|
Note 16 - Stockholders' Equity
|
9 Months Ended |
|---|---|
|
Mar. 31, 2013
|
|
| 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
terms in May, 2012. The balance as of March 31, 2013 and June
30, 2012 was $415,425.
(B)
SHARES ISSUED FOR SERVICES TO RELATED PARTIES
During
the nine months ended March 31, 2013 and 2012, the Company
issued a total of 5,000 and 23,500 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 $147,075 respectively.
The
Company recorded an expense of $13,700 and $121,750 against
the services rendered by officers during the nine months
ended March 31, 2013 and 2012.
During
the nine months ended March 31, 2012, the Company issued a
total of 16,000 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 $173,600.
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 nine months
ended March 31, 2012.
During
the period ended March 31, 2013 and 2012, the Company issued
a total of 2,500 and 1250 shares of its common stock to
employees as required according to the terms of their
employment agreements valued at $12,600 and $6,000
respectively.
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 nine months ended
March 31, 2013 and 2012.
(C)
SHARE-BASED PAYMENT TRANSACTIONS
During
the period ended March 31, 2013, 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 a follow on offering under an S-3
registration statement against net proceeds of $5,743,300.
The shares were issued at the offering price of $4.00 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.
|