Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2018

Class of Stock [Line Items]

Schedule of common stock issued and outstanding

	Shares of common stock outstanding		Common stock		Additional paid-in capital		Warrants			Accumulated deficit
			$		$		$			$
Balance – June 30, 2018		22,966,668		22,967		43,177,523		8,229,482			(52,441,337	)
Exercise and exchange of warrants		2,966,666		2,967		2,934,211		(2,210,697	)		-
Warrants issued for services		-		-		-		27,802			-
Conversion of Series B preferred stock to common stock		100,000		100		278,951		-			-
Series B Preferred stock dividend		96,954		96		52,179		-			(52,275	)
Shares issued for services		13,131		13		6,743		-			-
Stock option expense		-		-		255,653		-			-
Performance stock unit expense		-		-		123,028		-			-
Series A Preferred cash dividend		-		-		-		-			(4,178	)
Loss for the period		-		-		-		-			(3,801,501	)
Balance – December 31, 2018		26,143,419		26,143		46,828,288		6,046,587			(56,299,291	)

Performance Stock Units [Member]

Class of Stock [Line Items]

Schedule of valuation assumptions using a Black-Scholes pricing model

Dividend rate	0	%
Volatility	79.0 to 82.5	%
Risk-free rate	2.56% to 2.71	%
Term – years	1.67 to 3.24

Employee Stock Option [Member]

Class of Stock [Line Items]

Schedule of outstanding under the legacy plan

	Number of stock options outstanding		Weighted average exercise price
Balance – June 30, 2018		2,626,829		2.43
Granted		300,000		0.61
Balance – December 31, 2018		2,926,829		2.24

Schedule of stock options currently outstanding and exercisable

Exercise price $	Number Outstanding	Weighted average remaining contractual life (years)	Number exercisable
0.61	300,000	9.85	16,665
0.70	54,514	9.48	-
0.87	120,000	9.84	120,000
0.98	836,465	9.39	162,646
1.06	36,000	9.28	-
1.17	300,000	4.16	275,000
1.47	25,000	3.42	25,000
2.00	131,250	2.77	131,250
2.11	159,000	7.76	75,000
2.96	45,000	6.09	45,000
3.20	30,000	0.42	30,000
3.76	45,000	7.11	42,492
4.00	12,500	0.75	12,500
4.10	40,000	7.86	27,775
4.20	412,500	4.06	412,500
4.48	30,000	7.11	28,331
4.95	224,600	5.56	173,657
5.32	80,000	7.35	68,890
6.16	15,000	4.25	15,000
9.20	30,000	4.42	30,000
	2,926,829		1,691,706

Schedule of stock-based compensation expense

	Three months ended December 31,				Six months ended December 31,
	2018 $		2017 $		2018 $		2017 $
Research and development		23,127		126,375		51,577		121,401
General and administrative		99,624		102,132		204,076		171,976
		122,751		228,507		255,653		293,377

Schedule of unvested stock options

	Number of Options			Weighted average exercise price $		Weighted average grant date fair value $
Unvested at June 30, 2018		1,381,599			1.44		0.76
Granted		300,000			0.61		0.26
Vested		(446,476	)		1.51		0.81
Unvested at December 31, 2018		1,235,123			1.21		0.62

Schedule of changes in outstanding warrants

Description	Number
Balance – June 30, 2018		14,281,275
Exercised for cash (i)		(1,975,000	)
Cashless exchange (i)		(2,975,000	)
Issued for services (ii)		140,000
Forfeited (iii)		(24,000	)
Expired (iv)		(43,750	)
Balance - December 31, 2018		9,403,525

i) On November 25, 2018, the Company entered into Warrant Exercise and Exchange Agreements (the “Warrant Exercise Agreements”) with certain holders (the “Exercising Holders”) of the 2018 Investor Warrants. Pursuant to the Warrant Exercise Agreements, in order to induce the Exercising Holders to exercise the 2018 Investor Warrants for cash, the Company agreed to reduce the exercise price from $1.25 to $0.40 per share. Pursuant to the Warrant Exercise Agreements, the Exercising Holders exercised their 2018 Investor Warrants with respect to an aggregate of 1,975,000 shares of common stock underlying such 2018 Investor Warrants (the “Exercised Shares”). The Company received net proceeds of $726,481, comprising aggregate gross proceeds of $790,000 net of expenses of $63,519, from the exercise of the 2018 Investor Warrants.

In addition, in order to further induce the Exercising Holders to exercise the 2018 Investor Warrants, the Warrant Exercise Agreements also provided for the issuance of one share of common stock to the Exercising Holders in exchange for every three shares of common stock underlying the 2018 Investor Warrants held by the Exercising Holders that are not being exercised for cash pursuant to the Warrant Exercise Agreements, if any. On November 26, 2018, the Company issued an aggregate of 991,666 shares of common stock in exchange for 2,975,000 2018 Investor Warrants, resulting in a 1,983,334 reduction in the Company’s total shares of common stock outstanding on a fully-diluted basis.

ii) All of the warrants issued for services are exercisable at $0.90 with 120,000 expiring on September 15, 2023 and 20,000 expiring on October 11, 2021. Of the total, 120,000 vest pro rata monthly over twelve months commencing September 15, 2018 and 20,000 are fully vested as of November 11, 2018.

iii) Warrants issued for services exercisable at $1.17 were forfeited upon termination of the underlying agreement.

iv) Warrants issued for services exercisable at $7.04 expired September 12, 2018.

Schedule of outstanding warrants

Description	Number		Exercise price $	Expiry date
2018 Investor		2,800,000	1.25	September 22, 2022
2017 Investor		2,076,924	3.50	April 19, 2022
2015 Investor		979,003	3.00	July 31, 2020
2013 Investor – Amended		778,504	3.14	March 31, 2019
2013 Placement Agent		1,262,500	3.14	June 30, 2019
Issued for services		265,000	3.00	July 1, 2020 to February 1, 2021
Issued for services		60,000	1.78	January 25, 2023
Issued for services		336,000	1.17	February 27, 2023
Issued for services		120,000	0.90	September 15, 2023
Issued for services		41,400	5.93	February 27, 2020
Issued for services		20,000	0.90	October 11, 2021
2018 Agent		400,000	1.25	September 20, 2022
2017 Agent		138,462	4.06	April 12, 2022
2016 Agent		103,964	4.00	May 12, 2021
2015 Agent		21,768	3.00	July 15, 2020
		9,403,525	2.48