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Note 20 - Subsequent Events
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9 Months Ended | ||
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Mar. 31, 2012
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| Subsequent Events [Text Block] |
NOTE
20 - SUBSEQUENT EVENTS
Officers
of the company were issued 25,000 shares of common stock as
compensation for which expense was recorded in March
2012.
Employees
of the company were issued 12,500 shares of common stock as
compensation for which expense was recorded in March
2012.
One
of the employee of the Company exercised options to acquire
200,000 shares of common stock valued at $60,000.
Selling
and marketing expenses were $2,270,566 and $2,047,726 in the
nine months ended March 31, 2012 and 2011, respectively. The
Company is marketing its products in different geographies of
the world and has hired more professional resources for the
business development. Also the aggressive marketing of
smartOCI™ and other Vroozi products in North America
and Europe has resulted in increase in sales and marketing
expenses. Professional services expense increased 23.36% to
$561,754 in the nine months ended March 31, 2012, from
$455,371 in the corresponding period last
year. The primary reason for this increase is the
utilization of services of some consultants for the
preparation registration statement on form S-3 already filed
by the Company.
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