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SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Consummation of Registered Direct Offering

 

On April 15, 2015, we consummated a registered direct offering of 572,500 shares of our common stock in a registered direct offering at a price of $12.50 per share. The Company received total net proceeds from the registered direct offering of approximately $6.7 million after deducting placement agent fees and other offering expenses. Proceeds will be used to provide additional working capital, and for general corporate purposes.

 

        Also subsequent to March 31, 2015, the Company issued 26,728 shares of common stock in connection with issuances under the Company's Employee Stock Purchase Plan and the vesting of employee stock grants.

 

We have evaluated subsequent events through the date of this filing in accordance with the Subsequent Events Topic of the FASB ASC 855, and have determined that, other than the events described above, no additional subsequent events are reasonably likely to impact the financial statements.

 

Rider A

 

Amendment to Series B Certificate of Designation

 

On May 6, 2015, the Company amended the Series B Certificate of Designation in order to increase the number of shares of the Company’s preferred stock designated there under as Series B Preferred from 600,000 shares to 700,000 shares.