Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.19.3.a.u2
Stockholders' Equity (Tables)
6 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Schedule of Conversion of Series B Preferred stock to common stock

    Series B Preferred Stock  
    2019  
    Number
of shares
    $  
Balance – June 30, 2019     673,613       4,699,304  
Conversion of Series B Preferred stock to common stock     (25,000 )     (174,407 )
                 
Balance – December 31, 2019     648,613       4,524,897  
Schedule of stock options outstanding
    Number of
stock
options
outstanding
    Weighted
average
exercise
price
 
Balance – June 30, 2019     288,183       22.31  
Granted     491,817       0.61  
Expired     (1,250 )     (40.00 )
                 
Balance – December 31, 2019     778,750       8.58  
Summary of stock options currently outstanding and exercisable
Exercise price
$
    Number
Outstanding at
December 31,
2019
    Weighted
average
remaining
contractual
life
(years)
    Number
exercisable
at
December 31,
2019
 
  0.61       491,817       9.68       93,750  
  6.10       30,000       8.85       23,611  
  7.00       5,451       8.48       2,726  
  8.70       12,000       7.84       12,000  
  9.83       83,647       8.39       44,147  
  10.60       3,600       8.28       2,100  
  11.70       30,000       3.16       30,000  
  15.36       2,500       2.42       2,500  
  20.00       13,125       1.77       13,125  
  21.10       14,400       7.52       10,800  
  29.60       4,500       5.09       4,500  
  37.60       4,500       6.11       4,500  
  41.00       4,000       6.86       4,000  
  42.00       41,250       3.06       41,250  
  44.80       3,000       6.11       3,000  
  49.50       22,460       4.56       21,733  
  53.20       8,000       6.35       8,000  
  61.60       1,500       3.25       1,500  
  92.00       3,000       3.42       3,000  
                             
          778,750               326,242  
Schedule of valuation assumptions using a Black-Scholes pricing model
    December 31,
2019
 
Dividend rate     0 %
Volatility     99% to 102 %
Risk-free rate     1.50 %
Term - years     5.5 to 6.5  
Schedule of stock option expense

    Three months ended
December 31,
    Six months ended
December 31,
 
    2019
$
    2018
$
    2019
$
    2018
$
 
Research and development     24,151       23,127       32,304       51,577  
General and administrative     135,701       99,624       178,533       204,076  
                                 
      159,852       122,751       210,837       255,653  
Schedule of unvested stock options
    Number of
Options
    Weighted
average
exercise
price
$
    Weighted
average
grant date
fair value
$
 
Unvested at June 30, 2019     84,990       11.35       5.82  
                         
Granted     491,817       0.61       0.41  
Vested     (124,299 )     3.60       1.90  
                         
Unvested at December 31, 2019     452,508       1.81       1.01  
Schedule of changes in outstanding warrants
Description   Number  
Balance – June 30, 2019     1,543,596  
         
2020 Investor Warrants issued in underwritten offering     7,762,500  
PFW issued in underwritten offering     2,655,000  
2020 Underwriter Warrants     377,500  
Exercise of PFW     (2,655,000 )
Warrants issued for services (i)     280,000  
         
Balance - December 31, 2019     9,963,596  

 

(i) The Company issued 280,000 warrants for services during the six months ended December 31, 2019. The warrants are exercisable at $0.75 per share until November 18, 2023 and they vest pro rata monthly commencing December 18, 2019. The total fair value of the warrants issued was $132,519 with $34,672 being recognized during the six months ended December 31, 2019.
Schedule of outstanding warrants

Description   Number     Exercise
price $
    Expiry date
2020 Investor Warrants     7,762,500       1.00     August 16, 2024
2019 Investor Warrants     760,500       3.10     June 5, 2024
2018 Investor Warrants     280,000       12.50     September 22, 2022
2017 Investor Warrants     207,721       35.00     April 19, 2022
2015 Investor Warrants     97,905       30.00     July 31, 2020
Warrants issued for services     280,000       0.75     November 18, 2023
Warrants issued for services     26,500       30.00     July 1, 2020 to February 1, 2021
Warrants issued for services     6,000       17.80     January 25, 2023
Warrants issued for services     33,600       11.70     February 27, 2023
Warrants issued for services     12,000       9.00     September 15, 2023
Warrants issued for services     4,140       59.30     February 27, 2020
Warrants issued for services     2,000       9.00     October 11, 2021
2020 Underwriter Warrants     377,500       1.15     August 14, 2022
2019 Agent Warrants     46,800       3.875     June 3, 2024
2018 Agent Warrants     40,000       12.50     September 20, 2022
2017 Agent Warrants     13,848       40.60     April 12, 2022
2016 Agent Warrants     10,402       40.00     May 12, 2021
2015 Agent Warrants     2,180       30.00     July 15, 2020
      9,963,596