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STOCK OPTIONS

3 Months Ended

Sep. 30, 2013

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

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

NOTE 13 – STOCK OPTIONS

On March 31, 2011, pursuant to the Compensation Committee’s resolutions, the Company forfeited all those outstanding unvested options granted to its officers and directors and former officers on March, 1 2010 and February 7, 2010 according to the 2009 Plan.

There were no issuances of stock options during the three months ended September 30, 2013.

Options outstanding and related weighted average price and intrinsic value are as follows:

			Weighted
			Average
	Number		Exercise		Aggregate
	of Shares		Price		Intrinsic Value
Outstanding, June 30, 2013		115,099		14.66		-
Granted		-
Forfeited/Canceled		-
Exercised		-
Outstanding, September 30, 2013		115,099		14.66		-

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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