Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Stockholders' Equity

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Note 14 - Stockholders' Equity
 3 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
NOTE 14 - 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. The repurchase plan expired by its own terms in May, 2012. The balance of treasury stock as of September 30, 2013 and June 30, 2013 was $415,425.

(B)
Share-Based Payment Transactions

The Company recorded an expense of $213,600 for the services rendered by officers during the three months ended September 30, 2013 in shares to be issued.

The Company recorded an expense of $18,412 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, 2013.

During the three months ended September 30, 2013, the Company issued a total of 6,500 shares of its common stock to employees pursuant to the terms of their employment agreements valued at $69,420.

During the three months ended September 30, 2013, the Company issued a total of 2,400 shares of its common stock for provision of services to unrelated consultants valued at $9,210.

The Company recorded an expense of $69,420 as part of compensation to employees as required according to the terms of their employment agreements during the three months ended September 30, 2013.