Stockholders' Equity

9 Months Ended

Mar. 31, 2021

16. Stockholders’ Equity

Restricted Stock Awards (Performance Shares) and Restricted Stock Units

During the nine months ended March 31, 2021, there were no awards or forfeitures of restricted stock awards included in the below table and 732,909 remain outstanding as of March 31, 2021. Restricted stock awards granted have both performance and service requirements in connection with the formation of the investment management business. The vesting of these awards is subject to a five-year service requirement and an investment management cumulative revenue collection target of $40 million for the five-year period ended November 3, 2021. In order to recognize compensation expense over the vesting period, the Company estimates the probability of the performance target being met on an on-going basis. As of March 31, 2021, the Company estimates that approximately 241,347 of the restricted stock awards are probable of vesting under the performance condition.

Restricted stock units are subject to service requirements. The Company accounts for forfeitures of the restricted stock units in the period incurred. During the three and nine months ended March 31, 2021 the Company granted 18,120 and 305,299 shares of restricted stock units, respectively, to employees and directors.

The activity of the Company’s restricted stock awards and units for the nine months ended March 31, 2021 was as follows:

Restricted Stock Awards and Restricted Stock Units	Restricted Stock (in thousands)			Weighted Average Grant Date Fair Value
Outstanding at June 30, 2020		941		$	3.71
Granted		305			2.66
Vested		(307	)		2.61
Forfeited		-			-
Outstanding at March 31, 2021		939		$	3.73

Stock Options

The following table summarizes the Company’s option award activity as of and through March 31, 2021:

Options	Shares (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2020		2,475	$	3.69		5.51	$	-
Options granted		18		3.51		-		-
Exercised		-		-		-		-
Forfeited, cancelled or expired		-		-		-		-
Outstanding at March 31, 2021		2,493	$	3.69		5.01	$	-
Exercisable at March 31, 2021		1,887	$	3.65		4.36	$	-
Vested and expected to vest as of March 31, 2021		2,493	$	3.69		4.76	$	-

During the three months ended March 31, 2021 and 2020, the Company recognized total stock-based compensation associated with all restricted stock and stock options of $0.6 million and $0.3 million, respectively. During the nine months ended March 31, 2021 and 2020, the Company recognized total stock-based compensation associated with all restricted stock and stock options of $1.3 million and $0.2 million, respectively.

As of March 31, 2021, unrecognized compensation costs associated with outstanding stock and stock-linked awards totaled approximately $1.7 million.