Note 14 - Stockholders' Equity |
3 Months Ended | ||||||
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Sep. 30, 2011 | |||||||
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE
14 - STOCKHOLDERS’ EQUITY:
During
the periods ended September 30, 2011 and June 30, 2011, the
Company issued a total of 22,500 and 442,500 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 $37,575 and
$528,900 respectively. The expense of $37,575 was recorded in
the year ended June 30, 2011.
During
the periods ended September 30, 2011 and June 30, 2011, the
Company issued a total of 80,000 and 90,000 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 $133,600 and
$135,300 respectively. The expense of $133,600 was recorded
in the year ended June 30, 2011.
During
the periods ended September 30, 2011 and June 30, 2011, the
Company issued a total of nil and 139,881 shares of its
common stock to employees as required according to the terms
of their employment agreements valued at nil and $33,300,
respectively.
During
the periods ended September 30, 2011 and June 30, 2011, the
Company issued a total of 12,000 and 337,857 shares of its
common stock for provision of services to unrelated
consultants valued at $16,200 and $152,543,
respectively.
During
the periods ended September 30, 2011 and June 30, 2011, the
Company issued a total of nil and 5,106,756 shares of its
common stock against cash valued of nil and $4,106,250,
respectively.
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