Quarterly report pursuant to Section 13 or 15(d)

Incentive and Non-statutory Stock Option Plan

v3.20.1
Incentive and Non-statutory Stock Option Plan
 9 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Incentive and Non-statutory Stock Option Plan

NOTE 18 - INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN

 

Common stock purchase options consisted of the following:

 

OPTIONS:                        
                         
    # of shares     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life (in years)     Aggregated Intrinsic Value  
Outstanding and exercisable, June 30, 2019     40,386     $ 6.50       0.61     $ 404  
Granted     -       -                  
Exercised     -       -                  
Expired / Cancelled     (40,386 )   $ 6.50                  
Outstanding and exercisable, March 31, 2020     -       -       -     $ -  

 

During the nine months ended March 31, 2020, 40,386 options outstanding and exercisable, became expired.

 

The following table summarizes stock grants awarded as compensation:

 

    # of shares     Weighted Average Grant Date Fair Value ($)  
Unvested, June 30, 2019     81,515     $ 5.88  
Granted     148,221     $ 5.27  
Vested     (126,955 )   $ 5.24  
Forfeited / Cancelled     (991 )   $ 6.05  
Unvested, March 31, 2020     101,790     $ 5.79  

 

For the three and nine months ended March 31, 2020, the Company recorded compensation expense of $236,702 and $565,287, respectively. For the three and nine months ended March 31, 2019, the Company recorded compensation expense of $110,939 and $980,682, respectively. The compensation expense related to the unvested stock grants as of March 31, 2019 was $539,603 which will be recognized during the fiscal years 2020 through 2022.