| Convertible Promissory Notes [Text Block] | 6.
Convertible Promissory Notes Summary of convertible promissory note at June 30, 2016 and 2015 is as follows:
June
Principal
Interest
Total
Total
June 30,
30,
Issued
Converted
converted
repaid
2016
2015
to
Principal
February 13, 2013 $
67,913
$
-
$
-
$
(46,005
) $
-
$
21,908
March 15, 2014
29,394
-
5,681
(35,075
)
-
-
July 22, 2014
540,498
-
-
(242,239
)
-
298,259
August 22, 2014
37,242
-
-
(21,475
)
-
15,768
February 6, 2015
75,000
-
-
(67,850
)
-
7,150
February 24, 2015
100,000
-
-
(23,761
)
-
76,239
March 3, 2015
29,000
-
-
(29,000
)
-
-
August 3, 2015
-
36,000
-
-
-
36,000
September 9, 2015
-
30,000
-
-
-
30,000
September 30, 2015
-
27,000
-
(7,374
)
-
19,626
November 06,2015
-
12,000
-
-
-
12,000
December 01, 2015
-
18,000
-
-
-
18,000
December 01, 2015
-
18,000
-
-
-
18,000
December 03, 2015
-
17,000
-
-
-
17,000
January 27, 2016
-
24,750
-
-
-
24,750
January 27, 2016
-
5,000
-
-
5,000
March 01, 2016
-
13,200
-
-
-
13,200
March 24, 2016
-
12,100
-
-
-
12,100
March 28, 2016
-
40,700
-
-
40,700
April 19, 2016
-
147,000
-
-
147,000
May 16, 2016
-
30,250
-
-
-
30,250
$
879,047
$
431,000
$
5,681
$
(472,780
) $ $
842,950
Less: Unamortized debt discount $
(345,053
)
(394,070
)
515,942
$
(223,181
)
Total note payable, net of debt discount $
533,994
$
619,769
Current portion $
533,994
$
619,769
Long term portion $
-
$
-
On August 3, 2015 the Company issued an aggregate of $36,000
Convertible Promissory Notes that matures on February 03, 2016. These notes bear
10% interest per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $52,720
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
269.35%
Risk free rate:
0.17%
The initial fair values of the embedded debt derivative of $33,231
was allocated as a debt discount with the remainder $19,489
was charged to current period operations as interest expense.
The note matured during the period however, no repayment was made. An agreement was entered into by the investor and the Company and the maturity of the note has been extended by a year till February 3, 2017.
On September 9, 2015, the Company issued an aggregate of $30,000
Convertible Promissory Notes that matures on September 09, 2016. These notes bear
10% interest per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $54,495
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
275.84%
Risk free rate:
0.39%
The initial fair values of the embedded debt derivative $30,000
was allocated as a debt discount up to the proceeds of the note with the remainder $24,495
was charged to current period operations as interest expense.
The note matured during the period however, no repayment was made. An agreement was entered into by the investor and the Company and the maturity of the note has been extended by a year till September 9, 2017.
On September 30, 2015, Company issued an aggregate of $27,000
Convertible Promissory Notes that matures on September 30, 2016. These notes bear
10% interest per annum and the holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $306,808
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
375.79%
Risk free rate:
0.33%
The initial fair values of the embedded debt derivative $27,000
was allocated as a debt discount up to the proceeds of the note with the remainder $279,808
was charged to current period operations as interest expense.
On November 6, 2015, the Company issued an aggregate of $12,000
Convertible Promissory Notes that matures on November 6, 2016. These notes bear interest at
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $108,927
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
383.46%
Risk free rate:
0.47%
The initial fair values of the embedded debt derivative of $12,000
was allocated as a debt discount up to the proceeds of the note with the remainder $96,927
charged to operations as interest expense.
On December 1, 2015, the Company issued an aggregate of $18,000
Convertible Promissory Notes that matures on December 1, 2016. These notes bear interest at
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $72,119
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
392.28%
Risk free rate:
0.51%
The initial fair values of the embedded debt derivative of $18,000
was allocated as a debt discount up to the proceeds of the note with the remainder $54,119
charged to operations as interest expense.
On December 1, 2015, the Company issued an aggregate of $18,000
Convertible Promissory Notes that matures on December 1, 2016. These note bear interest at
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $72,119
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
392.28%
Risk free rate:
0.51%
The initial fair values of the embedded debt derivative of $18,000
was allocated as a debt discount up to the proceeds of the note with the remainder $54,119
charged to operations as interest expense.
