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Derivative Financial Instruments (Warrant Liability) (Tables)
3 Months Ended
Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value inputs of derivative financial instruments

The change in fair value of the June 2012 Warrants is recorded in the statement of comprehensive income and is estimated using the Lattice option-pricing model using the following assumptions as of the end of the respective periods:

 

   September 30,   June 30, 
Inputs into Lattice model for warrants:  2017   2017 
Equivalent volatility   21.06%   63.13%
Equivalent interest rate   1.03%   1.13%
Floor  $1.15   $1.15 
Stock price  $2.56   $2.70 
Probability price < strike price   0.00%   4.70%
Fair value of call  $1.34   $1.49 
Probability of fundamental transaction occuring   0%   0%

 

Schedule of Level 3 inputs measured on a recurring basis

The following table summarizes the activity of Level 3 instruments measured on a recurring basis for the three months ended September 30, 2017:

 

  Warrant Liability 
Fair value, June 30, 2017  $490,500 
Exercise of common stock warrants   (34,500)
Change in fair value of warrant liability   (48,380)
Fair value, September 30, 2017  $407,620