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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the options is presented in the table below:

	June 30, 2015				June 30, 2014
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price

Options outstanding, beginning of year		66,000	$	6.88		102,000	$	6.90
Granted		-		-		-		-
Canceled, forfeited or expired		-	$	-		(36,000)	$	7.75

Options outstanding, end of year		66,000	$	6.88		66,000	$	6.88

Options exercisable, end of year		60,000	$	7.37		58,000	$	7.55

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

Following is a summary of the status of options outstanding and exercisable at June 30, 2015:

Outstanding Options					Exercisable Options
Exercise Price		Number		Average Remaining Contractual Life	Average Exercise Price		Number		Average Remaining Contractual Life
$	7.75		56,000	3.0 years	$	7.75		56,000	3.0 years
$	2.01		10,000	2.6 years	$	2.01		4,000	2.6 years
			66,000					60,000

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of stock options granted was calculated at the grant date using the Black-Scholes option-pricing model with the following assumptions:

Black-Scholes Option Pricing Model for 2008 options
Assumptions:
Stock Price	$	7.75
Strike Price	$	7.75
Volatility		173.84	%
Risk-free Rate		3.02	%
Expected life		5 yrs
Dividend Yield		0.00	%
Number of Options		66,000

Black-Scholes Option Pricing Model for 2013 options
Assumptions:
Stock Price	$	1.94
Strike Price	$	2.01
Volatility		452.04	%
Risk-free Rate		0.88	%
Expected life		5 yrs
Dividend Yield		0.00	%
Number of Options		10,000

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Following is a summary of the status of warrants outstanding and exercisable at June 30, 2015:

Warrants Outstanding			Warrants Exercisable			Weighted Average Exercise Price			Average Remaining Contractual Life
	139,032			139,032		$	9.30		3.0 years

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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