Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficit (Tables)

v3.20.2
Stockholders' Deficit (Tables)
 3 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Schedule of Stock Warrant Activity

Warrant detail for the three months ended September 30, 2020 is reflected below:

 

    Number of Warrants     Weighted Average Exercise Price Per Warrant     Remaining Contract Term (# years)  
Warrants outstanding and exercisable at June 30, 2020     83,205     $ 4.00       2.01  
Warrants issued     185,955     $ 4.80       5.00  
Warrants exchanged     -     $ -       -  
Warrants forfeited     -     $ -       -  
Warrants outstanding at September 30, 2020     269,160     $ 4.55       3.91  
Warrants exercisable at September 30, 2020     83,205     $ 4.00       1.76  

 

Warrant detail for the three months ended September 30, 2019 is reflected below:

 

    Number of Warrants     Weighted Average Exercise Price Per Warrant     Remaining Contract Term (# years)  
Warrants outstanding and exercisable at June 30, 2019     8,333     $ 20.00       0.25  
Warrants issued     -     $ -       -  
Warrants exchanged     -     $ -       -  
Warrants forfeited     (8,333 )   $ 20.00       -  
Warrants outstanding and exercisable at September 30, 2019     -     $ -       -  
Schedule of Stock Options Activity

Activity in stock options during the three months ended September 30, 2020 and related balances outstanding as of that date are reflected below:

 

    Number of Shares     Weighted Average Exercise Price    

Weighted Average Remaining Contract Term

(# years)

  
Outstanding at June 30, 2020     579,584     $ 11.00       7.55  
Granted     -     $ -       -  
Exercised     -     $ -       -  
Forfeited and cancelled     (1,751 )   $ 13.60       -  
Outstanding at September 30, 2020     577,833     $ 10.99       7.22  
Exercisable at September 30, 2020     482,300     $ 10.79       6.99  

 

Activity in stock options during the three months ended September 30, 2019 and related balances outstanding as of that date are reflected below:

 

    Number of Shares     Weighted Average Exercise Price    

Weighted Average Remaining

Contract Term

(# years)

  
Outstanding at June 30, 2019     580,171     $ 11.05       8.59  
Granted     -     $ -       -  
Exercised     (4,437 )   $ 4.69       -  
Forfeited and cancelled     (4,313 )   $ 10.34       -  
Outstanding at September 30, 2019     571,421     $ 11.10       8.31  
Exercisable at September 30, 2019     339,420     $ 10.32       7.84  

Schedule of Stock-Based Compensation Expenses

The following table summarizes stock-based compensation expense for employee and non-employee option grants:

 

    Three Months Ended
September 30,		  
    2020     2019  
Research and development   $ 53,000     $ 54,000  
Selling and administrative     172,000       397,000  
Total stock-based compensation expense   $ 225,000     $ 451,000  

Schedule of Fair Value Assumptions of Stock Options

The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below:

 

    Three Months Ended
September 30,		  
    2020     2019  
Expected volatility     0 %     111.4% -112.2 %
Risk free interest rate     0 %     2.43% - 2.45 %
Forfeiture rate     20 %     20 %
Dividend yield     0 %     0 %
Expected term (years)     0       5.61