard in the U.S. Bankruptcy Court for the Southern District of California during which the Court ordered that C-Motech's bankruptcy proceeding in South Korea was recognized as a foreign main proceeding and that our lawsuit against C-Motech in the U.S. District Court is stayed. The effect of this ruling is that we must participate in C-Motech's bankruptcy proceeding in South Korea if we wish to pursue our various claims against C-Motech. We are currently considering our options with respect to this ruling.

Litigation

We are from time to time involved in certain legal proceedings and claims arising in the ordinary course of business.

Novatel Wireless, Inc.

On December 10, 2010, Novatel Wireless, Inc. filed a complaint in the United States District Court for the Southern District of California, against us and one other defendant. The complaint alleges that certain products, including, but not limited to, mobile data hot spots and data modems, infringe on U.S. Patent Nos. 5,129,098; 7,318,225; 7,574,737 and 7,319,715. On April 13, 2012, the plaintiff filed a Second Amended Complaint which amended certain claims and added U.S. Patent No. 7,944,901 to the original complaint. On April 27, 2012, we filed a Motion to Dismiss the Second Amended Complaint as to certain of the claims. On July 6, 2012, the Court held oral argument on the Motion to Dismiss and on July 19, 2012, the Court issued an order granting in part and denying in part the Motion to Dismiss. On August 2, 2012, we answered the complaint and an Early Neutral Evaluation Conference took place on October 31, 2012 and a follow-up Settlement Conference was held on June 12, 2013. A claim construction hearing took place on October 9, 2014. On November 25, 2014, the Court granted plaintiff's Joint Motion to Joinder of Required Party, which added Nova Intellectual Solutions, LLC as a plaintiff to this litigation. Novatel Wireless, Inc. had previously assigned the patents-in-suit to Strategic Intellectual Solutions, LLC, which is the parent company of Nova Intellectual Solutions, LLC.

On April 24, 2015, Nova Intellectual Solutions, LLC filed a complaint in the United States District Court for the Southern District of California, against us and FTI. The complaint alleges that one of the Company's products infringes on U.S. Patent No. 7,944,901.

On July 20, 2015, a Settlement Conference took place during which we and Nova Intellectual Solutions, LLC agreed to settle this matter subject to the execution of a formal agreement governing such settlement, which has not been finalized as of the date of this Report.

F-17

C-Motech Co., Ltd.

Refer to NOTE 9 - COMMITMENTS AND CONTINGENCIES.

Cell and Network Selection LLC

On October 1, 2013, Cell and Network Selection LLC filed a complaint in the United States District Court for the Eastern District of Texas, Tyler Division against one of our customers as one of several defendants. The complaint alleges that certain wireless devices, including one device provided by the Company, infringe on U.S. Patent No. 6,195,551. On April 17, 2015, the case was dismissed following settlement by the parties to the litigation.

Concinnitas, LLC

On December 3, 2013, Concinnitas, LLC filed a complaint against us in the United States District Court for the Eastern District of Texas, Marshall Division. The complaint alleges that at least one product model sold by the Company infringes U.S. Patent No. 7,805,542. The product model identified in the complaint was purchased by the Company from one of our suppliers. On August 28, 2014, the parties, including our supplier, entered into a Patent License, Settlement and Release Agreement and filed a request with the Court to dismiss this action. On September 2, 2014, the U.S. District Court for the Eastern District of Texas, Marshall Division, issued an Order approving the dismissal, with prejudice, of the action filed by Concinnitas, LLC.

Change of Control Agreements

NOTE 10 - LONG-TERM INCENTIVE PLAN AWARDS

We apply the provisions of ASC 718, “Compensation - Stock Compensation,” using a modified prospective application, and the Black-Scholes model. Under this application, we are required to record compensation expense for all awards granted after the date of adoption and for the unvested portion of previously granted awards that remain outstanding at the date of adoption. Compensation costs will be recognized over the period that an employee provides service in exchange for the award.

We adopted the 2009 Stock Incentive Plan (“2009 Plan”) on June 11, 2009, which provided for the grant of incentive stock options and non-qualified stock options to our employees and directors. Options granted under the 2009 Plan generally have a term of ten years and generally vest and become exercisable at the rate of 33% after one year and 33% on the second and third anniversaries of the option grant dates. Historically, some stock option grants have included shorter vesting periods ranging from one to two years.

The estimated forfeiture rate considers historical turnover rates stratified into employee pools in comparison with an overall employee turnover rate, as well as expectations about the future. We periodically revise the estimated forfeiture rate in subsequent periods if actual forfeitures differ from those estimates. Compensation expense recorded under this method for the year ended June 30, 2015 was $60,484 and reduced operating income and income before income taxes by the same amount by increasing compensation expense recognized in selling, general and administrative expense. The recognized tax benefit related to the compensation expense for the year ended June 30, 2015 was approximately $41,555.

F-18

A summary of the status of our stock options is presented below:

							Weighted-
							Average
				Weighted-			Remaining
				Average			Contractual			Aggregate
				Exercise			Life			Intrinsic
Options	Shares			Price			(In Years)			Value
Outstanding as of June 30, 2013		1,153,170		$	1.16			5.49		$	627,422
Granted		–			–			–			–
Exercised		(159,500	)		(0.54	)		2.05			(287,100	)
Cancelled		–			–			–			–
Forfeited or Expired		(98,333	)		(1.34	)		7.88			(177,000	)
Outstanding as of June 30, 2014		895,337			1.24			5.50			497,350
Granted		–			–
Exercised		–			–
Cancelled		(45,000	)		(1.34	)		(6.96	)		(72,000	)
Forfeited or Expired		–			–
Outstanding as of June 30, 2015		850,337			1.24			4.36			306,583

Exercisable as of June 30, 2015		850,337		$	1.24			4.36		$	306,583

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $1.60 as of June 30, 2015, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of June 30, 2015 in the amount of 850,337 shares was $1.15 per share.

As of June 30, 2015, there was $0 of total unrecognized compensation cost related to non-vested stock options granted.

NOTE 11 - RELATED PARTY TRANSACTIONS

Refer to NOTE 9 - COMMITMENTS AND CONTINGENCIES.

NOTE 12 - SUBSEQUENT EVENTS

ASC 855, “Subsequent Events" establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. During this period, we did not have any material recognizable subsequent events required to be disclosed.

F-19

EX-31.1 2 franklin_ex3101.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION

I, OC Kim, certify that:

1. I have reviewed this Annual Report on Form 10-K of Franklin Wireless Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 28, 2015

/s/ OC Kim

OC Kim

Principal Executive Officer

EX-31.2 3 franklin_ex3102.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION

I, Richard Walker, certify that:

1. I have reviewed this Annual Report on Form 10-K of Franklin Wireless Corp.

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 28, 2015

/s/ Richard Walker

Richard Walker

Principal Financial Officer

EX-32.1 4 franklin_ex3201.htm CERTIFICATION

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Franklin Wireless Corp. (the "Company") on Form 10-K for the fiscal year ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report" ), I, OC Kim, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

(a) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 28, 2015

	/s/ OC Kim
	OC Kim
	President

EX-32.2 5 franklin_ex3202.htm CERTIFICATION

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Franklin Wireless Corp. (the "Company") on Form 10-K for the fiscal year ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report" ), I, Richard Walker, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

(a) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 28, 2015

	/s/ Richard Walker
	Richard Walker
	Chief Financial Officer

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7128 0

-181675

-357477

9161

96074

-421622

-221825

3582025

-2190879

5552

10735

Non-controlling Interest in a Consolidated Subsidiary   As of June 30, 2015, the non-controlling interest was $538,698, which represents a $293,890 increase from $244,808 as of June 30, 2014. The increase of $293,890 in the non-controlling interest was due to the non-controlling interests in net income of subsidiary for the year ended June 30, 2015.

Segment Reporting   Accounting Standards Codification (ASC) 280, Segment Reporting, requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how management internally evaluates separate financial information, business activities and management responsibility. We have one reportable segment, consisting of the sale of wireless access products.   We generate revenues from four geographic areas, consisting of the United States, the Caribbean and South America, Europe, the Middle East and Africa ("EMEA") and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Net sales:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">36,710,081</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">18,036,635</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Caribbean and South America</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,416,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,109,320</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Europe, the Middle East and Africa ("EMEA")</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,578,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,789,414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,639,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,017,528</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">46,344,233</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,952,897</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Long-lived assets, net (property and equipment and intangible assets):</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">785,144</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,786,910</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">571,629</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">837,371</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,356,773</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,624,281</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Net sales:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">36,710,081</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">18,036,635</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Caribbean and South America</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,416,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,109,320</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Europe, the Middle East and Africa ("EMEA")</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,578,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,789,414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,639,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,017,528</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">46,344,233</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,952,897</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Long-lived assets, net (property and equipment and intangible assets):</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">785,144</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,786,910</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">571,629</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">837,371</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,356,773</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,624,281</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

Fair Value of Financial Instruments    The carrying amounts of financial instruments such as assets, cash equivalents, accounts receivable, accounts payable and debt approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash into financial instruments which are readily convertible into cash, such as money market funds and certificates of deposit (see Note 3).

Estimates   The preparation of the 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 materially differ from those estimates.

Capitalized Product Development Costs   Accounting Standards Codification (ASC) Topic 350, Intangibles - Goodwill and Other includes software that is part of a product or process to be sold to a customer and shall be accounted for under Subtopic 985-20.  Our products contain embedded software internally developed by our Korea-based subsidiary Franklin Technology, Inc. (FTI), which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.   The costs of product development that are capitalized once technological feasibility is determined (shown as Technology in progress in the Intangible Assets table in Note 2 to Notes to Consolidated Financial Statements) include payroll, employee benefits, and other headcount-related expenses associated with product development. Related licenses and certification costs are also capitalized. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to our customers.    As of June 30, 2015 and June 30, 2014, capitalized product development costs in progress were $0 and $39,545, respectively, and these amounts are included in intangible assets in our consolidated balance sheets. During the year ended June 30, 2015, we incurred $89,145 in capitalized product development costs, and such amounts are primarily comprised of certifications and licenses. All costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income (loss).

Advertising and Promotion Costs   Costs associated with advertising and promotions are expensed as incurred.  Advertising and promotion costs were $23,362 and $20,869 for the years ended June 30, 2015 and 2014, respectively.

Warranties   We provide a warranty for one year which is covered by our vendors and manufacturers under purchase agreements between the Company and the vendors. In general, our products are shipped directly from our vendors to our customers. As a result, we believe we do not have any net warranty exposure and do not accrue any warranty expenses. Historically, the Company has not experienced any material net warranty expenditures.

Shipping and Handling Costs   Costs associated with product shipping and handling are expensed as incurred.  Shipping and handling costs, which are included in selling, general and administrative expenses on the statement of comprehensive income (loss), were $1,162,427 and $392,128 for the years ended June 30, 2015 and 2014, respectively.

Cash and Cash Equivalents   For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Inventories   Our inventories consist of finished goods and are stated at the lower of cost or market, cost being determined on a first-in, first-out basis. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using managements best estimates given information currently available. Our customer demand is highly unpredictable, and can fluctuate significantly caused by factors beyond the control of the Company. We may write down our inventory value for potential obsolescence and excess inventory.  As of June 30, 2015, we have recorded an inventory reserve in the amount of $120,867 for inventories that we have identified as obsolete or slow-moving. As of June 30, 2014, there was no reserve for slow-moving inventories.

Property and Equipment   Property and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 30%; text-align: justify">Machinery</td> <td style="width: 10%"> </td> <td style="width: 30%; text-align: right">6 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Office equipment</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Molds</td> <td> </td> <td style="text-align: right">3 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vehicles</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Computers and software</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Furniture and fixtures</td> <td> </td> <td style="text-align: right">7 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Facilities</td> <td> </td> <td style="text-align: right">5 years or life of the lease, whichever is shorter</td></tr> </table>

<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 30%; text-align: justify">Machinery</td> <td style="width: 10%"> </td> <td style="width: 30%; text-align: right">6 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Office equipment</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Molds</td> <td> </td> <td style="text-align: right">3 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vehicles</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Computers and software</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Furniture and fixtures</td> <td> </td> <td style="text-align: right">7 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Facilities</td> <td> </td> <td style="text-align: right">5 years or life of the lease, whichever is shorter</td></tr> </table>

Goodwill and Intangible Assets   Goodwill and certain intangible assets were recorded in connection with the FTI acquisition in October 2009, and are accounted for in accordance with ASC 805, Business Combinations. Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible net assets acquired. Intangible assets are recorded at their fair value at the date of acquisition. Goodwill and other intangible assets are accounted for in accordance with ASC 350, Goodwill and Other Intangible Assets.  Goodwill and other intangible assets are tested for impairment at least annually and any related impairment losses are recognized in earnings when identified. No impairment was recognized during the years ended June 30, 2015 and 2014.

Intangible Assets   The definite lived intangible assets consisted of the following as of June 30, 2015:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 19%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 12%; text-align: center"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159,508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">733,025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176,937</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,917</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,002</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">534</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,871</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt">Supply and development agreement</td><td> </td> <td style="text-align: center; vertical-align: middle">8 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: middle">2.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,121,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">805,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">315,281</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.1 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,134</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">6.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">0.4 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,783,561</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,389,573</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">393,988</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 5pt; text-indent: 0; text-align: left; vertical-align: middle">Total as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,968,058</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,925,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,042,281</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2014:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 19%; text-align: left; text-indent: 0">Complete technology</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: center"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,300</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">480,258</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,583</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt">Supply and development agreement</td><td> </td> <td style="text-align: center; vertical-align: middle">8 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: middle">3.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,121,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">665,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">455,406</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,545</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.1 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,173</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,622</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">7.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">1.4 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,618,401</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">860,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">758,271</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt; text-indent: 0">Total as of June 30, 2014</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,827,901</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,702,085</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,125,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    Amortization expense recognized during the years ended June 30, 2015 and 2014 was $1,223,692 and $1,287,806, respectively. The amortization expenses of the definite lived intangible assets for the next five years and thereafter are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2016</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">795,053</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">165,076</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">42,798</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,766</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,766</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">27,822</td> <td> </td></tr> <tr style="background-color: White"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

The definite lived intangible assets consisted of the following as of June 30, 2015:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 19%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 12%; text-align: center"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159,508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">733,025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176,937</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,917</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,002</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">534</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,871</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt">Supply and development agreement</td><td> </td> <td style="text-align: center; vertical-align: middle">8 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: middle">2.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,121,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">805,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">315,281</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.1 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,134</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">6.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">0.4 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,783,561</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,389,573</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">393,988</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 5pt; text-indent: 0; text-align: left; vertical-align: middle">Total as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,968,058</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,925,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,042,281</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2014:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 19%; text-align: left; text-indent: 0">Complete technology</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: center"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,300</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">480,258</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,583</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt">Supply and development agreement</td><td> </td> <td style="text-align: center; vertical-align: middle">8 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: middle">3.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,121,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">665,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">455,406</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,545</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.1 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,173</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,622</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">7.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">1.4 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,618,401</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">860,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">758,271</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt; text-indent: 0">Total as of June 30, 2014</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,827,901</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,702,085</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,125,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Long-lived Assets   In accordance with ASC 360, Property, Plant, and Equipment, we review for impairment of long-lived assets and certain identifiable intangibles whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. We consider the carrying value of assets may not be recoverable based upon our review of the following events or changes in circumstances: the assets ability to continue to generate income from operations and positive cash flow in future periods; loss of legal ownership or title to the assets; significant changes in our strategic business objectives and utilization of the asset; or significant negative industry or economic trends. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset are less than its carrying amount.   We are not aware of any events or changes in circumstances during the year ended June 30, 2015 that would indicate that the long-lived assets are impaired.

Property and equipment consisted of the following as of:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: justify">Machinery and facility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">300,650</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">289,664</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">373,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">356,932</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Molds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,499</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">714,356</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Vehicle</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,843</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Construction-in progress</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">37,466</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,408,261</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,137,361</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(909,796</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; vertical-align: bottom">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">314,492</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">498,465</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>    Depreciation expense associated with property and equipment was $237,005 and $260,654 for the fiscal years ended June 30, 2015 and 2014, respectively.

