Quarterly report pursuant to Section 13 or 15(d)

Incentive and Non-statutory Stock Option Plan

v3.10.0.1
Incentive and Non-statutory Stock Option Plan
 6 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Incentive and Non-statutory Stock Option Plan

NOTE 17 - 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, 2018     53,462     $ 6.50       0.61     $          -  
Granted     -       -                  
Exercised     (10,000 )   $ 6.50                  
Expired / Cancelled     -       -                  
Outstanding and exercisable, December 31, 2018     43,462     $ 6.50       0.12     $ -  

  

 

The following table summarizes information about stock options outstanding and exercisable at December 31, 2018.

 

OPTIONS:

 

Exercise Price     Number Outstanding and Exercisable    

Weighted Average Remaining

Contractual Life

     Weighted Average Exercise Price  
                     
$ 6.50       43,462       0.12     $ 6.50  
Totals       43,462       0.12     $ 6.50  
                             

 

The following table summarizes stock grants awarded as compensation:

 

    # of shares     Weighted Average Grant Date Fair Value ($)  
             
Unvested, June 30, 2018     155,648     $ 6.07  
Granted     112,276     $ 5.73  
Vested     (141,841 )   $ 6.08  
Unvested, December 31, 2018     126,083     $ 5.86  

 

For the three and six months ended December 31, 2018, the Company recorded compensation expense of $437,695 and $869,743, respectively. For the three and six months ended December 31, 2017, the Company recorded compensation expense of $405,721 and $833,530, respectively. The compensation expense related to the unvested stock grants as of December 31, 2018 was $704,420 which will be recognized during the fiscal years 2019 through 2022.