EQUITY TRANSACTIONS

12 Months Ended

Jun. 30, 2018

On January 7, 2013, the Company announced that its Board of Directors approved a stock repurchase program effective January 3, 2013, authorizing the Company to repurchase in the aggregate up to $3 million of its outstanding common stock over a two-year period. On March 5, 2015, the Board approved a two-year extension of the stock repurchase program through January 1, 2017. The program has not been extended. During the years ended June 30, 2018, 2017 and 2016, shares were repurchased as follows:



	Year ended June 30,
	2018		2017		2016

Shares repurchased	—		—		104,365
Cash paid for shares repurchased (in thousands)	$	—	$	—	$	745
Average price paid per share	$	—	$	—	$	7.14

Total shares repurchased under the program are 295,615 shares at a cost of $1.6 million.

During the year ended June 30, 2018, the Company issued 20,617 shares of common stock as a portion of consideration for a third-party lease agreement. The shares were issued at $4.00 per share based on the closing price on the date of grant. This issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act. Non-cash expense recorded during the year ended June 30, 2018 was $37,000. The remaining cost of $46,000 will be amortized over the life of the lease and is included in Prepaid and Other Current Assets or Other Assets on the balance sheet.