Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for the years ended June 30, 2012 and 2011 consists of the following:



	2012			2011
Current income tax (benefit) provision
Federal, (alternative minimum tax refund)	$	—		$	(239,879	)
State	—			—
	—			(239,879		)
Deferred income tax provision
Federal	(419,527		)	868,724
State	(98,407		)	203,774
Change in valuation allowance	517,934			(1,072,498		)
	—			—
Income tax (benefit) expense	$	—		$	(239,879	)

Schedule of Effective Income Tax Rate Reconciliation

Income taxes (benefit) as a percentage of income (loss) for the years ended June 30, 2012 and 2011 differ from statutory federal income tax rate due to the following:



	2012		2011
Statutory federal income tax rate	(34.00	)%	(34.00	)%
Increase in deductable timing differences	11.70	%	0.00	%
Net operating loss carryforward	22.30	%	27.20	%
Nondeductable permanent difference (Goodwill)	0.00	%	6.80	%
Alternative minimum tax refund	0.00	%	(4.20	)%
Effective income tax rate	0.00	%	(4.20	)%

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred income tax assets and liabilities as of June 30, 2012 and 2011 are as follows:



	2012			2011
Deferred income tax assets:
Net operating loss carryforward	$	10,105,598		$	9,098,323
Executive post retirement costs	354,366			335,275
General business credit	207,698			207,698
Allowance for doubtful accounts	232,009			252,914
Accrued vacation	155,012			154,114
Inventory reserve	187,330			663,871
Accrued lease termination costs	114,969			—
Accrued interest and other current liabilities	118,942			—
Accelerated amortization on goodwill and other intangible assets	892,544			1,101,794
Warranty reserve	25,253			57,363
Total deferred income tax assets	12,393,721			11,871,352
Valuation allowance	(12,363,776		)	(11,845,843		)
	29,945			25,509
Deferred income tax liabilities:
Accelerated depreciation	(29,945		)	(25,509		)
Total deferred income tax liabilities	(29,945		)	(25,509		)
	$	—		$	—