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7. COMMON STOCK
6 Months Ended
Dec. 31, 2015
Text Block [Abstract]  
7. COMMON STOCK

The Company has authorized 250,000,000 shares of $0.001 par value per share Common Stock, of which 99,554,270 and 95,280,257 were issued outstanding as of December 31, 2015 and June 30, 2015, respectively. The Company amended its articles of incorporation on August 28, 2015 to increase the number of authorized shares to 250,000,000. The activity surrounding the issuances of the Common Stock is as follows:

 

For the Six Months Ended December 31, 2015

 

The Company issued 2,489,398 shares of Common Stock for the conversion of notes and accrued interest valued at $403,113.

 

The Company also issued 100,000 shares of Common Stock for the conversion of 50,000 shares of Series A-1 Preferred Stock and issued 27,863 shares of Common Stock of payment of $12,932 in accrued dividends.

 

The Company issued 463,229 shares of Common Stock as payment for services and rent valued at $208,959.

 

As share-based compensation to employees and non-employees, the Company issued 350,628 shares of common stock valued at $158,537, based on the market price of the stock on the date of issuance. As interest expense on outstanding notes payable, the Company issued 842,895 shares of common stock valued at $380,493 based on the market price on the date of issuance.

 

For the Six Months Ended December 31, 2014

 

The Company issued 5,316,001 common shares for net cash proceeds of $1,058,975. The Company paid as offering costs $20,125 in cash offering costs. 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 6,506,133 warrants to purchase shares of the Company’s Common Stock. The Company recognized $1,239,540 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 4,775,741 shares of Common Stock for the conversion of notes and accrued interest valued at $556,794.

 

The Company also issued 110,000 shares of Common Stock for the conversion of 55,000 shares of Series A-1 Preferred Stock and issued 41,987 shares of Common Stock of payment of $37,130 in accrued dividends.

 

The Company also issued 50,000 shares of Common Stock for the conversion warrants.

 

The Company issued 327,971 shares of Common Stock as payment for services and rent valued at $129,259.

 

As share-based compensation to employees and non-employees, the Company issued 2,440,138 shares of common stock valued at $516,485, based on the market price of the stock on the date of issuance. As interest expense on outstanding notes payable, the Company issued 886,344 shares of common stock valued at $444,217 based on the market price on the date of issuance. The Company also issued 1,234,040 shares of common stock for settlement of accrued interest on the convertible notes valued at $925,530 based on the market price on the date of issuance.