Related Party Transactions

6 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

12. Related Party Transactions

Stavros G. Vizirgianakis 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 six months ended December 31,

Applied BioSurgical	2014		2013
Sales	$	180,616	$	165,694
Accounts receivable		99,987		29,425

MD Solutions
Australasia PTY Ltd.	2013
Sales	$	75,353
Accounts receivable		14,913

For the three months ended December 31,

Applied BioSurgical	2014		2013
Sales	$	94,029	$	72,118
Accounts receivable		99,987		29,425

MD Solutions
Australasia PTY Ltd.	2013
Sales	$	32,013
Accounts receivable		14,913