STOCK OPTIONS (Tables)

9 Months Ended

Mar. 31, 2016

Fair value weighted average assumptions

	Nine Months Ended Mar. 31, 2016	Year Ended June 30, 2015
Expected volatility	60.41% to 104.94%	71.44% to 104.94%
Risk-free interest rate	0.3% to 1.05%	0.30% to 0.78%
Expected life (years)	2.50 – 3.25	2.50

2007 Employee Plan [Member]

Option activities

A summary of option activities under the 2007 Employee Plan during the nine months ended March 31, 2016 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		40,000			3.26			4.97		4
Exercised		-			-			-		-
Forfeited or expired		(80,000	)		(4.35	)		-		-
Outstanding at March 31, 2016		90,000		$	3.26			3.67	$	-
Exercisable at March 31, 2016		51,250		$	3.28			3.07	$	-

A summary of option activities under the 2007 Employee Plan during the nine months ended March 31, 2015 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 March 31, 2015		130,000	$	3.93		1.82	$	-
Exercisable at March 31, 2015		112,500	$	4.06		1.53	$	-

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, 2016 is presented below: 

	Options			Weighted Average Grant-Date Fair Value
Non-vested at July 1, 2015		17,500		$	3.10
Granted		40,000			3.26
Vested		(18,750	)		(3.26	)
Forfeited		-			-
Non-vested at March 31, 2016		38,750		$	3.20

A summary of the status of the Company’s non-vested employee stock options during the nine months ended March 31, 2015 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 March 31, 2015		17,500		$	1.69

2007 Directors Equity Incentive Plan [Member]

Option activities

A summary of option activities under the 2007 Directors Plan during the nine months ended March 31, 2016 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		200,000			3.12			3.54		-
Exercised		-			-			-		-
Forfeited or expired		(150,000	)		(4.35	)		-		-
Outstanding at March 31, 2016		415,000			3.14			4.97		91
Exercisable at March 31, 2016		415,000			3.14			4.97		91

A summary of option activities under the 2007 Directors Plan during the nine months ended March 31, 2015 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 March 31, 2015		365,000	$	3.64		2.24	$	30
Exercisable at March 31, 2015		365,000	$	3.64		2.24	$	30