EQUITY

3 Months Ended

Sep. 30, 2017

Warrants

EQUITY

Restricted Stock Units

	Restricted Stock Units		Weighted Average Grant Date Fair Value ($/share)
Outstanding at June 30, 2017		982,613	$	6.01
Granted		-		-
Vested and issued		-		-
Forfeited		-		-
Outstanding at September 30, 2017		982,613	$	6.01

        The number of restricted stock units outstanding at September 30, 2017 included 58,353 units that have vested but for which shares of common stock had not yet been issued pursuant to the terms of the agreement.

As of September 30, 2017, there was approximately $5,900,000 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 4.3 years.

Warrants

 The following tables summarize information about warrants outstanding and exercisable at September 30, 2017:

		Warrants Outstanding at September 30, 2017						Warrants Exercisable at September 30, 2017
Range of exercise prices		Number Outstanding		Weighted average remaining contractual life (years)		Weighted average exercise price		Number exercisable		Weighted average exercise price
$	3.45 – 4.00		1,271,618		2.07	$	3.94		1,271,618	$	3.94
$	6.45 – 10.00		100,481		1.24	$	7.29		100,481	$	7.29
			1,372,099		2.01	$	4.18		1,372,099	$	4.18

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 550,000 shares are designated as Series B-1 Preferred Stock (“Series B-1 Preferred”).  As of September 30, 2017, a total of 625,375 shares of Series B Preferred and 305,859 shares of Series B-1 Preferred were issued and outstanding.  Both classes of Series B Preferred Stock pay dividends at a rate of 7% per annum if paid by the Company in cash, or 9% if paid by the Company in 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 additional shares of Series B Preferred (“PIK Shares”).

In July 2017, the Company issued 20,000 shares of Series B-1 Preferred in satisfaction of an accrued bonus payable to the Company's Chief Executive Officer.