Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.6.0.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]  
Schedule of fair value, financial liabilities measured on recurring basis

 

    Markets for 
Identical 
Assets
    Other 
Observable 
Inputs
    Significant 
Unobservable 
Inputs
    Carrying 
Value as of 
December 31,
 
Description   (Level 1)     (Level 2)     (Level 3)     2016  
Derivative liabilities - warrant instruments   $ -     $ -     $

523,505

    $

523,505

 
                                 

    Markets for 
Identical 
Assets
    Other 
Observable 
Inputs
    Significant 
Unobservable 
Inputs
    Carrying 
Value as of 
June 30,
 
Description   (Level 1)     (Level 2)     (Level 3)     2016  
Derivative liabilities - warrant instruments   $ -     $ -     $ 892,503     $ 892,503
Summary of fair value of the company level three financial liabilities
    Significant Unobservable 
Inputs (Level 3)
 
    December 31,     December 31,  
    2016     2015  
Beginning balance   $ 892,503     $ 14,001,369  
Change in fair value of derivative liabilities     (368,998)       (12,555,319 )
Ending balance   $ 523,505     $ 1,446,050  
Schedule of reconciliation of basic earnings per common share ("EPS") and diluted EPS
    Six months ended 
December 31, 2015
 
    Net           Per Share  
    Income     Shares     Amount  
Basic EPS   $ 2,202,480       11,184,064     $ 0.20  
Dilutive effect of warrants     -       669,546       (0.01 )
Restricted common stock     -       3,375     -  
Diluted EPS   $ 2,202,480       11,856,985     $ 0.19  
Summary of anti-dilutive securities

 
  Three and Six Months ended December 31, 
2016
 
Stock options     559,969  
Restricted common stock     42,625  
Common stock warrants     4,224,573  
Total     4,827,167