Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity - Schedule of Warrants (Detail)

v3.20.2
Stockholders' Equity - Schedule of Warrants (Detail) - USD ($)
12 Months Ended
Nov. 26, 2018
Jun. 30, 2020
Jun. 30, 2019
Balance – June 30, 2018   $ 6,588,283  
Balance – June 30, 2019   $ 8,524,336 $ 6,588,283
Warrant [Member]      
Balance – June 30, 2018   1,543,596 1,217,296
Exercise and exchange of 2018 Investor Warrants 297,500   (495,000) [1]
Issuance of 2019 Investor Warrants (note 5)     760,500
Issuance of 2019 Agent Warrants (iv) [2]     46,800
Warrants issued for services [3]   655,000 14,000
Balance – June 30, 2019   10,309,456 1,543,596
Underwritten public offering   10,417,500  
Issuance of 2020 Underwriter Warrants   377,500  
Exercise of PFW   (2,655,000)  
Exercise of 2020 Investor Warrants [4]   (25,000)  
Expiry of warrants issued for services [3]   (4,140)  
Balance – June 30, 2018   $ 6,588,283 $ 8,229,482
Exercise and exchange of 2018 Investor Warrants [1]     (2,210,697)
Issuance of 2019 Investor Warrants (note 5)     492,884
Issuance of 2019 Agent Warrants (iv) [2]     52,899
Warrants issued for services [3]   287,183 23,715
Balance – June 30, 2019   8,524,336 $ 6,588,283
Underwritten public offering   3,924,384  
Issuance of 2020 Underwriter Warrants   164,436  
Exercise of PFW   (2,397,935)  
Exercise of 2020 Investor Warrants [4]   (12,138)  
Expiry of warrants issued for services [3]   $ (29,877)  
[1] 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.
[2] 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.
[3] Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below.
[4] A total of 25,000 2020 Investor Warrants were exercised at $1.00.