Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.5.0.2
Stockholders' Equity (Tables)
3 Months Ended
Sep. 30, 2016
Stockholders' Equity [Abstract]  
Schedule of common stock issued and outstanding
    Shares of common stock 
outstanding
    Common stock     Additional paid-in capital     Warrants  
          $     $     $  
                         
Balance – June 30, 2016     11,187,023       11,187       28,833,105       1,658,382  
                                 
Warrants exercised for cash     83,587       83       467,843       (25,202 )
Warrants exercised cashlessly     594       1       5,158       -  
Shares issued for services     60,000       60       563,940       -  
Warrants issued for services     -       -       -       50,244  
Amendment of warrants     -       -       53,006       -  
Amendment of stock options     -       -       260,969       -  
Series B Preferred stock dividend     50,793       51       307,247       -  
Stock-based compensation     -       -       31,818       -  
                                 
Balance – September 30, 2016     11,381,997       11,382       30,523,086       1,683,424  
Schedule of stock options outstanding under the plan
      Number of 
stock 
options
outstanding
    Weighted   
average 
exercise 
  price   
$
 
                   
  Balance – September 30 and June 30, 2016     856,250       3.77  
Schedule of stock options currently outstanding and exercisable
  Exercise price $     Number
Outstanding at
September 30, 
2016
    Weighted  
average
remaining 
contractual 
life 
(years)
    Number 
exercisable 
at 
 September 30,  
2016
 
                       
  1.52       25,000       5.39       25,000  
  2.00       131,250       5.39       131,250  
  2.96       45,000       8.35       45,000  
  3.20       30,000       8.50       30,000  
  3.32       30,000       9.34       6,639  
  3.60       25,000       9.47       4,444  
  3.76       45,000       9.25       11,208  
  4.00       12,500       3.00       12,500  
  4.20       412,500       6.88       412,500  
  4.48       30,000       9.27       7,306  
  4.76       25,000       9.59       3,449  
  6.16       15,000       6.50       15,000  
  9.20       30,000       6.67       30,000  
          856,250               734,296  
Schedule of stock options valuation assumptions using a Black-Scholes pricing model
      September 30,  
2016
 
         
  Dividend rate     0 %
  Volatility     80.4% to 91.5 %
  Risk-free rate     1.00 %
  Term - years     0.5 to 2.5  
Schedule of stock-based compensation expense
    Three months ended
September 30,
 
    2016     2015  
    $     $  
Research and development     30,715       6,455  
General and administrative     1,103       33,451  
                 
      31,818       39,906  

Schedule of unvested stock options
      Number of
Options
    Weighted   
average   
exercise  
price  
$
    Weighted  
average  
grant date  
fair value  
$
 
                     
  Unvested at June 30, 2016     141,016       3.17       1.73  
  Vested     (19,062 )     4.03       2.19  
                           
  Unvested at September 30, 2016     121,954       3.12       1.70  
Schedule of outstanding warrants

 

  Description   Number  
         
  Balance – June 30, 2016     4,612,627  
  2013 Investor Warrants (i)     (42,907 )
  2015 Investor Warrants (ii)     (40,000 )
  2015 Agent Warrants (iii)     (1,680 )
           
  Balance - September 30, 2016     4,528,040  

 

i) 2013 Investor Warrants were exercised for cash proceeds of $134,900.

 

ii) 2015 Investor Warrants were exercised for cash proceeds of $120,000.

 

iii)

680 of the 2015 Agent Warrants were exercised for cash proceeds of $2,040 and 1,000 of the 2015 Agent Warrants were exercised on a cashless basis for 594 shares of common stock.