Stock Based Compensation (Tables)

9 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the nine months ended March 31, 2022 and 2021.

	March 31, 2022		March 31, 2021
Dividend yield		0%		5.54%
Company’s expected volatility		25.56%		23.41%
Risk-free interest rate		0.93%		0.36%
Expected term		5.4 yrs		5.4 yrs
Weighted average fair value per share of options granted during the period		$3.72		$1.59

Schedule of Stock Option Activity

The following table summarizes stock option activity during the nine months ended March 31, 2022:

	Employee Stock Options Plan
					Weighted
	Number of		Weighted		Average
	Shares		Average		Remaining		Aggregate
	Subject		Exercise		Contractual		Intrinsic
	to Option		Price		Term		Value
Balance at July 1, 2021		304,662	$	23.37		6.06
Granted		77,550	$	14.76		9.31
Exercised		—		—		—
Forfeited or expired		(117,234)	$	22.62		—
Outstanding at March 31, 2022		264,978	$	21.18		6.57	$	--
Vested or expected to vest at March 31, 2022		246,809	$	21.56		6.40	$	--
Exercisable at March 31, 2022		160,953	$	24.51		4.99	$	--

Schedule of Changes in Non-Vested Stock Options

The following table summarizes changes in non-vested stock options during the nine months ended March 31, 2022:

	Weighted Number		Average
	of Shares Subject to Option		Grant Date Fair Value (per Option)
Non-vested at July 1, 2021	103,450	$	2.22
Granted	77,550	$	3.72
Vested	(43,025)	$	3.03
Forfeited or expired	(33,950)	$	2.55
Non-vested at March 31, 2022	104,025	$	2.90