Note 2 - Recent Accounting Pronouncements

6 Months Ended

Dec. 31, 2011

New Accounting Pronouncement or Change in Accounting Principle, Description

2.  Recent Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board amended Accounting Standards Codification 350, “Intangibles – Goodwill and Other”.  Under the amendment, an entity may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If determined to be necessary, the two-step impairment test shall be used to identify potential goodwill impairment and measure the amount of a goodwill impairment loss to be recognized, if any.  The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  We do not anticipate that the Company’s adoption of this amendment will have a material impact on our consolidated financial statements.