SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2014

	2014		2013		2012
Number of options granted	372,086		247,197		534,182
Compensation expense recognized	$	481,426	$	2,615,498	$	5,024,825
Compensation cost capitalized	—		809,309		1,745,344
Weighted average fair value of options outstanding	$	5.88	$	8.68	$	16.72

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

	2014		2013		2012
Risk-free interest rate	0.08-0.95	%	0.07-0.96	%	0.11-0.91	%
Dividend yield	0	%	0	%	0	%
Volatility factor	74-125	%	80-123	%	105-129	%
Expected life (years)	0.5-3.25		0.5-3.5		0.25-3.25

Summary of employee stock options issued and outstanding

	Options		Weighted Average Share Price		Aggregate intrinsic value		Weighted average remaining contractual life (years)
Outstanding at July 1, 2011	1,159,356		$	14.80	$	23,558,086	5.65
Granted	534,182		20.56
Exercised	(100,625	)	6.64
Forfeited	(31,000	)	44.08
Options outstanding at June 30, 2012	1,561,913		$	16.72	$	1,145,800	4.62
Granted	247,197		4.49
Exercised	(95,000	)	3.92
Forfeited	(272,583	)	25.66
Expired	(80,018	)	24.61
Options outstanding at June 30, 2013	1,361,509		$	13.12	$	52,277	3.26
Granted	372,086		3.30
Exercised	—		—
Forfeited	(92,100	)	18.78
Expired	(199,768	)	23.66
Options outstanding at June 30, 2014	1,441,727		$	8.76	$	8,327	3.14
Options exercisable at June 30, 2014	762,498		$	13.17	$	8,439	2.74

Schedule of stock options outstanding and exercisable

Options outstanding and exercisable as of June 30, 2014

Exercise Price		Outstanding Number of Shares	Remaining Life	Exercisable Number of Shares
$	1.92-4.00	299,108	1 year	149,107
$	1.92-4.00	510,880	5 years	56,238
$	4.01-10.00	81,425	1 year	81,425
$	4.01-10.00	175,319	3 years	106,879
$	4.01-10.00	57,687	6 years	53,625
$	10.01-20.00	106,375	1 year	106,375
$	10.01-20.00	32,500	6 years	31,250
$	20.01-30.00	55,375	6 years	54,541
$	30.01-40.00	45,620	2 years	45,620
$	30.01-40.00	68,688	7 years	68,688
$	40.01-50.00	8,750	7 years	8,750
		1,441,727		762,498

Options outstanding and exercisable as of June 30, 2013

Exercise Price		Outstanding Number of Shares	Remaining Life	Exercisable Number of Shares
$	1.92 – 4.00	292,500	1 year	122,083
$	1.92 – 4.00	174,071	5 years	6,250
$	4.01-10.00	149,479	1 year	149,479
$	4.01-10.00	190,684	4 years	46,270
$	4.01-10.00	46,125	7 years	46,125
$	10.01-15.00	106,375	1 year	106,375
$	10.01-15.00	15,000	4 years	12,500
$	15.01-20.00	20,000	7 years	18,333
$	20.01-25.00	14,875	1 year	12,375
$	20.01-25.00	17,875	7 years	17,875
$	25.01-30.00	102,500	1 year	27,500
$	25.01-30.00	33,750	7 years	28,333
$	30.01-35.00	28,338	1 year	28,338
$	30.01-35.00	38,125	3 years	19,063
$	30.01-35.00	64,312	8 years	64,312
$	35.01-40.00	44,375	3 years	28,125
$	40.01-45.00	11,875	1 year	11,875
$	40.01-45.00	11,250	7 years	11,250
		1,361,509		756,461

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 June 30, 2014	21,030	$	4.12
Vested at June 30, 2014	—	$	—

Schedule of significant assumptions used to calculate the fair market value of a warrant

	2013
Risk-free interest rate	0.17	%
Dividend yield	0	%
Volatility factor	114	%
Expected life (months)	12

	2012
Risk-free interest rate	0.15	%
Dividend yield	0	%
Volatility factor	105	%
Expected life (months)	14

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 July 1, 2011	482,337		$	10.08	$	11,737,345	3.03
Granted	1,250,000		28.00
Exercised	(53,750	)	7.20
Expired	—		—
Outstanding at year ended June 30, 2012	1,678,587		$	23.52	$	—	1.08
Granted	6,375		7.84
Exercised	—		—
Expired	(1,250,000	)	28.00
Outstanding at year ended June 30, 2013	434,962		$	10.40	$	—	1.02
Granted	—		—
Exercised	—		—
Expired	(402,604	)	10.28
Outstanding at year ended June 30, 2014	32,358		$	11.69	$	—	1.12

Schedule of warrants outstanding and exercisable

Warrants outstanding and exercisable as of June 30, 2014

Exercise Price		Outstanding Number of Shares	Remaining Life	Exercisable Number of Shares
$	7.84	6,375	1 year	6,375
$	12.64	25,983	1 year	25,983
		32,358		32,358

Warrants outstanding and exercisable as of June 30, 2013

Exercise Price		Outstanding Number of Shares	Remaining Life	Exercisable Number of Shares
$	7.20	351,250	1 year	351,250
$	7.84	7,729	1 year	7,729
$	12.64	25,983	2 years	25,983
$	32.00	50,000	1 year	50,000
		434,962		434,962

- 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.

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