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Stockholders' Equity Transactions
9 Months Ended
Mar. 31, 2021
Stockholders' Equity Transactions  
Stockholders' Equity Transactions

NOTE 10 – 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 then outstanding. Such repurchases may 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. Pursuant to the PPP Loan Agreement described in Note 8, the Company may not repurchase any of its shares of common stock until 12 months after the termination of the term loans described therein. No shares were repurchased during the nine months ended March 31, 2021. During the fiscal year ended June 30, 2020, the Company repurchased 144,405 shares of its outstanding common stock at a weighted average price of $16.99. Shares repurchased through June 30, 2020 are included in the Company’s Treasury Stock as of June 30, 2020.

During fiscal 2020, certain employees and Directors exercised stock options under the Company's 2012 Employee and Non-Employee Stock Option Plans totaling 15,600 shares. 3,600 of these exercises were completed as cashless exercises as allowed for under the Plans, where the exercise shares are issued by the Company in exchange for shares of the Company's common stock that are owned by the

optionees. The number of shares surrendered by the optionees was 1,628 and was based upon the per share price on the effective date of the option exercise.

During fiscal 2021, certain employees and Directors exercised stock options under the Company’s 2012 Employee Plan, the 2012 Non-employees Plan and the 2018 Non-employee Plan totaling 4,600 shares as cashless exercises as allowed under the plans, where the exercise shares are issued by the Company in exchange for the shares of the Company’s common stock that are owned by the optionee. The number of shares surrendered by the optionees was 1,740 and was based upon the per share price effective the date of the exercise.