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STOCK OPTION PLAN, STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Jun. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Stock Options Granted
During the fiscal years ended June 30, 2012, 2013 and 2014, the Company granted awards of stock options as follows:
 
 
 
2012
 
2013
 
2014
 
Stock option awards
 
 
277,000
 
 
863,100
 
 
610,600
 
Weighted average Exercise price
 
$
0.96
 
$
0.81
 
$
0.50
 
Company Granted Awards Of Stock Options
The fair value of each option was estimated on the date of grant using the Black-Scholes option–pricing model with the following weighted average assumptions:
 
 
 
2012
 
 
2013
 
 
2014
 
Risk-free interest rate
 
 
1.11
%
 
 
0.87
%
 
 
1.53
%
Expected term (years)
 
 
5.0
 
 
 
5.0
 
 
 
5.0
 
Volatility
 
 
64
%
 
 
95
%
 
 
108
%
Expected annual dividends
 
 
-
 
 
 
-
 
 
 
-
 
Summary of Status of Stock Plans
The following table summarizes the status of the 2007 and 2010 Plans as of June 30, 2014:
 
 
 
2007 Plan
 
2010 Plan
 
Total
 
Options originally available
 
 
2,000,000
 
 
4,000,000
 
 
6,000,000
 
Stock options outstanding
 
 
1,699,073
 
 
958,275
 
 
2,657,348
 
Options available for grant
 
 
268,762
 
 
3,038,150
 
 
3,306,912
 
Summary of Stock Options Transactions
Transactions involving stock options are summarized as follows:
 
 
 
Number  
of Shares
 
Weighted Average 
 Exercise Price
 
Weighted Average 
 Grant Date 
 Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2011
 
 
2,233,475
 
$
1.36
 
$
0.65
 
Granted
 
 
277,000
 
$
0.96
 
$
0.57
 
Exercised
 
 
-
 
$
-
 
$
-
 
Cancelled
 
 
(17,350)
 
$
1.51
 
$
0.70
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2012
 
 
2,493,125
 
$
1.32
 
$
0.64
 
Granted
 
 
863,100
 
$
0.81
 
$
0.58
 
Exercised
 
 
-
 
$
-
 
$
-
 
Cancelled
 
 
(942,700)
 
$
1.79
 
$
0.85
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2013
 
 
2,413,525
 
$
0.95
 
$
0.53
 
Granted
 
 
610,600
 
$
0.50
 
$
0.40
 
Exercised
 
 
(23,740)
 
$
0.85
 
$
0.52
 
Cancelled
 
 
(343,037)
 
$
0.95
 
$
0.44
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2014
 
 
2,657,348
 
$
0.83
 
$
0.52
 
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding
The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of June 30, 2012, 2013 and 2014 were as follows:
 
 
 
Number of 
Shares
 
Weighted Average
 Exercise Price
 
Weighted Average
 Remaining 
Contractual Life 
(Years)
 
Intrinsic 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Employees – Outstanding
 
 
2,258,125
 
$
1.32
 
 
2.28
 
$
-
 
Employees – Expected to Vest
 
 
833,518
 
$
1.32
 
 
2.28
 
$
-
 
Employees – Exercisable
 
 
1,331,994
 
$
1.54
 
 
1.34
 
$
-
 
Non-Employees – Outstanding
 
 
235,000
 
$
1.30
 
 
1.95
 
$
-
 
Non-Employees – Vested
 
 
223,750
 
$
1.44
 
 
1.88
 
$
-
 
Non-Employees – Exercisable
 
 
223,750
 
$
1.44
 
 
1.88
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Employees – Outstanding
 
 
2,248,525
 
$
0.94
 
 
3.13
 
$
475,236
 
Employees – Expected to Vest
 
 
2,023,673
 
$
0.94
 
 
3.13
 
$
427,712
 
Employees – Exercisable
 
 
845,275
 
$
1.08
 
 
1.85
 
$
101,882
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Employees – Outstanding
 
 
165,000
 
$
1.10
 
 
2.37
 
$
6,600
 
Non-Employees – Vested
 
 
157,500
 
$
1.10
 
 
2.38
 
$
6,600
 
Non-Employees – Exercisable
 
 
157,500
 
$
1.10
 
 
2.38
 
$
6,600
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Employees – Outstanding
 
 
2,514,848
 
$
0.82
 
 
2.93
 
$
-
 
Employees – Expected to Vest
 
 
2,263,363
 
$
0.82
 
 
2.93
 
$
-
 
Employees – Exercisable
 
 
1,068,411
 
$
0.97
 
 
1.86
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Employees-Outstanding
 
 
142,500
 
$
0.96
 
 
2.47
 
$
-
 
Non-Employees-Vested
 
 
123,750
 
$
0.99
 
 
2.28
 
$
-
 
Non-Employees-Exercisable
 
 
123,750
 
$
0.99
 
 
2.28
 
$
-
 
Additional Information with Respect to Outstanding Options
Additional information with respect to outstanding options as of June 30, 2014 is as follows:
 
Options Outstanding
 
Options Exercisable
 
Options Exercise
 Price Range
 
Number of
 Shares
 
Weighted 
Average
 Remaining
 Contractual Life
 
Weighted 
Average
 Exercise Price
 
Number of 
Shares
 
Weighted 
Average
 Remaining
 Contractual Life
 
$
1.29
 
 
298,600
 
0.62 years
 
$
1.29
 
 
298,600
 
0.62 years
 
$
1.27
 
 
15,000
 
1.20 years
 
$
1.27
 
 
11,250
 
1.20 years
 
$
1.15
 
 
22,500
 
1.39 years
 
$
1.15
 
 
22,500
 
1.39 years
 
$
1.07
 
 
22,500
 
2.42 years
 
$
1.07
 
 
22,500
 
2.42 years
 
$
1.05
 
 
22,500
 
0.39 years
 
$
1.05
 
 
22,500
 
0.39 years
 
$
0.95
 
 
237,375
 
2.71 years
 
$
0.95
 
 
119,713
 
2.71 years
 
$
0.86
 
 
520,735
 
1.61 years
 
$
0.86
 
 
387,198
 
1.61 years
 
$
0.81
 
 
823,638
 
3.61 years
 
$
0.81
 
 
206,650
 
3.61 years
 
$
0.80
 
 
22,500
 
3.36 years
 
$
0.80
 
 
22,500
 
3.36 years
 
$
0.75
 
 
75,000
 
1.87 years
 
$
0.75
 
 
56,250
 
1.87 years
 
$
0.74
 
 
22,500
 
4.36 years
 
$
0.74
 
 
22,500
 
4.36 years
 
$
0.64
 
 
15,000
 
4.37 years
 
$
0.64
 
 
-
 
4.37 years
 
$
0.50
 
 
559,500
 
4.61 years
 
$
0.50
 
 
-
 
4.61 years