Stockholders' Equity | 6 Months Ended |
Dec. 31, 2013 |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
NOTE 4 - Stockholders' Equity |
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Preferred Stock |
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The Company has authorized 5,000,000 shares of preferred stock, par value $0.001 per share with such rights, preferences and limitation as may be set from time to time by resolution of the board of directors and the filing of a certificate of designation as required by Delaware General Corporation Law. |
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Common Stock |
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The issuances of common stock during the six months ended December 31, 2013 were as follows: |
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In July 2013, the Company issued 20,000 shares of common stock to a director in exchange for $18,200 in connection with the exercise of options at an exercise price of $0.91 per share. |
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In August 2013, the Company issued 20,000 shares of common stock in exchange for $25,000 in connection with the exercise of warrants with an exercise price of $1.25 per share. |
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In August 2013, the Company issued 234,663 shares of common stock in connection with the early conversion of a convertible note in the amount of $82,132. |
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In October 2013, the Company issued 400,000 shares of common stock and five year warrants to purchase 200,000 shares of common stock at an exercise price of $1.00 per share in exchange for $300,000 in connection with a private placement with a director and his wife. |
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In October 2013, the Company issued 200,000 shares of common stock and five year warrants to purchase 100,000 shares of common stock at an exercise price of $1.00 per share in exchange for $150,000 in connection with a private placement with its COO and principal shareholder. |
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During the six months ended December 31, 2013, the Company issued 357,647 shares of common stock and five year warrants to purchase 149,412 shares of common stock at exercise prices between $1.00 and $1.25 per share in exchange for $280,000 in connection with private placements with four accredited investors. |
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During the six months ended December 31, 2013, the Company issued 577,428 shares of common stock in exchange for $570,000 in connection with the Purchase Agreement with Lincoln Park Capital. |
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During the six months ended December 31, 2013, the Company issued 263,204 shares of common stock in exchange for $225,000 in connection with private placements with five accredited investors. |
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During the six months ended December 31, 2013, the Company issued 829,546 shares of common stock in exchange for $550,000 in connection with private placements with its COO and Principal Shareholder. |
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Options to Purchase Common Stock |
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Stock-based compensation expense recognized under ASC 718-10 for the period July 1, 2013 to December 31, 2013 was $1,235,650 for stock options granted to employees and directors. This expense is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. At December 31, 2013, the total compensation cost for stock options not yet recognized was approximately $1,659,670. This cost will be recognized over the remaining vesting term of the options of approximately three years. |
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A summary of stock option transactions for all employee stock options for the six month periods ended December 31, 2013 and 2012 is as follows: |
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Employee Options and Stock Appreciation Rights |
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| | Number of | | | Weighted | | | Weighted | | | Aggregate | |
Options | Average | Average | Intrinsic |
| Exercise | Remaining | Value |
| Price | Contractual | |
| | Life | |
Balance at June 30, 2012 | | | 4,589,507 | | | $ | 1.04 | | | | 5.95 | | | | |
Granted | | | 4,135,000 | | | $ | 0.5 | | | | 9.6 | | | | |
Exercised | | | - | | | $ | - | | | | - | | | | |
Forfeited | | | (750,000 | ) | | $ | 1.25 | | | | | | | | |
Expired | | | | | | $ | | | | | - | | | | |
Outstanding at December 31, 2012 | | | 7,974,507 | | | $ | 0.77 | | | | 6.93 | | | $ | - | |
Exercisable at December 31, 2012 | | | 4,500,257 | | | $ | 0.89 | | | | 5.9 | | | $ | - | |
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Weighted average fair value of options granted during the six months ended December 31, 2012. | | | | | | $ | 0.37 | | | | | | | | | |
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Balance at June 30, 2013 | | | 6,337,007 | | | $ | 0.75 | | | | 8.25 | | | | | |
