18. FOURTH QUARTER ADJUSTMENT
|12 Months Ended|
Jun. 30, 2014
|Fourth Quarter Adjustment|
|Fourth quarter adjustment||
In the fourth quarter of fiscal 2014, the Company adjusted revenue due to a combination of insufficiently complete submissions to the government and inadequate internal record-keeping. It also recorded various adjustments for derivative liabilities and debt and equity transactions accruals and other miscellaneous items. The net effect of these adjustments of $885,019 related to amounts recorded in prior quarters of 2014 as follows:
The effects of such adjustments on net loss for the prior quarters follows (unaudited):
Tabular disclosure of material transactions, such as business combinations, disposals of businesses (or components of an entity), extraordinary or unusual events, significant changes in accounting estimates and the aggregate effect of year-end adjustments, that occurred during the fourth quarter.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
No definition available.