STOCK OPTIONS

12 Months Ended

Jun. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

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

NOTE 14 – STOCK OPTIONS

On March 31, 2011, per compensation board resolution, the Companyforfeited all those outstanding unvested call options granted to current officers and directors and former officers on March, 1 2010 and February 7, 2010 according to the2009 Equity Incentive Plan.

There were no issuances of stock options during the year ended June 30, 2012 and 2011.

Options outstanding as of June 30, 2012 and related weighted average price and intrinsic value are as follows:

				Weighted
				Average
	Number			Exercise		Aggregate
	of Shares			Price		Intrinsic Value
Outstanding, June 30, 2010		195,291		$	14.67
Granted		-			-
Forfeited/Canceled		(80,192	)	$	14.67
Exercised		-
Outstanding, June 30, 2011		115,099		$	14.66	$	-
Granted		-
Forfeited/Canceled		-
Exercised		-
Outstanding, June 30, 2012		115,099		$	14.66	$	-
Exercisable, June 30, 2012		115,099		$	14.66	$	-

The following table summarizes the options outstanding and exercisable as of June 30, 2012:

Options Outstanding and Exercisable
						Weighted
				Weighted		Average
		Number Outstanding		Average		Remaining
Range of		and Exercisable as of		Exercise		Contractual Life
Exercise Price		June 30, 2012		Price		(Years)
$	14.02-14.70		115,099	$	14.66		2.50