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note 9 - Stock-based Compensation
12 Months Ended
Dec. 31, 2010
note 9 - Stock-based Compensation:  
note 9 - Stock-based Compensation

NOTE 9 - STOCK-BASED COMPENSATION

 

The Company has applied the disclosure provisions of ASC 718 for the years ended June 30, 2012 and 2011. There were no common shares or stock options outstanding, issued or granted to employees during these reporting periods.

 

On April 28, 2004, the Company adopted the 2004 Employee Stock Incentive Plan (the Plan). Under the terms of this plan the Board was authorized to issue up to 1,000,000 shares of common stock to certain eligible employees of the Company or its subsidiaries. All of these shares were issued pursuant to the plan prior to June 30, 2007.

 

On September 22, 2008 the Company adopted the 2008 Amended and Restated Long-Term Equity Incentive Plan, whereby the Board was authorized to issue up to 10,000,000 shares of common stock (including incentive stock options) to certain eligible employees, directors, and/or consultants of the Company or its subsidiaries. During the years ended June 30, 2012 and 2011, respectively, the Company issued 2,700,000 and 6,500,000 shares pursuant to this Plan.