Stockholders' Equity Transactions

9 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stockholders' Equity Transactions

NOTE 8 – Stockholders’ Equity Transactions

On September 16, 2014 the Company’s board of directors authorized the repurchase of up to 1 million of the approximately 19.4 million shares of the Company’s common stock outstanding. The repurchase will be made from time to time in the open market or in privately negotiated transactions subject to market conditions and the market price of the common stock. Relative to the Loan Agreement described in Note 6, the Company’s lender gave its consent to this stock repurchase plan. During the nine months ended March 31, 2016 the Company repurchased 192,767 shares of its outstanding common stock for a weighted average price of $5.73 per share. These repurchased shares are included in the Company’s Treasury Stock as of March 31, 2016.