Annual report pursuant to Section 13 and 15(d)

Notes Payable - Warrant Exchange

Notes Payable - Warrant Exchange
12 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

12.   Notes Payable – Warrant Exchange

As part of the Warrant Amendment and Exchange Agreement dated February 20, 2020 (see Note 15 – Stockholders’ Equity for additional information), the Company issued promissory notes in the aggregate principal amount of $3,300,000. The notes did not bear interest and were payable in full on the earlier to occur of (i) August 20, 2020, or (ii) the completion of an underwritten offering of securities by the Company resulting in gross proceeds of at least $10 million. In addition, the Company was required to make payments upon any and all cash exercises of the noteholders’ warrants on a dollar for dollar basis for all amounts paid pursuant to such warrant exercises. At June 30, 2020, the notes payable were repaid.  There was no activity during 2021.