|
Note 15 - Stockholders' Equity
|
6 Months Ended |
|---|---|
|
Dec. 31, 2011
|
|
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE
15 - 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 2,500,000 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 44,300 shares of common stock
from open market against cash consideration of $19,417 during
the period ended December 31, 2011. The balance as of
December 31, 2011 and June 30, 2011 was $415,425 and $396,008
respectively.
(B)
SHARES ISSUED FOR SERVICES TO RELATED PARTIES
During
the six months ended December 31, 2011 and 2010 ,
the Company issued a total of 210,000 and 420,000 shares of
restricted common stock for services rendered by the officers
of the Company. These shares were valued at the fair market
value of $135,075 and $476,700 respectively.
The
company recorded an expense of $109,500 and $325,500 against
the services rendered by officers during the six months ended
December 31, 2011 and 2010.
During
the six months ended December 31, 2011
and 2010, the Company issued a total of 120,000
and 60,000 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 and $66,600
respectively.
The
company recorded an expense of $40,000 and $66,600 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 and 2010.
During
the period ended December 31, 2011 and 2010, 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.
(C)
SHARE-BASED PAYMENT TRANSACTIONS
During
the period ended December 31, 2011, and June 30, 2011, the
Company issued a total of 137,000 and 337,857 shares of its
common stock for provision of services to unrelated
consultants valued at $66,200 and $152,543,
respectively.
|