Stockholders' Deficit

3 Months Ended

Sep. 30, 2015

Stockholders' Deficit [Abstract]

STOCKHOLDERS' DEFICIT

NOTE 8 STOCKHOLDERS’ DEFICIT

Equity

During the three months ended September 30, 2015, the Company had not issued any new shares of common stock to the stockholders.

Stock Options

During the year ended June 30, 2014, two employees were granted an aggregate of 614,000 five year options which vested immediately as to 114,000 options and 125,000 options each year over the next 4 years. The options were exercisable at $2.50 per share for 114,000 options, $3.00 per share for 125,000 options, $3.50 per share for 125,000 options, $3.75 for 125,000 options and $4.00 for 125,000 options. These two employees left the Company in April 2015 and the remaining unvested options were cancelled. The aggregate grant date fair value of the options was approximately $1,415,710, and $163,364 had been charged to operations during the three months ended September 30, 2014. No stock based compensation was recorded during the three months ended September 30, 2015 due to the cancellation of options in April 2015.

Stock warrants

Stock warrants outstanding at September 30, 2015 were as follows:

	Number of Shares		Weighted Average Remaining Contractual Life (Years)
Warrants outstanding at June 30, 2015	525,000		1.48
Changes:
Granted		-		-
Exercised		-		-
Forfeited		-		-
Cancelled		-		-
Warrants outstanding at September 30, 2015		525,000		1.22
Warrants exercisable at September 30, 2015		525,000		1.22

Date Issued	Expiration Date	Exercise Price		Number of Warrants
July 2013	July 2016	$	2.00		125,000
February 2014	February 2017	$	1.50		200,000
February 2014	February 2017	$	2.00		200,000