Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.20.2
Stockholders' Equity
12 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Stockholders' Equity

6

Stockholders’ equity

Preferred stock

Series B Preferred stock

 

 

 

Series B Preferred Stock

 

 

 

Number

of shares

 

 

$

 

Balance – June 30, 2018

 

 

881,113

 

 

 

6,146,880

 

Conversion of Series B Preferred stock to common stock

 

 

(207,500

)

 

 

(1,447,576

)

Balance – June 30, 2019

 

 

673,613

 

 

 

4,699,304

 

Conversion of Series B Preferred stock to common stock

 

 

(25,000

)

 

 

(174,407

)

Balance – June 30, 2020

 

 

648,613

 

 

 

4,524,897

 

 

During the year ended June 30, 2016, the Company issued an aggregate of 902,238 shares of Series B Preferred Stock at a purchase price of $8.00 per share. Each share of Series B Preferred Stock is convertible into 0.25 shares of common stock equating to a conversion price of $32.00 (the “Conversion Price”) and will automatically convert to common stock at the earlier of 24 hours following regulatory approval of VAL-083 with a minimum closing bid price of $80.00, or five years from the respective final closing dates. The holders of the Series B Preferred Stock are entitled to an annual cumulative, in arrears, dividend at the rate of 9% payable quarterly. The 9% dividend accrues quarterly commencing on the date of issue and is payable quarterly on September 30, December 31, March 31, and June 30 of each year commencing on June 30, 2016. Dividends are payable solely by delivery of shares of common stock, in an amount for each holder equal to the aggregate dividend payable to such holder with respect to the shares of Series B Preferred Stock held by such holder divided by the Conversion Price. The Series B Preferred Stock does not contain any repricing features. Each share of Series B Preferred Stock entitles its holder to vote with the common stock on an as-converted basis.

The Series B Preferred Stock shall with respect to distributions of assets and rights upon the occurrence of a liquidation, rank (i) senior to the Company’s common stock and (ii) senior to the Special Voting Preferred Stock and (iii) senior to any other class or series of capital stock of the Company hereafter created which does not expressly rank pari passu with, or senior to, the Series B Preferred Stock. The Series B Preferred Stock shall be pari passu in liquidation to the Company’s Series A Preferred Stock. The liquidation value of the Series B Preferred Stock at June 30, 2020 is the stated value of $5,188,904.

In addition, the Company and the holders entered into a royalty agreement, pursuant to which the Company will pay the holders of the Series B Preferred Stock, in aggregate, a low, single-digit royalty based on their pro rata ownership of the Series B Preferred Stock on products sold directly by the Company or sold pursuant to a licensing or partnering arrangement (the “Royalty Agreement”).

Upon conversion of a holder’s Series B Preferred Stock to common stock, such holder shall no longer receive ongoing royalty payments under the Royalty Agreement but will be entitled to receive any residual royalty payments that have vested. Rights to the royalties shall vest during the first three years following the applicable closing date, in equal thirds to holders of the Series B Preferred Stock on each of the three vesting dates, upon which vesting dates such royalty amounts shall become vested royalties.

Pursuant to the Series B Preferred Stock dividend, during the year ended June 30, 2020, the Company issued 14,800 (2019 – 18,271) shares of common stock and recognized $8,616 (2019 – $80,431) as a direct increase in accumulated deficit.  During the year ended June 30, 2020, a total of 25,000 (2019 – 207,500) shares of Series B Preferred Stock were converted for an aggregate 6,250 (2019 – 51,876) shares of common stock.

A total of 648,613 (2019 – 673,613) shares of Series B Preferred Stock are outstanding as of June 30, 2020, such that a total of 162,177 (2019 – 168,427) shares of common stock are issuable upon conversion of the Series B Preferred Stock as at June 30, 2020. Converted shares are rounded up to the nearest whole share.

