STOCK OPTIONS (Tables)

6 Months Ended

Dec. 31, 2015

Fair value weighted average assumptions

	Six Months Ended Dec. 31,	Year Ended June 30,
	2015	2015
Expected volatility	62.05% to 104.94%	71.44% to 104.94%
Risk-free interest rate	0.30% to 0.78%	0.30% to 0.78%
Expected life (years)	2.50	2.50

2007 Employee Plan [Member]

Option activities

A summary of option activities under the 2007 Employee Plan during the six month period ended December 31, 2015 is presented as follows:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2015		130,000		$	3.93		1.57	$	-
Granted		-			-		-		-
Exercised		-			-		-		-
Forfeited or expired		(80,000	)		4.35		-		-
Outstanding at December 31, 2015		50,000		$	3.26		2.87	$	-
Exercisable at December 31, 2015		41,250		$	3.29		2.86	$	-

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

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2014		130,000	$	3.93		2.57	$	13
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at December 31, 2014		130,000	$	3.93		2.07	$	-
Exercisable at December 31, 2014		112,500	$	4.06		1.78	$	-

Company's non-vested employee stock options

A summary of the status of the Company’s non-vested employee stock options during the six months ended December 31, 2015 is presented below: 

	Options			Weighted Average Grant-Date Fair Value
Non-vested at July 1, 2015		17,500		$	1.69
Granted		-			-
Vested		(8,750	)		1.69
Forfeited		-			-
Non-vested at December 31, 2015		8,750		$	1.69

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

	Options			Weighted Average Grant-Date Fair Value
Non-vested at July 1, 2014		26,250		$	1.69
Granted		-			-
Vested		(8,750	)		1.69
Forfeited		-			-
Non-vested at December 31, 2014		17,500		$	1.69

2007 Directors Equity Incentive Plan [Member]

Option activities

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A summary of option activities under the 2007 Directors Plan during the six months ended December 31, 2015 is presented as follows: 

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2015		365,000		$	3.65		1.99	$	53
Granted		50,000			2.69		-		-
Exercised		-			-		-		-
Forfeited or expired		(150,000	)		4.35		-		-
Outstanding at December 31, 2015		265,000		$	3.07		2.98	$	40
Exercisable at December 31, 2015		265,000		$	3.07		2.98	$	40

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

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2014		315,000	$	3.62		2.63	$	82
Granted		50,000		3.81		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at December 31, 2014		365,000	$	3.64		2.49	$	43
Exercisable at December 31, 2014		365,000	$	3.64		2.49	$	43