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2013-12-31
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2013-12-31
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iso4217:USD
xbrli:shares
iso4217:USD
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xbrli:pure
utr:H
ESPEY MFG & ELECTRONICS CORP
0000033533
10-Q
2013-12-31
true
--06-30
No
No
Yes
Smaller Reporting Company
Q2
2014
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2355810
685184
674064
146916
148722
147000
32730
159250
179730
P5Y2M
P6Y4M
52243
60371
25478
27405
400000
31600
190100
-11120
27.22
19.38
21.12
22.30
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The Company sponsors a leveraged employee
stock ownership plan (the ESOP) that covers all nonunion
employees who work 1,000 or more hours per year
and are employed on June 30.
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9583
A correction of the total shares held by the ESOP
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 1. Basis of Presentation</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In the opinion of management the
accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary
for a fair presentation of the results for such periods. The results for any interim period are not necessarily indicative of the
results to be expected for the full fiscal year. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with United States generally accepted accounting principles have been condensed or omitted. The preparation
of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments,
including those related to revenue recognition, inventories, income taxes, and stock-based compensation. Management bases its estimates
on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of
which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates under different assumptions or conditions. These financial statements
should be read in conjunction with the Company's most recent audited financial statements included in its report on Form 10-K for
the year ended June 30, 2013. Certain reclassifications may have been made to the prior year financial statements to conform to
the current year presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 2. Net Income per Share</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Basic net income per share excludes
dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares
outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other
contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that
then shared in the income of the Company. As Unearned ESOP shares are released or committed-to-be-released the shares become outstanding
for earnings-per-share computations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Note 3. Stock Based Compensation</p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font-weight: normal; font-style: normal">The
Company follows ASC 718 in establishing standards for the accounting for transactions in which an entity exchanges its equity instruments
for goods or services, as well as transactions in which an entity incurs liabilities in exchange for goods or services that are
based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements based
on the fair value of the share-based payment. ASC 718 establishes fair value as the measurement objective in accounting for share-based
payment transactions with employees, except for equity instruments held by employee share ownership plans. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Total stock-based compensation
expense recognized in the statements of comprehensive income for the three-month period ended December 31, 2013 and 2012, was $25,478
and $27,405, respectively, before income taxes. The related total deferred tax benefit was approximately $2,774 and $3,116 for
the three-month period ended December 31, 2013 and 2012, respectively. Total stock-based compensation expense recognized in the
statements of comprehensive income for the six-month period ended December 31, 2013 and 2012, was $52,243 and $60,371, respectively,
before income taxes. The related total deferred tax benefit was approximately $5,779 and $6,736 for the six-month period ended
December 31, 2013 and 2012, respectively. ASC 718 requires the tax benefits resulting from tax deductions in excess of the compensation
cost recognized for those options to be classified and reported as both an operating cash outflow and a financing cash inflow.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2013, there
was approximately $107,609 of unrecognized compensation cost related to stock option awards that is expected to be recognized as
expense over the next 1.75 years. The total deferred tax benefit related to these awards is approximately $11,477.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company has one employee stock
option plan under which options may be granted, the 2007 Stock Option and Restricted Stock Plan (the "2007 Plan"). The
Board of Directors may grant options to acquire shares of common stock to employees of the Company at the fair market value of
the common stock on the date of grant. Generally, options granted have a two-year vesting period based on two years of continuous
service and have a ten-year contractual life. Option grants provide for accelerated vesting if there is a change in control. Shares
issued upon the exercise of options are from those held in Treasury. The 2007 Plan was approved by the Company's shareholders at
the Company's Annual Meeting on November 30, 2007 and supersedes the Company's 2000 Stock Option Plan (the "2000 Plan").
