Compensation Related Costs, Share Based Payments

3 Months Ended

Sep. 30, 2011

Compensation Related Costs, Share Based Payments

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 7.  Stock Options

            The Company regularly grants stock options to individuals under various plans as described in Note 10 of the Company’s Annual Report on Form 10-K for the year ended June 30, 2011.  The Company recognizes share-based payments, as compensation costs for transactions, including grants of employee stock options, to be recognized in the financial statements.  Stock-based compensation expense is measured based on the fair value of the equity or liability instrument issued.  Share-based compensation arrangements includes: stock options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans.  The Company measures the cost of employee services received in exchange for stock options based on the grant-date fair value of the award, and expenses the cost over the period in which the employee is required to provide services for the award.  The Company uses the Black-Scholes option-pricing model that meets the fair value objective.

During the three months ended September 30, 2011and the three months ended September 30, 2010, there were no stock options granted. The Company recognized compensation expense of $64,625 for the three months ended September 30, 2011, and $30,250 for the three months ended September 30, 2010, which were related to options previously granted.