Accrued liabilities consisted of the following as of:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Accrued salaries, severance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">140,820</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">198,061</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued salaries, payroll deduction to pay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,434</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,381</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Accrued vacation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,656</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Payroll taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,522</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Other accrued liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,065</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">29,678</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">238,619</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">317,298</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 83%">Balance as of June 30, 2013</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">52,746</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross increase or (decrease)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,389</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Reversal of reserve on unrecognized tax benefits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance as of June 30, 2014</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,135</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Gross increase or (decrease)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,715</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Reversal of reserve on unrecognized tax benefits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,355</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Balance as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

We report earnings per share in accordance with ASC 260, Earnings Per Share. Basic earnings (loss) per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options. For the year ended June 30, 2014, we were in a net loss position and have excluded 895,334 stock options from the calculation of diluted net loss per share because these securities are anti-dilutive. The weighted average number of shares outstanding used to compute earnings per share is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left; padding-bottom: 2.5pt">Net income (loss) attributable to Parent Company</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 13%; border-bottom: Black 2.5pt double; text-align: right">760,008</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(972,036</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted-average shares of common stock outstanding:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 22pt">Basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,533,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,386,881</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 22pt">Dilutive effect of common stock equivalents arising from stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">106,864</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Diluted Outstanding shares</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,640,733</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,386,881</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Basic earnings (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.09</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Diluted earnings (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.09</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

.482

120867

1.34

1.15

We are a provider of intelligent wireless solutions including mobile hotspots, routers and modems as well as innovative hardware and software products that support machine-to-machine (M2M) applications and the Internet of Things (IoT). Our M2M and IoT solutions include embedded modules, modems and gateways built to deliver reliable always-on connectivity supporting a broad spectrum of applications. These products are designed to solve wireless connectivity challenges in a variety of vertical markets including video surveillance, digital signage, home security, oil and gas exploration, kiosks, fleet management, smart grid, vehicle diagnostics, telematics and many more.   We have a majority ownership position in Franklin Technology Inc. (FTI), a research and development facility located in Seoul, South Korea. FTI primarily provides design and development services to us for our wireless products.   Our products are generally marketed and sold directly to wireless operators, and indirectly through strategic partners and distributors. Our global customer base extends primarily from the United States to countries in South America, the Caribbean, Europe, the Middle East and Africa ("EMEA") and Asia.

Principles of Consolidation   The consolidated financial statements include the accounts of the Company, and a subsidiary with a majority voting interest of 51.8% (48.2% is owned by non-controlling interests) as of June 30, 2015 and 2014. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings are reduced by the portion of the net earnings of the subsidiary applicable to non-controlling interests.   As consolidated financial statements are based on the assumption that they represent the financial position and operating results of a single economic entity, the retained earnings or deficit of the subsidiary at the date of acquisition, October 1, 2009, by the parent are excluded from consolidated retained earnings. When a subsidiary is consolidated, the consolidated financial statements include the subsidiarys revenues, expenses, gains, and losses only from the date the subsidiary is initially consolidated, and the non-controlling interest is reported in the consolidated statement of financial position within equity, separately from the parents equity. There are no shares of the Company held by any subsidiaries as of June 30, 2015 or June 30, 2014.   Non-controlling Interest in a Consolidated Subsidiary   As of June 30, 2015, the non-controlling interest was $538,698, which represents a $293,890 increase from $244,808 as of June 30, 2014. The increase of $293,890 in the non-controlling interest was due to the non-controlling interests in net income of subsidiary for the year ended June 30, 2015.   Segment Reporting   Accounting Standards Codification (ASC) 280, Segment Reporting, requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how management internally evaluates separate financial information, business activities and management responsibility. We have one reportable segment, consisting of the sale of wireless access products.   We generate revenues from four geographic areas, consisting of the United States, the Caribbean and South America, Europe, the Middle East and Africa ("EMEA") and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Net sales:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">36,710,081</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">18,036,635</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Caribbean and South America</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,416,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,109,320</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Europe, the Middle East and Africa ("EMEA")</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,578,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,789,414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,639,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,017,528</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">46,344,233</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">30,952,897</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Long-lived assets, net (property and equipment and intangible assets):</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">785,144</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,786,910</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">571,629</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">837,371</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,356,773</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,624,281</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   Fair Value of Financial Instruments    The carrying amounts of financial instruments such as assets, cash equivalents, accounts receivable, accounts payable and debt approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash into financial instruments which are readily convertible into cash, such as money market funds and certificates of deposit (see Note 3).   Estimates   The preparation of the 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 materially differ from those estimates.   Allowance for Doubtful Accounts   Based upon our review of our collection history as well as the current balances associated with all significant customers and associated invoices, we do not believe an allowance for doubtful accounts was necessary as of June 30, 2015 and June 30, 2014.   Revenue Recognition   We recognize revenue in accordance with ASC 605, Revenue Recognition, when persuasive evidence of an arrangement exists, the price is fixed or determinable, collection is reasonably assured and delivery of products has occurred or services have been rendered. Accordingly, we recognize revenues from product sales upon shipment of the products to customers or when the products are received by the customers in accordance with the shipping or delivery terms. We provide a warranty for one year from the shipment date, which is covered by our vendors pursuant to purchase agreements. Any net warranty related expenditures made by us have not historically been material. Under our sales return policy, customers may generally return products that are under warranty for repair or replacement.   Cost of Goods Sold   All costs associated with our contract manufacturers, as well as distribution, fulfillment and repair services are included in our cost of goods sold. Cost of goods sold also includes amortization expense associated with capitalized product development costs associated with complete technology.   Capitalized Product Development Costs   Accounting Standards Codification (ASC) Topic 350, Intangibles - Goodwill and Other includes software that is part of a product or process to be sold to a customer and shall be accounted for under Subtopic 985-20.  Our products contain embedded software internally developed by our Korea-based subsidiary Franklin Technology, Inc. (FTI), which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.   The costs of product development that are capitalized once technological feasibility is determined (shown as Technology in progress in the Intangible Assets table in Note 2 to Notes to Consolidated Financial Statements) include payroll, employee benefits, and other headcount-related expenses associated with product development. Related licenses and certification costs are also capitalized. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to our customers.    As of June 30, 2015 and June 30, 2014, capitalized product development costs in progress were $0 and $39,545, respectively, and these amounts are included in intangible assets in our consolidated balance sheets. During the year ended June 30, 2015, we incurred $89,145 in capitalized product development costs, and such amounts are primarily comprised of certifications and licenses. All costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income (loss).   Research and Development Costs   Costs associated with research and development are expensed as incurred. Research and development costs were $2,915,143 and $2,780,000 for the years ended June 30, 2015 and 2014, respectively.   Advertising and Promotion Costs   Costs associated with advertising and promotions are expensed as incurred.  Advertising and promotion costs were $23,362 and $20,869 for the years ended June 30, 2015 and 2014, respectively.   Warranties   We provide a warranty for one year which is covered by our vendors and manufacturers under purchase agreements between the Company and the vendors. In general, our products are shipped directly from our vendors to our customers. As a result, we believe we do not have any net warranty exposure and do not accrue any warranty expenses. Historically, the Company has not experienced any material net warranty expenditures.   Shipping and Handling Costs   Costs associated with product shipping and handling are expensed as incurred.  Shipping and handling costs, which are included in selling, general and administrative expenses on the statement of comprehensive income (loss), were $1,162,427 and $392,128 for the years ended June 30, 2015 and 2014, respectively.   Cash and Cash Equivalents   For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.   Inventories   Our inventories consist of finished goods and are stated at the lower of cost or market, cost being determined on a first-in, first-out basis. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using managements best estimates given information currently available. Our customer demand is highly unpredictable, and can fluctuate significantly caused by factors beyond the control of the Company. We may write down our inventory value for potential obsolescence and excess inventory.  As of June 30, 2015, we have recorded an inventory reserve in the amount of $120,867 for inventories that we have identified as obsolete or slow-moving. As of June 30, 2014, there was no reserve for slow-moving inventories.   Property and Equipment   Property and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 30%; text-align: justify">Machinery</td> <td style="width: 10%"> </td> <td style="width: 40%; text-align: right">6 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Office equipment</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Molds</td> <td> </td> <td style="text-align: right">3 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vehicles</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Computers and software</td> <td> </td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Furniture and fixtures</td> <td> </td> <td style="text-align: right">7 years</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Facilities</td> <td> </td> <td style="text-align: right">5 years or life of the lease, whichever is shorter</td></tr> </table>    Goodwill and Intangible Assets   Goodwill and certain intangible assets were recorded in connection with the FTI acquisition in October 2009, and are accounted for in accordance with ASC 805, Business Combinations. Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible net assets acquired. Intangible assets are recorded at their fair value at the date of acquisition. Goodwill and other intangible assets are accounted for in accordance with ASC 350, Goodwill and Other Intangible Assets. Goodwill and other intangible assets are tested for impairment at least annually and any related impairment losses are recognized in earnings when identified. No impairment was recognized during the years ended June 30, 2015 and 2014.   Intangible Assets   The definite lived intangible assets consisted of the following as of June 30, 2015:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 19%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 12%; text-align: center"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">159,508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">733,025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176,937</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,917</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,002</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">534</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,871</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt">Supply and development agreement</td><td> </td> <td style="text-align: center; vertical-align: middle">8 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: middle">2.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,121,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">805,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">315,281</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.1 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,134</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">6.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">0.4 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,783,561</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,389,573</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">393,988</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 5pt; text-indent: 0; text-align: left; vertical-align: middle">Total as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,968,058</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,925,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,042,281</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2014:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 19%; text-align: left; text-indent: 0">Complete technology</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: center"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">490,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,300</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,009</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">1.5 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">480,258</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Complete technology</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,583</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt">Supply and development agreement</td><td> </td> <td style="text-align: center; vertical-align: middle">8 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: middle">3.3 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,121,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">665,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">455,406</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; text-indent: 0">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,545</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.1 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,173</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,622</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">7.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">1.4 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,618,401</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">860,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">758,271</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt; text-indent: 0">Total as of June 30, 2014</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,827,901</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,702,085</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,125,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Amortization expense recognized during the years ended June 30, 2015 and 2014 was $1,223,692 and $1,287,806, respectively. The amortization expenses of the definite lived intangible assets for the next five years and thereafter are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2016</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">795,053</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">165,076</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">42,798</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,766</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,766</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">27,822</td> <td> </td></tr> </table>   Long-lived Assets   In accordance with ASC 360, Property, Plant, and Equipment, we review for impairment of long-lived assets and certain identifiable intangibles whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. We consider the carrying value of assets may not be recoverable based upon our review of the following events or changes in circumstances: the assets ability to continue to generate income from operations and positive cash flow in future periods; loss of legal ownership or title to the assets; significant changes in our strategic business objectives and utilization of the asset; or significant negative industry or economic trends. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset are less than its carrying amount.   We are not aware of any events or changes in circumstances during the year ended June 30, 2015 that would indicate that the long-lived assets are impaired.   Stock-based Compensation   The Companys employee share-based awards result in a cost that is measured at fair value on an awards grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the awards vesting period. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterpartys performance is complete or the date on which it is probable that performance will occur. Stock-based compensation costs are reflected in the accompanying consolidated statements of operations based upon the underlying recipients roles within the Company.   Income Taxes   The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets, unless it is more likely than not such assets will be realized. Current income taxes are based on the years taxable income for federal and state income tax reporting purposes and the annual change in deferred taxes.   The Company assesses its income tax positions and records tax benefits based upon managements evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of income tax expense.   Net Loss per Share Attributable to Common Stockholders   Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares that were outstanding for the period, without consideration for potential common shares. Diluted net loss per share is calculated by dividing the net loss by the sum of the weighted-average number of dilutive potential common shares outstanding for the period determined using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of common stock options outstanding under our stock plan.   Concentrations of Credit Risk   We extend credit to our customers and perform ongoing credit evaluations of such customers. We evaluate our accounts receivable on a regular basis for collectability and provide for an allowance for potential credit losses as deemed necessary. No reserve was required or recorded for any of the periods presented.   Substantially all of our revenues are derived from sales of wireless data products. Any significant decline in market acceptance of our products or in the financial condition of our existing customers could impair our ability to operate effectively.   A significant portion of our revenue is derived from a small number of customers. For the year ended June 30, 2015, net sales to our two largest customers represented 68% and 10% of our consolidated net sales, respectively, and 87%, and 7% of our accounts receivable balance as of June 30, 2015. For the year ended June 30, 2014, net sales to our four largest customers represented 42%, 12%, 11%, and 10% of our consolidated net sales, respectively, and 69%, 19%, 0%, and 0% of our accounts receivable balance as of June 30, 2014. No other customers accounted for more than ten percent of total net sales for the years ended June 30, 2015 and 2014.   For the year ended June 30, 2015, we purchased the majority of our wireless data products from one manufacturing company located in Asia. If this manufacturing company were to experience delays, capacity constraints or quality control problems, product shipments to our customers could be delayed, or our customers could consequently elect to cancel the underlying product purchase order, which would negatively impact the Companys revenue. For the year ended June 30, 2015, we purchased wireless data products from this supplier in the amount of $30,466,215, or 81.2% of total purchases, and had related accounts payable of $6,749,486 as of June 30, 2015. For the year ended June 30, 2014, we purchased wireless data products from three suppliers located in Asia. For the year ended June 30, 2014, we purchased wireless data products from these suppliers in the amount of $20,336,773, or 75.8% of total purchases, and had related accounts payable of $8,817,409 as of June 30, 2014.   We maintain our cash accounts with established commercial banks.  Such cash deposits may exceed the Federal Deposit Insurance Corporation insured limit of $250,000 for each financial institution.  However, we do not anticipate any losses on excess deposits.   Recently Issued Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. This amendment addresses revenue from contracts with customers, which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under the update, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. ASU 2015-14 delayed the effective date of this update to annual reporting periods beginning after December 15, 2017, and the amendment is to be applied retrospectively or the cumulative effect as of the date of adoption. Management is currently evaluating the impact ASU 2014-09 will have on the consolidated financial statements and related disclosures.   In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. This ASU introduces an explicit requirement for management to assess if there is substantial doubt about an entitys ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management must assess if there is substantial doubt about an entitys ability to continue as a going concern within one year after the issuance date. Disclosures are required if conditions give rise to substantial doubt. ASU 2014-15 is effective for all entities in the first annual period ending after December 15, 2016. Management does not believe the potential effects of this ASU on the consolidated financial statements will be material.   In April 2015, the FASB issued ASU 2015-03, InterestImputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. ASU 2015-15 was issued subsequently to permit costs associated with a line of credit arrangement to be presented as assets and amortized ratably over the term of the arrangement. These updates will be effective for the Company on July 1, 2016. Management does not believe that these updates will materially impact the Companys consolidated financial statements.   In July 2015, the FASB issued ASU 2015-11, InventorySimplifying the Measurement of Inventory. ASU 2015-11 requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for the Company beginning on July 1, 2017 and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and disclosure.

Stock-based Compensation   The Companys employee share-based awards result in a cost that is measured at fair value on an awards grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the awards vesting period. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterpartys performance is complete or the date on which it is probable that performance will occur. Stock-based compensation costs are reflected in the accompanying consolidated statements of operations based upon the underlying recipients roles within the Company.

Income Taxes   The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets, unless it is more likely than not such assets will be realized. Current income taxes are based on the years taxable income for federal and state income tax reporting purposes and the annual change in deferred taxes.   The Company assesses its income tax positions and records tax benefits based upon managements evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of income tax expense.

Net Loss per Share Attributable to Common Stockholders   Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares that were outstanding for the period, without consideration for potential common shares. Diluted net loss per share is calculated by dividing the net loss by the sum of the weighted-average number of dilutive potential common shares outstanding for the period determined using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of common stock options outstanding under our stock plan.

Recently Issued Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. This amendment addresses revenue from contracts with customers, which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under the update, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. ASU 2015-14 delayed the effective date of this update to annual reporting periods beginning after December 15, 2017, and the amendment is to be applied retrospectively or the cumulative effect as of the date of adoption. Management is currently evaluating the impact ASU 2014-09 will have on the consolidated financial statements and related disclosures.   In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. This ASU introduces an explicit requirement for management to assess if there is substantial doubt about an entitys ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management must assess if there is substantial doubt about an entitys ability to continue as a going concern within one year after the issuance date. Disclosures are required if conditions give rise to substantial doubt. ASU 2014-15 is effective for all entities in the first annual period ending after December 15, 2016. Management does not believe the potential effects of this ASU on the consolidated financial statements will be material.    In April 2015, the FASB issued ASU 2015-03, InterestImputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. ASU 2015-15 was issued subsequently to permit costs associated with a line of credit arrangement to be presented as assets and amortized ratably over the term of the arrangement. These updates will be effective for the Company on July 1, 2016. Management does not believe that these updates will materially impact the Companys consolidated financial statements.   In July 2015, the FASB issued ASU 2015-11, InventorySimplifying the Measurement of Inventory. ASU 2015-11 requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for the Company beginning on July 1, 2017 and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and disclosure.

