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9. EMPLOYEE/DIRECTOR EQUITY INCENTIVE PLANS (Tables)
 9 Months Ended
Mar. 31, 2014
Employeedirector Equity Incentive Plans Tables  
Stock option activity under the employee and director plans

Information with respect to stock option activity under the employee and director plans is as follows:

 

   

Number

of

Options

    

Weighted

Average

Exercise Price

    

Average

Remaining

Contractual Life

(in years)

  
Balance at July 1, 2012     847,813     $ 6.25        
Options granted     142,710       1.88        
Options forfeited     (205,239 )     5.05        
Balance at June 30, 2013     785,284       5.75       5.34  
Options granted     299,700       0.80          
Options forfeited     (11,867 )     2.61          
Balance at March 31, 2014     1,073,117     $ 4.61       5.41  
Assumptions were used to estimate the fair value of options

The following assumptions were used to estimate the fair value of options granted during the nine months ended March 31, 2014 and 2013 using the Black-Scholes option-pricing model:

 

    Nine months ended March 31,
    2014   2013
Expected life of option (years)   4   4
Risk-free interest rate   0.95 - 1.20%   0.46 - 0.61%
Assumed volatility   94 - 155%   96 - 104%
Expected dividend rate   0%   0%
Expected forfeiture rate   4.91 - 5.62%   4.19 - 6.66%
Summary of the status of unvested employee stock options

A summary of the status of unvested employee stock options as of March 31, 2014 and June 30, 2013 and changes during the years ended is presented below:

 

   

Number

of 

Options

    

Weighted

Average

Grant Date

Fair Value

Per Share

  

 Average

Remaining

Contractual Life

(in years)

Balance at July 1, 2012     449,499     $ 4.70    
Granted     142,710       1.88    
Vested     (158,390 )     4.75    
Forfeited     (171,152 )     4.21    
Balance at June 30, 2013     262,668       3.44    
Granted     299,700       0.80    
Vested     (117,887 )     3.57    
Forfeited     (3,398 )     2.04    
Balance at March 31, 2014     441,083     $ 1.62   7.08
Status of restricted stock unit balances

The table below summarizes the status of restricted stock unit balances:

 

   

Number of

Restricted

Stock Units

    

Weighted

Average

Valuation

Price Per Unit

  
Balance at July 1, 2012     489,687     $ 3.60  
RSUs granted     970,000       1.30  
RSUs forfeited     (320,000 )     1.30  
Shares issued     (8,000 )     1.70  
Balance at June 30, 2013     1,131,687       2.30  
RSUs granted     1,460,696       0.88  
RSUs forfeited     (400,000 )     1.45  
Shares issued     (45,570 )     1.31  
Balance at March 31, 2014     2,146,813     $ 1.50