XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.1
Share-Based Compensation
 9 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation

Note 8. Share-Based Compensation

 

The Company’s share-based compensation plans are described in Note 8 to the financial statements included in the Company’s Annual Report on Form 10-K for fiscal 2022. Share-based compensation expense was $506,000 and $703,000 for the nine months ended March 31, 2023 and 2022, respectively. This expense is included in selling, general and administrative expense in the Condensed Statements of Operations.

 

Stock Options

 

Stock option transactions during the nine months ended March 31, 2023 are summarized as follows:

 

  

Number of Shares 

  

Weighted-Average
Exercise Price per

 Share 

 
Outstanding at June 30, 2022   502,084   $5.82 
Granted   104,325   $9.93 
Exercised   (90,351)  $1.82 
Cancelled or Forfeited    (47,930)  $11.19 
Outstanding at March 31, 2023    468,128   $6.96 

 

The following assumptions were used to estimate the fair value of stock options granted:

 

   Nine Months Ended
March 31, 2023		   Fiscal Year Ended
June 30, 2022		 
Risk-free interest rate   2.88 - 4.23%           0.89 - 2.52% 
Expected term (years)   6   6 
Expected volatility   53% - 54%   55 - 64% 

 

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. At March 31 2023, the weighted average remaining contractual term for all outstanding stock options was 5.9 years and the aggregate intrinsic value of the options was $1,802,672. Outstanding at March 31, 2023 were 468,128 stock options issued to employees, of which 339,342 were vested and exercisable and had an aggregate intrinsic value of $1,762,445. As of March 31, 2023, $328,218 of total unrecognized compensation expense related to stock options is expected to be recognized over a weighted-average period of approximately 2.0 years.

 

Restricted Stock

 

During the nine months ended March 31, 2023, the Company issued restricted stock awards to employees totaling 32,400 shares of common stock, with a weighted average vesting term of 2.7 years and a weighted average fair value of $9.92 per share, and to directors totaling 21,000 shares of common stock, with a vesting term of six months and a weighted average fair value of $9.86 per share. There were 57,818 shares of unvested restricted stock with a weighted average fair value of $10.32 per share outstanding as of March 31, 2023. As of March 31, 2023, $244,063 of total unrecognized compensation expense related to restricted stock awards is expected to be recognized over a weighted-average period of approximately 1.3 years.