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LONG-TERM INCENTIVE PLAN AWARDS (Tables)

3 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock option activity

Weighted-

Average

Weighted-

Remaining

Average

Contractual

Aggregate

Exercise

Life

Intrinsic

Options

Shares

Price

(In Years)

Value

Outstanding as of June 30, 2023

647,001

$

4.24

2.88

$

130,200

Granted

–

–

–

–

Exercised

–

–

–

–

Cancelled

–

–

–

–

Forfeited or expired

(16,000

)

4.77

–

–

Outstanding as of September 30, 2023

631,001

$

4.23

2.63

$

–

Exercisable as of September 30, 2023

478,642

$

4.49

2.44

$

–

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $3.20 as of September 30, 2023, 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 September 30, 2023, in the amount of 631,001 shares was $3.34 per share. As of September 30, 2023, there was unrecognized compensation cost of $432,617 related to non-vested stock options granted.

A summary of the status of our stock options is presented below as of September 30, 2022:

Weighted-

Average

Weighted-

Remaining

Average

Contractual

Aggregate

Exercise

Life

Intrinsic

Options

Shares

Price

(In Years)

Value

Outstanding as of June 30, 2022

766,001

$

3.85

3.37

$

183,270

Granted

–

–

–

–

Exercised

–

–

–

–

Cancelled

–

–

–

–

Forfeited or expired

(10,000

)

5.40

–

–

Outstanding as of September 30, 2022

756,001

$

3.86

3.11

$

158,000

Exercisable as of September 30, 2022

399,089

$

3.90

2.36

$

158,000