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STOCK BASED COMPENSATION PLANS
 9 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION PLANS

NOTE 9 – STOCK BASED COMPENSATION PLANS

 

The Company follows ASC Topic 718, Compensation – Stock Compensation, which addresses accounting for equity-based compensation arrangements, including employee stock options.

 

For additional information regarding the Company’s stock-based compensation plans, see Note 15 – Stock Based Compensation Plans in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.

 

There were no new stock option grants or modifications during the nine months ended March 31, 2026.

 

Stock option valuation assumptions are consistent with those described in Note 15 to the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.

 

During the nine months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense of $36,000 and $85,000, respectively, related to stock options. As of March 31, 2026, the aggregate intrinsic value of options outstanding and exercisable was $3,018,000. During the nine months ended March 31, 2026, approximately 100,000 stock options expired unexercised.

 

The following table summarizes the stock options activity from July 1, 2024 to March 31, 2026:

  

 
 		  
 		  
 		  
 		 Number of
Shares		  
 		  
 		 Weighted Average
Exercise Price		  
 		  
 		 Weighted Average
Remaining Life		  
 		  
 		 Aggregate
Intrinsic Value		  
 
                    
Outstanding at  July 1, 2024   269,195   $16.81    4.15 years   $1,187,000 
Granted      -    -    -    - 
Exercised      -    -    -    - 
       -    -           
Forfeited      -    -    -    - 
Exchanged      -    -    -    - 
Outstanding at  June 30, 2025   269,195   $16.81    3.15 years   $125,000 
Exercisable at  June 30, 2025   257,195   $15.57    3.30 years   $125,000 
Vested and expected to vest at  June 30, 2025   251,195   $15.95    3.15 years   $125,000 
                        
Outstanding at  July 1, 2025   269,195   $16.81    3.15 years   $125,000 
Granted      -    -    -    - 
Exercised      -    -    -    - 
Expired      (100,000)   (10.30)   -    - 
Exchanged      -    -    -    - 
Outstanding at  March 31, 2026   169,195   $20.66    3.85 years   $3,018,000 
Exercisable at  March 31, 2026   163,195   $20.36    3.99 years   $3,018,000 
Vested and expected to vest at  March 31, 2026   169,195   $20.66    3.85 years   $3,018,000 

 

As of March 31, 2026, unrecognized compensation cost related to unvested stock options was not material and is expected to be recognized over a weighted-average period of approximately 3.85 years. Cash received from option exercises was $0 for each of the nine months ended March 31, 2026 and 2025, and the total intrinsic value of options exercised was also $0 for those periods. Weighted-average grant-date fair value of options granted was not applicable for 2025 (no grants) and was not material for 2024. Approximately 214,000 shares remained available for future grant under the 2010 Incentive Plan as of March 31, 2026 (see the Company’s Form 10-K for the year ended June 30, 2025).