|
Note 17 - Stockholders' Equity
|
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2012
|
|||||||||
| 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 has repurchased
4,430 shares of common stock from open market against
cash consideration of $19,417 during the year ended June
30, 2012. The balance as of June 30, 2012 and 2011 was
$415,425 and $396,008 respectively.
During
the year ended June 30, 2012 and 2011, the Company issued
a total of 26,000 and 44,250 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 $159,325
and $528,900, as of June 30, 2012 and 2011,
respectively.
The
Company recorded an expense of $133,250 and $389,200
against the services rendered by officers during the year
ended June 30, 2012 and 2011.
During
the year ended June 30, 2012 and 2011, the Company issued
a total of 16,000 and 9,000 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
$173,600and $135,300, as of June 30, 2012 and 2011,
respectively.
The
Company recorded an expense of $40,000 and $135,300 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 and 2011.
During
the year ended June 30, 2012 and 2011, the Company issued
a total of 2,500 and 3,270 shares of its common stock to
employees as required according to the terms of their
employment agreements valued at $12,125 and $33,300,
respectively.
During
the year ended June 30, 2012 and 2011, the Company issued
a total of 17,300 and 33,786 shares of its common stock
for provision of services to unrelated consultants valued
at $91,520 and $152,543, respectively.
During
the year ended June 30, 2012, the Company issued
1,667,500 new shares through secondary offering under S3
registration 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.
|