Stock Options and Warrants

3 Months Ended

Sep. 30, 2014

Stock Options and Warrants [Abstract]

Stock Options and Warrants

11. Stock Options and Warrants

As of September 30, 2014, options consisted of the following:

	September 30, 2014
	Shares			Weighted Average Exercise Price
Outstanding at June 30, 2014		1,226,526			$	0.40
Granted		20,000				0.66
Forfeited		(105,000	)			0.40
Outstanding at September 30, 2014		1,141,526				0.40
Options exercisable at September 30, 2014		529,026				0.48

As of September 30, 2014, 1,141,526 stock options were outstanding and 840,974 stock options were available for future issuance under the Company's 2007 Stock Option Plan. During the three months ended September 30, 2014, the Company granted 20,000 stock options. The stock options granted during the three months ended September 30, 2014 consisted of a single grant of an option to purchase 20,000 shares of the Company's common stock at an exercise price of $0.66 per share. The Company determined the total fair value of such option grant to be $4,599, or $0.23 per stock option. The option grant vests as follows: 25% of the option (covering 5,000 shares) vests on the grant date and the remaining portion of the option (covering 15,000 shares) will vest 5,000 shares each on July 8, 2015, 2016 and 2017. Stock based compensation expense of $1,199 and $1,508 was recognized during the three months ended September 30, 2014 and 2013, respectively, based on granted options. As of September 30, 2014, the total stock based compensation expense related to non-vested awards not yet recognized was $9,740.

During the quarter ended September 30, 2014, all of the Company's outstanding warrants (covering 394,922 shares) expired and at September 30, 2014 no warrants were issued or outstanding.