SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2017


	2017		2016
Number of options granted		498,500		183,860
Compensation expense recognized	$	189,880	$	352,653
Compensation cost capitalized		—		—
Weighted average grant-date fair value of options outstanding	$	1.37	$	5.03

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


	2017		2016
Risk-free interest rate	0.9 - 1.86	%	0.36 - 1.01	%
Dividend yield	0	%	0	%
Volatility factor	109 - 157	%	109 - 148	%
Expected life (years)	2.9 - 4.80		0.5 - 2.875

Summary of employee and director stock options issued and outstanding


						Weighted
						average
		Weighted		Aggregate		remaining
		Average Share		intrinsic		contractual life
	Options	Price		value		(years)
Options outstanding at July 1, 2015	1,181,954	$	8.76	$	8,327	3.14
Granted	183,860		1.40
Exercised	—		—
Forfeited	(39,175)		4.21
Expired	(309,642)		10.71
Options outstanding at June 30, 2016	1,016,997	$	7.43	$	—	3.39
Granted	498,500		1.37
Exercised	(183,492)		0.66
Forfeited	—		—
Expired	(221,840)		9.64
Options outstanding at June 30, 2017	1,110,165	$	3.19	$	—	3.56
Options exercisable at June 30, 2017	740,915	$	4.05	$	—	2.94

Schedule of stock options outstanding and exercisable

Options outstanding and exercisable as of June 30, 2017


Options outstanding and exercisable as of June 30, 2017
				Outstanding
				Number of			Exercisable
Exercise Price				Shares	Remaining Life		Number of Shares
$	0.41	-	4.00	57,915	1	year	57,915
$	0.41	-	4.00	136,296	2	years	136,296
$	0.41	-	4.00	226,720	3	years	226,720
$	0.41	-	4.00	112,610	4	years	33,360
$	0.41	-	4.00	478,500	5	years	188,500
$	4.01	-	10.00	24,000	1	year	24,000
$	4.01	-	10.00	4,062	2	years	4,062
$	4.01	-	10.00	7,000	3	years	7,000
$	10.01	-	20.00	17,500	4	years	17,500
$	20.01	-	30.00	28,500	4	years	28,500
$	30.01	-	40.00	13,312	4	years	13,312
$	40.01	-	50.00	3,750	4	years	3,750
				1,110,165			740,915

Options outstanding and exercisable as of June 30, 2016


				Outstanding
				Number of			Exercisable
Exercise Price				Shares	Remaining Life		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	year	—
$	4.01	-	10.00	97,938	1	years	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	year	18,250
$	10.01	-	20.00	1,875	1	years	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	—	2	years	—
$	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	—	1	year	—
$	40.01	-	50.00	3,750	5	years	3,750
				1,016,997			919,396

Summary information regarding employee and director restricted stock issued and outstanding


		Weighted
	Restricted Stock	Average Share
	Shares	Price
Restricted Stock outstanding at June 30, 2016	—	$	—
Granted	401,146		1.51
Vested	—		—
Forfeited	—		—
Restricted Stock outstanding at June 30, 2017	401,146	$	1.51

Summary of common stock warrants issued and outstanding


						Weighted
						average
		Weighted		Aggregate		remaining
		Average		intrinsic		contractual
	Warrants	Share Price		value		life(years)
Outstanding at year ended June 30, 2016	—	$	—	$	—	—
Granted	4,041,951		1.98		—	1.91
Exercised	—		—		—
Expired	—		—		—
Outstanding at year ended June 30, 2017	4,041,951	$	1.98	$	—	1.91

Schedule of warrants outstanding and exercisable


		Outstanding			Exercisable
Exercise		Number of			Number of
Price		Shares	Remaining Life		Shares
$	1.83	3,555,228	1.93	years	3,555,228
$	3.00-3.04	486,723	1.71-1.82	years	486,723
		4,041,951			4,041,951

- 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