FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Note 14 - FAIR VALUE MEASUREMENTS

The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2011:

				Basis of Fair Value Measurements
	As of September 30, 2011			Quoted Prices in Active Markets for Identical Assets Level 1			Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3
Assets
Short-term deposits	$	201		$	201		$	-	$	-
Restricted term deposits	$	3,370		$	3,370		$	-	$	-
Total assets	$	36,421		$	36,421		$	-	$	-
Percentage of total assets		9.8	%		9.8	%		-		-

In accordance with ASC Topic 820 Fair Value Measurements and Disclosures, the Company measures its short term deposits and restricted short-term deposits at fair value, and they are classified within Level 1. Since the Company’s term deposits are fixed rate deposits, there is an active, readily tradable market value based on quoted prices. The Company based its estimates on such prices (Level 1 pricing) as of September 30, 2011, or the measurement date. Active markets are those in which transactions occur in significant frequency and volume to provide pricing information on an on-going basis. Since valuations are based on quoted prices that are readily and regularly available in an active market, the valuation of these term deposits does not entail a significant degree of judgment.