Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.19.1
Stockholders' Equity (Tables)
9 Months Ended
Mar. 31, 2019
Class of Stock [Line Items]  
Schedule of common stock issued and outstanding

    Shares of common stock
outstanding
    Common stock     Additional paid-in capital     Warrants     Accumulated deficit  
          $     $     $     $  
Nine months ended March 31, 2019                        
Balance – June 30, 2018     2,296,667       2,297       43,198,193       8,229,482       (52,441,337 )
                                         
Exercise and exchange of warrants     296,667       297       2,920,695       (2,210,697 )     -  
Warrants issued for services     -       -       -       36,534       -  
Conversion of Series B preferred stock to common stock     10,000       10       279,041       -       -  
Series B Preferred stock dividend     14,430       14       75,463       -       (75,477 )
Shares issued for services     2,269       2       10,267       -       -  
Stock option expense     -       -       355,388       -       -  
Performance stock unit expense     -       -       183,205       -       -  
Series A Preferred cash dividend     -       -       -       -       (6,267 )
Loss for the period     -       -       -       -       (5,465,486 )
                                         
Balance – March 31, 2019     2,620,033       2,620       47,022,252       6,055,319       (57,988,567 )
                                         
Three months ended March 31, 2019                        
Balance – December 31, 2018     2,614,342       2,614       46,851,817       6,046,587       (56,299,291 )
                                         
Exercise and exchange of warrants – issue costs     -       -       (16,186 )     -       -  
Warrants issued for services     -       -       -       8,732       -  
Series B Preferred stock dividend     4,735       5       23,197       -       (23,202 )
Shares issued for services     956       1       3,512       -       -  
Stock option expense     -       -       99,735       -       -  
Performance stock unit expense     -       -       60,177       -       -  
Series A Preferred cash dividend     -       -       -       -       (2,089 )
Loss for the period     -       -       -       -       (1,663,985 )
                                         
Balance – March 31, 2019     2,620,033       2,620       47,022,252       6,055,319       (57,988,567 )

 

    Shares of common stock
outstanding
    Common stock     Additional paid-in capital     Warrants     Accumulated deficit  
          $     $     $     $  
Nine months ended March 31, 2018                        
Balance – June 30, 2017     1,450,963       1,451       36,678,344       4,570,574       (41,118,433 )
                                         
Issuance of shares and warrants     800,000       800       6,191,785       2,752,751       -  
Warrants exercised for cash     25,000       25       312,475       -       -  
Warrants issued for services     -       -       -       155,204       -  
Series B Preferred stock dividend     14,881       15       142,343       -       (142,358 )
Shares issued for services     407       -       4,821       -       -  
Stock option expense     -       -       430,673       -       -  
Series A Preferred cash dividend     -       -       -       -       (6,267 )
Loss for the period     -       -       -       -       (8,761,061 )
                                         
Balance – March 31, 2018     2,291,251       2,291       43,760,441       7,478,529       (50,028,119 )
                                         
Three months ended March 31, 2018                        
Balance – December 31, 2017     2,260,884       2,261       43,259,228       7,321,844       (47,046,347 )
                                         
Warrants exercised for cash     25,000       25       312,475       -       -  
Warrants issued for services     -       -       -       156,685       -  
Series B Preferred stock dividend     4,960       5       46,621       -       (46,626 )
Shares issued for services     407       -       4,821       -       -  
Stock option expense     -       -       137,296       -       -  
Series A Preferred cash dividend     -       -       -       -       (2,089 )
Loss for the period     -       -       -       -       (2,933,057 )
                                         
Balance – March 31, 2018     2,291,251       2,291       43,760,441       7,478,529       (50,028,119 )
Schedule of valuation assumptions using a Black-Scholes pricing model
    March 31,
2019
 
       
Dividend rate     0 %
Volatility     70.6% to 79.1 %
Risk-free rate     2.1% to 3.2 %
Term - years     0.1 to 3.0  
Performance Stock Units [Member]  
Class of Stock [Line Items]  
Schedule of valuation assumptions using a Black-Scholes pricing model
Dividend rate   0 %
Volatility   79.0 to 82.5 %
Risk-free rate   2.56% to 2.71 %
Term years   1.67 to 3.24  
Employee Stock Option [Member]  
Class of Stock [Line Items]  
Schedule of outstanding under the legacy plan

    Number of
stock
options
outstanding
    Weighted
average
exercise
price
 
             
Balance – June 30, 2018     262,683       24.30  
Granted     30,000       6.10  
                 
Balance – March 31, 2019     292,683       22.40  
Schedule of stock options currently outstanding and exercisable
Exercise price
$
    Number
Outstanding
    Weighted
average
remaining
contractual
life
(years)
    Number
exercisable
 
