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STOCK OPTIONS (Tables) | 12 Months Ended
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Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | For the options granted in 2014 and 2013, the Company used the following weighted-average assumptions:
|  | 2014 |  | 2013
Expected stock price volatility |  | 47 | % |  | 58 | %
Risk free interest rate |  | 1.27 | % |  | 0.52 | %
Expected dividend yield |  | 4.00 | % |  | 4.00 | %
Expected forfeitures |  | 1.50 | % |  | 1.50 | %
Expected life of options |  | 4.6 years |  |  | 4.6 years |
Schedule of Share-based Compensation - Options Granted, Exercised, Cancelled, or Available for Exercise | The following table identifies options granted, exercised, canceled, or available for exercise pursuant to the 1990 Plan and the 2012 Plan:
|  | Number of Shares |  | Stock Options Price Range |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life - Years |  | Aggregate Intrinsic Value of In-The- Money Options
Shares under option at July 1, 2012 |  | 1,514,308 |  |  | $3.90 - $13.09 |  | $ | 6.99 |  |  | 4.36 |  | $ | 88,352 |
Granted |  | 430,000 |  |  | $4.97 - $5.47 |  | $ | 5.29 |  |  |  |  |
Exercised |  | — |  |  | — |  | — |  |  |  |  |  |
Expired |  | (203,308 | ) |  | $7.88 - $8.53 |  | 8.45 |  |  |  |  |  |
Forfeited |  | — |  |  | — |  | $ | — |  |  |  |  |  |
Shares under option at June 30, 2013 |  | 1,741,000 |  |  | $3.90 - $13.09 |  | $ | 6.40 |  |  | 4.39 |  | $ | 55,160 |
Granted |  | 445,000 |  |  | $5.30 - $5.83 |  | $ | 5.64 |  |  |  |  |  |
Exercised |  | — |  |  | — |  | — |  |  |  |  |  |
Expired |  | (120,000 | ) |  | $11.01 |  | $ | 11.01 |  |  |  |  |  |
Forfeited |  | — |  |  | — |  | $ | — |  |  |  |  |  |
Shares under option at June 30, 2014 |  | 2,066,000 |  |  | $3.90 - $13.09 |  | $ | 5.97 |  |  | 4.13 |  | $ | — |
Exercisable as of June 30, 2013 |  | 672,582 |  |  | $3.90 - $13.09 |  | $ | 7.52 |  |  |  |  |  |
Exercisable as of June 30, 2014 |  | 904,918 |  |  | $3.90 - $13.09 |  | $ | 6.39 |  |  |  |  |  |
Intrinsic Value and Cash Received from Stock Option Exercises and Fair Value of Vested Stock Options | A summary of intrinsic value and cash received from stock option exercises and fair value of vested stock options for the fiscal years ended June 30, 2014 and 2013 is as follows:
|  | 2014 |  | 2013
Total intrinsic value of stock options exercised |  | $ | — |  |  | $ | — |
Cash received from stock option exercises |  | $ | — |  |  | $ | — |
Total fair value of stock options vested |  | $ | 586,342 |  |  | $ | 436,047 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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