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Note 16 - Stockholders' Equity
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6 Months Ended |
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Dec. 31, 2012
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| Stockholders' Equity Note Disclosure [Text Block] |
NOTE
16 - STOCKHOLDERS’ EQUITY
(A)
TREASURY STOCK
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 repurchased 4,430 shares of common stock from
open market against cash consideration of $19,417 until
December 31, 2012. The repurchase plan expired by its own
verses in May, 2012. The balance as of December 31 and June
30, 2012 was $415,425.
(B)
SHARES ISSUED FOR SERVICES TO RELATED PARTIES
During
the six months ended December 31, 2012 and 2011, the Company
issued a total of 5,000 and 21,000 shares of restricted
common stock for services rendered by the officers of the
Company. These shares were valued at the fair market value of
$25,200 and $135,075 respectively.
The
Company recorded an expense of $13,700 and $109,500 against
the services rendered by officers during the six months ended
December 31, 2012 and 2011.
During
the six months ended December 31, 2011, the Company issued a
total of 12,000 shares of restricted common stock for
services rendered by the independent members of the Board of
Directors as part of their board compensation. These shares
were valued at the fair market value of $154,400.
The
Company recorded an expense of and $40,000 for services
rendered by the independent members of the Board of Directors
as part of their board compensation during the six months
ended December 31, 2011.
During
the period ended December 31, 2012, the Company issued a
total of 2,500 shares of its common stock to employees as
required according to the terms of their employment
agreements valued at $12,600.
The
Company recorded an expense of $6,850 and $6,000 as part of
compensation to employees as required according to the terms
of their employment agreements during the six months ended
December 31, 2012 and 2011.
(C)
SHARE-BASED PAYMENT TRANSACTIONS
During
the period ended December 31, 2012, and June 30, 2012, the
Company issued a total of 2,400 and 17,300 shares of its
common stock for provision of services to unrelated
consultants valued at $9,120 and $91,520,
respectively.
(D)
SHARE ISSUED AGAINST CASH PAYMENTS
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.
(E)
REVERSE STOCK 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 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.
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