Income tax provision (benefit) for the years ended June 30, 2015 and 2014 consists of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Current income tax expense (benefit):</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%">Federal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(40,659</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(430,972</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">800</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(900</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,859</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(431,872</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Deferred income tax expense (benefit):</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(237,769</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(76,754</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>State</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,700</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Foreign</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">189,356</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,090</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(48,413</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(97,144</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Provision (benefit) for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(88,272</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(529,016</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   The provision (benefit) for income taxes reconciles to the amount computed by applying effective federal statutory income tax rate to income (loss) before provision for income taxes as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Federal tax provision (benefit), at statutory rate of 34%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">170,323</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(556,588</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State tax, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Nondeductible expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,034</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>R&D credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(140,829</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,057</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Uncertain tax position</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,360</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,389</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign rate difference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(82,162</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20,435</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(85,737</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,113</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Provision (benefit) for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(88,272</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(529,016</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>    Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2015</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2014</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Deferred tax asset:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: justify">Net operating losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,773,959</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,901,479</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">State tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Intangibles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,643</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Other, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">141,919</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">31,190</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Total deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,067,249</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,040,604</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Less valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,067,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,040,604</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We have evaluated the available evidence supporting the realization of our gross deferred tax assets, including the amount and timing of forecasted future taxable income, and have determined it is more likely than not that the assets will be fully realized and no valuation allowance is necessary as of June 30, 2015. As of June 30, 2015, we have federal and state net operating loss carryforwards of approximately $5.2 million and $1.7 million, which expire through 2034. The utilization of net operating loss carryforwards may be subject to limitations under provision of the Internal Revenue Code Section 382 and similar state provisions.   We adopted the provision of ASC 740 related to accounting for uncertain tax positions effective July 1, 2007, which prescribes a recognition threshold and measurement process for recording in the financial statements, uncertain tax positions taken or expected to be taken in a tax return. Under this provision, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. Tax benefits of an uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained based on technical merits.   A reconciliation of the beginning and ending balance of unrecognized tax benefits, which are included in accrued liabilities on the consolidated balance sheet, is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 83%">Balance as of June 30, 2013</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">52,746</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross increase or (decrease)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,389</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Reversal of reserve on unrecognized tax benefits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance as of June 30, 2014</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,135</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Gross increase or (decrease)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,715</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Reversal of reserve on unrecognized tax benefits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,355</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Balance as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   We do not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. ASC 740 requires us to accrue interest and penalties where there is an underpayment of taxes based on our best estimate of the amount ultimately to be paid. Our policy is to recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. We have not recorded any interest or penalties as the liability associated with the unrecognized tax benefits is immaterial. We are subject to taxation in the U.S., various state and foreign jurisdictions. We believe we are no longer subject to U.S. examination for years before 2012 by the federal taxing authority, and years before 2011 by state taxing authorities.   The Internal Revenue Service and Franchise Tax Board have completed their examination of our 2007 and 2008 taxable years with a favorable final resolution of the Companys claim for research and development tax credits. As of June 30, 2015, the R&D tax credits that we have claimed are received in full. In addition, the Franchise Tax Board is currently examining our taxable years from 2008 to 2011 for the Companys claimed tax refunds in regards to the California apportionment of our income. Although the final resolution is uncertain, we do not believe that this examination will have any material adverse effect on our consolidated financial position.

We have agreements to lease office space that expire in fiscal 2016. On September 10, 2015, we signed a lease for a new office space consisting of approximately 12,775 square feet, located in San Diego, California, at a monthly rent of $23,115, which we anticipate will commence on November 1, 2015. In addition to monthly rent, the new lease includes payment for certain common area costs. The term of the lease for the new office space is four years from the lease commencement date. FTI leases approximately 10,000 square feet of office space, located in Seoul, Korea, at a monthly rent of approximately $8,000. The lease associated with this office space expired on September 1, 2015, and has been extended to September 1, 2017 with no change to the monthly rent. Rent expense for the years ended June 30, 2015 and 2014 was $308,187 and $315,123, respectively. Future minimum rental payments under operating leases are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-indent: -11pt"> </td> <td> </td> <td colspan="18" style="border-bottom: black 1pt solid; text-align: center">Payments Due by June 30,</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -11pt"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 28%; text-indent: 0">Administrative office, San Diego, CA</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">272,397</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">277,377</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">277,377</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">277,377</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">92,459</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1,196,987</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0">Administrative office, Korea</td> <td> </td> <td> </td> <td style="text-align: right">128,184</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">128,184</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">21,364</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">277,732</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-indent: 0">Corporate housing facility</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,585</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,646</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">13,231</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0">Total Obligations</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">411,166</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">408,207</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">298,741</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">277,377</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">92,459</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,487,950</td> <td> </td></tr> </table>   Contingency   On July 27, 2010, we entered into a Common Stock Repurchase Agreement with C-Motech (the Agreement), under which we agreed to repurchase 3,370,356 shares of our Common Stock from C-Motech for $3,500,000. A total of 1,803,684 shares were repurchased on the date of the Agreement in exchange for non-cash consideration in the amount of $1,873,065, which represented amounts owed to the Company by C-Motech for certain marketing funds as well as the settlement of a price dispute for products previously purchased by the Company from C-Motech. Under the Agreement, the remaining 1,566,672 shares were to be repurchased by us upon payment of the balance, $1,626,935, on or before December 31, 2010.   On January 28, 2011 (the Amendment Date) the Agreement was amended to reflect (1) a change in the date the 1,566,672 shares are to be repurchased from C-Motech from December 31, 2010 to March 31, 2011, and (2) a change to the non-cash consideration of $1,873,065. In exchange for the 1,803,684 shares, we were to pay cash to C-Motech (in the same amount) for the shares, by March 31, 2011. In addition, in a separate agreement dated January 28, 2011, C-Motech agreed to pay us $1,873,065, for amounts owed, by March 31, 2011. The purpose of these revisions was to more clearly differentiate each partys payment obligations to the other with respect to this transaction. Following the Amendment Date, we paid C-Motech $1,873,065 in exchange for the 1,803,684 shares previously transferred to us by C-Motech, and C-Motech paid us $1,873,065 for amounts owed, of which $1,581,457 was booked to other income and $291,608 was booked to cost of goods sold. The repurchase of the remaining 1,566,672 shares has not been completed. We have provided formal notification to C-Motech that it is in breach of its obligations and we have also provided a demand to sell the shares back to us. We have attempted to tender payment for the shares without results, and we are unable to determine whether or not this repurchase will take place. We were previously advised that two individuals, Cheng-Ji Zhu and Ok-Nam Yun, claim to have purchased the shares from C-Motech through its former CEO; however, the authority of the former CEO to agree to the sale of the shares was disputed by C-Motech. The ownership of the shares was the subject of litigation involving Cheng-Ji Zhu and Ok-Nam Yun ("Plaintiffs") and C-Motech in U.S. and Korean courts in which the Plaintiffs prevailed over C-Motech. On May 7, 2013, we filed a lawsuit against C-Motech in the Superior Court of California for the County of San Diego for breach of the Agreement and breach of other contracts between the parties relating to indemnification and other obligations. On February 25, 2014, C-Motech answered the complaint and on February 26, 2014, C-Motech filed a Notice of Removal from the Superior Court of the State of California for the County of San Diego to the United States District Court for the Southern District of California. On June 19, 2014, C-Motech filed a voluntary petition for relief under Chapter 15 of the U.S. Bankruptcy Code and on June 27, 2014, C-Motech filed a Motion for Recognition of a Foreign Main Proceeding under Chapter 15 of the U.S. Bankruptcy Code and Further Relief. On July 10, 2014, this motion was heard in the U.S. Bankruptcy Court for the Southern District of California during which the Court ordered that C-Motech's bankruptcy proceeding in South Korea was recognized as a foreign main proceeding and that our lawsuit against C-Motech in the U.S. District Court is stayed. The effect of this ruling is that we must participate in C-Motech's bankruptcy proceeding in South Korea if we wish to pursue our various claims against C-Motech. We are currently considering our options with respect to this ruling.   As of June 30, 2015, C-Motech was the registered owner of certificates representing 1,566,672 shares, or 15%, of our outstanding Common Stock, which were issued by the Company in C-Motechs name. However, as of the date of this Report, the registered owners of these shares are Cheng-Ji Zhu and Ok-Nam Yun, who own 838,350 and 728,322 shares, respectively.   Litigation   We are from time to time involved in certain legal proceedings and claims arising in the ordinary course of business.   Novatel Wireless, Inc.   On December 10, 2010, Novatel Wireless, Inc. filed a complaint in the United States District Court for the Southern District of California, against us and one other defendant. The complaint alleges that certain products, including, but not limited to, mobile data hot spots and data modems, infringe on U.S. Patent Nos. 5,129,098; 7,318,225; 7,574,737 and 7,319,715. On April 13, 2012, the plaintiff filed a Second Amended Complaint which amended certain claims and added U.S. Patent No. 7,944,901 to the original complaint. On April 27, 2012, we filed a Motion to Dismiss the Second Amended Complaint as to certain of the claims. On July 6, 2012, the Court held oral argument on the Motion to Dismiss and on July 19, 2012, the Court issued an order granting in part and denying in part the Motion to Dismiss. On August 2, 2012, we answered the complaint and an Early Neutral Evaluation Conference took place on October 31, 2012 and a follow-up Settlement Conference was held on June 12, 2013. A claim construction hearing took place on October 9, 2014. On November 25, 2014, the Court granted plaintiff's Joint Motion to Joinder of Required Party, which added Nova Intellectual Solutions, LLC as a plaintiff to this litigation. Novatel Wireless, Inc. had previously assigned the patents-in-suit to Strategic Intellectual Solutions, LLC, which is the parent company of Nova Intellectual Solutions, LLC.   On April 24, 2015, Nova Intellectual Solutions, LLC filed a complaint in the United States District Court for the Southern District of California, against us and FTI. The complaint alleges that one of the Company's products infringes on U.S. Patent No. 7,944,901.   On July 20, 2015, a Settlement Conference took place during which we and Nova Intellectual Solutions, LLC agreed to settle this matter subject to the execution of a formal agreement governing such settlement, which has not been finalized as of the date of this Report.   C-Motech Co., Ltd.   Refer to NOTE 9 - COMMITMENTS AND CONTINGENCIES.   Cell and Network Selection LLC   On October 1, 2013, Cell and Network Selection LLC filed a complaint in the United States District Court for the Eastern District of Texas, Tyler Division against one of our customers as one of several defendants. The complaint alleges that certain wireless devices, including one device provided by the Company, infringe on U.S. Patent No. 6,195,551. On April 17, 2015, the case was dismissed following settlement by the parties to the litigation.   Concinnitas, LLC   On December 3, 2013, Concinnitas, LLC filed a complaint against us in the United States District Court for the Eastern District of Texas, Marshall Division. The complaint alleges that at least one product model sold by the Company infringes U.S. Patent No. 7,805,542. The product model identified in the complaint was purchased by the Company from one of our suppliers. On August 28, 2014, the parties, including our supplier, entered into a Patent License, Settlement and Release Agreement and filed a request with the Court to dismiss this action. On September 2, 2014, the U.S. District Court for the Eastern District of Texas, Marshall Division, issued an Order approving the dismissal, with prejudice, of the action filed by Concinnitas, LLC.   Change of Control Agreements   On September 21, 2009 we entered into Change of Control Agreements with OC Kim, our President, Yun J. (David) Lee, our Chief Operating Officer, and Yong Bae Won, our Vice President, Engineering. Each Change of Control Agreement provides for a lump sum payment to the officer in case of a change of control of the Company. The term includes the acquisition of Common Stock of the Company resulting in one person or company owning more than 50% of the outstanding shares, a significant change in the composition of the Board of Directors of the Company during any 12-month period, a reorganization, merger, consolidation or similar transaction resulting in the transfer of ownership of more than fifty percent (50%) of the Company's outstanding Common Stock, or a liquidation or dissolution of the Company or sale of substantially all of the Company's assets.   The Change of Control Agreement with Mr. Kim calls for a payment of $5 million upon a change of control; the agreement with Mr. Lee calls for a payment of $2 million upon a change of control; and the agreement with Mr. Won was for two years and called for a payment of $1 million upon a change of control.   The Board of Directors has approved extension of the Change of Control Agreements with Mr. Kim and Mr. Lee, through September 21, 2017. The Change of Control Agreement with Mr. Won expired on September 21, 2014 and was not renewed or extended.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-indent: -11pt"> </td> <td> </td> <td colspan="18" style="border-bottom: black 1pt solid; text-align: center">Payments Due by June 30,</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -11pt"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 28%; text-indent: 0">Administrative office, San Diego, CA</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">272,397</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">277,377</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">277,377</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">277,377</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">92,459</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1,196,987</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0">Administrative office, Korea</td> <td> </td> <td> </td> <td style="text-align: right">128,184</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">128,184</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">21,364</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">277,732</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-indent: 0">Corporate housing facility</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,585</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,646</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">13,231</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0">Total Obligations</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">411,166</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">408,207</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">298,741</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">277,377</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">92,459</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,487,950</td> <td> </td></tr> </table>

We apply the provisions of ASC 718, Compensation - Stock Compensation, using a modified prospective application, and the Black-Scholes model. Under this application, we are required to record compensation expense for all awards granted after the date of adoption and for the unvested portion of previously granted awards that remain outstanding at the date of adoption. Compensation costs will be recognized over the period that an employee provides service in exchange for the award.   We adopted the 2009 Stock Incentive Plan (2009 Plan) on June 11, 2009, which provided for the grant of incentive stock options and non-qualified stock options to our employees and directors. Options granted under the 2009 Plan generally have a term of ten years and generally vest and become exercisable at the rate of 33% after one year and 33% on the second and third anniversaries of the option grant dates. Historically, some stock option grants have included shorter vesting periods ranging from one to two years.   The estimated forfeiture rate considers historical turnover rates stratified into employee pools in comparison with an overall employee turnover rate, as well as expectations about the future. We periodically revise the estimated forfeiture rate in subsequent periods if actual forfeitures differ from those estimates. Compensation expense recorded under this method for the year ended June 30, 2015 was $60,484 and reduced operating income and income before income taxes by the same amount by increasing compensation expense recognized in selling, general and administrative expense. The recognized tax benefit related to the compensation expense for the year ended June 30, 2015 was approximately $41,555.   A summary of the status of our stock options is presented below:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Options</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-indent: 0">Outstanding as of June 30, 2013</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">1,153,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">1.16</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">5.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">627,422</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.54</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.05</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(287,100</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(98,333</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.34</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">7.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">(177,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: 0">Outstanding as of June 30, 2014</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">895,337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">5.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">497,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(45,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.34</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.96 </td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,000 </td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-indent: 0">Outstanding as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">850,337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.36</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">306,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-indent: 0">Exercisable as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">850,337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.36</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">306,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Companys closing stock price of $1.60 as of June 30, 2015, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of June 30, 2015 in the amount of 850,337 shares was $1.15 per share.   As of June 30, 2015, there was $0 of total unrecognized compensation cost related to non-vested stock options granted.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Options</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-indent: 0">Outstanding as of June 30, 2013</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">1,153,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">1.16</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">5.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">627,422</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.54</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.05</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(287,100</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(98,333</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.34</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">7.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">(177,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: 0">Outstanding as of June 30, 2014</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">895,337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">5.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">497,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: 0">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(45,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.34</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.96 </td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,000 </td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-indent: 0">Outstanding as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">850,337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.36</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">306,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-indent: 0">Exercisable as of June 30, 2015</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">850,337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.36</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">306,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P6Y11M16D -72000

Refer to NOTE 9 - COMMITMENTS AND CONTINGENCIES.

ASC 855, Subsequent Events" establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. During this period, we did not have any material recognizable subsequent events required to be disclosed.

