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Note 22 - Subsequent Events
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12 Months Ended | ||||
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Jun. 30, 2012
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| 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.
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- Definition
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.
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