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Stock Based Compensation (Tables)
12 Months Ended
Jun. 30, 2014
Jun. 30, 2014
Restricted Stock Units (RSUs) [Member]
Jun. 30, 2012
2010 Plan [Member]
Jun. 30, 2012
2010 Plan [Member]
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table summarizes information regarding stock options granted under our 2010 Plan that were outstanding at June 30, 2014:
 
 
Options Outstanding
 
Options Exercisable
 
 
Number of
 
Weighted
 
 
 
Number of
 
Weighted
 
 
 
 
Shares
 
Average
 
Weighted
 
Shares
 
Average
 
Weighted
 
 
Under
 
Remaining
 
Average
 
Under
 
Remaining
 
Average
 
 
Outstanding
 
Contractual
 
Exercise
 
Outstanding
 
Contractual
 
Exercise
Range of Exercise Price
 
Options
 
Life
 
Price
 
Options
 
Life
 
Price
$10.00 - $10.99
 
370,000

 
3.5
 
$
10.00

 
278,333

 
3.6
 
$
10.00

$11.00 - $11.99
 
25,000

 
3.0
 
$
11.00

 
25,000

 
3.0
 
$
11.00

$12.00 - $12.99
 
35,000

 
2.2
 
$
12.75

 
35,000

 
2.2
 
$
12.75

$14.00 - $14.99
 
15,000

 
2.2
 
$
14.03

 
15,000

 
2.2
 
$
14.03

 
 
445,000

 
3.4
 
$
10.41

 
353,333

 
3.3
 
$
10.52

     
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the status of stock options granted under the 2010 Plan as of June 30, 2014, 2013 and 2012, and changes during the fiscal years then ended, is presented in the table below.

Year Ended June 30,

2014

2013

2012



Weighted



Weighted



Weighted

Shares

Average

Shares

Average

Shares

Average

Under

Exercise

Under

Exercise

Under

Exercise

Options

Price

Options

Price

Options

Price
Outstanding, beginning of year
404,167

 
$
10.49

 
50,000

 
$
13.13

 

 
$

Granted
57,500

 
$
10.01

 
387,500

 
$
10.19

 
50,000

 
$
13.13

Exercised

 
$

 

 
$

 

 
$

Forfeited
(16,667
)
 
$
11.00

 
(33,333
)
 
$
11.00

 

 
$

Cancelled

 
$

 

 
$

 

 
$

Outstanding, end of year
445,000

 
$
10.41

 
404,167

 
$
10.49

 
50,000

 
$
13.13

Aggregate intrinsic value
$
262,175

 

 
$

 

 
$
2,450

 



 

 

 

 

 

Exercisable, end of year
353,333

 
$
10.52

 
234,165

 
$
10.77

 
16,667

 
$
13.13

Aggregate intrinsic value
$
197,191

 

 
$

 

 
$
817

 



 

 

 

 

 

Available for grant, end of year
366,094

 

 
501,927

 

 
856,094

 

Weighted average fair value of

 

 

 

 

 

  options granted during the year (1)
$
3.92

 

 
$
5.09

 

 
$
3.38

 

_______________    
(1) The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants during the years ended June 30, 2014, 2013 and 2012, respectively: (i) risk-free interest rate of 0.51 percent, 0.44 percent, and 0.42 percent; (ii) expected lives of 2.63, 2.63, and 3.0 years; (iii) expected volatility of 64.3 percent, 90.1 percent, and 40.0 percent; and (iv) expected dividend yield of zero percent.
     
Stock-based Compensation Expense, Allocation of Recognized Period Costs    
 
Schedule of Restricted Stock and Stock Options  
A summary of the Company’s restricted stock as of
June 30, 2014 and the change during the year then ended, is as follows:  
 
Number of
Shares
 
Weighted Average Fair Value
Per Share
Nonvested balance at June 30, 2012
62,604

 
$
4.65

Granted

 
$

Vested
(39,126
)
 
$
4.65

Forfeited

 
$

Nonvested balance at June 30, 2013
23,478

 
$
4.65

Granted
95,000

 
$
10.00

Vested
(55,145
)
 
$
7.72

Forfeited

 
$

Nonvested balance at June 30, 2014
63,333

 
$
10.00

 
Stock-based compensation expense for the periods reflected was as follows:
 
Year Ended June 30,
 
 
 
2014
 
2013
 
2012
 
Period from Inception (October 15, 2009 to June 30, 2014)
Stock-based compensation included in:
 
 
 
 
 
 
 
     Exploration expenses (1)
$
366,195

 
$
349,853

 
$
58,326

 
$
795,601

     Stock-based compensation expense (2)
812,698

 
1,133,168

 
192,884

 
2,202,431

Total stock-based compensation expense
$
1,178,893

 
$
1,483,021

 
$
251,210

 
$
2,998,032


(1) Related to restricted stock and stock option awards to the Company's technical consultant
(2) Related to the restricted stock and stock option awards to the Company's directors and employees.