SHAREHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2015

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

7. SHAREHOLDERS' EQUITY

Common Stock issuances

        There were no stock options or warrants exercised during the years ended June 30, 2015 or 2014.

Shares Issued in Severance Agreement:

        On May 16, 2013, we issued 84,375 shares of our common stock with a fair value of $0.4 million to a former employee as part of a severance agreement. Sale of the shares was restricted for the first 6 months after which 37,500 of the shares issued were to be eligible to be sold. The remaining 46,875 shares were to become eligible to be sold 12 months from the date the shares were issued, however on November 13, 2013, the company and the former employee agreed to an indefinite stop order on the trading of all of these shares until a mutually agreed upon release date, if any.