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STOCK OPTIONS | 3 Months Ended
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Sep. 30, 2014
Notes to Financial Statements |
STOCK OPTIONS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) | On September 24, 2007, the Company’s Board of Directors unanimously adopted the 2007 Employee Stock Option Plan (the “2007 Employee Plan”) and the 2007 Directors Equity Incentive Plan (the “2007 Directors Plan”) each of which was approved by the shareholders on December 3, 2007. Each of those plans was amended by the Board in 2010 to increase the number of shares covered thereby, which amendments were approved by the shareholders on December 14, 2010. At present, the 2007 Employee Plan provides for awards of up to 600,000 shares of the Company’s Common Stock to its employees, consultants and advisors. The Board also amended the 2007 Directors Plan in November 2013 to further increase the number of shares covered thereby from 400,000 shares to 500,000 shares, which amendment was approved by the shareholders on December 9, 2013. At present, the 2007 Directors Plan provides for awards of up to 500,000 shares of the Company’s Common Stock to the members of the Company’s Board of Directors in the form of non-qualified options and restricted stock. These two plans are administered by the Board, which also establishes the terms of the awards. 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:
|  | Three Months Ended September 30, |  | Three Months Ended September 30,
|  | 2014 |  | 2013
Expected volatility |  |  | 70.01% - 104.94 | % |  |  | 70.01 | %
Risk-free interest rate |  |  | 0.30% - 0.78 | % |  |  | 0.39% - 0.78 | %
Expected life (years) |  |  | 2.50 - 3.25 |  |  |  | 2 - 3 |
The expected volatilities are based on the historical volatility of the Company’s stock. The observation is made on a weekly basis. The observation period covered is consistent with the expected life of options. The expected life of the options granted to employees has been determined utilizing the “simplified” method as prescribed by ASC Topic 718, which, among other provisions, allowed companies without access to adequate historical data about employee exercise behavior to use a simplified approach for estimating the expected life of a "plain vanilla" option grant. The simplified rule for estimating the expected life of such an option was the average of the time to vesting and the full term of the option. The risk-free rate is consistent with the expected life of the stock options and is based on the United States Treasury yield curve in effect at the time of grant. 2007 Employee Stock Option Plan The Company’s 2007 Employee Plan permits the grant of stock options to its employees covering up to an aggregate of 600,000 shares of Common Stock. Under the 2007 Employee Plan, all options must be granted with an exercise price of not less than fair value as of the grant date and the options granted must be exercisable within a maximum of ten years after the date of grant, or such lesser period of time as is set forth in the stock option agreements. The options may be exercisable (a) immediately as of the effective date of the stock option agreement granting the option, or (b) in accordance with a schedule related to the date of the grant of the option, the date of first employment, or such other date as may be set by the Compensation Committee. Generally, options granted under the 2007 Employee Plan are exercisable within five years after the date of grant, and vest over the period as follows: 25% vesting on the grant date and the remaining balance vesting in equal installments on the next three succeeding anniversaries of the grant date. The share-based compensation will be recognized in terms of the grade method on a straight-line basis for each separately vesting portion of the award. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 2007 Employee Plan). The Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2014. There were no options exercised during the three months ended September 30, 2014. The Company recognized stock-based compensation expenses of $9 in the three months ended September 30, 2014 under the 2007 Employee Plan. The balance of unamortized stock-based compensation of $27 based on fair value on the grant date related to options granted under the 2007 Employee Plan is expected to be recognized over a period of two years. The Company granted stock options pursuant to the 2007 Employee Plan covering a total of 15,000 shares of the Company’s Common Stock during the three months ended September 30, 2013. The Company recognized stock-based compensation expenses of $22 in the three months ended September 30, 2013 under the 2007 Employee Plan. These options vested as of the grant date. As of September 30, 2014, there were vested employee stock options covering a total of 103,750 shares of Common Stock. The weighted-average exercise price was $4.14 and the weighted average contractual term was 1.85 years. The aggregate intrinsic value of employees’ stock options outstanding and the aggregate intrinsic value of employees’ stock options exercisable as of September 30, 2014 were $31 and $10, respectively. As of September 30, 2013, there were vested employee stock options covering a total of 147,625 shares of Common Stock. The weighted-average exercise price was $2.95 and the weighted average contractual term was 1.49 years. Both the aggregate intrinsic value of employees’ stock options outstanding and the aggregate intrinsic value of employees’ stock options exercisable as of September 30, 2013 was $78. A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2014 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2014 |  |  | 130,000 |  |  | $ | 3.93 |  |  |  | 2.57 |  |  | $ | 13 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at September 30, 2014 |  |  | 130,000 |  |  | $ | 3.93 |  |  |  | 2.33 |  |  | $ | 31 |
