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STOCK BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of stock based compensation plans
The Company has four active stock based compensation plans at June 30, 2020 as shown in the table below:
Date Approved
 
Name of Plan
 
Type of Plan
 
Authorized
Shares
 
 
 
 
 
 
 
June 2013
 
2013 Stock Incentive Plan
 
Stock
 
500,000

June 2014
 
2014 Stock Option Incentive Plan
 
Stock options
 
750,000

June 2015
 
2015 Equity Incentive Plan
 
Stock & stock options
 
1,250,000

April 2018
 
2018 Equity Incentive Plan
 
Stock & stock options
 
4,000,000

 
 
 
 
 
 
6,500,000
Schedule of common stock for future issuance
As of June 30, 2020, the Company had reserved shares of Common Stock for future issuance for the following:
Common Stock
 
Reserved Shares
Issuance upon exercise of Common Stock Warrants
 
23,978

Conversions of Preferred Stock and cumulative Preferred Stock dividends
 
104,806

Issuance upon exercise of stock options granted to current CEO
 
1,000,000

Issuance of shares to former CEO George Jensen upon the occurrence of a USA Transaction (1)
 
140,000

Issuance under 2013 Stock Incentive Plan
 
—

Issuance under 2014 Stock Option Incentive Plan
 
105,687

Issuance under 2015 Equity Incentive Plan
 
255,981

Issuance under 2018 Equity Incentive Plan
 
2,357,192

Total shares reserved for future issuance
 
3,987,644


__________________________________________
(1) 
Represents 140,000 shares issuable to our former CEO George Jensen upon the occurrence of a USA Transaction as such term is defined in the Jensen Stock Agreement dated September 27, 2011 by and between the Company and George R. Jensen.
Schedule of stock option granted weighted average assumptions
The fair value of options granted during the years ended June 30, 2020, 2019, and 2018 was determined using the following assumptions:
 
For the year ended June 30,
 
2020
 
2019
 
2018
 
 
 
 
 
 
Expected volatility
74.6 - 90.1%
 
58.4 - 70.9%
 
50.2 - 50.9%
Expected life (years)
3.5 - 4.8
 
4.2 - 4.5
 
4.0 - 4.5
Expected dividends
0.0%
 
0.0%
 
0.0%
Risk-free interest rate
0.3-1.6%
 
2.23-2.91%
 
1.64-1.75%
Schedule of information related to outstanding options
The following tables provide information about outstanding options for the years ended June 30, 2020, 2019, and 2018:
 
For the year ended June 30, 2020
Number of Options
 
Weighted Average
Exercise Price
 
Weighted Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value
(in thousands)
Outstanding options, beginning of period
1,127,098

 
$
4.84

 
4.3
 
$
2,917

Granted
2,075,760

 
$
6.47

 
 
 
 
Exercised
(440,435
)
 
$
2.48

 
 
 
$
(595
)
Forfeited
(324,998
)
 
$
6.55

 
 
 
 
Expired
—

 
$
—

 
 
 
 
Outstanding options, end of period
2,437,425

 
$
6.43

 
6.2
 
$
1,411

Exercisable options, end of period
560,871

 
$
6.01

 
4.8
 
$
559

 
For the year ended June 30, 2019
Number of Options
 
Weighted Average
Exercise Price
 
Weighted Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value
(in thousands)
Outstanding options, beginning of period
904,766

 
$
3.31

 
4.3
 
$
9,664

Granted
470,000

 
$
8.22

 
 
 
 
Exercised
(11,669
)
 
$
5.40

 
 
 
$
—

Forfeited
(235,999
)
 
$
5.70

 
 
 
 
Expired
—

 
$
—

 
 
 
 
Outstanding options, end of period
1,127,098

 
$
4.84

 
4.3
 
$
2,917

Exercisable options, end of period
638,988

 
$
2.86

 
3.4
 
$
2,923

 
For the year ended June 30, 2018
 
Number of Options
 
Weighted Average
Exercise Price
 
Weighted Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value
(in thousands)
Outstanding options, beginning of period
895,221

 
$
2.79

 
5.2
 
$
2,160

Granted
179,047

 
$
5.66

 
 
 
 
Exercised
(93,169
)
 
$
1.92

 
 
 
$
—

Forfeited
(76,333
)
 
$
4.30

 
 
 
 
Expired
—

 
$
—

 
 
 
 
Outstanding options, end of period
904,766

 
$
3.31

 
4.3
 
$
9,664

Exercisable options, end of period
632,737

 
$
2.55

 
3.9
 
$
7,242
Schedule of nonvested share activity
A summary of the status of the Company’s nonvested common shares and RSUs as of June 30, 2020, 2019, and 2018, and changes during the years then ended is presented below:
 
Shares
 
Weighted-Average
Grant-Date
Fair Value
Nonvested at June 30, 2017
122,556

 
$
3.96

Granted
275,547

 
5.31

Vested
(232,267
)
 
4.92

Nonvested at June 30, 2018
165,836

 
$
4.85

Granted
40,062

 
13.90

Vested
(166,927
)
 
6.01

Nonvested at June 30, 2019
38,971

 
$
9.19

Granted
651,715

 
7.28

Vested
(109,050
)
 
7.52

Forfeited
(368,622
)
 
7.89

Nonvested at June 30, 2020
213,014

 
$
6.50
Schedule of stock-based compensation expense
A summary of the Company's stock-based compensation expense recognized during the years ended June 30, 2020, 2019, and 2018 is as follows (in thousands):
 
 
For the year ended June 30,
Award type
 
2020
 
2019
 
2018
Stock options
 
$
2,181

 
$
822

 
$
485

Stock grants
 
848

 
928

 
1,309

Total stock-based compensation expense
 
$
3,029

 
$
1,750

 
$
1,794

The Company recognized tax benefits of $0.5 million, $0.3 million, and $0.3 million related to stock compensation expense for the years ended June 30, 2020, 2019, and 2018.
A summary of the Company's unrecognized stock-based compensation expense as of June 30, 2020 is as follows:
 
 
As of June 30, 2020
Award type
 
Unrecognized Expense
(in thousands)
 
Weighted Average Recognition Period
(in years)
Stock options
 
$
5,807

 
2.1
Stock grants
 
$
1,125

 
1.3