Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v2.4.1.9
STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Mar. 31, 2015
Stockholders' Equity Note [Abstract]  
Warrant Activity and Related Balances Outstanding
Warrant activity during the nine months ended March 31, 2015, and related balances outstanding as of such dates are reflected below:
 
 
 
 
Weighted
 
Remaining
 
 
 
 
Average
 
Contract
 
 
 
 
Exercise Price
 
Term (#
 
 
Number
 
PerShare
 
years)
 
Shares purchasable under outstanding warrants at June 30, 2014
 
 
22,798,347
 
$
0.21
 
 
 
 
Stock purchase warrants issued
 
 
5,241,749
 
 
0.22
 
 
 
 
Stock purchase warrants exercised
 
 
—
 
 
—
 
 
 
 
Shares purchasable under outstanding warrants at March 31, 2015
 
 
28,040,096
 
$
0.21
 
 
2.25 – 4.75
 
 
Warrant activity during the nine months ended March 31, 2014, and related balances outstanding as of such dates are reflected below:
 
 
 
 
Weighted
 
Remaining
 
 
 
 
Average
 
Contract
 
 
 
 
Exercise Price
 
Term (#
 
 
Number
 
Per Share
 
years)
 
Shares purchasable under outstanding warrants at June 30, 2013, repriced
 
 
2,907,347
 
$
0.27
 
 
3.21
 
Stock purchase warrants issued
 
 
17,991,000
 
 
0.19
 
 
5.00
 
Stock purchase warrants exercised
 
 
—
 
 
—
 
 
 
 
Shares purchasable under outstanding warrants at March 31, 2014
 
 
20,898,347
 
$
0.20
 
 
3.21 – 5.00
 
Stock Options Activity
Activity in stock options during the nine months ended March 31, 2015, 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
 
 
5.10
 
Granted
 
 
400,000
 
 
0.06
 
 
1.95
 
Exercised
 
 
—
 
 
 
 
 
 
 
Forfeited and cancelled
 
 
(634,338)
 
 
 
 
 
 
 
Outstanding at March 31, 2015
 
 
6,101,357
 
$
0.16
 
 
7.73
 
Exercisable at March 31, 2015
 
 
4,394,399
 
$
0.15
 
 
7.40
 
 
Activity in stock options during the nine months ended March 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, 2013
 
 
2,527,389
 
$
0.15
 
 
5.85
 
Granted
 
 
5,310,973
 
 
0.17
 
 
8.89
 
Exercised
 
 
—
 
 
 
 
 
 
 
Forfeited and cancelled
 
 
(792,836)
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
 
7,045,526
 
$
0.18
 
 
8.57
 
Exercisable at March 31, 2014
 
 
3,317,097
 
$
0.14
 
 
8.02
 
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 Nine Months Ended
 
 
 
March 31,
 
March 31,
 
March 31,
 
March 31,
 
 
 
2015
 
2014
 
2015
 
2014
 
Research and development
 
$
3,000
 
$
4,000
 
$
9,000
 
$
7,000
 
General and administration
 
 
58,000
 
 
129,000
 
 
165,000
 
 
186,000
 
Total stock-based compensation expense
 
$
61,000
 
$
133,000
 
$
174,000
 
$
193,000
 
Stock Options Valuation Assumptions
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:
  
Nine months ended March 31,
 
 
2015
 
2014
 
Expected volatility
 
 
100
%
 
 
218
%
Risk free interest rate
 
 
0.96
%
 
 
0.7% to 1.7
%
Forfeiture rate
 
 
0
%
 
 
13
%
Dividend yield
 
 
0
%
 
 
0
%
Expected term
 
 
3 years
 
 
 
3-5 years