Exercisable at September 30, 2014 |  |  | 103,750 |  |  | $ | 4.14 |  |  |  | 1.85 |  |  | $ | 10 |
No stock options were exercised during the three months ended September 30, 2014. A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2013 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 |  |  | $ | 122 |
Granted |  |  | 15,000 |  |  |  | 3.62 |  |  |  | 4.96 |  |  |  | - |
Exercised |  |  | (73,000 | ) |  |  | 1.72 |  |  |  | - |  |  |  | (111 | )
Forfeited or expired |  |  | (37,500 | ) |  |  | (4.81 | ) |  |  | - |  |  |  | - |
Outstanding at September 30, 2013 |  |  | 168,000 |  |  | $ | 3.28 |  |  |  | 1.57 |  |  | $ | 78 |
Exercisable at September 30, 2013 |  |  | 147,625 |  |  | $ | 2.95 |  |  |  | 1.49 |  |  | $ | 78 |
During the three months ended September 30, 2013, options covering 73,000 shares of common stock were exercised. The intrinsic value of options exercised was $111. Cash received from the options exercised was $126. A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2014 is presented below:
|  | Options |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at July 1, 2014 |  |  | 26,250 |  |  | $ | 1.69 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |
Non-vested at September 30, 2014 |  |  | 26,250 |  |  | $ | 1.69 |
A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2013 is presented below:
|  | Options |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at July 1, 2013 |  |  | 20,375 |  |  | $ | 3.26 |
Granted |  |  | 15,000 |  |  |  | 3.62 |
Vested |  |  | (15,000 | ) |  |  | 3.62 |
Forfeited |  |  | - |  |  |  | - |
Non-vested at September 30, 2013 |  |  | 20,375 |  |  | $ | 4.35 |
2007 Directors Equity Incentive Plan The 2007 Directors Plan permits the grant of options covering up to an aggregate of 500,000 shares of Common Stock to its directors in the form of non-qualified options and restricted stock. The exercise price of the non-qualified options is 100% of the fair value of the underlying shares on the grant date. The options have five-year contractual terms and are generally exercisable immediately as of the grant date. During the first quarter of fiscal year 2015, the Company did not grant any options pursuant to the 2007 Directors Plan. There were no stock options exercised during the three month period ended September 30, 2014. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2014. During the three months ended September 30, 2013, the Company granted options to purchase 60,000 shares of its Common Stock to certain of our directors pursuant to the 2007 Directors Plan with an exercise price equal to the fair market value of our Common Stock (as defined under the 2007 Directors Plan in conformity with Regulation 409A or the Internal Revenue Code of 1986, as amended) at the date of grant. The fair value of the options granted to purchase 60,000 shares of the Company's Common Stock was $92 based on the grant date fair value of $1.52 per share determined by the Black Scholes option pricing model. No stock options were exercised during the three month period ended September 30, 2013. As of September 30, 2014, there were vested stock options granted under the 2007 Directors Plan covering a total of 315,000 shares of Common Stock. The weighted-average exercise price was $3.62 and the weighted average remaining contractual term was 2.37 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2014 were $151. As, all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2014. As of September 30, 2013, there were vested stock options granted under the 2007 Directors Plan covering a total of 340,000 shares of Common Stock. The weighted-average exercise price was $3.32 and the weighted average remaining contractual term was 2.62 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2013 were $163. As, all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2013. A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2014 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2014 |  |  | 315,000 |  |  | $ | 3.62 |  |  |  | 2.63 |  |  | $ | 24 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at September 30, 2014 |  |  | 315,000 |  |  | $ | 3.62 |  |  |  | 2.37 |  |  | $ | 151 |
Exercisable at September 30, 2014 |  |  | 315,000 |  |  | $ | 3.62 |  |  |  | 2.37 |  |  | $ | 151 |
A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2013 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2013 |  |  | 340,000 |  |  | $ | 3.53 |  |  |  | 1.96 |  |  | $ | 80 |
Granted |  |  | 60,000 |  |  |  | 3.62 |  |  |  | 4.96 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (60,000 | ) |  |  | (4.81 | ) |  |  | - |  |  |  | - |
Outstanding at September 30, 2013 |  |  | 340,000 |  |  | $ | 3.32 |  |  |  | 2.62 |  |  | $ | 163 |
Exercisable at September 30, 2013 |  |  | 340,000 |  |  | $ | 3.32 |  |  |  | 2.62 |  |  | $ | 163 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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