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Long-Term Incentive Plan Awards (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 fkwl-20150630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 fkwl-20150630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 fkwl-20150630_lab.xml XBRL LABEL FILE Complete Technology 1 Indefinite-lived Intangible Assets by Major Class [Axis] Complete Technology 2 Complete Technology 3 Supply And Development Agreement Technology In Progress Software Patents Certifications And Licenses US Geographical [Axis] Caribbean and South America Asia Machinery Property, Plant and Equipment, Type [Axis] Office Equipment Molds Vehicles Computers and software Furniture and fixtures Facilities Administrative office, San Diego, CA Property Subject to or Available for Operating Lease [Axis] Administrative office, Korea Corporate housing facility Complete Technology 4 Complete Technology 5 Complete Technology 6 Options DerivativeInstrumentRisk [Axis] Common Stock Equity Components [Axis] Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income / Loss Noncontrolling Interest Complete Technology 7 Sales [Member] Concentration Risk Benchmark [Axis] Customer 1 [Member] Customer [Axis] Customer 2 [Member] Customer 3 [Member] Customer 4 [Member] Accounts Receivable [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Hierarchy [Axis] Machinery and Facility [Member] Office Equipment [Member] Molds [Member] Vehicles [Member] Construction in Progress [Member] Federal [Member] Income Tax Authority [Axis] State [Member] C-Motech [Member] Related Party [Axis] EMEA Complete Technology 8 Complete Technology 9 Purchases Supplier Concentration Risk [Member] Concentration Risk Type [Axis] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash and cash equivalents Accounts receivable Other receivables, net Inventories Loan to an employee Prepaid expenses and other current assets Prepaid income taxes Deferred tax assets, current Advance payments to vendors Total current assets Property and equipment, net Intangible assets, net Deferred tax assets, non-current Goodwill Other assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable Advance payments from customers Accrued liabilities Marketing funds payable Short-term borrowings Total current liabilities Total liabilities Commitments and contingencies (Notes 9) Stockholders' equity: Parent Company stockholders' equity: Preferred stock, par value $0.001 per share, authorized 10,000,000 shares; No preferred stock issued and outstanding as of June 30, 2015 and 2014 Common stock, par value $0.001 per share, authorized 50,000,000 shares; 10,533,869 shares issued and outstanding as of June 30, 2015 and 2014. Additional paid-in capital Retained earnings Treasury stock, 3,342,286 shares as of June 30, 2015 and 2014, respectively Accumulated other comprehensive (loss) Total Parent Company stockholders' equity Non-controlling interests Total Stockholders' Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred stock par value (in Dollars per share) Preferred stock Authorized Preferred stock Issued Preferred stock Outstanding Common stock par value (in Dollars per share) Common stock Authorized Common stock Issued Common stock Outstanding Treasury stock shares Income Statement [Abstract] Net sales Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research and development Total operating expenses Income (loss) from operations Other income, net: Interest income Other income, net Total other income, net Income (loss) before provision (benefit) for income taxes Income tax benefit Net income (loss) Non-controlling interests in net income of subsidiary 48.2% Net income (loss) attributable to Parent Company Basic earnings (loss) per share attributable to Parent Company stockholders Diluted earnings (loss) per share attributable to Parent Company stockholders Weighted average common shares outstanding - basic Weighted average common shares outstanding - diluted Comprehensive income (loss) Net income (loss) Translation adjustments Comprehensive income (loss) Comprehensive income attributable to non-controlling interest Comprehensive income (loss) attributable to controlling interest Statement [Table] Statement [Line Items] Beginning balance, shares Beginning balance, value Net income (loss) attributable to Parent Company Foreign exchange translation Comprehensive loss attributable to non-controlling interest Share-based compensation Issuance of stock related to stock options exercised, shares issued Issuance of stock related to stock options exercised, value Ending balance, shares Ending balance, value Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation Amortization of intangible assets Deferred tax benefit Gain from debt extinguishment Gain on sale of vehicle Increase (decrease) in cash due to change in: Accounts receivable Inventories Prepaid expenses and other current assets Prepaid income taxes Advance payment to vendor Other assets Accounts payable Advance payment from customers Accrued liabilities Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment Payments for capitalized development costs Purchases of intangible assets Proceeds from the sale of fixed assets Receipt of loan repayments from third party Receipt of loan repayments from an employee Net cash used in investing activities EX-101.PRE 11 fkwl-20150630_pre.xml XBRL PRESENTATION FILE XML 12 R39.htm IDEA: XBRL DOCUMENT

7. Income Taxes (Details - Reconciliation of Tax Rate) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation
Federal tax provision (benefit), at statutory rate of 34%	$ 170,323	$ (556,588)
State tax, net of federal tax benefit	528	528
Nondeductible expenses	48,245	28,034
R&D Credits	(140,829)	(24,057)
Uncertain tax position	1,360	7,389
Foreign rate difference	(82,162)	(20,435)
Other	(85,737)	36,113
Provision (benefit) for income taxes	$ (88,272)	$ (529,016)

XML 13 R48.htm IDEA: XBRL DOCUMENT

10. Long-Term Incentive Plan Awards (Details Narrative) - Options	12 Months Ended
	Jun. 30, 2015 USD ($) $ / shares shares
Weighted average grant-date fair value of stock options \| shares	850,337
Weighted average grant-date fair value of stock options, per share price	$ 1.15
Unrecognized compensation cost related to non-vested options \| $	$ 0

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9. Commitments and Contingencies (Details Narrative) - USD ($)
12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Rent Expense $ 308,187 $ 315,123

XML 16 R33.htm IDEA: XBRL DOCUMENT

4. Property and Equipment (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Property and equipment, gross	$ 1,451,853	$ 1,408,261
Less accumulated depreciation	(1,137,361)	(909,796)
Total	314,492	498,465
Machinery and Facility [Member]
Property and equipment, gross	300,650	289,664
Office Equipment [Member]
Property and equipment, gross	373,554	356,932
Molds [Member]
Property and equipment, gross	775,499	714,356
Vehicles [Member]
Property and equipment, gross	0	9,843
Construction in Progress [Member]
Property and equipment, gross	$ 2,130	$ 37,466

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8. EARNINGS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE

	Year Ended June 30,
	2015		2014
Net income (loss) attributable to Parent Company	$	760,008	$	(972,036	)
Weighted-average shares of common stock outstanding:
Basic		10,533,869		10,386,881
Dilutive effect of common stock equivalents arising from stock options		106,864		–
Diluted Outstanding shares		10,640,733		10,386,881
Basic earnings (loss) per share	$	0.07	$	(0.09	)
Diluted earnings (loss) per share	$	0.07	$	(0.09	)

XML 19 R42.htm IDEA: XBRL DOCUMENT

7. Income Taxes (Details Narrative)	12 Months Ended
7. Income Taxes (Details Narrative)	Jun. 30, 2015 USD ($)
Federal [Member]
Operating loss carryforward	$ 5,200,000
Carryforward expiration dates	Dec. 31, 2034
State [Member]
Operating loss carryforward	$ 1,700,000
Carryforward expiration dates	Dec. 31, 2034

XML 20 R37.htm IDEA: XBRL DOCUMENT

6. Short-Term Borrowings from Bank (Details Narrative)	12 Months Ended
6. Short-Term Borrowings from Bank (Details Narrative)	Jun. 30, 2015
Debt Disclosure [Abstract]
Interest rate	8.90%
Maturity date	Mar. 31, 2016

XML 21 R47.htm IDEA: XBRL DOCUMENT

10. Long-Term Incentive Plan Awards (Details - Option Activity) - Options - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Shares
Number of Options Outstanding, Beginning	895,337	1,153,170
Number of Options Granted	0	0
Number of Options Exercised	0	(159,500)
Number of Options Cancelled	(45,000)	0
Number of Options Forfeited or Expired	0	(98,333)
Number of Options Outstanding, Ending	850,337	895,337
Number of Options Exercisable	850,337
Weighted-Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$ 1.24	$ 1.16
Weighted Average Exercise Price Exercised		(0.54)
Weighted Average Exercise Price Canceled	(1.34)
Weighted Average Exercise Price Forfeited or Expired		(1.34)
Weighted Average Exercise Price Outstanding, Ending	1.24	$ 1.24
Weighted Average Exercise Price Exercisable	$ 1.24
Weighted-Average Remaining Contractual Life (In Years)
Weighted Average Remaining Contractual Life (in years) Outstanding	5 years 6 months	5 years 5 months 26 days
Weighted Average Remaining Contractual Life (in years) Exercised		2 years 18 days
Weighted Average Remaining Contractual Life (in years) Cancelled		6 years 11 months 16 days
Weighted Average Remaining Contractual Life (in years) Forfeited or Expired		7 years 10 months 17 days
Weighted Average Remaining Contractual Life (in years) Outstanding	4 years 4 months 10 days	5 years 6 months
Weighted Average Remaining Contractual Life (in years) Exercisable	4 years 4 months 10 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding, Beginning	$ 497,350	$ 627,422
Aggregate Intrinsic Value Exercised		$ (287,100)
Aggregate Intrinsic Value Cancelled	(72,000)
Aggregate Intrinsic Value Forfeited or Expired		$ (177,000)
Aggregate Intrinsic Value Outstanding, Ending	306,583	$ 497,350
Aggregate Intrinsic Value Exercisable	$ 306,583

XML 22 R9.htm IDEA: XBRL DOCUMENT

3. FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

NOTE 3 - FAIR VALUE OF FINANCIAL INSTRUMENTS

•	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.
•	Level 2 inputs are observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•	Level 3 inputs are unobservable inputs for the asset or liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

XML 23 R43.htm IDEA: XBRL DOCUMENT

8. Earnings Per Share (Details) - USD ($)	12 Months Ended
8. Earnings Per Share (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income (loss) attributable to parent company	$ 760,008	$ (972,036)
Weighted-average shares of common stock outstanding:
Basic	10,533,869	10,386,881
Dilutive effect of common stock equivalents arising from stock options	106,864	0
Diluted Outstanding shares	10,640,733	10,386,881
Basic earnings (loss) per share	$ .07	$ (0.09)
Diluted earnings (loss) per share	$ .07	$ (0.09)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References+ Details

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2. Summary of Significant Accounting Policies (Details - Useful lives)	12 Months Ended
	Jun. 30, 2015
Machinery
Estimated useful lives	6 years
Office Equipment
Estimated useful lives	5 years
Molds
Estimated useful lives	3 years
Vehicles
Estimated useful lives	5 years
Computers and software
Estimated useful lives	5 years
Furniture and fixtures
Estimated useful lives	7 years
Facilities
Estimated useful lives	5 years

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2. Summary of Significant Accounting Policies (Details - Segments) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 46,344,233	$ 30,952,897
Long-lived assets, net:	1,356,773	2,624,281
US
Net sales	36,710,081	18,036,635
Long-lived assets, net:	785,144	1,786,910
Caribbean and South America
Net sales	1,416,052	2,109,320
EMEA
Net sales	4,578,970	3,789,414
Asia
Net sales	3,639,130	7,017,528
Long-lived assets, net:	$ 571,629	$ 837,371

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8. Earnings Per Share (Details Narrative)	12 Months Ended
8. Earnings Per Share (Details Narrative)	Jun. 30, 2015 shares
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from calculation of diluted earnings per share	895,334

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2. Summary of Significant Accounting Policies (Details - Intangibles) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets, Gross	$ 6,968,058	$ 6,827,901
Accumulated Amortization	5,925,777	4,702,085
Intangible Assets, Net	$ 1,042,281	$ 2,125,816
Complete Technology 1
Expected Life	3 years	3 years
Intangible Assets, Gross	$ 490,000	$ 490,000
Accumulated Amortization	490,000	490,000
Intangible Assets, Net	$ 0	$ 0
Complete Technology 2
Expected Life	3 years	3 years
Intangible Assets, Gross	$ 1,517,683	$ 1,517,683
Accumulated Amortization	1,517,683	1,517,683
Intangible Assets, Net	$ 0	$ 0
Complete Technology 3
Expected Life	3 years	3 years
Remaining Life		6 months
Intangible Assets, Gross	$ 281,714	$ 281,714
Accumulated Amortization	281,714	245,169
Intangible Assets, Net	$ 0	$ 36,545
Complete Technology 4
Expected Life	3 years	3 years
Remaining Life		1 year
Intangible Assets, Gross	$ 361,249	$ 361,249
Accumulated Amortization	361,249	270,949
Intangible Assets, Net	$ 0	$ 90,300
Complete Technology 5
Expected Life	3 years	3 years
Remaining Life	3 months 18 days	1 year 3 months 18 days
Intangible Assets, Gross	$ 174,009	$ 174,009
Accumulated Amortization	159,508	101,505
Intangible Assets, Net	$ 14,501	$ 72,504
Complete Technology 6
Expected Life	3 years	3 years
Remaining Life	6 months	1 year 6 months
Intangible Assets, Gross	$ 909,962	$ 909,962
Accumulated Amortization	733,025	429,704
Intangible Assets, Net	$ 176,937	$ 480,258
Complete Technology 7
Expected Life	3 years	3 years
Remaining Life	1 year 9 months 18 days	2 years 9 months 18 days
Intangible Assets, Gross	$ 65,000	$ 65,000
Accumulated Amortization	27,083	5,417
Intangible Assets, Net	$ 37,917	$ 59,583
Complete Technology 8
Expected Life	3 years
Remaining Life	2 years 6 months
Intangible Assets, Gross	$ 2,402
Accumulated Amortization	400
Intangible Assets, Net	$ 2,002
Complete Technology 9
Expected Life	3 years
Remaining Life	2 years 9 months 18 days
Intangible Assets, Gross	$ 6,405
Accumulated Amortization	534
Intangible Assets, Net	$ 5,871
Supply And Development Agreement
Expected Life	8 years	8 years
Remaining Life	3 years 3 months 18 days	3 years 3 months 18 days
Intangible Assets, Gross	$ 1,121,000	$ 1,121,000
Accumulated Amortization	805,719	665,594
Intangible Assets, Net	$ 315,281	$ 455,406
Software
Expected Life	5 years	5 years
Remaining Life	1 year 1 month 6 days	2 years 1 month 6 days
Intangible Assets, Gross	$ 197,418	$ 196,795
Accumulated Amortization	158,284	115,173
Intangible Assets, Net	$ 39,134	$ 81,622
Patents
Expected Life	10 years	10 years
Remaining Life	6 years 9 months 18 days	7 years 9 months 18 days
Intangible Assets, Gross	$ 57,655	$ 52,543
Accumulated Amortization	1,005	761
Intangible Assets, Net	$ 56,650	$ 51,782
Certifications And Licenses
Expected Life	3 years	3 years
Remaining Life	4 months 24 days	1 year 4 months 24 days
Intangible Assets, Gross	$ 1,783,561	$ 1,618,401
Accumulated Amortization	1,389,573	860,130
Intangible Assets, Net	$ 393,988	758,271
Technology In Progress
Intangible Assets, Gross		39,545
Accumulated Amortization		0
Intangible Assets, Net		$ 39,545

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2. Summary of Significant Accounting Policies (Details - Amortization)	Jun. 30, 2015 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
FYE 2016	$ 795,053
FYE 2017	165,076
FYE 2018	42,798
FYE 2019	5,766
FYE 2020	5,766
Thereafter	$ 27,822

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Non-controlling Interest in a Consolidated Subsidiary

Segment Reporting

	Fiscal Year Ended June 30,
Net sales:	2015		2014
United States	$	36,710,081	$	18,036,635
Caribbean and South America		1,416,052		2,109,320
Europe, the Middle East and Africa ("EMEA")		4,578,970		3,789,414
Asia		3,639,130		7,017,528
Totals	$	46,344,233	$	30,952,897

Long-lived assets, net (property and equipment and intangible assets):	June 30, 2015		June 30, 2014
United States	$	785,144	$	1,786,910
Asia		571,629		837,371
Totals	$	1,356,773	$	2,624,281

Fair Value of Financial Instruments

Estimates

Allowance for Doubtful Accounts

Revenue Recognition

We recognize revenue in accordance with ASC 605, “Revenue Recognition,” when persuasive evidence of an arrangement exists, the price is fixed or determinable, collection is reasonably assured and delivery of products has occurred or services have been rendered. Accordingly, we recognize revenues from product sales upon shipment of the products to customers or when the products are received by the customers in accordance with the shipping or delivery terms. We provide a warranty for one year from the shipment date, which is covered by our vendors pursuant to purchase agreements. Any net warranty related expenditures made by us have not historically been material. Under our sales return policy, customers may generally return products that are under warranty for repair or replacement.

Cost of Goods Sold

Capitalized Product Development Costs

Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and shall be accounted for under Subtopic 985-20. Our products contain embedded software internally developed by our Korea-based subsidiary Franklin Technology, Inc. (FTI), which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.

