STOCK-BASED COMPENSATION

6 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Note 4.STOCK-BASED COMPENSATION

 The Company has agreements with a number of employees to issue stock grants vesting over 3-10 year terms. The vested portions of these grants are to be paid on each anniversary of the grant dates.  Total shares under these agreements vesting and payable annually to employees are 233,971.  The stock grant agreements were dated effective between July 1, 2008 and November 21, 2011.