Granted | | | 1,215,500 | | | $ | 1.35 | | | | 9.2 | | | | | |
Exercised | | | - | | | $ | - | | | | - | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | | |
Expired | | | - | | | $ | - | | | | | | | | | |
Outstanding at December 31, 2013 | | | 7,552,507 | | | $ | 0.86 | | | | 6.48 | | | $ | 692,330 | |
Exercisable at December 31, 2013 | | | 4,170,173 | | | $ | 0.94 | | | | 4.92 | | | $ | 222,689 | |
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Weighted average fair value of options granted during the six months ended December 31, 2013 | | | | | | $ | 0.69 | | | | | | | | | |
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A summary of options issued to non-employees under the 2007 Plan and changes during the period from June 30, 2012 to December 31, 2012 and from June 30, 2013 to December 31, 2013 is as follows: |
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On September 21, 2012, the Company granted options to purchase 70,000 shares of the Company's common stock at an exercise price of $0.63 per share to the father of the Company's CEO and CTO in recognition of his service. Of the options granted, 35,000 vest immediately with the remainder vesting semi-annually each December 31 and June 30 over a three year period, subject to continued employment on the vesting date. The Company valued the options at $28,358 using the Black-Scholes option pricing model using a volatility of 90.09%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 4 years, using the Simplified Method and a discount rate of 0.53%. |
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On September 25, 2012, the Compensation Committee of the Board of Directors approved the granting of five-year options to purchase 265,000 shares of common stock at an exercise price of $0.60 per share to non-executive employees. The options vest 25% immediately with the remainder vesting annually over three years, subject to continued employment. The Company valued the options at $101,029 using the Black-Scholes option pricing model using a volatility of 89.93%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 4 years, using the Simplified Method and a discount rate of 0.53%. The resulting expense will be recognized 25% immediately and the remainder over the vesting period. |
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On November 14, 2012 , the Compensation Committee of the Board of Directors granted its Chief Executive Officer, Chief Financial Officer, Chief Technology Officer and President 800,000 each stock settled stock appreciation rights ("SARS") of which (i) 200,000 vested immediately, (ii) 200,000 vest upon the Company generating $3,000,000 in revenue in any 12-month period, (iii) another 200,000 vest upon the Company generating $5,000,000 in revenue in any 12-month period and (iv) another 200,000 vest upon the Company generating $6,000,000 in revenue in any 12-month period. The SARs are exercisable at $0.45 per share over a 10-year period. The Company valued the SARS at $1,086,560 using the Black-Scholes option pricing model using a volatility of 89.67%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 6.5 years, using the Simplified Method and a discount rate of 0.93%. The resulting expense will be recognized 25% immediately and the remainder over the vesting period. The Company's Chief Executive Officer, President and Chief Technology Officer agreed to cancel the 250,000 stock options granted to each of them in their prior employment agreements. |
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In July 2013, the Company issued ten year options to purchase 250,000 shares of common stock, each to its Chief Executive Officer, Chief Technology Officer and Chief Financial Officer. The options have an exercise price of $1.30 per share and vest 50% upon the market value of the Company's common stock trading at or greater than $2.00 per share for any 10 day period out of a 30 day trading period and the other 50% vesting upon the market value of the Company's common stock trading at or greater than $3.00 per share for any 10 day period out of a 30 day trading period. The options were valued using the Black-Scholes model using a volatility of 93.11% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 6.5 years (using the simplified method) and a discount rate of 2.62%. The value of these options was estimated by management in accordance with ASC 718, which requires an estimate of the probability that these market conditions will occur and for the resulting discounted value be expensed immediately. Accordingly management has expensed $63,180 to stock compensation expense. |
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In July 2013, the Company granted 100,000 options to a new employee in connection with his employment. Of the options granted, 50,000 are exercisable at $1.25 per share and 50,000 are exercisable at $1.75 per share. Both grants are for a five year term vest 25% immediately and 75% in equal amounts over three years. The options were valued using the Black-Scholes model using a volatility of 91.61% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 4.0 years (using the simplified method) and a discount rate of 1.14%. The value of these options, $80,413 will be recognized as expense over the requisite service period. |
