Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v2.4.0.6
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Sep. 30, 2012
Schedule Of Stock Based Compensation Expense [Table Text Block] Stock-based compensation expense for options and warrants was recorded as follows:

 

 

 

 

 

 

 

 

 

 

Three Months
Ended September 30,

 

 

 

 

 

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

131,452

 

$

(15,270

)

General and administrative

 

 

322,147

 

 

321,585

 

 

 

 

 

Totals

 

$

453,599

 

$

306,315

 

 

 

 

 

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of the changes in options outstanding during the three months ended September 30, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

Weighted
Average
Exercise
Price
Per Share

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

Outstanding and expected to vest at June 30, 2012

 

 

5,510,000

 

$

1.56

 

 

8.1

 

$

493,800

 

Granted

 

 

1,070,000

 

$

1.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding and expected to vest at September 30, 2012

 

 

6,580,000

 

$

1.48

 

 

8.2

 

$

1,031,300

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at September 30, 2012

 

 

3,770,599

 

$

1.60

 

 

7.6

 

$

826,487

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule Of Fair Value Assumptions And Methodology [Table Text Block] The weighted average fair value of options granted during the three months ended September 30, 2012 on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Minimum

 

Maximum

 

 

 

 

Risk free interest rate

 

 

1.4

%

 

 

 

2.0%

 

3.0%

Dividend yield

 

 

None

 

 

None

 

 

 

 

Volatility

 

 

100.8

%

 

 

 

94.8%

 

95.3%

Expected term (in years)

 

 

9

 

 

 

 

8.6

 

8.8

Schedule Of Warrants Activity [Table Text Block] A summary of the changes in warrants outstanding during the three months ended September 30, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

Weighted
Average
Exercise
Price
Per Share

 

 

 

 

 

 

Outstanding at June 30, 2012

 

 

20,940,796

 

$

1.39

 

Granted

 

 

100,000

 

$

1.00

 

 

 

 

 

Outstanding at September 30, 2012

 

 

21,040,796

 

$

1.39

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2012

 

 

21,040,796

 

$

1.39