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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

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:

					Weighted Average Exercise Price
Stock Options		Shares			Per Share
Outstanding as of June 30, 2015			815,600		$	3.04
Granted			-			-
Forfeited			-			-
Exercised			-			-
Outstanding as of September 30, 2015			815,600		$	3.04

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 September 30, 2015:

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			3.83		$	6.00			193,000			3.83
$	2.96			222,600			6.49		$	2.96			74,200			6.49
$	1.65			400,000			9.35			-			-			-
				815,600

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

The following is a summary of the restricted stock grants:

Restricted stock grants		Shares
Non-vested as of June 30, 2015			453,575
Granted			-
Non-vested adjustment			-
Cancelled			-
Vested			-
Non-vested as of September 30, 2015			453,575

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

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-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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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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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