Series A Preferred Stock

Effective September 30, 2014, the Company filed a Certificate of Designation of Series A Preferred Stock (the “Series A Certificate of Designation”) with the Secretary of State of Nevada. Pursuant to the Series A Certificate of Designation, the Company designated 278,530 shares of preferred stock as Series A Preferred Stock. The shares of Series A Preferred Stock have a stated value of $1.00 per share (the “Series A Stated Value”) and are not convertible into common stock. The holder of the Series A Preferred Stock is entitled to dividends at the rate of 3% of the Series A Stated Value per year, payable quarterly in arrears. Upon any liquidation of the Company, the holder of the Series A Preferred Stock will be entitled to be paid, out of any assets of the Company available for distribution to stockholders, the Series A Stated Value of the shares of Series A Preferred Stock held by such holder, plus any accrued but unpaid dividends thereon, prior to any payments being made with respect to the common stock. The Series A Preferred Stock is held by Valent (note 4).

The Series A Preferred Stock shall with respect to distributions of assets and rights upon the occurrence of a liquidation, rank (i) senior to the Company’s common stock, and (ii) senior to the Company’s Special Voting Preferred Stock and (iii) senior to any other class or series of capital stock of the Company hereafter created which does not expressly rank pari passu with, or senior to, the Series A Preferred Stock. The Series A Preferred Stock shall be pari passu in liquidation to the Company’s Series B Preferred Stock. The liquidation value of the Series A Preferred stock at June 30, 2020 of $278,530.

There was no change to the Series A Preferred stock for the years ended June 30, 2020 or 2019.

Special voting share

In connection with the Exchange Agreement (note 1), on the Reverse Acquisition Closing Date, the Company, Callco, Exchangeco and Computershare Trust Company of Canada (the “Trustee”) entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, Company issued one share of Special Voting Preferred Stock (the “Special Voting Share”) to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Share for the benefit of the holders of the shares of Exchangeco acquired as part of the Reverse Acquisition (the “Exchangeable Shares”) (other than the Company and any affiliated companies) (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries.

In connection with the Exchange Agreement and the Trust Agreement, on January 17, 2013, the Company filed a certificate of designation of Special Voting Preferred Stock (the “Special Voting Certificate of Designation”) with the Secretary of State of Nevada. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Stock. The Special Voting Preferred Stock votes as a single class with the common stock and is entitled to a number of votes equal to the number of Exchangeable Shares of Exchangeco outstanding as of the applicable record date (i) that are not owned by the Company or any affiliated companies and (ii) as to which the holder has received voting instructions from the holders of such Exchangeable Shares in accordance with the Trust Agreement.

The Special Voting Preferred Stock is not entitled to receive any dividends or to receive any assets of the Company upon any liquidation, and is not convertible into common stock of the Company.

The voting rights of the Special Voting Preferred Stock will terminate pursuant to and in accordance with the Trust Agreement. The Special Voting Preferred Stock was automatically cancelled during the year ended June 30, 2020 when the last Exchangeco share was exchanged for shares of Common Stock.

Common stock

Stock Issuances

Year ended June 30, 2020

Underwritten public offering

On August 16, 2019, the Company closed on the sale of (i) 4,895,000 shares of its common stock, par value $0.001 per share (the “Common Stock”), (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 2,655,000 shares of Common Stock and (iii) common warrants to purchase an aggregate of 7,762,500 shares of Common Stock (“2020 Investor Warrants”), including 800,000 shares of Common Stock and 2020 Investor Warrants to purchase an aggregate of 1,012,500 shares of Common Stock sold pursuant to a partial exercise by the underwriters of the underwriters’ option to purchase additional securities, in the Company’s underwritten public offering (the “Offering”). Each share of Common Stock or PFW, as applicable, was sold together with a 2020 Investor Warrant to purchase one share of Common Stock at a combined effective price to the public of $1.00 per share of Common Stock and accompanying 2020 Investor Warrant.

The net proceeds from the Offering, including from the partial exercise of the underwriters’ option to purchase additional securities, were $6,582,966, after deducting underwriting discounts and commissions, and other offering expenses.

The 2020 Investor Warrants are exercisable at $1.00 per share until their expiry on August 16, 2024 and the PFW are exercisable at $0.01 per share at any time after August 16, 2019. The Company also issued 377,500 warrants to the underwriters of the Offering. The underwriter warrants are exercisable at $1.15 per share commencing February 10, 2020 until their expiry on August 14, 2022.

During the year ended June 30, 2020, all of the 2,655,000 PFW were exercised at $0.01 per PFW for proceeds of $26,550.

