STOCKHOLDERS' EQUITY (Tables)
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12 Months Ended |
Jun. 30, 2015 |
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| Stockholders' Equity Note [Abstract] |
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| Warrant Activity and Related Balances Outstanding |
Warrant activity during the twelve months ended June 30, 2015 and related balances outstanding as of that date 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 | | 1.95 3.70 | | | Stock purchase warrants issued | | | 5,241,749 | | | | 0.22 | | 1.53 2.54 | | | Stock purchase warrants exercised | | | - | | | | - | | | | | Shares purchasable under outstanding warrants at June 30, 2015 | | | 28,040,096 | | | $ | 0.21 | | 1.53 3.70 | |
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| Stock Options Activity |
Activity in stock options during the twelve months ended June 30, 2015 and related balances outstanding as of that date are reflected below:
| | | | | | | Weighted | | | | | | | | | Average | | | | | | | Weighted | | Remaining | | | | | Number of | | Average | | Contract | | | | | Shares | | Exercise Price | | Term (# years) | | | Outstanding at June 30, 2014 | | | 6,335,695 | | $ | 0.19 | | | 8.04 | | | Granted | | | 400,000 | | | | | | | | | Exercised | | | - | | | | | | | | | Forfeited and cancelled | | | (634,338) | | | | | | | | | Outstanding at June 30, 2015 | | | 6,101,357 | | $ | 0.16 | | | 7.48 | | | Exercisable at June 30, 2015 | | | 4,749,859 | | $ | 0.16 | | | 7.25 | |
Activity in stock options during the twelve months ended June 30, 2014 and related balances outstanding as of that date are reflected below: | | | | | | | Weighted | | | | | | | | | Average | | | | | | | Weighted | | Remaining | | | | | Number of | | Average | | Contract | | | | | Shares | | Exercise Price | | Term (# years) | | | Outstanding at June 30, 2013 | | | 2,527,388 | | $ | 0.15 | | | 5.85 | | | Granted | | | 4,910,973 | | | | | | | | | Exercised | | | (295,470) | | | | | | | | | Forfeited and cancelled | | | (807,196) | | | | | | | | | Outstanding at June 30, 2014 | | | 6,335,695 | | $ | 0.19 | | | 8.04 | | | Exercisable at June 30, 2014 | | | 3,272,169 | | $ | 0.16 | | | 6.98 | |
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| Employee Option Grants and Non-employee Option Grants |
We allocated stock-based compensation expense included in the consolidated statements of operations for employee option grants and non-employee option grants as follows:
| Years ended June 30, | | 2015 | | 2014 | | | Research and development | | $ | 12,000 | | $ | 9,000 | | | General and administration | | | 225,000 | | | 306,000 | | | Total stock-based compensation expense | | $ | 237,000 | | $ | 315,000 | |
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| 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:
| | | 2015 | | 2014 | | Expected volatility | | 100% | | 100% | | Risk free interest rate | | 0.96% | | 1.7% to 1.8% | | Forfeiture rate | | 0% | | 17% | | Dividend yield | | 0% | | 0% | | Expected term | | 3 years | | 5 years |
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| Stock Options by Price Range |
The following table summarizes by price range the number, weighted average exercise price and weighted average life (in years) of options outstanding and the number and weighted average exercise price of exercisable options as of June 30, 2015.
| Exercise Price Range | | Total Outstanding | | Total Exercisable | | | | | | | | | | | Weighted | | | | | Number | | | | Number | | Average | | | | | of | | Weighted | | of | | Exercise | | | | | Shares | | Average | | Shares | | Price | | | | | | | Exercise | | | | | | | | | | | | | Price | | Life | | | | | | | $0.04 - $0.41 | | | 6,101,357 | | $ | 0.16 | | | 7.48 | | | 4,749,859 | | $ | 0.16 | | | | | | | | | | | | | | | | | | | | | Total | | | 6,101,357 | | $ | 0.16 | | | 7.48 | | | 4,749,859 | | $ | 0.16 | |
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