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STOCK OPTIONS (Tables)

12 Months Ended

Jun. 30, 2012

Stock Options [Member]

Fair value for the options granted

The fair value for the options granted were estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming no expected dividends:

		For the Year Ended June 30,
		2012				2011

Expected volatility			81.17	%			112.24 - 122.07	%
Risk-free interest rate			0.25	%			0.66 – 1.06	%
Expected life (years)			2.50				2.25 - 3.25

Option activities

A summary of option activities under the 2007 Employee Plan during the twelve month period ended June 30, 2012 is presented as follows:

		Options				Weighted- Average Exercise Price				Weighted - Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at July 1, 2011			291,875			$	4.10				3.07			$	178
Granted			37,500			$	2.30				4.45				-
Exercised			-				-				-				-
Forfeited or expired			(16,375	)			(4.76	)			2.88				-
Outstanding at June 30, 2012			313,000			$	3.85				2.31			$	-
Exercisable at June 30, 2012			269,750			$	3.77				2.12			$	-

Companys non-vested employee stock options

A summary of the status of the Company’s non-vested employee stock options during the twelve months ended June 30, 2012 is presented below:

						Weighted-Average Grant-Date
		Options				Fair Value
Non-vested at July 1, 2011			132,250			$	5.29
Granted			37,500				1.11
Vested			(110,125	)			1.63
Forfeited			(16,375	)			3.28
Non-vested at June 30, 2012			43,250			$	3.29

Directors Equity Incentive Plan [Member]

Option activities

A summary of option activities under the 2007 Directors Plan during the twelve months ended June 30, 2012 is presented as follows:

		Options				Weighted- Average Exercise Price				Weighted - Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value

Outstanding at July 1, 2011			335,000			$	4.86				3.16			$	102
Granted			50,000				2.30				4.45				-
Exercised			-				-				-				-
Forfeited or expired			-				-				-				-
Outstanding at June 30, 2012			385,000			$	4.52				2.45			$	-
Exercisable at June 30, 2012			385,000			$	4.52				2.45			$	-

Tabular disclosure of the description of the plan, the basis for determining contributions, including the employee groups covered, and the nature and effect of significant matters affecting comparability of information for all periods presented. For leveraged ESOPs and pension reversion ESOPs, the disclosure may include the basis for releasing shares and how dividends on allocated and unallocated shares are used. Disclosure may also include a description of the accounting policies followed for ESOP transactions, including the method of measuring compensation, the classification of dividends on ESOP shares, and the treatment of ESOP shares for EPS computations. If the employer has both old ESOP shares for which it does not adopt the latest guidance and new ESOP shares for which the new guidance is required, the accounting policies for both blocks of shares may be described. Disclosure may also include he amount of compensation cost recognized during the period, the number of allocated shares, committed-to-be-released shares, and suspense shares held by the ESOP at the balance-sheet date, the fair value of unearned ESOP shares at the balance-sheet date for shares accounted for under the latest guidance, the existence and nature of any repurchase obligation, including disclosure of the fair value of the shares allocated as of the balance sheet date, which are subject to a repurchase obligation.

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