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Compensatory Equity Incentive Plan and Other Equity Incentives (Tables) | 9 Months Ended
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Mar. 31, 2014
Compensatory Equity Incentive Plan And Other Equity Incentives Tables |
Schedule of Share Based Compensation Award Plans | These two plans are summarized below:
|  |  |  |  | Award Shares |  |  | Available for |
|  |  |  |  | Outstanding |  |  | Issuance |
|  | Award Shares |  |  | at March 31, |  |  | at March 31, |
Equity Compensation Arrangement |  | Authorized |  |  | 2014 |  |  | 2014 |
Amended and Restated Omnibus Incentive Plan |  |  | 2,715,625 |  |  |  | 1,510,458 |  |  |  | 566,103 |
Employee Stock Purchase Plan |  |  | 200,000 |  |  |  | — |  |  |  | 101,693 |
|  |  | 2,915,625 |  |  |  | 1,510,458 |  |  |  | 667,796 |
Schedule of Fair Value Assumptions for Grant Date Value | For stock options granted in the nine month periods ended March 31, 2014 and 2013, the Company estimated the fair value of each stock option as of the date of grant using the following assumptions:
|  | Nine months ended |  |  | Nine months ended |
|  | March 31, 2014 |  |  | March 31, 2013 |
Expected volatility |  |  | 105 | % |  |  | 110 | %
Weighted average expected volatility |  |  | 105 | % |  |  | 110 | %
Dividend yields |  |  | 0 | % |  |  | 0 | %
Risk-free interest rate |  |  | 1.60 | % |  |  | 0.67 | %
Expected term, in years |  |  | 7.49 |  |  |  | 6.25 |
Schedule of Share Based Compensation Awards Activity | A summary of the activity for share-based compensation awards in the nine months ended March 31, 2014 is presented below:
|  | Stock Options |  |  | Restricted Stock Units (RSUs) |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  | Average |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  | Remaining |  |  |  |  |  | Remaining |
|  |  |  |  | Price |  |  | Contract |  |  |  |  |  | Contract |
|  | Shares |  |  | (per share) |  |  | Life (YRS) |  |  | Shares |  |  | Life (YRS) |
June 30, 2013 |  |  | 585,009 |  |  | $ | 2.38 |  |  |  | 5.9 |  |  |  | 834,700 |  |  |  | 1.1 |
Granted |  |  | 83,000 |  |  |  | 1.41 |  |  |  | 9.6 |  |  |  | 212,760 |  |  |  | 2.6 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (191,160 | ) |  |  | — |
Cancelled |  |  | (13,851 | ) |  |  | 2.40 |  |  |  | — |  |  |  | — |  |  |  | — |
March 31, 2014 |  |  | 654,158 |  |  | $ | 2.25 |  |  |  | 5.8 |  |  |  | 856,300 |  |  |  | 1.0 |
Awards exercisable/vested as of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2014 |  |  | 461,158 |  |  | $ | 2.63 |  |  |  | 4.5 |  |  |  | 534,663 |  |  |  | — |
Awards unexercisable/unvested as of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2014 |  |  | 193,000 |  |  | $ | 1.34 |  |  |  | 8.7 |  |  |  | 321,637 |  |  |  | 1.0 |
|  |  | 654,158 |  |  |  |  |  |  |  |  |  |  |  | 856,300 |  |  |  |  |
The ESPP fair value is the amount of the discounted market value the employee obtains at the date of the purchase transaction.
|  | Options |  |  | RSU’s |  |  | All Awards |
Weighted average fair value of share awards granted in period |  |  | 1.21 |  |  |  | 1.41 |  |  |  | 1.36 |
Schedule of Share Based Compensation Future Cost to be Recognized | We expect to recognize the compensation cost as follows:
|  |  |  |  | Restricted |  |  |  |
|  | Stock |  |  | Stock |  |  |  |
|  | Options |  |  | Units |  |  | Total |
Three months ended June 30, 2014 |  | $ | 13,320 |  |  | $ | 49,957 |  |  | $ | 63,277 |
Year ended June 30, 2015 |  |  | 41,642 |  |  |  | 156,625 |  |  |  | 198,267 |
Year ended June 30, 2016 |  |  | 27,299 |  |  |  | 112,291 |  |  |  | 139,590 |
Year ended June 30, 2017 |  |  | 17,571 |  |  |  | 20,865 |  |  |  | 38,436 |
Year ended June 30, 2018 |  |  | 3,807 |  |  |  | — |  |  |  | 3,807 |
|  | $ | 103,639 |  |  | $ | 339,738 |  |  | $ | 443,377 |
Schedule of Activity of Unexerciseable and Unvested Awards | The following table is a summary of the number and weighted average grant date fair values regarding the Company’s unexercisable/unvested awards as of March 31, 2014 and changes during the nine months then ended:
Unexercisable/unvested awards |  | Stock Options |  |  | RSU Shares |  |  | Total Shares |  |  | Weighted- Average Grant Date Fair Values |
June 30, 2013 |  |  | 183,250 |  |  |  | 371,670 |  |  |  | 554,920 |  |  | $ | 1.57 |
Granted |  |  | 83,000 |  |  |  | 212,760 |  |  |  | 295,760 |  |  |  | 1.36 |
Vested |  |  | (73,250 | ) |  |  | (262,793 | ) |  |  | (336,043 | ) |  |  | 1.36 |
Cancelled/Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
March 31, 2014 |  |  | 193,000 |  |  |  | 321,637 |  |  |  | 514,637 |  |  | $ | 1.18 |
Schedule of Financial Statement Effect Related to Share Based Compensation | The following table shows total stock-based compensation expense for the nine months ended March 31, 2014 and 2013 included in the consolidated statements of operations and comprehensive income:
|  | (Unaudited) |  |  | (Unaudited) |
|  | Nine months ended |  |  | Nine months ended |
|  | March 31, |  |  | March 31, |
|  | 2014 |  |  | 2013 |
Stock options |  |  | 54,793 |  |  |  | 46,323 |
RSU |  |  | 238,745 |  |  |  | 150,875 |
Total |  |  | 293,538 |  |  |  | 197,198 |
The amounts above were included in: |  |  |  |  |  |  |  |
General & administrative |  |  | 285,237 |  |  |  | 194,741 |
Cost of sales |  |  | — |  |  |  | (4,349 | )
New product development |  |  | 8,301 |  |  |  | 6,806 |
|  |  | 293,538 |  |  |  | 197,198 |

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