Research and Development Costs

Costs associated with research and development are expensed as incurred. Research and development costs were $2,915,143 and $2,780,000 for the years ended June 30, 2015 and 2014, respectively.

Advertising and Promotion Costs

Costs associated with advertising and promotions are expensed as incurred. Advertising and promotion costs were $23,362 and $20,869 for the years ended June 30, 2015 and 2014, respectively.

Warranties

Shipping and Handling Costs

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Inventories

Property and Equipment

Machinery		6 years
Office equipment		5 years
Molds		3 years
Vehicles		5 years
Computers and software		5 years
Furniture and fixtures		7 years
Facilities		5 years or life of the lease, whichever is shorter

Goodwill and Intangible Assets

Intangible Assets

The definite lived intangible assets consisted of the following as of June 30, 2015:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		–	$	490,000	$	490,000	$	–
Complete technology	3 years		–		1,517,683		1,517,683		–
Complete technology	3 years		–		281,714		281,714		–
Complete technology	3 years		–		361,249		361,249		–
Complete technology	3 years		0.3 years		174,009		159,508		14,501
Complete technology	3 years		0.5 years		909,962		733,025		176,937
Complete technology	3 years		1.8 years		65,000		27,083		37,917
Complete technology	3 years		2.5 years		2,402		400		2,002
Complete technology	3 years		2.8 years		6,405		534		5,871
Supply and development agreement	8 years		2.3 years		1,121,000		805,719		315,281
Technology in progress	Not Applicable		–		–		–		–
Software	5 years		1.1 years		197,418		158,284		39,134
Patents	10 years		6.8 years		57,655		1,005		56,650
Certifications & licenses	3 years		0.4 years		1,783,561		1,389,573		393,988
Total as of June 30, 2015				$	6,968,058	$	5,925,777	$	1,042,281

The definite lived intangible assets consisted of the following as of June 30, 2014:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		–	$	490,000	$	490,000	$	–
Complete technology	3 years		–		1,517,683		1,517,683		–
Complete technology	3 years		0.5 years		281,714		245,169		36,545
Complete technology	3 years		1.0 years		361,249		270,949		90,300
Complete technology	3 years		1.3 years		174,009		101,505		72,504
Complete technology	3 years		1.5 years		909,962		429,704		480,258
Complete technology	3 years		2.8 years		65,000		5,417		59,583
Supply and development agreement	8 years		3.3 years		1,121,000		665,594		455,406
Technology in progress	Not Applicable		–		39,545		–		39,545
Software	5 years		2.1 years		196,795		115,173		81,622
Patents	10 years		7.8 years		52,543		761		51,782
Certifications & licenses	3 years		1.4 years		1,618,401		860,130		758,271
Total as of June 30, 2014				$	6,827,901	$	4,702,085	$	2,125,816

		FY2016				FY2017				FY2018				FY2019				FY2020				Thereafter
Total		$	795,053			$	165,076			$	42,798			$	5,766			$	5,766			$	27,822

Long-lived Assets

We are not aware of any events or changes in circumstances during the year ended June 30, 2015 that would indicate that the long-lived assets are impaired.

Stock-based Compensation

Income Taxes

Net Loss per Share Attributable to Common Stockholders

Concentrations of Credit Risk

Recently Issued Accounting Pronouncements

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2. Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Noncontrolling interest percentage	48.20%
Noncontrolling interest	$ 538,698	$ 244,808
Increase in noncontrolling interest	$ 293,890
Increase in noncontrolling interest explanation	The increase of $293,890 in the non-controlling interest was due to the non-controlling interests in net income of subsidiary of $609,228 for the year ended June 30, 2015.
Capitalized product development costs	$ 0	39,545
Product development costs incurred	89,145	310,615
Research and development costs	2,915,143	2,780,000
Advertising costs	23,362	20,869
Warranty expense	0	0
Shipping and handling expense	1,162,427	392,128
Inventory reserve	120,867	0
Goodwill impairment	0	0
Amortization expense	1,223,692	1,287,806
Products purchased	37,944,155	26,574,293
Accounts payable	$ 7,362,075	$ 5,534,168
Sales [Member] \| Customer 1 [Member]
Concentration of credit risk	68.00%	42.00%
Sales [Member] \| Customer 2 [Member]
Concentration of credit risk	10.00%	12.00%
Sales [Member] \| Customer 3 [Member]
Concentration of credit risk		11.00%
Sales [Member] \| Customer 4 [Member]
Concentration of credit risk		10.00%
Accounts Receivable [Member] \| Customer 1 [Member]
Concentration of credit risk	87.00%	69.00%
Accounts Receivable [Member] \| Customer 2 [Member]
Concentration of credit risk	7.00%	19.00%
Accounts Receivable [Member] \| Customer 3 [Member]
Concentration of credit risk		0.00%
Accounts Receivable [Member] \| Customer 4 [Member]
Concentration of credit risk		0.00%
Purchases \| Supplier Concentration Risk [Member]
Concentration of credit risk	81.20%	75.80%
Products purchased	$ 30,466,215	$ 20,336,773
Accounts payable	$ 6,749,486	$ 8,817,109

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7. Income Taxes (Details - Deferred Income Taxes) - USD ($)

Jun. 30, 2015

Jun. 30, 2014

Deferred tax asset:

Net operating losses $ 1,773,959 $ 1,901,479

State tax (272) (272)

Intangibles 151,643 108,207

Other, net 141,919 31,190

Total deferred tax assets 2,067,249 2,040,604

Less valuation allowance 0 0

Net deferred tax asset $ 2,067,249 $ 2,040,604

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from intangible assets including goodwill.
+ References
No definition available.
+ Details

Name: us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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XML 33 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814

Consolidated Balance Sheets - USD ($)

Jun. 30, 2015

Jun. 30, 2014

Current assets:

Cash and cash equivalents $ 11,822,620 $ 8,240,595

Accounts receivable 5,464,182 5,622,644

Other receivables, net 143,384 99,406

Inventories 2,281,667 1,967,390

Loan to an employee 0 7,128

Prepaid expenses and other current assets 60,339 191,219

Prepaid income taxes 1,055,788 1,056,588

Deferred tax assets, current 206,902 59,279

Advance payments to vendors 62,321 46,109

Total current assets 21,097,203 17,290,358

Property and equipment, net 314,492 498,465

Intangible assets, net 1,042,281 2,125,816

Deferred tax assets, non-current 1,860,347 1,981,325

Goodwill 273,285 273,285

Other assets 129,859 107,409

TOTAL ASSETS 24,717,467 22,276,658

Current liabilities

Accounts payable 7,362,075 5,534,168

Advance payments from customers 693,317 319,888

Accrued liabilities 238,619 317,298

Marketing funds payable 0 374,608

Short-term borrowings 148,295 148,295

Total current liabilities 8,442,306 6,694,257

Total liabilities $ 8,442,306 $ 6,694,257

Commitments and contingencies (Notes 9)

Parent Company stockholders' equity:

Preferred stock, par value $0.001 per share, authorized 10,000,000 shares; No preferred stock issued and outstanding as of June 30, 2015 and 2014 $ 0 $ 0

Common stock, par value $0.001 per share, authorized 50,000,000 shares; 10,533,869 shares issued and outstanding as of June 30, 2015 and 2014. 13,806 13,806

Additional paid-in capital 7,305,767 7,245,283

Retained earnings 13,361,091 12,601,083

Treasury stock, 3,342,286 shares as of June 30, 2015 and 2014, respectively (4,279,479) (4,279,479)

Accumulated other comprehensive (loss) (664,722) (243,100)

Total Parent Company stockholders' equity 15,736,463 15,337,593

Non-controlling interests 538,698 244,808

Total Stockholders' Equity 16,275,161 15,582,401

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 24,717,467 $ 22,276,658

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9. Commitments and Contingencies (Details)

Jun. 30, 2015

USD ($)

Payments Due by June 30,

2016 $ 411,166

2017 408,207

2018 298,741

2019 277,377

Thereafter 92,459

Total 1,487,950

Administrative office, San Diego, CA

Payments Due by June 30,

2016 272,397

2017 277,377

2018 277,377

2019 277,377

Thereafter 92,459

Total 1,196,987

Administrative office, Korea

Payments Due by June 30,

2016 128,184

2017 128,184

2018 21,364

2019 0

Thereafter 0

Total 277,732

Corporate housing facility

Payments Due by June 30,

2016 10,585

2017 2,646

2018 0

2019 0

Thereafter 0

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) $ 1,053,898 $ (963,728)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation 237,005 260,654

Amortization of intangible assets 1,223,692 1,287,806

Deferred tax benefit (26,645) (539,147)

Share-based compensation 60,484 168,578

Gain from debt extinguishment (414,480) (1,300,448)

Gain on sale of vehicle (4,386) 0

Increase (decrease) in cash due to change in:

Accounts receivable 114,484 (303,846)

Inventories (314,277) (1,704,823)

Prepaid expenses and other current assets 130,880 (180,494)

Prepaid income taxes 800 147,372

Advance payment to vendor (16,212) 64,169

Other assets (22,450) 17,816

Accounts payable 1,867,779 1,361,070

Advance payment from customers 373,429 244,519

Accrued liabilities (78,679) (267,149)

Net cash provided by (used in) operating activities 4,185,322 (1,707,651)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment (53,032) (127,894)

Payments for capitalized development costs (89,145) (310,615)

Purchases of intangible assets (51,012) (29,262)

Proceeds from the sale of fixed assets 4,386 0

Receipt of loan repayments from third party 0 110,294

Receipt of loan repayments from an employee 7,128 0

Net cash used in investing activities (181,675) (357,477)

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of stock related to stock options exercised 0 86,913

Proceeds from short-term borrowings 0 9,161

Net cash provided by financing activities 0 96,074

Effect of foreign currency translation (421,622) (221,825)

Net increase (decrease) in cash and cash equivalents 3,582,025 (2,190,879)

Cash and cash equivalents, beginning of year 8,240,595 10,431,474

Cash and cash equivalents, end of year 11,822,620 8,240,595

Cash paid during the years for:

Interest 5,552 10,735

Income taxes $ 0 $ 0

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5. Accrued Liabilities (Details) - USD ($)

Jun. 30, 2015

Jun. 30, 2014

Payables and Accruals [Abstract]

Accrued salaries, severance $ 140,820 $ 198,061

Accrued salaries, payroll deduction to pay 8,434 9,381

Accrued vacation 75,477 74,656

Payroll taxes 10,823 5,522

Other accrued liabilities 3,065 29,678

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5. ACCRUED LIABILITIES (Tables)
12 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

June 30, 2015 June 30, 2014

Accrued salaries, severance $ 140,820 $ 198,061

Accrued salaries, payroll deduction to pay 8,434 9,381

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6. Short-Term Borrowings from Banks (Details) - USD ($)

Jun. 30, 2015

Jun. 30, 2014

Debt Disclosure [Abstract]

Short term borrowings $ 148,295 $ 148,295

Total $ 148,295 $ 148,295

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7. INCOME TAXES (Tables)
12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Income tax provision from continuing operations

Year Ended June 30,

2015 2014

Current income tax expense (benefit):

Federal $ (40,659 ) $ (430,972 )

State 800 (900 )

(39,859 ) (431,872 )

Deferred income tax expense (benefit):

Federal (237,769 ) (76,754 )

State – 1,700

Foreign 189,356 (22,090 )

(48,413 ) (97,144 )

Provision (benefit) for income taxes $ (88,272 ) $ (529,016 )

Schedule of effective income tax rate

Year Ended June 30,

2015 2014

Federal tax provision (benefit), at statutory rate of 34% $ 170,323 $ (556,588 )

State tax, net of federal tax benefit 528 528

Nondeductible expenses 48,245 28,034

R&D credits (140,829 ) (24,057 )

Uncertain tax position 1,360 7,389

Foreign rate difference (82,162 ) (20,435 )

Other (85,737 ) 36,113

Provision (benefit) for income taxes $ (88,272 ) $ (529,016 )

Schedule of deferred tax assets

June 30, 2015 June 30, 2014

Deferred tax asset:

Net operating losses $ 1,773,959 $ 1,901,479

State tax (272 ) (272 )

Intangibles 151,643 108,207

Other, net 141,919 31,190

Total deferred tax assets 2,067,249 2,040,604

Less valuation allowance – –

Net deferred tax asset $ 2,067,249 $ 2,040,604

Schedule of unrecognized tax benefits

Balance as of June 30, 2013 $ 52,746

Gross increase or (decrease) 7,389

Reversal of reserve on unrecognized tax benefits –

Balance as of June 30, 2014 60,135

Gross increase or (decrease) 5,715

Reversal of reserve on unrecognized tax benefits (4,355 )

Balance as of June 30, 2015 $ 61,495

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1. BUSINESS OVERVIEW
12 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 1 - BUSINESS OVERVIEW

We are a provider of intelligent wireless solutions including mobile hotspots, routers and modems as well as innovative hardware and software products that support machine-to-machine (M2M) applications and the Internet of Things (IoT). Our M2M and IoT solutions include embedded modules, modems and gateways built to deliver reliable always-on connectivity supporting a broad spectrum of applications. These products are designed to solve wireless connectivity challenges in a variety of vertical markets including video surveillance, digital signage, home security, oil and gas exploration, kiosks, fleet management, smart grid, vehicle diagnostics, telematics and many more.

We have a majority ownership position in Franklin Technology Inc. (FTI), a research and development facility located in Seoul, South Korea. FTI primarily provides design and development services to us for our wireless products.

Our products are generally marketed and sold directly to wireless operators, and indirectly through strategic partners and distributors. Our global customer base extends primarily from the United States to countries in South America, the Caribbean, Europe, the Middle East and Africa ("EMEA") and Asia.

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Consolidated Balance Sheets (Parenthetical) - $ / shares

Jun. 30, 2015

Jun. 30, 2014

Statement of Financial Position [Abstract]

Preferred stock par value (in Dollars per share) $ 0.001 $ 0.001

Preferred stock Authorized 100,000,000 100,000,000

Preferred stock Issued 0 0

Preferred stock Outstanding 0 0

Common stock par value (in Dollars per share) $ 0.001 $ 0.001

Common stock Authorized 50,000,000 50,000,000

Common stock Issued 10,533,869 10,533,869

Common stock Outstanding 10,533,869 10,533,869

Treasury stock shares 3,342,286 3,342,286

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11. RELATED PARTY TRANSACTIONS
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Related Party Transactions [Abstract]

NOTE 11 - RELATED PARTY TRANSACTIONS

Refer to NOTE 9 - COMMITMENTS AND CONTINGENCIES.

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Document and Entity Information - USD ($)
12 Months Ended

Jun. 30, 2015

Sep. 28, 2015

Dec. 31, 2014

Document And Entity Information

Entity Registrant Name FRANKLIN WIRELESS CORP

Entity Central Index Key 0000722572

Document Type 10-K

Document Period End Date Jun. 30, 2015

Amendment Flag false

Current Fiscal Year End Date --06-30

Is Entity a Well-known Seasoned Issuer? No

Is Entity a Voluntary Filer? No

Is Entity's Reporting Status Current? Yes

Entity Filer Category Smaller Reporting Company

Entity Public Float $ 7,070,303

Entity Common Stock, Shares Outstanding 10,533,869

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12. SUBSEQUENT EVENTS
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Subsequent Events [Abstract]

NOTE 12 - SUBSEQUENT EVENTS

ASC 855, “Subsequent Events" establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. During this period, we did not have any material recognizable subsequent events required to be disclosed.

