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STOCK BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock based compensation plans

 

Date Approved   Name of Plan   Type of Plan   Authorized
Shares		  
June 2013   2013 Stock Incentive Plan   Stock     500,000  
June 2014   2014 Stock Option Incentive Plan   Stock Options     750,000  
June 2015   2015 Equity Incentive Plan   Stock + Stock Options     1,250,000  
              2,500,000  
Schedule of common stock for future issuance

As of June 30, 2015, the Company had reserved shares of Common Stock for future issuance for the following:

 

Exercise of Common Stock Warrants     4,309,000  
Conversions of Preferred Stock and cumulative Preferred Stock dividends     98,861  
Issuance under 2013 Stock Incentive Plan     321,111  
Issuance under 2014 Stock Option Incentive Plan     750,000  
Issuance under 2015 Equity Incentive Plan     1,250,000  
Issuance to former Chief Executive Officer upon a prescribed transaction     140,000  
Total shares reserved for future issuance     6,868,972  
Schedule of stock option granted weighted average assumptions

 

    Year ended     Year ended  
    June 30, 2015     June 30, 2014  
Expected volatility   78-79%   79%
Expected life    7 years      7 years  
Expected dividends   0.00%   0.00%
Risk-free interest rate   1.59-2.04%   2.22%
Schedule of options outstanding
    For the Twelve Months Ended June 30,  
    2015     2014     2013  
    Shares     Weighted
Average
Exercise Price		     Weighted
Average Grant
Date Fair Value		     Shares     Weighted
Average
Exercise Price		     Weighted
Average Grant
Date Fair Value		     Shares     Weighted
Average
Exercise Price		     Weighted
Average Grant
Date Fair Value		  
Options outstanding, beginning of period     120,000     $ 2.05     $ 1.49       -     $ -     $ -       45,333     $ 7.53     $ 5.34   
Granted    

438,888

     $ 1.82     $ 1.30       120,000     $ 2.05     $ 1.49       -     $ -     $ -  
Forfeited     (20,000 )   $ 2.05     $ 1.49       -     $ -     $ -       -     $ -     $ -  
Expired     -     $ -     $ -       -     $ -     $ -       (45,333 )   $ 7.53     $  5.34 
Exercised     -     $ -     $ -       -     $ -     $ -       -     $ -     $ -  
Options outstanding, end of period     538,888     $ 1.86     $ 1.33       120,000     $ 2.05     $ 1.49       -     $ -     $ -  
Schedule of common stock option activity

The following table provides information related to options as of June 30, 2015:

 

    Options Outstanding     Options Exercisable  
Range of Exercise Prices   Options
Outstanding		     Remaining
Contractual
Life		     Shares
Exercisable		     Remaining
Contractual
Life		     Weighted
Average
Exercise Price		  
$1.62 to $1.68     75,000       6.51       -       N/A       N/A  
$1.78     328,888       6.16       -       N/A       N/A  
$2.05     100,000       5.97       33,335       5.97     $ 2.05  
$2.09     10,000       6.58       -       N/A       N/A  
$2.75     25,000       6.77       -       N/A       N/A  
      538,888       6.21       33,335       5.97     $ 2.05  
Schedule of unvested options outstanding
    For the Twelve Months Ended June 30,  
    2015     2014     2013  
    Shares     Weighted
Average Grant
Date Fair Value		     Shares     Weighted
Average Grant
Date Fair Value		     Shares     Weighted
Average Grant
Date Fair Value		  
Unvested options, beginning of period     120,000     $ 1.49       -       -       -       -  
Granted     438,888     $ 1.30       120,000     $ 1.49       -       -  
Vested     (33,335 )   $ 1.49       -       -       -       -  
Forfeited     (20,000 )   $ 1.49       -       -       -       -  
Unvested options, end of period     505,553     $ 1.32       120,000     $ 1.49       -      $  -  
Schedule of share based compensation arrangement by share based payment award, options outstanding and exercisable options
    As of June 30,  
    2015     2014     2013  
    Options
Outstanding		     Exercisable
Options		     Options
Outstanding		     Exercisable
Options		     Options
Outstanding		     Exercisable
Options		  
Number     538,888       33,335       120,000       -       -       -  
Weighted average exercise price   $ 1.86     $ 2.05     $ 2.05     $ -     $ -     $ -  
Aggregate intrinsic value   $ 451,177     $ 21,668     $ 7,200     $ -     $ -     $ -  
Weighted average contractual term     6.21       5.97       6.97       -       -       -  
Share price as of June 30   $ 2.70     $ 2.70     $ 2.11     $ 2.11     $ 1.74     $ 1.74  
Schedule of nonvested share activity
        Weighted-Average  
          Grant-Date  
    Shares     Fair Value  
Nonvested Shares                
Nonvested at June 30, 2012     172,003     $ 1.82  
Granted     156,429       1.45  
Vested     (204,587 )     1.72  
Forfeited, Employee shares not earned     (26,699 )     1.52  
Nonvested at June 30, 2013     97,146     $ 1.52  
Granted     10,000       2.17  
Vested     (55,001 )     1.62  
Forfeited, Director changes     (3,334 )     0.94  
Forfeited, Employee shares not earned     (5,000 )     1.52  
Nonvested at June 30, 2014     43,811     $ 1.59  
Granted     155,927       2.00  
Vested     (181,134 )     1.89  
Nonvested at June 30, 2015     18,604     $ 1.88