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STOCK BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of stock based compensation plans |
|  |  |  |  |  | Authorized
Date Approved |  | Name of Plan |  | Type of Plan |  | Shares
June 2013 |  | 2013 Stock Incentive Plan |  | Stock |  | 500,000
June 2014 |  | 2014 Stock Option Incentive Plan |  | Stock Options |  | 750,000
June 2015 |  | 2015 Stock Incentive Plan |  | Stock & Stock Options |  | 1,250,000
|  |  |  |  |  | 2,500,000
Schedule of common stock for future issuance | As of June 30, 2017, the Company had reserved shares of Common Stock for future issuance for the following:
Exercise of Common Stock Warrants |  | 23,978
Conversions of Preferred Stock and cumulative Preferred Stock dividends |  | 100,667
Issuance under 2013 Stock Incentive Plan |  | 9,004
Issuance under 2014 Stock Option Incentive Plan |  | 1,447
Issuance under 2015 Stock Incentive Plan |  | 1,052,000
Issuance to former Chief Executive Officer upon the occurrence of a USA Transaction |  | 140,000
Total shares reserved for future issuance |  | 1,327,096
Schedule of stock option granted weighted average assumptions |
|  | Year ended |  | Year ended |  | Year ended
|  | June 30, 2017 |  | June 30, 2016 |  | June 30, 2015
Expected volatility |  | 48-50% |  | 59-66% |  | 78-79%
Expected life |  | 4 years |  | 4.5 years |  | 7 years
Expected dividends |  | 0.00% |  | 0.00% |  | 0.00%
Risk-free interest rate |  | 1.06-1.90% |  | 1.46-1.49% |  | 1.59-2.04%
Schedule of information related to outstanding options |
|  | For the Twelve Months Ended June 30,
|  | 2017
|  |  |  | Weighted |  |
|  |  |  | Average Grant |  | Weighted Average
|  | Shares |  | Date Fair Value |  | Exercise Price
Outstanding options, beginning of period |  | 610,141 |  | $ | 1.35 |  | $ | 2.07
Granted |  | 303,079 |  | $ | 1.80 |  | $ | 4.30
Forfeited |  | — |  | $ | — |  | $ | —
Exercised |  | — |  | $ | — |  | $ | —
Expired |  | — |  | $ | — |  | $ | —
Outstanding options, end of period |  | 913,220 |  | $ | 1.51 |  | $ | 2.82
|  | For the Twelve Months Ended June 30,
|  | 2016
|  |  |  | Weighted |  |
|  |  |  | Average Grant |  | Weighted Average
|  | Shares |  | Date Fair Value |  | Exercise Price
Outstanding options, beginning of period |  | 538,888 |  | $ | 1.33 |  | $ | 1.86
Granted |  | 199,586 |  | $ | 1.63 |  | $ | 3.21
Forfeited |  | (95,000) |  | $ | 1.80 |  | $ | 3.38
Exercised |  | — |  | $ | — |  | $ | —
Expired |  | (33,333) |  | $ | 1.27 |  | $ | 1.80
Outstanding options, end of period |  | 610,141 |  | $ | 1.35 |  | $ | 2.07
|  | For the Twelve Months Ended June 30,
|  | 2015
|  |  |  | Weighted |  |
|  |  |  | Average Grant |  | Weighted Average
|  | Shares |  | Date Fair Value |  | Exercise Price
Outstanding options, beginning of period |  | 120,000 |  | $ | 1.49 |  | $ | 2.05
Granted |  | 438,888 |  | $ | 1.30 |  | $ | 1.82
Forfeited |  | (20,000) |  | $ | 1.49 |  | $ | 2.05
Exercised |  | — |  | $ | — |  | $ | —
Expired |  | — |  | $ | — |  | $ | —
Outstanding options, end of period |  | 538,888 |  | $ | 1.33 |  | $ | 1.86
The following table provides information related to options as of June 30, 2017:
|  | Options Outstanding |  | Options Exercisable
