Note 22 - Subsequent Events
|12 Months Ended|
Jun. 30, 2012
|Subsequent Events [Text Block]||
NOTE 22 – SUBSEQUENT EVENTS
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 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.
The Company issued a total of 3,750 shares of common stock to employees as required according to the terms of their employment agreement valued at $17,250. These shares were included in “Shares to be issued” as of June 30, 2012
The Company issued a total of 2,400 shares of restricted common stock for services rendered by the consultant as required to service agreement.
Employees of the company exercised options to acquire 44,921 shares of common stock valued at $165,400.
The company issued a total of 7,272 shares of common stock to its warrant holder against warrant exercise.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.