15.

Common Stock Warrants

During the six months ended December 31, 2014, the company issued warrants to purchase shares of its common stock as follows. The Company issued 150,000 warrants to a consultant for services with an exercise price of $0.84 per share in September 2014. These warrants vest monthly in arrears through March 31, 2015, if certain performance criteria are met, have a two year life and, subject to vesting requirements, are exercisable beginning six months after the grant date. The fair value of these warrants, as determined by the Black Scholes Model, is being charged to operations over the service period. Further, as discussed more fully in Note 16 of Notes to Condensed Consolidated Financial Statements, the company issued warrants to purchase 1,003,678 shares of the company’s common stock in a registered direct offering in August 2014.

A schedule of common stock warrant activity is as follows (in thousands, except per share and average life data):


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value

Outstanding, June 30, 2014		26,807		$	1.26
Warrants issued		1,154			0.88
Warrants expired		(285	)		2.43

Outstanding, December 31, 2014		27,676		$	1.23		3.10	$	67

Exercisable, December 31, 2014		25,190		$	1.23		2.97	$	3