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In July 2013, the Company granted ten year options to purchase 25,000 shares of the Company's common stock at an exercise price of $1.30 per share to the father of the Company's CEO and CTO in recognition of his service. The options vest over a three year period. The Company valued the options at $25,272 using the Black-Scholes option pricing model using a volatility of 91.72%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 1.5 years, using the Simplified Method and a discount rate of 2.61%. |
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In July 2013, the Board of Directors approved a pool of 400,000 options to be granted to employees at the discretion of the executive management of the Company. In September 2013, management granted 100,000 of these options to employees. The options vested immediately, are exercisable for five years and have an exercise price of $1.30 per share, the market value of our common stock on the date of the grant. The Company valued the options at $69,452 using the Black-Scholes option pricing model using a volatility of 91.72%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 2.5 years, using the Simplified Method and a discount rate of 0.45%. In December 2013, management granted 90,500 of these options to employees. The options vested immediately, are exercisable for five years and have an exercise price of $0.72 per share, the market value of our common stock on the date of the grant. The Company valued the options at $34,610 using the Black-Scholes option pricing model using a volatility of 90.96%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 2.5 years, using the Simplified Method and a discount rate of 0.55%. |
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In August 2013, the Company granted 150,000 stock settled Stock Appreciation Rights (SARS) to a new employee in connection with his employment. The SARS are exercisable at 1.52 per share, are for a five year term and vest 50,000 immediately and the remaining options will vest 33,334 upon the Company reaching $3 million in sales in any twelve month period, 33,333 upon the Company reaching sales of $5 million in any twelve month period and 33,333 upon the Company reaching sales of $6 million in any twelve month period. The SARS were valued using the Black-Scholes model using a volatility of 91.91% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 4.0 years (using the simplified method) and a discount rate of 1.97%. The value of these SARS, $176,413 will be recognized as expense over the period required to meet the performance criteria which is estimated to be approximately two years. |
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A summary of options issued to directors under the 2007 Plan and changes during the period from June 30, 2012 to December 31, 2012 and from June 30, 2013 to December 31, 2013 is as follows: |
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Options Issued to Directors |
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| | Number of | | | Weighted | | | Weighted | | | Aggregate | |
Options | Average | Average | Intrinsic |
| Exercise | Remaining | Value |
| Price | Contractual | |
| | Life | |
Balance at June 30, 2012 | | | 857,500 | | | $ | 1.36 | | | | 7.96 | | | | |
Granted | | | 235,000 | | | $ | 0.9 | | | | 10 | | | | |
Exercised | | | - | | | $ | - | | | | - | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | |
Expired | | | - | | | $ | - | | | | - | | | | |
Outstanding at December 31, 2012 | | | 1,092,500 | | | $ | 1.26 | | | | 7.9 | | | $ | - | |
Exercisable at December 31, 2012 | | | 756831 | | | $ | 1.38 | | | | 7.37 | | | $ | - | |
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Weighted average fair value of options granted during the six months ended December 31, 2012 | | | | | | $ | 0.65 | | | | | | | | | |
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Balance at June 30, 2013 | | | 1,200,833 | | | $ | 1.16 | | | | 8.04 | | | | | |
Granted | | | 495,000 | | | $ | 1.19 | | | | 10 | | | | | |
Exercised | | | (20,000 | ) | | $ | 0.91 | | | | - | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | | |
Expired | | | - | | | $ | - | | | | - | | | | | |
Outstanding at December 31, 2013 | | | 1,675,833 | | | $ | 1.12 | | | | 8.11 | | | $ | 6,287 | |
Exercisable at December 31, 2013 | | | 885,835 | | | $ | 1.23 | | | | 6.98 | | | $ | 5,154 | |
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Weighted average fair value of options granted during the six months ended December 31, 2013 | | | | | | $ | 0.76 | | | | | | | | | |
