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Equity Incentive Plan

9 Months Ended

Mar. 31, 2019

Share-based Payment Arrangement [Abstract]

Note (8) – Equity Incentive Plan: In November 2015, the Company’s stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). The Plan authorizes the issuance of up to 1,500,000 shares of the Company’s common stock pursuant to awards granted under the Plan. The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.

The following is a summary of the restricted stock awards and restricted stock units granted under the Plan during the nine and three months ended March 31, 2019 and 2018:

	Nine months ended March 31,				Three months ended March 31,
	2019		2018		2019		2018
Restricted Stock Awards		6,845		56,426		—		47,444
Restricted Stock Units		27,500		—		12,500		—
Total		34,345		56,426		12,500		47,444

As of March 31, 2019, the Company had $14.5 million and $972,000 of total unrecognized compensation expense related to restricted stock awards and restricted stock units, respectively, granted under the Plan.

The following is a summary of non-vested restricted stock activity as of and for the nine months ended March 31, 2019:

	Restricted Stock Awards					Restricted Stock Units
	Shares			Weighted- Average Grant Date Fair Value		Shares		Weighted- Average Grant Date Fair Value
Non-vested awards or units outstanding at June 30, 2018		903,102		$	18.41		—	$	—
Granted		6,845			36.53		27,500		36.24
Vested		(28,170	)		15.38		—		—
Forfeited		—			—		—		—
Non-vested awards or units outstanding at March 31, 2019		881,777		$	18.65		27,500	$	36.24

Employee Stock Purchase Plan

The Company’s employee stock purchase plan commenced on July 1, 2018 and provides for six-month offering periods, the first of which expired on December 31, 2018. During the nine months ended March 31, 2019, 726 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $23,000. There were no shares issued under the Company’s employee stock purchase plan during the three months ended March 31, 2019.