Subsequent Events

6 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

16.Subsequent Events

On January 26, 2016, the Company entered into a Release Agreement with its former Chief Executive Officer (“CEO”) in connection with resignation of his employment with the Company as well as membership on the Company’s Board of Directors.  The Company agreed to (i) the continuation of payment of his annual base salary of $367,500 for the 12 months following this termination, (ii) payment of a prorated portion of any bonus he would have earned for fiscal 2016, (iii) reimbursement of premiums associated with COBRA benefits related to dental and vision for the 12 months following this termination, (iv) continuation of premiums related to the current executive life insurance policy and supplemental executive disability policy for the severance period, and (v) continuation of payment of his car benefit allowance of $850 per calendar month for the severance period.  In addition, if the Company incurs a change in control within six months after the termination, he shall receive additional severance payments/benefits.  The former CEO agreed to release, waive and discharge the Company from all claims, rights and liabilities.

As a result of this resignation, the Company appointed the current Chairman of the Board of Directors as interim President and CEO.