Year ended June 30, 2019

Public offering financing

On June 5, 2019 the Company completed a registered direct offering (the “2019 Registered Offering”) of an aggregate of 1,170,000 shares of common stock and warrants to purchase an additional 760,500 shares of common stock at a price of $3.10 per share and related warrant for gross proceeds of $3.6 million. The warrants have an exercise price of $3.10 per share, are immediately exercisable and have a term of exercise of five years (the “2019 Investor Warrants”).

The Company engaged a placement agent for the 2019 Registered Offering. Under the Company’s engagement agreement with the placement agent, the Company paid $290,160 in cash commission and other fees to the placement agent and issued warrants to purchase 46,800 shares of common stock to the placement agent (the “2019 Agent Warrants”). Commencing December 3, 2019, the 2019 Agent Warrants are exercisable at $3.875 per share until June 3, 2024.

In addition to the cash commission and other placement agent fees, the Company also incurred additional cash issue costs of $151,585 resulting in net cash proceeds of $3,185,255.

Shares issued for services

During the year ended June 30, 2020, the Company issued 22,520 (2019 – 3,444) shares of common stock for services resulting in the recognition of $13,396 (2019 – $13,777) in expense. All of the shares issued for services for the years ended June 30, 2020 and 2019 have been recognized as research and development expense.

2017 Omnibus Incentive Plan

As subsequently approved by the Company’s stockholders at an annual meeting of stockholders on April 11, 2018, the Company’s board of directors has approved adoption of the Company’s 2017 Omnibus Equity Incentive Plan (the “2017 Plan”). The board of directors also approved a form of Performance Stock Unit Award Agreement to be used in connection with grants of performance stock units (“PSUs”) under the 2017 Plan. Under the 2017 Plan, 2,280,000 shares of Company common stock are currently reserved for issuance, less the number of shares of common stock issued under the Del Mar (BC) 2013 Amended and Restated Stock Option Plan (the “Legacy Plan”) or that are subject to grants of stock options made, or that may be made, under the Legacy Plan. A total of 164,235 shares of common stock have been issued under the Legacy Plan and/or are subject to outstanding stock options granted under the Legacy Plan, and a total of 1,394,964 shares of common stock have been issued under the 2017 Plan and/or are subject to outstanding stock options granted under the 2017 Plan leaving 720,801 shares of common stock available at June 30, 2020 for issuance under the 2017 Plan if all such options under the Legacy Plan were exercised.

The maximum number of shares of Company common stock with respect to which any one participant may be granted awards during any calendar year is 8% of the Company’s fully diluted shares of common stock on the date of grant (excluding the number of shares of common stock issued under the 2017 Plan and/or the Legacy Plan or subject to outstanding awards granted under the 2017 Plan and/or the Legacy Plan). No award will be granted under the 2017 Plan on or after July 7, 2027, but awards granted prior to that date may extend beyond that date.

During the year ended June 30, 2020, the Company granted 1,041,016 stock options to officers and directors of the Company. Of the total stock options granted, 491,817 were granted under the previous 2017 Plan limit and 549,199 were granted subject to approval by the Company’s stockholders of the 2017 Plan share reserve increase. All of the stock options granted to officers and directors have an exercise price of $0.61 and expire on September 5, 2029. Of the 1,041,016 stock options granted, 375,000 vest pro rata monthly over one year from the date of grant and 666,016 vest as to one-sixth on the six-month anniversary of the grant date with the remaining five-sixths vesting pro rate monthly over 30 months commencing on the seven-month anniversary of the grant date.  On June 26, 2020, the Company’s stockholders approved the increase in the number of shares available under the 2017 Plan to 2,280,000 and the 549,199 stock options were granted

In addition, during the year ended June 30, 2020, the Company granted 250,000 stock options to an officer of the Company, that were also approved by the Company’s stockholders on June 26, 2020. The options have an exercise price of $0.735 and expire November 12, 2029. The options vest upon the achievement of certain clinical development milestones.

At a special meeting of the Company’s stockholders held on August 14, 2020, the stockholders approved an increase in the total number of shares available under the 2017 Plan to 6,700,000.