On December 3, 2015, the Company issued an aggregate of $17,000
Convertible Promissory Notes that matures on December 3, 2016. These notes bear interest at a rate of
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $27,706
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
394.55%
Risk free rate:
0.57%
The initial fair values of the embedded debt derivative of $17,000
was allocated as a debt discount up to the proceeds of the note with the remainder $10,706
charged to operations as interest expense.
On January 27, 2016, the Company issued an aggregate of $24,750
Convertible Promissory Notes that mature on January 27, 2017. These notes bear interest at a rate of
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $45,731
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
383.68%
Risk free rate:
0.47%
The initial fair values of the embedded debt derivative of $22,846
was allocated as a debt discount with the remainder $22,885
charged to operations as interest expense.
On January 27, 2016, the Company issued an aggregate of $5,500
Convertible Promissory Notes that mature on January 27, 2017. These notes bear interest at a rate of
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $9,239
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
383.68%
Risk free rate:
0.47%
The initial fair values of the embedded debt derivative of $4,615
was allocated as a debt discount with the remainder $4,623
charged to operations as interest expense.
On March 01, 2016, the Company issued an aggregate of $13,200
Convertible Promissory Notes that mature on March 01, 2017. These notes bear interest at a rate of
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $29,217
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
371.21%
Risk free rate:
0.68%
The initial fair values of the embedded debt derivative of $13,200
was allocated as a debt discount up to the proceeds of the note with the remainder $16,017
charged to operations as interest expense.
On March 23, 2016, the Company issued an aggregate of $12,100
Convertible Promissory Notes that mature on March 23, 2017. These notes bear interest at a rate of
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $17,671
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
371.21%
Risk free rate:
0.64%
The initial fair values of the embedded debt derivative of $6,515
was allocated as a debt discount with the remainder $11,156
charged to operations as interest expense.
On March 28, 2016, the Company issued an aggregate of $40,700
Convertible Promissory Notes that mature on March 28, 2017. These notes bear interest at a rate of
10% per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $36,293
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
371.21%
Risk free rate:
0.65%
The initial fair values of the embedded debt derivative of $21,915
was allocated as a debt discount with the remainder $14,378
charged to operations as interest expense.
On April 19, 2016, Company issued an aggregate of $57,500
Convertible Promissory Notes that matures on April 19, 2017. These notes bear
10% interest per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $55,966
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
371.21%
Risk free rate:
0.53%
The initial fair values of the embedded debt derivative of $55,966
was allocated as a debt discount with the remainder $nil
was charged to current period operations as interest expense.
On April 19, 2016, Company issued an aggregate of $59,500
Convertible Promissory Notes that matures on April 19, 2017. These notes bear
10% interest per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $55,966
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
371.21%
Risk free rate:
0.53%
The initial fair values of the embedded debt derivative of $55,966
was allocated as a debt discount with the remainder $nil
was charged to current period operations as interest expense.
On April 19, 2016, Company issued an aggregate of $30,000
Convertible Promissory Notes that matures on April 19, 2017. These notes bear
10% interest per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $55,966
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
371.21%
Risk free rate:
0.53%
The initial fair values of the embedded debt derivative of $30,000
was allocated as a debt discount up to the proceeds of the note with the remainder $25,966
was charged to current period operations as interest expense.
On May 16, 2016 Company issued an aggregate of $30,250
Convertible Promissory Notes that matures on May 16, 2017. These notes bear
10% interest per annum and the Holder of this Note is entitled, at its option, at any time, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock at a price equal to
65% of the lowest trading price of the Common Stock as reported on the OTC Markets for the twenty prior trading days including the day upon which a Notice of Conversion is received.
The Company identified embedded derivatives related to the Convertible Promissory Notes. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Promissory Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Promissory Note, the Company determined a fair value of $22,132
of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:
Dividend yield:
0%
Volatility
371.21%
Risk free rate:
0.57%
The initial fair values of the embedded debt derivative of $22,132
was allocated as a debt discount up to the proceeds of the note with the remainder $nil
was charged to current period operations as interest expense.
The Company during the period and subsequently has extended the maturity dates on few of the Convertible Promissory Notes.
During the year ended June 30, 2016 and 2015 the Company amortized the debt discount on all the notes of $515,942
and $1,970,562
to operations as interest expense, respectively.
