Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

v2.4.0.8
Stock Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option Activity
The following table summarizes the stock option activity for the fiscal years ended:
 
June 30,
 
2013
 
2012
 
Number of
Shares
 
WAEPS (1)
 
Number of
Shares
 
WAEPS (1)
Fiscal year beginning balance
6,753,125

 
$1.44
 
5,200,000

 
$1.49
Granted
1,627,500

 
$1.23
 
1,675,000

 
$1.10
Exercised
—

 
$0.00
 
(21,875
)
 
$1.60
Forfeited
(591,668
)
 
$1.16
 
(100,000
)
 
$1.72
Options outstanding at end of fiscal year
7,788,957

 
$1.33
 
6,753,125

 
$1.44
 
 
 
 
 
 
 
 
Weighted average remaining contractual term
 
 
5.9 years
 
 
 
6.8 years
(1) Weighted average exercise price per share
Shares Authorized under Stock Option Plans, by Exercise Price Range
The following table summarizes options outstanding and exercisable as of June 30, 2013:
 
 
 
 
Options outstanding and exercisable
Range of
exercise
prices
 
Number
of
shares
 
Weighted average remaining contractual life
 
Weighted average exercise price
$0.79
-
$1.09
 
1,277,500

 
8.5 years
 
$1.04
$1.10
-
$1.13
 
1,691,666

 
8.5 years
 
$1.11
$1.14
-
$1.18
 
100,000

 
4.6 years
 
$1.16
$1.19
-
$1.40
 
3,100,000

 
2.9 years
 
$1.20
$1.41
-
$2.41
 
1,619,791

 
5.7 years
 
$2.02
 
 
 
 
7,788,957

 
5.9 years
 
$1.33
 
 
 
 
 
 
 
 
 
Aggregate intrinsic value
$
21,383

 
 
 
 
Fair Value of Shares Issued Under the Stock Plan and Weighted-Average Assumptions
The fair value of shares issued under the 2012 Stock Incentive Plan was estimated using the following weighted-average assumptions for the fiscal years ended:
 
June 30,
 
2013
 
2012
Number of options
1,627,500
 
1,675,000
Weighted-average grant date fair value per share
$0.61
 
$0.66
Expected dividend
$0.00
 
$0.00
Forfeiture rate
—
 
—
Risk free interest rate
0.6
%
-
1.3%
 
1.0
%
-
1.3%
Expected life
5.1

-
6.0 years
 
5.3

-
6.0 years
Expected volatility (based on historical price)
60.3
%
-
63.5%
 
61.2
%
-
62.8%