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STOCK OPTIONS (Tables) | 9 Months Ended
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Mar. 31, 2017
Fair value weighted average assumptions |
|  | Nine Months Ended March 31, |
|  | 2017 |  |  | 2016 |
Expected volatility |  | 47.29% to 104.94% |  |  | 60.41% to 104.94% |
Risk-free interest rate |  | 0.30% to 1.05% |  |  | 0.30% to 1.05% |
Expected life (years) |  |  | 2.50 – 3.25 |  |  |  | 2.50 – 3.25 |
Company's non-vested employee stock options | A summary of the status of the Company’s non-vested employee stock options during the nine months ended March 31, 2017 is presented below:
|  | Options |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at July 1, 2016 |  |  | 38,750 |  |  | $ | 3.22 |
Granted |  |  | 37,500 |  |  |  | 4.14 |
Vested |  |  | (28,125 | ) |  |  | 3.19 |
Forfeited |  |  | - |  |  |  | - |
Non-vested at March 31, 2017 |  |  | 48,125 |  |  | $ | 3.77 |
A summary of the status of the Company’s non-vested employee stock options during the nine months ended March 31, 2016 is presented below:
|  | Options |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at July 1, 2015 |  |  | 17,500 |  |  | $ | 1.69 |
Granted |  |  | 40,000 |  |  |  | 3.26 |
Vested |  |  | (18,750 | ) |  |  | (3.26 | )
Forfeited |  |  | - |  |  |  | - |
Non-vested at March 31, 2016 |  |  | 38,750 |  |  | $ | 3.20 |
2007 Employee Plan [Member] |
Option activities | A summary of option activities under the 2007 Employee Plan during the Nine-month period ended March 31, 2017 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2016 |  |  | 90,000 |  |  | $ | 3.26 |  |  |  | 3.42 |  |  | $ | 30 |
Granted |  |  | 37,500 |  |  |  | 4.14 |  |  |  | 5.00 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at March 31, 2017 |  |  | 127,500 |  |  | $ | 3.52 |  |  |  | 3.35 |  |  | $ | 79 |
Exercisable at March 31, 2017 |  |  | 79,375 |  |  | $ | 3.36 |  |  |  | 2.61 |  |  | $ | 62 |
A summary of option activities under the 2007 Employee Plan during the Nine-month period ended March 31, 2016 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2015 |  |  | 130,000 |  |  | $ | 3.93 |  |  |  | 1.57 |  |  | $ | - |
Granted |  |  | 40,000 |  |  |  | 3.26 |  |  |  | 4.97 |  |  |  | 4 |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (80,000 | ) |  |  | 4.35 |  |  |  | - |  |  |  | - |
Outstanding at March 31, 2016 |  |  | 90,000 |  |  | $ | 3.26 |  |  |  | 3.67 |  |  | $ | - |
Exercisable at March 31, 2016 |  |  | 51,250 |  |  | $ | 3.28 |  |  |  | 3.07 |  |  | $ | - |
2007 Directors Equity Incentive Plan [Member] |
Option activities | A summary of option activities under the 2007 Directors Plan during the nine months ended March 31, 2017 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2016 |  |  | 415,000 |  |  | $ | 3.14 |  |  |  | 3.29 |  |  | $ | 198 |
Granted |  |  | 50,000 |  |  |  | 4.14 |  |  |  | 5.00 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (50,000 | ) |  |  | 2.30 |  |  |  | - |  |  |  | - |
Outstanding at March 31, 2017 |  |  | 415,000 |  |  | $ | 3.36 |  |  |  | 3.18 |  |  | $ | 325 |
Exercisable at March 31, 2017 |  |  | 415,000 |  |  | $ | 3.36 |  |  |  | 3.18 |  |  | $ | 325 |
A summary of option activities under the 2007 Directors Plan during the nine months ended March 31, 2016 is presented as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at July 1, 2015 |  |  | 365,000 |  |  | $ | 3.65 |  |  |  | 1.99 |  |  | $ | 53 |
Granted |  |  | 200,000 |  |  |  | 3.12 |  |  |  | 3.54 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (150,000 | ) |  |  | (4.35 | ) |  |  | - |  |  |  | - |
Outstanding at March 31, 2016 |  |  | 415,000 |  |  |  | 3.14 |  |  |  | 4.97 |  |  |  | 91 |
Exercisable at March 31, 2016 |  |  | 415,000 |  |  |  | 3.14 |  |  |  | 4.97 |  |  |  | 91 |

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