Annual report pursuant to Section 13 and 15(d)

Note 22 - Subsequent Events

Note 22 - Subsequent Events
12 Months Ended
Jun. 30, 2012
Subsequent Events [Text Block]

 Reverse 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 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.

Equity Transactions

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.