Note 5 - Stockholders' Equity

9 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

5.     

Stockholders’ Equity

Stock Based Compensation

The Company recorded stock-based compensation of $247 and $551 for the three and nine months ended March 31, 2016, and $290 and $966 for the three and nine months ended March 31, 2015.

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, 2015		147,609		$	25.51
Granted		44,075		$	11.37
Forfeited		(75,981	)	$	26.44
Expired		(5,251	)	$	41.47
Outstanding at March 31, 2016		110,452		$	18.47		5.8		--
Vested and Expected to Vest at March 31, 2016		96,809		$	19.21		5.7		--
Exercisable at March 31, 2016		61,443		$	22.12		5.4		--

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 exercised during the nine months ended March 31, 2016 and 2015.

The fair value of the Company’s stock options granted for the nine months ended March 31, 2016 was estimated using the following weighted-average assumptions:

Expected life (years)	5
Risk-free interest rate	1.5	%
Expected volatility	79	%
Dividend yield	0	%

The weighted average grant date fair value of options granted during the nine months ended March 31, 2016 was $6.81

At March 31, 2016, the total compensation cost related to options granted but not yet recognized was $255 which will be amortized over a weighted-average period of approximately two years.

Common Stock Restricted Awards

The following is a summary of restricted stock activity during the nine months ended March 31, 2016:

				Weighted Average
	Number of Shares			Grant Date Fair Value
Balance at June 30, 2015		72,589		$	22.40
Granted		--
Vested		(3,367	)	$	30.33
Forfeited		(12,902	)	$	41.26
Outstanding at March 31, 2016		56,320		$	17.66

In connection with the vesting of the restricted stock awards, the election was made by some of the employees to satisfy the applicable federal income tax withholding obligation by a net share settlement, pursuant to which the Company withheld 584 shares and used the deemed proceeds from those shares to pay the income tax withholding. The net share settlement is deemed to be a repurchase by the Company of its common stock.

Warrants

A summary of warrant activity for the nine months ended March 31, 2016 follows:

	Number of Shares			Weighted- Average Exercise Price Per Share
Beginning balance		252,620		$	44.18
Warrants granted		5,238,971		$	9.83
Warrants canceled		(611,156	)	$	17.21
Warrants exercised		(51,712	)	$	13.60
Outstanding at March 31, 2016		4,828,723		$	9.37
Exercisable at March 31, 2016		600,782		$	19.02

At March 31, 2016, the total intrinsic value of warrants outstanding and exercisable was $0.

Paid in Capital

For the nine months ended March 31, 2016, the changes in the Company’s paid-in-capital was as follows:

Balance – June 30, 2015	$	172,579
Discount due to beneficial conversion features		7,262
Discount due to warrants		4,434
Issuance of common shares and warrants in private placement		2,462
Issuance of common shares for exercise of Series B Warrants		1,092
Stock-based compensation expense, net of stock surrenders		546
Shares issued and adjustments related to reverse split		5
Balance – March 31, 2016	$	188,380