Stockholders' Equity

9 Months Ended

Mar. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

5.      Stockholders' Equity

Stock Based Compensation

We recorded stock-based compensation of $30,000 and $651,000 for the three and nine months ended March 31, 2012 and $154,000 and $761,000 for the three and nine months ended March 31, 2011, respectively.

The following is a summary of option activity for our stock option plans:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at June 30, 2011		1,464,807		$	3.75
Granted		123,750
Forfeited		(287,406	)
Expired		(88,584	)
Outstanding at March 31, 2012		1,212,567		$	3.35		2.2		--
Vested and Expected to Vest at March 31, 2012		1,153,036		$	3.31		2.1		--
Exercisable at March 31, 2012		687,679		$	4.01		1.6		--

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company's common stock.  There were no options that were in-the-money at March 31, 2012.  During the nine months ended March 31, 2011, the aggregate intrinsic value of options exercised under the Company's stock option plans was $1,000 determined as of the date of option exercise.  There were no options exercised during the three and nine months ended March 31, 2012.

Common Stock Restricted Awards

For the nine months ended March 31, 2012, the Company's Compensation Committee granted 720,000 shares of restricted common stock to director level and executive members of management, vesting in three equal installments on the first, second and third anniversary of the grant date.

The following is a summary of restricted stock activity granted to employees during the nine months ended March 31, 2012:

				Weighted Average
	Number of Shares			Grant Date Fair Value
Balance at June 30, 2011		30,000		$	2.25
Granted		720,000		$	1.89
Vested		--
Forfeited		(200,000	)	$	1.80
Outstanding at March 31, 2012		550,000		$	1.94