Stockholders' Equity

12 Months Ended

Jun. 30, 2015

Equity [Abstract]

Stockholders' Equity

NOTE 14 – STOCKHOLDERS’ EQUITY

During the years ended June 30, 2015 and 2014, the Company issued 152,500 and 65,000 restricted shares of common stock, respectively, for services rendered by officers of the Company. These shares were valued at the fair market value of $699,000 and $663,350, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.

During the years ended June 30, 2015 and 2014, the Company issued 41,726 and 5,173 restricted shares of common stock, for services rendered by the independent members of the Board of Directors as part of their board compensation. These shares were valued at the fair market value of $173,633 and $55,249, and recorded as compensation expense in the accompanying consolidated financial statements.

During the years ended June 30, 2015 and 2014, the Company issued 170,275 and 9,000 restricted shares of common stock, respectively, to employees pursuant to the terms of their employment agreements. These shares were valued at the fair market value of $603,075 and $81,394, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.

During the years ended June 30, 2014, the Company issued 2,400 restricted shares of common stock for services performed by unrelated consultants. These shares were valued at the fair market value of $17,424, respectively, and recorded as general and administrative costs in the accompanying consolidated financial statements.

During the year ended June 30, 2014, the Company issued 27,000 shares of its common stock for the settlement of a payable to a related party valued at $210,060.

During the year ended June 30, 2015, the Company received $2,359,530 pursuant to a stock purchase agreement for the purchase of 743,107 restricted shares of common stock at price ranging from $2.85 to $4.46 per share.

During the year ended June 30, 2015, the Company received $191,400 pursuant to a stock option agreement for the exercise of 49,329 restricted shares of common stock at price of $3.88 per share.

During the year ended June 30, 2015, the Company determined that certain subscription receivables related to stock issuances in previous years were deemed uncollectible and reduced the subscription receivable account $982,181 with a corresponding entry to additional-paid-in-capital.

During the year ended June 30, 2015, the Company determined that certain subscription receivables related to the exercise of stock options were deemed uncollectible and reduced the subscription receivable account by $158,635 with a corresponding entry to compensation expense.