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STOCK BASED COMPENSATION PLANS | 3 Months Ended
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Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK BASED COMPENSATION PLANS | 12. STOCK BASED COMPENSATION PLANS STOCK OPTIONS The fair value of each option granted is estimated on the date of the grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for options granted during:
|  | Three months ended September 30, |
|  | 2015 |  |  | 2014 |
Expected volatility |  |  | 63-66% |  |  |  | 79% |
Expected life |  |  | 4 - 4.5 years |  |  |  | 7 years |
Expected dividends |  |  | 0.00% |  |  |  | 0.00% |
Risk-free interest rate |  |  | 1.34-1.49% |  |  |  | 2.04% |
Stock based compensation related to stock options for the three months ended September 30, 2015 and 2014 was $115 thousand and $52 thousand, respectively. Unrecognized compensation related to stock option grants as of September 30, 2015 was $444 thousand. Changes in outstanding stock options for the three months ended September 30, 2015 and 2014 consisted of the following:
|  | 2015 |  |  | 2014 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |
Options outstanding, beginning of period |  |  | 538,888 |  |  | $ | 1.86 |  |  | $ | 1.33 |  |  |  | 120,000 |  |  | $ | 2.05 |  |  | $ | 1.49 |
Granted |  |  | 119,586 |  |  | $ | 3.38 |  |  | $ | 1.77 |  |  |  | 328,888 |  |  | $ | 1.80 |  |  | $ | 1.27 |
Forfeited |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  | $ | - |
Expired |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  | $ | - |
Exercised |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  | $ | - |
Options outstanding, end of period |  |  | 658,474 |  |  | $ | 2.14 |  |  | $ | 1.41 |  |  |  | 448,888 |  |  | $ | 1.87 |  |  | $ | 1.33 |
Changes in unvested stock options for the three months ended September 30, 2015 and 2014 consisted of the following:
|  | 2015 |  |  | 2014 |
|  | Options |  |  | Weighted Average Grant Date Fair Value |  |  | Options |  |  | Weighted Average Grant Date Fair Value |
Unvested options, beginning of period |  |  | 505,553 |  |  | $ | 1.32 |  |  |  | 120,000 |  |  | $ | 1.49 |
Granted |  |  | 119,586 |  |  | $ | 1.77 |  |  |  | 328,888 |  |  | $ | 1.27 |
Vested |  |  | (168,888 | ) |  | $ | 1.27 |  |  |  | - |  |  | $ | - |
Forfeited |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
Unvested options, end of period |  |  | 456,251 |  |  | $ | 1.46 |  |  |  | 448,888 |  |  | $ | 1.33 |
Exercise prices of stock options outstanding as of September 30 and June 30, 2015 consisted of the following:
|  | September 30, 2015 |  |  | June 30, 2015 |
|  | (unaudited) |  |  |  |  |  |  |
Range of Exercise Prices |  | Options Outstanding |  |  | Options Exercisable |  |  | Options Outstanding |  |  | Options Exercisable |
$1.62 to $1.68 |  |  | 75,000 |  |  |  | - |  |  |  | 75,000 |  |  |  | - |
$1.80 |  |  | 328,888 |  |  |  | 168,888 |  |  |  | 328,888 |  |  |  | - |
$2.05 |  |  | 100,000 |  |  |  | 33,335 |  |  |  | 100,000 |  |  |  | 33,335 |
$2.09 |  |  | 10,000 |  |  |  | - |  |  |  | 10,000 |  |  |  | - |
$2.75 |  |  | 25,000 |  |  |  | - |  |  |  | 25,000 |  |  |  | - |
$3.38 |  |  | 119,586 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 658,474 |  |  |  | 202,223 |  |  |  | 538,888 |  |  |  | 33,335 |
|  | September 30, 2015 |  |  | June 30, 2015 |
|  | (unaudited) |  |  |  |  |  |  |
($ in thousands except per share price and number of options) |  | Options Outstanding |  |  | Options Exercisable |  |  | Options Outstanding |  |  | Options Exercisable |
Number of stock options |  |  | 658,474 |  |  |  | 202,223 |  |  |  | 538,888 |  |  |  | 33,335 |
Weighted average exercise price |  | $ | 2.14 |  |  | $ | 1.84 |  |  | $ | 1.86 |  |  | $ | 2.05 |
Aggregate intrinsic value |  | $ | 230 |  |  | $ | 131 |  |  | $ | 451 |  |  | $ | 22 |
Weighted average contractual life |  |  | 6.11 |  |  |  | 5.88 |  |  |  | 6.21 |  |  |  | 5.97 |
Share price |  | $ | 2.49 |  |  | $ | 2.49 |  |  | $ | 2.70 |  |  | $ | 2.70 |
STOCK GRANTS The Company’s nonvested common shares as of September 30, 2015, and changes during the period then ended consisted of the following:
|  |  | Shares |  |  | Weighted-Average Grant-Date Fair Value |
Nonvested at June 30, 2015 |  |  |  | 18,604 |  |  | $ | 1.88 |
Granted |  |  |  | 131,558 |  |  |  | 3.04 |
Vested |  |  |  | (21,664 | ) |  |  | 2.70 |
Nonvested at September 30, 2015 |  |  |  | 128,498 |  |  | $ | 2.97 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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