STOCK OPTIONS (Tables)

12 Months Ended

Jun. 30, 2015

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

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

For the options granted in 2015 and 2014, the Company used the following weighted-average assumptions: 

	2015		2014
Expected stock price volatility	43	%	47	%
Risk free interest rate	1.52	%	1.27	%
Expected dividend yield	4.00	%	4.00	%
Expected forfeitures	1.50	%	1.50	%
Expected life of options	4.6 years		4.6 years

Schedule of Share-based Compensation - Options Granted, Exercised, Cancelled, or Available for Exercise

The following table identifies options granted, exercised, canceled, or available for exercise pursuant to the 1990 Plan and the 2012 Plan: 

	Number of Shares		Stock Options Price Range	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life - Years	Aggregate Intrinsic Value of In-The- Money Options
Shares under option at July 1, 2013	1,741,000		$3.90 - $13.09	$	6.40	4.39	$	55,160
Granted	445,000		$5.30 - $5.83	$	5.64
Exercised	—		—	—
Expired	(120,000	)	$11.01	$	11.01
Forfeited	—		—	—
Shares under option at June 30, 2014	2,066,000		$3.90 - $13.09	$	5.97	4.13	$	—
Granted	470,000		$2.24 - $3.30	$	3.14
Exercised	—		—	—
Expired	(201,000	)	$4.97 - $13.09	$	7.06
Forfeited	(90,000	)	$3.00 - $6.00	$	4.69
Shares under option at June 30, 2015	2,245,000		$2.24 - $13.09	$	5.33	3.69	$	1,676
Exercisable as of June 30, 2014	904,918		$3.90 - $13.09	$	6.39
Exercisable as of June 30, 2015	1,134,500		$3.90 - $13.09	$	6.01

Intrinsic Value and Cash Received from Stock Option Exercises and Fair Value of Vested Stock Options

A summary of intrinsic value and cash received from stock option exercises and fair value of vested stock options for the fiscal years ended June 30, 2015 and 2014 is as follows: 

	2015		2014
Total intrinsic value of stock options exercised	$	—	$	—
Cash received from stock option exercises	$	—	$	—
Total fair value of stock options vested	$	696,958	$	586,342