Stock-Based Compensation	6 Months Ended
Dec. 31, 2019
Stock-Based Compensation
Stock-Based Compensation	10. Stock-Based Compensation We have a stock incentive plan providing for the grant of incentive stock options to employees and non-qualified stock options to employees and directors. The Compensation Committee of the Board of Directors (“Compensation Committee”) administers the Amended and Restated 2011 Stock Incentive Plan (the"Stock Plan"). Under the Stock Plan, the Compensation Committee may award stock options and shares of common stock on a restricted basis. The Stock Plan also specifically provides for stock appreciation rights and authorizes the Compensation Committee to provide, either at the time of the grant of an award under the Stock Plan or otherwise, that such award may be cashed out upon terms and conditions to be determined by the Compensation Committee or the Board of Directors. Option awards are granted with an exercise price equal to the market price of our stock at the date of grant. We recognize stock compensation expense in accordance with ASC 718-10 over the requisite service period of the individual grantees, which generally equals the vesting period. All of our stock compensation is accounted for as equity instruments. The Stock Plan became effective November 1, 2011 and replaced the 2001 Stock Option Plan that expired on October 31, 2011. At December 31, 2019, there were 787,219 shares available for future grants. We recorded $96,000 and $15,000 to general and administrative expense for stock-based compensation related to the issuance of stock options and restricted stock to employees and board members during the three months ended December 31, 2019 and 2018, respectively. We recorded $195,000 and $75,000 to general and administrative expense for stock-based compensation related to the issuance of stock options and restricted stock to employees and board members during the six months ended December 31, 2019 and 2018, respectively. Restricted Stock Awards As of December 31, 2019, we had 162,500 service-condition restricted stock awards outstanding at a weighted-average grant date fair value of $3.98. Stock-based compensation expense for the three months and six months ended December 31, 2019 and 2018 resulted from vesting of shares over their respective vesting periods. Total remaining compensation cost of restricted stock awards issued but not yet vested as of December 31, 2019 is $275,000, which is expected to be recognized over the weighted average period of 2.02 years. Restricted Stock Awards to be Granted Under the Company’s 2019 Bonus Plan Under the terms of the Company’s 2019 bonus plan, the Company will grant $350,000 of restricted stock to eligible participants, based upon the Company’s net asset value as of December 31, 2019. The restricted stock award will be subject to the Stock Plan, which requires a service period following the restricted stock award grant. The share-based compensation expense attributable to these awards will be recorded over the requisite service period starting with the service inception date and ending on the final vest date. Stock Options We use a Black-Scholes option valuation model to determine the grant date fair value of stock-based compensation for stock options. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return, and dividend yield. The expected term of an award is no less than the option vesting period and is based on our expectations under our current operating environment. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The dividend yield used in the Black-Scholes option valuation model is based upon expectations of cash dividends. As of December 31, 2019, we had 15,000 stock options outstanding, of which 5,000 options had vested and were exercisable, at a weighted-average exercise price of $5.42, with a weighted-average remaining contractual term of 8.39 years. The total intrinsic value of options both outstanding and exercisable was nil for the three months and six months ended December 31, 2019 and 2018. Total remaining compensation cost of stock options granted, but not yet vested, at December 31, 2019 is $8,000, which is expected to be recognized over the weighted average remaining period of 1.38 years. We generally issue new shares to satisfy option exercises. During the three months and six months ended December 31, 2019 and 2018, there were no grants, forfeitures, or exercises of stock options.

10. Stock-Based Compensation

We have a stock incentive plan providing for the grant of incentive stock options to employees and non-qualified stock options to employees and directors. The Compensation Committee of the Board of Directors (“Compensation Committee”) administers the Amended and Restated 2011 Stock Incentive Plan (the"Stock Plan"). Under the Stock Plan, the Compensation Committee may award stock options and shares of common stock on a restricted basis. The Stock Plan also specifically provides for stock appreciation rights and authorizes the Compensation Committee to provide, either at the time of the grant of an award under the Stock Plan or otherwise, that such award may be cashed out upon terms and conditions to be determined by the Compensation Committee or the Board of Directors.

Option awards are granted with an exercise price equal to the market price of our stock at the date of grant. We recognize stock compensation expense in accordance with ASC 718-10 over the requisite service period of the individual grantees, which generally equals the vesting period. All of our stock compensation is accounted for as equity instruments.

The Stock Plan became effective November 1, 2011 and replaced the 2001 Stock Option Plan that expired on October 31, 2011. At December 31, 2019, there were 787,219 shares available for future grants.

We recorded $96,000 and $15,000 to general and administrative expense for stock-based compensation related to the issuance of stock options and restricted stock to employees and board members during the three months ended December 31, 2019 and 2018, respectively. We recorded $195,000 and $75,000 to general and administrative expense for stock-based compensation related to the issuance of stock options and restricted stock to employees and board members during the six months ended December 31, 2019 and 2018, respectively.

Restricted Stock Awards

As of December 31, 2019, we had 162,500 service-condition restricted stock awards outstanding at a weighted-average grant date fair value of $3.98.

Stock-based compensation expense for the three months and six months ended December 31, 2019 and 2018 resulted from vesting of shares over their respective vesting periods. Total remaining compensation cost of restricted stock awards issued but not yet vested as of December 31, 2019 is $275,000, which is expected to be recognized over the weighted average period of 2.02 years.

Restricted Stock Awards to be Granted Under the Company’s 2019 Bonus Plan

Under the terms of the Company’s 2019 bonus plan, the Company will grant $350,000 of restricted stock to eligible participants, based upon the Company’s net asset value as of December 31, 2019. The restricted stock award will be subject to the Stock Plan, which requires a service period following the restricted stock award grant. The share-based compensation expense attributable to these awards will be recorded over the requisite service period starting with the service inception date and ending on the final vest date.

Stock Options

We use a Black-Scholes option valuation model to determine the grant date fair value of stock-based compensation for stock options. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return, and dividend yield. The expected term of an award is no less than the option vesting period and is based on our expectations under our current operating environment. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The dividend yield used in the Black-Scholes option valuation model is based upon expectations of cash dividends.

As of December 31, 2019, we had 15,000 stock options outstanding, of which 5,000 options had vested and were exercisable, at a weighted-average exercise price of $5.42, with a weighted-average remaining contractual term of 8.39 years.

The total intrinsic value of options both outstanding and exercisable was nil for the three months and six months ended December 31, 2019 and 2018. Total remaining compensation cost of stock options granted, but not yet vested, at December 31, 2019 is $8,000, which is expected to be recognized over the weighted average remaining period of 1.38 years. We generally issue new shares to satisfy option exercises. During the three months and six months ended December 31, 2019 and 2018, there were no grants, forfeitures, or exercises of stock options.