11. EMPLOYEE AND DIRECTOR EQUITY INCENTIVE PLANS (Tables)

9 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Assumptions were used to estimate the fair value of options

	Nine Months Ended March 31,
	2016		2015
Expected life of option (years)		4		4
Risk-free interest rate		1.12 - 1.50 %		1.08 - 1.42 %
Assumed volatility		100.77 - 101.70 %		99.78 - 103.90 %
Expected dividend rate		0.00 %		0.00 %
Expected forfeiture rate		6.23 - 12.63 %		5.00 - 6.32 %

Stock option activity under the employee and director plans

	Number  of Options			Weighted Average Exercise Price		Average Remaining Contractual Life (in years)
Balance at June 30, 2014		1,419,068		$	3.23
Options granted		423,000			0.85
Options forfeited		(264,290	)		3.22
Balance at June 30, 2015		1,577,778			2.60		5.74
Options granted		2,776,600			0.58
Options forfeited		(246,351	)		4.19
Balance at March 31, 2016		4,108,027		$	1.14		6.73

Stock options outstanding

				Outstanding						Exercisable
Range of Exercise Prices		Number of Options		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number of Options		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price
$	0.31 to $1.00		3,070,650		7.33	$	0.58		189,883		6.07	$	0.69
$	1.01 to $2.50		724,327		6.00		1.51		220,763		5.36		1.81
$	2.51 to $5.00		98,400		3.23		3.95		98,400		3.23		3.95
$	5.01 to $6.95		214,650		2.06		6.47		214,650		2.06		6.47
Balance at March 31, 2016			4,108,027		6.73	$	1.14		723,696		4.28	$	3.19

Summary of the status of unvested employee stock options

	Number of Options			Weighted Average Grant Date Fair Value Per Share		Average Remaining Contractual Life (in years)
Balance at June 30, 2014		822,469		$	1.63
Options granted		423,000			0.85
Options vested		(347,328	)		1.42
Options forfeited		(121,616	)		2.31
Balance at June 30, 2015		776,525			1.19
Options granted		2,776,600			0.64
Options vested		(59,529	)		1.18
Options forfeited		(109,265	)		0.88
Balance at March 31, 2016		3,384,331		$	0.70		7.25

Status of restricted stock unit balances

	Number of Restricted Stock Units			Weighted Average Valuation Price Per Unit
Balance at June 30, 2014		1,346,813		$	1.87
RSUs granted		922,500			1.05
RSUs forfeited		(103,334	)		1.69
Shares issued		(229,944	)		0.80
Balance at June 30, 2015		1,936,035			1.53
RSUs granted		2,364,000			0.50
RSUs forfeited		-			-
Shares issued		(162,791	)		0.72
Balance at March 31, 2016		4,137,244		$	1.01