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EQUITY

6 Months Ended

Dec. 31, 2016

During the six months ended December 31, 2016 the Company issued 26,862 shares to its directors and 91,782 shares to employees and consultants under the Company’s stock compensation plans, 101,249 of which are included in the rollforward of Restricted Stock units below.

Restricted Stock Units

		Restricted Stock Units				Weighted Average Grant Date Fair Value ($/share)

Outstanding at June 30, 2016			1,051,144				5.82
Granted			50,989				9.81
Vested and issued			(101,249	)			6.25
Forfeited			(26,560	)			10.23
Outstanding at December 31, 2016			974,324				5.06

As of December 31, 2016, there was approximately $5.7 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a straight line basis over a weighted average period of 5.06 years.

Warrants

The following tables summarize information about warrants outstanding and exercisable at December 31, 2016:

	Warrants Outstanding											Warrants Exercisable
	at December 31, 2016											at December 31, 2016
	Range of exercise prices Warrants				Number outstanding at December 31, 2016				Weighted average remaining contractual life (years)			Weighted average exercise price			Number exercisable at December 31, 2016			Weighted average exercise price
	$	3.50–4.00				1,306,268				2.78		$	3.93			1,306,268		$	3.93
	$	6.45–10.00				100,481				1.99		$	7.29			100,481		$	7.29
						1,406,749				2.72		$	4.17			1,406,749		$	4.17

Preferred Stock

The Company’s certificate of incorporation currently authorizes the issuance of up to 30,000,000 shares of ‘blank check’ preferred stock with designations, rights, and preferences as may be determined from time to time by the Company’s Board of Directors, of which 700,000 shares are currently designated as Series B Preferred Stock (“Series B Preferred”) and 300,000 shares are designated as Series B-1Preferred Stock (“Series B-1Preferred ”). Both classes of Series B Preferred Stock, which are treated as permanent pieces of our capital structure due to the fact that they are nonredeemable and nonconvertible, pay dividends at a rate of 7% per annum if paid by the Company in cash, or 9% if paid by the Company in additional shares of Series B-1 Preferred (“PIK Shares”). The Company may elect to pay accrued dividends on outstanding shares of Series B Preferred in either cash or by the issuance of PIK Shares.

During the six months ended December 31, 2016, the Company issued 36,427 PIK Shares for accrued dividends payable with respect to the Series B Preferred, and 10,000 shares of Series B-1 Preferred in satisfaction of an accrued bonus payable to the Company's CEO.

The entire disclosure for freestanding option contracts issued by an entity that are indexed to, and potentially settled in, an entity's own stock. Includes disclosure on the strike price and the number of shares to which the contract is indexed, the settlement date or dates of the contract, and the issuer's accounting for the contract. If the terms of the contract provide settlement alternatives, those settlement alternatives are disclosed, including who controls the settlement alternatives, and the maximum number of shares that could be required to be issued, to net share settle the contract, if applicable. If a contract does not have a fixed or determinable maximum number of shares that could be required to be issued, the fact that a potentially infinite number of shares that may be required to be issued to settle the contract is disclosed. Disclosure also includes the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts.

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