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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Dec. 31, 2013

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value was estimated on July 29, 2009 using the Binomial Lattice valuation model, with the following weighted-average assumptions:

Stock price at grant date	$	6.00
Exercise price (per share)	$	6.00
Risk free rate of interest***		4.6118	%
Dividend yield		0.0	%
Life of option (years)**		10
Volatility*		78	%
Forfeiture rate****		0	%

* Volatility is projected using the performance of PHLX Oil Service Sector index.

** The life of options represents the period the option is expected to be outstanding.

*** The risk-free interest rate is based on the Chinese international bond denominated in U.S. dollar, with a maturity that approximates the life of the option.

**** Forfeiture rate is the estimated percentage of options forfeited by employees by leaving or being terminated before vesting.

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following is a summary of the stock options activity:

Stock Options	Shares	Weighted Average Exercise Price Per Share
Outstanding as of July 1, 2013	608,000	$	3.93
Granted	-		-
Forfeited	(44,000)		(3.93)
Exercised	-		-
Outstanding as of December 31, 2013	564,000	$	3.93

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

The following is a summary of the status of options outstanding and exercisable at December 31, 2013:

	Outstanding Options							Exercisable Options
Average Exercise Price			Number		Average Remaining Contractual life (Years)		Average Exercise Price			Number		Average Remaining Contractual life (Years)
$	6.00		193,000		5.58		$	6.00		154,400		5.58
$	2.96		371,000		8.24		$	2.96		74,200		8.24

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

Following is a summary of the restricted stock grants:

Restricted stock grants		Shares
Nonvested as of June 30, 2013		-
Granted		260,362
Forfeited		-
Vested		(30,000)
Nonvested as of December 31, 2013		230,362

X

- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock units.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Tabular disclosure of the number of fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term for both options (or share units) currently outstanding and options (or share units) exercisable (or convertible).

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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