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Incentive and Non-statutory Stock Option Plan | 6 Months Ended
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Dec. 31, 2016
Incentive And Non-statutory Stock Option Plan |
Incentive and Non-statutory Stock Option Plan | NOTE 14 - 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 and exercisable, June 30, 2016 |  |  | 610,133 |  |  | $ | 4.90 |  |  |  | 0.99 |  |  | $ | 799,030 |
Granted |  |  | 20,315 |  |  | $ | 4.75 |  |  |  |  |  |  |  |  |
Exercised |  |  | (20,315 | ) |  | $ | 4.75 |  |  |  |  |  |  |  |  |
Expired / Cancelled |  |  | (130,000 | ) |  | $ | 7.50 |  |  |  |  |  |  |  |  |
Outstanding and exercisable, December 31, 2016 |  |  | 480,133 |  |  | $ | 4.20 |  |  |  | 0.67 |  |  | $ | 561,886 |
WARRANTS:
Outstanding and exercisable, June 30, 2016 |  |  | 163,124 |  |  | $ | 7.29 |  |  |  | 0.23 |  |  | $ | 9,303 |
Granted / adjusted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | (152,049 | ) |  | $ | 7.46 |  |  |  |  |  |  |  |  |
Outstanding and exercisable, December 31, 2016 |  |  | 11,075 |  |  | $ | 5.00 |  |  |  | 0.18 |  |  | $ | 2,215 |
The following table summarizes information about stock options and warrants outstanding and exercisable at December 31, 2016.
Exercise Price |  | Number Outstanding and Exercisable |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Ave Exercise Price |
OPTIONS: |  |  |  |  |  |  |  |  |  |  |  |
$0.10 - $9.90 |  |  | 479,133 |  |  |  | 0.67 |  |  | $ | 4.17 |
$10.00 - $19.90 |  |  | 1,000 |  |  |  | 0.56 |  |  | $ | 16.00 |
Totals |  |  | 480,133 |  |  |  | 0.67 |  |  | $ | 4.20 |
WARRANTS: |  |  |  |  |  |  |  |  |  |  |  |
$5.00 - $7.50 |  |  | 11,075 |  |  |  | 0.18 |  |  | $ | 5.00 |
Totals |  |  | 11,075 |  |  |  | 0.18 |  |  | $ | 5.00 |
The following table summarizes stock grants awarded as compensation:
|  | # of shares |  |  | Weighted Average Grant Date Fair Value ($) |
Unvested, June 30, 2015 |  |  | 6,667 |  |  | $ | 6.00 |
Granted |  |  | 864,500 |  |  | $ | 5.91 |
Vested |  |  | (240,939 | ) |  | $ | 5.51 |
Unvested, June 30, 2016 |  |  | 630,228 |  |  | $ | 6.07 |
Granted |  |  | 229,646 |  |  | $ | 5.92 |
Cancelled |  |  | (1,000 | ) |  | $ | 5.09 |
Vested / cancelled |  |  | (229,616 | ) |  | $ | 5.86 |
Unvested, December 31, 2016 |  |  | 629,258 |  |  | $ | 6.09 |
For the three and six months ended December 31, 2016, the Company recorded compensation expense of $682,640, and $1,548,096 respectively. For the three and six months ended December 31, 2015, the Company recorded compensation expense of $248,268 and $326,019, respectively. The compensation expense related to the unvested stock grants as of December 31, 2016 was $3,628,898 which will be recognized during the fiscal years 2017 through 2022. OPTIONS During the six months ended December 31, 2016, the Company granted 20,315 options to employees with exercise prices of $4.75 per share and expiration date of 3 months, vesting immediately. Using the Black-Scholes method to value the options, the Company recorded $21,804 in compensation expense for these options in the accompanying condensed consolidated financial statements. The fair market value was calculated using the Black-Scholes option pricing model with the following assumptions:
● | Risk-free interest rate - 0.01%
● | Expected life – 3 months
● | Expected volatility – 19.27%
● | Expected dividend - 0%

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