Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.8.0.1
Stockholders' Equity (Tables)
3 Months Ended
Sep. 30, 2017
Stockholders' Equity [Abstract]  
Schedule of common stock issued and outstanding
      Shares of common stock 
outstanding
    Common stock
$
    Additional paid-in capital
$
    Warrants
$
    Accumulated deficit
$
 
                                 
                                 
  Balance – June 30, 2017     14,509,633       14,510       36,665,285       4,570,574       (41,118,433 )
  Issuance of shares and warrants     8,000,000       8,000       6,184,585       2,752,751       -  
  Series B Preferred stock dividend     49,602       49       41,617       -       (41,666 )
  Stock option expense     -       -       64,870       -       -  
  Warrants issued for services     -       -       -       (1,481 )     -  
  Series A Preferred cash dividend     -       -       -       -       (2,089 )
  Loss for the period     -       -       -       -       (2,666,406 )
                                           
  Balance – September 30, 2017     22,559,235       22,559       42,956,357       7,321,844       (43,828,594 )
Schedule of stock options outstanding
      Number of 
stock 
options 
outstanding
    Weighted 
average 
exercise 
price
$
 
               
               
  Balance – June 30, 2017     1,120,850       4.18  
  Granted     180,000       2.11  
                   
  Balance – September 30, 2017     1,300,850       3.90
Summary of stock options currently outstanding and exercisable
  Exercise price 
$
  Number 
Outstanding at 
September 30, 
2017
    Weighted 
average 
remaining 
contractual 
life 
(years)
    Number 
exercisable 
at 
September 30, 
2017
 
                     
  1.60     25,000       4.39       25,000  
  2.00     131,250       4.39       131,250  
  2.11     180,000       9.77       -  
  2.96     45,000       7.35       45,000  
  3.20     30,000       7.50       30,000  
  3.76     45,000       8.36       24,583  
  4.00     12,500       2.00       12,500  
  4.10     40,000       9.11       11,852  
  4.20     412,500       5.88       412,500  
  4.48     30,000       8.36       16,389  
  4.95     224,600       9.38       46,376  
  5.32     80,000       8.60       37,333  
  6.16     15,000       5.50       15,000  
  9.20     30,000       5.67       30,000  
                           
        1,300,850               837,783
Schedule of stock options valuation assumptions using a Black-Scholes pricing model
      September 30, 
2017
 
         
  Dividend rate     0 %
  Volatility     72.7% to 82.2 %
  Risk-free rate     1.5% to 1.8 %
  Term - years     1.3 to 3.0
Schedule of stock option expense
      Three months ended 
September 30,
 
      2017
$
    2016
$
 
               
  Research and development     (4,974 )     30,715  
  General and administrative     69,844       1,103  
                   
        64,870       31,818
Summary of unvested stock options
      Number of 
Options
    Weighted 
average 
exercise 
price 
$
    Weighted 
average 
grant date 
fair value 
$
 
                     
  Unvested at June 30, 2017     318,033       4.81       2.57  
  Granted     180,000       2.11       1.13  
  Vested     (34,966 )     4.78       2.58  
                           
  Unvested at September 30, 2017     463,067       3.76       2.03
Summary of changes in outstanding warrants
  Description   Number  
         
  Balance – June 30, 2017     6,628,906  
  Issuance of 2018 Investor Warrants (i)     8,000,000  
  Issuance of 2018 Agent Warrants (ii)     400,000  
           
  Balance - September 30, 2017     15,028,906  

 

i) The 2018 Investor Warrants are exercisable at $1.25 per share until September 22, 2022.

 

ii) The 2018 Agent Warrants are exercisable at $1.25 per share until September 20, 2022.
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
  2018 Investor     8,000,000       1.25     September 22, 2022
  2015 Investor     979,003       3.00     July 31, 2020
  2013 Investor  Amended     778,504       3.14     March 31, 2019
  2013 Investor  Un-amended (note 5)     105,129       2.68     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
  2018 Agent     400,000       1.25     September 20, 2022
  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
                       
        15,028,906       2.25