Quarterly report pursuant to Section 13 or 15(d)

Incentive and Non-statutory Stock Option Plan

v3.19.1
Incentive and Non-statutory Stock Option Plan
 9 Months Ended
Mar. 31, 2019
Share-based Payment Arrangement [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     (13,076 )   $ 6.50                  
Expired / Cancelled     -       -                  
Outstanding and exercisable, March 31, 2019     40,386     $ 6.50       0.85     $ -  

 

The following table summarizes information about stock options outstanding and exercisable at March 31, 2019.

 

Exercise Price     Number
Outstanding
and
Exercisable 		    Weighted
Average
Remaining
Contractual
Life 		    Weighted
Average
Exercise
Price 		 
OPTIONS:                          
                           
$6.50       40,386       0.85     $ 6.50  
Totals       40,386       0.85     $ 6.50  

 

During the nine months ended March 31, 2019, the Company extended the life of 40,386 options with an exercise price of $6.50, for a period of one year. The Company recorded $43,612 in compensation expense for the extension of these options in the accompanying condensed consolidated financial statements. The fair market value was calculated using the Black-Scholes option pricing model with the following assumptions:

 

    March 31, 2019  
Risk-free interest rate     2.56 %
Expected life     1 year  
Expected volatility     45 %
Expected dividend     0 %

 

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     (157,511 )   $ 6.05  
Unvested, March 31, 2019     110,413     $ 5.88  

 

For the three and nine months ended March 31, 2019, the Company recorded compensation expense of $110,939 and $980,682, respectively. For the three and nine months ended March 31, 2018, the Company recorded compensation expense of $448,221 and $1,281,751, respectively. The compensation expense related to the unvested stock grants as of March 31, 2019 was $593,480 which will be recognized during the fiscal years 2019 through 2022.