STOCK OPTIONS (Tables)

9 Months Ended

Mar. 31, 2015

Fair value weighted average assumptions

	Nine Months Ended March 31, 2015		Year Ended June 30, 2014
Expected volatility		71.44%  to 104.94%		70.01% to 104.94%
Risk-free interest rate		0.30% to 0.78%		0.30% to 0.78%
Expected life (years)		2.50		2.50 to 3.25

Company's non-vested employee stock options

A summary of the status of the Company’s non-vested employee stock options during the nine months ended March 31, 2015 is presented below: 

	Options			Weighted Average Grant-Date Fair Value
Non-vested at July 1, 2014		26,250		$	1.69
Granted		-			-
Vested		(8,750	)		(1.69	)
Forfeited		-			-
Non-vested at March 31, 2015		17,500		$	1.69

A summary of the status of the Company’s non-vested employee stock options during the nine months ended March 31, 2014 is presented below: 

	Options			Weighted Average Grant-Date Fair Value
Non-vested at July 1, 2013		20,375		$	3.29
Granted		50,000			1.65
Vested		(44,125	)		(2.33	)
Forfeited		-			-
Non-vested at March 31, 2014		26,250		$	1.69

Employee 2007 [Member]

Option activities

A summary of option activities under the 2007 Employee Plan during the nine month period ended March 31, 2015 is presented as follows:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2014		130,000	$	3.93		2.57	$	13
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at March 31, 2015		130,000	$	3.93		1.82	$	-
Exercisable at March 31, 2015		112,500	$	4.06		1.53	$	-

A summary of option activities under the 2007 Employee Plan during the nine month period ended March 31, 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	$	122
Granted		50,000			3.26			4.62		-
Exercised		(126,500	)		(1.89	)		-		(175	)
Forfeited or expired		(40,000	)		(4.77	)		-		-
Outstanding at March 31, 2014		147,000		$	3.67			2.50	$	29
Exercisable at March 31, 2014		120,750		$	3.80			2.03	$	26

DirectorsPlan [Member]

Option activities

A summary of option activities under the 2007 Directors Plan during the nine months ended March 31, 2015 is presented as follows: 

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2014		315,000	$	3.62		2.63	$	82
Granted		50,000		3.81		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at March 31, 2015		365,000	$	3.64		2.24	$	30
Exercisable at March 31, 2015		365,000	$	3.64		2.24		30

A summary of option activities under the 2007 Directors Plan during the nine months ended March 31, 2014 is presented as follows:

	Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2013		340,000		$	3.53			1.96	$	80
Granted		100,000			3.41			3.41		-
Exercised		(65,000	)		1.72			-		(98	)
Forfeited or expired		(60,000	)		(4.81	)		-		-
Outstanding at March 31, 2014		315,000		$	3.62			3.12	$	67
Exercisable at March 31, 2014		315,000		$	3.62			3.12	$	67