                     
  6.10       30,000       9.60       6,666  
  7.00       5,451       9.23       -  
  8.70       12,000       8.59       12,000  
  9.83       83,647       9.14       23,235  
  10.60       3,600       9.03       1,200  
  11.70       30,000       3.91       30,000  
  14.98       2,500       3.17       2,500  
  20.00       13,125       2.52       13,125  
  21.10       15,900       7.51       8,700  
  29.60       4,500       5.84       4,500  
  32.00       3,000       0.17       3,000  
  37.60       4,500       6.86       4,500  
  40.00       1,250       0.50       1,250  
  41.00       4,000       7.61       3,111  
  42.00       41,250       3.81       41,250  
  44.80       3,000       6.86       3,000  
  49.50       22,460       5.31       18,458  
  53.20       8,000       7.10       7,555  
  61.60       1,500       4.00       1,500  
  92.00       3,000       4.17       3,000  
                             
          292,683               188,550  
Schedule of stock-based compensation expense
Three months ended
March 31,
    Nine months ended
March 31,
 
    2019
$
    2018
$
    2019
$
    2018
$
 
                         
Research and development     12,889       9,145       64,466       130,546  
General and administrative     86,846       128,151       290,922       300,127  
                                 
      99,735       137,296       355,388       430,673  
Schedule of unvested stock options
    Number of
Options
    Weighted
average
exercise
price
$
    Weighted
average
grant date
fair value
$
 
                   
Unvested at June 30, 2018     138,160       14.39       7.63  
Granted     30,000       6.10       2.56  
Vested     (64,027 )     14.82       7.88  
                         
Unvested at March 31, 2019     104,133       11.62       5.95  
Schedule of changes in outstanding warrants

 

Description

  Number  
       
Balance – June 30, 2018     1,428,128  
         
Exercised for cash (i)     (197,500 )
Cashless exchange (i)     (297,500 )
Issued for services (ii)     14,000  
Forfeited (iii)     (2,400 )
Expired (iv)     (82,225 )
         
Balance - March 31, 2019     862,503  

 

i) On November 25, 2018, the Company entered into Warrant Exercise and Exchange Agreements (the “Warrant Exercise Agreements”) with certain holders (the “Exercising Holders”) of the 2018 Investor Warrants. Pursuant to the Warrant Exercise Agreements, in order to induce the Exercising Holders to exercise the 2018 Investor Warrants for cash, the Company agreed to reduce the exercise price from $12.50 to $4.00 per share. Pursuant to the Warrant Exercise Agreements, the Exercising Holders exercised their 2018 Investor Warrants with respect to an aggregate of 197,500 shares of common stock underlying such 2018 Investor Warrants (the “Exercised Shares”). The Company received net proceeds of $726,481, comprising aggregate gross proceeds of $790,000 net of expenses of $63,519, from the exercise of the 2018 Investor Warrants.

  

In addition, in order to further induce the Exercising Holders to exercise the 2018 Investor Warrants, the Warrant Exercise Agreements also provided for the issuance of one share of common stock to the Exercising Holders in exchange for every three shares of common stock underlying the 2018 Investor Warrants held by the Exercising Holders that are not being exercised for cash pursuant to the Warrant Exercise Agreements, if any. On November 26, 2018, the Company issued an aggregate of 99,167 shares of common stock in exchange for 297,500 2018 Investor Warrants, resulting in a 198,333 reduction in the Company’s total shares of common stock outstanding on a fully-diluted basis.

 

ii) All of the warrants issued for services are exercisable at $9.00 with 12,000 expiring on September 15, 2023 and 2,000 expiring on October 11, 2021. Of the total, 12,000 vest pro rata monthly over twelve months commencing September 15, 2018 and 2,000 are fully vested as of November 11, 2018.

 

iii) Warrants issued for services exercisable at $11.70 were forfeited upon termination of the underlying agreement.

 

iv) Warrants issued for services exercisable at $70.40 expired September 12, 2018. In addition, warrants exercisable at $31.40 expired March 31, 2019.
Schedule of outstanding warrants

 

Description

  Number     Exercise
price
$
    Expiry date
                 
2018 Investor     280,000       12.50     September 22, 2022
2017 Investor     207,693       35.00     April 19, 2022
2015 Investor     97,900       30.00     July 31, 2020
2013 Placement Agent     126,250       31.40     June 30, 2019
Issued for services     26,500       30.00     July 1, 2020 to February 1, 2021
Issued for services     6,000       17.80     January 25, 2023
Issued for services     33,600       11.70     February 27, 2023
Issued for services     12,000       9.00     September 15, 2023
Issued for services     4,140       59.30     February 27, 2020
Issued for services     2,000       9.00     October 11, 2021
2018 Agent     40,000       12.50     September 20, 2022
2017 Agent     13,846       40.60     April 12, 2022
2016 Agent     10,396       40.00     May 12, 2021
2015 Agent     2,178       30.00     July 15, 2020
      862,503       24.80