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Note 17 - Stockholders' Equity
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12 Months Ended | ||||||||||
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Jun. 30, 2013
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| Stockholders' Equity Note [Abstract] | |||||||||||
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE
17 – STOCKHOLDERS’ EQUITY
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 December 31, 2012. The repurchase plan
expired by its own terms in May, 2012. The balance as of
June 30, 2013 and 2012 was $415,425.
During
the year ended June 30, 2013 and 2012, the Company issued a
total of 5,000 and 26,000 shares of restricted common stock
for services rendered by the officers of the Company. The
issuances were approved by both the compensation committee
and the Board of Directors. These shares were valued at the
fair market value of $25,200 and $159,325 as of June 30,
2013 and 2012, respectively.
The
Company recorded an expense of $13,700 and $133,250 against
the services rendered by officers during the years ended
June 30, 2013 and 2012.
During
the year ended June 30, 2012, the Company issued a total of
16,000 shares of restricted common stock for services
rendered by the independent members of the Board of
Directors as part of their board compensation. The
issuances were approved by both the compensation committee
and the Board of Directors. These shares were valued at the
fair market value of $173,600 as of June 30, 2012.
The
Company recorded an expense of $40,000 for services
rendered by the independent members of the Board of
Directors as part of their board compensation during the
year ended June 30, 2012.
During
the years ended June 30, 2013 and 2012, the Company issued
a total of 2,500 and 2,500 shares of its common stock to
employees as required according to the terms of their
employment agreements valued at $12,600 and $12,125,
respectively.
The
Company recorded an expense of $6,850 and $17,875 as part
of compensation to employees as required according to the
terms of their employment agreements during the years ended
June 30, 2013 and 2012.
During
the years ended June 30, 2013 and 2012, the Company issued
a total of 4,800 and 17,300 shares of its common stock
for provision of services to unrelated consultants valued
at $18,420 and $91,520, respectively.
During
the year ended June 30, 2012, the Company issued 1,667,500
new shares through a follow on offering under an S3
registration statement against net proceeds of
$5,743,300. The shares were issued at the offering price of
$4.0 per share. Aegis Capital Corp. acted as sole
book-running manager and underwriters for the offering. The
Company also offered Aegis Capital Corp. the right to
exercise 5% warrants at an exercise price of 125% of the
offering price.
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 the basis of reverse split where ever
applicable for all the periods presented in these financial
statements.
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