Options covering 400,000 shares were authorized for issuance under the 2007 Plan, of which 190,100 have been granted and 147,000
are outstanding as of December 31, 2013. While no further grants of options may be made under the 2000 Plan, as of December 31,
2013, 32,730 options remain outstanding, vested and exercisable from the 2000 Plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">ASC 718 requires the use of a valuation
model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option valuation model,
which incorporates various assumptions including those for volatility, expected life and interest rates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The table below outlines the weighted
average assumptions that the Company used to calculate the fair value of the option award for the six-months ended December 31,
2013. There were no options awarded for the six-months ended December 31, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2013</td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 87%; text-align: justify; font: 10pt Times New Roman, Times, Serif">Dividend yield</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">3.67%</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Expected stock price volatility</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">25.31%</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.23%</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Expected option life (in years)</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3.8 yrs</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Weighted average fair value per share of options granted during the period</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3.777</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify; text-indent: 27.35pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company pays dividends quarterly
and has paid a special cash dividend of $1.00 per share in each of fiscal years 2014 and 2013. Our Board of Directors assesses
the Company’s dividend policy periodically and we anticipate that regular quarterly dividends will be paid for the foreseeable
future. There is no assurance, however, that the Board of Directors will either maintain the amount of the regular cash dividend
or declare a special dividend during any future years. Expected stock price volatility is based on the historical volatility of
the Company’s stock. The risk-free interest rate is based on the implied yield available on U.S. Treasury issues with an
equivalent term approximating the expected life of the options. The expected option life (in years) represents the estimated period
of time until exercise and is based on actual historical experience.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The following table summarizes
stock option activity during the six-months ended December 31, 2013:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="15" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Employee Stock Options Plan</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Weighted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Number of</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Weighted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Average</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Shares</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Average</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Remaining</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Aggregate</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Subject</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Exercise</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Contractual</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Intrinsic</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">To Option</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Price</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Term</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Value</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 60%; font: 10pt Times New Roman, Times, Serif">Balance at July 1, 2013</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 5%; text-align: right; font: 10pt Times New Roman, Times, Serif">159,250</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">21.12</td><td nowrap="nowrap" style="width: 2%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 5%; text-align: right; font: 10pt Times New Roman, Times, Serif">6.30</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 2%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">31,600</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">27.22</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">9.64</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Exercised</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,120</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">19.38</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Forfeited or expired</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Outstanding at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">179,730</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22.30</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6.49</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,858,401</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Vested or expected to vest at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">171,734</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22.12</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6.37</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,806,917</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">118,780</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20.28</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5.18</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,468,178</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0"><font style="text-underline-style: double"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify">The aggregate intrinsic value in
the table above represents the total pretax intrinsic value (the difference between the closing sale price of the Company’s
common stock as reported on the NYSE MKT on December 31, 2013 and the exercise price, multiplied by the number of in-the-money
options) that would have been received by the option holders if all option holders had exercised their options on December 31,
2013. This amount changes based on the fair market value of the Company’s common stock. The total intrinsic values of the
options exercised during the six-months ended December 31, 2013 and 2012 was $68,729 and $52,999, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">The following table summarizes changes
in non-vested stock options during the three-months ended December 31, 2013:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Weighted Number</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Average Grant</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">of Shares</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Date Fair</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Subject to Option</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Value (per Option)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 78%; font: 10pt Times New Roman, Times, Serif">Non-Vested at July 1, 2013</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 4%; text-align: right; font: 10pt Times New Roman, Times, Serif">57,950</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 4%; text-align: right; font: 10pt Times New Roman, Times, Serif">4.321</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">31,600</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3.777</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Vested</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(28,600</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">4.757</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Forfeited or expired</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Non-Vested at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">60,950</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3.834</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The table below outlines the weighted
average assumptions that the Company used to calculate the fair value of the option award for the six-months ended December 31,
2013.  </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2013</td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 87%; text-align: justify; font: 10pt Times New Roman, Times, Serif">Dividend yield</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">3.67%</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Expected stock price volatility</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">25.31%</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.23%</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"></td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Expected option life (in years)</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3.8 yrs</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Weighted average fair value per share of options granted during the period</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3.777</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify; text-indent: 27.35pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The following table summarizes
stock option activity during the six-months ended December 31, 2013:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="15" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Employee Stock Options Plan</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Weighted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Number of</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Weighted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Average</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Shares</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Average</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Remaining</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Aggregate</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Subject</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Exercise</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Contractual</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Intrinsic</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">To Option</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Price</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Term</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Value</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 60%; font: 10pt Times New Roman, Times, Serif">Balance at July 1, 2013</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 5%; text-align: right; font: 10pt Times New Roman, Times, Serif">159,250</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">21.12</td><td nowrap="nowrap" style="width: 2%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 5%; text-align: right; font: 10pt Times New Roman, Times, Serif">6.30</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 2%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">31,600</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">27.22</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">9.64</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Exercised</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,120</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">19.38</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Forfeited or expired</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Outstanding at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">179,730</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22.30</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6.49</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,858,401</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Vested or expected to vest at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">171,734</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22.12</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6.37</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,806,917</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">118,780</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20.28</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5.18</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,468,178</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0"><font style="text-underline-style: double"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">The following table summarizes changes
in non-vested stock options during the three-months ended December 31, 2013:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Weighted Number</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Average Grant</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">of Shares</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Date Fair</td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Subject to Option</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Value (per Option)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 78%; font: 10pt Times New Roman, Times, Serif">Non-Vested at July 1, 2013</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 4%; text-align: right; font: 10pt Times New Roman, Times, Serif">57,950</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 4%; text-align: right; font: 10pt Times New Roman, Times, Serif">4.321</td><td nowrap="nowrap" style="width: 3%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">31,600</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3.777</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Vested</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(28,600</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">4.757</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Forfeited or expired</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Non-Vested at December 31, 2013</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">60,950</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3.834</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0">Note 4. Commitments and Contingencies</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify">The Company at certain times enters
into standby letters of credit agreements with financial institutions primarily relating to the guarantee of future performance
on certain contracts. Contingent liabilities on outstanding standby letters of credit agreements aggregated to zero at December
31, 2013 and 2012. The Company, as a U.S. Government contractor, is subject to audits, reviews, and investigations by the U.S.
