SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2016

	2016		2015
Number of options granted		183,860		476,106
Compensation expense recognized	$	352,653	$	643,980
Compensation cost capitalized		—		—
Weighted average grant-date fair value of options outstanding	$	5.03	$	5.13

Schedule of significant assumptions used to compute the fair market values of employee and director stock options granted

	2016			2015
Risk-free interest rate		0.36 - 1.01	%		0.07 - 0.93	%
Dividend yield		0	%		0	%
Volatility factor		109 - 148	%		65 - 216	%
Expected life (years)		0.5 - 2.875			0.5 - 2.875

Summary of employee stock options issued and outstanding

	Options			Weighted Average Share Price		Aggregate intrinsic value		Weighted average remaining contractual life (years)
Options outstanding at July 1, 2014		1,441,727		$	8.76	$	8,327		3.14
Granted		476,106			1.40
Exercised		—			—
Forfeited		(517,853	)		4.21
Expired		(218,026	)		10.71

Options outstanding at June 30, 2015		1,181,954		$	7.43	$	—		3.39

Granted		183,860			0.54
Exercised		—			—
Forfeited		(39,175	)		1.39
Expired		(309,642	)		12.01

Options outstanding at June 30, 2016		1,016,997		$	5.03	$	—		3.19


Options exercisable at June 30, 2016		919,396		$	5.50	$	—		3.00

Schedule of stock options outstanding and exercisable

Options outstanding and exercisable as of June 30, 2016

Exercise Price	Outstanding Number of Shares		Remaining Life	Exercisable Number of Shares
$0.42 - 4.00		71,250	1 year		71,250
$0.42 - 4.00		78,855	2 years		78,855
$0.42 - 4.00		197,390	3 years		197,390
$0.42 - 4.00		348,954	4 years		333,963
$0.42 - 4.00		82,610	5 years		—
$4.01 - 10.00		97,938	1 year		97,938
$4.01 - 10.00		9,000	2 years		9,000
$4.01 - 10.00		4,062	3 years		4,062
$4.01 - 10.00		18,250	4 years		18,250
$10.01 - 20.00		1,875	1 year		1,875
$10.01 - 20.00		28,750	4 years		28,750
$20.01 - 30.00		1,250	1 year		1,250
$20.01 - 30.00		31,000	4 years		31,000
$30.01 - 40.00		16,250	1 year		16,250
$30.01 - 40.00		25,813	5 years		25,813
$40.01 - 50.00		3,750	5 years		3,750

		1,016,997			919,396

Options outstanding and exercisable as of June 30, 2015

Exercise Price	Outstanding Number of Shares		Remaining Life	Exercisable Number of Shares
$0.90 - 4.00		121,067	1 year		121,067
$0.90 - 4.00		88,264	3 years		68,842
$0.90 - 4.00		217,707	4 years		187,716
$0.90 - 4.00		375,000	5 years		—
$4.01 - 10.00		43,498	1 year		43,498
$4.01 - 10.00		107,126	2 years		106,502
$4.01 - 10.00		13,062	3 years		10,281
$4.01 - 10.00		22,000	5 years		22,000
$10.01 - 20.00		1,250	1 year		1,250
$10.01 - 20.00		1,875	2 years		1,875
$10.01 - 20.00		28,750	5 years		28,750
$20.01 - 30.00		16,667	1 year		16,667
$20.01 - 30.00		1,250	2 years		1,250
$20.01 - 30.00		31,625	5 years		31,625
$30.01 - 40.00		74,000	1 year		74,000
$30.01 - 40.00		27,563	6 years		27,563
$40.01 - 50.00		6,250	1 year		6,250
$40.01 - 50.00		5,000	6 years		5,000

		1,181,954			754,136

Summary of common stock warrants issued and outstanding

	Warrants			Weighted Average Share Price		Aggregate intrinsic value		Weighted average remaining contractual life(years)
Outstanding at year ended June 30, 2014		32,358		$	11.69	$	—		1.12
Granted		—			—
Exercised		—			—
Expired		(6,375	)		7.84

Outstanding at year ended June 30, 2015		25,983		$	12.64	$	—		0.30

Schedule of warrants outstanding and exercisable

Warrants outstanding and exercisable as of June 30, 2015

Exercise Price	Outstanding Number of Shares		Remaining Life		Exercisable Number of Shares
$12.64		25,983		0.30 year		25,983

		25,983				25,983

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details