6. STOCKHOLDER'S DEFICIT

3 Months Ended

Sep. 30, 2015

Stockholders' deficit:

STOCKHOLDER'S DEFICIT

Common stock

In July 2015, the Company sold 200,000 shares of the Company’s common stock for cash and received net proceeds of $100,000 or $0.50 per share.

Stock options

A summary of the stock options and changes during the period are presented below: 

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
June 30, 2015		3,000,000		0.64		4.35
Granted		-		-		-
Exercised		-		-		-
Forfeited		(1,850,000)		0.65		4.10
Cancelled
Balance outstanding at September 30, 2015		1,150,000	$	0.63		4.05
Options exercisable at September 30, 2015		1,150,000	$	0.63
Options expected to vest		-
Weighted average fair value of options granted during the period ended September 30, 2015					$	-

A total of 1,850,000 stock options were forfeited due to resignations of employees and consultants during the three months ended September 30, 2015.

Stock options outstanding at September 30, 2015 as disclosed in the above table have $0 intrinsic value at the end of the period. There were no unrecognized option costs as all outstanding options were fully vested at September 30, 2015.