STOCKHOLDERS' EQUITY

6 Months Ended

Dec. 31, 2011

Stockholders' equity:

STOCKHOLDERS' EQUITY

(7)      STOCKHOLDERS’ EQUITY:

Restricted Stock Units – In June 2011, the Company granted 500,000 restricted stock units to its executive management under the Company’s 2011 Stock Incentive Plan. Half of these restricted stock units vest 12 months from the date of grant and the remainder 24 months from the date of grant. The grant date fair value of these restricted stock units of $430,000 is being amortized over the 24 month vesting period of the award. The Company recognized $80,625 and $161,250, respectively, of stock-based compensation expense related to these restricted stock units during the three and six months ended December 31, 2011.

    In July 2010, the Company granted 205,000 restricted stock units to its employees under the Company’s 2005 Stock Plan. On September 15, 2010, October 15, 2010 and November 30, 2010, 99,500, 14,500 and 15,000 shares of common stock vested. The Company recognized $72,994 and $282,519, respectively, of stock-based compensation expense related to these restricted stock units during the three and six months ended December 31, 2010.

    Stock-based compensation costs for the three and six months ended December 31, 2011 for stock options and equity-based instruments issued other than the restricted stock units described above were $161,422 and $291,070 respectively, and $54,702 and $155,620, respectively, for the three and six months ended December 31, 2010.