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Compensatory Equity Incentive Plan and Other Equity Incentives (Tables)
 9 Months Ended
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