Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.20.1
Stockholders' Equity (Tables)
9 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Schedule of Conversion of Series B Preferred stock to common stock

    Series B Preferred Stock  
    2020  
    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 – March 31, 2020     648,613       4,524,897  

Schedule of stock options outstanding

    Number of
stock
options
    Weighted average
exercise
price
 
    outstanding     $  
Balance – June 30, 2019     288,183       22.31  
Granted     491,817       0.61  
Expired     (1,250 )     (40.00 )
                 
Balance – March 31, 2020     778,750       8.58  

Summary of stock options currently outstanding and exercisable

Exercise price
$
    Number
Outstanding at
March 31,
2020
    Weighted
average
remaining
contractual
life
(years)
    Number
exercisable
at
March 31,
2020
 
                     
  0.61       491,817       9.43       288,168  
  6.10       30,000       8.60       24,445  
  7.00       5,451       8.23       3,180  
  8.70       12,000       7.59       12,000  
  9.83       83,647       8.14       51,117  
  10.60       3,600       8.03       2,400  
  11.70       30,000       2.91       30,000  
  14.11       2,500       2.17       2,500  
  20.00       13,125       1.52       13,125  
  21.10       14,400       7.27       12,000  
  29.60       4,500       4.84       4,500  
  37.60       4,500       5.86       4,500  
  41.00       4,000       6.61       4,000  
  42.00       41,250       2.81       41,250  
  44.80       3,000       5.86       3,000  
  49.50       22,460       4.31       22,460  
  53.20       8,000       6.10       8,000  
  61.60       1,500       3.00       1,500  
  92.00       3,000       3.17       3,000  
                             
          778,750               531,145  

Schedule of valuation assumptions using a Black-Scholes pricing model

    March 31,
2020
     
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
March 31,
    Nine months ended
March 31,
 
    2020     2019     2020     2019  
    $     $     $     $  
                         
Research and development     22,754       12,889       55,058       64,466  
General and administrative     73,437       86,846       251,970       290,922  
                                 
      96,191       99,735       307,028       355,388  

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       0.40  
Vested     (329,202 )     2.15       1.18  
                         
Unvested at March 31, 2020     247,605       2.25       1.23  

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 (1)     530,000  
Expiry of warrants for services (2)     (4,140 )
         
Balance - March 31, 2020     10,209,456  

 

(1) The Company issued 530,000 warrants for services during the nine months ended March 31, 2020. 280,000 warrants are exercisable at $0.75 per share until November 18, 2023 and they vest pro rata monthly commencing December 18, 2019. 250,000 warrants are exercisable at $0.64 per share until January 20, 2024 and they vest pro rata monthly commencing February 20, 2020. The total fair value of the warrants issued was $233,176 with $133,297 being recognized during the nine months ended March 31, 2020.

 

(2) On February 27, 2020, 4,140 warrants at an exercise price of $59.30 expired.
Schedule of outstanding warrants

Description of warrants   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     250,000       0.64     January 20, 2024
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     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
      10,209,456