|  |  |  | Remaining Contractual |  | Shares |  | Remaining Contractual |  | Weighted Average
Range of Exercise Prices |  | Options Outstanding |  | Life |  | Exercisable |  | Life |  | Exercise Price
$1.62 to $1.68 |  | 75,000 |  | 4.51 |  | 50,001 |  | 4.51 |  | $ | 1.65
$1.80 to $2.00 |  | 295,555 |  | 4.16 |  | 245,555 |  | 4.16 |  | $ | 1.80
$2.05 |  | 100,000 |  | 3.97 |  | 100,000 |  | 3.97 |  | $ | 2.05
$2.09 |  | 10,000 |  | 4.58 |  | 6,666 |  | 4.58 |  | $ | 2.09
$2.75 |  | 25,000 |  | 4.77 |  | 16,666 |  | 4.77 |  | $ | 2.75
$2.94 |  | 75,000 |  | 5.53 |  | 25,000 |  | 5.53 |  | $ | 2.94
$3.38 |  | 29,585 |  | 5.06 |  | 29,586 |  | 5.06 |  | $ | 3.38
$4.00 |  | 75,000 |  | 6.69 |  | — |  | — |  | $ | —
$4.05 |  | 30,000 |  | 6.61 |  | 10,000 |  | 6.61 |  | $ | 4.05
$4.40 |  | 178,000 |  | 6.78 |  | — |  | — |  | $ | —
$4.98 |  | 20,080 |  | 6.17 |  | — |  | — |  | $ | —
|  | 913,220 |  | 5.18 |  | 483,474 |  | 4.36 |  | $ | 2.08
Schedule of unvested options |
|  |  | For the Twelve Months Ended June 30,
|  |  | 2017 |  |  | 2016 |  |  | 2015
|  |  |  |  | Weighted |  |  |  |  | Weighted |  |  |  |  | Weighted
|  |  |  |  | Average Grant |  |  |  |  | Average Grant |  |  |  |  | Average Grant
|  |  | Shares |  | Date Fair Value |  |  | Shares |  | Date Fair Value |  |  | Shares |  | Date Fair Value
Unvested options, beginning of period |  |  | 311,248 |  | $ | 1.39 |  |  | 505,553 |  | $ | 1.32 |  |  | 120,000 |  | $ | 1.49
Granted |  |  | 303,079 |  | $ | 1.80 |  |  | 199,586 |  | $ | 1.63 |  |  | 438,888 |  | $ | 1.30
Vested |  |  | (184,581) |  | $ | 1.42 |  |  | (298,891) |  | $ | 1.31 |  |  | (33,335) |  | $ | 1.49
Forfeited |  |  | — |  | $ | — |  |  | (95,000) |  | $ | 1.80 |  |  | (20,000) |  | $ | 1.49
Unvested options, end of period |  |  | 429,746 |  | $ | 1.67 |  |  | 311,248 |  | $ | 1.39 |  |  | 505,553 |  | $ | 1.32
Schedule of share based compensation arrangement by share based payment award, options outstanding and exercisable options |
|  | As of June 30,
|  | 2017 |  | 2016 |  | 2015
|  | Options |  | Exercisable |  | Options |  | Exercisable |  | Options |  | Exercisable
|  | Outstanding |  | Options |  | Outstanding |  | Options |  | Outstanding |  | Options
Number |  |  | 913,220 |  |  | 483,474 |  |  | 610,141 |  |  | 298,893 |  |  | 538,888 |  |  | 33,335
Weighted average exercise price |  | $ | 2.82 |  | $ | 2.08 |  | $ | 2.07 |  | $ | 1.87 |  | $ | 1.86 |  |  | 2.05
Aggregate intrinsic value |  | $ | 2,173,464 |  | $ | 1,508,439 |  | $ | 1,341,828 |  | $ | 717,343 |  | $ | 452,666 |  |  | 21,668
Weighted average contractual term |  | $ | 5.18 |  |  | 4.36 |  |  | 5.42 |  |  | 5.17 |  |  | 6.21 |  |  | 5.97
Share price as of June 30 |  | $ | 5.20 |  | $ | 5.20 |  | $ | 4.27 |  | $ | 4.27 |  | $ | 2.70 |  | $ | 2.70
Schedule of nonvested share activity |
|  |  |  | Weighted-Average
|  |  |  | Grant-Date
|  | Shares |  | Fair Value
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
Granted |  | 131,558 |  |  | 3.04
Vested |  | (21,664) |  |  | 2.70
Nonvested at June 30, 2016 |  | 128,498 |  | $ | 2.97
Granted |  | 135,585 |  |  | 4.25
Vested |  | (141,527) |  |  | 3.33
Nonvested at June 30, 2017 |  | 122,556 |  | $ | 3.96

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