WARRANTS

9 Months Ended

Mar. 31, 2016

Warrants [Abstract]

WARRANTS

11. WARRANTS

There were 634,100 exercises during the three months ended March 31, 2016, including the 500,000 warrants discussed in Note 10. During the nine months ended March 31, 2016, warrants were exercised at $2.6058 per share resulting in the issuance of 645,100 shares of common stock with proceeds of $1.681 million. The fair value of the 500,000 warrants was reclassed from liability to equity upon exercise. There were no exercises of warrants during the three or nine months ended March 31, 2015.

Warrant activity for the three and nine-month periods ended March 31, 2016 was as follows:

	Warrants
Outstanding at June 30, 2015		4,309,000
Issued		-
Exercised		(11,000	)
Expired		-
Outstanding at September 30, 2015		4,298,000
Issued		-
Exercised		-
Expired		-
Outstanding at December 31, 2015		4,298,000
Issued		23,978
Exercised		(634,100	)
Expired		-
Outstanding at March 31, 2016		3,687,878