Note 15 - Reverse Stock Split

9 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 15. REVERSE STOCK SPLIT

On

November

11,

2015,

the Board of Directors (the “Board

’) of the Company approved the implementation of a

one

-for-

ten

(1:10)

reverse stock split of all of the Company’s issued and outstanding common and preferred stock (the “Reverse Stock Split”). The Reverse Stock Split became effective when trading opened on

December

15,

2015.

The Reverse Stock Split was previously approved by the Company’s shareholders pursuant to a majority written consent and by the Board pursuant to unanimous written consent on

February

26,

2015.

The approvals provided discretion to the Board to implement the Reverse Stock Split by the end of

2015.

The number of the Company’s authorized shares of common stock did not change. All figures have been presented on the basis of reverse split wherever applicable for all the periods presented in these financial statements.