Performance stock units

The Company’s board of directors granted PSUs under the 2017 Plan to the Company’s directors. The awards represent the right to receive shares of the Company’s common stock upon vesting of the PSU based on targets approved by the Company’s board of directors related to the Company’s fully diluted market capitalization. The PSUs vest at various fully diluted market capitalization levels with full vesting occurring upon the later of one year from the grant date and the Company achieving a fully diluted market capitalization of at least $500 million for five consecutive business days. On April 30, 2019 the Company’s directors all agreed to the cancellation of all PSUs. In relation to the PSU cancellation, the Company has recognized the full amount of the expense of the PSUs in the fourth quarter of fiscal 2019.

The following table sets forth changes in the PSUs outstanding under the 2017 Plan:

 

 

 

Number of

PSUs

outstanding

 

Balance – June 30, 2018

 

 

120,000

 

Cancelled

 

 

(120,000

)

Balance – June 30, 2019 and 2020

 

 

 

 

The Company has recognized $526,141 (including accelerated expense recognition due to the cancellation of the PSU’s of $322,877) in expense related to the PSUs during the year ended June 30, 2019 with all of it being recognized as general and administrative expense. There was no unrecognized PSU expense at June 30, 2019.

The PSUs were valued using the following assumptions:

 

 

 

June 30,

2019

 

Dividend rate

 

 

0

%

Volatility

 

79.0 to 82.5%

 

Risk-free rate

 

2.56% to 2.71%

 

Term – years

 

1.67 to 3.24

 

 

Stock Options

The following table sets forth changes in stock options outstanding under all plans:

 

 

 

Number of

stock

options

outstanding

 

 

Weighted

average

exercise

price

 

Balance – June 30, 2018

 

 

262,683

 

 

 

24.27

 

Granted

 

 

30,000

 

 

 

6.10

 

Forfeited

 

 

(4,500

)

 

 

28.37

 

Balance – June 30, 2019

 

 

288,183

 

 

 

22.31

 

Granted

 

 

1,291,016

 

 

 

0.63

 

Forfeited

 

 

(18,750

)

 

 

0.61

 

Expired

 

 

(1,250

)

 

 

40.00

 

Balance – June 30, 2020

 

 

1,559,199

 

 

 

4.61

 

 

The following table summarizes stock options outstanding and exercisable under all plans at June 30, 2020:

 

Exercise price

$

 

Number

Outstanding

at

June 30,

2020

 

 

Weighted

average

remaining

contractual

life

(years)

 

 

Number

exercisable

at

June 30,

2020

 

0.61

 

 

1,022,266

 

 

 

9.18

 

 

 

447,756

 

0.74

 

 

250,000

 

 

 

9.37

 

 

 

 

6.10

 

 

30,000

 

 

 

8.36

 

 

 

25,278

 

7.00

 

 

5,451

 

 

 

7.98

 

 

 

3,634

 

8.70

 

 

12,000

 

 

 

7.34

 

 

 

12,000

 

9.83

 

 

83,647

 

 

 

7.89

 

 

 

58,088

 

10.60

 

 

3,600

 

 

 

7.79

 

 

 

2,700

 

11.70

 

 

30,000

 

 

 

2.66

 

 

 

30,000

 

14.63

 

 

2,500

 

 

 

1.92

 

 

 

2,500

 

20.00

 

 

13,125

 

 

 

1.27

 

 

 

13,125

 

21.10

 

 

14,400

 

 

 

7.02

 

 

 

14,400

 

29.60

 

 

4,500

 

 

 

4.60

 

 

 

4,500

 

37.60

 

 

4,500

 

 

 

5.61

 

 

 

4,500

 

41.00

 

 

4,000

 

 

 

6.36

 

 

 

4,000

 

42.00

 

 

41,250

 

 

 

2.56

 

 

 

41,250

 

44.80

 

 

3,000

 

 

 

5.61

 

 

 

3,000

 

49.50

 

 

22,460

 

 

 

4.07

 

 

 

22,460

 

53.20

 

 

8,000

 

 

 

5.85

 

 

 

8,000

 

61.60

 

 

1,500

 

 

 

2.75

 

 

 

1,500

 

92.00

 

 

3,000

 

 

 

2.92

 

 

 

3,000

 

 

 

 

1,559,199

 

 

 

 

 

 