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On July 1, 2012, the Company issued options to purchase 230,000 shares of common stock to directors. The options have an exercise price of $0.91 per share, vest on June 30, 2013¸ subject to continuing service as a director and bear a ten year term. The options were valued using the Black-Scholes model using a volatility of 91.04% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 5.5 years (using the simplified method) and a discount rate of 0.82%. The value of these options will be recognized as expense over the requisite service period. |
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On December 6, 2012, the Company issued options to purchase 5,000 shares of common stock to a director upon his appointment to the audit committee. The options have an exercise price of $0.36 per share, and vest over three years, subject to continued service and bear a ten year term. The options were valued using the Black-Scholes model using a volatility of 89.86% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 6.5 years (using the simplified method) and a discount rate of 0.90%. The value of these options, $1,360, will be recognized as expense over the requisite service period. |
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As prescribed by the Company's 2007 Equity Incentive Plan, on July 1, 2013, the Company issued options to purchase 370,000 shares of common stock to directors. The options have an exercise price of $1.15 per share, vest on June 30, 2014¸ subject to continuing service as a director and bear a ten year term. The options were valued using the Black-Scholes model using a volatility of 93.11% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 5.5 years (using the simplified method) and a discount rate of 1.52%. The value of these options will be recognized as expense over the requisite service period. |
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In July 2013, the Company issued ten year options to purchase 50,000 shares of common stock to a director. The options have an exercise price of $1.30 per share and vested immediately. The options were valued using the Black-Scholes model using a volatility of 93.11% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 6.5 years (using the simplified method) and a discount rate of 2.67%. The value of these options will be recognized as expense during the six months ended December 31, 2013. |
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In September 2013, the Company issued ten year options to purchase 15,000 shares of common stock to a director. The options have an exercise price of $1.01 per share and vested immediately. The options were valued using the Black-Scholes model using a volatility of 91.6% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 5.0 years (using the simplified method) and a discount rate of 1.62%. The value of these options, $10,702, was recognized as expense during the six months ended December 31, 2013. |
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In October 2013, the Company issued ten year options to purchase 60,000 shares of common stock at an exercise price of $1.17 per share to a new director. The options vest annually subject to continued service. The options were valued using the Black-Scholes model using a volatility of 91.94% (derived using the historical market price for the Company's common stock since it began trading in June 2008), an expected term of 6.5 years (using the simplified method) and a discount rate of 1.89%. The value of these options, $54,285 will be recognized as expense over the vesting period. |
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A summary of options issued to non-employees under the 2007 Plan and changes during the six month periods from June 30, 2012 to December 31, 2012 and from June 30, 2013 to December 31, 2013 is as follows: |
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Non-Employee, Non-Director Options |
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| | Number of | | | Weighted | | | Weighted | | | Aggregate | |
Options | Average | Average | Intrinsic |
| Exercise | Remaining | Value |
| Price | Contractual | |
| | Life | |
Balance at June 30, 2012 | | | 540,000 | | | $ | 1.16 | | | | 3.14 | | | | |
Granted | | | - | | | $ | - | | | | - | | | | |
Exercised | | | (100,000 | ) | | $ | 0.5 | | | | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | |
Expired | | | - | | | $ | - | | | | - | | | | |
Outstanding at December 31, 2012 | | | 440,000 | | | $ | 1.14 | | | | 1.77 | | | $ | - | |
Exercisable at December 31, 2012 | | | 440,000 | | | $ | 1.14 | | | | 1.77 | | | $ | - | |
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Weighted average fair value of options granted during the six months ended December 31, 2012 | | | | | | | N/A | | | | | | | | | |
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Balance at June 30, 2013 | | | 560,000 | | | $ | 1.22 | | | | 5.96 | | | | | |
Granted | | | 20,000 | | | $ | 1.18 | | | | 5 | | | | | |
Exercised | | | - | | | $ | - | | | | - | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | | |
Expired | | | - | | | $ | - | | | | - | | | | | |
Outstanding at December 31, 2013 | | | 580,000 | | | $ | 1.22 | | | | 5.43 | | | $ | - | |
