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
 9 Months Ended
Mar. 31, 2015
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
Exericse 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,  March 31, 2015     727,462     $ 6.76       1.47     $ -  
Exercisable, March 31, 2015     602,462     $ 7.36       1.51     $ -  
                                 
WARRANTS:                                
Outstanding and exercisable, June 30, 2014     163,124     $ 7.29       2.2          
Granted / adjusted     -       -                  
Exercised     -       -                  
Expired     -       -                  
Outstanding and exercisable, March 31, 2015     163,124     $ 7.29       1.46     $ -  

 

The following table summarizes information about stock options and warrants outstanding and exercisable at March 31, 2015.

 

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       1.51     $ 4.81       528,462       1.58     $ 5.04  
$10.00 - $19.90       14,000       0.87     $ 18.18       14,000       0.87     $ 18.18  
$20.00 - $29.90       60,000       1.08     $ 25.33       60,000       1.08     $ 25.33  
Totals       727,462       1.47     $ 6.76       602,462       1.51     $ 7.36  
                                                   
WARRANTS:                                                  
$5.00 - $7.50       163,124       1.46     $ 7.29       163,124       1.46     $ 7.29  
Totals       163,124       1.46       7.29       163,124       1.46     $ 7.29  

 

The Company recorded compensation expense of $155,623 and $466,868 for the three and nine months ended March 31, 2015, respectively, related to vested options. The compensation expense related to the unvested options as of March 31, 2015 was $155,622 which will be recognized during the fiscal year of 2015. The Company recorded compensation expense of $31,154 and $189,405 for the three and nine months ended March 31, 2014, 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       111,275     $ 3.20  
Vested       (309,150 )   $ 3.66  
Unvested, March 31, 2015       34,125     $ 3.66  

 

For the three and nine months ended March 31, 2015, the Company recorded compensation expense of $517,068 and $1,119,721 respectively. For the three and nine months ended March 31, 2014, the Company recorded compensation expense of $232,023 and $696,048 respectively. The compensation expense related to the unvested stock grants as of March 31, 2015 was $124,792 which will be recognized during the fiscal year of 2015.