NOTE 16 – STOCKHOLDERS’ EQUITY

During the years ended June 30, 2017 and 2016, the Company issued 121,858 and 54,318 shares of common stock, respectively, for services rendered by officers of the Company. These shares were valued at the fair market value of $727,095 and $304,138, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.

During the years ended June 30, 2017 and 2016, the Company issued 52,251 and 33,000 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 $294,531 and $167,974, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.

During the years ended June 30, 2017 and 2016, the Company issued 253,066 and 141,204 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 $1,500,532 and $792,506, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.

During the years ended June 30, 2017 and 2016, the Company collected subscription receivable of $485,661 and $356,500, respectively, related to the exercise of stock options in previous years.

During the year ended June 30, 2017 and 2016, the Company received $380,770 and $780,980, respectively pursuant to a stock option agreement for the exercise of 84,838 and 177,024 shares of common stock, respectively at prices ranging from $3.88 to $4.75 and $3.88 to $4.92 per share, respectively.

During the year ended June 30, 2017, the Company purchased 7,500 shares of its common stock from the open market at an average price of $5.18 per share pursuant to the Company’s buy-back plan.