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STOCK BASED COMPENSATION PLANS
 6 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION PLANS

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 six months ended December 31, 2021 and 2020, the Company recorded stock option compensation cost of $4,000 and $10,000, respectively, related to stock options that were previously issued. As of December 31, 2021, all compensation related to stock options have been recognized.

 

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 to December 31, 2021:

 

       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  June 30, 2021    341,195   $16.95    2.83 years   $8,890,000 
Exercisable at  June 30, 2021    337,595   $16.84    2.80 years   $8,833,000 
Vested and Expected to vest at  June 30, 2021    341,195   $16.95    2.83 years   $8,890,000 
                         
Oustanding at  July 1, 2021    341,195   $16.95    2.83 years   $8,890,000 
Granted       -    -           
Exercised       -    -           
Forfeited       -    -           
Exchanged       -    -           
Outstanding at  December 31, 2021    341,195   $16.95    2.32 years   $11,616,000 
Exercisable at  December 31, 2021    337,595   $16.84    2.29 years   $11,531,000 
Vested and Expected to vest at  December 31, 2021    341,195   $16.95    2.32 years   $11,616,000