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Stockholders' Equity
 6 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders' Equity

11. Stockholders’ Equity

Restricted Stock Awards and Restricted Stock Units

During the three and six months ended December 31, 2022, the Company granted 2,403 and 399,948 restricted stock awards, respectively, which have various vesting terms between 1-3 years subject to service requirements.

Restricted stock units are subject to service requirements. During the three and six months ended December 31, 2022 the Company did not grant any shares of restricted stock units.

The Company accounts for forfeitures of the restricted stock awards and restricted stock units in the period occurred.

The activity of the Company’s restricted stock awards and restricted stock units for the six months ended December 31, 2022 was as follows:

Restricted Stock Awards and Restricted Stock Units

 

Restricted Stock
(in thousands)

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at June 30, 2022

 

 

1,312

 

 

$

1.79

 

Granted

 

 

400

 

 

 

2.19

 

Vested

 

 

(411

)

 

 

2.13

 

Forfeited

 

 

(3

)

 

 

2.50

 

Outstanding at December 31, 2022

 

 

1,298

 

 

$

1.80

 

 

Non-Employee Director Deferred Compensation Plan

In December 2020, the Company established the Great Elm Group, Inc. Non-Employee Directors Deferred Compensation Plan allowing non-employee directors to defer their cash and/or equity compensation under a non-revocable election for each calendar year. Such compensation is deferred until the earlier of 3 years from the original grant date of such compensation, termination of service, or death, and is payable in common stock shares. As of December 31, 2022, there were 167,939 restricted stock awards and restricted stock units that were deferred under this plan (and thus included in the number of restricted stock awards and restricted stock units outstanding as of that date), including 57,931 restricted stock awards, for which the service condition was met during the six months ended December 31, 2022.

Stock Options

The following table summarizes the Company’s option award activity as of and during the six months ended December 31, 2022:

Options

 

Shares
(in thousands)

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term (years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Outstanding at June 30, 2022

 

 

2,134

 

 

$

3.68

 

 

 

3.34

 

 

$

-

 

Options granted

 

 

125

 

 

 

3.60

 

 

 

-

 

 

 

-

 

Forfeited, cancelled or expired

 

 

(747

)

 

 

3.60

 

 

 

-

 

 

 

-

 

Outstanding at December 31, 2022

 

 

1,512

 

 

$

3.72

 

 

 

4.42

 

 

$

-

 

Exercisable at December 31, 2022

 

 

1,439

 

 

$

3.70

 

 

 

4.46

 

 

$

-

 

Vested and expected to vest as of December 31, 2022

 

 

1,512

 

 

$

3.72

 

 

 

4.42

 

 

$

-

 

During the three and six months ended December 31, 2022, the Company recognized total stock-based compensation expense associated with all restricted stock and stock options of $0.6 million and $1.4 million, respectively. During the three and six months ended December 31, 2021, the Company recognized total stock-based compensation expense associated with all restricted stock and stock options of $1.1 million and $1.7 million, respectively.

As of December 31, 2022, the Company had unrecognized compensation costs related to all unvested restricted stock awards and stock options totaling $1.8 million.

During the six months ended December 31, 2022, the Company issued compensation to certain employees in the form of GECC common shares to be settled with GECC shares currently held by the Company. The total value of GECC shares awarded for the six months ended December 31, 2022 was $0.4 million, of which $0.1 million vested immediately, and the balance will vest annually pro-rata over a three year period. Related compensation expense was $0.1 million and $0.2 million for the three and six months ended December 31, 2022, respectively.