Quarterly report pursuant to Section 13 or 15(d)

Incentive and Non-Statutory Stock Option Plan

v2.4.1.9
Incentive and Non-Statutory Stock Option Plan
 6 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Incentive and Non-Statutory Stock Option Plan

NOTE 13 – 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 June 30, 2014     757,462     $ 6.65       2.2          
Granted     -       -                  
Exercised     (30,000 )   $ 3.88                  
Expired / Cancelled     -       -                  
Outstanding December 31, 2014     727,462     $ 6.76       1.71     $ -  
Exercisable, December 31, 2014     477,462     $ 8.27       1.83     $ -  
                                 
WARRANTS:                                
Outstanding and exercisable, June 30, 2014     163,124     $ 7.29       2.2          
Granted / adjusted     -       -                  
Exercised     -       -                  
Expired     -       -                  
Outstanding and exercisable, December 31, 2014     163,124     $ 7.29       1.71     $ -  

 

The following table summarizes information about stock options and warrants outstanding and exercisable at December 31, 2014.

 

Exercise Price   Number
Outstanding		     Weighted
Average
Remaining
Contractual
Life		     Weighted
Ave
Exercise
Price		     Number
Exercisable		     Weighted
Average
Remaining
Contractual
Life		     Weighted
Ave
Exercise
Price		  
OPTIONS:                                                
                                                 
$0.10 - $9.90     653,462       1.76     $ 4.81       403,462       1.93     $ 5.39  
$10.00 - $19.90     14,000       1.12     $ 18.18       14,000       1.12     $ 18.18  
$20.00 - $29.90     60,000       1.33     $ 25.33       60,000       1.33     $ 25.33  
Totals     727,462       1.71     $ 6.76       477,462       1.83     $ 8.27  
                                                 
WARRANTS:                                                
$5.00 - $7.50     163,124       1.71     $ 7.29       163,124       1.71     $ 7.29  
Totals     163,124       1.71     $ 7.29       163,124       1.71     $ 7.29  

 

The Company recorded compensation expense of $155,623 and $311,245 for the three and six months ended December 31, 2014, respectively, related to vested options. The compensation expense related to the unvested options as of December 31, 2014 was $311,244 which will be recognized during the fiscal year of 2015. The Company recorded compensation expense of $33,214 and $158,251 for the three and six months ended December 31, 2013, respectively.

 

The following table summarizes stock grants awarded as compensation:

 

    # of shares     Weighted
Average Grant
Date Fair Value
($)		  
             
Unvested, June 30, 2013     -       -  
Granted     337,899     $ 5.78  
Vested     (105,899 )   $ 10.00  
Unvested, June 30, 2014     232,000     $ 3.88  
Granted     110,500     $ 2.90  
Vested     (172,226 )   $ 3.57  
Unvested, December 31, 2014     170,274     $ 3.56  

 

For the three and six months ended December 31, 2014, the Company recorded compensation expense of $316,370 and $614,293 respectively. For the three and six months ended December 31, 2013, the Company recorded compensation expense of $232,012 and $464,025 respectively. The compensation expense related to the unvested stock grants as of December 31, 2014 was $606,675 which will be recognized during the fiscal year of 2015.