Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' DEFICIT (Tables)

v3.3.1.900
STOCKHOLDERS' DEFICIT (Tables)
 6 Months Ended
Dec. 31, 2015
Stockholders' Equity Note [Abstract]  
Warrant Activity and Related Balances Outstanding
During the six months ended December 31, 2015 there were no warrants issued, exercised or cancelled. Information relating to warrants outstanding at December 31, 2015 is shown below:
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
Exercise Price
 
Contract
 
 
 
Number
 
Per Share
 
Term (# years)
 
Shares purchasable under outstanding warrants at December 31, 2015
 
 
28,040,096
 
$
0.21
 
 
1.45 - 4.25
 
Stock Options Activity
Activity in stock options during the six months ended December 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, 2015
 
 
6,101,357
 
$
0.15
 
 
 
 
Granted
 
 
4,385,000
 
 
0.05
 
 
 
 
Exercised
 
 
-
 
 
 
 
 
 
 
Forfeited and cancelled
 
 
(389,774)
 
$
0.10
 
 
 
 
Outstanding at September 30, 2015
 
 
10,096,583
 
$
0.11
 
 
7.72
 
Exercisable at September 30, 2015
 
 
6,056,827
 
$
0.14
 
 
6.49
 
 
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
 
 
 
 
Granted
 
 
400,000
 
$
0.31
 
 
 
 
Exercised
 
 
-
 
 
 
 
 
 
 
Forfeited and cancelled
 
 
(634,338)
 
$
0.41
 
 
 
 
Outstanding at December 31, 2014
 
 
6,101,357
 
$
0.16
 
 
7.47
 
Exercisable at December 31, 2014
 
 
4,042,550
 
$
0.14
 
 
6.67
 
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,
 
 
 
2015
 
2014
 
2015
 
2014
 
Research and development
 
$
11,000
 
$
3,000
 
$
14,000
 
$
6,000
 
General and administration
 
 
37,000
 
 
59,000
 
 
64,000
 
 
107,000
 
Total stock-based compensation expense
 
$
48,000
 
$
62,000
 
$
78,000
 
$
113,000
 
Stock Options by Price Range
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,
 
2015
 
2014
 
Expected volatility
 
 
100
%
 
100
%
Risk free interest rate
 
 
1.31
%
 
0.96
%
Forfeiture rate
 
 
17.00
%
 
0
%
Dividend yield
 
 
0
%
 
0
%