Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
9 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent events
9 Subsequent events

 

Approval of the 2017 Plan

 

On April 11, 2018, the Company’s stockholders approved the Company’s 2017 Plan. As a result, the 1,000,000 PSU’s previously approved by the board of directors were issued (note 6).

 

Issuance of stock options and PSU’s

 

Subsequent to March 31, 2018, 36,000 stock options and 200,000 PSU’s were issued to an independent director of the Company. The PSU’s have the same terms as those previously approved by the Company’s board of directors (note 6). The stock options are exercisable at a price of $1.06 and have a term of 10 years. One-third of the options vest on March 31, 2019 and 3,000 options vest on a quarterly basis thereafter commencing June 30, 2019. 

 

Increase in authorized common stock

 

On April 11, 2018, the Company’s stockholders approved an increase in the Company’s authorized common stock from 50,000,000 shares to 70,000,000 shares and the Company filed an amendment to its Articles of Incorporation, as amended, with the Secretary of State of the State of Nevada to increase the number of authorized shares of common stock from 50,000,000 shares to 70,000,000 shares.

 

Series B Preferred Stock conversion

 

Subsequent to March 31, 2018, 12,500 shares of Series B Preferred stock were converted into 31,250 shares of common stock.