Stock Based Compensation (Tables)

3 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the three months ended September 30, 2021. There were no options awarded for the three months ended September 30, 2020.

	September 30, 2021
Dividend yield		—%
Company’s expected volatility		25.50%
Risk-free interest rate		0.89%
Expected term		5.4 yrs
Weighted average fair value per share of options granted during the period		$3.73

Schedule of Stock Option Activity

The following table summarizes stock option activity during the three months ended September 30, 2021:

	Employee Stock Options Plan
					Weighted
	Number of		Weighted		Average
	Shares		Average		Remaining		Aggregate
	Subject		Exercise		Contractual		Intrinsic
	to Option		Price		Term		Value
Balance at July 1, 2021		304,662	$	23.37		6.06
Granted		68,350	$	14.87		9.76
Exercised		—		—		—
Forfeited or expired		(28,500)	$	23.84		—
Outstanding at September 30, 2021		344,512	$	21.64		6.85	$	0
Vested or expected to vest at September 30, 2021		315,123	$	22.06		6.63	$	0
Exercisable at September 30, 2021		178,512	$	25.58		4.74	$	0

Schedule of Changes in Non-Vested Stock Options

The following table summarizes changes in non-vested stock options during the three months ended September 30, 2021:

	Weighted Number		Average
	of Shares Subject to Option		Grant Date Fair Value (per Option)
Non-vested at July 1, 2021	103,450	$	2.22
Granted	68,350	$	3.73
Vested	—		—
Forfeited or expired	(5,800)	$	2.36
Non-vested at September 30, 2021	166,000	$	2.84