Stockholders' Equity |
12 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Equity [Abstract] | |
| Stockholders' Equity |
NOTE 14 – STOCKHOLDERS’ EQUITY
During the years ended June 30, 2016 and 2015, the Company issued 54,318 and 152,500 shares of common stock, respectively, for services rendered by officers of the Company. These shares were valued at the fair market value of $304,138 and $699,000, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.
During the years ended June 30, 2016 and 2015, the Company issued 33,000 and 41,726 shares of common stock respectively, for services rendered by the independent members of the Board of Directors as part of their board compensation. These shares were valued at the fair market value of $167,974 and $173,633 respectively, and recorded as compensation expense in the accompanying consolidated financial statements.
During the years ended June 30, 2016 and 2015, the Company issued 141,204 and 170,275 shares of common stock, respectively, to employees pursuant to the terms of their employment agreements. These shares were valued at the fair market value of $792,506 and $603,075, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.
During the year ended June 30, 2016, the Company collected subscription receivable of $356,500 related to the exercise of stock options in previous years.
During the year ended June 30, 2016 and 2015, the Company received $780,980 and $191,400, respectively, pursuant to a stock option agreement for the exercise of 177,024 and 49,329 shares of common stock, respectively, at prices ranging from $3.88 to $4.92 and $3.88 per share, respectively.
During the year ended June 30, 2015, the Company received $2,359,530 pursuant to a stock purchase agreement for the purchase of 743,107 restricted shares of common stock at prices ranging from $2.85 to $4.46 per share.
During the year ended June 30, 2015, the Company determined that certain subscription receivables related to stock issuances in previous years were deemed uncollectible and reduced the subscription receivable account $982,181 with a corresponding entry to additional-paid-in-capital.
During the year ended June 30, 2015, the Company determined that certain subscription receivables related to the exercise of stock options were deemed uncollectible and reduced the subscription receivable account by $158,635 with a corresponding entry to compensation expense. |