Related Party Transactions

3 Months Ended

Sep. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

12. Related Party Transactions

Stavros G. Vizigianakis was appointed to the Board of Directors on May 7, 2013. During the fiscal year ended June 30, 2014, Mr. Vizirgianakis owned (i) a controlling interest in MD Solutions Australasia PTY Ltd. (“MD Solutions”) and (ii) an interest in Surgical Innovations (“SI”). MD is an independent distributor for the Company outside of the United States. Applied BioSurgical, a company owned by Mr. Vizirgianakis’ father, is an independent distributor for the Company outside of the United States. SI purchased certain of the Company’s products from Applied BioSurgical during the fiscal year ended June 30, 2014.  Mr. Vizirgianakis disposed of his interest in each of MD Solutions and  SI during the fiscal year ended June 30, 2014. 

Set forth below is a table showing the Company’s net sales and accounts receivable for the indicated time periods below with Applied BioSurgical and MD Solutions:

For the three months ended September 30,

Applied BioSurgical	2013		2014
Sales	$	93,576	$	86,587
Accounts receivable		113,421		63,193

MD Solutions
Australasia PTY Ltd.	2013
Sales	$	43,340
Accounts receivable		43,340