Derivative Liability- Debt
The fair value of the described embedded derivative on all debt was valued at $1,162,058
and $1,646,448
at June 30, 2016 and 2015, respectively, which was determined using the Black Scholes Model with the following assumptions:
June 30, 2016 June 30, 2015
Dividend yield:
0%
0%
Volatility
346.6
–
453.3%
258.89%
Risk free rate:
0.39%-0.66%
0.11% -
0.64%
At June 30, 2016 and 2015, the Company adjusted the recorded fair value of the derivative liability on debt to market resulting in non-cash, non-operating gain of $743,224
and loss of $527,854
for the year ended June 30, 2016 and 2015, respectively
During the year ended June 30, 2016 and 2015 the Company issued
109,612,491
and
7,421,245
no of shares of the Company common stock in settlement of $476,901
and $2,186,820, respectively, of convertible note and interest.
During the year ended June 30, 2016 and 2015 the Company reclassed the derivative liability of $768,175
and $3,174,990, respectively, to additional paid in capital on conversion of convertible note.
The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities as of June 30, 2016 and June 30, 2015:
Derivative
Liability (convertible
promissory notes)
Balance, June 30, 2014 $
3,066,200
Initial fair value at note issuances
1,227,384
Fair value of liability at note conversion
(3,174,990
)
Mark-to-market at June 30, 2015
527,854
Balance, June 30, 2015 $
1,646,448
Initial fair value at note issuances
1,027,009
Fair value of liability at note conversion
(768,175
)
Mark-to-market at June 30, 2016
(743,224
)
Balance, June 30, 2016 $
1,162,058
Net gain for the year included in earnings relating to the liabilities held at June 30, 2016 $
743,224
Derivative Liability- Warrants Along with the promissory notes, the Company issued warrants that bear a cashless exercise provision. The warrants also include anti-dilution protection with respect to lower priced issuances of common stock or securities convertible or exchangeable into common stock, which provision resulted in derivative liability treatment under ASC 480. The warrants are recorded at fair value using the Black-Scholes option pricing model and marked-to-market at each reporting period, with the changes in the fair value recorded in the consolidated statement of operations and comprehensive income (loss). During the year ended June 30, 2016 no warrants were issued along with convertible note.
The fair value of the described embedded derivative on all warrants was valued at $268,611
at June 30, 2016 and $143,375
at June 30, 2015 which was determined using the Black Scholes Model with the following assumptions:
June 30, 2016 June 30, 2015
Dividend yield:
0%
0%
Volatility
229.1
–
275.4%
288.96%
Risk free rate:
0.71
–
1.01%
1.01
-
1.63%
Warrants
Weighted
Weighted
Outstanding
Average
Average
Exercise
Remaining
Price
life
Balance, June 30, 2014
15,204
$
242.57
2.62
years
Warrants issued
19,104
236.92
4.46
years
Exercised
(5,927
)
257.08
-
Cancelled
-
-
-
Expired
(1,289
)
240.00
-
Balance, June 30, 2015
27,092
$
100.98
3.79
years
Warrants issued
-
-
-
Exercised
(120
)
280.00
-
Cancelled
-
-
-
Expired
-
-
-
Balance, June 30, 2016
26,972
$
100.20
2.79
years
The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities as of June 30, 2016 and 2015:
Derivative
Liability (warrants)
Balance, June 30, 2014 $
5,415,982
Initial fair value of warrant derivatives at note issuances
791,407
Fair value of warrant exercised
(2,730,022
)
Mark-to-market at June 30, 2015 – warrant liability
(3,333,992
)
Balance, June 30, 2015 $
143,375
Initial fair value of warrant derivatives at note issuances
-
Fair value of warrant exercised
(22,476
)
Mark-to-market at June 30, 2016 – warrant liability
147,712
Balance, June 30, 2016 $
268,611
Net loss for the year included in earnings relating to the liabilities held at June 30, 2016 $
147,712
At June 30, 2016 and 2015, the Company adjusted the recorded fair value of the derivative liability on warrants to market resulting in non-cash, non-operating loss of $147,712
and gain of $3,333,992
for the year ended June 30, 2016 and 2015, respectively.
During the year ended June 30, 2016 and 2015 the Company reclassed the derivative liability on warrants of $22,476
and $2,730,022, respectively, to additional paid in capital on exercise of warrants. |
