STOCK BASED COMPENSATION DISCLOSURE

9 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION DISCLOSURE

5. STOCK BASED COMPENSATION DISCLOSURE

The Company’s 2008 Stock Incentive Plan (the “Plan”), which was approved by shareholders in October 2008, permitted the grant of stock options or restricted shares to its directors and employees for up to 152,000 shares (up to 38,000 restricted shares may be issued). Option awards were generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vested over five years of continuous service and had ten-year contractual terms. The Plan expired by its terms in September 2018.

During the three and nine month periods ended March 31, 2020 and 2019, the Company recorded no compensation expense related to our share-based compensation awards. As of March 31, 2020, there was no unrecognized compensation cost related to unvested share-based compensation awards granted in fiscal 2009.

All of the Company’s outstanding stock options were vested at March 31, 2018 and were expired as of March 31, 2019. There were no stock options exercised or issued during the nine months ended March 31, 2020 and 2019.