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STOCKHOLDERS EQUITY | 12 Months Ended
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Jun. 30, 2016
Notes to Financial Statements |
STOCKHOLDERS EQUITY | Officers and Directors Stock Compensation Effective November 2008, the Board of Directors approved the following compensation for directors who are not employed by the Company:
● | Annual cash compensation of $10,000 payable at the rate of $2,500 per quarter. The Company has the right to pay this amount in the form of shares of the Company’s common stock.
● | Upon appointment, outside independent directors receive a grant of $150,000 payable in shares of the Company’s restricted Common Stock calculated based on the market value of the shares of Common Stock on the date of grant. The shares vest ratably over a five-year period.
● | Reimbursement of all travel expenses related to performance of Directors’ duties on behalf of the Company.
Officers, Key Employees, Consultants and Directors Stock Compensation. In January 2013, the Board of Directors approved the Second Amended and Restated the 2011 Stock Plan (the “Amended 2011 Plan”), which Amended 2011 Plan was approved by shareholders on March 29, 2013. Under the terms of the Amended 2011 Plan, all employees, consultants and directors of the Company are eligible to participate. The maximum aggregate number of shares of common stock that may be granted under the 2011 Plan was increased from 250,000 shares to 550,000 shares. A Committee of independent members of the Company’s Board of Directors administers the 2011 Plan. The exercise price for each share of common stock purchasable under any incentive stock option granted under the 2011 Plan shall be not less than 100% of the fair market value of the common stock, as determined by the stock exchange on which the common stock trades on the date of grant. If the incentive stock option is granted to a shareholder who possesses more than 10% of the Company's voting power, then the exercise price shall be not less than 110% of the fair market value on the date of grant. Each option shall be exercisable in whole or in installments as determined by the Committee at the time of the grant of such options. All incentive stock options expire after 10 years. If the incentive stock option is held by a shareholder who possesses more than 10% of the Company's voting power, then the incentive stock option expires after five years. If the option holder is terminated, then the incentive stock options granted to such holder expire no later than three months after the date of termination. For option holders granted incentive stock options exercisable for the first time during any fiscal year and in excess of $100,000 (determined by the fair market value of the shares of common stock as of the grant date), the excess shares of common stock shall not be deemed to be purchased pursuant to incentive stock options. During the year ended June 30, 2016 the Company issued 37,729 shares to its directors and 278,000 shares to employees and consultants under these plans, 311,538 of which are included in the rollforward of Restricted Stock units below. Restricted Stock Units
| Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value ($/share) |
Outstanding at July 1, 2014 |  | 1,586,964 |  |  | $ | 5.05 |
Granted |  | 145,339 |  |  |  | 9.54 |
Vested and issued |  | (348,186) |  |  |  | 4.74 |
Forfeited |  | (33,147) |  |  |  | 9.35 |
Outstanding at June 30, 2015 |  | 1,350,970 |  |  |  | 5.51 |
Granted |  | 48,228 |  |  |  | 10.51 |
Vested and issued |  | (311,538) |  |  |  | 5.10 |
Forfeited |  | (36,516) |  |  |  | 6.51 |
Outstanding at June 30, 2016 |  | 1,051,144 |  |  | $ | 5.82 |
The number of restricted stock units outstanding at June 30, 2016 included 2,000 units that have vested but for which shares of common stock had not yet been issued pursuant to the terms of the agreement. As of June 30, 2016, there was approximately $6.1 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a straight line basis over a weighted average period of 5.19 years. Warrants Outstanding warrants were issued in connection with private placements of the Company's common stock and with the Series B Preferred Restructure. The following table summarizes information about fixed stock warrants outstanding at June 30, 2016:
|  |  | Warrants Outstanding at June 30, 2016 |  |  | Warrants Exercisable at June 30, 2016 |
Range of exercise prices |  |  | Number Outstanding |  |  | Weighted average remaining contractual life (years) |  |  | Weighted average exercise price |  |  | Number exercisable |  |  | Weighted average exercise price |
$ | 3.50 – 4.00 |  |  |  | 1,316,268 |  |  |  | 3.26 |  |  | $ | 3.92 |  |  |  | 1,316,268 |  |  | $ | 3.92 |
$ | 6.45 – 10.00 |  |  |  | 100,481 |  |  |  | 2.49 |  |  | $ | 7.29 |  |  |  | 100,481 |  |  | $ | 7.29 |
|  |  |  |  | 1,416,749 |  |  |  | 3.21 |  |  | $ | 4.16 |  |  |  | 1,416,749 |  |  | $ | 4.16 |
Preferred Stock The Company’s certificate of incorporation currently authorizes the issuance of up to 30,000,000 shares of ‘blank check’ preferred stock with designations, rights, and preferences as may be determined from time to time by the Company’s Board of Directors, of which 700,000 shares are currently designated as Series B Preferred Stock (“Series B Preferred”) and 300,000 shares are designated as Series B-1 Preferred Stock (“Series B-1 Preferred”). As of June 30, 2016, a total of 625,375 shares of Series B Preferred and 180,213 shares of Series B-1 Preferred were issued and outstanding. Both classes of Series B Preferred Stock pay dividends at a rate of 7% per annum if paid by the Company in cash, or 9% if paid by the Company in PIK Shares, the Company may elect to pay accrued dividends on outstanding shares of Series B Preferred in either cash or by the issuance of additional shares of Series B Preferred (“PIK Shares”). During the year ended June 30, 2016, the Company issued 66,013 shares for dividends in kind and 40,000 shares in satisfaction of an accrued bonus payable to the Company's CEO.

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