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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Income Statement [Abstract]

Net sales $ 46,344,233 $ 30,952,897

Cost of goods sold 37,944,155 26,574,293

Gross profit 8,400,078 4,378,604

Operating expenses:

Selling, general, and administrative 4,973,277 4,512,592

Research and development 2,915,143 2,780,000

Total operating expenses 7,888,420 7,292,592

Income (loss) from operations 511,658 (2,913,988)

Other income, net:

Interest income 23,264 13,585

Other income, net 430,704 1,407,659

Total other income, net 453,968 1,421,244

Income (loss) before provision (benefit) for income taxes 965,626 (1,492,744)

Income tax benefit (88,272) (529,016)

Net income (loss) 1,053,898 (963,728)

Non-controlling interests in net income of subsidiary 48.2% (293,890) (8,308)

Net income (loss) attributable to Parent Company $ 760,008 $ (972,036)

Basic earnings (loss) per share attributable to Parent Company stockholders $ .07 $ (0.09)

Diluted earnings (loss) per share attributable to Parent Company stockholders $ .07 $ (0.09)

Weighted average common shares outstanding - basic 10,533,869 10,386,881

Weighted average common shares outstanding - diluted 10,640,733 10,386,881

Comprehensive income (loss)

Net income (loss) $ 1,053,898 $ (963,728)

Translation adjustments (421,622) (221,825)

Comprehensive income (loss) 632,276 (1,185,553)

Comprehensive income attributable to non-controlling interest (293,890) (8,308)

Comprehensive income (loss) attributable to controlling interest $ 338,386 $ (1,193,861)

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XML 47 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814

6. SHORT-TERM BORROWINGS
12 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

NOTE 6 - SHORT-TERM BORROWINGS

Short-term borrowings consisted of the following as of:

June 30, 2015 June 30, 2014

Loan dated June 2011, due to a financial institution, with monthly interest payments (interest rate of 8.90% per annum), and the principal balance due March 2014, which was extended to March 2016 (interest rate of 5.025% per annum as extended) $ 148,295 $ 148,295

Total $ 148,295 $ 148,295

The short-term borrowings of $148,295 as of June 30, 2015 and 2014 resulted from the consolidation of FTI’s debt.

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5. ACCRUED LIABILITIES
12 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

NOTE 5 - ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of:

June 30, 2015 June 30, 2014

Accrued salaries, severance $ 140,820 $ 198,061

Accrued salaries, payroll deduction to pay 8,434 9,381

Accrued vacation 75,477 74,656

Payroll taxes 10,823 5,522

Other accrued liabilities 3,065 29,678

Total $ 238,619 $ 317,298

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6. SHORT-TERM BORROWINGS FROM BANKS (Tables)
12 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

SHORT-TERM BORROWINGS FROM BANKS

June 30, 2015 June 30, 2014

Loan dated June 2011, due to a financial institution, with monthly interest payments (interest rate of 8.90% per annum), and the principal balance due March 2014, which was extended to March 2016 (interest rate of 5.025% per annum as extended) $ 148,295 $ 148,295

Total $ 148,295 $ 148,295

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, and a subsidiary with a majority voting interest of 51.8% (48.2% is owned by non-controlling interests) as of June 30, 2015 and 2014. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings are reduced by the portion of the net earnings of the subsidiary applicable to non-controlling interests.

As consolidated financial statements are based on the assumption that they represent the financial position and operating results of a single economic entity, the retained earnings or deficit of the subsidiary at the date of acquisition, October 1, 2009, by the parent are excluded from consolidated retained earnings. When a subsidiary is consolidated, the consolidated financial statements include the subsidiary’s revenues, expenses, gains, and losses only from the date the subsidiary is initially consolidated, and the non-controlling interest is reported in the consolidated statement of financial position within equity, separately from the parent’s equity. There are no shares of the Company held by any subsidiaries as of June 30, 2015 or June 30, 2014.

Non-controlling Interest in a Consolidated Subsidiary

Non-controlling Interest in a Consolidated Subsidiary

As of June 30, 2015, the non-controlling interest was $538,698, which represents a $293,890 increase from $244,808 as of June 30, 2014. The increase of $293,890 in the non-controlling interest was due to the non-controlling interests in net income of subsidiary for the year ended June 30, 2015.

Segment Reporting

Segment Reporting

Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how management internally evaluates separate financial information, business activities and management responsibility. We have one reportable segment, consisting of the sale of wireless access products.

We generate revenues from four geographic areas, consisting of the United States, the Caribbean and South America, Europe, the Middle East and Africa ("EMEA") and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:

Fiscal Year Ended June 30,

Net sales: 2015 2014

United States $ 36,710,081 $ 18,036,635

Caribbean and South America 1,416,052 2,109,320

Europe, the Middle East and Africa ("EMEA") 4,578,970 3,789,414

Asia 3,639,130 7,017,528

Totals $ 46,344,233 $ 30,952,897



Long-lived assets, net (property and equipment and intangible assets): June 30, 2015 June 30, 2014

United States $ 785,144 $ 1,786,910

Asia 571,629 837,371

Totals $ 1,356,773 $ 2,624,281

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The carrying amounts of financial instruments such as assets, cash equivalents, accounts receivable, accounts payable and debt approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash into financial instruments which are readily convertible into cash, such as money market funds and certificates of deposit (see Note 3).

Estimates

Estimates

The preparation of the 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 materially differ from those estimates.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Based upon our review of our collection history as well as the current balances associated with all significant customers and associated invoices, we do not believe an allowance for doubtful accounts was necessary as of June 30, 2015 and June 30, 2014.

Revenue Recognition

Revenue Recognition

We recognize revenue in accordance with ASC 605, “Revenue Recognition,” when persuasive evidence of an arrangement exists, the price is fixed or determinable, collection is reasonably assured and delivery of products has occurred or services have been rendered. Accordingly, we recognize revenues from product sales upon shipment of the products to customers or when the products are received by the customers in accordance with the shipping or delivery terms. We provide a warranty for one year from the shipment date, which is covered by our vendors pursuant to purchase agreements. Any net warranty related expenditures made by us have not historically been material. Under our sales return policy, customers may generally return products that are under warranty for repair or replacement.

Cost of Goods Sold

Cost of Goods Sold

All costs associated with our contract manufacturers, as well as distribution, fulfillment and repair services are included in our cost of goods sold. Cost of goods sold also includes amortization expense associated with capitalized product development costs associated with complete technology.

Capitalized Product Development Costs

Capitalized Product Development Costs

Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and shall be accounted for under Subtopic 985-20. Our products contain embedded software internally developed by our Korea-based subsidiary Franklin Technology, Inc. (FTI), which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.

The costs of product development that are capitalized once technological feasibility is determined (shown as Technology in progress in the Intangible Assets table in Note 2 to Notes to Consolidated Financial Statements) include payroll, employee benefits, and other headcount-related expenses associated with product development. Related licenses and certification costs are also capitalized. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to our customers.



As of June 30, 2015 and June 30, 2014, capitalized product development costs in progress were $0 and $39,545, respectively, and these amounts are included in intangible assets in our consolidated balance sheets. During the year ended June 30, 2015, we incurred $89,145 in capitalized product development costs, and such amounts are primarily comprised of certifications and licenses. All costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income (loss).

Research and Development Costs

Research and Development Costs

Costs associated with research and development are expensed as incurred. Research and development costs were $2,915,143 and $2,780,000 for the years ended June 30, 2015 and 2014, respectively.

Advertising and Promotion Costs

Advertising and Promotion Costs

Costs associated with advertising and promotions are expensed as incurred. Advertising and promotion costs were $23,362 and $20,869 for the years ended June 30, 2015 and 2014, respectively.

Warranties

Warranties

We provide a warranty for one year which is covered by our vendors and manufacturers under purchase agreements between the Company and the vendors. In general, our products are shipped directly from our vendors to our customers. As a result, we believe we do not have any net warranty exposure and do not accrue any warranty expenses. Historically, the Company has not experienced any material net warranty expenditures.

Shipping and Handling Costs

Shipping and Handling Costs

Costs associated with product shipping and handling are expensed as incurred. Shipping and handling costs, which are included in selling, general and administrative expenses on the statement of comprehensive income (loss), were $1,162,427 and $392,128 for the years ended June 30, 2015 and 2014, respectively.

Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Inventories

Inventories

Our inventories consist of finished goods and are stated at the lower of cost or market, cost being determined on a first-in, first-out basis. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. Our customer demand is highly unpredictable, and can fluctuate significantly caused by factors beyond the control of the Company. We may write down our inventory value for potential obsolescence and excess inventory. As of June 30, 2015, we have recorded an inventory reserve in the amount of $120,867 for inventories that we have identified as obsolete or slow-moving. As of June 30, 2014, there was no reserve for slow-moving inventories.

Property and Equipment

Property and Equipment

Property and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Machinery 6 years

Office equipment 5 years

Molds 3 years

Vehicles 5 years

Computers and software 5 years

Furniture and fixtures 7 years

Facilities 5 years or life of the lease, whichever is shorter

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill and certain intangible assets were recorded in connection with the FTI acquisition in October 2009, and are accounted for in accordance with ASC 805, “Business Combinations.” Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible net assets acquired. Intangible assets are recorded at their fair value at the date of acquisition. Goodwill and other intangible assets are accounted for in accordance with ASC 350, “Goodwill and Other Intangible Assets.” Goodwill and other intangible assets are tested for impairment at least annually and any related impairment losses are recognized in earnings when identified. No impairment was recognized during the years ended June 30, 2015 and 2014.

Intangible Assets

Intangible Assets

The definite lived intangible assets consisted of the following as of June 30, 2015:

Definite lived intangible assets: Expected Life
Average

Remaining

life

Gross

Intangible

Assets

Accumulated

Amortization

Net Intangible

Assets

Complete technology 3 years – $ 490,000 $ 490,000 $ –

Complete technology 3 years – 1,517,683 1,517,683 –

Complete technology 3 years – 281,714 281,714 –

Complete technology 3 years – 361,249 361,249 –

Complete technology 3 years 0.3 years 174,009 159,508 14,501

Complete technology 3 years 0.5 years 909,962 733,025 176,937

Complete technology 3 years 1.8 years 65,000 27,083 37,917

Complete technology 3 years 2.5 years 2,402 400 2,002

Complete technology 3 years 2.8 years 6,405 534 5,871

Supply and development agreement 8 years 2.3 years 1,121,000 805,719 315,281

Technology in progress Not Applicable – – – –

Software 5 years 1.1 years 197,418 158,284 39,134

Patents 10 years 6.8 years 57,655 1,005 56,650

Certifications & licenses 3 years 0.4 years 1,783,561 1,389,573 393,988

Total as of June 30, 2015 $ 6,968,058 $ 5,925,777 $ 1,042,281

The definite lived intangible assets consisted of the following as of June 30, 2014:

Definite lived intangible assets: Expected Life
Average

Remaining

life

Gross

Intangible

Assets

Accumulated

Amortization

Net Intangible

Assets

Complete technology 3 years – $ 490,000 $ 490,000 $ –

Complete technology 3 years – 1,517,683 1,517,683 –

Complete technology 3 years 0.5 years 281,714 245,169 36,545

Complete technology 3 years 1.0 years 361,249 270,949 90,300

Complete technology 3 years 1.3 years 174,009 101,505 72,504

Complete technology 3 years 1.5 years 909,962 429,704 480,258

Complete technology 3 years 2.8 years 65,000 5,417 59,583

Supply and development agreement 8 years 3.3 years 1,121,000 665,594 455,406

Technology in progress Not Applicable – 39,545 – 39,545

Software 5 years 2.1 years 196,795 115,173 81,622

Patents 10 years 7.8 years 52,543 761 51,782

Certifications & licenses 3 years 1.4 years 1,618,401 860,130 758,271

Total as of June 30, 2014 $ 6,827,901 $ 4,702,085 $ 2,125,816



Amortization expense recognized during the years ended June 30, 2015 and 2014 was $1,223,692 and $1,287,806, respectively. The amortization expenses of the definite lived intangible assets for the next five years and thereafter are as follows:

FY2016 FY2017 FY2018 FY2019 FY2020 Thereafter

Total $ 795,053 $ 165,076 $ 42,798 $ 5,766 $ 5,766 $ 27,822

Long-lived Assets

Long-lived Assets

In accordance with ASC 360, “Property, Plant, and Equipment,” we review for impairment of long-lived assets and certain identifiable intangibles whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. We consider the carrying value of assets may not be recoverable based upon our review of the following events or changes in circumstances: the asset’s ability to continue to generate income from operations and positive cash flow in future periods; loss of legal ownership or title to the assets; significant changes in our strategic business objectives and utilization of the asset; or significant negative industry or economic trends. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset are less than its carrying amount.

We are not aware of any events or changes in circumstances during the year ended June 30, 2015 that would indicate that the long-lived assets are impaired.

Stock-based Compensation

Stock-based Compensation

The Company’s employee share-based awards result in a cost that is measured at fair value on an award’s grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the award’s vesting period. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date on which it is probable that performance will occur. Stock-based compensation costs are reflected in the accompanying consolidated statements of operations based upon the underlying recipients roles within the Company.

Income Taxes

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets, unless it is more likely than not such assets will be realized. Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes and the annual change in deferred taxes.

The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of income tax expense.

Net Loss per Share Attributable to Common Stockholders

Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares that were outstanding for the period, without consideration for potential common shares. Diluted net loss per share is calculated by dividing the net loss by the sum of the weighted-average number of dilutive potential common shares outstanding for the period determined using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of common stock options outstanding under our stock plan.

Concentrations of Credit Risk

Concentrations of Credit Risk

We extend credit to our customers and perform ongoing credit evaluations of such customers. We evaluate our accounts receivable on a regular basis for collectability and provide for an allowance for potential credit losses as deemed necessary. No reserve was required or recorded for any of the periods presented.

Substantially all of our revenues are derived from sales of wireless data products. Any significant decline in market acceptance of our products or in the financial condition of our existing customers could impair our ability to operate effectively.

A significant portion of our revenue is derived from a small number of customers. For the year ended June 30, 2015, net sales to our two largest customers represented 68% and 10% of our consolidated net sales, respectively, and 87%, and 7% of our accounts receivable balance as of June 30, 2015. For the year ended June 30, 2014, net sales to our four largest customers represented 42%, 12%, 11%, and 10% of our consolidated net sales, respectively, and 69%, 19%, 0%, and 0% of our accounts receivable balance as of June 30, 2014. No other customers accounted for more than ten percent of total net sales for the years ended June 30, 2015 and 2014.

For the year ended June 30, 2015, we purchased the majority of our wireless data products from one manufacturing company located in Asia. If this manufacturing company were to experience delays, capacity constraints or quality control problems, product shipments to our customers could be delayed, or our customers could consequently elect to cancel the underlying product purchase order, which would negatively impact the Company’s revenue. For the year ended June 30, 2015, we purchased wireless data products from this supplier in the amount of $30,466,215, or 81.2% of total purchases, and had related accounts payable of $6,749,486 as of June 30, 2015. For the year ended June 30, 2014, we purchased wireless data products from three suppliers located in Asia. For the year ended June 30, 2014, we purchased wireless data products from these suppliers in the amount of $20,336,773, or 75.8% of total purchases, and had related accounts payable of $8,817,409 as of June 30, 2014.

We maintain our cash accounts with established commercial banks. Such cash deposits may exceed the Federal Deposit Insurance Corporation insured limit of $250,000 for each financial institution. However, we do not anticipate any losses on excess deposits.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. This amendment addresses revenue from contracts with customers, which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under the update, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. ASU 2015-14 delayed the effective date of this update to annual reporting periods beginning after December 15, 2017, and the amendment is to be applied retrospectively or the cumulative effect as of the date of adoption. Management is currently evaluating the impact ASU 2014-09 will have on the consolidated financial statements and related disclosures.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU introduces an explicit requirement for management to assess if there is substantial doubt about an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management must assess if there is substantial doubt about an entity’s ability to continue as a going concern within one year after the issuance date. Disclosures are required if conditions give rise to substantial doubt. ASU 2014-15 is effective for all entities in the first annual period ending after December 15, 2016. Management does not believe the potential effects of this ASU on the consolidated financial statements will be material.



In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. ASU 2015-15 was issued subsequently to permit costs associated with a line of credit arrangement to be presented as assets and amortized ratably over the term of the arrangement. These updates will be effective for the Company on July 1, 2016. Management does not believe that these updates will materially impact the Company’s consolidated financial statements.

In July 2015, the FASB issued ASU 2015-11, Inventory—Simplifying the Measurement of Inventory. ASU 2015-11 requires inventory to be subsequently measured using the lower of cost and net realizable value, thereby eliminating the market value approach. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.” ASU 2015-11 is effective for the Company beginning on July 1, 2017 and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and disclosure.

