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Note 15 - Stockholders' Equity
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3 Months Ended |
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Sep. 30, 2012
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| Stockholders' Equity Note Disclosure [Text Block] |
NOTE
15 - STOCKHOLDERS’ EQUITY
(A)
TREASURY STOCK
On
November 11, 2011, the Company announced that it had
authorized a stock repurchase program permitting the
Company to repurchase up to 250,000 of its shares of common
stock over the following 6 months. The shares are to be
repurchased from time to time in open market transactions
or privately negotiated transactions in the Company’s
discretion. The Company repurchased 4,430 shares of
common stock from open market against cash consideration of
$19,417 until September 30, 2012. The repurchase
program expired by its own terms in May 2012. The balance
as of September 30 and June 30, 2012 was $415,425.
(B)
SHARES ISSUED FOR SERVICES TO RELATED PARTIES
During
the three months ended September 30, 2012 and 2011, the
Company issued a total of 2,500 and 2,250 shares of
restricted common stock for services rendered by the
officers of the Company. These shares were valued at the
fair market value of $11,500 and $37,575
respectively.
The
Company recorded an expense of $13,700 and $97,500 against
the services rendered by officers during the three months
ended September 30, 2012 and 2011.
During
the three months ended September 30, 2012 and 2011, the
Company issued a total of Nil and 8,000 shares of
restricted common stock for services rendered by the
independent members of the Board of Directors as part of
their board compensation. These shares were valued at the
fair market value of $Nil and $133,600 respectively.
The
Company recorded an expense of $Nil and $20,800 for
services rendered by the independent members of the Board
of Directors as part of their board compensation during the
three months ended September 30, 2012 and 2011.
During
the period ended September 30, 2012 and 2011, the Company
issued a total of 1,250 and Nil shares of its common stock
to employees as required according to the terms of their
employment agreements valued at $5,750 and $Nil,
respectively.
The
Company recorded an expense of $6,850 and $Nil as part of
compensation to employees as required according to the
terms of their employment agreements during the three
months ended September 30, 2012 and 2011.
(C)
SHARE-BASED PAYMENT TRANSACTIONS
During
the period ended September 30, 2012, and June 30, 2012, the
Company issued a total of 2,400 and 17,300 shares of its
common stock for provision of services to unrelated
consultants valued at $9,120 and $91,520,
respectively.
(D) REVERSE STOCK SPLIT
On August 6, 2012 the shareholders of the
Company authorized the board of directors to conduct a
reverse split of the common stock of the Company in a range
from 5 to 15 shares into one. Pursuant to the authority
granted, the board approved the ratio of 10:1 for the
reverse split which was effectuated on August 13, 2012. All
figures have been presented on this basis of reverse split
where ever applicable for all the periods presented in
these financial statements.
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