 

701,691

 

 

Included in the number of stock options outstanding are 2,500 stock options granted at an exercise price of CA$20.00. The exercise price of these options shown in the above table have been converted to US$14.63 using the period ending closing exchange rate. Stock options issued during the years ended June 30, 2020 and 2019 have been valued using a Black-Scholes pricing model with the following assumptions:

 

 

 

June 30,

2020

 

 

June 30,

2019

 

Dividend rate

 

 

%

 

 

%

Volatility

 

89% to 102%

 

 

71% to 102%

 

Risk-free rate

 

0.32% to 1.50%

 

 

1.62% to 3.17%

 

Term – years

 

4.7 to 5.7

 

 

0.1 to 3.0

 

 

The estimated volatility of the Company’s common stock at the date of issuance of the stock options is based on the historical volatility of the Company. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the stock options at the valuation date.

The Company has recognized the following amounts as stock option expense for the periods noted:

 

 

 

Years ended June 30,

 

 

 

2020

$

 

 

2019

$

 

Research and development

 

 

86,835

 

 

 

74,667

 

General and administrative

 

 

408,026

 

 

 

351,362

 

 

 

 

494,861

 

 

 

426,029

 

 

All of the stock option expense for the periods ended June 30, 2020 and 2019 has been recognized as additional paid in capital.  The aggregate intrinsic value of stock options outstanding at June 30, 2020 was $79,554 (2019 - $0) and the aggregate intrinsic value of stock options exercisable at June 30, 2020 was $34,847 (2019 - $0). As of June 30, 2020, there was $177,442 in unrecognized compensation expense that will be recognized over the next 1.5 years. No stock options granted under the Company’s equity plans have been exercised during the year ended June 30, 2020. Upon the exercise of stock options new shares will be issued.

The following table sets forth changes in unvested stock options under all plans:

 

 

 

Number of

options

 

 

Weighted

average

exercise

price

$

 

 

Weighted

average

grant date

fair value

$

 

Unvested at June 30, 2018

 

 

138,160

 

 

 

14.39

 

 

 

7.63

 

Granted

 

 

30,000

 

 

 

6.10

 

 

 

2.56

 

Vested

 

 

(83,170

)

 

 

14.51

 

 

 

7.65

 

Unvested at June 30, 2019

 

 

84,990

 

 

 

11.35

 

 

 

5.82

 

Granted

 

 

1,291,016

 

 

 

0.63

 

 

 

0.40

 

Vested

 

 

(499,748

)

 

 

1.87

 

 

 

1.12

 

Forfeited

 

 

(18,750

)

 

 

0.61

 

 

 

0.49

 

Unvested at June 30, 2020

 

 

857,508

 

 

 

0.98

 

 

 

0.52

 

 

The aggregate intrinsic value of unvested stock options at June 30, 2020 was $44,754 (2019 - $0). The unvested stock options have a remaining weighted average contractual term of 9.19 (2019 – 8.78) years.

Warrants

The following table sets forth changes in outstanding warrants:

 

 

 

Number of

warrants

 

 

Amount

$

 

Balance – June 30, 2018

 

 

1,217,296

 

 

 

8,229,482

 

Exercise and exchange of 2018 Investor Warrants (i)

 

 

(495,000

)

 

 

(2,210,697

)

Issuance of 2019 Investor Warrants (note 5)

 

 

760,500

 

 

 

492,884

 

Issuance of 2019 Agent Warrants (iv)

 

 

46,800

 

 

 

52,899

 

Warrants issued for services (iii)

 

 

14,000

 

 

 

23,715

 

Balance – June 30, 2019

 

 

1,543,596

 

 

 

6,588,283

 

Underwritten public offering

 

 

10,417,500

 

 

 

3,924,384

 

Issuance of 2020 Underwriter Warrants

 

 

377,500

 

 

 

164,436

 

Exercise of PFW

 

 

(2,655,000

)

 

 

(2,397,935

)

Exercise of 2020 Investor Warrants (ii)

 

 

(25,000

)

 

 

(12,138

)

Warrants issued for services (iii)

 

 

655,000

 

 

 

287,183

 

Expiry of warrants issued for services (iii)

 

 

(4,140

)

 

 

(29,877

)

