Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
9 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent events

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Subsequent events

 

Subsequent to March 31, 2021, the Company’s Board of Directors approved an increase in the Company’s authorized common share capital from 95,000 shares of common stock to 175,000 shares of common stock.  In addition, the Board of Directors approved an increase to the number of shares available under the 2017 Omnibus Equity Incentive Plan from 6,700 shares to 13,000 shares. Both of these matters require stockholder approval at the Company’s annual general meeting of stockholders being held on June 25, 2021.

 

Warrants

Subsequent to March 31, 2021, 1,206 stock purchase warrants exercisable at $3.18 per share and 10 exercisable at $40 per share expired.            

Series C Preferred Stock

Subsequent to March 31, 2021, 125 shares of Series C-1 Preferred Stock were converted into 107,759 shares of common stock, 50 shares of Series C-2 Preferred Stock were converted into 41,188 shares of common stock, and 636 shares of Series C-3 Preferred Stock were converted into 553,047 shares of common stock.

Series B Preferred Stock

On April 29, 2021, all remaining shares of Series B Preferred Stock were converted into shares of common stock as a result of mandatory conversion corresponding to the fifth anniversary of their issuance.  As a result, 601 shares of Series B Preferred Stock were converted into 150 shares of common stock.

Stock Options

Subsequent to March 31, 2021, 75 stock options were issued exercisable at $1.37 per share until April 29, 2031.

    

The Company has evaluated its subsequent events from March 31, 2021 through the date these condensed consolidated interim financial statements were issued and has determined that there are no subsequent events requiring disclosure in these condensed consolidated interim financial statements other than the items noted above.