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Note 15 - Stockholders' Equity
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9 Months Ended |
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Mar. 31, 2012
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| 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 March 31, 2012. The balance as of March 31,
2012 and June 30, 2011 was $415,425 and $396,008
respectively.
(B)
SHARES ISSUED FOR SERVICES TO RELATED PARTIES
During
the nine months ended March 31, 2012 and 2011, the Company
issued a total of 235,000 and 442,500 shares of restricted
common stock for services rendered by the officers of the
Company. These shares were valued at the fair market value of
$147,075 and $528,900 respectively.
The
Company recorded an expense of $121,750 and $377,700 against
the services rendered by officers during the nine months
ended March 31, 2012 and 2011.
During
the nine months ended March 31, 2012 and 2011, the Company
issued a total of 160,000 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. These shares were valued at the fair market
value of $173,600 and $135,300 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 nine
months ended March 31, 2012 and 2011.
During
the period ended March 31, 2012 and 2011, the Company issued
a total of 12,500 and 32,699 shares of its common stock to
employees as required according to the terms of their
employment agreements valued at $6,000 and $33,300,
respectively.
(C)
SHARE-BASED PAYMENT TRANSACTIONS
During
the period ended March 31, 2012, and June 30, 2011, the
Company issued a total of 149,000 and 337,857 shares of its
common stock for provision of services to unrelated
consultants valued at $82,400 and $152,543,
respectively.
(D)
SHARE ISSUED AGAINST CASH PAYMENTS
During
the period ended March 31, 2012, the Company issued
16,675,000 new shares through secondary offering under S3
registration against net proceeds of $5,743,300. The shares
were issued at the offering price of $0.40 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.
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