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Incentive and Non-Statutory Stock Option Plan | 6 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Incentive and Non-Statutory Stock Option Plan | NOTE 13 – INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN Common stock purchase options and warrants consisted of the following: OPTIONS:
|  | # of shares |  |  | Weighted Ave Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregated Intrinsic Value |
Outstanding June 30, 2014 |  |  | 757,462 |  |  | $ | 6.65 |  |  |  | 2.2 |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (30,000 | ) |  | $ | 3.88 |  |  |  |  |  |  |  |  |
Expired / Cancelled |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding December 31, 2014 |  |  | 727,462 |  |  | $ | 6.76 |  |  |  | 1.71 |  |  | $ | - |
Exercisable, December 31, 2014 |  |  | 477,462 |  |  | $ | 8.27 |  |  |  | 1.83 |  |  | $ | - |
WARRANTS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding and exercisable, June 30, 2014 |  |  | 163,124 |  |  | $ | 7.29 |  |  |  | 2.2 |  |  |  |  |
Granted / adjusted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding and exercisable, December 31, 2014 |  |  | 163,124 |  |  | $ | 7.29 |  |  |  | 1.71 |  |  | $ | - |
The following table summarizes information about stock options and warrants outstanding and exercisable at December 31, 2014.
Exercise Price |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Ave Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Ave Exercise Price |
OPTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.10 - $9.90 |  |  | 653,462 |  |  |  | 1.76 |  |  | $ | 4.81 |  |  |  | 403,462 |  |  |  | 1.93 |  |  | $ | 5.39 |
$10.00 - $19.90 |  |  | 14,000 |  |  |  | 1.12 |  |  | $ | 18.18 |  |  |  | 14,000 |  |  |  | 1.12 |  |  | $ | 18.18 |
$20.00 - $29.90 |  |  | 60,000 |  |  |  | 1.33 |  |  | $ | 25.33 |  |  |  | 60,000 |  |  |  | 1.33 |  |  | $ | 25.33 |
Totals |  |  | 727,462 |  |  |  | 1.71 |  |  | $ | 6.76 |  |  |  | 477,462 |  |  |  | 1.83 |  |  | $ | 8.27 |
WARRANTS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$5.00 - $7.50 |  |  | 163,124 |  |  |  | 1.71 |  |  | $ | 7.29 |  |  |  | 163,124 |  |  |  | 1.71 |  |  | $ | 7.29 |
Totals |  |  | 163,124 |  |  |  | 1.71 |  |  | $ | 7.29 |  |  |  | 163,124 |  |  |  | 1.71 |  |  | $ | 7.29 |
The Company recorded compensation expense of $155,623 and $311,245 for the three and six months ended December 31, 2014, respectively, related to vested options. The compensation expense related to the unvested options as of December 31, 2014 was $311,244 which will be recognized during the fiscal year of 2015. The Company recorded compensation expense of $33,214 and $158,251 for the three and six months ended December 31, 2013, respectively. The following table summarizes stock grants awarded as compensation:
|  | # of shares |  |  | Weighted Average Grant Date Fair Value ($) |
Unvested, June 30, 2013 |  |  | - |  |  |  | - |
Granted |  |  | 337,899 |  |  | $ | 5.78 |
Vested |  |  | (105,899 | ) |  | $ | 10.00 |
Unvested, June 30, 2014 |  |  | 232,000 |  |  | $ | 3.88 |
Granted |  |  | 110,500 |  |  | $ | 2.90 |
Vested |  |  | (172,226 | ) |  | $ | 3.57 |
Unvested, December 31, 2014 |  |  | 170,274 |  |  | $ | 3.56 |
For the three and six months ended December 31, 2014, the Company recorded compensation expense of $316,370 and $614,293 respectively. For the three and six months ended December 31, 2013, the Company recorded compensation expense of $232,012 and $464,025 respectively. The compensation expense related to the unvested stock grants as of December 31, 2014 was $606,675 which will be recognized during the fiscal year of 2015.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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