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STOCK BASED COMPENSATION PLANS

3 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

NOTE 9 – STOCK BASED COMPENSATION PLANS

The Company follows Accounting Standard Codification (ASC) Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units.

Please refer to Note 16 – Stock Based Compensation Plans in the Company’s Form 10-K for the year ended June 30, 2021 for more detailed information on the Company’s stock-based compensation plans.

During the three months ended September 30, 2021 and 2020, the Company recorded stock option compensation cost of $2,000 and $5,000, respectively, related to stock options that were previously issued. As of September 30, 2021, there was a total of $2,000 of unamortized compensation related to stock options which is expected to be recognized over the weighted-average period of 0.42 years.

Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility is based on analysis of the Company’s stock price history. The Company has selected to use the simplified method for estimating the expected term. The risk-free interest rate is based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. No dividend yield is included as the Company has not issued any dividends and does not anticipate issuing any dividends in the future.

The following table summarizes the stock options activity from July 1, 2020 through September 30, 2021:

SCHEDULE OF STOCK OPTION ACTIVITY

Number of Weighted Average Weighted Average Aggregate

Shares Exercise Price Remaining Life Intrinsic Value

Oustanding at July 1, 2020 341,195 $ 16.95 3.83 years $ 3,271,000

Granted - -

Exercised - -

Forfeited - -

Exchanged - -

Outstanding at September 30, 2020 341,195 $ 16.95 3.58 years $ 4,448,000

Exercisable at September 30, 2020 333,995 $ 16.73 3.51 years $ 4,428,000

Vested and Expected to vest at September 30, 2020 341,195 $ 16.95 3.58 years $ 4,448,000

Oustanding at July 1, 2021 341,195 $ 16.95 3.58 years $ 4,448,000

Granted - -

Exercised - -

Forfeited - -

Exchanged - -

Outstanding at September 30, 2021 341,195 $ 16.95 2.58 years $ 9,259,000

Exercisable at September 30, 2021 337,595 $ 16.84 2.55 years $ 9,198,000

Vested and Expected to vest at September 30, 2021 341,195 $ 16.95 2.58 years $ 9,259,000