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COMMON STOCK
6 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
COMMON STOCK

NOTE 10. COMMON STOCK


Share Repurchase Program


In December 2019, our Board approved a new share repurchase program authorizing us to repurchase up to 1 million shares of our common stock, as the prior repurchase plan authorized by the Board in 2013 was nearing completion. In accordance with, and as part of, these share repurchase programs, our Board approved the adoption of several prearranged share repurchase plans intended to qualify for the safe harbor provided by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). During the three and six months ended December 31, 2019, we repurchased 106,897 and 156,685 shares, respectively, at an aggregate cost, inclusive of fees under the plan, of $1,535,000 and $2,215,000, respectively. During the three and six months ended December 31, 2018, we repurchased 109,366 and 217,454 shares, respectively, at an aggregate cost, inclusive of fees under the plan, of $1,445,000 and $2,560,000, respectively. On a cumulative basis, since implementation of the share repurchase program in 2013, we have repurchased a total of 744,736 shares under the share repurchase program at an aggregate cost of $7.3 million. All repurchases under the 10b5-1 Plans were administered through an independent broker.


At The Market Offering Agreement


In February 2017, our Board approved an ATM Agreement with Ascendiant Capital Markets, LLC (“Ascendiant”). The ATM Agreement allows us to sell shares of our common stock pursuant to specific parameters defined by us as well as those defined by the SEC and the ATM Agreement. During the three and six months ended December 31, 2019 and 2018 we did not issue any shares under the ATM. From the inception of the ATM in February 2017 through December 31, 2017, during periods when we did not make purchases under our share repurchase program, we sold 340,465 shares of common stock for gross proceeds of $2,311,000 net of commissions and fees paid to Ascendiant totaling $72,000. In December 2017, the Board suspended the ATM indefinitely. The Board has the discretion to reactivate the ATM prior to February 16, 2020, the expiration of the ATM Agreement, unless earlier terminated by Ascendiant or us. However, we do not anticipate that the ATM will be reactivated prior to its expiration.