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Note 13 - Subsequent Events:
12 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

13.  SUBSEQUENT EVENTS:


The Company has evaluated events that occurred subsequent to June 30, 2013 for recognition and disclosure in the financial statements and notes to the financial statements.


From July 1, 2013 through September 19, 2013 the Company has issued 88,307 shares of the Company’s common shares to various employees and consultants valued at approximately $124,000.


From July 1, 2013 through September 19, 2013 the Company sold 280,000 shares of the Company’s restricted common stock at $1.25 per share for total proceeds of $350,000.


From July 1, 2013 through September 19, 2013, the Company issued 20,000 shares of the Company’s restricted common stock upon receipt of its subscription receivable of $25,000.


On July 31, 2013, the Company entered into employee termination agreements with two employees whereby in aggregate the Company agreed to pay severance of $45,000 payable in the Company’s common stock and agreed to contingent cash payments totaling $86,000 which shall only be payable within one calendar month after the date of a public filing of the Company’s financial statements in which the Company has been cash flow positive, as defined, for the prior one year period. The Company also granted the terminated employees a total of 42,725 options to purchase the Company’s common stock at $1.60 per share, with an expiration date of December 31, 2018 and a vesting date of September 30, 2013.


Effective July 11, 2013, Schafer was granted execution/exercise bonuses identical to those granted to Bassani and Smith described in Note 12. The Company expects to record additional stock-based compensation for the incremental compensation related to modifications of the options and warrants.