SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Mar. 31, 2014

SHARE-BASED COMPENSATION

Schedule of information about options

	2014		2013
Number of options granted	7,421		72,160
Compensation expense recognized	$	537,000	$	2,241,000
Compensation cost capitalized	—		767,000
Weighted average fair value of options outstanding	$	7.36	$	9.76

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

	2014		2013
Risk-free interest rate	0.08-0.90	%	0.11-0.53	%
Dividend yield	0	%	0	%
Volatility factor	74-95	%	98-123	%
Expected life (years)	0.5-3.25		0.5-3.25

Summary of employee and director stock options issued and outstanding

	Options		Weighted Average Exercise Price		Aggregate intrinsic value		Weighted average remaining contractual term (years)
Options outstanding at July 1, 2013	1,361,509		$	13.12	$	52,277	3.26
Granted	7,421		5.59
Exercised	—		—
Forfeited	(92,100	)	18.78
Expired	(134,993	)	24.43
Options outstanding at March 31, 2014	1,141,837		$	11.28	$	—	2.60
Options exercisable at March 31, 2014	727,429		$	15.04	$	—	2.62

Schedule of stock options outstanding and exercisable

Options outstanding and exercisable as of March 31, 2014
Exercise Price		Outstanding Number of Shares	Remaining Life	Exercisable Number of Shares
$	1.92-4.00	292,859	1 year	142,858
$	1.92-4.00	152,466	4 years	6,250
$	4.01-10.00	108,693	1 year	108,693
$	4.01-10.00	175,319	3 years	65,773
$	4.01-10.00	57,687	6 years	53,625
$	10.01-15.00	106,375	1 year	106,375
$	10.01-15.00	15,000	6 years	12,500
$	15.01-25.00	12,375	1 year	11,542
$	15.01-25.00	35,375	7 year	35,375
$	25.01-35.00	13,875	1 year	13,875
$	25.01-35.00	38,125	2 years	38,125
$	25.01-35.00	98,063	7 years	96,813
$	35.01-45.00	22,500	1 year	22,500
$	35.01-45.00	13,125	7 years	13,125
		1,141,837		727,429

Summary information regarding employee and director restricted stock issued and outstanding

	Options	Weighted Average Grant Price
Balance at July 1, 2013	—	$	—
Granted	21,030	4.12
Vested	—	—
Forfeited	—	—
Expired	—	—
Balance at March 31, 2014	21,030	$	4.12