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9. COMMITMENTS AND CONTINGENCIES
12 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

NOTE 9 - COMMITMENTS AND CONTINGENCIES

We have agreements to lease office space that expire in fiscal 2016. On September 10, 2015, we signed a lease for a new office space consisting of approximately 12,775 square feet, located in San Diego, California, at a monthly rent of $23,115, which we anticipate will commence on November 1, 2015. In addition to monthly rent, the new lease includes payment for certain common area costs. The term of the lease for the new office space is four years from the lease commencement date. FTI leases approximately 10,000 square feet of office space, located in Seoul, Korea, at a monthly rent of approximately $8,000. The lease associated with this office space expired on September 1, 2015, and has been extended to September 1, 2017 with no change to the monthly rent. Rent expense for the years ended June 30, 2015 and 2014 was $308,187 and $315,123, respectively. Future minimum rental payments under operating leases are as follows:

Payments Due by June 30,

2016 2017 2018 2019 Thereafter Total

Administrative office, San Diego, CA $ 272,397 $ 277,377 $ 277,377 $ 277,377 $ 92,459 $ 1,196,987

Administrative office, Korea 128,184 128,184 21,364 – – 277,732

Corporate housing facility 10,585 2,646 – – – 13,231

Total Obligations $ 411,166 $ 408,207 $ 298,741 $ 277,377 $ 92,459 $ 1,487,950

Contingency

On July 27, 2010, we entered into a Common Stock Repurchase Agreement with C-Motech (the “Agreement”), under which we agreed to repurchase 3,370,356 shares of our Common Stock from C-Motech for $3,500,000. A total of 1,803,684 shares were repurchased on the date of the Agreement in exchange for non-cash consideration in the amount of $1,873,065, which represented amounts owed to the Company by C-Motech for certain marketing funds as well as the settlement of a price dispute for products previously purchased by the Company from C-Motech. Under the Agreement, the remaining 1,566,672 shares were to be repurchased by us upon payment of the balance, $1,626,935, on or before December 31, 2010.

On January 28, 2011 (the “Amendment Date”) the Agreement was amended to reflect (1) a change in the date the 1,566,672 shares are to be repurchased from C-Motech from December 31, 2010 to March 31, 2011, and (2) a change to the non-cash consideration of $1,873,065. In exchange for the 1,803,684 shares, we were to pay cash to C-Motech (in the same amount) for the shares, by March 31, 2011. In addition, in a separate agreement dated January 28, 2011, C-Motech agreed to pay us $1,873,065, for amounts owed, by March 31, 2011. The purpose of these revisions was to more clearly differentiate each party’s payment obligations to the other with respect to this transaction. Following the Amendment Date, we paid C-Motech $1,873,065 in exchange for the 1,803,684 shares previously transferred to us by C-Motech, and C-Motech paid us $1,873,065 for amounts owed, of which $1,581,457 was booked to other income and $291,608 was booked to cost of goods sold. The repurchase of the remaining 1,566,672 shares has not been completed. We have provided formal notification to C-Motech that it is in breach of its obligations and we have also provided a demand to sell the shares back to us. We have attempted to tender payment for the shares without results, and we are unable to determine whether or not this repurchase will take place. We were previously advised that two individuals, Cheng-Ji Zhu and Ok-Nam Yun, claim to have purchased the shares from C-Motech through its former CEO; however, the authority of the former CEO to agree to the sale of the shares was disputed by C-Motech. The ownership of the shares was the subject of litigation involving Cheng-Ji Zhu and Ok-Nam Yun ("Plaintiffs") and C-Motech in U.S. and Korean courts in which the Plaintiffs prevailed over C-Motech. On May 7, 2013, we filed a lawsuit against C-Motech in the Superior Court of California for the County of San Diego for breach of the Agreement and breach of other contracts between the parties relating to indemnification and other obligations. On February 25, 2014, C-Motech answered the complaint and on February 26, 2014, C-Motech filed a Notice of Removal from the Superior Court of the State of California for the County of San Diego to the United States District Court for the Southern District of California. On June 19, 2014, C-Motech filed a voluntary petition for relief under Chapter 15 of the U.S. Bankruptcy Code and on June 27, 2014, C-Motech filed a Motion for Recognition of a Foreign Main Proceeding under Chapter 15 of the U.S. Bankruptcy Code and Further Relief. On July 10, 2014, this motion was heard in the U.S. Bankruptcy Court for the Southern District of California during which the Court ordered that C-Motech's bankruptcy proceeding in South Korea was recognized as a foreign main proceeding and that our lawsuit against C-Motech in the U.S. District Court is stayed. The effect of this ruling is that we must participate in C-Motech's bankruptcy proceeding in South Korea if we wish to pursue our various claims against C-Motech. We are currently considering our options with respect to this ruling.

As of June 30, 2015, C-Motech was the registered owner of certificates representing 1,566,672 shares, or 15%, of our outstanding Common Stock, which were issued by the Company in C-Motech’s name. However, as of the date of this Report, the registered owners of these shares are Cheng-Ji Zhu and Ok-Nam Yun, who own 838,350 and 728,322 shares, respectively.

Litigation

We are from time to time involved in certain legal proceedings and claims arising in the ordinary course of business.

Novatel Wireless, Inc.

On December 10, 2010, Novatel Wireless, Inc. filed a complaint in the United States District Court for the Southern District of California, against us and one other defendant. The complaint alleges that certain products, including, but not limited to, mobile data hot spots and data modems, infringe on U.S. Patent Nos. 5,129,098; 7,318,225; 7,574,737 and 7,319,715. On April 13, 2012, the plaintiff filed a Second Amended Complaint which amended certain claims and added U.S. Patent No. 7,944,901 to the original complaint. On April 27, 2012, we filed a Motion to Dismiss the Second Amended Complaint as to certain of the claims. On July 6, 2012, the Court held oral argument on the Motion to Dismiss and on July 19, 2012, the Court issued an order granting in part and denying in part the Motion to Dismiss. On August 2, 2012, we answered the complaint and an Early Neutral Evaluation Conference took place on October 31, 2012 and a follow-up Settlement Conference was held on June 12, 2013. A claim construction hearing took place on October 9, 2014. On November 25, 2014, the Court granted plaintiff's Joint Motion to Joinder of Required Party, which added Nova Intellectual Solutions, LLC as a plaintiff to this litigation. Novatel Wireless, Inc. had previously assigned the patents-in-suit to Strategic Intellectual Solutions, LLC, which is the parent company of Nova Intellectual Solutions, LLC.

On April 24, 2015, Nova Intellectual Solutions, LLC filed a complaint in the United States District Court for the Southern District of California, against us and FTI. The complaint alleges that one of the Company's products infringes on U.S. Patent No. 7,944,901.

On July 20, 2015, a Settlement Conference took place during which we and Nova Intellectual Solutions, LLC agreed to settle this matter subject to the execution of a formal agreement governing such settlement, which has not been finalized as of the date of this Report.

C-Motech Co., Ltd.

Refer to NOTE 9 - COMMITMENTS AND CONTINGENCIES.

Cell and Network Selection LLC

On October 1, 2013, Cell and Network Selection LLC filed a complaint in the United States District Court for the Eastern District of Texas, Tyler Division against one of our customers as one of several defendants. The complaint alleges that certain wireless devices, including one device provided by the Company, infringe on U.S. Patent No. 6,195,551. On April 17, 2015, the case was dismissed following settlement by the parties to the litigation.

Concinnitas, LLC

On December 3, 2013, Concinnitas, LLC filed a complaint against us in the United States District Court for the Eastern District of Texas, Marshall Division. The complaint alleges that at least one product model sold by the Company infringes U.S. Patent No. 7,805,542. The product model identified in the complaint was purchased by the Company from one of our suppliers. On August 28, 2014, the parties, including our supplier, entered into a Patent License, Settlement and Release Agreement and filed a request with the Court to dismiss this action. On September 2, 2014, the U.S. District Court for the Eastern District of Texas, Marshall Division, issued an Order approving the dismissal, with prejudice, of the action filed by Concinnitas, LLC.

Change of Control Agreements

On September 21, 2009 we entered into Change of Control Agreements with OC Kim, our President, Yun J. (David) Lee, our Chief Operating Officer, and Yong Bae Won, our Vice President, Engineering. Each Change of Control Agreement provides for a lump sum payment to the officer in case of a change of control of the Company. The term includes the acquisition of Common Stock of the Company resulting in one person or company owning more than 50% of the outstanding shares, a significant change in the composition of the Board of Directors of the Company during any 12-month period, a reorganization, merger, consolidation or similar transaction resulting in the transfer of ownership of more than fifty percent (50%) of the Company's outstanding Common Stock, or a liquidation or dissolution of the Company or sale of substantially all of the Company's assets.

The Change of Control Agreement with Mr. Kim calls for a payment of $5 million upon a change of control; the agreement with Mr. Lee calls for a payment of $2 million upon a change of control; and the agreement with Mr. Won was for two years and called for a payment of $1 million upon a change of control.

The Board of Directors has approved extension of the Change of Control Agreements with Mr. Kim and Mr. Lee, through September 21, 2017. The Change of Control Agreement with Mr. Won expired on September 21, 2014 and was not renewed or extended.

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7. INCOME TAXES
12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

NOTE 7 - INCOME TAXES

Income tax provision (benefit) for the years ended June 30, 2015 and 2014 consists of the following:

Year Ended June 30,

2015 2014

Current income tax expense (benefit):

Federal $ (40,659 ) $ (430,972 )

State 800 (900 )

(39,859 ) (431,872 )

Deferred income tax expense (benefit):

Federal (237,769 ) (76,754 )

State – 1,700

Foreign 189,356 (22,090 )

(48,413 ) (97,144 )

Provision (benefit) for income taxes $ (88,272 ) $ (529,016 )

The provision (benefit) for income taxes reconciles to the amount computed by applying effective federal statutory income tax rate to income (loss) before provision for income taxes as follows:

Year Ended June 30,

2015 2014

Federal tax provision (benefit), at statutory rate of 34% $ 170,323 $ (556,588 )

State tax, net of federal tax benefit 528 528

Nondeductible expenses 48,245 28,034

R&D credits (140,829 ) (24,057 )

Uncertain tax position 1,360 7,389

Foreign rate difference (82,162 ) (20,435 )

Other (85,737 ) 36,113

Provision (benefit) for income taxes $ (88,272 ) $ (529,016 )



Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows:

June 30, 2015 June 30, 2014

Deferred tax asset:

Net operating losses $ 1,773,959 $ 1,901,479

State tax (272 ) (272 )

Intangibles 151,643 108,207

Other, net 141,919 31,190

Total deferred tax assets 2,067,249 2,040,604

Less valuation allowance – –

Net deferred tax asset $ 2,067,249 $ 2,040,604

Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We have evaluated the available evidence supporting the realization of our gross deferred tax assets, including the amount and timing of forecasted future taxable income, and have determined it is more likely than not that the assets will be fully realized and no valuation allowance is necessary as of June 30, 2015. As of June 30, 2015, we have federal and state net operating loss carryforwards of approximately $5.2 million and $1.7 million, which expire through 2034. The utilization of net operating loss carryforwards may be subject to limitations under provision of the Internal Revenue Code Section 382 and similar state provisions.

We adopted the provision of ASC 740 related to accounting for uncertain tax positions effective July 1, 2007, which prescribes a recognition threshold and measurement process for recording in the financial statements, uncertain tax positions taken or expected to be taken in a tax return. Under this provision, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. Tax benefits of an uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained based on technical merits.

A reconciliation of the beginning and ending balance of unrecognized tax benefits, which are included in accrued liabilities on the consolidated balance sheet, is as follows:

Balance as of June 30, 2013 $ 52,746

Gross increase or (decrease) 7,389

Reversal of reserve on unrecognized tax benefits –

Balance as of June 30, 2014 60,135

Gross increase or (decrease) 5,715

Reversal of reserve on unrecognized tax benefits (4,355 )

Balance as of June 30, 2015 $ 61,495

We do not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. ASC 740 requires us to accrue interest and penalties where there is an underpayment of taxes based on our best estimate of the amount ultimately to be paid. Our policy is to recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. We have not recorded any interest or penalties as the liability associated with the unrecognized tax benefits is immaterial. We are subject to taxation in the U.S., various state and foreign jurisdictions. We believe we are no longer subject to U.S. examination for years before 2012 by the federal taxing authority, and years before 2011 by state taxing authorities.

The Internal Revenue Service and Franchise Tax Board have completed their examination of our 2007 and 2008 taxable years with a favorable final resolution of the Company’s claim for research and development tax credits. As of June 30, 2015, the R&D tax credits that we have claimed are received in full. In addition, the Franchise Tax Board is currently examining our taxable years from 2008 to 2011 for the Company’s claimed tax refunds in regards to the California apportionment of our income. Although the final resolution is uncertain, we do not believe that this examination will have any material adverse effect on our consolidated financial position.

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8. EARNINGS PER SHARE
12 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

NOTE 8 - EARNINGS PER SHARE

We report earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings (loss) per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options. For the year ended June 30, 2014, we were in a net loss position and have excluded 895,334 stock options from the calculation of diluted net loss per share because these securities are anti-dilutive. The weighted average number of shares outstanding used to compute earnings per share is as follows:

Year Ended June 30,

2015 2014

Net income (loss) attributable to Parent Company $ 760,008 $ (972,036 )

Weighted-average shares of common stock outstanding:

Basic 10,533,869 10,386,881

Dilutive effect of common stock equivalents arising from stock options 106,864 –

Diluted Outstanding shares 10,640,733 10,386,881

Basic earnings (loss) per share $ 0.07 $ (0.09 )

Diluted earnings (loss) per share $ 0.07 $ (0.09 )

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10. LONG-TERM INCENTIVE PLAN AWARDS
12 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

NOTE 10 - LONG-TERM INCENTIVE PLAN AWARDS

We apply the provisions of ASC 718, “Compensation - Stock Compensation,” using a modified prospective application, and the Black-Scholes model. Under this application, we are required to record compensation expense for all awards granted after the date of adoption and for the unvested portion of previously granted awards that remain outstanding at the date of adoption. Compensation costs will be recognized over the period that an employee provides service in exchange for the award.

We adopted the 2009 Stock Incentive Plan (“2009 Plan”) on June 11, 2009, which provided for the grant of incentive stock options and non-qualified stock options to our employees and directors. Options granted under the 2009 Plan generally have a term of ten years and generally vest and become exercisable at the rate of 33% after one year and 33% on the second and third anniversaries of the option grant dates. Historically, some stock option grants have included shorter vesting periods ranging from one to two years.

The estimated forfeiture rate considers historical turnover rates stratified into employee pools in comparison with an overall employee turnover rate, as well as expectations about the future. We periodically revise the estimated forfeiture rate in subsequent periods if actual forfeitures differ from those estimates. Compensation expense recorded under this method for the year ended June 30, 2015 was $60,484 and reduced operating income and income before income taxes by the same amount by increasing compensation expense recognized in selling, general and administrative expense. The recognized tax benefit related to the compensation expense for the year ended June 30, 2015 was approximately $41,555.

A summary of the status of our stock options is presented below:

Weighted-

Average

Weighted- Remaining

Average Contractual Aggregate

Exercise Life Intrinsic

Options Shares Price (In Years) Value

Outstanding as of June 30, 2013 1,153,170 $ 1.16 5.49 $ 627,422

Granted – – – –

Exercised (159,500 ) (0.54 ) 2.05 (287,100 )

Cancelled – – – –

Forfeited or Expired (98,333 ) (1.34 ) 7.88 (177,000 )

Outstanding as of June 30, 2014 895,337 1.24 5.50 497,350

Granted – –

Exercised – –

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(6.96
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)

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Outstanding as of June 30, 2015 850,337 1.24 4.36 306,583

Exercisable as of June 30, 2015 850,337 $ 1.24 4.36 $ 306,583

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $1.60 as of June 30, 2015, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of June 30, 2015 in the amount of 850,337 shares was $1.15 per share.

As of June 30, 2015, there was $0 of total unrecognized compensation cost related to non-vested stock options granted.