Exercisable at December 31, 2013 | | | 305,000 | | | $ | 1.21 | | | | 1.92 | | | $ | - | |
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Weighted average fair value of options granted during the six months ended December 31, 2013 | | | | | | $ | 0.96 | | | | | | | | | |
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In September 2012, the Company issued 100,000 shares of common stock in exchange for $50,000 in connection with the exercise of 100,000 options to purchase shares of the Company's common stock related to an offer by the Company to reduce the exercise price to $0.50 per share. The original exercise price of the options was $1.25 per share. The Company recognized a loss resulting from the reduction of the exercise price of the options exercised in the amount of $391 representing the difference in the fair market value of the repriced options as compared to the fair market value of the original options on the exercise date. The fair market value of the options was determined using the Black-Scholes options pricing model. |
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In October 2013, the Company granted five-year options to purchase 20,000 shares of common stock |
at an exercise price of $1.18 per share to two consultants. The Company valued the options at $16,670 using the Black-Scholes option pricing model using a volatility of 91.94%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 5.0 years, the term of the options and a discount rate of 1.38%. |
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Warrants to Purchase Common Stock |
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The Company accounts for warrants issued for services in accordance with ASC 505-50-30-2 Equity Based Payments to Non-Employees. As such, the Company calculates the fair value of the warrants granted using the Black-Scholes option pricing model and records the fair value to either prepaid expense or expense based upon the terms of the underlying contract for services. In applying the Black-Scholes method, the Company calculates volatility based upon the historical market price of the Company's common stock, utilizes discount rates obtained from the Federal Reserve Statistical Release for treasury instruments of the same duration and expected term as the contractual term of the warrants. |
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Warrants issued in connection with the sale of shares of common stock are treated as part of the equity transaction and are recorded in stockholders' equity or liabilities in accordance with the guidance at ASC 480-10-25. |
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A summary of warrants issued for settlements and changes during the periods July 1, 2012 to December 31, 2012 and from July 1, 2013 to December 31, 2013 is as follows: |
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Warrants Issued as Settlements |
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| | Number of | | | Weighted | | | Remaining | | | | | |
Warrants | Average | Contractual | | | | |
| Exercise | Life | | | | |
| Price | | | | | |
Balance at June 30, 2012 | | | 344,058 | | | $ | 1.05 | | | | 0.92 | | | | | |
Granted | | | 350,000 | | | $ | 0.6 | | | | 5 | | | | | |
Exercised | | | - | | | $ | - | | | | - | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | | |
Expired | | | - | | | $ | - | | | | - | | | | | |
Outstanding at December 31, 2012 | | | 694,058 | | | $ | 0.84 | | | | 2.58 | | | | | |
Exercisable at December 31, 2012 | | | 694,058 | | | $ | 0.84 | | | | 2.58 | | | | | |
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Weighted average fair value of options granted during the six months ended December 31, 2012 | | | | | | $ | 0.33 | | | | | | | | | |
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Balance at June 30, 2013 | | | 350,000 | | | $ | 0.63 | | | | 4.22 | | | | | |
Granted | | | - | | | $ | - | | | | - | | | | | |
Exercised | | | - | | | $ | - | | | | - | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | | |
Expired | | | - | | | $ | - | | | | - | | | | | |
Outstanding at December 31, 2013 | | | 350,000 | | | $ | 0.63 | | | | 3.74 | | | | | |
Exercisable at December 31, 2013 | | | 350,000 | | | $ | 0.63 | | | | 3.74 | | | | | |
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Weighted average fair value of options granted during the six months ended December 31, 2013 | | | | | | | N/A | | | | | | | | | |
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On September 21, 2012, the Board of Directors granted five year warrants to purchase 350,000 shares of the Company's common stock at an exercise price of $0.63 per share to a director in recognition of his exemplary five years of service to the Company. The warrants vested immediately. The Company valued the warrants at $115,883 using the Black-Scholes option pricing model using a volatility of 90.09%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 2.5 years, using the Simplified Method and a discount rate of 0.32%. |
