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STOCK BASED COMPENSATION PLANS | 9 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION PLANS | NOTE 9 – STOCK BASED COMPENSATION PLANS The Company follows Accounting Standard Codification (ASC) Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units. Please refer to Note 15 – Stock Based Compensation Plans in the Company’s Form 10-K for the year ended June 30, 2024 for more detailed information on the Company’s stock-based compensation plans. On October 13, 2023, the Compensation Committee awarded 18,000 stock options to the Company’s Chief Operating Officer David C. Gonzalez, to purchase up to 18,000 shares of common stock. The exercise price of the options is $28.90 which was the fair market value of the Company’s Common Stock as reported on NASDAQ closing on October 12, 2023. The options expire in ten years from the date of grant. Pursuant to the time vesting requirements, the options vest over a period of three years, with 6,000 options vesting upon each on year anniversary of the date of grant. On December 21, 2023, the Company extended the expiration date of the 133,195 stock options originally issued to John V. Winfield, CEO on December 26, 2013 with an exercise price of $18.65. The original expiration date was December 26, 2023 and is extended to December 26, 2029. As a result of extending Mr. Winfield’s options, the Company recorded stock option compensation cost of $1,175,000 in December 2023. The fair value of the modification was estimated using the Black Scholes pricing model, which takes into account immediately before and after the modification date the exercise price $18.65 per share and expected life of the stock option of 0.01 and 6 years, the market price of the underlying stock on modification date and its expected volatility 72% and 50%, expected dividends 0% on the stock and the risk free interest rate 0.9% and 4.65% for the expected term of the stock option. Option-pricing models require the input of various subjective assumptions, including the option’s expected life, estimated forfeiture rates and the price volatility of the underlying stock. The expected stock price volatility is based on analysis of the Company’s stock price history. The Company has selected to use the simplified method for estimating the expected term. The risk-free interest rate is based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. No dividend yield is included as the Company has not issued any dividends and does not anticipate issuing any dividends in the future. During the nine months ended March 31, 2025 and 2024 the Company recorded $85,000 and $1,263,000, respectively, related to stock option compensation cost. The following table summarizes the stock options activity from July 1, 2023 to March 31, 2025: SCHEDULE OF STOCK OPTION ACTIVITY
|  |  |  |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life |  |  | Aggregate Intrinsic Value |
Oustanding at |  |  | July 1, 2023 |  |  |  | 251,195 |  |  | $ | 15.95 |  |  |  | 1.60 years |  |  | $ | 4,957,000 |
Granted |  |  |  |  |  |  | 18,000 |  |  |  | - |  |  |  | 9.54 years |  |  |  | - |
Exercised |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exchanged |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at |  |  | June 30, 2024 |  |  |  | 269,195 |  |  | $ | 16.81 |  |  |  | 4.15 years |  |  | $ | 1,187,000 |
Exercisable and vested at |  |  | June 30, 2024 |  |  |  | 251,195 |  |  | $ | 15.95 |  |  |  | 4.45 years |  |  | $ | 1,187,000 |
Oustanding at |  |  | July 1, 2024 |  |  |  | 269,195 |  |  | $ | 16.81 |  |  |  | 4.15 years |  |  | $ | 1,187,000 |
Granted |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exchanged |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at |  |  | March 31, 2025 |  |  |  | 269,195 |  |  | $ | 16.81 |  |  |  | 3.40 years |  |  | $ | 182,000 |
Exercisable and vested at |  |  | March 31, 2025 |  |  |  | 257,195 |  |  | $ | 15.57 |  |  |  | 3.56 years |  |  | $ | 182,000 |

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