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4. Property and Equipment (Details Narrative) - USD ($)
12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

Depreciation $ 237,005 $ 260,654

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4. PROPERTY AND EQUIPMENT (Tables)
12 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

4. PROPERTY AND EQUIPMENT

June 30, 2015 June 30, 2014

Machinery and facility $ 300,650 $ 289,664

Office equipment 373,554 356,932

Molds 775,499 714,356

Vehicle – 9,843

Construction-in progress 2,130 37,466

1,451,853 1,408,261

Less accumulated depreciation (1,137,361 ) (909,796 )

Total $ 314,492 $ 498,465

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9. COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended

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Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Payments Due by June 30,

2016 2017 2018 2019 Thereafter Total

Administrative office, San Diego, CA $ 272,397 $ 277,377 $ 277,377 $ 277,377 $ 92,459 $ 1,196,987

Administrative office, Korea 128,184 128,184 21,364 – – 277,732

Corporate housing facility 10,585 2,646 – – – 13,231

Total Obligations $ 411,166 $ 408,207 $ 298,741 $ 277,377 $ 92,459 $ 1,487,950

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7. Income Taxes (Details - Unrecognized tax benefits) - USD ($)
12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Reconciliation of unrecognized tax benefits

Beginning Balance $ 60,135 $ 52,746

Gross increase or (decrease) 5,715 7,389

Reversal of reserve on unrecognized tax benefits (4,355) 0

Ending Balance $ 61,495 $ 60,135

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Consolidated Statements of Stockholders' Equity - USD ($)

Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income / Loss

Noncontrolling Interest

Total

Beginning balance, shares at Jun. 30, 2013 10,374,369

Beginning balance, value at Jun. 30, 2013 $ 13,646 $ 6,989,952 $ 13,573,119 $ (21,275) $ 236,500 $ 16,512,463

Net income (loss) attributable to Parent Company (972,036) (972,036)

Foreign exchange translation (221,825) (221,825)

Comprehensive loss attributable to non-controlling interest 8,308 8,308

Share-based compensation 168,578 168,578

Issuance of stock related to stock options exercised, shares issued 159,500

Issuance of stock related to stock options exercised, value $ 160 86,753 86,913

Ending balance, shares at Jun. 30, 2014 10,533,869

Ending balance, value at Jun. 30, 2014 $ 13,806 7,245,283 12,601,083 (243,100) 244,808 15,582,401

Net income (loss) attributable to Parent Company 760,008 760,008

Foreign exchange translation (421,622) (421,622)

Comprehensive loss attributable to non-controlling interest 293,890 293,890

Share-based compensation 60,484 60,484

Issuance of stock related to stock options exercised, value 0

Ending balance, shares at Jun. 30, 2015 10,533,869

Ending balance, value at Jun. 30, 2015 $ 13,806 $ 7,305,767 $ 13,361,091 $ (664,722) $ 538,698 $ 16,275,161

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4. PROPERTY AND EQUIPMENT
12 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

NOTE 4 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of:

June 30, 2015 June 30, 2014

Machinery and facility $ 300,650 $ 289,664

Office equipment 373,554 356,932

Molds 775,499 714,356

Vehicle – 9,843

Construction-in progress 2,130 37,466

1,451,853 1,408,261

Less accumulated depreciation (1,137,361 ) (909,796 )

Total $ 314,492 $ 498,465



Depreciation expense associated with property and equipment was $237,005 and $260,654 for the fiscal years ended June 30, 2015 and 2014, respectively.

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10. LONG-TERM INCENTIVE PLAN AWARDS (Tables)
12 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Activity

Weighted-

Average

Weighted- Remaining

Average Contractual Aggregate

Exercise Life Intrinsic

Options Shares Price (In Years) Value

Outstanding as of June 30, 2013 1,153,170 $ 1.16 5.49 $ 627,422

Granted – – – –

Exercised (159,500 ) (0.54 ) 2.05 (287,100 )

Cancelled – – – –

Forfeited or Expired (98,333 ) (1.34 ) 7.88 (177,000 )

Outstanding as of June 30, 2014 895,337 1.24 5.50 497,350

Granted – –

Exercised – –

Cancelled (45,000 ) (1.34 )
(6.96
)
(72,000
)

Forfeited or Expired – –

Outstanding as of June 30, 2015 850,337 1.24 4.36 306,583

Exercisable as of June 30, 2015 850,337 $ 1.24 4.36 $ 306,583

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7. Income Taxes (Details - Provision for Income Taxes) - USD ($)
12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Current income tax expense (benefit):

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State 800 (900)

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Segment information by geographic areas

Fiscal Year Ended June 30,

Net sales: 2015 2014

United States $ 36,710,081 $ 18,036,635

Caribbean and South America 1,416,052 2,109,320

Europe, the Middle East and Africa ("EMEA") 4,578,970 3,789,414

Asia 3,639,130 7,017,528

Totals $ 46,344,233 $ 30,952,897



Long-lived assets, net (property and equipment and intangible assets): June 30, 2015 June 30, 2014

United States $ 785,144 $ 1,786,910

Asia 571,629 837,371

Totals $ 1,356,773 $ 2,624,281

Useful lives of property and equipment

Machinery 6 years

Office equipment 5 years

Molds 3 years

Vehicles 5 years

Computers and software 5 years

Furniture and fixtures 7 years

Facilities 5 years or life of the lease, whichever is shorter

Intangible Assets

The definite lived intangible assets consisted of the following as of June 30, 2015:

Definite lived intangible assets: Expected Life
Average

Remaining

life

Gross

Intangible

Assets

Accumulated

Amortization

Net Intangible

Assets

Complete technology 3 years – $ 490,000 $ 490,000 $ –

Complete technology 3 years – 1,517,683 1,517,683 –

Complete technology 3 years – 281,714 281,714 –

Complete technology 3 years – 361,249 361,249 –

Complete technology 3 years 0.3 years 174,009 159,508 14,501

Complete technology 3 years 0.5 years 909,962 733,025 176,937

Complete technology 3 years 1.8 years 65,000 27,083 37,917

Complete technology 3 years 2.5 years 2,402 400 2,002

Complete technology 3 years 2.8 years 6,405 534 5,871

Supply and development agreement 8 years 2.3 years 1,121,000 805,719 315,281

Technology in progress Not Applicable – – – –

Software 5 years 1.1 years 197,418 158,284 39,134

Patents 10 years 6.8 years 57,655 1,005 56,650

Certifications & licenses 3 years 0.4 years 1,783,561 1,389,573 393,988

Total as of June 30, 2015 $ 6,968,058 $ 5,925,777 $ 1,042,281

The definite lived intangible assets consisted of the following as of June 30, 2014:

Definite lived intangible assets: Expected Life
Average

Remaining

life

Gross

Intangible

Assets

Accumulated

Amortization

Net Intangible

Assets

Complete technology 3 years – $ 490,000 $ 490,000 $ –

Complete technology 3 years – 1,517,683 1,517,683 –

Complete technology 3 years 0.5 years 281,714 245,169 36,545

Complete technology 3 years 1.0 years 361,249 270,949 90,300

Complete technology 3 years 1.3 years 174,009 101,505 72,504

Complete technology 3 years 1.5 years 909,962 429,704 480,258

Complete technology 3 years 2.8 years 65,000 5,417 59,583

Supply and development agreement 8 years 3.3 years 1,121,000 665,594 455,406

Technology in progress Not Applicable – 39,545 – 39,545

Software 5 years 2.1 years 196,795 115,173 81,622

Patents 10 years 7.8 years 52,543 761 51,782

Certifications & licenses 3 years 1.4 years 1,618,401 860,130 758,271

Total as of June 30, 2014 $ 6,827,901 $ 4,702,085 $ 2,125,816

Schedule of Expected Amortization Expense

FY2016 FY2017 FY2018 FY2019 FY2020 Thereafter

Total $ 795,053 $ 165,076 $ 42,798 $ 5,766 $ 5,766 $ 27,822

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9. Commitments and Contingencies (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent Expense	$ 308,187	$ 315,123

7. Income Taxes (Details - Deferred Income Taxes) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Deferred tax asset:
Net operating losses	$ 1,773,959	$ 1,901,479
State tax	(272)	(272)
Intangibles	151,643	108,207
Other, net	141,919	31,190
Total deferred tax assets	2,067,249	2,040,604
Less valuation allowance	0	0
Net deferred tax asset	$ 2,067,249	$ 2,040,604

Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 11,822,620	$ 8,240,595
Accounts receivable	5,464,182	5,622,644
Other receivables, net	143,384	99,406
Inventories	2,281,667	1,967,390
Loan to an employee	0	7,128
Prepaid expenses and other current assets	60,339	191,219
Prepaid income taxes	1,055,788	1,056,588
Deferred tax assets, current	206,902	59,279
Advance payments to vendors	62,321	46,109
Total current assets	21,097,203	17,290,358
Property and equipment, net	314,492	498,465
Intangible assets, net	1,042,281	2,125,816
Deferred tax assets, non-current	1,860,347	1,981,325
Goodwill	273,285	273,285
Other assets	129,859	107,409
TOTAL ASSETS	24,717,467	22,276,658
Current liabilities
Accounts payable	7,362,075	5,534,168
Advance payments from customers	693,317	319,888
Accrued liabilities	238,619	317,298
Marketing funds payable	0	374,608
Short-term borrowings	148,295	148,295
Total current liabilities	8,442,306	6,694,257
Total liabilities	$ 8,442,306	$ 6,694,257
Commitments and contingencies (Notes 9)
Parent Company stockholders' equity:
Preferred stock, par value $0.001 per share, authorized 10,000,000 shares; No preferred stock issued and outstanding as of June 30, 2015 and 2014	$ 0	$ 0
Common stock, par value $0.001 per share, authorized 50,000,000 shares; 10,533,869 shares issued and outstanding as of June 30, 2015 and 2014.	13,806	13,806
Additional paid-in capital	7,305,767	7,245,283
Retained earnings	13,361,091	12,601,083
Treasury stock, 3,342,286 shares as of June 30, 2015 and 2014, respectively	(4,279,479)	(4,279,479)
Accumulated other comprehensive (loss)	(664,722)	(243,100)
Total Parent Company stockholders' equity	15,736,463	15,337,593
Non-controlling interests	538,698	244,808
Total Stockholders' Equity	16,275,161	15,582,401
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 24,717,467	$ 22,276,658

9. Commitments and Contingencies (Details)	Jun. 30, 2015 USD ($)
Payments Due by June 30,
2016	$ 411,166
2017	408,207
2018	298,741
2019	277,377
Thereafter	92,459
Total	1,487,950
Administrative office, San Diego, CA
Payments Due by June 30,
2016	272,397
2017	277,377
2018	277,377
2019	277,377
Thereafter	92,459
Total	1,196,987
Administrative office, Korea
Payments Due by June 30,
2016	128,184
2017	128,184
2018	21,364
2019	0
Thereafter	0
Total	277,732
Corporate housing facility
Payments Due by June 30,
2016	10,585
2017	2,646
2018	0
2019	0
Thereafter	0
Total	$ 13,231

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,053,898	$ (963,728)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	237,005	260,654
Amortization of intangible assets	1,223,692	1,287,806
Deferred tax benefit	(26,645)	(539,147)
Share-based compensation	60,484	168,578
Gain from debt extinguishment	(414,480)	(1,300,448)
Gain on sale of vehicle	(4,386)	0
Increase (decrease) in cash due to change in:
Accounts receivable	114,484	(303,846)
Inventories	(314,277)	(1,704,823)
Prepaid expenses and other current assets	130,880	(180,494)
Prepaid income taxes	800	147,372
Advance payment to vendor	(16,212)	64,169
Other assets	(22,450)	17,816
Accounts payable	1,867,779	1,361,070
Advance payment from customers	373,429	244,519
Accrued liabilities	(78,679)	(267,149)
Net cash provided by (used in) operating activities	4,185,322	(1,707,651)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(53,032)	(127,894)
Payments for capitalized development costs	(89,145)	(310,615)
Purchases of intangible assets	(51,012)	(29,262)
Proceeds from the sale of fixed assets	4,386	0
Receipt of loan repayments from third party	0	110,294
Receipt of loan repayments from an employee	7,128	0
Net cash used in investing activities	(181,675)	(357,477)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of stock related to stock options exercised	0	86,913
Proceeds from short-term borrowings	0	9,161
Net cash provided by financing activities	0	96,074
Effect of foreign currency translation	(421,622)	(221,825)
Net increase (decrease) in cash and cash equivalents	3,582,025	(2,190,879)
Cash and cash equivalents, beginning of year	8,240,595	10,431,474
Cash and cash equivalents, end of year	11,822,620	8,240,595
Cash paid during the years for:
Interest	5,552	10,735
Income taxes	$ 0	$ 0

5. Accrued Liabilities (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Payables and Accruals [Abstract]
Accrued salaries, severance	$ 140,820	$ 198,061
Accrued salaries, payroll deduction to pay	8,434	9,381
Accrued vacation	75,477	74,656
Payroll taxes	10,823	5,522
Other accrued liabilities	3,065	29,678
Total	$ 238,619	$ 317,298

6. Short-Term Borrowings from Banks (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Debt Disclosure [Abstract]
Short term borrowings	$ 148,295	$ 148,295
Total	$ 148,295	$ 148,295

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock Authorized	100,000,000	100,000,000
Preferred stock Issued	0	0
Preferred stock Outstanding	0	0
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock Authorized	50,000,000	50,000,000
Common stock Issued	10,533,869	10,533,869
Common stock Outstanding	10,533,869	10,533,869
Treasury stock shares	3,342,286	3,342,286

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2015	Sep. 28, 2015	Dec. 31, 2014
Document And Entity Information
Entity Registrant Name	FRANKLIN WIRELESS CORP
Entity Central Index Key	0000722572
Document Type	10-K
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 7,070,303
Entity Common Stock, Shares Outstanding		10,533,869
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 46,344,233	$ 30,952,897
Cost of goods sold	37,944,155	26,574,293
Gross profit	8,400,078	4,378,604
Operating expenses:
Selling, general, and administrative	4,973,277	4,512,592
Research and development	2,915,143	2,780,000
Total operating expenses	7,888,420	7,292,592
Income (loss) from operations	511,658	(2,913,988)
Other income, net:
Interest income	23,264	13,585
Other income, net	430,704	1,407,659
Total other income, net	453,968	1,421,244
Income (loss) before provision (benefit) for income taxes	965,626	(1,492,744)
Income tax benefit	(88,272)	(529,016)
Net income (loss)	1,053,898	(963,728)
Non-controlling interests in net income of subsidiary 48.2%	(293,890)	(8,308)
Net income (loss) attributable to Parent Company	$ 760,008	$ (972,036)
Basic earnings (loss) per share attributable to Parent Company stockholders	$ .07	$ (0.09)
Diluted earnings (loss) per share attributable to Parent Company stockholders	$ .07	$ (0.09)
Weighted average common shares outstanding - basic	10,533,869	10,386,881
Weighted average common shares outstanding - diluted	10,640,733	10,386,881
Comprehensive income (loss)
Net income (loss)	$ 1,053,898	$ (963,728)
Translation adjustments	(421,622)	(221,825)
Comprehensive income (loss)	632,276	(1,185,553)
Comprehensive income attributable to non-controlling interest	(293,890)	(8,308)
Comprehensive income (loss) attributable to controlling interest	$ 338,386	$ (1,193,861)

4. Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
4. Property and Equipment (Details Narrative) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation	$ 237,005	$ 260,654

7. Income Taxes (Details - Unrecognized tax benefits) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of unrecognized tax benefits
Beginning Balance	$ 60,135	$ 52,746
Gross increase or (decrease)	5,715	7,389
Reversal of reserve on unrecognized tax benefits	(4,355)	0
Ending Balance	$ 61,495	$ 60,135

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income / Loss	Noncontrolling Interest	Total
Beginning balance, shares at Jun. 30, 2013	10,374,369
Beginning balance, value at Jun. 30, 2013	$ 13,646	$ 6,989,952	$ 13,573,119	$ (21,275)	$ 236,500	$ 16,512,463
Net income (loss) attributable to Parent Company			(972,036)			(972,036)
Foreign exchange translation				(221,825)		(221,825)
Comprehensive loss attributable to non-controlling interest					8,308	8,308
Share-based compensation		168,578				168,578
Issuance of stock related to stock options exercised, shares issued	159,500
Issuance of stock related to stock options exercised, value	$ 160	86,753				86,913
Ending balance, shares at Jun. 30, 2014	10,533,869
Ending balance, value at Jun. 30, 2014	$ 13,806	7,245,283	12,601,083	(243,100)	244,808	15,582,401
Net income (loss) attributable to Parent Company			760,008			760,008
Foreign exchange translation				(421,622)		(421,622)
Comprehensive loss attributable to non-controlling interest					293,890	293,890
Share-based compensation		60,484				60,484
Issuance of stock related to stock options exercised, value						0
Ending balance, shares at Jun. 30, 2015	10,533,869
Ending balance, value at Jun. 30, 2015	$ 13,806	$ 7,305,767	$ 13,361,091	$ (664,722)	$ 538,698	$ 16,275,161

7. Income Taxes (Details - Provision for Income Taxes) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Current income tax expense (benefit):
Federal	$ (40,659)	$ (430,972)
State	800	(900)
Total Current income tax expense (benefit)	(39,859)	(431,872)
Deferred income tax expense (benefit):
Federal	(237,769)	(76,754)
State	0	1,700
Foreign	189,356	(22,090)
Total deferred income tax expense (benefit)	(48,413)	(97,144)
Provision (benefit) for income taxes	$ (88,272)	$ (529,016)