STOCK OPTIONS (Tables)

12 Months Ended

Jun. 30, 2014

Fair value weighted average assumptions

The fair value for the options granted were estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming no expected dividends: 

	For the Year Ended June 30,
	2014			2013
Expected volatility		70.01-104.94	%		92.53	%
Risk-free interest rate		0.30% to 0.78	%		0.26	%
Expected life (years)		2.50-3.25			2.50

Company's non-vested employee stock options

A summary of the status of the Company’s non-vested employee stock options during the twelve months ended June 30, 2014 is presented below:

				Weighted Average Grant-Date
	Options			Fair Value
Non-vested at July 1, 2013		20,375		$	3.26
Granted		50,000			1.65
Vested		(44,125	)		(2.33	)
Forfeited		-			-
Non-vested at June 30, 2014		26,250		$	1.69

A summary of the status of the Company’s non-vested employee stock options during the twelve months ended June 31, 2013 is presented below:

				Weighted Average Grant-Date
	Options			Fair Value
Non-vested at July 1, 2012		43,250		$	3.29
Granted		-			-
Vested		(21,375	)		(3.16	)
Forfeited		(1,500	)		(3.16	)
Non-vested at June 30, 2013		20,375		$	3.26

2007 Employee Plan [Member]

Option activities

A summary of option activities under the 2007 Employee Plan during the twelve month period ended June 30, 2014 is presented as follows:

	Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2013		263,500		$	3.06			1.57	$	-
Granted		50,000			3.26			-		-
Exercised		(126,500	)		(1.89	)		-		-
Forfeited or expired		(57,000	)		(3.81	)		-		-
Outstanding at June 30, 2014		130,000		$	3.93			2.57	$	13
Exercisable at June 30, 2014		103,750		$	4.14			2.10	$	3

The aggregate intrinsic value of the 126,500 shares of common stock upon exercise of options was $175.

A summary of option activities under the 2007 Employee Plan during the twelve-month period ended June 30, 2013 is presented as follows:

	Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2012		313,000		$	3.85			2.31	$	-
Granted		-			-			-		-
Exercised		-			-			-		-
Forfeited or expired		(49,500	)		(8.06	)		-		-
Outstanding at June 30, 2013		263,500		$	3.06			1.57	$	122
Exercisable at June 30, 2013		243,125		$	2.95			1.49	$	122

2007 Directors Equity Incentive Plan [Member]

Option activities

A summary of option activities under the 2007 Directors Plan during the twelve months ended June 30, 2014 is presented as follows:

	Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2013		350,000		$	3.53			1.96	$	80
Granted		100,000			3.41			4.31		-
Exercised		(65,000)			1.72			-		98
Forfeited or expired		(70,000	)		(4.81	)		-		-
Outstanding at June 30, 2014		315,000		$	3.62			2.63	$	24
Exercisable at June 30, 2014		315,000		$	3.62			2.63	$	24

A summary of option activities under the 2007 Directors Plan during the twelve months ended June 30, 2013 is presented as follows:

	Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2012		385,000		$	4.52			2.45	$	-
Granted		15,000			2.07			4.72		-
Exercised		-			-			-		-
Forfeited or expired		(50,000	)		(4.81	)		-		-
Outstanding at June 30, 2013		350,000		$	3.53			1.96	$	-
Exercisable at June 30, 2013		350,000		$	3.53			1.96	$	-