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STOCK BASED COMPENSATION (Tables) | 12 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of stock based compensation plans | The Company has three active stock based compensation plans at June 30, 2023 as shown in the table below:
Date Approved |  | Name of Plan |  | Type of Plan |  | Authorized Shares
June 2014 |  | 2014 Stock Option Incentive Plan |  | Stock options |  | 750,000 |
June 2015 |  | 2015 Equity Incentive Plan |  | Stock & stock options |  | 1,250,000 |
April 2018 |  | 2018 Equity Incentive Plan |  | Stock & stock options |  | 10,000,000 |
|  |  |  |  |  | 12,000,000 |
Schedule of common stock for future issuance | As of June 30, 2023, the Company had reserved shares of Common Stock for future issuance for the following:
Common Stock |  | Reserved Shares
Conversions of Preferred Stock and cumulative Preferred Stock dividends |  | 106,141 |
Issuance of shares to former CEO George Jensen upon the occurrence of a Cantaloupe transaction (1) |  | 140,000 |
Issuance under 2014 Stock Option Incentive Plan |  | 15,687 |
Issuance under 2015 Equity Incentive Plan |  | 339,492 |
Issuance under 2018 Equity Incentive Plan |  | 5,421,009 |
Total shares reserved for future issuance |  | 6,022,329 |
(1)Represents 140,000 shares issuable to our former CEO George Jensen upon the occurrence of a "USA Transaction" as such term is defined in the Jensen Stock Agreement dated September 27, 2011 by and between the Company and George R. Jensen.
Schedule of stock option granted weighted average assumptions | The fair value of options granted during the years ended June 30, 2023, 2022, and 2021 was determined using the following assumptions:
| For the year ended June 30,
| 2023 |  | 2022 |  | 2021
Expected volatility | 74.6 - 77.6% |  | 73.2 - 74.6% |  | 74.3 - 77.3%
Expected life (years) | 4.4 - 4.6 |  | 4.5 - 4.6 |  | 4.5
Expected dividends | 0.0% |  | 0.0% |  | 0.0%
Risk-free interest rate | 2.7 - 4.1% |  | 1.0-2.9% |  | 0.2-0.7%
Schedule of information related to outstanding options | The following tables provide information about outstanding options for the years ended June 30, 2023, 2022, and 2021:
| For the year ended June 30, 2023
Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period | 3,529,833 |  |  | $ | 7.41 |  |  | 4.5 |  | $ | 194 |
Granted | 1,720,000 |  |  | $ | 4.61 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  | $ | — |
Forfeited | (1,376,201) |  |  | $ | 6.86 |  |  |  |  |
Expired | — |  |  | $ | — |  |  |  |  |
Outstanding options, end of period | 3,873,632 |  |  | $ | 6.35 |  |  | 5.1 |  | $ | 7,595 |
Exercisable options, end of period | 1,341,466 |  |  | $ | 7.26 |  |  | 3.9 |  | $ | 1,536 |
| For the year ended June 30, 2022
Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period | 2,952,092 |  |  | $ | 6.97 |  |  | 5.6 |  | $ | 14,419 |
Granted | 904,500 |  |  | $ | 8.86 |  |  |  |  |
Exercised | (121,248) |  |  | $ | 6.30 |  |  |  |  | $ | (53) |
Forfeited | (205,511) |  |  | $ | 8.09 |  |  |  |  |
Expired | — |  |  | $ | — |  |  |  |  |
Outstanding options, end of period | 3,529,833 |  |  | $ | 7.41 |  |  | 4.5 |  | $ | 194 |
Exercisable options, end of period | 1,538,302 |  |  | $ | 6.79 |  |  | 4.5 |  | $ | 183 |
| For the year ended June 30, 2021
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period | 2,437,425 |  |  | $ | 6.43 |  |  | 6.2 |  | $ | 1,411 |
Granted | 755,000 |  |  | $ | 8.40 |  |  |  |  |
Exercised | (74,667) |  |  | $ | 3.81 |  |  |  |  | $ | (601) |
Forfeited | (165,666) |  |  | $ | 6.90 |  |  |  |  |
Expired | — |  |  | $ | — |  |  |  |  |
Outstanding options, end of period | 2,952,092 |  |  | $ | 6.97 |  |  | 5.6 |  | $ | 14,419 |
Exercisable options, end of period | 1,040,131 |  |  | $ | 6.52 |  |  | 5.1 |  | $ | 5,558 |
Schedule of nonvested share activity | A summary of the status of the Company’s nonvested common shares and RSUs as of June 30, 2023, 2022, and 2021, and changes during the years then ended is presented below:
| Shares |  | Weighted-Average Grant-Date Fair Value
Nonvested at June 30, 2020 | 213,014 |  |  | $ | 6.50 |
Granted | 187,848 |  |  | 10.33 |
Vested | (248,016) |  |  | 7.71 |
Forfeited | (15,000) |  |  | 6.28 |
Nonvested at June 30, 2021 | 137,846 |  |  | $ | 9.57 |
Granted | 507,729 |  |  | 7.33 |
Vested | (101,515) |  |  | 10.34 |
Forfeited | (95,152) |  |  | $ | 8.89 |
Nonvested at June 30, 2022 | 448,908 |  |  | $ | 7.00 |
Granted | 346,346 |  |  | 5.41 |
Vested | (274,011) |  |  | 5.96 |
Forfeited | (97,342) |  |  | 8.27 |
Nonvested at June 30, 2023 | 423,901 |  |  | $ | 6.08 |
Schedule of stock-based compensation expense | A summary of the Company's stock-based compensation expense recognized during the years ended June 30, 2023, 2022, and 2021 is as follows (in thousands):
|  | For the year ended June 30,
Award type |  | 2023 |  | 2022 |  | 2021
Stock options |  | $ | 2,967 |  |  | $ | 4,424 |  |  | $ | 7,806 |
Stock grants |  | 1,770 |  |  | 1,824 |  |  | 1,269 |
Total stock-based compensation expense |  | $ | 4,737 |  |  | $ | 6,248 |  |  | $ | 9,075 |
A summary of the Company's unrecognized stock-based compensation expense as of June 30, 2023 is as follows:
|  | As of June 30, 2023
Award type |  | Unrecognized Expense (in thousands) |  | Weighted Average Recognition Period (in years)
Stock options |  | $ | 3,944 |  |  | 1.8
Stock grants |  | $ | 1,557 |  |  | 1.3

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