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STOCK OPTIONS (Tables) | 12 Months Ended
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Jun. 30, 2014
Fair value weighted average assumptions | The fair value for the options granted were estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming no expected dividends:
|  | For the Year Ended June 30, |
|  | 2014 |  |  | 2013 |
Expected volatility |  |  | 70.01-104.94 | % |  |  | 92.53 | %
Risk-free interest rate |  |  | 0.30% to 0.78 | % |  |  | 0.26 | %
Expected life (years) |  |  | 2.50-3.25 |  |  |  | 2.50 |
Company's non-vested employee stock options | A summary of the status of the Company’s non-vested employee stock options during the twelve months ended June 30, 2014 is presented below:
|  |  |  |  | Weighted Average Grant-Date |
|  | Options |  |  | Fair Value |
Non-vested at July 1, 2013 |  |  | 20,375 |  |  | $ | 3.26 |
Granted |  |  | 50,000 |  |  |  | 1.65 |
Vested |  |  | (44,125 | ) |  |  | (2.33 | )
Forfeited |  |  | - |  |  |  | - |
Non-vested at June 30, 2014 |  |  | 26,250 |  |  | $ | 1.69 |
A summary of the status of the Company’s non-vested employee stock options during the twelve months ended June 31, 2013 is presented below:
|  |  |  |  | Weighted Average Grant-Date |
|  | Options |  |  | Fair Value |
Non-vested at July 1, 2012 |  |  | 43,250 |  |  | $ | 3.29 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (21,375 | ) |  |  | (3.16 | )
Forfeited |  |  | (1,500 | ) |  |  | (3.16 | )
Non-vested at June 30, 2013 |  |  | 20,375 |  |  | $ | 3.26 |
2007 Employee Plan [Member] |
Option activities | A summary of option activities under the 2007 Employee Plan during the twelve month period ended June 30, 2014 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2013 |  |  | 263,500 |  |  | $ | 3.06 |  |  |  | 1.57 |  |  | $ | - |
Granted |  |  | 50,000 |  |  |  | 3.26 |  |  |  | - |  |  |  | - |
Exercised |  |  | (126,500 | ) |  |  | (1.89 | ) |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (57,000 | ) |  |  | (3.81 | ) |  |  | - |  |  |  | - |
Outstanding at June 30, 2014 |  |  | 130,000 |  |  | $ | 3.93 |  |  |  | 2.57 |  |  | $ | 13 |
Exercisable at June 30, 2014 |  |  | 103,750 |  |  | $ | 4.14 |  |  |  | 2.10 |  |  | $ | 3 |
The aggregate intrinsic value of the 126,500 shares of common stock upon exercise of options was $175. A summary of option activities under the 2007 Employee Plan during the twelve-month period ended June 30, 2013 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2012 |  |  | 313,000 |  |  | $ | 3.85 |  |  |  | 2.31 |  |  | $ | - |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (49,500 | ) |  |  | (8.06 | ) |  |  | - |  |  |  | - |
Outstanding at June 30, 2013 |  |  | 263,500 |  |  | $ | 3.06 |  |  |  | 1.57 |  |  | $ | 122 |
Exercisable at June 30, 2013 |  |  | 243,125 |  |  | $ | 2.95 |  |  |  | 1.49 |  |  | $ | 122 |
2007 Directors Equity Incentive Plan [Member] |
Option activities | A summary of option activities under the 2007 Directors Plan during the twelve months ended June 30, 2014 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2013 |  |  | 350,000 |  |  | $ | 3.53 |  |  |  | 1.96 |  |  | $ | 80 |
Granted |  |  | 100,000 |  |  |  | 3.41 |  |  |  | 4.31 |  |  |  | - |
Exercised |  |  | (65,000) |  |  |  | 1.72 |  |  |  | - |  |  |  | 98 |
Forfeited or expired |  |  | (70,000 | ) |  |  | (4.81 | ) |  |  | - |  |  |  | - |
Outstanding at June 30, 2014 |  |  | 315,000 |  |  | $ | 3.62 |  |  |  | 2.63 |  |  | $ | 24 |
Exercisable at June 30, 2014 |  |  | 315,000 |  |  | $ | 3.62 |  |  |  | 2.63 |  |  | $ | 24 |
A summary of option activities under the 2007 Directors Plan during the twelve months ended June 30, 2013 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2012 |  |  | 385,000 |  |  | $ | 4.52 |  |  |  | 2.45 |  |  | $ | - |
Granted |  |  | 15,000 |  |  |  | 2.07 |  |  |  | 4.72 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (50,000 | ) |  |  | (4.81 | ) |  |  | - |  |  |  | - |
Outstanding at June 30, 2013 |  |  | 350,000 |  |  | $ | 3.53 |  |  |  | 1.96 |  |  | $ | - |
Exercisable at June 30, 2013 |  |  | 350,000 |  |  | $ | 3.53 |  |  |  | 1.96 |  |  | $ | - |

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- Definition Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=13989330&loc=d3e107314-111719 + Details
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