Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.5.0.2
Share-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Operations (in thousands):
 
 
 
Year Ended
June 30,
 
 
 
2016
 
2015
 
Research and development
 
$
20
 
$
-
 
General and administrative
 
 
1,245
 
 
914
 
Totals
 
$
1,265
 
$
914
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following table summarizes all stock option activity during the years ended June 30, 2016 and 2015:
 
 
 
Stock
Options
 
Weighted-
average
Exercise
Price
 
Weighted-
average
Remaining
Contractual
Term (in years)
 
Aggregate
Intrinsic Value
(in thousands)
 
Outstanding as of July 1, 2014
 
 
8,483,334
 
$
1.25
 
 
7.0
 
$
179
 
Granted
 
 
1,740,000
 
$
0.88
 
 
 
 
 
 
 
Forfeited/expired
 
 
(700,000)
 
$
0.75
 
 
 
 
 
 
 
Outstanding as of June 30, 2015
 
 
9,523,334
 
$
1.22
 
 
6.6
 
$
1,848
 
Granted
 
 
2,750,000
 
$
1.64
 
 
 
 
 
 
 
Forfeited/expired
 
 
-
 
$
-
 
 
 
 
 
 
 
Outstanding as of June 30, 2016
 
 
12,273,334
 
$
1.31
 
 
6.4
 
$
993
 
As of June 30, 2016 vested and expected to vest
 
 
12,225,441
 
$
1.31
 
 
6.4
 
$
991
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable as of June 30, 2016
 
 
7,583,357
 
$
1.31
 
 
5.1
 
$
773
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions:
 
 
 
2016
 
2015
 
Risk-free interest rate
 
 
1.83% - 2.13%
 
 
1.3% - 2.3%
 
Dividend yield
 
 
0%
 
 
0%
 
Volatility
 
 
109.49% - 112.17%
 
 
96.7% - 113.9%
 
Expected term (in years)
 
 
9
 
 
4 - 9