Note 10 - Shareholders' Equity

6 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

10 . Shareholders’ Equity

On

July 11, 2018,

the Company completed the closing of a registered direct offering with several institutional and accredited investors (each an “Investor”) for the sale of a total of

11,000,000

shares of common stock of the Company (“Shares”) at a price per share of

$0.75,

for aggregate gross proceeds to the Company of

$8.25

million. Cash expenses relating to this offering were approximately

$0.75

million.

In a concurrent private placement, the Company sold to each Investor, at

no

additional consideration, unregistered warrants to purchase up to the number of shares of common stock of the Company equal to

50%

of such Investor’s Shares or a total of

5,500,000

shares, with an exercise price of

$0.75

per share, exercisable from

January 11, 2019

until

January 11, 2024 (

the “Investor Warrants”). The Company also issued warrants to purchase up to

330,000

shares of common stock of the Company, at an exercise price of

$0.9375,

exercisable from

January 11, 2019

until

July 10, 2023,

to representatives of H.C. Wainwright & Co., LLC (“Wainwright”), the placement agent for the registered direct offering, as part of its compensation (the “Placement Agent Warrants” and together with the Investor Warrants, the “Warrants”).

The aggregate number of shares of our common stock issuable upon the exercise of the Warrants is

5,830,000

shares relating to this offering. We will receive gross proceeds from this offering solely to the extent any Warrants are exercised for cash.