STOCK OPTIONS (Notes)

9 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK OPTIONS

STOCK OPTIONS

The Company recognizes stock-based compensation expense for options granted under both the 1990 Flexible Incentive Plan and the 2012 Omnibus Incentive Plan, which was approved by the stockholders at the annual meeting held on October 3, 2012. The stock-based compensation relates to stock options granted to employees, non-employee directors and non-employee consultants. In the nine months ended March 31, 2013, options to purchase 430,000 shares were granted under the 2012 Omnibus Incentive Plan at a weighted average exercise price of $5.14. In the nine months ended March 31, 2012, options to purchase 480,000 shares were granted under the 1990 Flexible Incentive Plan at a weighted average exercise price of $6.24. Stock-based compensation expense during the three and nine months ended March 31, 2013 was $146,592 and $440,533, respectively. Stock-based compensation expense during the three and nine months ended March 31, 2012 was $100,643 and $362,571, respectively.