government related to its negotiation and performance of government contracts and its accounting for such contracts. Failure to
comply with applicable U.S. Government standards by a contractor may result in suspension from eligibility for award of any new
government contract and a guilty plea or conviction may result in debarment from eligibility for awards. The government may, in
certain cases, also terminate existing contracts, recover damages, and impose other sanctions and penalties. As a result of a pending
U.S. government audit the Company had determined a range of possible outcomes none of which the Company believes would have a materially
adverse effect on the Company's financial position or results of operations.  In accordance with ASC 450 “Contingencies”
the Company has accrued the amount within the range that appears to be its best estimate of a possible outcome.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify">Note 5. Recently Issued Accounting
Standards</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify">In February 2013, the FASB amended
Accounting Standards No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated
Other Comprehensive Income,” to improve the transparency of reporting reclassifications out of accumulated other comprehensive
income. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period.
Those gains and losses are later reclassified out of accumulated other comprehensive income into net income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify">The amendments in the Update do
not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the
information that this Update requires already is required to be disclosed elsewhere in the financial statements under U.S. Generally
Accepted Accounting Principles.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify">The new amendments requires presentation
of (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income
of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required
under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. Furthermore, the new amendments
requires a cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not
required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would
be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to
a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense. The amendments
are effective for reporting periods beginning after December 15, 2012.  The adoption of this guidance did not have a material
impact on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0.75in; text-align: justify; text-indent: -0.75in">Note
6. Employee Stock Ownership Plan</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify; text-indent: 0in">The Company sponsors
a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 or more hours
per year and are employed on June 30. The Company makes annual contributions to the ESOP equal to the ESOP's debt service less
dividends on unallocated shares received by the ESOP. All dividends on unallocated shares received by the ESOP are used to pay
debt service. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. As the debt is repaid, shares
are released and allocated to active employees, based on the proportion of debt service paid in the year. The Company accounts
for its ESOP in accordance with FASB ASC 718-40. Accordingly, the shares purchased by the ESOP are reported as Unearned ESOP Shares
in the statement of financial position. As shares are released or committed-to-be-released, the Company reports compensation expense
equal to the current average market price of the shares, and the shares become outstanding for earnings-per-share (EPS) computations.
ESOP compensation expense was $153,236 and $132,751 for the three-month periods ended December 31, 2013 and 2012, respectively.
ESOP compensation expense was $283,663 and $272,453 for the six-month periods ended December 31, 2013 and 2012, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify; text-indent: 0in">The ESOP shares
as of December 31, 2013 and 2012 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">December 31, 2013</td><td nowrap="nowrap" colspan="2" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"> </td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">December 31, 2012</td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 74%; text-indent: 0in; font: 10pt Times New Roman, Times, Serif">Allocated Shares</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">469,338</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">453,091</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Committed-to-be-released shares</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,583</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,000</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Unreleased shares</td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">107,083</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">126,666</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Total shares held by the ESOP</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">586,004</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">589,757</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Fair value of unreleased shares</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,495,189</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,191,983</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify; text-indent: 0in">The ESOP shares
as of December 31, 2013 and 2012 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">December 31, 2013</td><td nowrap="nowrap" colspan="2" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"> </td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">December 31, 2012</td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="width: 74%; text-indent: 0in; font: 10pt Times New Roman, Times, Serif">Allocated Shares</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">469,338</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif">453,091</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Committed-to-be-released shares</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,583</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,000</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Unreleased shares</td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">107,083</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">126,666</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Total shares held by the ESOP</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">586,004</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">589,757</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Fair value of unreleased shares</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,495,189</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,191,983</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>
1.00
1.00
2355810