Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.20.2
Stockholders' Equity (Tables)
12 Months Ended
Jun. 30, 2020
Class Of Stock [Line Items]  
Schedule of Stock Option Expense

 

 

 

Years ended June 30,

 

 

 

2020

$

 

 

2019

$

 

Research and development

 

 

86,835

 

 

 

74,667

 

General and administrative

 

 

408,026

 

 

 

351,362

 

 

 

 

494,861

 

 

 

426,029

 

 

Schedule of Unvested Stock Options

 

 

 

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

 

 

Schedule of 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.

Schedule of Changes in Outstanding Warrants

 

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.

Stock options [Member]  
Class Of Stock [Line Items]  
Schedule of Outstanding Under the Legacy Plan

 

 

 

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

 

 

Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model

 

 

 

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

 

 

Summary of Stock Options Currently Outstanding and Exercisable

 

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

 

 

Performance stock units [Member]  
Class Of Stock [Line Items]  
Schedule of Conversion of Series B Preferred Stock to Common 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

 

 

Schedule of Outstanding Under the Legacy Plan

 

 

 

Number of

PSUs

outstanding

 

Balance – June 30, 2018

 

 

120,000

 

Cancelled

 

 

(120,000

)

Balance – June 30, 2019 and 2020

 

 

 

 

Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model

 

 

 

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