Note 12. Expired warrants (Notes)

6 Months Ended

Dec. 31, 2013

Class of stock [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Expired warrants

On November 20, 2008, the Company completed a$1,100,000 private placement of common stock and common stock purchase warrants to accredited investors. The Company sold 1,000,000 shares of common stock at $1.10 per share. The investors also received warrants to purchase an additional150,000 shares of common stock at an exercise price of $1.21 per share, which expired in five years. The warrants have a fair value of $132,114. The fair value of the warrants was estimated at the date of agreement using the Black-Scholes pricing method. The net proceeds to the Company from the offering, after fees and expenses of $1,029,000 have been allocated among common stock and warrants based on their relative fair values. As the result of the private placement, the Company had 7,526,430 shares of common stock outstanding, not including the shares issuable upon the exercise of the warrants. The warrants expired on November 20, 2013. As a result the fair value of the warrants were reclassed to additional paid-in capital for the six-month period ended December 31, 2013.