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STOCK OPTIONS (Tables)

9 Months Ended

Mar. 31, 2014

Stock Options Tables

Fair value weighted average assumptions

		Year Ended June 30, 2013				Nine Months Ended March 31, 2014

Expected volatility			92.53	%			88.53-104.94	%
Risk-free interest rate			0.26	%			0.30	%
Expected life (years)			2.50				2.50-3.25

Option activities

A summary of option activities under the 2007 Employee Plan during the nine month period ended March 31, 2014 is presented as follows:

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at July 1, 2013			263,500			$	3.06				1.57			$	122
Granted			50,000				3.26				4.62				-
Exercised			(126,500	)			(1.89	)			-				(175	)
Forfeited or expired			(40,000	)			(4.77	)			-				-
Outstanding at March 31, 2014			147,000			$	3.67				2.50			$	29
Exercisable at March 31, 2014			120,750			$	3.80				2.03			$	26

The fair value of the 126,500 shares of common stock acquired upon exercise of options was $175. Cash received from the options exercised during the nine months ended March 31, 2014 was $239.

A summary of option activities under the 2007 Employee Plan during the nine month period ended March 31, 2013 is presented as follows:

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at July 1, 2012			313,000			$	3.85				2.31			$	-
Granted			-				-				-				-
Exercised			-				-				-				-
Forfeited or expired			(44,000	)			(8.69)				-				-
Outstanding at March 31, 2013			269,000			$	3.05				1.81			$	-
Exercisable at March 31, 2013			248,250			$	2.95				1.70			$	-

Company's non-vested employee stock options

A summary of the status of the Company’s non-vested employee stock options during the nine months ended March 31, 2014 is presented below:

						Weighted Average Grant-Date
		Options				Fair Value
Non-vested at July 1, 2013			20,375			$	3.26
Granted			50,000				1.65
Vested			(44,125	)			(2.33	)
Forfeited			-				-
Non-vested at March 31, 2014			26,250			$	1.69

A summary of the status of the Company’s non-vested employee stock options during the nine months ended March 31, 2013 is presented below:

						Weighted Average Grant-Date
		Options				Fair Value
Non-vested at July 1, 2012			43,250			$	3.29
Granted			-				-
Vested			(21,375	)			(3.16	)
Forfeited			(1,125	)			(3.16	)
Non-vested at March 31, 2013			20,750			$	3.29

2007 Directors plan option activities

A summary of option activities under the 2007 Directors Plan during the three months ended March 31, 2014 is presented as follows:

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value

Outstanding at July 1, 2013			340,000			$	3.53				1.96			$	80
Granted			100,000				3.41				3.41				-
Exercised			(65,000	)			1.72				-				(98	)
Forfeited or expired			(60,000	)			(4.81	)			-				-
Outstanding at March 31, 2014			315,000			$	3.62				2.88			$	67
Exercisable at March 31, 2014			315,000			$	3.62				2.88			$	67

A summary of option activities under the 2007 Directors Plan during the nine months ended March 31, 2013 is presented as follows:

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value

Outstanding at July 1, 2012			385,000			$	4.52				2.45			$	-
Granted			15,000				2.07				4.96				-
Exercised			-				-				-				-
Forfeited or expired			(60,000	)			(4.81	)			-				-
Outstanding at March 31, 2013			340,000			$	3.53				2.21			$	-
Exercisable at March 31, 2013			340,000			$	3.53				2.21			$	-

Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

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Tabular disclosure of the description of the plan, the basis for determining contributions, including the employee groups covered, and the nature and effect of significant matters affecting comparability of information for all periods presented. For leveraged ESOPs and pension reversion ESOPs, the disclosure may include the basis for releasing shares and how dividends on allocated and unallocated shares are used. Disclosure may also include a description of the accounting policies followed for ESOP transactions, including the method of measuring compensation, the classification of dividends on ESOP shares, and the treatment of ESOP shares for EPS computations. If the employer has both old ESOP shares for which it does not adopt the latest guidance and new ESOP shares for which the new guidance is required, the accounting policies for both blocks of shares may be described. Disclosure may also include he amount of compensation cost recognized during the period, the number of allocated shares, committed-to-be-released shares, and suspense shares held by the ESOP at the balance-sheet date, the fair value of unearned ESOP shares at the balance-sheet date for shares accounted for under the latest guidance, the existence and nature of any repurchase obligation, including disclosure of the fair value of the shares allocated as of the balance sheet date, which are subject to a repurchase obligation.

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