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6. COMMON STOCK
9 Months Ended
Mar. 31, 2014
Text Block [Abstract]  
6. COMMON STOCK

The Company has authorized 100,000,000 shares of $0.001 par value per share Common Stock, of which 64,300,449 were issued outstanding as of March 31, 2014.  The activity surrounding the issuances of the Common Stock is as follows: 

 

For the Nine Months Ended March 31, 2014

The Company issued 7,150,000 common shares for net cash proceeds of $699,065.  The Company paid as offering costs $15,935 in cash offering costs and 97,000 in common stock offering costs. Offering costs paid in cash have been recorded as reductions to additional paid-in capital from common stock proceeds and common stock issued for offering costs have been expensed as compensation expenses. Attached to the Common Shares, the Company issued 196,804 warrants to purchase shares of the Company’s Common Stock. The Company recognized $259,212 in employee stock option expense and for the amortization of warrants issued in prior periods.

 

The Company also issued 612,500 shares of Common Stock as incentive to notes for $164,349 to convertible notes payable and recorded $461,000 in beneficial conversion features related to new issuances of debt.

 

As share-based compensation to employees and non-employees, the Company issued 2,033,349 shares of common stock valued at $547,870, based on the market price of the stock on the date of issuance.   As interest expense on outstanding notes payable, the Company issued 2,199,095 shares of common stock valued at $575,723 based on the market price on the date of issuance.

 

For the Nine Months Ended March 31, 2013

The Company issued 450,800 common shares for net cash proceeds of $106,700. The Company paid as offering costs $3,300 in cash offering costs. Offering costs have been recorded as reductions to additional paid-in capital from common stock proceeds. Attached to the Common Shares, the Company issued 430,000 warrants to purchase shares of the Company’s Common Stock. The Company recognized $14,090 in employee stock option expense and for the amortization of warrants issued in prior periods.

 

As share-based compensation to employees and non-employees, the Company issued 3,133,732 shares of common stock valued at $706,325, based on the market price of the stock on the date of issuance. As interest expense on outstanding notes payable, the Company issued 1,767,988 shares of common stock valued at $431,183 based on the market price on the date of issuance.