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Stock Based Compensation | 9 Months Ended
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Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Based Compensation | Stock-Based Compensation On September 15, 2010, the Company’s Board of Directors (the “Board”) adopted the Contango ORE, Inc. Equity Compensation Plan (the “2010 Plan”). Under the 2010 Plan, the Board may issue up to 1,000,000 shares of common stock and options to officers, directors, employees or consultants of the Company. Awards made under the 2010 Plan are subject to such restrictions, terms and conditions, including forfeitures, if any, as may be determined by the Board. As of March 31, 2015, there were 59,666 shares of unvested restricted common stock outstanding and options to purchase 445,000 shares of common stock outstanding issued under the 2010 Plan. Stock-based compensation expense for the periods reflected was as follows:
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Stock-based compensation included in: |  |  |  |  |  |  |  |  |
Exploration expense (1) |  | $ | 136,429 |  |  | $ | 69,625 |  |  | $ | 241,663 |  |  | 296,571 |  |
Stock-based compensation expense (2) |  | 127,025 |  |  | 122,951 |  |  | 399,068 |  |  | 689,746 |  |
Total stock-based compensation expense |  | $ | 263,454 |  |  | $ | 192,576 |  |  | $ | 640,731 |  |  | $ | 986,317 |  |
(1) | Related to restricted stock and stock option awards to a former technical consultant.
(2) | Related to restricted stock and stock option awards to the Company’s directors and employees.
The amount of compensation expense recognized does not reflect compensation actually received by the individuals, but rather represents the amount recognized by the Company in accordance with GAAP. Restricted Stock. In November 2010, the Company granted 70,429 restricted shares of common stock to its officers and directors and an additional 23,477 restricted shares to a former technical consultant. All of the restricted stock from this grant was fully vested as of March 31, 2015. In December 2013, the Company's directors, executive officers and a former technical consultant were granted an aggregate of 95,000 shares of restricted stock. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. In November 2014, the Company granted 27,000 restricted shares of common stock to its employees. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. As of March 31, 2015 , there were 18,000 shares of such restricted stock that remained unvested. As of March 31, 2015, there were 21,666 shares of such restricted stock that remained unvested. In January 2015, the Company granted an aggregate of 30,000 restricted shares of common stock to two of its non-employee directors, 10,000 shares vested immediately and the remaining two-thirds will vest equally over two years. In addition, the Company granted 10,000 restricted shares of common stock to a former technical consultant which vested immediately. The Compensation Committee also elected to immediately vest all of the stock options and restricted stock previously issued to the former technical consultant. As of March 31, 2015, there were 20,000 shares of such restricted stock that remained unvested. As of March 31, 2015, the total compensation cost related to unvested awards not yet recognized was $311,710. The remaining costs will be recognized over the remaining vesting period of the awards. Stock Options. The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company:
Option Awards
Period Granted |  | Options Granted |  | Weighted Average Exercise Price |  | Vesting Period (7)
September 2011 (1) |  | 50,000 |  | $13.13 |  | Vests over two years, beginning with one-third on the grant date.
July 2012 (2) |  | 100,000 |  | $10.25 |  | Vests over two years, beginning with one-third on the grant date.
December 2012 (3) |  | 250,000 |  | $10.20 |  | Vests over two years, beginning with one-third on the grant date.
June 2013 (4) |  | 37,500 |  | $10.00 |  | Vested Immediately
July 2013 (5) |  | 5,000 |  | $10.00 |  | Vested Immediately
September 2013 (6) |  | 37,500 |  | $10.01 |  | Vested Immediately
September 2013 (6) |  | 15,000 |  | $10.01 |  | Vests over two years, beginning with one-third on the grant date.
(1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. (2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. (3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. (4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013. (5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013. (6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014. (7) If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. The Company's Compensation Committee has determined that the Transactions do not constitute a change of control under the 2010 Plan. The Company applies the fair value method to account for stock option expense. Under this method, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows. See Note 3 – Summary of Significant Accounting Policies. All employee stock option grants are expensed over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. As of March 31, 2015, the stock options had a weighted-average remaining life of approximately 3 years. The total compensation cost related to unvested options not yet recognized as of March 31, 2015 was $10,348. A summary of the status of stock options granted under the 2010 Plan as of March 31, 2015 and changes during the nine months then ended, is presented in the table below:
|  | Nine Months Ended March 31, 2015
|  | Shares Under Options |  | Weighted Average Exercise Price
Outstanding, June 30, 2014 |  | 445,000 |  |  | $10.41
Granted |  | — |  |  | — |
Exercised |  | — |  |  | — |
Forfeited |  | — |  |  | — |
Outstanding, March 31, 2015 |  | 445,000 |  |  | $10.41
Aggregate intrinsic value |  | $ | — |  |  |
Exercisable, end of period |  | 440,000 |  |  | $10.42
Aggregate intrinsic value |  | $ | — |  |  |
Available for grant, end of period |  | 299,094 |  |  |

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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 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: 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 3: 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 4: 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 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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