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A summary of warrants issued for cash and changes during the periods June 30, 2012 to December 31, 2012 and from June 30, 2013 to December 31, 2013 is as follows: |
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Warrants issued for cash or services |
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| | Number of | | | Weighted | | | Remaining | | | | | |
Warrants | Average | Contractual | | | | |
| Exercise | Life | | | | |
| Price | | | | | |
Balance at June 30, 2012 | | | 4,481,200 | | | $ | 1.46 | | | | 2.46 | | | | | |
Granted | | | 50,000 | | | $ | 0.63 | | | | 5 | | | | | |
Exercised | | | (1,820,000 | ) | | $ | 0.5 | | | | - | | | | | |
Exercise rescission | | | - | | | $ | - | | | | | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | | |
Expired | | | (320,000 | ) | | $ | 1.6 | | | | - | | | | | |
Outstanding at December 31, 2012 | | | 2,391,200 | | | $ | 1.42 | | | | 1 | | | | | |
Exercisable at December 31, 2012 | | | 2,91,200 | | | $ | 1.42 | | | | 1 | | | | | |
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Weighted average fair value of options granted during the six months ended December 31, 2012 | | | | | | $ | 0.44 | | | | | | | | | |
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Balance at June 30, 2013 | | | 1,533,700 | | | $ | 1.25 | | | | 2.06 | | | | | |
Granted | | | 949,412 | | | $ | 1.17 | | | | 5 | | | | | |
Exercised | | | (20,000 | ) | | $ | 1.25 | | | | - | | | | | |
Forfeited | | | - | | | $ | - | | | | - | | | | | |
Expired | | | (325,000 | ) | | $ | 1.25 | | | | - | | | | | |
Outstanding at December 31, 2013 | | | 2,138,112 | | | $ | 1.22 | | | | 3.46 | | | | | |
Exercisable at December 31, 2013 | | | 2,138,112 | | | $ | 1.22 | | | | 3.46 | | | | | |
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Weighted average fair value of options granted during the six months ended December 31, 2013 | | | | | | | N/A | | | | | | | | | |
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On September 21, 2012, the Board of Directors granted five year warrants to purchase 50,000 shares of the Company's common stock at an exercise price of $0.63 per share to the Company's Investor Relations firm in recognition of their performance over the past year. The warrants vested immediately. The Company valued the warrants at $21,787 using the Black-Scholes option pricing model using a volatility of 90.09%, based upon the historical price of the Company's common stock since June 2008, an estimated term of 5 years, the term of the warrants, and a discount rate of 0.70%. |
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During the six months ended December 31, 2012, the Company issued 1,820,000 shares of common stock in exchange for $910,000 in connection with the exercise of 1,820,000 warrants to purchase shares of the Company's common stock related to an offer by the Company to reduce the exercise price to $0.50 per share. The original exercise prices of the warrants ranged from $1.25 to $1.75 per share. The cost of repricing warrants recognized by the Company amounted to $70,491 for the six months ended December 31, 2012. The cost represents the incremental increase in the fair value of the repriced warrants as compared to the original warrants granted, valued on the exercise date. The fair value of the warrants was determined using the Black-Scholes option pricing model. |
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During December 2012, warrants to purchase 320,000 shares of the Company's common stock at an exercise price of $1.60 per share expired unexercised. |
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In July 2013, the Company issued five year warrants to purchase 29,412 shares of common stock at an exercise price of $1.30 per share in connection with a private placement with an accredited investor. |
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In July 2013, the Company issued five year warrants to purchase 500,000 shares of common stock at an exercise price of $1.30 per share to its principal stockholder in connection with a $1 .0 million convertible note agreement. |
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In August 2013, the Company issued 20,000 shares of common stock in exchange for $25,000 in connection with the exercise of warrants with an exercise price of $1.25 per share. |
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In October 2013, the Company issued five year warrants to purchase 100,000 shares of common stock at an exercise price of $1.00 per share in connection with a private placement with its Principal Shareholder. |
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In October 2013, the Company issued five year warrants to purchase 200,000 shares of common stock at an exercise price of $1.00 per share in connection with private placements a director and his wife. |
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In October 2013, the Company issued five year warrants to purchase 120,000 shares of common stock at an exercise price of $1.00 per share in connection with private placements with three accredited investors. |