Quarterly report pursuant to Section 13 or 15(d)

WARRANT DERIVATIVE LIABILITY

v3.3.0.814
WARRANT DERIVATIVE LIABILITY
 3 Months Ended
Sep. 30, 2015
Derivative Liabilities [Abstract]  
WARRANT DERIVATIVE LIABILITY
NOTE 7 – WARRANT DERIVATIVE LIABILITY
 
At September 30, 2015 there were 2,907,347 outstanding warrants classified as derivative liabilities due to exercise price re-set provisions included in the underlying warrant agreements.
 
Warrants classified as derivative liabilities are recorded at their estimated fair values at the issuance date and are revalued at each subsequent reporting date. These warrants were determined to have an estimated fair value per share and aggregate value as of September 30, 2015 and an aggregate value as of June 30, 2015 as follows:
 
 
 
 
 
 
Estimated
 
Estimated
 
Estimated
 
 
 
 
 
 
Fair Value Per
 
Total Fair Value in
 
Total Fair Value in
 
 
 
 
 
 
Share $
 
Aggregate $
 
Aggregate $
 
 
 
 
 
 
as of
 
as of
 
as of
 
 
 
Issued Warrants
 
September 30,
2015
 
September 30,
2015
 
June 30,
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 2012 Warrants
 
 
562,551
 
$
0.008
 
$
4,000
 
$
4,000
 
July 2012 Warrants
 
 
338,013
 
 
0.008
 
 
3,000
 
 
3,000
 
August 2012 Warrants
 
 
120,719
 
 
0.009
 
 
1,000
 
 
1,000
 
October 2012 Warrants
 
 
48,287
 
 
0.009
 
 
1,000
 
 
1,000
 
Advisory Agreement Warrants
 
 
1,837,777
 
 
0.011
 
 
14,000
 
 
14,000
 
Total
 
 
2,907,347
 
 
 
 
$
23,000
 
$
23,000
 
 
There was no change in aggregate estimated fair value of the warrants classified as derivative liabilities during the three months ended September 30, 2015.