Balance – June 30, 2020

 

 

10,309,456

 

 

 

8,524,336

 

 

i)

On November 25, 2018, the Company entered into Warrant Exercise and Exchange Agreements (the “Warrant Exercise Agreements”) with certain holders (the “Exercising Holders”) of the 2018 Investor Warrants. Pursuant to the Warrant Exercise Agreements, in order to induce the Exercising Holders to exercise the 2018 Investor Warrants for cash, the Company agreed to reduce the exercise price from $12.50 to $4.00 per share. Pursuant to the Warrant Exercise Agreements, the Exercising Holders exercised their 2018 Investor Warrants with respect to an aggregate of 197,500 shares of common stock underlying such 2018 Investor Warrants (the “Exercised Shares”). The Company received net proceeds of $720,165, comprising aggregate gross proceeds of $790,000 net of expenses of $69,835, from the exercise of the 2018 Investor Warrants.

In addition, in order to further induce the Exercising Holders to exercise the 2018 Investor Warrants, the Warrant Exercise Agreements also provided for the issuance of one share of common stock to the Exercising Holders in exchange for every three shares of common stock underlying the 2018 Investor Warrants held by the Exercising Holders that are not being exercised for cash pursuant to the Warrant Exercise Agreements, if any. On November 26, 2018, the Company issued an aggregate of 99,167 shares of common stock in exchange for 297,500 2018 Investor Warrants.

ii)

A total of 25,000 2020 Investor Warrants were exercised at $1.00.

iii)

Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below.

iv)

As part of the financing completed by the Company on June 5, 2019, the Company issued the 2019 Agent Warrants. Commencing December 3, 2019, the 2019 Agent Warrants are exercisable at $3.875 until June 3, 2024.

The following table summarizes the Company’s outstanding warrants as of June 30, 2020:

 

Description of warrants

 

Number

 

 

Exercise

price $

 

 

Expiry date

2020 Investor warrants

 

 

7,737,500

 

 

 

1.00

 

 

August 16, 2024

2019 Investor warrants

 

 

760,500

 

 

 

3.10

 

 

June 5, 2024

2019 Investor warrants

 

 

280,000

 

 

 

12.50

 

 

September 22, 2022

2017 Investor warrants

 

 

207,721

 

 

 

35.00

 

 

April 19, 2022

2015 Investor warrants

 

 

97,905

 

 

 

30.00

 

 

July 31, 2020 (i)

NBTS Warrants

 

 

125,000

 

 

 

1.09

 

 

June 19, 2025 (ii)

Warrants issued for services

 

 

250,000

 

 

 

0.64

 

 

January 20, 2024

Warrants issued for services

 

 

280,000

 

 

 

0.75

 

 

November 18, 2023

Warrants issued for services

 

 

26,500

 

 

 

30.00

 

 

July 1, 2020 to February 1,2021 (iii)

Warrants issued for services

 

 

6,000

 

 

 

17.80

 

 

January 25, 2023

Warrants issued for services

 

 

33,600

 

 

 

11.70

 

 

February 27, 2023

Warrants issued for services

 

 

12,000

 

 

 

9.00

 

 

September 15, 2023

Warrants issued for services

 

 

2,000

 

 

 

9.00

 

 

October 11, 2021

2020 Underwriter Warrants

 

 

377,500

 

 

 

1.15

 

 

August 14, 2022

2019 Agent warrants

 

 

46,800

 

 

 

3.875

 

 

June 3, 2024

2019 Agent warrants

 

 

40,000

 

 

 

12.50

 

 

September 20, 2022

2017 Agent warrants

 

 

13,848

 

 

 

40.60

 

 

April 12, 2022

2016 Agent warrants

 

 

10,402

 

 

 

40.00

 

 

May 12, 2021

2015 Agent warrants

 

 

2,180

 

 

 

30.00

 

 

July 15, 2020 (i)

 

 

 

10,309,456

 

 

 

 

 

 

 

 

(i)

Expired unexercised subsequent to June 30, 2020.

(ii)

NBTS Warrants issued with respect to loan proceeds received subsequent to June 30, 2020 (notes 3 and 11).

(iii)

1,500 warrants issued for services expired unexercised subsequent to June 30, 2020.