Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.7.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2017
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,
 
 
 
2017
 
2016
 
Research and development
 
$
26
 
$
20
 
General and administrative
 
 
984
 
 
1,245
 
Totals
 
$
1,010
 
$
1,265
 
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, 2017 and 2016:
 
 
 
Stock
Options
 
Weighted-
average
Exercise
Price
 
Weighted-
average
Remaining
Contractual
Term (in years)
 
Aggregate
Intrinsic Value
(in thousands)
 
Outstanding as of July 1, 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
 
Granted
 
 
1,585,000
 
$
0.40
 
 
 
 
 
 
 
Forfeited/expired
 
 
(310,000)
 
$
1.11
 
 
 
 
 
 
 
Outstanding as of June 30, 2017
 
 
13,548,334
 
$
1.21
 
 
5.9
 
$
138
 
As of June 30, 2017 vested and expected to vest
 
 
13,486,342
 
$
1.21
 
 
5.8
 
$
138
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable as of June 30, 2017
 
 
9,440,027
 
$
1.30
 
 
4.7
 
$
138
 
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:
 
 
 
2017
 
 
2016
 
Risk-free interest rate
 
 
2.05% - 2.46%
 
 
1.83% - 2.13%
Dividend yield
 
 
0%
 
 
0%
 
Volatility
 
 
103.10% - 104.38%
 
 
109.49% - 112.17%
Expected term (in years)
 
 
9
 
 
 
9