Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Deficiency) (Tables)

v3.7.0.1
Stockholders' Equity (Deficiency) (Tables)
12 Months Ended
Jun. 30, 2017
Stockholders' Equity (Deficiency) [Abstract]  
Schedule of stock options outstanding under the Legacy plan
      Number of 
stock
options
outstanding
    Weighted
average
exercise
price
 
               
  Balance – June 30, 2015     898,750       3.76  
  Granted     177,500       3.96  
  Cancelled     (12,500 )     4.20  
  Forfeited     (207,500 )     4.02  
                   
  Balance – June 30, 2016     856,250       3.77  
  Granted     264,600       4.82  
                   
  Balance – June 30, 2017     1,120,850       4.18  
Summary of stock options currently outstanding and exercisable
  Exercise price
$
  Number
Outstanding at
June 30,
2017
    Weighted
average
remaining
contractual
life
(years)
    Number
exercisable
at
June 30,
2017
 
                     
  1.54     25,000       4.64       25,000  
  2.00     131,250       4.64       131,250  
  2.96     45,000       7.60       45,000  
  3.20     30,000       7.75       30,000  
  3.76     45,000       8.61       20,833  
  4.00     12,500       2.25       12,500  
  4.10     40,000       9.36       8,519  
  4.20     412,500       6.13       412,500  
  4.48     30,000       8.61       13,889  
  4.95     224,600       9.63       27,659  
  5.32     80,000       8.85       30,667  
  6.16     15,000       5.75       15,000  
  9.20     30,000       5.92       30,000  
                           
        1,120,850               802,817  
Schedule of stock options valuation assumptions using a Black-Scholes pricing model
      June 30,
2017
    June 30,
2016
 
  Dividend rate     0 %     0 %
  Volatility     77.5% to 88.7 %     84% to 118 %
  Risk-free rate     1.00% to 1.74 %     1.00 %
  Term  years     3.0       0.5 to 3.0  
Schedule of stock-based compensation expense
      Years ended June 30,  
      2017
$
    2016
$
 
               
  Research and development     77,706       263,509  
  General and administrative     47,041       130,623  
                   
        124,747       394,132  
Summary of unvested stock options
      Number of
options
    Weighted
average
exercise
price
$
    Weighted
average
grant date
fair value
$
 
                     
  Unvested at June 30, 2015     180,590       3.80       1.64  
  Granted     177,500       3.96       2.24  
  Vested     (147,293 )     3.71       2.09  
  Forfeited     (65,093 )     3.67       0.91  
  Cancelled     (4,688 )     4.20       2.28  
                           
  Unvested at June 30, 2016     141,016       3.17       1.73  
  Granted     264,600       4.82       2.61  
  Vested     (87,583 )     4.68       2.48  
                           
  Unvested at June 30, 2017     318,033       4.81       2.57  
Schedule of warrants
      Number of
warrants
    Amount 
$
 
               
  Balance – June 30, 2015     125,000       89,432  
                   
  Issuance of 2015 Investor Warrants (i)     1,069,417       671,189  
  Exercise of 2015 Investor Warrants (i)     (41,667 )     (26,250 )
  Issuance of 2016 Agent Warrants (ii)     103,963       246,566  
  Warrants issued for services (iii)     265,000       677,445  
                   
  Balance – June 30, 2016     1,521,713       1,658,382  
                   
  Issuance of 2017 Investor Warrants (iv)     2,076,924       2,526,336  
  Issuance of 2017 Agent Warrants (iv)     138,462       424,401  
  Exercise of Valent warrants (v)     (125,000 )     (89,432 )
  Exercise of 2015 Investor Warrants (i)     (48,750 )     (30,715 )
  Warrants issued for services (iii)     41,400       81,602  
                   
  Balance - June 30, 2017     3,604,749       4,570,574  

 

i) The 2015 Investor Warrants are exercisable at a price of $3.00. The warrants expire on July 31, 2020. During the year ended June 30, 2017, 48,750 (2016  41,667) warrants were exercised for proceeds of $146,250 (2016  $125,001).
 
ii) As part of its Series B Preferred Stock financing the Company issued to the placement agent for this financing warrants (the “2016 Agent Warrants”) which are exercisable at a price of $4.00 until May 12, 2021.
 
iii) During the year ended June 30, 2017, the Company issued 41,400 (2016  265,000) warrants for services at an exercise price of $5.93 (2016  $3.00). The warrants expire at the various dates noted in the table.
 
iv) As part of the financing completed by the Company in April 2017, the Company issued the 2017 Investor Warrants and the 2017 Agent Warrants. The 2017 Investor Warrants are exercisable at $3.50 until April 19, 2022 and the 2017 Agent Warrants are exercisable at $4.06 until April 12, 2022.
 
v) The Valent warrants were exercised at $1.54 (CA$2.00) for proceeds of $192,075.
Summary of changes in outstanding warrants
  Description   Number  
         
  Balance – June 30, 2016     4,612,627  
           
  Issuance of 2017 Investor Warrants     2,076,924  
  Issuance of 2017 Agent Warrants     138,462  
  Exercise of 2013 Investor Warrants     (65,077 )
  Exercise of Valent warrants     (125,000 )
  Exercise of 2015 Investor Warrants     (48,750 )
  Exercise of 2015 Agent Warrants     (1,680 )
  Issuance of warrants issued for services     41,400  
           
  Balance – June 30, 2017     6,628,906  
Summary of outstanding warrants
  Description   Number     Exercise
price
$
    Expiry date
                   
  2017 Investor     2,076,924       3.50     April 19, 2022
  2013 Placement Agent     1,262,500       3.14     June 30, 2019
  2015 Investor     979,003       3.00     July 31, 2020
  2013 Investor  Amended     778,504       3.14     March 31, 2019
  2013 Investor  Unamended     105,129       3.14     January 25 to March 6, 2018
  Dividend     812,502       5.00     January 24, 2018
  Issued for services     265,000       3.00     March 1, 2020 to February 1, 2021
  Issued for services     43,750       7.04     September 12, 2018
  Issued for services     41,400       5.93     February 27, 2020
  2017 Agent     138,462       4.06     April 12, 2022
  2016 Agent     103,964       4.00     May 12, 2021
  2015 Agent     21,768       3.00     July 15, 2020
                       
        6,628,906       3.53