Quarterly report pursuant to Section 13 or 15(d)

Incentive and Non-statutory Stock Option Plan

v3.7.0.1
Incentive and Non-statutory Stock Option Plan
 9 Months Ended
Mar. 31, 2017
Incentive And Non-statutory Stock Option Plan  
Incentive and Non-statutory Stock Option Plan

NOTE 14 - INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN

 

Common stock purchase options and warrants consisted of the following:

 

OPTIONS:

 

    # of shares     Weighted Ave Exercise Price     Weighted Average Remaining Contractual Life (in years)     Aggregated Intrinsic Value  
                         
Outstanding and exercisable, June 30, 2016     610,133     $ 4.90       0.99     $ 799,030  
Granted     79,838     $ 4.53                  
Exercised     (79,838 )   $ 4.53                  
Expired / Cancelled     (130,000 )   $ 7.50                  
Outstanding and exercisable, March 31, 2017     480,133     $ 4.20       0.42     $ 519,319  
                                 
WARRANTS:                                
Outstanding and exercisable, June 30, 2016     163,124     $ 7.29       0.23     $ 9,303  
Granted / adjusted     -       -                  
Exercised     -       -                  
Expired     (163,124 )   $ 7.29                  
Outstanding and exercisable, March 31, 2017     -       -       -     $ -  

 

The following table summarizes information about stock options and warrants outstanding and exercisable at March 31, 2017.

 

Exercise Price   Number
Outstanding
and
Exercisable 		    Weighted
Average
Remaining
Contractual
Life 		    Weighted
Ave
Exercise
Price 		 
  OPTIONS:                        
                           
  $0.10 - $9.90     479,133       0.42     $ 4.17  
  $10.00 - $19.90     1,000       0.31     $ 16.00  
  Totals     480,133       0.42     $ 4.20  

 

The following table summarizes stock grants awarded as compensation:

 

    # of shares     Weighted
Average Grant
Date Fair Value
($) 		 
Unvested, June 30, 2015     6,667     $ 6.00  
Granted     864,500     $ 5.91  
Vested     (240,939 )   $ 5.51  
Unvested, June 30, 2016     630,228     $ 6.07  
Granted     225,896     $ 5.92  
Cancelled     (5,000 )   $ 5.55  
Vested     (308,763 )   $ 5.88  
Unvested, March 31, 2017     542,361     $ 6.12  

 

For the three and nine months ended March 31, 2017, the Company recorded compensation expense of $499,743 and $2,047,839, respectively. For the three and nine months ended March 31, 2016, the Company recorded compensation expense of $368,674 and $694,693, respectively. The compensation expense related to the unvested stock grants as of March 31, 2017 was $3,085,100 which will be recognized during the fiscal years 2017 through 2022.

 

OPTIONS

 

During the nine months ended March 31, 2017, the Company granted 79,838 options to employees with exercise prices of ranging from $4.45 to $4.75 per share and expiration dates of 1 to 3 months, vesting immediately. Using the Black-Scholes method to value the options, the Company recorded $26,956 in compensation expense for these options in the accompanying condensed consolidated financial statements. The fair market value was calculated using the Black-Scholes option pricing model with the following assumptions:

 

● Risk-free interest rate - 0.01% -0.51%
● Expected life –1- 3 months
● Expected volatility – 16.71% - 19.27%
● Expected dividend - 0%