Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
9 Months Ended
Mar. 31, 2017
Stockholders' Equity [Abstract]  
Schedule of common stock issued and outstanding
 
      Shares of common stock     Common stock     Additional paid-in capital     Warrants  
      outstanding     $     $     $  
                           
  Balance – June 30, 2016     11,187,023       11,187       28,833,105       1,658,382  
  Warrants exercised for cash     239,525       239       908,183       (120,147 )
  Cashless exercise of warrants     594       1       5,158       -  
  Shares issued for services     60,000       60       563,940       -  
  Warrants issued for services     -       -       -     80,421  
  Amendment of warrants     -       -       53,006       -  
  Amendment of stock options     -       -       260,969       -  
  Series B Preferred stock dividends     150,844       151       676,714       -  
  Conversion of Series B preferred stock     37,188       37       103,734       -  
  Stock option expense     -       -       106,570       -  
                                   
  Balance – March 31, 2017     11,675,174       11,675       31,511,379       1,618,656  
Schedule of stock options outstanding under the plan
      Number of stock options outstanding     Weighted average exercise price 
$
 
  Balance – June 30, 2016     856,250       3.77  
  Granted     264,600       4.82  
                   
  Balance – March 31, 2017     1,120,850       4.02  
Schedule of stock options currently outstanding and exercisable

 

  Exercise price 
$
  Number Outstanding at 
March 31, 
2017
    Weighted average remaining contractual life 
(years)
  Number exercisable at 
March 31, 
2017
 
                   
  1.50     25,000     4.89     25,000  
  2.00     131,250     4.89     131,250  
  2.96     45,000     7.84     45,000  
  3.20     30,000     8.00     30,000  
  3.32     30,000     8.83     11,667  
  3.60     25,000     8.96     8,634  
  3.76     45,000     8.75     18,750  
  4.00     12,500     2.50     12,500  
  4.10     40,000     9.61     5,222  
  4.20     412,500     6.37     412,500  
  4.48     30,000     8.77     12,333  
  4.76     25,000     9.08     7,639  
  4.95     224,600     9.88     9,150  
  6.16     15,000     6.00     15,000  
  9.20     30,000     6.17     30,000  
                       
        1,120,850           774,645  
Schedule of stock options valuation assumptions using a Black-Scholes pricing model
      March 31, 
2017
 
         
  Dividend rate     0 %
  Volatility     77.8% to 88.7 %
  Risk-free rate     1.1% to 1.7 %
  Term - years     2.0 to 3.0  
Schedule of recognized stock option expense
      Three months ended
March 31,
   

Nine months ended

March 31,

 
     

2017

$

   

2016

$

   

2017

$

   

2016

$

 
                           
  Research and development     117,775       20,165       82,763       36,395  
  General and administrative     32,179       3,678       23,808       102,316  
                                   
        149,954       23,843       106,571       138,711  
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  
  Granted     264,600       4.82       2.61  
  Vested     (59,411 )     4.14       2.26  
                           
  Unvested at March 31, 2017     346,205       4.59       2.49  
Schedule of outstanding warrants

 

  Description   Number  
         
  Balance – June 30, 2016     4,612,627  
  2013 Investor Warrants (i)     (65,077 )
  Valent warrants (ii)     (125,000 )
  2015 Investor Warrants (iii)     (48,750 )
  2015 Agent Warrants (iv)     (1,680 )
  Warrants issued for services (v)     41,400  
           
  Balance - March 31, 2017     4,413,520  

 

i) 2013 Investor Warrants were exercised at $3.144 per share for cash proceeds of $204,659.

 

ii) Warrants issued to Valent (note 4) were exercised at $1.54 (CDN $2.00) per share for cash proceeds of $192,075.

 

iii) 2015 Investor Warrants were exercised at $3.00 per share for cash proceeds of $146,250.

 

iv) 680 of the 2015 Agent Warrants were exercised at $3.00 per share 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.

 

v) Warrants were issued on February 27, 2017 and are exercisable at $5.93 until they expire on February 27, 2020. They vest pro rata over six months from February 27, 2017 and are exercisable commencing 180 days from the date of issuance.