Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan

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Equity Incentive Plan
9 Months Ended
Mar. 31, 2019
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plan

Note (8) – Equity Incentive Plan: In November 2015, the Company’s stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). The Plan authorizes the issuance of up to 1,500,000 shares of the Company’s common stock pursuant to awards granted under the Plan. The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.

The following is a summary of the restricted stock awards and restricted stock units granted under the Plan during the nine and three months ended March 31, 2019 and 2018:

    Nine months ended
March 31,
  Three months ended
March 31,
    2019   2018   2019   2018
Restricted Stock Awards     6,845       56,426             47,444  
Restricted Stock Units     27,500             12,500        
Total     34,345       56,426       12,500       47,444  

 

As of March 31, 2019, the Company had $14.5 million and $972,000 of total unrecognized compensation expense related to restricted stock awards and restricted stock units, respectively, granted under the Plan.

The following is a summary of non-vested restricted stock activity as of and for the nine months ended March 31, 2019:

    Restricted Stock Awards   Restricted Stock Units
    Shares   Weighted-
Average Grant
Date Fair Value
  Shares   Weighted-
Average
Grant Date
Fair Value
Non-vested awards or units outstanding at June 30, 2018     903,102     $ 18.41           $  
Granted     6,845       36.53       27,500       36.24  
Vested     (28,170 )     15.38              
Forfeited                        
Non-vested awards or units outstanding at March 31, 2019     881,777     $ 18.65       27,500     $ 36.24  

Employee Stock Purchase Plan

The Company’s employee stock purchase plan commenced on July 1, 2018 and provides for six-month offering periods, the first of which expired on December 31, 2018. During the nine months ended March 31, 2019, 726 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $23,000. There were no shares issued under the Company’s employee stock purchase plan during the three months ended March 31, 2019.