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Stock Options | 12 Months Ended
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Jun. 30, 2023
Stock Options [Abstract] |
Stock Options | 12. STOCK OPTIONS As of July 25, 2022, the tenth anniversary of the Company’s 2012 Omnibus Incentive Plan (the “2012 Plan”), the 2012 Plan expired. A new plan (the “2023 Plan”) was approved by the Board of Directors on July 26, 2023, and will be proposed to be approved by the shareholders at the Company’s Annual Meeting in October 2023. The 2023 Plan will be administered by the Compensation Committee of the Board of Directors and provide for the granting of various stock-based incentive awards to eligible participants, primarily officers and certain key employees of the Company. If approved, the 2023 Plan will have 2,000,000 shares of common stock available for issuance thereunder, plus any shares subject to awards remaining outstanding under the 2012 Plan that expired or are otherwise forfeited, canceled, or terminated. The Company expects that stock options granted under the 2023 Plan would vest over a three-to-five-year period from the date of grant and have a maximum term of five to ten years. As with the 2012 Plan, pursuant to the 2023 Plan new shares will be issued upon exercise of stock options. The fair value of each stock option grant under the 2012 Plan was estimated as of the date of grant using the Black-Scholes pricing model. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight-line basis over the vesting period for the entire award. Forfeitures are accounted for as they occur. The expected term of awards granted was determined based on historical experience with similar awards, giving consideration to the expected term and vesting schedules. The expected volatility was determined based on the Company’s historical stock prices over the most recent period commensurate with the expected term of the award. The risk-free interest rate was based on U.S. Treasury zero-coupon issues with a remaining term commensurate with the expected term of the award. As of June 30, 2023, there was $195,205 of total unrecognized compensation cost related to stock options granted under the 2012 Plan. This cost is expected to be recognized over a weighted average period of 1.33 years. The Company recognized stock-based compensation expense of $289,676 and $463,633 in 2023 and 2022, respectively. These expenses were included in selling, general and administrative expenses. Options were granted at a price equal to or greater than the market value of the common stock on the date of grant. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. No options were granted during the years ended June 30, 2023 and 2022. The following table identifies options granted, exercised, canceled, or available for exercise pursuant to the 2012 Plan:
|  |  |  |  |  |  |  |  |  |  |  | Aggregate
|  |  |  |  |  |  |  |  |  | Weighted |  | Intrinsic
|  |  |  |  |  |  | Weighted |  | Average |  | Value of
|  |  |  | Stock |  | Average |  | Remaining |  | In-The-
|  | Number of |  | Options |  | Exercise |  | Contractual |  | Money
|  | Shares |  | Price Range |  | Price |  | Life - Years |  | Options
Shares under option at June 30, 2021 |  | 1,748,000 |  | $ | 1.73 - $6.00 |  | $ | 2.29 |  | 4.86 |  | $ | 36,594,280
Granted |  | — |  | $ | — |  | $ | — |  |  |  |  |
Exercised |  | (539,089) |  | $ | 1.73 - $6.00 |  | $ | 2.58 |  |  |  |  |
Expired |  | — |  | $ | — |  | $ | — |  |  |  |  |
Forfeited |  | (150,000) |  | $ | 1.73 - $2.65 |  | $ | 2.00 |  |  |  |  |
Shares under option at June 30, 2022 |  | 1,058,911 |  | $ | 1.73 - $2.92 |  | $ | 2.18 |  | 3.72 |  | $ | 5,055,797
Granted |  | — |  | $ | — |  | $ | — |  |  |  |  |
Exercised |  | (87,000) |  | $ | 1.73 - $2.65 |  | $ | 1.97 |  |  |  |  |
Expired |  | — |  | $ | — |  | $ | — |  |  |  |  |
Forfeited |  | (51,000) |  | $ | 1.73 - $2.65 |  | $ | 1.92 |  |  |  |  |
Shares under option at June 30, 2023 |  | 920,911 |  | $ | 1.73 - $2.92 |  | $ | 2.21 |  | 2.21 |  | $ | 1,373,117
Exercisable as of June 30, 2022 |  | 264,577 |  | $ | 1.73 - $2.92 |  | $ | 2.45 |  | 2.06 |  | $ | 1,180,591
Exercisable as of June 30, 2023 |  | 532,245 |  | $ | 1.73 - $2.92 |  | $ | 2.38 |  | 1.30 |  | $ | 700,947
The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on any given date and the exercise price, multiplied by the number of in-the-money outstanding and exercisable 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, 2023 and 2022 is as follows:
| 2023 |  | 2022
Total intrinsic value of stock options exercised | $ | 371,714 |  | $ | 9,032,778
Cash received from stock option exercises | $ | 171,350 |  | $ | 1,390,346
Total fair value of stock options vested | $ | 448,476 |  | $ | 620,018
Total recognized tax benefit | $ | 77,328 |  | $ | 1,778,981
|  |  |  |  | Weighted
|  |  |  |  | Average
|  |  |  |  | Grant Date
|  | Shares |  |  | Fair Value
Non-vested as of June 30, 2021 |  | 1,460,000 |  | $ | 1.23
Granted |  | — |  |  | —
Vested |  | (515,666) |  |  | 1.20
Forfeited |  | (150,000) |  |  | 1.38
Non-vested as of June 30, 2022 |  | 794,334 |  |  | 1.22
Granted |  | — |  |  | —
Vested |  | (354,668) |  |  | 1.26
Forfeited |  | (51,000) |  |  | 1.34
Non-vested as of June 30, 2023 |  | 388,666 |  | $ | 1.17

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