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SHARE-BASED COMPENSATION | 9 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | NOTE 9. 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 March 31, 2025, performance awards for 200,000 shares of common stock, non-qualified stock options for 372,000 shares of common stock, and 18,000 restricted shares of common stock have been granted under the 2016 Equity Incentive Plan. Performance Awards In October 2023, the Compensation Committee reallocated previously forfeited performance awards for 15,200 shares of common stock, 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 the three months ended March 31, 2025 and 2024, we recorded share-based compensation expense of $7,000 and $31,000, respectively, related to outstanding performance awards. During the nine months ended March 31, 2025 and 2024, we recorded share-based compensation expense of $20,000 and $76,000, respectively, related to outstanding performance awards. On March 31, 2025, there was approximately $34,000 of unrecognized compensation cost related to non-vested performance awards expected to be expensed over the weighted-average period of 1.27 years. On July 1, 2024, it was determined by the Compensation Committee that the vesting of performance awards for 40,000 shares of common stock had been achieved. Each participant elected a net issuance to cover their individual withholding taxes and, therefore, we issued participants 25,134 shares of common stock and paid $273,000 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 options granted 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 at a weighted average fair value of $6.69 calculated using a Monte Carlo simulation. During the three months ended March 31, 2025 and 2024, we recorded compensation expense of $104,000 and $168,000, respectively, related to these stock options. During the nine months ended March 31, 2025 and 2024, we recorded compensation expense of $312,000 and $503,000, respectively, related to these stock options. As of March 31, 2025, 26,250 of these stock options have vested and there was approximately $1.2 million of unrecognized compensation cost related to the non-vested non-qualified stock options. Restricted Shares In November 2024, the Compensation Committee awarded 18,000 restricted shares of common stock to our directors and certain employees under the 2016 Equity Incentive Plan. The shares vest ratably over five years from the date of grant. The fair value of the restricted shares on the date of grant was $857,000, based upon the closing price of our common stock on the date of grant. During the three and nine months ended March 31, 2025, we recorded $43,000 and $62,000, respectively, of compensation expense related to these restricted shares. As of March 31, 2025, there was approximately $795,000 of unrecognized compensation cost related to these restricted shares. Employee Stock Purchase Plan In September 2014, our Board approved the establishment of an Employee Stock Purchase Plan (the “ESPP”), which was approved by our shareholders at our 2014 Annual Meeting. 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. Our Board of Directors also approved that 704,715 shares, be reserved for issuance pursuant to the ESPP. 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 March 31, 2025 and 2024, we recorded ESPP share-based compensation expense in the amount of $5,000 and $3,000, respectively. During the three months ended March 31, 2025 and 2024, 653 and 983 shares were purchased, respectively, and allocated to employees based upon their contributions at prices of $41.11 and $18.32, respectively, per share. During the nine months ended March 31, 2025 and 2024, we recorded ESPP share-based compensation expense in the amount of $7,000 and $9,000, respectively. On a cumulative basis, since the inception of the ESPP, employees have purchased a total of 37,095 shares of our common stock under the ESPP.

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