Quarterly report pursuant to Section 13 or 15(d)

Incentive and Non-statutory Stock Option Plan

v3.8.0.1
Incentive and Non-statutory Stock Option Plan
3 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Incentive and Non-statutory Stock Option Plan

NOTE 16 - 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     (84,838 )   $ 4.49                  
Expired / Cancelled     (130,000 )   $ 7.50                  
Outstanding and exercisable, June 30, 2017     475,133     $ 4.20       1.05     $ 8,413  
Granted     -       -                  
Exercised     (35,773 )   $ 3.88                  
Expired / Cancelled     (1,000 )   $ 16.00                  
Outstanding and exercisable, September 30, 2017     438,360     $ 4.20       0.81     $ -  

 

The following table summarizes information about stock options and warrants outstanding and exercisable at September 30, 2017.

 

 

Exercise Price     Number Outstanding and Exercisable     Weighted Average Remaining Contractual Life     Weighted Ave Exercise Price  
OPTIONS:                    
                     
$ 3.88       384,898       0.74     $ 3.88  
$ 6.50       53,462       1.35     $ 6.50  
Totals       438,360       0.81     $ 4.20  

 

The following table summarizes stock grants awarded as compensation:

 

    # of shares     Weighted
Average Grant
Date Fair Value ($)
 
             
Unvested, June 30, 2016     630,228     $ 6.07  
Granted     222,146     $ 5.92  
Forfeited / Cancelled     (5,000 )   $ 5.55  
Vested     (427,175 )   $ 5.90  
Unvested, June 30, 2017     420,199     $ 6.07  
Vested     (71,971 )   $ 5.90  
Unvested, September 30, 2017     348,228     $ 6.16  

 

For the three months ended September 30, 2017 and 2016, the Company recorded compensation expense of $427,809 and $865,456, respectively. The compensation expense related to the unvested stock grants as of September 30, 2017 was $2,137,629 which will be recognized during the fiscal years 2018 through 2022.