|
9. EMPLOYEE/DIRECTOR EQUITY INCENTIVE PLANS (Tables)
|
3 Months Ended |
|
Sep. 30, 2012
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Stock option activity under the employee and director plans |
Information with respect to stock option activity under the
employee and director plans is as follows:
| |
|
Number of Options |
|
|
Weighted-Average Exercise Price
Per Share |
|
| Balance at June 30, 2011 |
|
|
3,322,303 |
|
|
$ |
1.55 |
|
| Options granted |
|
|
1,454,500 |
|
|
|
0.82 |
|
| Options forfeited |
|
|
(537,739 |
) |
|
|
1.91 |
|
| Balance at June 30, 2012 |
|
|
4,239,064 |
|
|
|
1.25 |
|
| Options granted |
|
|
640,050 |
|
|
|
0.38 |
|
| Options forfeited |
|
|
(156,167 |
) |
|
|
0.86 |
|
| Balance at September 30, 2012 |
|
|
4,722,947 |
|
|
$ |
1.14 |
|
|
| Stock options outstanding |
The following table summarizes information relating to the
stock options outstanding at September 30, 2012:
| |
|
|
Outstanding |
|
|
Exercisable |
|
| Range of Exercise Prices |
|
|
Number of Options |
|
|
Average Remaining Contractual Life
(in years) |
|
|
Weighted Average Exercise Price |
|
|
Number of Options |
|
|
Average Remaining Contractual Life
(in years) |
|
|
Weighted Average Exercise Price |
|
| $0.34 to $0.50 |
|
|
|
707,550 |
|
|
|
7.96 |
|
|
$ |
0.38 |
|
|
|
38,834 |
|
|
|
5.63 |
|
|
$ |
0.49 |
|
| $0.51 to $1.00 |
|
|
|
1,517,666 |
|
|
|
6.87 |
|
|
|
0.80 |
|
|
|
272,500 |
|
|
|
6.27 |
|
|
|
0.76 |
|
| $1.01 to $1.50 |
|
|
|
2,147,731 |
|
|
|
5.67 |
|
|
|
1.24 |
|
|
|
1,393,178 |
|
|
|
5.43 |
|
|
|
1.27 |
|
| $3.50 to $3.82 |
|
|
|
350,000 |
|
|
|
2.30 |
|
|
|
3.59 |
|
|
|
350,000 |
|
|
|
2.30 |
|
|
|
3.59 |
|
| Balance at September 30, 2012 |
|
|
|
4,722,947 |
|
|
|
6.20 |
|
|
|
1.14 |
|
|
|
2,054,512 |
|
|
|
5.00 |
|
|
|
1.58 |
|
|
| Assumptions were used to estimate the fair value of options |
The following assumptions were used to estimate the fair value
of options granted during the three months ended September 30, 2012 and the year ended June 30, 2012 using the Black-Scholes option-pricing
model:
| |
FY 2013 |
|
FY 2012 |
| Expected life of option (years) |
4 |
|
2.5 |
| Risk-free interest rate |
.46 - .54% |
|
.24 - .55% |
| Assumed volatility |
104% |
|
103 - 107% |
| Expected dividend rate |
0 |
|
0 |
| Expected forfeiture rate |
4.19 - 6.66% |
|
4.35 - 6.80% |
|
| Summary of the status of unvested employee stock options |
A summary of the status of unvested employee stock options
as of September 30, 2012 and June 30, 2012 and the changes during the periods then ended is presented below:
| |
|
Number of
Options |
|
|
Weighted-Average Grant Date Fair Value
Per Share |
|
| Balance at June 30, 2011 |
|
|
1,735,224 |
|
|
$ |
0.62 |
|
| Granted |
|
|
1,454,500 |
|
|
|
0.38 |
|
| Vested |
|
|
(722,837 |
) |
|
|
0.85 |
|
| Forfeited |
|
|
(226,334 |
) |
|
|
0.86 |
|
| Balance at June 30, 2012 |
|
|
2,240,553 |
|
|
|
0.81 |
|
| Granted |
|
|
640,050 |
|
|
|
0.38 |
|
| Vested |
|
|
(57,001 |
) |
|
|
0.85 |
|
| Forfeited |
|
|
(155,167 |
) |
|
|
0.86 |
|
| Balance at September 30, 2012 |
|
|
2,668,435 |
|
|
$ |
0.81 |
|
|
| Status of restricted stock unit balances |
The table below summarizes the status of restricted stock
unit balances:
| |
|
Number of Restricted Stock Units |
|
|
Weighted-Average Valuation Price
Per Unit |
|
| Balance at June 30, 2011 |
|
|
1,400,385 |
|
|
$ |
0.70 |
|
| RSUs granted |
|
|
1,048,051 |
|
|
|
0.74 |
|
| RSUs forfeited |
|
|
- |
|
|
|
- |
|
| Balance at June 30, 2012 |
|
|
2,448,436 |
|
|
|
0.72 |
|
| RSUs granted |
|
|
- |
|
|
|
- |
|
| RSUs forfeited |
|
|
(50,000 |
) |
|
|
0.70 |
|
| |
|
|
2,398,436 |
|
|
$ |
0.72 |
|
|