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SUBSEQUENT EVENTS
3 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

 

On October 19, 2015, the Company and David M. DeMedio entered into a Separation Agreement and Release (the “Separation Agreement”), pursuant to which Mr. DeMedio resigned as Chief Services Officer of the Company effective October 14, 2015. Pursuant to the Separation Agreement, the Company shall provide Mr. DeMedio with, among other things, an amount of $270,000, payable bi-weekly over a one-year period, an amount of $67,500 in four equal quarterly payments, and 60,000 non-qualified stock options and 28,659 shares of common stock, which were previously awarded to Mr. DeMedio but had not vested as of the date of his resignation. The Separation Agreement also provides that Mr. DeMedio shall provide consulting services to the Company.

 

The Company has concluded that there are no other subsequent events requiring disclosure other than the item listed above and the October 1, 2015 purported class action complaint referenced in Note 16.