Stock Based Compensation (Tables)

12 Months Ended

Jun. 30, 2013

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

Stock Option Activity

The following table summarizes the stock option activity for the fiscal years ended:

	June 30,
	2013			2012
	Number of Shares		WAEPS (1)	Number of Shares		WAEPS (1)
Fiscal year beginning balance	6,753,125		$1.44	5,200,000		$1.49
Granted	1,627,500		$1.23	1,675,000		$1.10
Exercised	—		$0.00	(21,875	)	$1.60
Forfeited	(591,668	)	$1.16	(100,000	)	$1.72
Options outstanding at end of fiscal year	7,788,957		$1.33	6,753,125		$1.44
Weighted average remaining contractual term			5.9 years			6.8 years

⁽¹⁾ Weighted average exercise price per share

Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes options outstanding and exercisable as of June 30, 2013:

			Options outstanding and exercisable
Range of exercise prices			Number of shares		Weighted average remaining contractual life	Weighted average exercise price
$0.79	-	$1.09	1,277,500		8.5 years	$1.04
$1.10	-	$1.13	1,691,666		8.5 years	$1.11
$1.14	-	$1.18	100,000		4.6 years	$1.16
$1.19	-	$1.40	3,100,000		2.9 years	$1.20
$1.41	-	$2.41	1,619,791		5.7 years	$2.02
			7,788,957		5.9 years	$1.33
Aggregate intrinsic value			$	21,383

Fair Value of Shares Issued Under the Stock Plan and Weighted-Average Assumptions

The fair value of shares issued under the 2012 Stock Incentive Plan was estimated using the following weighted-average assumptions for the fiscal years ended:

	June 30,
	2013				2012
Number of options	1,627,500				1,675,000
Weighted-average grant date fair value per share	$0.61				$0.66
Expected dividend	$0.00				$0.00
Forfeiture rate	—				—
Risk free interest rate	0.6	%	-	1.3%	1.0	%	-	1.3%
Expected life	5.1		-	6.0 years	5.3		-	6.0 years
Expected volatility (based on historical price)	60.3	%	-	63.5%	61.2	%	-	62.8%