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SHARE-BASED COMPENSATION | 6 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | NOTE 8. SHARE-BASED COMPENSATION Our 2016 Equity Incentive Plan provides for the award of up to 1,500,000 shares of our common stock in the form of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted shares, restricted stock units, performance awards, and other stock-based awards. As of December 31, 2023, 200,000 performance awards and 372,000 non-qualified stock options have been granted under the 2016 Equity Incentive Plan. Performance Awards In October 2023, the Compensation Committee reallocated an additional 15,200 previously forfeited awards, having the same remaining terms and conditions, to other employees. The weighted average fair value of the performance awards reallocated in 2023 was $10.17, calculated using the weighted average fair market value for each award, using a Monte Carlo simulation. During each of the three months ended December 31, 2023, and 2022, we recorded share-based compensation expense of $30,000 related to outstanding performance awards. During the six months ended December 31, 2023, and 2022, we recorded share-based compensation expense of $45,000 and $60,000, respectively, related to outstanding performance awards. On December 31, 2023, there was approximately $136,000 of unrecognized compensation cost related to non-vested performance awards, which is expected to be expensed over the weighted-average period of 1.50 years. On July 1, 2022, it was determined by the Compensation Committee of our Board of Directors that the vesting of performance awards for 37,500 shares of common stock had been achieved. Each participant elected a net issuance to cover their individual withholding taxes and therefore we issued 23,641 shares and paid $223,000 of participant-related payroll tax liabilities. Non-Qualified Stock Options In December 2020, the Compensation Committee of our Board of Directors granted 310,000 non-qualified stock options to our directors and certain employees under the 2016 Equity Incentive Plan. The vesting of these stock options is tied to the completion of service periods that range from 18 months to 10.5 years from the date of grant and the achievement of our common stock trading at certain pre-determined prices. The weighted average fair value of the stock option awards granted in fiscal 2021 was $16.72, calculated using a Monte Carlo simulation. In December 2021, the Compensation Committee reallocated 5,000 previously forfeited non-qualified stock options, having the same remaining terms and conditions, to another employee. The weighted average fair value of the stock option awards granted in fiscal 2022 was $6.69, calculated using a Monte Carlo simulation. During the three months ended December 31, 2023 and 2022, we recorded compensation expense of $168,000 and $140,000, respectively, related to these options. During the six months ended December 31, 2023 and 2022, we recorded compensation expense of $335,000 and $312,000, respectively, related to these options. As of December 31, 2023, none of these stock options had vested and there was approximately $2.0 million of unrecognized compensation cost related to these stock options. Employee Stock Purchase Plan In September 2014, our Board approved the establishment of an Employee Stock Purchase Plan (the “ESPP”). The ESPP conforms to the provisions of Section 423 of the Internal Revenue Code, has coterminous offering and purchase periods of six months, and bases the pricing to purchase shares of our common stock on a formula so as to result in a per-share purchase price that approximates a 15% discount from the market price of a share of our common stock at the end of the purchase period. The Board of Directors also approved that 704,715 shares be reserved for issuance pursuant to the ESPP. The ESPP was approved by our shareholders at our 2014 Annual Meeting. An amendment to the ESPP to extend its term for an additional ten years (through 2035) was approved by our Board in October 2023 and by our shareholders at our 2023 Annual Meeting. During the three months ended December 31, 2023 and 2022, we did not record any share-based compensation expense relating to the ESPP, due to the fact that no six-month offering period ended during either quarter. During the six months ended December 31, 2023 and 2022, 2,021 and 2,503 shares of our common stock were purchased under the ESPP, respectively, and allocated to employees based upon their contributions at prices of $15.82 and $13.52, respectively, per share. On a cumulative basis, since the inception of the ESPP, employees have purchased a total of 34,519 shares of our common stock. During each of the six months ended December 31, 2023 and 2022, we recorded share-based compensation expense in the amount of $6,000 relating to the ESPP.

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