Purchase of Common Stock

3 Months Ended

Sep. 30, 2013

Equity [Abstract]

Purchase of Common Stock

(13) Purchase of Common Stock

Common stock repurchases under the Company’s securities repurchase program may be made from time to time, in the open market, through block trades or otherwise in accordance with applicable regulations of the Securities and Exchange Commission. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or from time to time without prior notice. Additionally, the timing of such transactions will depend on other corporate strategies and will be at the discretion of the management of the Company.

As of September 30, 2013, we had repurchased 311,660 shares of common stock at a cost of $0.2 million, which represents an average cost of $0.76 per share, and $1.1 million of Senior Convertible Notes payable. All of these repurchases were made prior to the period ended September 30, 2013. As a result, the Company is authorized to repurchase an additional $5.7 million of securities under this program.