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7. STOCK BASED COMPENSATION PLANS
 9 Months Ended
Mar. 31, 2016
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 nine months ended March 31, 2016 and March 31, 2015 respectively and $-0- and $-0- for the three months ended March 31, 2016 and March 31, 2015 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 3/31/16   3,600,000    0.18    5.86 
                
Exercisable on 3/31/16   3,600,000    0.18    5.86 
                

 

The options have a contractual term of ten years. The aggregate intrinsic value of options outstanding and exercisable was $0 at March 31, 2016.

 

At March 31, 2016, shares available for future stock option grants to employees and directors under the 2012 Stock Option Plan were 4,500,000.