Stock options and awards

12 Months Ended

Jun. 30, 2012

Equity [Abstract]

Stock options and awards

10. STOCK OPTIONS AND AWARDS

On February 22, 2000 the Board of Directors approved an option plan that granted each director 2,000 fully vested options for each meeting attended, awarded at the annual meeting at the 5-day market price average.

There were no stock option issuances during the 2011 or 2012 fiscal years as Directors waived their options earned in lieu of cash payments.

A summary of activity under the plan for the years ending June 30, 2011 and 2012 are as follows:

			Weighted Average
		Shares	Exercise Price
Balance, June 30, 2010		127,000	$            1.28
	Cancelled	(62,000)	0.95
Balance, June 30, 2011		65,000	$            1.60
	Cancelled	(50,000)	1.18
Balance, June 30, 2012		15,000	$           3.00

Following is a summary of the status of options outstanding as of June 30, 2012:

	Outstanding Options			Exercisable Options
		Weighted
		Average	Weighted		Weighted
Exercise		Remaining	Average		Average
Price		Contractual	Exercise		Exercise
Range	Number	Life	Price	Number	Price
$3.00	15,000	0.1 years	$      3.00	15,000	$      3.00

As the stock price of the Company’s stock on June 30, 2012 was lower than the exercise prices of the outstanding and exercisable options, there was no intrinsic value of the options.