Net deferred tax liabilities consist of the following components at June 30:
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
NOL Carryover | $ | 44,760,272 | $ | 44,932,303 | ||||
Depreciation | - | - | ||||||
Amortization | - | - | ||||||
Allowance for Bad Debts | 74,100 | 85,800 | ||||||
Accrued Expenses | 199,977 | 225,430 | ||||||
Deferred Revenue | 396,086 | 360,022 | ||||||
Deferred tax liabilities: | ||||||||
Depreciation | (97,517 | ) | (39,431 | ) | ||||
Amortization | (348,847 | ) | (322,991 | ) | ||||
Valuation allowance | (44,984,071 | ) | (45,241,133 | ) | ||||
Net deferred tax asset | $ | - | $ | - |