Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v2.4.1.9
STOCKHOLDERS' EQUITY (Tables)
6 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
Warrant Activity and Related Balances Outstanding
Warrant activity during the six months ended December 31, 2014, and related balances outstanding as of such dates are reflected below: 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
 
Exercise
 
Contract
 
 
 
 
 
 
Price Per
 
Term (#
 
 
 
Number
 
Share
 
years)
 
Shares purchasable under outstanding warrants at June 30, 2014
 
 
22,798,347
 
$
0.21
 
 
 
 
Stock purchase warrants issued
 
 
5,023,000
 
 
0.22
 
 
 
 
Stock purchase warrants exercised
 
 
—
 
 
—
 
 
 
 
Shares purchasable under outstanding warrants at December 31, 2014
 
 
27,821,347
 
$
0.21
 
 
2.45 – 4.20
 
 
Warrant activity during the six months ended December 31, 2013, and related balances outstanding as of such dates are reflected below:
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
 
Exercise
 
Contract
 
 
 
 
 
 
Price Per
 
Term (#
 
 
 
Number
 
Share
 
years)
 
Shares purchasable under outstanding warrants at June 30, 2013
 
 
2,907,347
 
$
0.41
 
 
 
 
Stock purchase warrants issued
 
 
—
 
 
—
 
 
 
 
Stock purchase warrants exercised
 
 
—
 
 
—
 
 
 
 
Shares purchasable under outstanding warrants at December 31, 2013
 
 
2,907,347
 
$
0.41
 
 
3.46 - 3.84
 
Stock Options Activity
Activity in stock options during the six months ended December 31, 2014, and related balances outstanding as of that date are reflected below:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
Average
 
Remaining
 
 
 
Number of
 
Exercise Price
 
Contract
 
 
 
Shares
 
Per Share
 
Term (# years)
 
Outstanding at June 30, 2014
 
 
6,335,695
 
$
0.19
 
 
5.85
 
Granted
 
 
400,000
 
 
 
 
 
 
 
Exercised
 
 
—
 
 
 
 
 
 
 
Forfeited and cancelled
 
 
(634,338)
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
6,101,357
 
$
0.16
 
 
7.98
 
Exercisable at December 31, 2014
 
 
4,042,550
 
$
0.14
 
 
7.53
 
 
Activity in stock options during the six months ended December 31, 2013, and related balances outstanding as of that date are reflected below:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
Average
 
Remaining
 
 
 
Number of
 
Exercise Price
 
Contract
 
 
 
Shares
 
Per Share
 
Term (# years)
 
Outstanding at June 30, 2013
 
 
2,527,389
 
$
0.15
 
 
5.85
 
Granted
 
 
3,010,973
 
 
 
 
 
 
 
Exercised
 
 
—
 
 
 
 
 
 
 
Forfeited and cancelled
 
 
(460,001)
 
 
 
 
 
 
 
Outstanding at December 31, 2013
 
 
5,078,361
 
$
0.14
 
 
8.69
 
Exercisable at December 31, 2013
 
 
3,357,982
 
$
0.20
 
 
8.31
 
Employee Option Grants and Non-employee Option Grants
We allocated stock-based compensation expense included in the condensed consolidated statements of operations for employee option grants and non-employee option grants as follows:
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
 
2014
 
2013
 
2014
 
2013
 
Research and development
 
$
3,000
 
$
4,000
 
$
6,000
 
$
3,000
 
General and administration
 
 
59,000
 
 
33,000
 
 
107,000
 
 
57,000
 
Total stock-based compensation expense
 
$
62,000
 
$
37,000
 
$
113,000
 
$
60,000
 
Stock Options Valuation Assumptions
The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below: 
 
Six months ended December 31,
 
2014
 
2013
 
Expected volatility
 
 
100
%
 
218
%
Risk free interest rate
 
 
.96
%
 
1.4% to 1.7%
 
Forfeiture rate
 
 
0
%
 
13
%
Dividend yield
 
 
0
%
 
0
%
Expected term
 
 
3 years
 
 
3-5 years