Significant Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Accounting Policies [Abstract] | |
| Reclassification, Policy [Policy Text Block] |
Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation for comparative purposes.
|
| Earnings Per Share, Policy [Policy Text Block] |
Net Loss Per Common Share The Company calculates basic loss per common share by dividing net loss by the weighted average number of common shares outstanding during the periods. Diluted loss per common share includes the impact from all dilutive potential common shares relating to outstanding convertible securities. For the
three months ended December 31,
2017 and 2016, basic and diluted weighted-average common shares outstanding were 25,097,827 and 24,993,148, respectively. For the six months ended December 31, 2017 and 2016, basic and diluted weighted-average common shares outstanding were 25,108,859 and 24,044,958, respectively. The Company incurred a net loss for the three and six months ended December 31, 2017 and 2016, and therefore, basic and diluted loss per share for the periods are the same because the inclusion of potential common equivalent shares were excluded from diluted weighted-average common shares outstanding during the period, as the inclusion of such shares would be anti-dilutive. The total potentially dilutive common shares outstanding at December 31, 2017 and 2016, excluded from diluted weighted-average common shares outstanding, which include common shares underlying outstanding convertible debt, stock options and warrants, were 18,848,448 and 7,319,139, respectively. |
| Income Tax, Policy [Policy Text Block] |
Income Taxes We follow the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than
not that a portion of the deferred tax assets will not be realized in a future period. We recognized a full valuation allowance as of December 31, 2017 and June 30, 2017 and have
not not December 31, 2017 or June 30, 2017.
In
December 2017, the United States (“U.S.”) enacted the Tax Cuts and Jobs Act (the “2017 Act”), which changes existing U.S. tax law and includes various provisions that are expected to affect companies. Among other things, the 2017 Act reduces the top U.S. corporate income tax rate from
35.0% to 21.0%, and makes changes to certain other business-related exclusions, deductions and credits. The Company is in the process of assessing the impact of the tax bill on the financial statements as of December 31, 2017. Due to the Company's full valuation allowance, the tax effects of any changes are not expected to have a material impact on our consolidated financial statement. |