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8. LONG-TERM INCENTIVE PLAN AWARDS
 9 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
LONG-TERM INCENTIVE PLAN AWARDS

NOTE 8 – LONG-TERM INCENTIVE PLAN AWARDS

 

We adopted the 2009 Stock Incentive Plan (“2009 Plan”) on June 11, 2009, which provided for the grant of incentive stock options and non-qualified stock options to our employees and directors. Options granted under the 2009 Plan generally have a term of ten years and generally vest and become exercisable at the rate of 33% after one year and 33% on the second and third anniversaries of the option grant dates. Historically, some stock option grants have included shorter vesting periods ranging from one to two years.

 

The estimated forfeiture rate considers historical turnover rates stratified into employee pools in comparison with an overall employee turnover rate, as well as expectations about the future. We periodically revise the estimated forfeiture rate in subsequent periods if actual forfeitures differ from those estimates. There was no compensation expense recorded under this method for the three and nine months ended March 31, 2020 and 2019.

 

A summary of the status of our stock options is presented below as of March 31, 2020:

 

           Weighted-     
           Average     
       Weighted-   Remaining     
       Average   Contractual   Aggregate 
       Exercise   Life   Intrinsic 
Options  Shares   Price   (In Years)   Value 
                 
Outstanding as of June 30, 2019   299,000   $1.04    2.75   $420,620 
Granted   –    –    –    – 
Exercised   (31,709)   0.88    –    129,373 
Cancelled   –    –    –    – 
Forfeited or Expired   (12,000)   1.35    –    48,960 
Outstanding as of March 31, 2020   255,291   $1.05    2.20   $773,626 
                     
Exercisable as of March 31, 2020   255,291   $1.05    2.20   $773,626 

 

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $4.08 as of March 31, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of March 31, 2020, in the amount of 255,291 shares, was $0.93 per share.

 

As of March 31, 2020, there was no unrecognized compensation cost related to non-vested stock options granted.

 

A summary of the status of our stock options is presented below as of March 31, 2019:

 

                Weighted-        
                Average        
          Weighted-     Remaining        
          Average     Contractual     Aggregate  
          Exercise     Life     Intrinsic  
Options   Shares     Price     (In Years)     Value  
                         
Outstanding as of June 30, 2018     299,000     $ 1.04       2.75     $ 241,220  
Granted     –       –       –       –  
Exercised     –       –       –       –  
Cancelled     –       –       –       –  
Forfeited or Expired     –       –       –       –  
Outstanding as of March 31, 2019     299,000     $ 1.04       2.00     $ 525,270  
                                 
Exercisable as of March 31, 2019     299,000     $ 1.04       2.00     $ 525,270  

 

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $2.80 as of March 31, 2019, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of March 31, 2019, in the amount of 299,000 shares, was $0.92 per share.

 

As of March 31, 2019, there was no unrecognized compensation cost related to non-vested stock options granted.