STOCK OPTIONS (Tables)

9 Months Ended

Mar. 31, 2017

Fair value weighted average assumptions

	Nine Months Ended March 31,
	2017		2016
Expected volatility	47.29% to 104.94%		60.41% to 104.94%
Risk-free interest rate	0.30% to 1.05%		0.30% to 1.05%
Expected life (years)		2.50 – 3.25		2.50 – 3.25

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, 2017 is presented below: 

	Options			Weighted Average Grant-Date Fair Value
Non-vested at July 1, 2016		38,750		$	3.22
Granted		37,500			4.14
Vested		(28,125	)		3.19
Forfeited		-			-
Non-vested at March 31, 2017		48,125		$	3.77

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		$	1.69
Granted		40,000			3.26
Vested		(18,750	)		(3.26	)
Forfeited		-			-
Non-vested at March 31, 2016		38,750		$	3.20

2007 Employee Plan [Member]

Option activities

A summary of option activities under the 2007 Employee Plan during the Nine-month period ended March 31, 2017 is presented as follows:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2016		90,000	$	3.26		3.42	$	30
Granted		37,500		4.14		5.00		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at March 31, 2017		127,500	$	3.52		3.35	$	79
Exercisable at March 31, 2017		79,375	$	3.36		2.61	$	62

A summary of option activities under the 2007 Employee Plan during the Nine-month period 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	$	-

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, 2017 is presented as follows: 

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at July 1, 2016		415,000		$	3.14		3.29	$	198
Granted		50,000			4.14		5.00		-
Exercised		-			-		-		-
Forfeited or expired		(50,000	)		2.30		-		-
Outstanding at March 31, 2017		415,000		$	3.36		3.18	$	325
Exercisable at March 31, 2017		415,000		$	3.36		3.18	$	325

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