XML 55 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
8. COMMON STOCK
12 Months Ended
Jun. 30, 2015
Text Block [Abstract]  
8. COMMON STOCK

The Company has authorized 100,000,000 shares of $0.001 par value per share Common Stock, of which 95,280,257 and 70,296,203 were issued outstanding as of June 30, 2015 and 2014, respectively. The Company subsequently amended its articles of incorporation on August 28, 2015 to increase the number of authorized shares to 250,000,000, see footnote 15. The activity surrounding the issuances of the Common Stock is as follows:

 

Fiscal Year Ended June 30, 2015

 

The Company issued 12,767,259 common shares for net cash proceeds of $4,551,632. The Company paid as offering costs $286,720 in cash offering costs, of which, $35,000 remained payable as of June 30, 2015. Offering costs have been recorded as reductions to additional paid-in capital from common stock proceeds and an increase in professional fees. Attached to the Common Shares, the Company issued 12,017,259 warrants to purchase shares of the Company’s Common Stock. The Company recognized $1,329,758 for the amortization of warrants issued in prior periods.

  

The Company also issued 43,500 shares of Common Stock as incentive to notes valued at $10,261 to extend terms on two convertible notes payable and recorded $527,000 in beneficial conversion features related to new issuances of debt.

 

The Company also issued 5,889,105 shares of Common Stock for the conversion of notes and accrued interest valued at $743,085.

 

The Company also issued 160,000 shares of Common Stock for the conversion of 80,000 shares of Series A-1 Preferred Stock and issued 54,119 shares of Common Stock of payment of $43,772 in accrued dividends.

 

The Company issued 385,221 shares of Common Stock as payment for services and rent valued at $166,358.

 

As share-based compensation to employees and non-employees, the Company issued 2,934,804 shares of common stock valued at $1,030,940, based on the market price of the stock on the date of issuance. As interest expense on outstanding notes payable, the Company issued 2,700,046 shares of common stock valued at $1,742,051 based on the market price on the date of issuance.

 

Fiscal Year Ended June 30, 2014

 

The Company issued 9,825,000 shares of Common Stock for net cash proceeds of $966,565. The Company paid $15,935 in cash offering costs and issued 126,750 in stock 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 1,366,016 warrants to purchase shares of the Company’s Common Stock. The Company recognized $289,791 in employee stock option expense and for the amortization of warrants issued in prior periods.

 

The Company also issued 1,271,534 shares of Common Stock for conversion of notes payable for $127,153, issued 229,250 shares as incentive to convertible debt for $46,283, and issued 380,000 shares of Common Stock to extend the maturity dates on debt for $105,225.  The Company also issued 43,758 shares of Common Stock conversion of warrants for $0 and recorded $620,226 in beneficial conversion features related to new issuances of debt.

 

As share-based compensation to employees and non-employees, the Company issued 4,134,894 shares of common stock valued at $1,085,182, based on the market price of the stock on the date of issuance.   As interest expense on outstanding notes payable, the Company issued 3,040,775 shares of common stock valued at $772,309 based on the market price on the date of issuance.