Note 12 - Subsequent Events |
6 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Notes to Financial Statements | |
| Subsequent Events [Text Block] |
NOTE 12 - SUBSEQUENT EVENTSManagement has evaluated events subsequent to December 31, 2016, through the date of this filing with the SEC for transactions and other events that may require adjustment of and/or disclosure in such financial statements.During the period from January 1, 2017 through February 14, 2017 we borrowed an aggregate of $500,000 from Esenjay under our Unrestricted Line of Credit. As of February 14, 2017, the amount outstanding under the Unrestricted Line of Credit was $2,825,000, with an aggregate of $675,000 available under the Unrestricted Line of Credit for future draws at Esenjay’s discretion. On August 23, 2016, we offered our 2012 Warrant Holders the option to convert their 2012 Warrants for shares of our common stock at a conversion rate of 0.602 shares of common stock per warrant share (the "Warrant Exchange"). On
January 24, 2017, we issued an aggregate of 527,609 shares of common stock valued at $0.04 per share, or approximately $74,000 to nineteen (19) 2012 Warrant Holders in exchange for warrants to purchase 876,420 shares of common stock at an exercise price of $0.14. On January 24, 2017, we issued 75,000 shares of common stock valued at $0.04 per share or $3,000, to Catalyst as payment for service rendered during the three months ended December 31, 2016. These shares have not been registered under the Securities Act. Such shares were issued upon exemptions from registration pursuant to Section 4(a)(2) of the Securities Act.On
February 1, 2017, we entered into an oral agreement with a shareholder ("Shareholder"), pursuant to which we received a
$200,000 cash advance (the “Advance”) from Shareholder. As of February 14, 2017, we are in the process of negotiating the terms of the Advance, and the parties intend to formalize the terms of the Advance in a written agreement. |