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7. STOCK BASED COMPENSATION PLANS
 6 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
7. STOCK BASED COMPENSATION PLANS

The Company follows FASB Accounting Standards Codification No. 718 – Compensation – Stock Compensation for share based payments to employees. The Company follows FASB Accounting Standards Codification No. 505 for share based payments to Non-Employees.

 

The Company recognized expense in the amount of $-0- and $17,709 for the six months ended December 31, 2015 and December 31, 2014 respectively and $-0- and $8,855 for the three months ended December 31, 2015 and December 31, 2014 respectively for options granted in prior periods the cost of which is being recorded on a straight-line basis over the vesting period. There was no impact on the Company's cash flow.

 

Further information relating to stock options is as follows:

 

            Weighted    
        Weighted   Average    
    Number   Average   Remaining    
    of   Exercise   Contract    
    Shares   Price   Life (years)    
Outstanding options at 06/30/15     3,600,000     $    0.18     6.61  
Granted     -     -     -  
Exercised     -     -     -  
Forfeited/expired     -     -     -  
Outstanding options at 12/31/15     3,600,000     0.18     6.11  
                     
Exercisable on 12/31/15     3,600,000     0.18     6.11  
                               

 

The options have a contractual term of ten years. The aggregate intrinsic value of options outstanding and exercisable was $0 at December 31, 2015. Total intrinsic value of options exercised was $0 for the six months ended December 30, 2015 as no options were exercised during this period.

 

At December 31, 2015, shares available for future stock option grants to employees and directors under the 2012 Stock Option Plan were 4,500,000.