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4. STOCK-BASED COMPENSATION

6 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

The following table summarizes stock-based compensation expense for the three and six months ended December 31, 2017 and 2016:

		Three Months Ended December 31								Six Months Ended December 31
		2017				2016				2017				2016
Cost of Goods Sold		$	–			$	8,669			$	8,669			$	17,338
Research and Development			320				6,692				7,012				16,009
Selling, General and Administrative			6,651				34,171				17,347				77,086
Stock Based Compensation Expense		$	6,971			$	49,532			$	33,028			$	110,433

No compensation has been capitalized because such amounts would have been immaterial.

The following tables summarize stock option activity for the six months ended December 31, 2017:

			Options Outstanding
			Number of Shares				Weighted Average Exercise Price				Weighted Average Contractual Life
Outstanding at June 30, 2017			1,078,400			$	0.78				7.01 years
Granted			25,000
Expired or Cancelled			(61,200	)
Outstanding at December 31, 2017			1,042,200			$	0.79				6.57 years

Information related to the stock options outstanding as of December 31, 2017 is as follows:

Range of Exercise Prices				Number of Shares				Weighted- Average Remaining Contractual Life (years)				Weighted- Average Exercise Price				Exercisable Number of Shares				Exercisable Weighted- Average Exercise Price
$	0.27				40,000				3.54			$	0.27				40,000			$	0.27
$	0.40				15,000				9.33			$	0.40				5,000			$	0.40
$	0.48				60,000				8.25			$	0.48				40,000			$	0.48
$	0.50				80,000				8.47			$	0.50				45,000			$	0.50
$	0.50				20,000				3.47			$	0.50				20,000			$	0.50
$	0.55				29,500				4.11			$	0.55				29,500			$	0.55
$	0.65				25,000				9.86			$	0.65				0			$	0.65
$	0.73				514,500				7.38			$	0.73				474,500			$	0.73
$	0.85				9,000				5.01			$	0.85				9,000			$	0.85
$	0.90				9,000				6.01			$	0.90				9,000			$	0.90
$	0.95				30,000				6.53			$	0.95				30,000			$	0.95
$	1.20				207,800				4.17			$	1.20				207,800			$	1.20
$	1.25				1,200				0.90			$	1.25				1,200			$	1.25
$	1.35				1,200				1.90			$	1.35				1,200			$	1.35
$	0.27–$1.35				1,042,200				6.57			$	0.77				912,200			$	0.79

The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of December 31, 2017 was $5,750 and $5,650, respectively.