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Subsequent Events
9 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

(14) Subsequent Events

 

On April 17, 2019, the Company entered into a Securities Purchase Agreement (“Agreement No. 2”) with Mr. Pickens, and an accredited investor.

 

Pursuant to Agreement No. 2, the Company agreed to sell an aggregate of 280,898 shares of its series C convertible preferred stock, par value $0.001 per share (the “Series C Preferred Shares”) to the accredited investor and 280,898 of its series D convertible preferred stock, par value $0.001 per share (the “Series D Preferred Shares”) to Mr. Pickens for aggregate gross proceeds of approximately $2.0 million, each at a purchase price equal to $3.56 per share, which was equal to the closing consolidated bid price on The NASDAQ Capital Market on April 16, 2019. The holder of the Series C Preferred Shares has agreed to restrict its ability to convert the Series C Preferred Shares such that the number of shares of the Company’s common stock held by such holder and its affiliates after such conversion does not exceed 9.99% of the Company’s then issued and outstanding shares of common stock. The Series D Preferred Shares are convertible into an aggregate of 280,898 shares of common stock at the option of the holder.